BFRZ — Innovator Equity Managed 100 Buffer ETF

BFRZ Fund Overview

BFRZ — Innovator Equity Managed 100 Buffer ETF is a US ETF managed by Innovator ETFs Trust, categorised as United States Large Cap Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US ETF
• Manager: Innovator ETFs Trust
• Category: United States Large Cap Blend / Core Equity
• Assets under management: $138.58M
• 1-year return: 5.2%
• Ticker: BFRZ
• SEC CIK: 0001415726
• SEC series ID: S000092348
• Share class ID: C000260317

BFRZ Investment Objective and Strategy

Innovator Equity Managed 100 Buffer ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Innovator ETFs Trust.

Investment objective

The Fund 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).

Principal investment strategy

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. The Fund is an actively managed ETF that, under normal market circumstances, seeks to provide capital appreciation through uncapped participation in the large -capitalization U.S. equity markets while seeking to limit any losses. Pursuant to its investment objective, the Fund intends to invest in a diversified portfolio of equity securities (the Equity Portfolio ) that are representative of the Solactive GBS United States 500 Index (the Equity Portfolio Index ), together with put and call option contracts (the Options Portfolio ) in an effort to reduce the potential for losses associated with the returns of U.S.

large capitalization equity market investments. The Funds investment adviser is Innovator Capital Management, LLC ( Innovator or the Adviser ) and the Funds investment sub -adviser is Parametric Portfolio Associates LLC ( Parametric or the Sub -Adviser ). The Sub -Adviser will actively monitor the performance of the portfolio and, as described further below, selectively ladder the Options Portfolio to seek to protect capital. The Fund will not concentrate ( i.e. , holds 25% or more of its total assets) in the securities of issuers in a particular industry or group of identified industries, except that the Fund will concentrate to approximately the same extent as the Equity Portfolio Index concentrates in the securities of a particular industry or group of industries. The Fund is classified as a non -diversified company under the Investment Company Act of 1940, as amended (the 1940 Act ).

As further described below, the Funds principal investment strategy seeks to implement the following: U.S. Large Capitalization Companies Exposure : The Fund invests its net assets in equity securities of certain U.S. large capitalization companies, subject to the limitations on upside exposure further described below. See Equity Portfolio below for additional information. Investment 100% Buffers: The Fund seeks to provide a series of buffers that each seek to protect the Fund against 100% of U.S. Large Cap Index (as defined below) losses, as measured at the end of one -year periods and prior to taking into account the Funds annual management fee and other fees. The implementation of the buffers are not guaranteed. The time an investor purchases Shares or sells Shares impacts the extent to which such investor benefits from a specific buffer any differences between the return of the Equity Portfolio Index versus that of the U.S.

Large Cap Index (defined below) may cause investors to not receive the full benefit of the Funds sought -after buffers. See Hedging StrategyOptions Portfolio below for additional information. Laddered Options Strategy: The Fund implements a laddering approach such that the Fund staggers its Options Portfolio, and therefore the sought -after protection of the buffers. The Fund ladders the investment buffers by purchasing put option contracts with a one -year duration that have staggered expiration dates of three -months . In addition, the Fund sells short -dated ( i.e. , two -weeks ) call option contracts that expire every three to four calendar days used towards funding the Funds purchased put option contracts. The Funds option strategy will cause the Fund to forego a portion of the upside returns of the Equity Portfolio to the extent the reference asset for the sold call option contract increases in value beyond the strike price of such option contract.

See Hedging StrategyOptions Portfolio Laddering below for additional information. Equity Portfolio The Fund will, under normal market circumstances, invest its net assets in common stock of certain of the U.S. large capitalization companies that comprise the Equity Portfolio Index. The Equity Portfolio Index seeks to provide the returns of the 500 largest U.S. companies, as measured by market capitalization. The Equity Portfolio Index is comprised of the common stock of 500 U.S. companies ranked by total market capitalization in descending order. The constituents of the Equity Portfolio Index are weighted according to the securities free float market capitalization. The Equity Portfolio Index is rebalanced and reconstituted quarterly. As of the date of this prospectus, the Equity Portfolio Index, and therefore the Fund, has significant exposure to the information technology sector.

For additional information relating to the Equity Portfolio Index, see Additional Information About the Funds Principal Investment Strategies. Notwithstanding the Funds investments in the components of the Equity Portfolio Index, the potential upside return of the Equity Portfolio Index that the Fund may experience is limited through the sold call options that are part of the Options Portfolio, as detailed further below. The Sub -Adviser intends to limit the portfolio overlap between its investments that comprise the Equity Portfolio and the underlying constituents of the Options Portfolio reference asset (as described further below) to less than 70% on an ongoing basis in an effort to avoid being subject to the straddle rules under federal income tax law ( see Dividends, Distributions and TaxesTaxesTreatment of the Funds Options Contracts for additional information regarding the straddle rules).

However, the Sub -Adviser will seek to adjust the Funds investment weightings of Equity Portfolio Index constituents so as to provide the Fund investment returns that are substantially similar to the Equity Portfolio Index. Through this optimization of the Equity Portfolio Index, the Equity Portfolio is not expected to hold each of the constituents of the Equity Portfolio Index and the Funds position in those common stocks held in the Equity Portfolio may be overweight or underweight as compared to the Equity Portfolio Indexs weighting. The Fund expects that dividends received from its investment in equity securities that comprise the Equity Portfolio Index will be distributed to shareholders on a periodic basis. Hedging Strategy Options Portfolio The Sub -Adviser will seek to protect against losses in the Equity Portfolio by implementing a series of buffers against 100% of losses by purchasing put option contracts.

In general, an option contract is an agreement between a buyer and a seller that gives the purchaser of the option the right to purchase or sell the underlying asset (or deliver cash equal to the value of an underlying index) at a specified price (strike price) within a specified time period. As further described below ( see Principal Investment StrategiesHedging StrategyOptions Portfolio Laddering), the Sub -Adviser will ladder the Funds option contracts exposure by investing in four distinct, one -year put option contracts with expiration dates approximately three months apart. In addition, the Sub -Adviser will ladder short -dated (approximately two weeks) sold call option contracts with expiration dates of approximately 3 -4 calendar days apart. The Fund implements this laddered approach to help offset the timing risks inherent in a single reset and roll date.

The Sub -Adviser will seek to construct the Options Portfolio with investment exposure that matches the Equity Portfolio, however minor differences may exist between the Equity Portfolio Index and the reference asset utilized for the Funds option contracts. In this regard, the Sub -Adviser will construct each Options Portfolio to be comprised of exchange -traded put and call option contracts that reference the price return ( i.e. , changes in the price of a specified asset, excluding any dividends paid) of U.S. large capitalization indices (the U.S. Large Cap Index ), including exchange -traded option contracts on the S&P 500 Price Return Index. The Fund may also use ETFs that seek to replicate the performance of the U.S Large Cap Index as the reference asset for some or all of its option contracts.

The Sub -Adviser will manage the Options Portfolio to provide exposure to: (i) purchased put option contracts with a strike price of between 100% of the then -current value of the U.S. Large Cap Index ( i.e. , at -the-money ) up to approximately 110% of the then -current value of the U.S. Large Cap Index ( i.e. , in -the-money ) and an expiration date of approximately one -year . Purchased put option contracts give the holder the right, but not the obligation, to sell a specified amount of the reference asset at the strike price at a specified date. The purchased put option contracts are designed to provide the Funds sought -after 100% protection at the expiration of the option contracts by profiting off any losses experienced by the contracts reference asset, however such protection is not guaranteed.

The Sub -Adviser intends that the Funds purchased put option contracts will provide exposure to the S&P 500 Price Return Index; and (ii) sold short -dated call option contracts, which have an expiration date of approximately two weeks at initiation. Sold call option contracts sell to a counter party, in exchange for a premium received, the right to purchase the reference asset from the seller at a predetermined price at a specified date. The Fund seeks to use returns derived from collecting premiums from the sold call option contracts to pay the costs to the Fund of the purchased put option contracts and to make investments in the Equity Portfolio. The Fund will forego upside returns of the Equity Portfolio beyond the level of the strike price of each sold call option. The Fund seeks to participate in approximately 40% to 50% of the annual returns of the Equity Portfolio Index as a result of the implementation of the Funds purchased and sold option contracts, which is not guaranteed.

The Sub -Adviser intends that the Funds sold call option contracts will provide exposure to the S&P 500 Price Return Index. While the Sub-Adviser will seek to construct the Options Portfolio contracts with substantially similar investment exposure to the Equity Portfolio, any differences between the return of the Equity Portfolio Index versus that of the U.S. Large Cap Index may cause investors to not receive the full benefit of the Funds sought-after buffers, which is not guaranteed. In such a scenario, the Fund may experience losses. Additionally, the sought-after buffers are provided based on the Funds NAV on the day the respective put option contract is entered into for the respective buffers, however the Funds Shares trade at market prices on the Exchange. To the extent there is a discrepancy between the Funds NAV and market price when an investor buys or sells Shares, or when a put option contract expires, it may impact the sought-after buffers such investor experiences.

Please note that each 100% buffer will be fully in effect only at the expiration of the respective put option contract, and to the extent an investor purchases or sells Shares after the put option contract is entered into or before it expires, such investor may not receive the full sought -after protection provided by the buffer. Specifically, in light of the laddered put option contracts utilized to implement the 100% buffers, the Fund targets an annual maximum loss of approximately 1% to 3%, which is not guaranteed. Given the nature of put option contracts used, the strategy has the potential to generate positive returns in negative and very negative market environments. Any such positive returns are not guaranteed. The Funds NAV is dependent, in part, on the value of the Options Portfolio, which is based principally upon the performance of U.S.

Large Cap Index. The value of the option contracts in the Options Portfolio is affected by changes in the value and dividend rates of the securities represented in the U.S.

BFRZ Holdings

Top 10 holdings of Innovator Equity Managed 100 Buffer ETF by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all BFRZ holdings

BFRZ Portfolio Allocation

Asset-class allocation of Innovator Equity Managed 100 Buffer ETF by percentage of net assets, from the latest SEC N-PORT filing.

BFRZ Performance

Total returns for BFRZ (as of 2026-10-01), from SEC filings.

BFRZ Risk Information

Risk metrics for BFRZ, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 4.6%

BFRZ Costs and Fees

BFRZ costs about $89 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.89%
• Gross expense ratio: 0.89%
• Portfolio turnover: 7%
• Brokerage commissions: 0.35 bps of average net assets (SEC N-CEN)

BFRZ Cashflows

Over the 12 months to 2026-07, Innovator Equity Managed 100 Buffer ETF had net inflows of $98.71M, from monthly SEC N-PORT filings.

BFRZ Debt Constituents

No individual debt constituents are reported in Innovator Equity Managed 100 Buffer ETF's latest SEC N-PORT filing.

BFRZ Prospectus and SEC Filings

Official Innovator Equity Managed 100 Buffer ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2026-02-27
• Prospectus supplement (497) — filed 2025-05-13
• Portfolio holdings (N-PORT) — filed 2026-09-28
• Portfolio holdings (N-PORT) — filed 2026-06-26
• Portfolio holdings (N-PORT) — filed 2026-03-27
• Annual census (N-CEN) — filed 2026-01-13

Related Funds

Other United States Large Cap Blend / Core Equity funds tracked on ABC INVEST:

• Vanguard Total Stock Market Index Fund (VTSMX)
• Vanguard 500 Index Fund (VFINX)
• iShares Core S&P 500 ETF (IVV)
• Fidelity 500 Index Fund (FXAIX)
• Vanguard Institutional Index Fund (VINIX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.