PQJA vs QBUF

PQJABPGIM Nasdaq-100 Buffer 12 ETF - January

QBUFCInnovator Nasdaq-100 10 Buffer ETF

In short

PQJA A one-year seatbelt on the Nasdaq-100: PQJA absorbs the first 12% of price losses on the index's flagship ETF and gives up gains above a cap in exchange. A deeper cushion than most of its buffer peers, at 0.50% a year.

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

PQJA 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

• PQJA Cushions the first 12% of the tracked Nasdaq-100 ETF's price losses over each one-year outcome period, deeper than the 10-point buffer on Innovator's QBUF.pgim.com
• Charges 0.50% a year against a 0.79% median for its Nasdaq-100 buffer cohort, where QBUF sits at 0.79%.
• January is one of four PGIM Nasdaq-100 buffer funds on a quarterly calendar (PQAP, PQJL, PQOC), so outcome periods aren't tied to a single start month.
• Launched in 2024 and rated in the upper half of its shallow-buffer Nasdaq-100 group on our review.

• 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

• PQJA Upside stops at a cap that resets with each new one-year period, and the mandate follows price return, so index dividends aren't part of the payoff.
• The 12% buffer and the cap are measured across a full outcome period. Buy partway through and your effective cushion and ceiling differ from the headline terms.pgim.com
• A small, thinly traded fund next to the largest buffer products, which can show up as wider bid-ask spreads.

• 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 PQJA profile⁠

Full QBUF profile⁠