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PQAP vs QMAR

PGIM Nasdaq-100 Buffer 12 ETF - April

PQAPBNasdaq

FT Vest Nasdaq-100 Buffer ETF - March

QMARCCboe

Overlap

Expense ratio

PQAP −0.40pt a year

PQAP0.50%QMAR0.90%

Avg volume · 30D

QMAR 1.3×the volume

PQAP6.17KQMAR7.99K

PQAP vs QMAR Performance

Oct 31, 2025 – Oct 30, 2026

+15.5%PQAP+16.3%QMAR

Oct 31, 2025 to Oct 30, 2026. PQAP +15.5%. QMAR +16.3%. Use the arrow keys to read each point.0%5%10%20%Oct 2025Apr 2026Oct 2026
Expense ratio
PQAP 0.50%, better
QMAR 0.90%
Fund size
PQAP $32M
QMAR $618M
1Y total return
PQAP +15.5%
QMAR +16.3%, better
Holdings
PQAP 4
QMAR 3
Avg volume (30D)
PQAP 6.17K sh
QMAR 7.99K sh, better
NAV per share
PQAP $32.96
QMAR $37.78
52W range

ETF.net Grade

PQAP: Cost 76, Risk 93, Mission not scored, Tradability 29, Holdings not scored, Durability 49. QMAR: Cost 15, Risk 70, Mission not scored, Tradability 70, Holdings 53, Durability 82.
Pillar letters and Scores for PQAP, QMAR, with each pillar’s weight
PillarPQAPQMAR
Cost30% weightA76HigherF15
Mission25% weightNot scoredNot scored
Risk15% weightA93HigherA70
Tradability15% weightD29A70Higher
Holdings10% weightNot scoredC53
Durability5% weightC49A82Higher

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 QMAR 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 QMAR 7th 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 6CPQJLPGIM Nasdaq-100 Buffer 12 ETF - JulyScore 53
  4. Rank 7CQMARFT Vest Nasdaq-100 Buffer ETF - MarchScore 46
  5. Rank 8CQDECFT Vest Nasdaq-100 Buffer ETF - DecemberScore 44

Our read on each fund

ETF.net Research

PQAPBPGIM Nasdaq-100 Buffer 12 ETF - April

QMARCFT Vest Nasdaq-100 Buffer ETF - March

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.

QMAR A one-year seatbelt on the Nasdaq-100. QMAR absorbs the first 10% of losses in the Nasdaq-100 tracker it references and hands back the upside above a cap reset every March, one of four quarterly entry points in First Trust's buffer lineup.

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.

QMAR The Fund seeks to match the price return of the Invesco QQQ Trust, Series 1 before fees and expenses, subject to a 20.86% upside cap, while buffering the first 10% of losses during the March 23, 2026–March 19, 2027 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.
  • QMAR The buffer is the whole product: the first 10% of the reference fund's decline is absorbed, before fees, across a defined one-year outcome period that resets each March.ftportfolios.com
  • It references the Invesco QQQ Trust itself rather than a paper index, so the payoff is pinned to the same Nasdaq-100 vehicle most investors already hold.sec.gov
  • Running since 2021, it has now cycled through several complete outcome periods, and its March, June, September and December siblings let you stagger start dates instead of betting on one.

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.
  • QMAR At 0.90% a year it sits at the expensive end of the Nasdaq-100 buffer shelf: QBUF charges 0.79%, PQAP and PQJA 0.50%, QTR 0.25%.
  • The stated cap and buffer apply to buyers who hold a full outcome period. Come in mid-period and you inherit whatever cushion and upside room are left, not the headline terms.sec.gov
  • Volume is light next to the biggest buffer funds, which can mean wider spreads, and the options structure isn't built to throw off income.

Full PQAP profile⁠

Full QMAR profile⁠

PQAP vs QMAR 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 QMAR Cost

Overpaying QMAR vs PQAP

$7,061

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

  • PQAP 0.50%

    $9,979

  • QMAR 0.90%

    $17,040

$10,000
30 years

Cost over time

  • PQAP 0.50%
  • QMAR 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$20K051015202530QMAR $17,040PQAP $9,979

Year by year

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

PQAP 2nd cheapest of 12 funds

QMAR 9th cheapest of 12 funds

PQAP vs QMAR Dividends

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

No distribution history available.

PQAP vs QMAR 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 2025QMAR 8.4%
Return per unit of riskSharpe ratio, 3 years
PQAP 1.59since Feb 2025QMAR 1.33
Worst fallMax drawdown, 5 years
PQAP −10.8%since Jan 2025QMAR −19.8%
Market sensitivityBeta, 5 years
PQAP 0.43QMAR 0.55

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