At a glance
PQJA charges 0.5% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $29.2M in assets, the 8th largest of that group; it paid 0.01% of its price in distributions over the past 12 months, annual. Over the past year it returned +14.7% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds.
The short version
PGIM Nasdaq-100 Buffer 12 ETF - January (PQJA) is an actively managed ETF that holds options on the Invesco QQQ Trust, which owns the Nasdaq-100 stocks. Each calendar year, it aims to absorb the first 12% of QQQ's price losses but caps gains, at 16.90% before fees through December 31, 2026. Its 0.50% expense ratio is the lowest of eight similar buffer funds (peers average 0.86%), but it is by far the smallest.
Price history
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PQJA +14.7% 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 | |
|---|---|---|---|---|---|---|
| PQJA official prospectus, to Dec 31, 2025 | — | +16.36% | — | — | — | — |
| PQJA price data to Oct 27, 2026 | +12.2% | +14.7% | — | — | — | +16.1% |
- Over the year to Oct 27, 2026, PQJA returned +14.7%, 1st of 8 among similar funds.
- The deepest fall in its price history was 14.7% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 4, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +12.2% | — |
| 2025 | +16.9% | +16.51% |
| 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
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.0020 |
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 $3.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.52%, -0.08%, -1.09%.
How it works
Rather than tracking an index, actively managed PQJA invests substantially all its assets in FLEX Options, exchange-traded options with customized terms, on the Invesco QQQ Trust, a unit investment trust holding the Nasdaq-100 stocks. As of July 31, 2026, eight option positions made up about 99% of net assets. The largest, a call option (which gains as QQQ rises), moves almost in step with QQQ. Two puts (which gain as QQQ falls) form the buffer: one bought, and one sold at a level about 12% lower. Returns follow QQQ's price, not its dividends.
For the outcome period from January 1 through December 31, 2026, if QQQ's price rises, the fund aims to match the gain up to a 16.90% cap before fees (16.40% after its management fee). If QQQ falls, the fund aims to absorb the first 12% of losses (11.5% after fees); deeper losses pass through, so a 25% QQQ drop means about a 13% fund loss before fees. When each period ends, the fund rolls into new options: the buffer stays at 12%, but the cap resets with market conditions.
The options can be exercised only on the period's last day, so these targets apply only to shareholders who hold from the first day to the last. Entering or leaving midway can bring very different results.
What it really costs
- PQJA 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 |
|---|---|---|---|---|
| PQJA | $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
Its options aim to absorb the first 12% of QQQ's price losses over each one-year outcome period, though gains are capped and deeper losses pass through.
PQJA could add Nasdaq-100 exposure with a cushion: it aims to absorb the first 12% of QQQ's price losses each calendar-year outcome period, in exchange for capped gains. Launched December 27, 2024, it has no record from the 2008, 2020 or 2022 downturns; its only full calendar year, 2025, returned 16.51%. Its deepest drop, 14.7% from February 19 to April 8, 2025, was recovered by June 4, 2025. Because the buffer fully applies only at the period's end, a retiree forced to cash out mid-period in a slump may get less protection.
It doesn't pass on QQQ's dividends; its yield was 0.01% as of October 27, 2026, paid annually. Its 0.50% expense ratio works out to $51 in the first year on $10,000 under the SEC's standard example. Past results don't predict future ones, and a retirement plan needs to look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting Nasdaq-100 exposure through QQQ who accept gains capped at 16.90% before fees, through December 31, 2026, in exchange for a 12% buffer.
- Cost-conscious investors comparing buffer funds: its 0.50% expense ratio is the lowest of eight similar funds, against a peer average of 0.86%.
- Investors able to hold from January 1 through December 31, the only window in which the full buffer and cap are designed to apply.
Look elsewhere if
- Income seekers: it doesn't pass on QQQ's dividends, and its 12-month yield was just 0.01% as of October 27, 2026.
- Anyone needing principal protection: QQQ losses beyond 12% pass through one-for-one, and the fund's price fell 14.7% between February and April 2025.
- Those wanting a large fund with a long record: it held $29.2 million in net assets as of July 31, 2026, and launched December 27, 2024.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| PQJA this fund | 0.5% | $29.2M | +14.7% | — |
| 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
Does PQJA protect against losses?
Partly. Over the outcome period from January 1 to December 31, 2026, PQJA aims to absorb the first 12% of the Invesco QQQ Trust's price losses before fees, or 11.5% after its management fee. Losses beyond that pass through one-for-one, so a 25% QQQ drop would mean about a 13% fund loss before fees. The buffer applies fully only to investors who hold for the whole period, and it is not principal protection.
What is the cap on PQJA?
For the outcome period from January 1 to December 31, 2026, PQJA's cap is 16.90% before fees, or 16.40% after its 0.50% management fee. That is roughly the most a shareholder holding for the full period can earn, however much QQQ's price rises. The cap resets at the start of each period based on market conditions, so the next one may be higher or lower. The 12% buffer stays the same.
Is PQJA good for retirement?
It may suit retirees who want Nasdaq-100 exposure with some cushion and can hold for full January-to-December periods. It is not an income fund: its 12-month yield was 0.01% as of October 27, 2026, and it doesn't pass on QQQ's dividends. Its deepest drop was 14.7%, from February 19 to April 8, 2025, and it recovered by June 4, 2025. It launched December 27, 2024, so it has no record through the 2008, 2020 or 2022 market downturns.
PQJA vs FJAN: what's the difference?
They differ in exposure, cost and size. PQJA is built on options on QQQ, which holds the Nasdaq-100 stocks; FT Vest US Equity Buffer ETF - January (FJAN) is a U.S. equity buffer fund whose name also points to a January reset. PQJA charges 0.50% a year versus 0.85%. As of October 27, 2026, PQJA's one-year return was 14.7% against FJAN's 12.3%. FJAN is far larger, with $1.47 billion in net assets as of August 31, 2026, versus PQJA's $29.2 million as of July 31, 2026.
What happens if you invest in PQJA partway through the year?
Results can differ sharply from the stated targets. PQJA's FLEX Options can be exercised only on the outcome period's last day, so the 12% buffer and the cap apply only to shareholders who hold from January 1 through December 31. Someone entering after the fund has gained, as it had by October 27, 2026, when it was up 12.2% year to date, has less room under the cap and could lose those gains before the buffer starts to apply.