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

MARW 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 MARW 7.0%.

askIQ about this page

askIQ about MARW and MRCP

Net assets: $86m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer20 ETF - Mar, and $35m on Nov 4, 2026 for PGIM S&P 500 Buffer 12 ETF - March.

MARW on its own →MRCP on its own →
At a glance
7.0%
MARW can fall this far before its buffer
8.6%
MRCP can fall this far before its buffer
3.2%
MARW can still gain
4.7%
MRCP can still gain
MARW At its cap
At its capMARW: reference +11.8% since period start, fund +6.7%; buffer 0 to −20; cap +10.8%; At its cap. Data to Nov 4, 2026.20 pts of buffer+10.8% gain captured−20.0% floor0% period start+10.8% capTODAY · SPY +11.8%At its capMARW: reference +11.8% since period start, fund +6.7%; buffer 0 to −20; cap +10.8%; At its cap. Data to Nov 4, 2026.20 pts of buffer+10.8%−20.0% floor0% start+10.8% capTODAY · SPY +11.8%

MARW: reference +11.8% since period start, fund +6.7%; buffer 0 to −20; cap +10.8%; At its cap. Data to Nov 4, 2026.

MARW: reference +11.8% since period start, fund +6.7%; buffer 0 to −20; cap +10.8%; At its 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 0.24 points a year less; their one-year returns differ by 3.3 points; MARW is 2.5 times larger.

Points (pts) are percentage points.

MARW vs MRCP: Cap, Buffer & Days Left
MeasureMARWMRCP
Return
Total return, 1 year+10.0%+13.3%
Drawdown
Index fall to the buffer10.5%
Benchmark
What it tracksSPYSPY
Cost and size
Expense ratio0.74%0.50%
Net assets, as of Nov 3, 2026$86m$35m
Holdings
Holdings in commonnot published
ETFIQ Downside Cover Score · MARW scores higher If the market falls into a bear market from here, how much does the buffer absorb?
IQ Buffer Score67.6MARW51.5MRCP

How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed

0.3, the lowest in this set 99.7, the highest

Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it →

Method

Window by window

Window by window: MARW vs MRCP: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowMARWMRCPMARWMRCP
3 months+1.4%+1.6%+1.8 pts+2.0 pts
6 months+3.8%+4.8%−0.6 pts+0.3 pts
1 year+10.0%+13.3%−3.6 pts−0.2 pts
3 years+38.0%–−38.4 pts–
Since launchNot the same days: MARW Mar 2023 · MRCP Mar 2024+48.5%+41.1%−45.7 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

MARW AllianzIM U.S. Equity Buffer20 ETF - Mar · Absorbs the first 20% of loss on SPY and caps the gain at 10.8%, over a period ending Feb 28, 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 AllianzIM PGIM
Reference index SPY SPY
Buffer 20% 12%
Outcome period Mar 1, 2026 to Feb 28, 2027 Mar 1, 2026 to Feb 28, 2027
Days left 116 116
Starting cap +10.8% +14.5%
Can still gain 3.2% 4.7%
Fall before buffer 7.0% 8.6%
Protection left, index points 20.0% of 20.0% 12.0% of 12.0%
Index return this period +11.8% +11.8%
Fund return this period +6.7% +8.9%
State today At cap Open
Expense ratio 0.74% 0.50%
Net assets, MARW as of Nov 3, 2026 and MRCP as of Nov 4, 2026 $86m $35m

As of Nov 4, 2026. Source: ETFIQ.

MARW is already at its cap, so more rise in the index adds nothing to it before the period ends.

Where each one stands today

MARW resets first, on Feb 28, 2027, 116 days from now; MRCP runs to Feb 28, 2027, 116 days. MARW can still gain 3.2% before its cap, MRCP 4.7%. A fall from here reaches MARW’s buffer after 7.0% and MRCP’s after 8.6%. Both track SPY, so what separates them is where each is in its own period.

Alert

MRCP flows, by email on Sundays.

One-click unsubscribe. See Privacy.

About each fund
MARW

SPY had already risen past this fund's cap of +10.8% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 3.2% as the period runs out. The fund's price can fall 7.0% 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: 20.0% of the 20.0% 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.

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. Protection left, in index points: 12.0% of the 12.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, MARW or MRCP?
From their prices on Nov 4, 2026, MARW can gain about 3.2% before its cap and MRCP about 4.7%, so MRCP has more room left this period.
Which resets first, MARW or MRCP?
MARW ends its outcome period on Feb 28, 2027 and MRCP on Feb 28, 2027. A new cap is set the day after each.
Which is cheaper, MARW or MRCP?
MARW charges 0.74% a year and MRCP charges 0.50%, so MRCP is cheaper. Fees come from each fund's prospectus.
Other comparisons
MARW vs DDTMMARW vs BMARMARW vs PMARMARW vs CPSRMRCP vs DFEBMRCP vs PMARMRCP vs DLFEMRCP vs UMAR
Where to next
SPDR® S&P 500® ETF Trust →MARW on its own →MRCP on its own →Method →Standards and sources →
Sources and dates
MARW filings on SEC EDGAR ↗
AllianzIM page for MARW ↗
MRCP filings on SEC EDGAR ↗
PGIM website ↗

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

How this is computed

It is a place in a set, not a rating or a recommendation.

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

Open data →

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