Data as of Nov 4, 2026.
MRCP vs ZMAR: Cap, Buffer & Days Left
As of Nov 4, 2026 MRCP can fall 8.6% before its buffer engages and ZMAR 4.2%.
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Net assets on Nov 4, 2026: $35m for PGIM S&P 500 Buffer 12 ETF - March and $109m for Innovator Equity Defined Protection ETF - 1 Yr March.
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.ZMAR: reference +11.7% since period start, fund +3.8%; buffer Floor; cap +6.7%; At its cap. Data to Nov 4, 2026.
Data to Nov 4, 2026.Pair scorecard
MRCP costs 0.29 points a year less; their one-year returns differ by 7.2 points; ZMAR is 3.1 times larger.
Points (pts) are percentage points.
| Measure | MRCP | ZMAR |
|---|---|---|
| Return | ||
| Total return, 1 year | +13.3% | +6.1% |
| Drawdown | ||
| Index fall to the buffer | 10.5% | |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.50% | 0.79% |
| Net assets | $35m | $109m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | MRCP | ZMAR | MRCP | ZMAR |
| 3 months | +1.6% | +1.2% | +2.0 pts | +1.6 pts |
| 6 months | +4.8% | +2.6% | +0.3 pts | −1.9 pts |
| 1 year | +13.3% | +6.1% | −0.2 pts | −7.5 pts |
| Since launchNot the same days: MRCP Mar 2024 · ZMAR Mar 2025 | +41.1% | +11.0% | −8.4 pts | −20.3 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
As of Nov 4, 2026. Source: ETFIQ.
These are two different products. ZMAR 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.
ZMAR is already at its cap, so more rise in the index adds nothing to it before the period ends.
Where each one stands today
MRCP resets first, on Feb 28, 2027, 116 days from now; ZMAR runs to Feb 28, 2027, 116 days. MRCP can still gain 4.7% before its cap, ZMAR 2.3%. A fall from here reaches MRCP’s buffer after 8.6% and ZMAR’s after 4.2%. Both track SPY, so what separates them is where each is in its own period.
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.
ZMAR
SPY had already risen past this fund's cap of +6.7% 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 2.3% as the period runs out. The fund's price can fall 4.2% 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
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.
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ETFIQ, MRCP against ZMAR, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/mrcp-vs-zmar
ETFIQ. (Nov 4, 2026). MRCP against ZMAR. Retrieved from https://etfiq.com/compare/buffer/mrcp-vs-zmar
[MRCP against ZMAR (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/mrcp-vs-zmar)
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