PGIM Nasdaq-100 Buffer 12 ETF - JanuaryPQJAEtf evidence and what changed

The Nasdaq-listed PGIM Nasdaq-100 Buffer 12 ETF-January, ticker PQJA, is a one-year buffer ETF that targets a 12% cap on upside participation in the Nasdaq-100 index during its January cycle. The fund’s mandate is simple: capture up to a 12% gain from the Nasdaq-100 over its January term, then return any gains above that cap to investors as the buffer unwinds. The structure is time-bound, not price-bound, so once the January window closes the fund’s exposure resets or terminates.

The wrapper’s top five holdings are the usual suspects from the Nasdaq-100: Apple, Microsoft, Nvidia, Amazon and Meta. The fund’s portfolio concentration is therefore no mystery; it is, effectively, a capped equity sleeve on the same tech giants that dominate the index itself. There is no thematic alchemy here, just replication with a 12% performance handbrake. The issuer’s glossy framing calls it ‘defensive upside’; the filing calls it a January buffer with a capped upside and a defined term.

The expense ratio is 0.68%, which the issuer lists on the fund’s regulatory documents and which FINRA’s Fund Analyzer confirms. For context, that fee is roughly the annual cost of a single premium coffee subscription, except the coffee never goes cold and you don’t have to remember to cancel it. The fund’s AUM and liquidity are disclosed in the SEC filings and Nasdaq market data, but the evidence pack here does not parse the precise size or trading volume, so those figures remain unproven in this file. The wrapper uses Nasdaq’s index methodology to track the Nasdaq-100, with the buffer mechanics applied only during the January term; outside that window the fund’s exposure is either rolled, terminated or reset, depending on the issuer’s subsequent filing.

The fund’s current chart route is available via Nasdaq’s market activity page for PQJA, which shows live quotes and basic order-book data. The chart itself is not parsed for levels in this file, but the route exists for traders who wish to see the live feed and recent ticks. The Nasdaq listing is the only venue disclosed in the evidence pack, so the fund’s liquidity is therefore tied to Nasdaq’s order book and the issuer’s subsequent decisions on roll, unwind or reissue.