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NBFR vs PQOC

Innovator Nasdaq-100 Managed 10 Buffer ETF

NBFRDNYSE Arca

PGIM Nasdaq-100 Buffer 12 ETF - October

PQOCBNasdaq

Overlap

0.0%by weight

Expense ratio

PQOC −0.29pt a year

NBFR0.79%PQOC0.50%

Avg volume · 30D

PQOC 1.3×the volume

NBFR5.17KPQOC6.77K

NBFR vs PQOC Performance

Jul 31, 2026 – Oct 30, 2026

−1.4%NBFR+0.3%PQOC

Jul 31, 2026 to Oct 30, 2026. NBFR −1.4%. PQOC +0.3%. Use the arrow keys to read each point.2%4%6%Jul 2026Sep 2026Oct 2026
Expense ratio
NBFR 0.79%
PQOC 0.50%, better
Fund size
NBFR $21M
PQOC $29M
1Y total return
NBFR No data
PQOC +9.2%
Holdings
NBFR 49
PQOC 4
Avg volume (30D)
NBFR 5.17K sh
PQOC 6.77K sh, better
NAV per share
NBFR $25.69
PQOC $31.87
52W range

ETF.net Grade

NBFR: Cost 46, Risk 15, Mission not scored, Tradability 12, Holdings 76, Durability 10. PQOC: Cost 76, Risk 56, Mission 94, Tradability 42, Holdings not scored, Durability 49.
Pillar letters and Scores for NBFR, PQOC, with each pillar’s weight
PillarNBFRPQOC
Cost30% weightC46A76Higher
Mission25% weightNot scoredA94
Risk15% weightF15B56Higher
Tradability15% weightF12C42Higher
Holdings10% weightA76Not scored
Durability5% weightF10C49Higher

Rank among Nasdaq-100 Buffer 9-12% funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. NBFR and PQOC are both graded against the same 12 Nasdaq-100 Buffer 9-12% funds, so their Grades compare head to head.

Nasdaq-100 Buffer 9-12%⁠

Category · 12 funds
See all 12 ›

PQOC ranks 4th and NBFR 12th of 12 funds in the Nasdaq-100 Buffer 9-12% Category.

  1. Rank 1BPQAPPGIM Nasdaq-100 Buffer 12 ETF - AprilScore 66
  2. Rank 2BPQJAPGIM Nasdaq-100 Buffer 12 ETF - JanuaryScore 62
  3. Rank 2BQTRGlobal X Nasdaq 100 Tail Risk ETFScore 62
  4. Rank 4BPQOCPGIM Nasdaq-100 Buffer 12 ETF - OctoberScore 61
  5. Rank 5CQBUFInnovator Nasdaq-100 10 Buffer ETFScore 54
  6. Rank 11CQSPTFT Vest Nasdaq-100 Buffer ETF - SeptemberScore 41
  7. Rank 12DNBFRInnovator Nasdaq-100 Managed 10 Buffer ETFScore 34

Our read on each fund

ETF.net Research

NBFRDInnovator Nasdaq-100 Managed 10 Buffer ETF

PQOCBPGIM Nasdaq-100 Buffer 12 ETF - October

In short

NBFR Innovator's Nasdaq-100 buffer, minus the calendar. NBFR spreads its options across a laddered set of periods with a manager steering them, aiming to absorb roughly the first 10% to 14% of index losses.

PQOC Twelve points of downside cushion on the Nasdaq-100, reset every October. PGIM buffers the first 12% of a one-year loss on the big Nasdaq-100 ETF's own shares and caps the upside in exchange, for 0.50% a year.

Stated mandate

NBFR The Fund seeks capital appreciation through Nasdaq-100 equity exposure while using an actively managed, laddered options strategy to reduce volatility and protect approximately 10% to 14% of reference-asset losses.

PQOC The Fund seeks to track the price return of the Invesco QQQ Trust, Series 1 up to a cap while buffering the first 12% of losses during the one-year Target Outcome Period.

Why people hold it

  • NBFR Laddered by design: protection is staggered across overlapping option periods instead of hinging on one annual reset date, so entry timing matters less.
  • Actively managed, not rules-on-rails: a manager runs the option ladder with a stated goal of damping volatility on Nasdaq-100 exposure.
  • Fee sits at the middle of its Nasdaq-100 buffer peer group at 0.79%, the same sticker as Innovator's date-locked sibling QBUF.
  • PQOC Twelve points of cushion, not ten, and the fee is 0.50% against the 0.79% Innovator charges on its 10-point Nasdaq-100 buffer fund (QBUF).
  • The reference is the shares of the Invesco QQQ Trust itself, not a custom index, so the thing being buffered is the Nasdaq-100 vehicle most investors already watch.
  • One of four PGIM siblings on a quarterly calendar (PQJA starts in January, PQAP in April), so the October reset window is a choice, not a leftover.
  • Priced below the typical shallow-buffer Nasdaq-100 fund, which matters in a structure where fees come straight out of a fixed pool of upside.

Worth knowing

  • NBFR Cheaper routes to Nasdaq-100 buffering exist in the same cohort: PGIM's dated buffer funds charge 0.50% and Global X's QTR 0.25%.
  • Launched in 2026, so the record is short, and it trades lightly next to the category's household names, which can mean wider spreads.
  • The buffer is a slice, not a floor: roughly 10% to 14% of index declines. Losses past that pass through to shareholders.
  • PQOC Upside is capped. A new ceiling gets set at the start of each October outcome period, and any Nasdaq-100 rally past it does not come through.
  • The 12% buffer is designed for the full October-to-September period. Enter or exit mid-stream and you own the options at whatever they are worth that day.
  • A small, thinly traded fund, so bid-ask spreads can run wider than on plain Nasdaq-100 funds.

Full NBFR profile⁠

Full PQOC profile⁠

NBFR vs PQOC Holdings

How NBFR and PQOC differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of NBFR and 0.0% of PQOC.

Level by level

  • Holdings0 in both0.0%
  • Countryby domicile98.0%
  • Asset classAlternatives100%

Sector

No Sector split for NBFR and PQOC.

Country, concentration and asset class

Country by domicile

Country weights in NBFR and PQOC, widest gap first
CountryMore in NBFRMore in PQOC
NetherlandsNBFR +1.1 points
CanadaPQOC +1.1 points
United KingdomNBFR +0.9 points
Other countries (3)PQOC +1.0 points

Concentration

Weight in the 10 largest Holdings

  • NBFR54.4%
  • PQOC105.9%

Securities held

  • NBFR48
  • PQOC3

Asset class

NBFR
Alternatives
PQOC
Alternatives

Holdings

  • Only in NBFR48
  • In both0
  • Only in PQOC3

Only in NBFR

48 securities, 100% of NBFR by weight

  • Apple Inc8.98%
  • NVIDIA Corp8.37%
  • Microsoft Corp7.95%

Only in PQOC

3 securities, 100% of PQOC by weight

  • 4QQQ Us 09/30/27 C7.496.93%
  • 4QQQ Us 09/30/27 P739.778.02%
  • Net Current Assets<0.01%

Weight gaps

NBFR and PQOC share no securities.

All 55 NBFR holdings⁠All PQOC holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

NBFR vs PQOC Cost

Overpaying NBFR vs PQOC

$5,195

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • NBFR 0.79%

    $15,174

  • PQOC 0.50%

    $9,979

$10,000
30 years

Cost over time

  • NBFR 0.79%
  • PQOC 0.50%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530NBFR $15,174PQOC $9,979

Year by year

YearNBFRPQOCOverpaying
10$1,405$900$505
20$5,331$3,460$1,871
30$15,174$9,979$5,195

Expense ratio

  • 0.79%NBFR
  • 0.50%PQOC, cheaper
  • Middle half of Nasdaq-100 Buffer 9-12% funds
  • Median 0.79%

PQOC 2nd cheapest of 12 funds

NBFR 6th cheapest of 12 funds

NBFR vs PQOC Dividends

Last 12 months to Oct 30, 2026
Last payment
NBFR $0.006
PQOC $0.0013
Ex-dividend
NBFR Mar 31, 2026
PQOC Dec 30, 2025
Paid on
NBFR Apr 1, 2026
PQOC Jan 2, 2026
Frequency
NBFR Irregular
PQOC Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

NBFRIrregular · 1 paymentAll NBFR payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Mar 31, 2026 $0.006. Use the arrow keys to read each point.$0$0.0052026YTD
PQOCIrregular · 1 paymentAll PQOC payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 30, 2025 $0.0013. Use the arrow keys to read each point.$0$0.0052026YTD

NBFR vs PQOC Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
NBFR No dataPQOC 10.5%since Feb 2025
Return per unit of riskSharpe ratio, 3 years
NBFR No dataPQOC 0.79since Feb 2025
Worst fallMax drawdown, 5 years
NBFR No dataPQOC −13.7%since Jan 2025
Market sensitivityBeta, 5 years
NBFR 0.56PQOC 0.73

NBFR and PQOC in the news

All news⁠

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