PQAP vs PQJL: Grades, Fees and Holdings Compared

PGIM Nasdaq-100 Buffer 12 ETF - April

PQAPBNasdaq

PGIM Nasdaq-100 Buffer 12 ETF - July

PQJLCNasdaq

Overlap

0.0%by weight

Expense ratio

PQAP0.50%PQJL0.50%

Avg volume · 30D

PQAP 1.1×the volume

PQAP6.17KPQJL5.67K

PQAP vs PQJL Performance

Nov 5, 2025 – Nov 5, 2026

+12.4%PQAP+1.8%PQJL

Expense ratio: PQAP 0.50%; PQJL 0.50%
Fund size: PQAP $32M; PQJL $28M
1Y total return: PQAP +12.4%, better; PQJL +1.8%
Holdings: PQAP 4; PQJL 5
Avg volume (30D): PQAP 6.17K sh, better; PQJL 5.67K sh
NAV per share: PQAP $32.68; PQJL $30.44
52W range

ETF.net Grade

Pillar letters and Scores for PQAP, PQJL, with each pillar’s weight
Pillar	PQAP	PQJL
Cost30% weight	A76	A76
Mission25% weight	Not scored	Not scored
Risk15% weight	A93Higher	C46
Tradability15% weight	D38Higher	F19
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 PQJL 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 PQJL 5th of 12 funds in the Nasdaq-100 Buffer 9-12% Category.

Rank 1BPQAPPGIM Nasdaq-100 Buffer 12 ETF - AprilScore 68
Rank 2BQTRGlobal X Nasdaq 100 Tail Risk ETFScore 62
Rank 4BPQOCPGIM Nasdaq-100 Buffer 12 ETF - OctoberScore 60
Rank 5CPQJLPGIM Nasdaq-100 Buffer 12 ETF - JulyScore 53
Rank 5CQBUFInnovator Nasdaq-100 10 Buffer ETFScore 53

Our read on each fund

ETF.net Research

PQAPBPGIM Nasdaq-100 Buffer 12 ETF - April

PQJLCPGIM Nasdaq-100 Buffer 12 ETF - July

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.

PQJL The July door into PGIM's Nasdaq-100 Buffer 12 series: QQQ's price return up to a cap, with the first 12% of QQQ's losses absorbed over a one-year outcome period, for 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.

PQJL The fund is designed to track QQQ's price return up to an upside cap while absorbing the first 12% of QQQ losses, before fees and expenses, 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.

PQJL Costs 0.50% a year against a cohort median near 0.79% for Nasdaq-100 buffer funds. Innovator's QBUF charges 0.79% for a shallower cushion.pgim.com
The 12% buffer (before fees) sits at the deep end of the shallow-buffer Nasdaq group. Innovator's QBUF buffers 10% of the same reference exposure.pgim.com
One of four quarterly start dates in the same series (January, April, July, October), each with identical 12% terms and the same 0.50% fee.pgim.com

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.

PQJL Cap and buffer are struck for a one-year period starting in July. Buying mid-period means whatever cushion and cap remain, not the headline terms.pgim.com
Tracks QQQ's price return, so Nasdaq-100 dividends stay out, gains stop at the cap, and losses past the 12% cushion pass through.pgim.com
Among the smaller, thinly traded names in the buffer space, which can mean wider bid-ask spreads than mainstream index funds.

Full PQAP profile⁠

Full PQJL profile⁠

PQAP vs PQJL Holdings

How PQAP and PQJL differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of PQJL and 0.0% of PQAP.

Level by level

Holdings1 in both0.0%
Asset classAlternatives100%
Countryby domicile99.99%
Sector10 Sectors100%

Sector

Sector weights in PQAP and PQJL, widest gap first
Sector	Gap	PQAP	PQJL
Technology	Same weight	58.0%	58.0%
Communication	Same weight	11.1%	11.1%
Consumer Discretionary	Same weight	11.0%	11.0%
Consumer Staples	Same weight	6.8%	6.8%
Industrials	Same weight	5.3%	5.3%
Health Care	Same weight	4.8%	4.8%
Utilities	Same weight	1.2%	1.2%
Materials	Same weight	1.1%	1.1%
Energy	Same weight	0.5%	0.5%
Financials	Same weight	0.2%	0.2%

Country, concentration and asset class

Country by domicile

Country weights in PQAP and PQJL, widest gap first
Country	Gap	PQAP	PQJL
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

PQAP107.7%
PQJL104.4%

Securities held

PQAP3
PQJL3

Asset class

PQAP: Alternatives
PQJL: Alternatives

Holdings

Only in PQAP2
In both1
Only in PQJL2

Only in PQAP

2 securities, 100% of PQAP by weight

4QQQ Us 03/31/27 C5.77105.81%
4QQQ Us 03/31/27 P577.181.35%

Only in PQJL

2 securities, 100% of PQJL by weight

4QQQ Us 06/30/27 C7.3695.02%
4QQQ Us 06/30/27 P736.48.62%

Weight gaps

All 1 Holdings in both funds, largest gap first.

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

All PQAP holdings⁠All PQJL 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 PQJL 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
PQJL 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

PQAP 0.50%
PQJL 0.50%

Year by year

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

Expense ratio

0.50%PQAP
0.50%PQJL

PQAP0.50%PQJL0.50%

0.25%0.90%

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

PQAP 2nd cheapest of 12 funds

PQJL 2nd cheapest of 12 funds

PQAP vs PQJL Dividends

Last 12 months to Nov 5, 2026

Last payment: PQAP $0.0049; PQJL $0.0017
Ex-dividend: PQAP Dec 30, 2025; PQJL Dec 30, 2025
Paid on: PQAP Jan 2, 2026; PQJL Jan 2, 2026
Frequency: PQAP Irregular; PQJL Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

PQAPIrregular · 1 paymentAll PQAP payments⁠

PQJLIrregular · 1 paymentAll PQJL payments⁠

PQAP vs PQJL 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 2025PQJL 9.9%since Feb 2025
Return per unit of riskSharpe ratio, 3 years: PQAP 1.59since Feb 2025PQJL 0.69since Feb 2025
Worst fallMax drawdown, 5 years: PQAP −10.8%since Jan 2025PQJL −12.3%since Jan 2025
Market sensitivityBeta, 5 years: PQAP 0.44PQJL 0.64; Market = 1

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