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PQJA vs QSPT

PGIM Nasdaq-100 Buffer 12 ETF - January

PQJABNasdaq

FT Vest Nasdaq-100 Buffer ETF - September

QSPTCCboe

Overlap

0.0%by weight

Expense ratio

PQJA −0.40pt a year

PQJA0.50%QSPT0.90%

Avg volume · 30D

QSPT 8.8×the volume

PQJA5.11KQSPT45.1K

PQJA vs QSPT Performance

Oct 31, 2025 – Oct 30, 2026

+12.5%PQJA+10.6%QSPT

Oct 31, 2025 to Oct 30, 2026. PQJA +12.5%. QSPT +10.6%. Use the arrow keys to read each point.−5%0%5%15%Oct 2025Apr 2026Oct 2026
Expense ratio
PQJA 0.50%, better
QSPT 0.90%
Fund size
PQJA $35M
QSPT $713M
1Y total return
PQJA +12.5%, better
QSPT +10.6%
Holdings
PQJA 4
QSPT 3
Avg volume (30D)
PQJA 5.11K sh
QSPT 45.1K sh, better
NAV per share
PQJA $32.65
QSPT $35.11
52W range

ETF.net Grade

PQJA: Cost 76, Risk 62, Mission not scored, Tradability 39, Holdings not scored, Durability 49. QSPT: Cost 15, Risk 47, Mission 95, Tradability 85, Holdings 26, Durability 82.
Pillar letters and Scores for PQJA, QSPT, with each pillar’s weight
PillarPQJAQSPT
Cost30% weightA76HigherF15
Mission25% weightNot scoredA95
Risk15% weightB62HigherC47
Tradability15% weightD39A85Higher
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. PQJA 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 ›

PQJA ranks 2nd 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 2BQTRGlobal X Nasdaq 100 Tail Risk ETFScore 62
  4. Rank 10CDDNQInnovator Growth-100 Dual Directional 5 Buffer ETFScore 42
  5. Rank 11CQSPTFT Vest Nasdaq-100 Buffer ETF - SeptemberScore 41
  6. Rank 12DNBFRInnovator Nasdaq-100 Managed 10 Buffer ETFScore 34

Our read on each fund

ETF.net Research

PQJABPGIM Nasdaq-100 Buffer 12 ETF - January

QSPTCFT Vest Nasdaq-100 Buffer ETF - September

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.

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

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.

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

  • 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.
  • 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

  • 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.
  • 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 PQJA profile⁠

Full QSPT profile⁠

PQJA vs QSPT Holdings

How PQJA and QSPT differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of PQJA and 0.0% of QSPT.

Level by level

  • Holdings0 in both0.0%

Sector

No Sector split for PQJA and QSPT.

Country, concentration and asset class

Country by domicile

No country split for QSPT.

Concentration

Weight in the 10 largest Holdings

  • PQJA104.0%
  • QSPT106.5%

Securities held

  • PQJA3
  • QSPT2

Asset class

PQJA
Alternatives
QSPT
Multi-Asset

Holdings

  • Only in PQJA3
  • In both0
  • Only in QSPT2

Only in PQJA

3 securities, 100% of PQJA by weight

  • 4QQQ Us 12/31/26 C6.14102.94%
  • 4QQQ Us 12/31/26 P614.310.60%
  • Net Current Assets0.00%

Only in QSPT

2 securities, 100% of QSPT by weight

  • 2027-09-17 Invesco QQQ Trust, Series 1 C 7.2196.65%
  • 2027-09-17 Invesco QQQ Trust, Series 1 P 721.458.72%

Weight gaps

PQJA and QSPT share no securities.

All PQJA holdings⁠All 4 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.

PQJA vs QSPT Cost

Overpaying QSPT vs PQJA

$7,061

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

  • PQJA 0.50%

    $9,979

  • QSPT 0.90%

    $17,040

$10,000
30 years

Cost over time

  • PQJA 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 $17,040PQJA $9,979

Year by year

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

PQJA 2nd cheapest of 12 funds

QSPT 9th cheapest of 12 funds

PQJA vs QSPT Dividends

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

No distribution history available.

PQJA vs QSPT 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 2025QSPT 9.8%
Return per unit of riskSharpe ratio, 3 years
PQJA 0.99since Feb 2025QSPT 1.28
Worst fallMax drawdown, 5 years
PQJA −14.7%since Jan 2025QSPT −22.6%
Market sensitivityBeta, 5 years
PQJA 0.74QSPT 0.67

PQJA and QSPT in the news

All news⁠

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