PQJL vs PQOC: Grades, Fees and Holdings Compared

PGIM Nasdaq-100 Buffer 12 ETF - July

PQJLCNasdaq

PGIM Nasdaq-100 Buffer 12 ETF - October

PQOCBNasdaq

Overlap

0.0%by weight

Expense ratio

PQJL0.50%PQOC0.50%

Avg volume · 30D

PQOC 1.2×the volume

PQJL5.67KPQOC6.85K

PQJL vs PQOC Performance

Nov 5, 2025 – Nov 5, 2026

+1.8%PQJL+5.3%PQOC

Expense ratio: PQJL 0.50%; PQOC 0.50%
Fund size: PQJL $28M; PQOC $29M
1Y total return: PQJL +1.8%; PQOC +5.3%, better
Holdings: PQJL 5; PQOC 4
Avg volume (30D): PQJL 5.67K sh; PQOC 6.85K sh, better
NAV per share: PQJL $30.44; PQOC $31.25
52W range

ETF.net Grade

Pillar letters and Scores for PQJL, PQOC, with each pillar’s weight
Pillar	PQJL	PQOC
Cost30% weight	A76	A76
Mission25% weight	Not scored	A94
Risk15% weight	C46	B56Higher
Tradability15% weight	F19	D37Higher
Holdings10% weight	Not scored	Not scored
Durability5% weight	C49	C49

Rank among Nasdaq-100 Buffer 9-12% funds

How we build Categories ›

Same Category. PQJL and PQOC 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 ›

PQOC ranks 4th and PQJL 5th of 12 funds in the Nasdaq-100 Buffer 9-12% Category.

Rank 1BPQAPPGIM Nasdaq-100 Buffer 12 ETF - AprilScore 68
Rank 2BQTRGlobal X Nasdaq 100 Tail Risk ETFScore 62
Rank 3BPQJAPGIM Nasdaq-100 Buffer 12 ETF - JanuaryScore 61
Rank 4BPQOCPGIM Nasdaq-100 Buffer 12 ETF - OctoberScore 60
Rank 5CPQJLPGIM Nasdaq-100 Buffer 12 ETF - JulyScore 53
Rank 5CQBUFInnovator Nasdaq-100 10 Buffer ETFScore 53

Our read on each fund

ETF.net Research

PQJLCPGIM Nasdaq-100 Buffer 12 ETF - July

PQOCBPGIM Nasdaq-100 Buffer 12 ETF - October

In short

PQJL The July door into PGIM's Nasdaq-100 Buffer 12 series: QQQ's price return up to a cap, with the first 12% of QQQ's losses absorbed over a one-year outcome period, for 0.50% a year.

PQOC Twelve points of downside cushion on the Nasdaq-100, reset every October. PGIM buffers the first 12% of a one-year loss on the big Nasdaq-100 ETF's own shares and caps the upside in exchange, for 0.50% a year.

Stated mandate

PQJL The fund is designed to track QQQ's price return up to an upside cap while absorbing the first 12% of QQQ losses, before fees and expenses, over a one-year target outcome period.

PQOC The Fund seeks to track the price return of the Invesco QQQ Trust, Series 1 up to a cap while buffering the first 12% of losses during the one-year Target Outcome Period.

Why people hold it

PQJL Costs 0.50% a year against a cohort median near 0.79% for Nasdaq-100 buffer funds. Innovator's QBUF charges 0.79% for a shallower cushion.pgim.com
The 12% buffer (before fees) sits at the deep end of the shallow-buffer Nasdaq group. Innovator's QBUF buffers 10% of the same reference exposure.pgim.com
One of four quarterly start dates in the same series (January, April, July, October), each with identical 12% terms and the same 0.50% fee.pgim.com

PQOC Twelve points of cushion, not ten, and the fee is 0.50% against the 0.79% Innovator charges on its 10-point Nasdaq-100 buffer fund (QBUF).
The reference is the shares of the Invesco QQQ Trust itself, not a custom index, so the thing being buffered is the Nasdaq-100 vehicle most investors already watch.
One of four PGIM siblings on a quarterly calendar (PQJA starts in January, PQAP in April), so the October reset window is a choice, not a leftover.
Priced below the typical shallow-buffer Nasdaq-100 fund, which matters in a structure where fees come straight out of a fixed pool of upside.

Worth knowing

PQJL Cap and buffer are struck for a one-year period starting in July. Buying mid-period means whatever cushion and cap remain, not the headline terms.pgim.com
Tracks QQQ's price return, so Nasdaq-100 dividends stay out, gains stop at the cap, and losses past the 12% cushion pass through.pgim.com
Among the smaller, thinly traded names in the buffer space, which can mean wider bid-ask spreads than mainstream index funds.

PQOC Upside is capped. A new ceiling gets set at the start of each October outcome period, and any Nasdaq-100 rally past it does not come through.
The 12% buffer is designed for the full October-to-September period. Enter or exit mid-stream and you own the options at whatever they are worth that day.
A small, thinly traded fund, so bid-ask spreads can run wider than on plain Nasdaq-100 funds.

Full PQJL profile⁠

Full PQOC profile⁠

PQJL vs PQOC Holdings

How PQJL and PQOC differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of PQOC and 0.0% of PQJL.

Level by level

Holdings1 in both0.0%
Asset classAlternatives100%
Countryby domicile99.99%
Sector10 Sectors100%

Sector

Sector weights in PQJL and PQOC, widest gap first
Sector	Gap	PQJL	PQOC
Technology	Same weight	58.0%	58.0%
Communication	Same weight	11.1%	11.1%
Consumer Discretionary	Same weight	11.0%	11.0%
Consumer Staples	Same weight	6.8%	6.8%
Industrials	Same weight	5.3%	5.3%
Health Care	Same weight	4.8%	4.8%
Utilities	Same weight	1.2%	1.2%
Materials	Same weight	1.1%	1.1%
Energy	Same weight	0.5%	0.5%
Financials	Same weight	0.2%	0.2%

Country, concentration and asset class

Country by domicile

Country weights in PQJL and PQOC, widest gap first
Country	Gap	PQJL	PQOC
United States	Same weight	97.3%	97.3%
Canada	Same weight	1.1%	1.1%
Netherlands	Same weight	0.9%	0.9%
Brazil	Same weight	0.4%	0.4%
China	Same weight	0.2%	0.2%
United Kingdom	Same weight	0.2%	0.2%

Concentration

Weight in the 10 largest Holdings

PQJL104.4%
PQOC106.2%

Securities held

PQJL3
PQOC3

Asset class

PQJL: Alternatives
PQOC: Alternatives

Holdings

Only in PQJL2
In both1
Only in PQOC2

Only in PQJL

2 securities, 100% of PQJL by weight

4QQQ Us 06/30/27 C7.3695.02%
4QQQ Us 06/30/27 P736.48.62%

Only in PQOC

2 securities, 100% of PQOC by weight

4QQQ Us 09/30/27 C7.495.62%
4QQQ Us 09/30/27 P739.779.65%

Weight gaps

All 1 Holdings in both funds, largest gap first.

Holding weights in PQJL and PQOC, widest gap first
Holding	More in PQJLMore in PQOC	Gap	PQJL	PQOC
Net Current Assets		Same weight	<0.01%	<0.01%

All PQJL holdings⁠All PQOC 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.

PQJL vs PQOC Cost

Same expense ratio

$9,979

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

PQJL 0.50%
$9,979
PQOC 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

PQJL 0.50%
PQOC 0.50%

Year by year

Year	PQJL	PQOC
10	$900	$900
20	$3,460	$3,460
30	$9,979	$9,979

Expense ratio

0.50%PQJL
0.50%PQOC

PQJL0.50%PQOC0.50%

0.25%0.90%

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

PQJL 2nd cheapest of 12 funds

PQOC 2nd cheapest of 12 funds

PQJL vs PQOC Dividends

Last 12 months to Nov 5, 2026

Last payment: PQJL $0.0017; PQOC $0.0013
Ex-dividend: PQJL Dec 30, 2025; PQOC Dec 30, 2025
Paid on: PQJL Jan 2, 2026; PQOC Jan 2, 2026
Frequency: PQJL Irregular; PQOC Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

PQJLIrregular · 1 paymentAll PQJL payments⁠

PQOCIrregular · 1 paymentAll PQOC payments⁠

PQJL vs PQOC Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: PQJL 9.9%since Feb 2025PQOC 10.5%since Feb 2025
Return per unit of riskSharpe ratio, 3 years: PQJL 0.69since Feb 2025PQOC 0.79since Feb 2025
Worst fallMax drawdown, 5 years: PQJL −12.3%since Jan 2025PQOC −13.7%since Jan 2025
Market sensitivityBeta, 5 years: PQJL 0.64PQOC 0.73; Market = 1

PQJL and PQOC in the news

All news⁠

Price vs Value
Both the bid and the ask on PGIM's October Max Buffer ETF sat below the NAV
Oct 25, 2026PQOC

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PQJL vs PQOC

In short

Stated mandate

Why people hold it

Worth knowing

How PQJL and PQOC differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in PQJL

Only in PQOC

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Both the bid and the ask on PGIM's October Max Buffer ETF sat below the NAV

How PQJL and PQOC differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in PQJL

Only in PQOC

Weight gaps