Which has more room to gain, PQJA or QBUF?

From their prices on Oct 1, 2026, PQJA can gain about 3.5% before its cap and QBUF about 4.7%, so QBUF has more room left this period.

Which resets first, PQJA or QBUF?

PQJA ends its outcome period on Dec 31, 2026 and QBUF on Dec 31, 2026. A new cap is set the day after each.

Which is cheaper, PQJA or QBUF?

PQJA charges 0.50% a year and QBUF charges 0.79%, so PQJA is cheaper. Fees come from each fund's prospectus.

Share on X Download as PDF Open live

PQJA vs QBUF: which one stands where?

As of Oct 1, 2026 PQJA can fall 11.5% before its buffer engages and QBUF 0.0%. PGIM Nasdaq-100 Buffer 12 ETF - January and Innovator Nasdaq-100® 10 Buffer ETF™ - Quarterly.

11.5%

PQJA can fall this far before its buffer

0.0%

QBUF can fall this far before its buffer

3.5%

PQJA can still gain

4.7%

QBUF can still gain

PQJAAt its cap

PQJA: reference +20.4% since period start, fund +12.5%; buffer 0 to −12; cap +16.9%; At its cap.

QBUFBetween buffer and cap

QBUF: reference 0.0% since period start, fund 0.0%; buffer 0 to −10; cap +4.7%; Between buffer and cap.

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

PQJA 12.1

QBUF 34.3

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 →

PQJA is already at its cap, so more rise in the index adds nothing to it before the period ends.

Where each one stands today

PQJA resets first, on Dec 31, 2026, 92 days from now; QBUF runs to Dec 31, 2026, 92 days. PQJA can still gain 3.5% before its cap, QBUF 4.7%. A fall from here reaches PQJA’s buffer after 11.5% and QBUF’s after 0.0%. 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	PQJA	QBUF	PQJA	QBUF
3 months	+3.8%	+0.8%	+1.7 pts	−1.3 pts
6 months	+15.1%	+5.1%	−11.8 pts	−21.8 pts
1 year	+16.8%	+7.5%	−7.0 pts	−16.3 pts

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

On the same fields

PQJA

PGIM Nasdaq-100 Buffer 12 ETF - January · Absorbs the first 12% of loss on QQQ and caps the gain at 16.9%, over a period ending Dec 31, 2026

QBUF

Innovator Nasdaq-100® 10 Buffer ETF™ - Quarterly · Absorbs the first 10% of loss on QQQ and caps the gain at 4.7%, over a period ending Dec 31, 2026

Issuer PGIM Innovator

Reference index QQQ QQQ

Buffer 12% 10%

Outcome period Jan 1, 2026 to Dec 31, 2026 Sep 30, 2026 to Dec 31, 2026

Days left 92 92

Starting cap +16.9% +4.7%

Can still gain 3.5% 4.7%

Fall before buffer 11.5% 0.0%

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

Index return this period +20.4% 0.0%

Fund return this period +12.5% 0.0%

State today At cap Open

Expense ratio 0.50% 0.79%

Net assets $34m $187m

PQJA and QBUF on the same fields, as of Oct 1, 2026. Source: ETFIQ.

PQJA in plain words

QQQ had already risen past this fund's cap of +16.9% 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 3.5% as the period runs out. The fund's price can fall 11.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, QQQ can fall 17.0% 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. 92 days remained on Oct 1, 2026. On Dec 31, 2026 the period ends and a new cap is set.

QBUF in plain words

From its price on Oct 1, 2026, the fund can gain about 4.7% more before it reaches its cap. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's QQQ level.

Questions people ask

Which has more room to gain, PQJA or QBUF?: From their prices on Oct 1, 2026, PQJA can gain about 3.5% before its cap and QBUF about 4.7%, so QBUF has more room left this period.
Which resets first, PQJA or QBUF?: PQJA ends its outcome period on Dec 31, 2026 and QBUF on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, PQJA or QBUF?: PQJA charges 0.50% a year and QBUF charges 0.79%, so PQJA is cheaper. Fees come from each fund's prospectus.

Other comparisons

PQJA vs QBQV PQJA vs QBQF PQJA vs CPNQ PQJA vs DDNQ QBUF vs CPNQ QBUF vs CPNS QBUF vs DDNQ QBUF vs DQSE

Invesco QQQ Trust →PQJA on its own →QBUF on its own →How every figure is computed →Standards and sources →

Where these figures came from

PQJA filings on SEC EDGAR ↗PGIM website ↗QBUF filings on SEC EDGAR ↗Innovator page for QBUF ↗

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, PQJA against QBUF, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/pqja-vs-qbuf

Open data

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