Which has more room to gain, PQAP or QMAR?

From their prices on Oct 1, 2026, PQAP can gain about 5.2% before its cap and QMAR about 5.0%, so PQAP has more room left this period.

Which resets first, PQAP or QMAR?

PQAP ends its outcome period on Mar 31, 2027 and QMAR on Mar 19, 2027. A new cap is set the day after each.

Which is cheaper, PQAP or QMAR?

PQAP charges 0.50% a year and QMAR charges 0.90%, so PQAP is cheaper. Fees come from each fund's prospectus.

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PQAP vs QMAR: which one stands where?

As of Oct 1, 2026 QMAR can fall 13.3% before its buffer engages and PQAP 12.2%, and QMAR resets 12 days sooner. PGIM Nasdaq-100 Buffer 12 ETF - April and FT Vest Nasdaq-100® Buffer ETF - March.

12.2%

PQAP can fall this far before its buffer

13.3%

QMAR can fall this far before its buffer

5.2%

PQAP can still gain

5.0%

QMAR can still gain

PQAPAt its cap

PQAP: reference +28.2% since period start, fund +13.3%; buffer 0 to −12; cap +19.7%; At its cap.

QMARAt its cap

QMAR: reference +27.1% since period start, fund +14.3%; buffer 0 to −10; cap +20.9%; At its cap.

ETFIQ Downside Cover Score · PQAP scores higherIf the market falls into a bear market from here, how much does the buffer absorb?

PQAP 8.4

QMAR 4.3

0.2, the lowest in this set99.8, the highest

A percentile among the 293 buffer ETFs with a live outcome period. It is a position in a set, not a rating, and neither end of it is a recommendation. All buffer ETFs ranked by it → How it is computed →

Both are already at their cap, so neither gains from more rise in the index before the period ends.

Where each one stands today

QMAR resets first, on Mar 19, 2027, 170 days from now; PQAP runs to Mar 31, 2027, 182 days. PQAP can still gain 5.2% before its cap, QMAR 5.0%. A fall from here reaches PQAP’s buffer after 12.2% and QMAR’s after 13.3%. Both track QQQ, so what separates them is where each is in its own period.

Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.

Performance, window by window

	Total return		Gap to the reference
Window	PQAP	QMAR	PQAP	QMAR
3 months	+3.5%	+3.6%	+1.4 pts	+1.4 pts
6 months	+12.6%	+13.7%	−14.3 pts	−13.2 pts
1 year	+18.2%	+19.4%	−5.6 pts	−4.4 pts
3 years	not published	+59.9%	not published	−50.0 pts

PQAP and QMAR over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

PQAP

PGIM Nasdaq-100 Buffer 12 ETF - April · Absorbs the first 12% of loss on QQQ and caps the gain at 19.7%, over a period ending Mar 31, 2027

QMAR

FT Vest Nasdaq-100® Buffer ETF - March · Absorbs the first 10% of loss on QQQ and caps the gain at 20.9%, over a period ending Mar 19, 2027

Issuer PGIM First Trust

Reference index QQQ QQQ

Buffer 12% 10%

Outcome period Apr 1, 2026 to Mar 31, 2027 Mar 23, 2026 to Mar 19, 2027

Days left 182 170

Starting cap +19.7% +20.9%

Can still gain 5.2% 5.0%

Fall before buffer 12.2% 13.3%

Protection left, index points 12.0% of 12.0% 10.0% of 10.0%

Index return this period +28.2% +27.1%

Fund return this period +13.3% +14.3%

State today At cap At cap

Expense ratio 0.50% 0.90%

Net assets $31m $611m

PQAP and QMAR on the same fields, as of Oct 1, 2026. Source: ETFIQ.

PQAP in plain words

QQQ had already risen past this fund's cap of +19.7% for the period on Oct 1, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 5.2% as the period runs out. The fund's price can fall 12.2% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, QQQ can fall 22.0% from today's level to the point where the buffer begins. Protection left, in index points: 12.0% of the 12.0% buffer still sits below today's QQQ level. 182 days remained on Oct 1, 2026. On Mar 31, 2027 the period ends and a new cap is set.

QMAR in plain words

QQQ had already risen past this fund's cap of +20.9% for the period on Oct 1, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 5.0% as the period runs out. The fund's price can fall 13.3% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, QQQ can fall 21.3% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's QQQ level. 170 days remained on Oct 1, 2026. On Mar 19, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, PQAP or QMAR?: From their prices on Oct 1, 2026, PQAP can gain about 5.2% before its cap and QMAR about 5.0%, so PQAP has more room left this period.
Which resets first, PQAP or QMAR?: PQAP ends its outcome period on Mar 31, 2027 and QMAR on Mar 19, 2027. A new cap is set the day after each.
Which is cheaper, PQAP or QMAR?: PQAP charges 0.50% a year and QMAR charges 0.90%, so PQAP is cheaper. Fees come from each fund's prospectus.

Other comparisons

PQAP vs NAPR QMAR vs NAPR

Invesco QQQ Trust →PQAP on its own →QMAR on its own →How every figure is computed →Standards and sources →

Where these figures came from

PQAP filings on SEC EDGAR ↗PGIM website ↗QMAR filings on SEC EDGAR ↗First Trust page for QMAR ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, PQAP against QMAR, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/pqap-vs-qmar

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.