ETF Evaluator: Innovator Equity Managed 100 Buffer ETF () Follow This ETF

Innovator Equity Managed 100 Buffer ETF Overview

Innovator Equity Managed 100 Buffer ETF (BFRZ) is an actively managed Nontraditional Equity Defined Outcome exchange-traded fund (ETF). Innovator ETFs launched the ETF in 2025.

The investment seeks to provide capital appreciation while seeking to limit the amount of losses experienced by investors (prior to taking into account management fees and other fees). The fund will invest at least 80% of its net assets (including borrowings for investment purposes) in equity securities and option contracts that give economic exposure to equity securities.

About Innovator Equity Managed 100 Buffer ETF (BFRZ)

There are 5 members of the management team with an average tenure of 1.22 years: Alex Zweber (2025), Gordon Wotherspoon (2025), Larry Berman (2025), Michael Zaslavsky (2025) and Jennifer Mihara (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.

Innovator Equity Managed 100 Buffer ETF has 180 securities in its portfolio. The top 10 holdings constitute 39.2% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.

Innovator Equity Managed 100 Buffer ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. Innovator Equity Managed 100 Buffer ETF has 0.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.7% There is 0.3% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Innovator Equity Managed 100 Buffer ETF has 0.0% of the portfolio in cash.

Assets Under Management

The fund has $138 million in total assets, which is below the $183 million average for the Defined Outcome category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

BFRZ Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Innovator Equity Managed 100 Buffer ETF expense ratio is high compared to funds in the Defined Outcome category. Innovator Equity Managed 100 Buffer ETF has an expense ratio of 0.89%, which is 24% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Innovator Equity Managed 100 Buffer ETF has a portfolio turnover rate of 7%, which indicates that it holds its assets around / 0.1 years. By way of comparison, the average portfolio turnover is 3% for the Defined Outcome category.

Recently, in the month of July 2026, Innovator Equity Managed 100 Buffer ETF returned -0.6%, which earned it a grade of F, as the Defined Outcome category had an average return of 0.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.

Innovator Equity Managed 100 Buffer ETF has a trailing yield of 0.27%, which is below the 0.48% category average. The fund normally distributes its income annually and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

Innovator Equity Managed 100 Buffer ETF Grades

Year to date, the ETF has returned 0.6%, 5.2 percentage points worse than the category, which translates into a grade of F. The fund has returned 5.2% over the past year (grade of F).

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