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PQOC vs QDEC

PGIM Nasdaq-100 Buffer 12 ETF - October

PQOCBNasdaq

FT Vest Nasdaq-100 Buffer ETF - December

QDECCCboe

Overlap

0.0%by weight

Expense ratio

PQOC −0.40pt a year

PQOC0.50%QDEC0.90%

Avg volume · 30D

QDEC 4.8×the volume

PQOC6.77KQDEC32.4K

PQOC vs QDEC Performance

Oct 31, 2025 – Oct 30, 2026

+9.2%PQOC+13.0%QDEC

Oct 31, 2025 to Oct 30, 2026. PQOC +9.2%. QDEC +13.0%. Use the arrow keys to read each point.−5%0%5%Oct 2025Apr 2026Oct 2026
Expense ratio
PQOC 0.50%, better
QDEC 0.90%
Fund size
PQOC $29M
QDEC $693M
1Y total return
PQOC +9.2%
QDEC +13.0%, better
Holdings
PQOC 4
QDEC 3
Avg volume (30D)
PQOC 6.77K sh
QDEC 32.4K sh, better
NAV per share
PQOC $31.87
QDEC $35.88
52W range

ETF.net Grade

PQOC: Cost 76, Risk 56, Mission 94, Tradability 42, Holdings not scored, Durability 49. QDEC: Cost 15, Risk 47, Mission not scored, Tradability 84, Holdings 49, Durability 84.
Pillar letters and Scores for PQOC, QDEC, with each pillar’s weight
PillarPQOCQDEC
Cost30% weightA76HigherF15
Mission25% weightA94Not scored
Risk15% weightB56HigherC47
Tradability15% weightC42A84Higher
Holdings10% weightNot scoredC49
Durability5% weightC49A84Higher

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. PQOC and QDEC 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 QDEC 8th 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 4BPQOCPGIM Nasdaq-100 Buffer 12 ETF - OctoberScore 61
  5. Rank 5CQBUFInnovator Nasdaq-100 10 Buffer ETFScore 54
  6. Rank 7CQMARFT Vest Nasdaq-100 Buffer ETF - MarchScore 46
  7. Rank 8CQDECFT Vest Nasdaq-100 Buffer ETF - DecemberScore 44
  8. Rank 9CQJUNFT Vest Nasdaq-100 Buffer ETF - JuneScore 43

Our read on each fund

ETF.net Research

PQOCBPGIM Nasdaq-100 Buffer 12 ETF - October

QDECCFT Vest Nasdaq-100 Buffer ETF - December

In short

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.

QDEC December's rung on First Trust's ladder of Nasdaq-100 buffer funds. It absorbs the first 10% of a decline over each one-year outcome period, in exchange for giving up gains above a cap that resets every December.

Stated mandate

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.

QDEC The Fund seeks to match the price return of the Invesco QQQ Trust, Series 1, before fees and expenses, subject to an 18.22% upside cap and protection against the first 10% of losses during the stated outcome period.

Why people hold it

  • 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.
  • QDEC The deal is written down in advance: first 10% of a Nasdaq-100 decline absorbed, upside capped, over a one-year outcome period that resets each December.ftportfolios.com
  • One of several First Trust Nasdaq-100 buffers on staggered reset months (QMAR, QJUN, QSPT), so the start date is a choice rather than whatever month you showed up.
  • Running since December 2020 with multiple complete outcome periods behind it, and a few hundred million dollars in assets. Not a launch-year experiment.

Worth knowing

  • 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.
  • QDEC At 0.90% it sits above the buffer-cohort median, and cheaper Nasdaq-100 buffers exist: QBUF at 0.79%, PGIM's series at 0.50%, QTR at 0.25%.
  • Thinly traded next to the category's biggest names, so the bid-ask spread is part of the cost, especially on larger orders.
  • Buffer and cap apply before fees and run December to December. Buy mid-period and your own protection and ceiling differ from the stated terms.ftportfolios.com

Full PQOC profile⁠

Full QDEC profile⁠

PQOC vs QDEC Holdings

How PQOC and QDEC differ

Overlap by weight

0.0%

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

Level by level

  • Holdings0 in both0.0%
  • Countryby domicile100%

Sector

No Sector split for PQOC.

Country, concentration and asset class

Country by domicile

Country weights in PQOC and QDEC, widest gap first
CountryMore in PQOCMore in QDEC
United StatesSame weight
CanadaSame weight
NetherlandsPQOC +0.1 points
BrazilSame weight
ChinaSame weight
United KingdomSame weight

Concentration

Weight in the 10 largest Holdings

  • PQOC105.9%
  • QDEC101.7%

Securities held

  • PQOC3
  • QDEC2

Asset class

PQOC
Alternatives
QDEC
Multi-Asset

Holdings

  • Only in PQOC3
  • In both0
  • Only in QDEC2

Only in PQOC

3 securities, 100% of PQOC by weight

  • 4QQQ Us 09/30/27 C7.496.93%
  • 4QQQ Us 09/30/27 P739.778.02%
  • Net Current Assets<0.01%

Only in QDEC

2 securities, 100% of QDEC by weight

  • 2026-12-18 Invesco QQQ Trust, Series 1 C 6.16100.35%
  • 2026-12-18 Invesco QQQ Trust, Series 1 P 617.040.93%

Weight gaps

PQOC and QDEC share no securities.

All PQOC holdings⁠All 4 QDEC 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.

PQOC vs QDEC Cost

Overpaying QDEC vs PQOC

$7,061

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

  • PQOC 0.50%

    $9,979

  • QDEC 0.90%

    $17,040

$10,000
30 years

Cost over time

  • PQOC 0.50%
  • QDEC 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$20K051015202530QDEC $17,040PQOC $9,979

Year by year

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

Expense ratio

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

PQOC 2nd cheapest of 12 funds

QDEC 9th cheapest of 12 funds

PQOC vs QDEC Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
PQOC No data
QDEC None
Last payment
PQOC $0.0013
QDEC No data
Ex-dividend
PQOC Dec 30, 2025
QDEC No data
Paid on
PQOC Jan 2, 2026
QDEC No data
Frequency
PQOC Irregular
QDEC No data

Distribution history

Per share, 2025 to 2026, same scale for both

PQOCIrregular · 1 paymentAll PQOC payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 30, 2025 $0.0013. Use the arrow keys to read each point.$0$0.0012026YTD
QDECAll QDEC payments⁠

No distribution history available.

PQOC vs QDEC Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
PQOC 10.5%since Feb 2025QDEC 9.1%
Return per unit of riskSharpe ratio, 3 years
PQOC 0.79since Feb 2025QDEC 1.23
Worst fallMax drawdown, 5 years
PQOC −13.7%since Jan 2025QDEC −25.3%
Market sensitivityBeta, 5 years
PQOC 0.73QDEC 0.59

PQOC and QDEC in the news

All news⁠

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