At a glance
MRCP charges 0.5% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $25.6M in assets, the 8th largest of that group. Over the past year it returned +12.7% with distributions reinvested (S&P 500: +11.5%), 3rd of those 8 funds.
The short version
PGIM S&P 500 Buffer 12 ETF - March (MRCP) holds customized exchange-traded options on the SPDR S&P 500 ETF Trust (SPY), not stocks. Over each one-year period starting March 1, it aims to absorb the first 12% of SPY's price losses (before fees) in exchange for capped gains. Its 0.50% yearly fee is the lowest of eight buffer funds compared here, though its $25.6 million in assets (July 31, 2026) is the smallest.
Price history
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MRCP +12.7% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| MRCP official prospectus, to Dec 31, 2025 | — | +13.84% | — | — | — | +14.34% |
| MRCP price data to Oct 27, 2026 | +11.0% | +12.7% | — | — | — | +13.8% |
- Over the year to Oct 27, 2026, MRCP returned +12.7%, 3rd of 8 among similar funds.
- Its worst full calendar year was 2025 (+14.1%); its best was 2025 (+14.1%).
- The deepest fall in its price history was 10.7% (Feb 28, 2025 to Apr 8, 2025), recovered by May 16, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.0% | — |
| 2025 | +14.1% | +13.84% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors added a net $4.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.30%, -0.01%, +0.64%.
How it works
MRCP, an actively managed PGIM ETF, invests almost entirely in FLEX options, customizable exchange-traded contracts tied to the price of the State Street SPDR S&P 500 ETF Trust (SPY). SPY, a unit investment trust run by fixed rules, holds the stocks in the S&P 500 Index at about their index weights. MRCP follows SPY's price only, so it misses SPY's dividends.
Each one-year target outcome period starts March 1. If SPY's price rises, the fund aims to match the gain up to a cap: 13.72% before fees (13.22% after its 0.50% fee) for March 2025 to February 2026. For the period ending February 28, 2027, the prospectus anticipated 12.6% to 15.6% before fees; the actual cap is set on day one. If SPY falls, the fund aims to absorb the first 12% of the drop before fees (11.5% after the fee); bigger losses pass through one-for-one.
As of July 31, 2026, it held four SPY options. One, with a very low exercise price, tracks SPY. Two put options (which pay off when SPY falls) at $685.99 and $603.67, 12% apart, form the buffer. An option it wrote at $785.39 gives away gains above that price, setting the cap. Options are exercised only on the period's last day, so mid-period entry or exit can bring very different results.
What it really costs
- MRCP charges 0.5% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $51 in the first year and $628 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MRCP | $51 | $160 | $280 | $628 |
Structure and tax notes
- Organized as a unit investment trust: it cannot lend out its securities or reinvest dividends between payouts, which can create a small drag versus similar open-end ETFs.
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
It keeps exposure to large US stocks but swaps gains above a cap for a cushion against the first 12% of SPY's price losses each period.
MRCP launched February 29, 2024, so it has no record through the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 13.84%. Its deepest drop, 10.7% from February 28 to April 8, 2025, was recovered by May 16, 2025, about 1.2 months later. That fall shows the 12% buffer is not a daily floor: it is built to apply over a full March-to-February period, so a retiree who must cash out mid-period may not receive its full protection.
No distributions are on record, and returns exclude SPY's dividends, so the fund adds no income. Its 0.50% expense ratio is below the 0.86% average of similar buffer funds; in the SEC's standard $10,000 example, costs total $51 after one year and $628 after 10. Past results don't predict future ones, and a plan needs to weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting S&P 500 exposure with a cushion against the first 12% of SPY's price losses each March-to-February period, who accept capped gains.
- Cost-conscious buffer investors: its 0.50% expense ratio is lower than all seven similar buffer funds listed, which charge 0.79% to 0.95%.
- Investors able to hold from a March 1 start through February 28, when the options are exercised and the buffer fully applies.
Look elsewhere if
- Income seekers: no distributions are on record, and returns follow SPY's price only, leaving out the dividends of its S&P 500 stocks.
- Investors wanting full stock-market upside: gains above the cap, 13.72% before fees for March 2025 to February 2026, are given up.
- Anyone who may need cash mid-period: the buffer targets full-period holders, and the fund fell 10.7% between February 28 and April 8, 2025.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| MRCP this fund | 0.5% | $25.6M | +12.7% | — |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
How does MRCP's 12% buffer work?
Over each full period from March 1 to February 28, MRCP aims to absorb the first 12% of any fall in the price of the SPDR S&P 500 ETF Trust (SPY). That is before fees, or 11.5% after its 0.50% fee. It does this with FLEX options on SPY that can be exercised only on the period's last day. So the buffer applies in full only to shares held from the first day to the last. Investors who come in or leave mid-period may see quite different results.
Can you lose money in MRCP?
Yes. The fund offers no principal protection, meaning no guarantee of getting back what was invested. Its buffer covers only the first 12% of SPY's price losses over a full period. Beyond that, losses pass through one-for-one: if SPY's price fell 25% over a period, the fund would be expected to lose about 13% before fees. Prices can also fall mid-period. MRCP dropped 10.7% between February 28 and April 8, 2025, then recovered by May 16, 2025.
What is the MRCP upside cap?
MRCP's cap was 13.72% before fees, or 13.22% after its 0.50% fee, for March 1, 2025 through February 28, 2026. The cap resets every March 1. For March 1, 2026 through February 28, 2027, the prospectus filed February 20, 2026 anticipated a cap of 12.6% to 15.6% before fees (12.1% to 15.1% after the fee), with no guarantee. The actual cap is set on the period's first day and posted on PGIM's website.
Does MRCP pay dividends?
No. No distributions are on record for MRCP, and its returns follow SPY's price alone, leaving out the dividends paid by S&P 500 companies. Giving up that dividend stream is one cost of the buffer design. A retiree who needs regular cash from this holding would have to cash in shares. Doing that mid-period, especially after a fall, could mean leaving before the buffer fully applies.
What's the difference between MRCP and FFEB?
MRCP is cheaper and far smaller. It charges 0.50% a year versus 0.85% for FT Vest U.S. Equity Buffer Fund - February (FFEB). FFEB held $1.4 billion as of August 31, 2026, against MRCP's $25.6 million as of July 31, 2026. One-year returns through October 27, 2026 were close: 12.9% for FFEB and 12.7% for MRCP. Both trade some upside for downside protection, but each sets its own buffer, cap and start date, so the two prospectuses are worth comparing.