At a glance
PQJL charges 0.5% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $21.9M 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 +8.6% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
PGIM Nasdaq-100 Buffer 12 ETF - July (PQJL) is an actively managed Prudential ETF that holds FLEX options on the Invesco QQQ Trust, which tracks the Nasdaq-100 Index. Over each July-to-June period, it aims to absorb the first 12% of QQQ's price losses in exchange for capped gains. Its 0.50% expense ratio is the lowest of eight buffer funds compared, though it is also the smallest, at $21.9 million as of July 31, 2026.
Price history
The interactive chart needs JavaScript.
PQJL +8.6% 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 | |
|---|---|---|---|---|---|---|
| PQJL official prospectus, to Dec 31, 2025 | — | +15.78% | — | — | — | — |
| PQJL price data to Oct 27, 2026 | +7.8% | +8.6% | — | — | — | +13.1% |
- Over the year to Oct 27, 2026, PQJL returned +8.6%, 8th of 8 among similar funds.
- The deepest fall in its price history was 12.3% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 3, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.8% | — |
| 2025 | +16.1% | +15.92% |
| 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 $5.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.79%, +0.48%, -3.64%.
How it works
PQJL, an actively managed ETF, owns no stocks. It invests substantially all its assets in FLEX options, exchange-traded options with customizable terms, on the Invesco QQQ Trust, Series 1, a unit investment trust holding the Nasdaq-100 stocks. As of July 31, 2026, four QQQ options made up about 99% of assets. A call option (a contract that gains as QQQ rises) worth about 95% provides most of the exposure; a purchased put, which gains as QQQ falls, plus a sold call and put, create the buffer and cap. Returns exclude QQQ's dividends.
Outcome periods run a year, July 1 to June 30. For holders staying throughout, the fund aims to match QQQ's price gain up to a cap and absorb the first 12% of its loss; deeper losses pass through one for one, so a 25% QQQ drop means a 13% fund loss before fees. For July 2025 to June 2026, the cap was 16.61% before fees; after the 0.50% fee, the cap was 16.11% and the buffer 11.5%.
Each July the fund rolls into new options: the 12% buffer stays, but the cap resets with market conditions. Because the options are exercisable only on the period's final day, investors who enter after July 1 or exit before June 30 can see very different results. The buffer is not principal protection.
What it really costs
- PQJL 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 |
|---|---|---|---|---|
| PQJL | $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 is built to soften Nasdaq-100 losses, absorbing the first 12% of QQQ's price drop each July-to-June period, while capping gains and passing deeper losses through.
PQJL launched December 27, 2024, so it did not exist during the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its deepest drop was 12.3%, from February 19 to April 8, 2025; it recovered by June 3, 2025, about 1.8 months later. The price can fall mid-period because the buffer is measured only at the period's end. Someone forced to raise cash in a slump could lock in a loss.
Income is negligible: the trailing 12-month yield was 0.01% as of October 27, 2026, paid annually, because returns exclude QQQ's dividends. Cash withdrawals would have to come from share sales. Costs are 0.50% a year, below the 0.86% average for seven similar buffer funds; in the SEC's standard $10,000 example, costs total $51 after one year and $628 after ten years. Past results don't predict future returns, and 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 via QQQ who accept a cap on gains, 16.61% before fees for July 2025–June 2026, in exchange for a 12% buffer.
- Cost-conscious investors in buffer ETFs: its 0.50% expense ratio is the lowest of eight buffer funds compared, against a 0.86% peer average.
- Investors able to hold shares for a full July 1 to June 30 period, the only span where the stated cap and buffer apply.
Look elsewhere if
- Anyone counting on income: the trailing yield was 0.01% as of October 27, 2026, because returns exclude QQQ's dividends.
- Those seeking protection from deep crashes: QQQ losses beyond 12% pass straight through, and the fund has no track record from 2008, 2020 or 2022.
- Those wanting broad diversification or a large fund: it follows only the Nasdaq-100 and had $21.9 million in net assets as of July 31, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| PQJL this fund | 0.5% | $21.9M | +8.6% | — |
| 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 PQJL's 12% buffer work?
PQJL uses FLEX options on the Invesco QQQ Trust to absorb the first 12% of QQQ's price losses over each July 1 to June 30 outcome period, for shares held the whole period. That is before fees; after its 0.50% fee, the buffer is 11.5%. Losses beyond 12% pass through one for one, so a 25% QQQ drop means about a 13% fund loss before fees. In return, gains are capped; the cap resets each July and was 16.61% before fees for July 1, 2025 through June 30, 2026.
Does PQJL pay dividends?
Barely. The trailing 12-month yield was 0.01%, about $0.002 per share, as of October 27, 2026, with payouts made annually. PQJL holds options on QQQ rather than QQQ shares, and its returns follow QQQ's share price only, so they leave out the dividends paid by QQQ and the Nasdaq-100 companies. Any cash drawn from this fund would have to come from share sales.
What happens if I invest in PQJL after July 1?
Results can differ from the stated targets, which apply only to shares held from the first to the last day of the July 1 to June 30 outcome period. Shares bought mid-period may have less room to rise before hitting the cap if the fund has gained, or less buffer left if it has fallen. Because the options can be exercised only on the period's final day, investors who exit early may see very different results. The fund's website is updated about a week before each period ends.
What's the difference between PQJL and BUFR?
PQJL is cheaper and far smaller. It charges 0.50% a year versus 0.95% for FT Vest Laddered Buffer ETF (BUFR), the largest of the similar buffer funds, with about $10.5 billion as of August 31, 2026, against PQJL's $21.9 million as of July 31, 2026. PQJL is a single July series on the Invesco QQQ Trust; BUFR's name signals a laddered approach, typically spreading money across series that start in different months. One-year returns to October 27, 2026 were 11.6% for BUFR and 8.6% for PQJL.
How did PQJL perform in 2025?
PQJL returned 15.92% in 2025, its first full calendar year, according to its prospectus. Its strongest quarter was a 10.74% gain in the three months to June 30, 2025, and its weakest a 2.89% loss in the quarter to March 31, 2025. Calendar years don't line up with its July-to-June outcome periods. Based on share prices, it returned 8.6% over the year to October 27, 2026, the lowest one-year figure among the eight buffer funds compared.