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NBFR

GradeDNew York Stock Exchange Arca

Innovator Nasdaq-100 Managed 10 Buffer ETF

Buffered · Innovator · Inception 2026-02-24 · SEC filings

$27.06−0.03 (−0.13%)

As of Sep 23, 2026, 12:16 PM EDT

History starts Feb 24, 2026.History starts Feb 24, 2026.
Intraday session: down, 12 prints from 27.09 to 27.06. Range 27.02 to 27.15. Use the arrow keys to read each point.$27.10$27.1510 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$19M
1Y return
—
Yield · Last 12 months
Data unavailable
Holdings
57
Volume · 30D
0M sh
NAV per share
$26.73
52W range
low $23.77high $27.37

The ETF.net NBFR Grade

D

34/ 100

Rank 12 of 12 in Nasdaq-100 Buffer 9-12%⁠

Confidence Medium

Six-pillar profile for NBFR. Scores out of 100: Cost 45, Risk 16, Mission not scored, Tradability 25, Holdings 58, Durability 14. Strongest: Holdings (58). Weakest: Durability (14). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 34 of 100 sits in the D band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    CScore 45
    Category rank7/12 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    FScore 16
    Category rank12/12 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 25
    Category rank10/12 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    BScore 58
    Category rank2/6 · top 33%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    FScore 14
    Category rank12/12 · bottom quartile

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on NBFR

ETF.net Research

DInnovator's Nasdaq-100 buffer, minus the calendar. NBFR spreads its options across a laddered set of periods with a manager steering them, aiming to absorb roughly the first 10% to 14% of index losses.

Stated mandate

The Fund seeks capital appreciation through Nasdaq-100 equity exposure while using an actively managed, laddered options strategy to reduce volatility and protect approximately 10% to 14% of reference-asset losses.

Why people hold it

  1. 01Laddered by design: protection is staggered across overlapping option periods instead of hinging on one annual reset date, so entry timing matters less.
  2. 02Actively managed, not rules-on-rails: a manager runs the option ladder with a stated goal of damping volatility on Nasdaq-100 exposure.
  3. 03Fee sits at the middle of its Nasdaq-100 buffer peer group at 0.79%, the same sticker as Innovator's date-locked sibling QBUF.

Worth knowing

  1. 01Cheaper routes to Nasdaq-100 buffering exist in the same cohort: PGIM's dated buffer funds charge 0.50% and Global X's QTR 0.25%.
  2. 02Launched in 2026, so the record is short, and it trades lightly next to the category's household names, which can mean wider spreads.
  3. 03The buffer is a slice, not a floor: roughly 10% to 14% of index declines. Losses past that pass through to shareholders.

NBFR Holdings

As of Sep 22, 2026, 10:01 PM
Asset class
Other
Holdings
57
Top-10 weight
55%
Largest holding
NVDA8.8%

Geography

  • United States96.61%
  • Netherlands1.98%
  • United Kingdom0.93%
  • Canada0.48%
The fund’s holdings, weight-ordered — page 1 of 4.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001NVDANVIDIA Corp8.84%7,352$2M828
002AAPLApple Inc8.40%4,686$2M707
003MSFTMicrosoft Corp7.27%2,741$1M792
004MUMicron Technology Inc5.21%943$984K655
005AMZNAmazon.com Inc5.04%3,689$953K720
006AMDAdvanced Micro Devices Inc4.88%1,500$923K618
007WMTWalmart Inc4.05%7,118$765K462
008METAMeta Platforms Inc3.93%1,002$743K683
009GOOGLAlphabet Inc3.64%1,940$689K704
010TSLATesla Inc3.54%1,781$668K509
011GOOGAlphabet Inc3.43%1,849$649K471
012AVGOBroadcom Inc3.22%1,678$609K732
013INTCIntel Corp3.03%4,703$573K492
014SPCXSpace Exploration Technologies Corp2.99%3,723$565K268
015KLACKLA CORP2.62%2,695$496K506

Showing 1–15 of 51 holdings

NBFR Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

NBFR$10,005
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,415
Jun 22, 2026 to Sep 22, 2026. NBFR $10,005. SPY $10,415. Use the arrow keys to read each point.$9,138$9,843$10,547Jun 2026Aug 2026Sep 2026

Jun 22, 2026 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for NBFR. Periods over one year show the average yearly return.
PeriodNBFR
Year to dateFund launched this year—
1 month+2.7%
3 months+0.1%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for NBFR
YearReturn barNBFR
2026 YTD+7.2%

Since listing, Feb 24, 2026

NBFR in the news

ETF.net Research hasn’t filed on NBFR yet — coverage lands here as it’s written.

NBFR Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Last payment
$0.006 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Irregular

Distribution data unavailable.

Distribution history

2026

One bar per payment. 1 payment in 2026 YTD. Mar 31, 2026 $0.006. Use the arrow keys to read each point.2026YTD
Ex-datePay dateAmount per share
Mar 31, 2026Apr 1, 2026$0.006

NBFR Risk

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Feb 2026; fills in after 12 months
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
—
Launched Feb 2026; fills in after 12 months
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
—
Launched Feb 2026; fills in after 12 months
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.60
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

NBFR Cost

Expense ratio0.79%
  • The middle half of Nasdaq-100 Buffer 9-12% funds
  • Median 0.79%

5 of the 12 Nasdaq-100 Buffer 9-12% funds charge less.

NBFR costs $79.00 a year on $10,000. The median Nasdaq-100 Buffer 9-12% fund costs $79.00.