PGIM S&P 500 Buffer 12 ETF - March
MRCP
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- PGIM S&P 500 Buffer 12 ETF - March is an actively managed exchange-traded fund that seeks to provide returns matching the price return of the SPDR S&P 500 ETF Trust up to a predetermined upside cap while providing downside buffer protection against the first 12% of the underlying ETF’s losses over a one-year target outcome period. The fund invests substantially all of its assets in FLEX Options referencing SPDR S&P 500 ETF Trust shares and is designed for investors who hold shares through the full target outcome period. PGIM Investments LLC, part of PGIM, serves as the fund sponsor and manager; the fund is listed on Cboe BZX Exchange, carries ticker MRCP, was launched on February 29, 2024, and is managed by PGIM Quantitative Solutions in Newark, New Jersey. The fund’s core product set consists of a buffered equity exposure strategy tied to the S&P 500 through FLEX Options; a limited downside buffer; a capped upside return profile; and daily exchange-traded liquidity. As of September 17, 2026, the fund reported net assets of $28.5 million, a management fee and total annual operating expense ratio of 0.50%, and a current target outcome period running from March 1, 2026 through February 28, 2027 with a gross upside cap of 14.49% and a net cap of 13.99% after fees. The fund is non-diversified and uses options-based implementation rather than direct stock ownership, which makes it distinct from traditional S&P 500 index ETFs. Recent company changes include the current target outcome reset for the March 1, 2026 to February 28, 2027 period, which updated the fund’s cap from the prior cycle and reflects the fund’s annual outcome-period reset process. The fund’s public materials also show a name change completed on February 21, 2025, from PGIM US Large-Cap Buffer 12 ETF to PGIM S&P 500 Buffer 12 ETF - March. PGIM Quantitative Solutions also marked its 50th anniversary in 2025, underscoring the firm’s long-running quantitative and multi-asset investment platform that supports products such as MRCP. PGIM is the global asset management business of Prudential Financial and is headquartered at 655 Broad Street, Newark, New Jersey; the firm traces its roots to Prudential’s founding in 1875, while PGIM Quantitative Solutions was established in 1975. PGIM operates across fixed income, equity, real estate, alternatives, and multi-asset solutions for retail and institutional clients, with international offices in North America, Europe, and Asia.