At a glance
PQAP charges 0.5% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $26.4M in assets, the 8th largest of that group; it paid 0.02% of its price in distributions over the past 12 months, annual. Over the past year it returned +17.0% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds.
The short version
PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) is an actively managed Prudential fund holding customized FLEX options on the Invesco QQQ Trust, which owns the Nasdaq-100 stocks. Each April-to-March period, it aims to shield holders from the first 12% of QQQ's price losses in exchange for capped gains (17.55% before fees for April 2025 through March 2026). Its 0.50% expense ratio is the lowest of eight buffer ETFs compared; the others average 0.86%.
Price history
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PQAP +17.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| PQAP official prospectus, to Dec 31, 2025 | — | +14.20% | — | — | — | — |
| PQAP price data to Oct 27, 2026 | +15.3% | +17.0% | — | — | — | +17.9% |
- Over the year to Oct 27, 2026, PQAP returned +17.0%, 1st of 8 among similar funds.
- The deepest fall in its price history was 9.5% (Feb 28, 2025 to Apr 8, 2025), recovered by May 2, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +15.3% | — |
| 2025 | — | +14.32% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors added a net $4.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.72%, -0.18%, -0.69%.
How it works
Though actively managed, PQAP holds no stocks. Substantially all its assets go into FLEX options on the Invesco QQQ Trust, Series 1 (QQQ), a unit investment trust holding the Nasdaq-100 Index stocks at index weights. FLEX options are exchange-traded option contracts with customizable terms such as exercise price and date. As of July 31, 2026, the fund held four QQQ options, which together set the buffer and cap, plus 0.75% in cash. Returns follow QQQ's share price only, not its dividends.
Each outcome period runs from April 1 to March 31. For holders who stay the whole period, the fund seeks to match QQQ's gains up to a cap and to shield them from the first 12% of QQQ losses. Deeper losses pass through one for one: a 25% QQQ drop would mean about a 13% fund loss before fees. For April 2025 through March 2026, the cap was 17.55% before fees; after the 0.50% fee, it was 17.05%, with an 11.5% buffer.
Each new period brings a fresh set of options. The buffer stays at 12%, but the cap shifts with market conditions. Because the options can be exercised only on the period's last day, investors who enter or exit midway may get very different results.
What it really costs
- PQAP charges 0.5% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $51 in the first year and $628 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PQAP | $51 | $160 | $280 | $628 |
Structure and tax notes
- Organized as a unit investment trust: it cannot lend out its securities or reinvest dividends between payouts, which can create a small drag versus similar open-end ETFs.
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
It seeks to shield holders from the first 12% of QQQ losses over each April-to-March period in exchange for capped gains, trading some upside for a cushion.
PQAP may offer cushioned Nasdaq-100 exposure: its one-year volatility (how widely returns swing) was 5.7% as of October 27, 2026. Launched in December 2024, it has no record from the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 14.32%. Its deepest recorded drop, 9.5% from February 28 to April 8, 2025, was recovered by May 2. The buffer targets holders who stay a full April-to-March period, so cashing out mid-period in a bad year may bring less protection.
It offers almost no income: because it forgoes QQQ's dividends, the trailing yield was 0.02% as of October 27, 2026, paid annually, so withdrawals would mean trimming shares. Under the SEC's standard example, its 0.50% expense ratio costs $51 on $10,000 in year one. Past results don't predict future ones; a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting Nasdaq-100 exposure who accept capped gains (17.55% before fees in the year to March 2026) for a 12% loss buffer.
- Cost-conscious buffer-fund investors: the 0.50% expense ratio is lowest among eight buffer ETFs compared; the other seven average 0.86%.
- Patient holders able to enter near April 1 and stay the full April-to-March period, when the buffer and cap work as designed.
Look elsewhere if
- Retirees seeking income: the trailing yield was 0.02% as of October 27, 2026, because the fund forgoes QQQ's dividends.
- Those wanting full rally gains or deep-crash protection: gains stop at the cap, and QQQ losses beyond 12% pass through one for one.
- Those wanting scale and history: launched December 2024, it held $26.4 million as of July 31, 2026, smallest of eight buffer ETFs compared.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| PQAP this fund | 0.5% | $26.4M | +17.0% | — |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
How does PQAP's 12% buffer work?
PQAP aims to shield holders from the first 12% of price losses in the Invesco QQQ Trust over each April-to-March outcome period, before fees (11.5% after the management fee). If QQQ fell 25% over a full period, the fund would be expected to lose about 13% before fees. The buffer comes from FLEX options and works as designed only for investors who hold from the first day of the period to the last. It offers no principal protection.
What is PQAP's upside cap?
PQAP's cap was 17.55% before fees, or 17.05% after its 0.50% management fee, for the outcome period from April 1, 2025 through March 31, 2026. That was roughly the most a full-period holder could gain, however far QQQ rose. A new cap is set at each annual reset based on market conditions, so it is unlikely to stay the same from period to period, while the 12% buffer stays fixed. The fund's website alerts shareholders about a week before each period ends.
Does PQAP pay dividends?
Barely. PQAP's trailing 12-month yield was 0.02% as of October 27, 2026, about half a cent per share, and it pays annually. The fund holds options on the Invesco QQQ Trust rather than the stocks themselves, and its returns are based on QQQ's price alone, so dividends paid by QQQ and the Nasdaq-100 companies don't reach PQAP holders. Income-focused retirees would need cash from other holdings or from trimming shares.
What happens if I invest in PQAP partway through the outcome period?
Results can differ sharply from the stated buffer and cap. The fund's FLEX options can be exercised only on the period's last day, and its targets apply only to investors who hold from the first day to the last. If the fund has already gained, less room may remain below the cap; if QQQ has already fallen, part of the buffer may be used up. Leaving before the period ends brings similar uncertainty. Each new period begins April 1.
What's the difference between PQAP and FJAN?
Both are buffer ETFs, but PQAP is tied to the Invesco QQQ Trust and the Nasdaq-100, while FT Vest's FJAN is a U.S. equity buffer fund. PQAP charges 0.50% versus FJAN's 0.85%. Over the year to October 27, 2026, PQAP returned 17.0% and FJAN 12.3%, an uneven comparison given their different underlying markets. FJAN is far larger, with $1.47 billion in net assets as of August 31, 2026, against PQAP's $26.4 million as of July 31, 2026, and it has a three-year record.