The PGIM Nasdaq-100 Buffer 12 ETF (PQOC) is an actively managed fund that employs an options-based strategy to mitigate potential losses on holdings of the Invesco QQQ Trust (QQQ). This protective mechanism is set for a one-year duration, beginning anew each October. In exchange for cushioning against the initial 12% decline in QQQ's value, the fund limits its participation in any upside gains beyond a specified threshold, which is reset annually.