At a glance
PQOC charges 0.5% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $22.3M in assets, the 8th largest of that group. Over the past year it returned +11.9% with distributions reinvested (S&P 500: +11.5%), 4th of those 8 funds.
The short version
PGIM Nasdaq-100 Buffer 12 ETF - October (PQOC) uses FLEX options on the Invesco QQQ Trust, a Nasdaq-100 fund. It aims to absorb the first 12% of QQQ's losses, before fees, over each one-year period starting October 1, in return for capped gains. Its 0.50% expense ratio is below the 0.86% average of seven similar buffer ETFs. At $22.3 million in net assets as of July 31, 2026, it is also the smallest of the group.
Price history
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PQOC +11.9% 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 | |
|---|---|---|---|---|---|---|
| PQOC official prospectus, to Dec 31, 2025 | — | +14.16% | — | — | — | — |
| PQOC price data to Oct 27, 2026 | +11.8% | +11.9% | — | — | — | +14.7% |
- Over the year to Oct 27, 2026, PQOC returned +11.9%, 4th of 8 among similar funds.
- The deepest fall in its price history was 12.4% (Feb 20, 2025 to Apr 8, 2025), recovered by May 15, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.8% | — |
| 2025 | — | +14.28% |
| 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 $3.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.39%, +0.26%, -0.78%.
How it works
PQOC comes from Prudential's PGIM. It is actively managed, but it does not own Nasdaq-100 stocks. Instead, it puts substantially all its assets into FLEX options on the Invesco QQQ Trust. That trust is a unit investment trust that holds the Nasdaq-100 stocks at their index weights. An option gives the right to buy or sell at a set price on a set date. FLEX options let the fund customize those terms, and the Options Clearing Corporation guarantees them. As of July 31, 2026, options made up about 99.6% of net assets.
Each outcome period runs one year, from October 1 to September 30. If QQQ's share price rises, the fund aims to match the gain up to a cap. For October 1, 2025, to September 30, 2026, the cap was 16.25% before fees, or 15.75% after the management fee. If QQQ falls, the fund aims to absorb the first 12% of the loss (11.5% after the fee). Deeper losses pass through one for one, so a 25% QQQ drop would mean a 13% loss before fees. QQQ's dividends are excluded.
When a 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. Buying or selling partway through a period can produce results far from these targets.
What it really costs
- PQOC 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 |
|---|---|---|---|---|
| PQOC | $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 offers Nasdaq-100 stock exposure with a buffer on the first 12% of each one-year period's losses, in return for capped gains, but it is still a stock fund.
PQOC could offer gentler Nasdaq-100 exposure, but its record is short. It launched December 27, 2024, so it has no history in the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 14.28%. Its deepest drop was 12.4%, from February 20 to April 8, 2025. It recovered by May 15, 2025, about 1.2 months later. The buffer applies only over a full one-year period. A retiree who sells partway through gets the market price, not the buffered result.
It pays almost no income. The trailing 12-month yield was 0% as of October 27, 2026, and its returns exclude QQQ's dividends. In the SEC's standard example, its 0.50% expense ratio costs $51 in the first year on $10,000. That ratio is below the 0.86% peer average. Past results don't predict future ones, 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 with a cushion on the first 12% of losses, who accept capped gains (16.25% before fees through September 30, 2026).
- Cost-focused investors: PQOC's 0.50% expense ratio is the lowest of eight buffer funds compared, against a 0.86% average for the other seven.
- Holders who own shares from an October 1 start through September 30, the only way to get the stated buffer and cap.
Look elsewhere if
- Income seekers: the trailing yield was 0% as of October 27, 2026, and returns exclude QQQ's dividends.
- Anyone wanting a long record or a large fund: launched December 2024, it had $22.3 million in net assets as of July 31, 2026.
- Investors seeking firm downside protection: a 25% QQQ drop would still mean a 13% loss before fees, and selling mid-period can miss the buffer.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| PQOC this fund | 0.5% | $22.3M | +11.9% | — |
| 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
What is the cap and buffer on PQOC?
PQOC's buffer is 12%, and its cap can change each year. The fund aims to absorb the first 12% of the Invesco QQQ Trust's price loss over each October-to-September period, before fees. For October 1, 2025, through September 30, 2026, the cap on gains was 16.25% before fees. After the 0.50% management fee, that meant a 15.75% cap and an 11.5% buffer. The buffer stays the same each period, while the cap resets with market conditions.
Does PQOC pay dividends?
Almost nothing. PQOC paid about $0.001 per share in the 12 months to October 27, 2026, a yield that rounds to 0%. The fund holds options on QQQ rather than the stocks themselves. Its returns are based on QQQ's share price alone, so the dividends paid by Nasdaq-100 companies are left out. That makes it a tool for cushioned growth, not an income fund.
Can you lose money in PQOC?
Yes. The buffer covers only the first 12% of QQQ's price decline over a full one-year period, before fees. Losses beyond that pass through one for one, so a 25% drop in QQQ would mean about a 13% loss before fees. The share price also moves along the way: PQOC fell 12.4% from February 20 to April 8, 2025, before recovering by May 15, 2025. Investors who sell partway through a period get the market price, not the buffered outcome.
What's the difference between PQOC and BUFR?
The main differences are structure, cost and size. PQOC buffers the Invesco QQQ Trust, a Nasdaq-100 fund, over a single October-to-September period. FT Vest Laddered Buffer ETF (BUFR) is laddered: it spreads money across buffer positions that reset in different months, so results depend less on the purchase date. PQOC's expense ratio is 0.50%, against 0.95% for BUFR. As of October 27, 2026, one-year returns were 11.9% for PQOC and 11.6% for BUFR. BUFR is far larger, with $10.5 billion in net assets as of August 31, 2026.
What happens if you invest in PQOC after October 1?
The stated buffer and cap won't line up exactly. They are set when the fund buys its options at the start of each period, and the options can be exercised only on the period's last day. Someone who invests after the fund has risen may have less room left before the cap. Someone who invests after a fall may have less buffer left. Selling before September 30 also means taking the market price, which can differ sharply from the target outcome.