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PQAP vs QBUF

PGIM Nasdaq-100 Buffer 12 ETF - April

PQAPBNasdaq

Innovator Nasdaq-100 10 Buffer ETF

QBUFCNasdaq

Overlap

Expense ratio

PQAP −0.29pt a year

PQAP0.50%QBUF0.79%

Avg volume · 30D

QBUF 6.6×the volume

PQAP6.17KQBUF40.5K

PQAP vs QBUF Performance

Oct 31, 2025 – Oct 30, 2026

+15.5%PQAP+3.2%QBUF

Oct 31, 2025 to Oct 30, 2026. PQAP +15.5%. QBUF +3.2%. Use the arrow keys to read each point.0%10%Oct 2025Apr 2026Oct 2026
Expense ratio
PQAP 0.50%, better
QBUF 0.79%
Fund size
PQAP $32M
QBUF $199M
1Y total return
PQAP +15.5%, better
QBUF +3.2%
Holdings
PQAP 4
QBUF 3
Avg volume (30D)
PQAP 6.17K sh
QBUF 40.5K sh, better
NAV per share
PQAP $32.96
QBUF $30.11
52W range

ETF.net Grade

PQAP: Cost 76, Risk 93, Mission not scored, Tradability 29, Holdings not scored, Durability 49. QBUF: Cost 46, Risk 61, Mission 37, Tradability 64, Holdings not scored, Durability 58.
Pillar letters and Scores for PQAP, QBUF, with each pillar’s weight
PillarPQAPQBUF
Cost30% weightA76HigherC46
Mission25% weightNot scoredD37
Risk15% weightA93HigherB61
Tradability15% weightD29B64Higher
Holdings10% weightNot scoredNot scored
Durability5% weightC49B58Higher

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 QBUF 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 QBUF 5th 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 4BPQOCPGIM Nasdaq-100 Buffer 12 ETF - OctoberScore 61
  4. Rank 5CQBUFInnovator Nasdaq-100 10 Buffer ETFScore 54
  5. Rank 6CPQJLPGIM Nasdaq-100 Buffer 12 ETF - JulyScore 53

Our read on each fund

ETF.net Research

PQAPBPGIM Nasdaq-100 Buffer 12 ETF - April

QBUFCInnovator Nasdaq-100 10 Buffer ETF

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.

QBUF Buffer funds usually run on a 12-month clock. QBUF resets every quarter: a 10% downside buffer on the Nasdaq-100 and a fresh upside cap, four times 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.

QBUF The Fund seeks to replicate the performance of an ETF tracking the Nasdaq-100 Index over quarterly outcome periods, subject to a predefined upside cap and a 10% downside buffer.

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.
  • QBUF Quarterly outcome periods. The 10% buffer and a new cap reset four times a year, so a fresh starting line is never more than three months out.
  • The reference asset is the Invesco QQQ Trust itself, not a custom index, so the outcome is keyed to a Nasdaq-100 vehicle you can watch in real time.
  • The 0.79% fee is the median for shallow-buffer Nasdaq-100 funds, and this one sits in the upper half of that peer group overall.

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.
  • QBUF Downside protection is paid for with upside. The cap is reset at the start of each quarter from option pricing, so the next period's ceiling isn't known in advance.
  • The 10% buffer runs from the period's start and sits before fees. Buy mid-quarter and your actual cushion and cap differ from the headline terms.
  • Pricier than some cousins: the PGIM Nasdaq-100 buffer series runs 0.50%, QTR 0.25%. It also trades thinly, so limit orders earn their keep.

Full PQAP profile⁠

Full QBUF profile⁠

PQAP vs QBUF 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 QBUF Cost

Overpaying QBUF vs PQAP

$5,195

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

  • PQAP 0.50%

    $9,979

  • QBUF 0.79%

    $15,174

$10,000
30 years

Cost over time

  • PQAP 0.50%
  • QBUF 0.79%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530QBUF $15,174PQAP $9,979

Year by year

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

Expense ratio

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

PQAP 2nd cheapest of 12 funds

QBUF 6th cheapest of 12 funds

PQAP vs QBUF Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
PQAP No data
QBUF None
Last payment
PQAP $0.0049
QBUF No data
Ex-dividend
PQAP Dec 30, 2025
QBUF No data
Paid on
PQAP Jan 2, 2026
QBUF No data
Frequency
PQAP Irregular
QBUF No data

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
QBUFAll QBUF payments⁠

No distribution history available.

PQAP vs QBUF 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 2025QBUF 4.8%since Aug 2024
Return per unit of riskSharpe ratio, 3 years
PQAP 1.59since Feb 2025QBUF 0.95since Aug 2024
Worst fallMax drawdown, 5 years
PQAP −10.8%since Jan 2025QBUF −8.8%since Jul 2024
Market sensitivityBeta, 5 years
PQAP 0.43QBUF 0.28

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