ETF Evaluator:
Innovator International Dev Mgd Flr ETF ()
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(as of Aug 26)
Best Performing in Equity Hedged Over the Last Year
| 39.1% | Defiance Oil Enhanced Options Income ETF (USOY) |
| 28.0% | Alpha Architect Global Factor Equity ETF (AAVM) |
| 26.2% | Innovator U.S. Small Cp Mgd Flr ETF (RFLR) |
| 23.7% | Rareview Systematic Equity ETF (RSEE) |
| 20.9% | Hull Tactical US ETF (HTUS) |
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ETF Details
Innovator International Dev Mgd Flr ETF Overview
Innovator International Dev Mgd Flr ETF (IFLR) is an actively managed Nontraditional Equity Equity Hedged 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 in equity securities and option contracts that give economic exposure to equity securities of companies located in international developed markets. The fund is an actively managed ETF that, under normal market circumstances, seeks to provide capital appreciation through participation in companies in developed countries outside of the United States while limiting the potential for maximum losses.
About Innovator International Dev Mgd Flr ETF (IFLR)
There are 5 members of the management team with an average tenure of 0.70 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 International Dev Mgd Flr ETF has 326 securities in its portfolio. The top 10 holdings constitute 14.7% 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 International Dev Mgd Flr ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. Innovator International Dev Mgd Flr ETF has 99.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.9% There is 99.0% 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 International Dev Mgd Flr ETF has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $91 million in total assets, which is below the $294 million average for the Equity Hedged 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.
IFLR 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 International Dev Mgd Flr ETF expense ratio is high compared to funds in the Equity Hedged category. Innovator International Dev Mgd Flr ETF has an expense ratio of 0.89%, which is 16% higher than its category average, making the fund expense ratio grade a D. 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 International Dev Mgd Flr ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 97% for the Equity Hedged category.
Recently, in the month of July 2026, Innovator International Dev Mgd Flr ETF returned 1.8%, which earned it a grade of A, as the Equity Hedged category had an average return of -1.4%. 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 International Dev Mgd Flr ETF has a trailing yield of 0.00%, which is below the 3.45% 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 International Dev Mgd Flr ETF Grades
Year to date, the ETF has returned 7.6%, 0.5 percentage points better than the category, which translates into a grade of B.
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IFLR Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| IFLR Return (NAV) | 1.8% | 5.5% | na | na | na | na |
| IFLR Return (Price) | 1.4% | 4.9% | na | na | na | na |
| NAV +/- Price Return | 0.434% | 0.518% | na | na | na | na |
| Equity Hedged Avg | -1.4% | 1.7% | 13.6% | 12.0% | 6.6% | 7.6% |
| IFLR Grade (NAV) | A | A | na | na | na | na |
| +/- Category (NAV) | 3.2% | 3.8% | na | na | na | na |
| IFLR Tax-Cost Ratio | na | na | na | na | na | na |
IFLR Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| IFLR Return (NAV) | 7.6% | na | na | na | na | na | na | na | na | na | na |
| IFLR Return (Price) | 7.6% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.010% | na | na | na | na | na | na | na | na | na | na |
| Equity Hedged Avg | 7.1% | 12.6% | 14.6% | 14.8% | -12.9% | 15.6% | 10.2% | 9.9% | -6.3% | 12.2% | 3.0% |
| IFLR Grade (NAV) | B | na | na | na | na | na | na | na | na | na | na |
| +/- Category | 0.5% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 91 Mil |
| Share Class Assets: | $ 91 Mil |
| Turnover: | na |
| Expense Ratio: | 0.89% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 0.7 years | |||
| Average Tenure: 0.7 years | |||
| Managers (Year): Zweber Alex (2025), Wotherspoon Gordon (2025), Berman Larry (2025), Zaslavsky Michael (2025), Mihara Jennifer (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 326 |
| % in Top 10 Holdings: | 14.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 99.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.9% |
| Foreign Stock: | 99.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.2% |
| Cash: | 0.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Innovator ETFs |
| Phone Number: | 800-208-5212 |
| Website: | www.innovatorfunds.com |
| Inception Date: | November 18, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.89% (Rating: High) |
| Category Average Expense Ratio (%): | 0.76% |
