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Data as of Nov 4, 2026.

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Buffer ETFs

MRCP vs UMAR: Cap, Buffer & Days Left

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As of Nov 4, 2026 UMAR can fall 12.0% before its buffer engages and MRCP 8.6%.

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Net assets on Nov 4, 2026: $35m for PGIM S&P 500 Buffer 12 ETF - March and $143m for Innovator U.S. Equity Ultra Buffer ETF - Mar.

MRCP on its own →UMAR on its own →
At a glance
8.6%
MRCP can fall this far before its buffer
12.0%
UMAR can fall this far before its buffer
4.7%
MRCP can still gain
3.9%
UMAR can still gain
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.
UMAR Between buffer and cap
Between buffer and capUMAR: reference +11.7% since period start, fund +7.3%; buffer −5 to −35; cap +12.1%; Between buffer and cap. Data to Nov 4, 2026.30 pts of buffer+11.7% gain captured−35.0% floor−5.0% buffer start0% period start+12.1% capfirst 5 pts are yours to lose+0.3% more to the capTODAY · SPY +11.7%Between buffer and capUMAR: reference +11.7% since period start, fund +7.3%; buffer −5 to −35; cap +12.1%; Between buffer and cap. Data to Nov 4, 2026.30 pts of buffer+11.7%−35.0% floor−5.0% buffer start0% start+12.1% capfirst 5 pts are yours to lose+0.3% more to the capTODAY · SPY +11.7%

UMAR: reference +11.7% since period start, fund +7.3%; buffer −5 to −35; cap +12.1%; Between buffer and cap. Data to Nov 4, 2026.

UMAR: reference +11.7% since period start, fund +7.3%; buffer −5 to −35; cap +12.1%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

MRCP costs 0.29 points a year less; their one-year returns differ by 2.3 points; UMAR is 4.1 times larger.

Points (pts) are percentage points.

MRCP vs UMAR: Cap, Buffer & Days Left
MeasureMRCPUMAR
Return
Total return, 1 year+13.3%+11.0%
Drawdown
Index fall to the buffer10.5%15.0%
Benchmark
What it tracksSPYSPY
Cost and size
Expense ratio0.50%0.79%
Net assets$35m$143m
Holdings
Holdings in commonnot published
ETFIQ Downside Cover Score · MRCP scores higher If the market falls into a bear market from here, how much does the buffer absorb?
IQ Buffer Score51.5MRCP12.5UMAR

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: MRCP vs UMAR: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowMRCPUMARMRCPUMAR
3 months+1.6%+1.5%+2.0 pts+1.9 pts
6 months+4.8%+4.3%+0.3 pts−0.1 pts
1 year+13.3%+11.0%−0.2 pts−2.5 pts
3 years–+44.0%–−32.4 pts
Since launchNot the same days: MRCP Mar 2024 · UMAR Mar 2020+41.1%+64.9%−8.4 pts−83.2 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

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 UMAR Innovator U.S. Equity Ultra Buffer ETF - Mar · Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 12.1%, over a period ending Feb 28, 2027
Issuer PGIM Innovator
Reference index SPY SPY
Buffer 12% 5% to 35%
Outcome period Mar 1, 2026 to Feb 28, 2027 Feb 28, 2026 to Feb 28, 2027
Days left 116 116
Starting cap +14.5% +12.1%
Can still gain 4.7% 3.9%
Fall before buffer 8.6% 12.0%
Protection left, index points 12.0% of 12.0% 30.0% of 30.0%
Index return this period +11.8% +11.7%
Fund return this period +8.9% +7.3%
State today Open Open
Expense ratio 0.50% 0.79%
Net assets $35m $143m

As of Nov 4, 2026. Source: ETFIQ.

Where each one stands today

MRCP resets first, on Feb 28, 2027, 116 days from now; UMAR runs to Feb 28, 2027, 116 days. MRCP can still gain 4.7% before its cap, UMAR 3.9%. A fall from here reaches MRCP’s buffer after 8.6% and UMAR’s after 12.0%. Both track SPY, so what separates them is where each is in its own period.

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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.

UMAR

From its price on Nov 4, 2026, the fund can gain about 3.9% more before it reaches its cap. The fund's price can fall 12.0% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 15.0% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, MRCP or UMAR?
From their prices on Nov 4, 2026, MRCP can gain about 4.7% before its cap and UMAR about 3.9%, so MRCP has more room left this period.
Which resets first, MRCP or UMAR?
MRCP ends its outcome period on Feb 28, 2027 and UMAR on Feb 28, 2027. A new cap is set the day after each.
Which is cheaper, MRCP or UMAR?
MRCP charges 0.50% a year and UMAR charges 0.79%, so MRCP is cheaper. Fees come from each fund's prospectus.
Other comparisons
MRCP vs SIXPMRCP vs FFEBMRCP vs PMMRMRCP vs ZMARUMAR vs CPSRUMAR vs PBMRUMAR vs DDFMUMAR vs DLFE
Where to next
SPDR S&P 500 ETF Trust →MRCP on its own →UMAR on its own →Method →Standards and sources →
Sources and dates
MRCP filings on SEC EDGAR ↗
PGIM website ↗
UMAR filings on SEC EDGAR ↗
Innovator page for UMAR ↗

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.

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

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