IQ

Data as of Nov 4, 2026.

vsOpen in the appCompare their flowsaskIQ about these two fundsAsk the committee about these two funds
Buffer ETFs

DLFE vs MRCP: Cap, Buffer & Days Left

Share
Share on XDownload as PDF

As of Nov 4, 2026 MRCP can fall 8.6% before its buffer engages and DLFE 8.0%, and DLFE resets 9 days sooner.

askIQ about this page

askIQ about DLFE and MRCP

Net assets: $68m on Nov 3, 2026 for FT Vest U.S. Equity Dual Directional Buffer ETF - February, and $35m on Nov 4, 2026 for PGIM S&P 500 Buffer 12 ETF - March.

DLFE on its own →MRCP on its own →
At a glance
8.0%
DLFE can fall this far before its buffer
8.6%
MRCP can fall this far before its buffer
3.5%
DLFE can still gain
4.7%
MRCP can still gain
DLFE Between buffer and cap
Between buffer and capDLFE: reference +11.2% since period start, fund +7.8%; buffer 0 to −10; cap +12.4%; Between buffer and cap. Data to Nov 4, 2026.10 pts of buffer+11.2% gain captured−10.0% floor0% period start+12.4% cap+1.2% more to the capTODAY · SPY +11.2%Between buffer and capDLFE: reference +11.2% since period start, fund +7.8%; buffer 0 to −10; cap +12.4%; Between buffer and cap. Data to Nov 4, 2026.10 pts+11.2%−10.0% floor0% start+12.4% cap+1.2% more to the capTODAY · SPY +11.2%

DLFE: reference +11.2% since period start, fund +7.8%; buffer 0 to −10; cap +12.4%; Between buffer and cap. Data to Nov 4, 2026.

DLFE: reference +11.2% since period start, fund +7.8%; buffer 0 to −10; cap +12.4%; Between buffer and cap. Data to Nov 4, 2026.
MRCP Between buffer and cap
Between buffer and capMRCP: reference +11.8% since period start, fund +8.9%; buffer 0 to −12; cap +14.5%; Between buffer and cap. Data to Nov 4, 2026.12 pts of buffer+11.8% gain captured−12.0% floor0% period start+14.5% cap+2.7% more to the capTODAY · SPY +11.8%Between buffer and capMRCP: reference +11.8% since period start, fund +8.9%; buffer 0 to −12; cap +14.5%; Between buffer and cap. Data to Nov 4, 2026.12 pts+11.8%−12.0% floor0% start+14.5% cap+2.7% more to the capTODAY · SPY +11.8%

MRCP: reference +11.8% since period start, fund +8.9%; buffer 0 to −12; cap +14.5%; Between buffer and cap. Data to Nov 4, 2026.

MRCP: reference +11.8% since period start, fund +8.9%; buffer 0 to −12; cap +14.5%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

MRCP costs 0.35 points a year less; DLFE is 1.9 times larger.

Points (pts) are percentage points.

DLFE vs MRCP: Cap, Buffer & Days Left
MeasureDLFEMRCP
Return
Total return, 1 yearnot published+13.3%
Drawdown
Index fall to the buffer10.1%10.5%
Benchmark
What it tracksSPYSPY
Cost and size
Expense ratio0.85%0.50%
Net assets, as of Nov 3, 2026$68m$35m
Holdings
Holdings in commonnot published

Method

Window by window

Window by window: DLFE vs MRCP: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowDLFEMRCPDLFEMRCP
3 months+1.5%+1.6%+1.9 pts+2.0 pts
6 months+4.4%+4.8%−0.1 pts+0.3 pts
1 year–+13.3%–−0.2 pts
Since launchNot the same days: DLFE Feb 2026 · MRCP Mar 2024+8.4%+41.1%−3.9 pts−8.4 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →

Side by side

DLFE FT Vest U.S. Equity Dual Directional Buffer ETF - February · Absorbs the first 10% of loss on SPY and caps the gain at 12.4%, over a period ending Feb 19, 2027 MRCP PGIM S&P 500 Buffer 12 ETF - March · Absorbs the first 12% of loss on SPY and caps the gain at 14.5%, over a period ending Feb 28, 2027
Issuer First Trust PGIM
Reference index SPY SPY
Buffer 10% 12%
Outcome period Feb 23, 2026 to Feb 19, 2027 Mar 1, 2026 to Feb 28, 2027
Days left 107 116
Starting cap +12.4% +14.5%
Can still gain 3.5% 4.7%
Fall before buffer 8.0% 8.6%
Protection left, index points 10.0% of 10.0% 12.0% of 12.0%
Index return this period +11.2% +11.8%
Fund return this period +7.8% +8.9%
State today Open Open
Expense ratio 0.85% 0.50%
Net assets, DLFE as of Nov 3, 2026 and MRCP as of Nov 4, 2026 $68m $35m

As of Nov 4, 2026. Source: ETFIQ.

These are two different products. MRCP is a floor fund, which caps how far a holder can fall. DLFE is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

Where each one stands today

DLFE resets first, on Feb 19, 2027, 107 days from now; MRCP runs to Feb 28, 2027, 116 days. DLFE can still gain 3.5% before its cap, MRCP 4.7%. A fall from here reaches DLFE’s buffer after 8.0% and MRCP’s after 8.6%. Both track SPY, so what separates them is where each is in its own period.

Alert

DLFE and MRCP flows, by email on Sundays.

One-click unsubscribe. See Privacy.

About each fund
DLFE

From its price on Nov 4, 2026, the fund can gain about 3.5% more before it reaches its cap. The fund's price can fall 8.0% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 10.1% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 107 days remained on Nov 4, 2026. On Feb 19, 2027 the period ends and a new cap is set.

MRCP

From its price on Nov 4, 2026, the fund can gain about 4.7% more before it reaches its cap. The fund's price can fall 8.6% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 10.5% 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 SPY level. 116 days remained on Nov 4, 2026. On Feb 28, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, DLFE or MRCP?
From their prices on Nov 4, 2026, DLFE can gain about 3.5% before its cap and MRCP about 4.7%, so MRCP has more room left this period.
Which resets first, DLFE or MRCP?
DLFE ends its outcome period on Feb 19, 2027 and MRCP on Feb 28, 2027. A new cap is set the day after each.
Which is cheaper, DLFE or MRCP?
DLFE charges 0.85% a year and MRCP charges 0.50%, so MRCP is cheaper. Fees come from each fund's prospectus.
Other comparisons
DLFE vs MARUDLFE vs MARTDLFE vs MARWDLFE vs SIXPMRCP vs XFEBMRCP vs ZMARMRCP vs PBMRMRCP vs UMAR
Where to next
State Street® SPDR® S&P 500® ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →DLFE on its own →MRCP on its own →Method →Standards and sources →
Sources and dates
DLFE filings on SEC EDGAR ↗
First Trust page for DLFE ↗
MRCP filings on SEC EDGAR ↗
PGIM website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

ETFIQ calculates every number from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, DLFE against MRCP, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/dlfe-vs-mrcp

Open data →

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.