PQXV PGIM S&P 500 Quarterly Buffer 15 ETF
Absorbs the first 15% of loss on SPY and caps the gain at 2.9%, over a period ending Sep 30, 2026
As of Sep 11, 2026, PQXV sits between its buffer and its cap, with SPY up 2.4% since the period began.
Key facts
ETFIQ Downside Cover Score
86.0joint 23rd of 293
PQXV absorbs 75% of the next 20% fall in what it tracks. It has 0.6 points of upside left, 20% of the cap it started with.
If the market falls into a bear market from here, how much does the buffer absorb?
That is the share of the 293 buffer ETFs with a live outcome period sitting at or below PQXV. A position in this set, not a rating: it moves when the set moves, and it is not a figure to average against another desk's.
343rd of 380 buffer ETFs by net assets 52nd of 380 buffer ETFs by how soon they reset
In plain words
The fund's price can fall 1.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 2.3% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 19 days remained on Sep 11, 2026. On Sep 30, 2026 the period ends and a new cap is set.
| Reference index | SPY |
|---|---|
| Buffer | 15% |
| Outcome period | Jul 1, 2026 to Sep 30, 2026 |
| Starting cap | +2.9% |
| SPY return since period start | +2.4% |
| Fund return since period start | +1.8% |
| Net assets (issuer page, as of Sep 11, 2026) | $2m |
| Band state today (ETFIQ) | Open |
| Can still gain (issuer, fund price) | 1.0% |
| Fall before buffer (issuer, fund price) | 1.9% |
| Fall to the buffer in index terms (ETFIQ) | 2.3% |
| Protection left in index points (ETFIQ) | 15.0% of 15.0% |
| Days left in period | 19 |
| Expense ratio (issuer data, Sep 11, 2026) | 0.50% |
Issuer-published figures as of the date shown; ETFIQ calculations marked. Definitions on the learn page. How these figures are computed
Questions people ask
- How much can PQXV still gain?
- About 1.0% from its price on Sep 11, 2026, before it reaches its cap, by the issuer's published figure. The cap for the period was set at +2.9%.
- How far can PQXV fall before the buffer helps?
- 1.9% in fund-price terms on Sep 11, 2026, by the issuer's figure. In index terms SPY can fall 2.3% from that level before the buffer begins. Losses until that point are the holder's.
- How much of the PQXV buffer is left?
- 15.0% of the 15.0% buffer sat below the SPY level on Sep 11, 2026. That is an ETFIQ calculation in index points, on one definition for every issuer.
- When does PQXV reset?
- The outcome period ends on Sep 30, 2026, 19 days from the data on Sep 11, 2026. A new cap is set the next day and the buffer starts again.
- What does PQXV cost?
- The prospectus expense ratio is 0.50% a year.
The words on this page
- Buffer
- The first slice of loss the fund absorbs for you over its outcome period, stated on the reference index. A 15% buffer means the index can fall 15% before you take any of it.
- Cap
- The most the fund can return over the period, however far the index rises. It is the price paid for the buffer.
- Outcome period
- The window the buffer and cap apply over, usually a year. Both are set at the start and only hold if you are there for the whole of it.
- Reset
- The day one outcome period ends and the next begins, with a fresh buffer and a fresh cap struck at that day’s level.
- Protection left
- The part of the buffer still below today’s index level. A buffer bought mid-period is not the full buffer; this is what is left of it.
Every term used here, defined in full on the buffer ETFs vocabulary page.
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
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Cite this page. ETFIQ, PQXV, buffer ETFs, data as of Sep 11, 2026. https://etfiq.com/funds/PQXV Free to use with attribution; the underlying files are at Open data.