What this ETF is trying to do

The PGIM Laddered Nasdaq-100 Buffer 12 ETF (PBQQ) is designed to provide exposure to the Nasdaq-100. Based on its holdings, it functions by investing in a "ladder" of other buffer ETFs that mature in different months (January, April, July, and October).

What the numbers show

As of October 5, 2026, the share price is $32.69.

When looking at performance, there are two different measures:

• Price Return: This measures only the change in the share price. The one-year price return is 16.19%, and the year-to-date (YTD) price return is 13.39%.

• Total Return: This reflects the overall return, including distributions. The one-year total return is 16.21%, and the YTD total return is 13.39%.

To put this in perspective, if you had invested $10,000 based on the estimated price from roughly one year ago ($28.13), the price-only increase would have grown that investment to approximately $11,619.

Income and distribution explanation

This ETF has a distribution yield of 0.01%. It pays distributions irregularly and has made only one payout in the last 12 months.

It is important for new investors to remember that a distribution yield is not the same as a total return. While some investors look for high yields for cash income, a high yield alone can be misleading if the share price is falling.

NAV erosion explanation

"NAV erosion" happens when the net asset value of a fund declines over time, which can eat away at an investor's principal.

For PBQQ, the erosion-risk score is 100, and the erosion severity is labeled as "good." The data indicates that no price erosion has been detected, and the severe erosion-risk flag is false.

Top Holdings

This ETF holds four specific assets. As of October 7, 2026, the holdings are:

• PGIM NASDAQ-100 BUFFER 12 ETF OCTOBER: 25.03%

• PGIM NASDAQ-100 BUFFER 12 ETF APRIL: 25.00%

• PGIM NASDAQ-100 BUFFER 12 ETF JANUARY: 25.00%

• PGIM NASDAQ-100 BUFFER 12 ETF JULY: 24.91%

Pros

• Positive price and total returns over the last year and year-to-date.

• No detected price erosion according to the erosion-risk score.

Cons

• Very low distribution yield for those seeking significant cash income.

• Irregular distribution frequency.

Beginner takeaway

PBQQ is an ETF that invests in other buffer ETFs to track the Nasdaq-100. While it has shown growth in share price over the last year, it provides very little cash income. Investors generally care about principal stability to ensure their original investment doesn't disappear, and currently, this fund shows no signs of NAV erosion.