PQAP vs PQJA: Grades, Fees and Holdings Compared

PGIM Nasdaq-100 Buffer 12 ETF - April

PQAPBNasdaq

PGIM Nasdaq-100 Buffer 12 ETF - January

PQJABNasdaq

Overlap

0.4%by weight

Expense ratio

PQAP0.50%PQJA0.50%

Avg volume · 30D

PQAP 1.2×the volume

PQAP6.17KPQJA5.11K

PQAP vs PQJA Performance

Oct 31, 2025 – Oct 30, 2026

+15.5%PQAP+12.5%PQJA

Expense ratio: PQAP 0.50%; PQJA 0.50%
Fund size: PQAP $32M; PQJA $35M
1Y total return: PQAP +15.5%, better; PQJA +12.5%
Holdings: PQAP 4; PQJA 4
Avg volume (30D): PQAP 6.17K sh, better; PQJA 5.11K sh
NAV per share: PQAP $32.96; PQJA $32.65
52W range

ETF.net Grade

Pillar letters and Scores for PQAP, PQJA, with each pillar’s weight
Pillar	PQAP	PQJA
Cost30% weight	A76	A76
Mission25% weight	Not scored	Not scored
Risk15% weight	A93Higher	B62
Tradability15% weight	D29	D39Higher
Holdings10% weight	Not scored	Not scored
Durability5% weight	C49	C49

Rank among Nasdaq-100 Buffer 9-12% funds

How we build Categories ›

Same Category. PQAP and PQJA 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 ›

PQAP ranks 1st and PQJA 2nd of 12 funds in the Nasdaq-100 Buffer 9-12% Category.

Rank 1BPQAPPGIM Nasdaq-100 Buffer 12 ETF - AprilScore 66
Rank 2BPQJAPGIM Nasdaq-100 Buffer 12 ETF - JanuaryScore 62
Rank 2BQTRGlobal X Nasdaq 100 Tail Risk ETFScore 62

Our read on each fund

ETF.net Research

PQAPBPGIM Nasdaq-100 Buffer 12 ETF - April

PQJABPGIM Nasdaq-100 Buffer 12 ETF - January

In short

PQAP A one-year cushion on the Nasdaq-100, with a bit more padding than the category norm: PQAP absorbs the first 12% of a QQQ drop over each period starting April 1, and charges 0.50% to do it.

PQJA A one-year seatbelt on the Nasdaq-100: PQJA absorbs the first 12% of price losses on the index's flagship ETF and gives up gains above a cap in exchange. A deeper cushion than most of its buffer peers, at 0.50% a year.

Stated mandate

PQAP The Fund seeks to match QQQ’s price return up to a predetermined cap while buffering the first 12% of QQQ losses over a one-year target outcome period.

PQJA The Fund seeks to match QQQ’s price return up to a predetermined cap while buffering the first 12% of QQQ losses over a one-year target outcome period.

Why people hold it

PQAP The buffer runs 12 percentage points deep, versus the 10% cushion on the Innovator Nasdaq-100 buffer fund (QBUF) sitting in the same peer group.pgim.com
0.50% a year undercuts the typical Nasdaq-100 buffer fund, including QBUF at 0.79%. In a strategy where the option budget sets your cap, fee drag matters.
April is one of four start months PGIM runs on this same 12% QQQ recipe (January, April, July, October), so entry points can be staggered instead of bunched.pgim.com
Mechanically clean build: FLEX options on QQQ itself, a stated one-year outcome period, and one of the stronger risk profiles among Nasdaq-100 buffer funds.

PQJA Cushions the first 12% of the tracked Nasdaq-100 ETF's price losses over each one-year outcome period, deeper than the 10-point buffer on Innovator's QBUF.pgim.com
Charges 0.50% a year against a 0.79% median for its Nasdaq-100 buffer cohort, where QBUF sits at 0.79%.
January is one of four PGIM Nasdaq-100 buffer funds on a quarterly calendar (PQAP, PQJL, PQOC), so outcome periods aren't tied to a single start month.
Launched in 2024 and rated in the upper half of its shallow-buffer Nasdaq-100 group on our review.

Worth knowing

PQAP The upside cap is reset for each period and is unknown until it starts. Above it, QQQ's gains keep going without you.pgim.com
The 12% buffer is measured before fees and expenses and applies to holders across a full period. Buy mid-period and your own cushion and cap differ from the headline terms.pgim.com
Small and lightly traded next to the buffer giants, so spreads can be wider. It also launched in late 2024, giving it a short record.

PQJA Upside stops at a cap that resets with each new one-year period, and the mandate follows price return, so index dividends aren't part of the payoff.
The 12% buffer and the cap are measured across a full outcome period. Buy partway through and your effective cushion and ceiling differ from the headline terms.pgim.com
A small, thinly traded fund next to the largest buffer products, which can show up as wider bid-ask spreads.

Full PQAP profile⁠

Full PQJA profile⁠

PQAP vs PQJA Holdings

How PQAP and PQJA differ

Overlap by weight

0.4%

Shared holdings make up 0.6% of PQAP and 0.4% of PQJA.

Level by level

Holdings1 in both0.4%
Asset classAlternatives100%
Countryby domicile100%

Sector

No Sector split for PQAP and PQJA.

Country, concentration and asset class

Country by domicile

Country weights in PQAP and PQJA, widest gap first
Country	More in PQAPMore in PQJA	PQAP	PQJA
United States	Same weight	97.3%	97.3%
Canada	Same weight	1.1%	1.1%
Netherlands	Same weight	0.9%	0.9%
Brazil	Same weight	0.4%	0.4%
China	Same weight	0.2%	0.2%
United Kingdom	Same weight	0.2%	0.2%

Concentration

Weight in the 10 largest Holdings

PQAP110.2%
PQJA104.0%

Securities held

PQAP3
PQJA3

Asset class

PQAP: Alternatives
PQJA: Alternatives

Holdings

Only in PQAP2
In both1
Only in PQJA2

Only in PQAP

2 securities, 100% of PQAP by weight

4QQQ Us 03/31/27 C5.77108.49%
4QQQ Us 03/31/27 P577.181.16%

Only in PQJA

2 securities, 100% of PQJA by weight

4QQQ Us 12/31/26 C6.14102.94%
4QQQ Us 12/31/26 P614.310.60%

Weight gaps

All 1 Holdings in both funds, largest gap first.

Holding weights in PQAP and PQJA, widest gap first
Holding	More in PQAPMore in PQJA	PQAP	PQJA
Net Current Assets	Same weight	<0.01%	0.00%

All PQAP holdings⁠All PQJA 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.

PQAP vs PQJA Cost

Same expense ratio

$9,979

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

PQAP 0.50%
$9,979
PQJA 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

PQAP 0.50%
PQJA 0.50%

Year by year

Year	PQAP	PQJA
10	$900	$900
20	$3,460	$3,460
30	$9,979	$9,979

Expense ratio

0.50%PQAP
0.50%PQJA

PQAP0.50%PQJA0.50%

0.25%0.90%

Middle half of Nasdaq-100 Buffer 9-12% funds
Median 0.79%

PQAP 2nd cheapest of 12 funds

PQJA 2nd cheapest of 12 funds

PQAP vs PQJA Dividends

Last 12 months to Oct 30, 2026

Last payment: PQAP $0.0049; PQJA $0.0015
Ex-dividend: PQAP Dec 30, 2025; PQJA Dec 30, 2025
Paid on: PQAP Jan 2, 2026; PQJA Jan 2, 2026
Frequency: PQAP Irregular; PQJA Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

PQAPIrregular · 1 paymentAll PQAP payments⁠

PQJAIrregular · 1 paymentAll PQJA payments⁠

PQAP vs PQJA Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: PQAP 6.7%since Feb 2025PQJA 10.0%since Feb 2025
Return per unit of riskSharpe ratio, 3 years: PQAP 1.59since Feb 2025PQJA 0.99since Feb 2025
Worst fallMax drawdown, 5 years: PQAP −10.8%since Jan 2025PQJA −14.7%since Jan 2025
Market sensitivityBeta, 5 years: PQAP 0.43PQJA 0.74; Market = 1

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