PGIM Nasdaq-100 Buffer 12 ETF - April
PQAP
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- PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) is an actively managed exchange-traded fund that seeks to provide investors with returns matching the price return of the Invesco QQQ Trust, Series 1 (QQQ) up to a predetermined upside cap, while offering a downside buffer against the first 12% (before fees and expenses) of QQQ's losses over its one-year target outcome period ending in April; the ETF employs options-based strategies utilizing FLEX options on the Nasdaq-100 Index and is subadvised by PGIM Quantitative Solutions, which leverages quantitative processes combining economic, behavioral foundations, and factor investing. Launched on December 27, 2024, and listed on Nasdaq with a net expense ratio of 0.50%, PQAP forms part of PGIM's broader suite of buffer ETFs targeting retail and institutional investors seeking defined outcome solutions with capital appreciation and downside protection. PGIM, the global investment management business of Prudential Financial, Inc. founded in 1875 and headquartered in Newark, New Jersey, operates across fixed income, equity, real estate, alternatives, and multi-asset channels with over $1 trillion in assets under management and 31 offices worldwide. In January 2025, PGIM expanded its buffer ETF lineup by launching the full PGIM Nasdaq-100 Buffer 12 ETF series—including quarterly variants such as PQAP (April), alongside October (PQOC), and others—together with the PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ), which equally invests across the quarterly series to provide continuous exposure; these additions, also at 0.50% expense ratios, position PGIM's offerings among the lowest-cost buffer ETFs available and reflect its strategy to deliver comprehensive defined outcome products amid growing investor demand. Later in 2025, PGIM continued its ETF platform growth with launches including the PGIM AAA CLO ETF (PAAA) for access to the $1.2 trillion CLO market and three new fixed income ETFs (PCS, PCI, PCL) focused on investment-grade corporate bonds across maturity spectrums, expanding its total to over 50 equity and 13 fixed income ETFs; additionally, in September 2025, PGIM entered a strategic partnership with Partners Group to deliver multi-asset solutions combining public and private asset classes. PGIM Quantitative Solutions, subadvisor for PQAP and manager of $120 billion in assets, supports these initiatives through its expertise in quantitative equity, multi-asset strategies, and options trading.