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PQAP vs PQOC

PGIM Nasdaq-100 Buffer 12 ETF - April

PQAPBNasdaq

PGIM Nasdaq-100 Buffer 12 ETF - October

PQOCBNasdaq

Overlap

Expense ratio

Same figure. Both funds show the same value, so neither comes out ahead.

PQAP0.50%PQOC0.50%

Avg volume · 30D

PQOC 1.1×the volume

PQAP6.17KPQOC6.77K

PQAP vs PQOC Performance

Oct 31, 2025 – Oct 30, 2026

+15.5%PQAP+9.2%PQOC

Oct 31, 2025 to Oct 30, 2026. PQAP +15.5%. PQOC +9.2%. Use the arrow keys to read each point.−5%0%5%Oct 2025Apr 2026Oct 2026
Expense ratio
PQAP 0.50%
PQOC 0.50%
Fund size
PQAP $32M
PQOC $29M
1Y total return
PQAP +15.5%, better
PQOC +9.2%
Holdings
PQAP 4
PQOC 4
Avg volume (30D)
PQAP 6.17K sh
PQOC 6.77K sh, better
NAV per share
PQAP $32.96
PQOC $31.87
52W range

ETF.net Grade

PQAP: Cost 76, Risk 93, Mission not scored, Tradability 29, Holdings not scored, Durability 49. PQOC: Cost 76, Risk 56, Mission 94, Tradability 42, Holdings not scored, Durability 49.
Pillar letters and Scores for PQAP, PQOC, with each pillar’s weight
PillarPQAPPQOC
Cost30% weightA76A76
Mission25% weightNot scoredA94
Risk15% weightA93HigherB56
Tradability15% weightD29C42Higher
Holdings10% weightNot scoredNot scored
Durability5% weightC49C49

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. PQAP 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 ›

PQAP ranks 1st and PQOC 4th 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

Our read on each fund

ETF.net Research

PQAPBPGIM Nasdaq-100 Buffer 12 ETF - April

PQOCBPGIM Nasdaq-100 Buffer 12 ETF - October

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.

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

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.

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

  • 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.
  • 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

  • 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.
  • 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 PQAP profile⁠

Full PQOC profile⁠

PQAP vs 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.

PQAP vs PQOC 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

  • PQOC 0.50%

    $9,979

$10,000
30 years

Cost over time

  • PQAP 0.50%
  • PQOC 0.50%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K$8K$10K051015202530PQAP $9,979PQOC $9,979

Year by year

YearPQAPPQOC
10$900$900
20$3,460$3,460
30$9,979$9,979

Expense ratio

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

PQAP 2nd cheapest of 12 funds

PQOC 2nd cheapest of 12 funds

PQAP vs PQOC Dividends

Last 12 months to Oct 30, 2026
Last payment
PQAP $0.0049
PQOC $0.0013
Ex-dividend
PQAP Dec 30, 2025
PQOC Dec 30, 2025
Paid on
PQAP Jan 2, 2026
PQOC Jan 2, 2026
Frequency
PQAP Irregular
PQOC Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

PQAPIrregular · 1 paymentAll PQAP payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 30, 2025 $0.0049. 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

PQAP vs PQOC 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 2025PQOC 10.5%since Feb 2025
Return per unit of riskSharpe ratio, 3 years
PQAP 1.59since Feb 2025PQOC 0.79since Feb 2025
Worst fallMax drawdown, 5 years
PQAP −10.8%since Jan 2025PQOC −13.7%since Jan 2025
Market sensitivityBeta, 5 years
PQAP 0.43PQOC 0.73

PQAP and PQOC in the news

All news⁠

Popular comparisons

  • PQAPBvsPQJAB

    PGIM Nasdaq-100 Buffer 12 ETF - April · PGIM Nasdaq-100 Buffer 12 ETF - January

    Expense ratio
    0.50% · 0.50%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PQOCBvsPQJAB

    PGIM Nasdaq-100 Buffer 12 ETF - October · PGIM Nasdaq-100 Buffer 12 ETF - January

    Expense ratio
    0.50% · 0.50%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PQAPBvsQTRB

    PGIM Nasdaq-100 Buffer 12 ETF - April · Global X Nasdaq 100 Tail Risk ETF

    Expense ratio
    0.50% · 0.25%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PQOCBvsQTRB

    PGIM Nasdaq-100 Buffer 12 ETF - October · Global X Nasdaq 100 Tail Risk ETF

    Expense ratio
    0.50% · 0.25%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PQAPBvsQBUFC

    PGIM Nasdaq-100 Buffer 12 ETF - April · Innovator Nasdaq-100 10 Buffer ETF

    Expense ratio
    0.50% · 0.79%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PQOCBvsQBUFC

    PGIM Nasdaq-100 Buffer 12 ETF - October · Innovator Nasdaq-100 10 Buffer ETF

    Expense ratio
    0.50% · 0.79%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.