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PQAP vs QSPT

PGIM Nasdaq-100 Buffer 12 ETF - April

PQAPBNasdaq

FT Vest Nasdaq-100 Buffer ETF - September

QSPTCCboe

Overlap

Expense ratio

PQAP −0.40pt a year

PQAP0.50%QSPT0.90%

Avg volume · 30D

QSPT 7.3×the volume

PQAP6.17KQSPT45.1K

PQAP vs QSPT Performance

Oct 31, 2025 – Oct 30, 2026

+15.5%PQAP+10.6%QSPT

Oct 31, 2025 to Oct 30, 2026. PQAP +15.5%. QSPT +10.6%. Use the arrow keys to read each point.−5%0%5%Oct 2025Apr 2026Oct 2026
Expense ratio
PQAP 0.50%, better
QSPT 0.90%
Fund size
PQAP $32M
QSPT $713M
1Y total return
PQAP +15.5%, better
QSPT +10.6%
Holdings
PQAP 4
QSPT 3
Avg volume (30D)
PQAP 6.17K sh
QSPT 45.1K sh, better
NAV per share
PQAP $32.96
QSPT $35.11
52W range

ETF.net Grade

PQAP: Cost 76, Risk 93, Mission not scored, Tradability 29, Holdings not scored, Durability 49. QSPT: Cost 15, Risk 47, Mission 95, Tradability 85, Holdings 26, Durability 82.
Pillar letters and Scores for PQAP, QSPT, with each pillar’s weight
PillarPQAPQSPT
Cost30% weightA76HigherF15
Mission25% weightNot scoredA95
Risk15% weightA93HigherC47
Tradability15% weightD29A85Higher
Holdings10% weightNot scoredD26
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 QSPT 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 QSPT 11th 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 10CDDNQInnovator Growth-100 Dual Directional 5 Buffer ETFScore 42
  4. Rank 11CQSPTFT Vest Nasdaq-100 Buffer ETF - SeptemberScore 41
  5. Rank 12DNBFRInnovator Nasdaq-100 Managed 10 Buffer ETFScore 34

Our read on each fund

ETF.net Research

PQAPBPGIM Nasdaq-100 Buffer 12 ETF - April

QSPTCFT Vest Nasdaq-100 Buffer ETF - September

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.

QSPT The September stop on First Trust's quarterly Nasdaq-100 buffer carousel: it absorbs the first 10% of a QQQ price drop over a one-year stretch, and hands back everything above a cap reset each September.

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.

QSPT The Fund seeks to track the price return of the Invesco QQQ Trust, Series 1, subject to a 16.97% 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.
  • QSPT The deal is written down, not implied: absorb the first 10% of QQQ's price decline over the outcome period, give up gains above a cap set at each September reset.ftportfolios.com
  • The reference asset is the QQQ ETF itself rather than a bespoke index, so the security your buffer keys off trades in public view all day.
  • Running since 2021, so it has cycled through multiple complete September-to-September outcome periods, cap resets and all.

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.
  • QSPT 0.90% a year sits above the Nasdaq-100 buffer median of 0.79%. PGIM's PQAP and PQJA charge 0.50%, Innovator's QBUF 0.79%, for similar shallow-buffer builds.
  • Price return only. QQQ's dividends don't pass through, and the fund isn't built as an income payer.
  • Thinly traded next to the category's giants, so limit orders earn their keep. Buy mid-period and you inherit whatever cap and buffer are left, not the September terms.

Full PQAP profile⁠

Full QSPT profile⁠

PQAP vs QSPT 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 QSPT Cost

Overpaying QSPT vs PQAP

$7,061

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

  • PQAP 0.50%

    $9,979

  • QSPT 0.90%

    $17,040

$10,000
30 years

Cost over time

  • PQAP 0.50%
  • QSPT 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$20K051015202530QSPT $17,040PQAP $9,979

Year by year

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

PQAP 2nd cheapest of 12 funds

QSPT 9th cheapest of 12 funds

PQAP vs QSPT Dividends

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

No distribution history available.

PQAP vs QSPT 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 2025QSPT 9.8%
Return per unit of riskSharpe ratio, 3 years
PQAP 1.59since Feb 2025QSPT 1.28
Worst fallMax drawdown, 5 years
PQAP −10.8%since Jan 2025QSPT −22.6%
Market sensitivityBeta, 5 years
PQAP 0.43QSPT 0.67

PQAP and QSPT in the news

All news⁠

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