Which has more room to gain, MRCP or PMMR?

From their prices on Nov 4, 2026, MRCP can gain about 4.7% before its cap and PMMR about 2.1%, so MRCP has more room left this period.

Which resets first, MRCP or PMMR?

MRCP ends its outcome period on Feb 28, 2027 and PMMR on Feb 28, 2027. A new cap is set the day after each.

Which is cheaper, MRCP or PMMR?

MRCP and PMMR both charge 0.50% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Buffer ETFs

MRCP vs PMMR: Cap, Buffer & Days Left

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As of Nov 4, 2026 MRCP can fall 8.6% before its buffer engages and PMMR 4.0%.

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Net assets on Nov 4, 2026: $35m for PGIM S&P 500 Buffer 12 ETF - March and $5.5m for PGIM S&P 500 Max Buffer ETF - March.

MRCP on its own →PMMR on its own →

At a glance

8.6%

MRCP can fall this far before its buffer

4.0%

PMMR can fall this far before its buffer

4.7%

MRCP can still gain

2.1%

PMMR can still gain

MRCP Between buffer and cap

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.

PMMR At its cap

PMMR: reference +11.8% since period start, fund +3.6%; buffer Floor; cap +6.3%; At its cap. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

Both cost 0.50% a year; their one-year returns differ by 7.5 points; MRCP is 6.4 times larger.

Points (pts) are percentage points.

MRCP vs PMMR: Cap, Buffer & Days Left
Measure	MRCP	PMMR
Return
Measure	MRCP	PMMR
Total return, 1 year	+13.3%	+5.8%
Drawdown
Measure	MRCP	PMMR
Index fall to the buffer	10.5%
Benchmark
Measure	MRCP	PMMR
What it tracks	SPY	SPY
Cost and size
Measure	MRCP	PMMR
Expense ratio	0.50%	0.50%
Net assets	$35m	$5.5m
Holdings
Measure	MRCP	PMMR
Holdings in common	not published

Method

Window by window

Window by window: MRCP vs PMMR: Cap, Buffer & Days Left
	Total return		Gap to the reference's price return
Window	MRCP	PMMR	MRCP	PMMR
3 months	+1.6%	+1.1%	+2.0 pts	+1.5 pts
6 months	+4.8%	+2.4%	+0.3 pts	−2.1 pts
1 year	+13.3%	+5.8%	−0.2 pts	−7.8 pts
Since launchNot the same days: MRCP Mar 2024 · PMMR Mar 2025	+41.1%	+10.8%	−8.4 pts	−20.6 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →

Side by side

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 PMMR PGIM S&P 500 Max Buffer ETF - March · Absorbs the whole loss on SPY and caps the gain at 6.3%, over a period ending Feb 28, 2027

Issuer PGIM PGIM

Reference index SPY SPY

Buffer 12% 100%

Outcome period Mar 1, 2026 to Feb 28, 2027 Mar 1, 2026 to Feb 28, 2027

Days left 116 116

Starting cap +14.5% +6.3%

Can still gain 4.7% 2.1%

Fall before buffer 8.6% 4.0%

Protection left, index points 12.0% of 12.0% 100.0% of 100.0%

Index return this period +11.8% +11.8%

Fund return this period +8.9% +3.6%

State today Open At cap

Expense ratio 0.50% 0.50%

Net assets $35m $5.5m

As of Nov 4, 2026. Source: ETFIQ.

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

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

Both are PGIM funds, so the difference between them is the terms rather than the house.

Where each one stands today

MRCP resets first, on Feb 28, 2027, 116 days from now; PMMR runs to Feb 28, 2027, 116 days. MRCP can still gain 4.7% before its cap, PMMR 2.1%. A fall from here reaches MRCP’s buffer after 8.6% and PMMR’s after 4.0%. Both track SPY, so what separates them is where each is in its own period.

Alert

About each fund

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.

PMMR

SPY had already risen past this fund's cap of +6.3% 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 2.1% as the period runs out. The fund's price can fall 4.0% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, MRCP or PMMR?: From their prices on Nov 4, 2026, MRCP can gain about 4.7% before its cap and PMMR about 2.1%, so MRCP has more room left this period.
Which resets first, MRCP or PMMR?: MRCP ends its outcome period on Feb 28, 2027 and PMMR on Feb 28, 2027. A new cap is set the day after each.
Which is cheaper, MRCP or PMMR?: MRCP and PMMR both charge 0.50% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

MRCP vs DDTM MRCP vs PBMR MRCP vs PMAR MRCP vs CPSR PMMR vs CPSR PMMR vs DDTM PMMR vs BMAR PMMR vs SIXP

Where to next

SPDR S&P 500 ETF Trust →All buffer ETFs ranked by the Downside Cover Score →How the scores are computed →MRCP on its own →PMMR on its own →Method →Standards and sources →

Sources and dates

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

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