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PQAP vs QDEC

PGIM Nasdaq-100 Buffer 12 ETF - April

PQAPBNasdaq

FT Vest Nasdaq-100 Buffer ETF - December

QDECCCboe

Overlap

Expense ratio

PQAP −0.40pt a year

PQAP0.50%QDEC0.90%

Avg volume · 30D

QDEC 5.3×the volume

PQAP6.17KQDEC32.4K

PQAP vs QDEC Performance

Oct 31, 2025 – Oct 30, 2026

+15.5%PQAP+13.0%QDEC

Oct 31, 2025 to Oct 30, 2026. PQAP +15.5%. QDEC +13.0%. Use the arrow keys to read each point.0%5%10%Oct 2025Apr 2026Oct 2026
Expense ratio
PQAP 0.50%, better
QDEC 0.90%
Fund size
PQAP $32M
QDEC $693M
1Y total return
PQAP +15.5%, better
QDEC +13.0%
Holdings
PQAP 4
QDEC 3
Avg volume (30D)
PQAP 6.17K sh
QDEC 32.4K sh, better
NAV per share
PQAP $32.96
QDEC $35.88
52W range

ETF.net Grade

PQAP: Cost 76, Risk 93, Mission not scored, Tradability 29, Holdings not scored, Durability 49. QDEC: Cost 15, Risk 47, Mission not scored, Tradability 84, Holdings 49, Durability 84.
Pillar letters and Scores for PQAP, QDEC, with each pillar’s weight
PillarPQAPQDEC
Cost30% weightA76HigherF15
Mission25% weightNot scoredNot scored
Risk15% weightA93HigherC47
Tradability15% weightD29A84Higher
Holdings10% weightNot scoredC49
Durability5% weightC49A84Higher

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 QDEC 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 QDEC 8th 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 7CQMARFT Vest Nasdaq-100 Buffer ETF - MarchScore 46
  4. Rank 8CQDECFT Vest Nasdaq-100 Buffer ETF - DecemberScore 44
  5. Rank 9CQJUNFT Vest Nasdaq-100 Buffer ETF - JuneScore 43

Our read on each fund

ETF.net Research

PQAPBPGIM Nasdaq-100 Buffer 12 ETF - April

QDECCFT Vest Nasdaq-100 Buffer ETF - December

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.

QDEC December's rung on First Trust's ladder of Nasdaq-100 buffer funds. It absorbs the first 10% of a decline over each one-year outcome period, in exchange for giving up gains above a cap that resets every December.

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.

QDEC The Fund seeks to match the price return of the Invesco QQQ Trust, Series 1, before fees and expenses, subject to an 18.22% upside cap and protection against the first 10% of losses during the stated 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.
  • QDEC The deal is written down in advance: first 10% of a Nasdaq-100 decline absorbed, upside capped, over a one-year outcome period that resets each December.ftportfolios.com
  • One of several First Trust Nasdaq-100 buffers on staggered reset months (QMAR, QJUN, QSPT), so the start date is a choice rather than whatever month you showed up.
  • Running since December 2020 with multiple complete outcome periods behind it, and a few hundred million dollars in assets. Not a launch-year experiment.

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.
  • QDEC At 0.90% it sits above the buffer-cohort median, and cheaper Nasdaq-100 buffers exist: QBUF at 0.79%, PGIM's series at 0.50%, QTR at 0.25%.
  • Thinly traded next to the category's biggest names, so the bid-ask spread is part of the cost, especially on larger orders.
  • Buffer and cap apply before fees and run December to December. Buy mid-period and your own protection and ceiling differ from the stated terms.ftportfolios.com

Full PQAP profile⁠

Full QDEC profile⁠

PQAP vs QDEC 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 QDEC Cost

Overpaying QDEC vs PQAP

$7,061

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

  • PQAP 0.50%

    $9,979

  • QDEC 0.90%

    $17,040

$10,000
30 years

Cost over time

  • PQAP 0.50%
  • QDEC 0.90%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530QDEC $17,040PQAP $9,979

Year by year

YearPQAPQDECOverpaying
10$900$1,593$693
20$3,460$6,015$2,555
30$9,979$17,040$7,061

Expense ratio

  • 0.50%PQAP, cheaper
  • 0.90%QDEC
  • Middle half of Nasdaq-100 Buffer 9-12% funds
  • Median 0.79%

PQAP 2nd cheapest of 12 funds

QDEC 9th cheapest of 12 funds

PQAP vs QDEC Dividends

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

No distribution history available.

PQAP vs QDEC 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 2025QDEC 9.1%
Return per unit of riskSharpe ratio, 3 years
PQAP 1.59since Feb 2025QDEC 1.23
Worst fallMax drawdown, 5 years
PQAP −10.8%since Jan 2025QDEC −25.3%
Market sensitivityBeta, 5 years
PQAP 0.43QDEC 0.59

Popular comparisons

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