# Innovator Equity Managed 100 Buffer ETF (BFRZ): ETF Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/bfrz for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: Innovator · Asset class: Alternatives - Strategy: Options Income · Inception: 2025-05-13 BFRZ aims to provide 40 to 50% upside exposure to the S&P 500 Index, with one-third of the volatility and a target of 1 to 3% for annual maximum loss. BFRZ differentiates itself by holding physical equities, allowing potential dividends to pass through to shareholders. The underlying portfolio is systematically managed to pursue the same profile but with less than 70% overlap in holdings with the S&P 500 Index. The portfolio also holds quarterly laddered 10% in-the-money puts on the S&P 500 and writes bi-weekly covered calls. The scatter plot forms a smile, indicating that the fund, compare... ## Key Facts | Metric | Value | |---|---| | Price | $27.14 | | Expense Ratio | 0.89% | | Assets Under Management | $145.0M | | NAV | $27.10 | | Holdings Count | 186 | | Distribution Yield (TTM) | 0.24% | | Annual Distribution (TTM) | $0.07 /share | | Distribution Frequency | Quarterly | | 52-Week Range | $23.63 – $29.68 | | Beta | 0.21 | ## Latest Distribution - Amount: $0.0120 /share - Ex-date: 2026-09-30 - Pay date: 2026-10-02 ## Frequently Asked Questions ### What does BFRZ invest in? BFRZ aims to provide 40 to 50% upside exposure to the S&P 500 Index, with one-third of the volatility and a target of 1 to 3% for annual maximum loss. BFRZ differentiates itself by holding physical equities, allowing potential dividends to pass through to shareholders. The underlying portfolio is systematically managed to pursue the same profile but with less than 70% overlap in holdings with the S&P 500 Index. The portfolio also holds quarterly laddered 10% in-the-money puts on the S&P 500 and writes bi-weekly covered calls. The scatter plot forms a smile, indicating that the fund, compared to the S&P, may experience limited upside participation but may also gain by avoiding significant losses in a market drawdown. The fund continuously rolls the option contracts, therefore, it does not have a stated outcome period. This making it crucial to know that the entry/exit point for trading the shares is at the end of each calendar quarter. ### What is the expense ratio of BFRZ? Innovator Equity Managed 100 Buffer ETF (BFRZ) charges an expense ratio of 0.89%. This is the annual fee deducted from fund assets to cover management and operations. ### What is BFRZ's distribution yield? BFRZ's trailing-twelve-month yield is 0.24%, calculated from the sum of distributions over the past year divided by the current price. ### How does BFRZ's covered-call strategy work? BFRZ sells call options against the stocks (or index) it holds, collecting premium income that gets passed through to shareholders as distributions. The strategy generates above-market income in flat or rising markets but caps upside. When the underlying rallies past the strike, the gains above the strike go to the option buyer, not the fund. ### How big is BFRZ? Innovator Equity Managed 100 Buffer ETF (BFRZ) manages $145.0M in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure. Funds below ~$50M are at higher risk of liquidation. ### Is BFRZ actively managed or an index fund? BFRZ's management style is described in the fund's prospectus. See the description on the Summary tab for the published strategy. ### Does BFRZ pay a distribution? Yes, Innovator Equity Managed 100 Buffer ETF (BFRZ) distributes distributions to shareholders. The trailing-twelve-month yield is 0.24%. Full distribution history is on this page. ### How often does BFRZ pay distributions? Innovator Equity Managed 100 Buffer ETF pays distributions Quarterly. Each ex-dividend date, record date, and payment date is listed in the distribution history table on this page. ### When is BFRZ's next ex-distribution date? The most recently announced ex-distribution date for BFRZ was 2026-09-30. The next ex-date typically follows Quarterly; once announced it appears at the top of the distribution history table on this page. ### Is BFRZ's distribution sustainable? Covered-call ETFs like BFRZ fund their distributions from option premium income. Sustainability depends on (1) whether option premiums stay high enough to cover the announced rate, and (2) whether NAV holds up over time. The NAV Erosion section on this page contrasts total return with price change since inception. If distributions consistently exceed total return, the fund is paying out capital rather than income. ### How much will BFRZ's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 0.89% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does BFRZ charge its expense ratio? The expense ratio is deducted in tiny daily slices from BFRZ's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does BFRZ cost more than a fund like VOO? BFRZ is an options-income fund (current expense ratio 0.89%). Covered-call and 0DTE strategies require active option-writing, daily rebalancing, and dedicated risk management. They cost more than passive equity funds. The Cost Verdict card compares BFRZ against the options-income cohort, not VOO. ### Are BFRZ's distributions taxed at ordinary income or qualified-dividend rates? BFRZ's option-premium distributions are typically classified as ordinary income (NOT the qualified-dividend rate), so they're taxed at your marginal federal rate plus state. For a 24% bracket investor that's roughly 2x the 15% long-term capital gains rate most dividend investors are used to. The Fee Compounding Forecast card above lets you layer in this tax drag alongside the fund fee. Consult a tax advisor. This is not tax advice. ### Are there cheaper alternatives to BFRZ? The Lower-Fee Alternatives card above lists ETFs following the same investment strategy as BFRZ (0.89%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/bfrz - Distribution history: https://www.dividenddata.com/funds/bfrz/dividend - Holdings & diversification: https://www.dividenddata.com/funds/bfrz/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/bfrz/expenses - Peer comparison: https://www.dividenddata.com/funds/bfrz/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.