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PQJA vs QMAR

PGIM Nasdaq-100 Buffer 12 ETF - January

PQJABNasdaq

FT Vest Nasdaq-100 Buffer ETF - March

QMARCCboe

Overlap

Expense ratio

PQJA −0.40pt a year

PQJA0.50%QMAR0.90%

Avg volume · 30D

QMAR 1.6×the volume

PQJA5.11KQMAR7.99K

PQJA vs QMAR Performance

Oct 31, 2025 – Oct 30, 2026

+12.5%PQJA+16.3%QMAR

Oct 31, 2025 to Oct 30, 2026. PQJA +12.5%. QMAR +16.3%. Use the arrow keys to read each point.0%5%10%20%Oct 2025Apr 2026Oct 2026
Expense ratio
PQJA 0.50%, better
QMAR 0.90%
Fund size
PQJA $35M
QMAR $618M
1Y total return
PQJA +12.5%
QMAR +16.3%, better
Holdings
PQJA 4
QMAR 3
Avg volume (30D)
PQJA 5.11K sh
QMAR 7.99K sh, better
NAV per share
PQJA $32.65
QMAR $37.78
52W range

ETF.net Grade

PQJA: Cost 76, Risk 62, Mission not scored, Tradability 39, Holdings not scored, Durability 49. QMAR: Cost 15, Risk 70, Mission not scored, Tradability 70, Holdings 53, Durability 82.
Pillar letters and Scores for PQJA, QMAR, with each pillar’s weight
PillarPQJAQMAR
Cost30% weightA76HigherF15
Mission25% weightNot scoredNot scored
Risk15% weightB62A70Higher
Tradability15% weightD39A70Higher
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. PQJA 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 ›

PQJA ranks 2nd 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 2BQTRGlobal X Nasdaq 100 Tail Risk ETFScore 62
  4. Rank 6CPQJLPGIM Nasdaq-100 Buffer 12 ETF - JulyScore 53
  5. Rank 7CQMARFT Vest Nasdaq-100 Buffer ETF - MarchScore 46
  6. Rank 8CQDECFT Vest Nasdaq-100 Buffer ETF - DecemberScore 44

Our read on each fund

ETF.net Research

PQJABPGIM Nasdaq-100 Buffer 12 ETF - January

QMARCFT Vest Nasdaq-100 Buffer ETF - March

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.

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

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.

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

  • 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.
  • 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

  • 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.
  • 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 PQJA profile⁠

Full QMAR profile⁠

PQJA 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.

PQJA vs QMAR Cost

Overpaying QMAR vs PQJA

$7,061

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

  • PQJA 0.50%

    $9,979

  • QMAR 0.90%

    $17,040

$10,000
30 years

Cost over time

  • PQJA 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 $17,040PQJA $9,979

Year by year

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

Expense ratio

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

PQJA 2nd cheapest of 12 funds

QMAR 9th cheapest of 12 funds

PQJA vs QMAR Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
PQJA No data
QMAR None
Last payment
PQJA $0.0015
QMAR No data
Ex-dividend
PQJA Dec 30, 2025
QMAR No data
Paid on
PQJA Jan 2, 2026
QMAR No data
Frequency
PQJA Irregular
QMAR No data

Distribution history

Per share, 2025 to 2026, same scale for both

PQJAIrregular · 1 paymentAll PQJA payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 30, 2025 $0.0015. Use the arrow keys to read each point.$0$0.0012026YTD
QMARAll QMAR payments⁠

No distribution history available.

PQJA vs QMAR Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
PQJA 10.0%since Feb 2025QMAR 8.4%
Return per unit of riskSharpe ratio, 3 years
PQJA 0.99since Feb 2025QMAR 1.33
Worst fallMax drawdown, 5 years
PQJA −14.7%since Jan 2025QMAR −19.8%
Market sensitivityBeta, 5 years
PQJA 0.74QMAR 0.55

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