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BFRZ vs BUFP

Innovator Equity Managed 100 Buffer ETF

BFRZCNYSE Arca

PGIM Laddered S&P 500 Buffer 12 ETF

BUFPBCboe

Overlap

0.0%by weight

Expense ratio

BUFP −0.39pt a year

BFRZ0.89%BUFP0.50%

Avg volume · 30D

BUFP 1.3×the volume

BFRZ56.2KBUFP72.1K

BFRZ vs BUFP Performance

Oct 31, 2025 – Oct 30, 2026

+0.3%BFRZ+10.7%BUFP

Oct 31, 2025 to Oct 30, 2026. BFRZ +0.3%. BUFP +10.7%. Use the arrow keys to read each point.−2.5%2.5%5%7.5%12.5%Oct 2025Apr 2026Oct 2026
Expense ratio
BFRZ 0.89%
BUFP 0.50%, better
Fund size
BFRZ $144M
BUFP $338M
1Y total return
BFRZ +0.3%
BUFP +10.7%, better
Yield (12M)
BFRZ 0.24%, better
BUFP 0.01%
Holdings
BFRZ 184
BUFP 15
Avg volume (30D)
BFRZ 56.2K sh
BUFP 72.1K sh, better
NAV per share
BFRZ $26.98
BUFP $33.11
52W range

ETF.net Grade

BFRZ: Cost 47, Risk 33, Mission not scored, Tradability 59, Holdings 83, Durability 27. BUFP: Cost 85, Risk 61, Mission not scored, Tradability 48, Holdings 71, Durability 53.
Pillar letters and Scores for BFRZ, BUFP, with each pillar’s weight
PillarBFRZBUFP
Cost30% weightC47A85Higher
Mission25% weightNot scoredNot scored
Risk15% weightD33B61Higher
Tradability15% weightB59HigherC48
Holdings10% weightA83HigherA71
Durability5% weightD27C53Higher

Rank among S&P 500 Laddered Buffer funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. BFRZ and BUFP are both graded against the same 18 S&P 500 Laddered Buffer funds, so their Grades compare head to head.

S&P 500 Laddered Buffer⁠

Category · 18 funds
See all 18 ›

BUFP ranks 1st and BFRZ 11th of 18 funds in the S&P 500 Laddered Buffer Category.

  1. Rank 1BBUFPPGIM Laddered S&P 500 Buffer 12 ETFScore 69
  2. Rank 2BPBFRPGIM Laddered S&P 500 Buffer 20 ETFScore 68
  3. Rank 8CSPBXAllianzIM 6 Month Buffer10 Allocation ETFScore 52
  4. Rank 11CBFRZInnovator Equity Managed 100 Buffer ETFScore 50
  5. Rank 12CBUFZFT Vest Laddered Moderate Buffer ETFScore 48

Our read on each fund

ETF.net Research

BFRZCInnovator Equity Managed 100 Buffer ETF

BUFPBPGIM Laddered S&P 500 Buffer 12 ETF

In short

BFRZ No data

BUFP Most buffer funds make you pick a start month and live with it. BUFP skips the choice: it owns twelve PGIM S&P 500 Buffer 12 ETFs, one per calendar month, so part of the ladder resets on a rolling basis.

Stated mandate

BFRZ No data

BUFP The Fund seeks capital appreciation through U.S. large-cap equity exposure obtained via a laddered portfolio of twelve PGIM US Large-Cap Buffer 12 ETFs. The underlying ETFs seek limited downside protection and capped upside over a specified period, while the Fund itself has no stated buffer.

Why people hold it

BFRZ No data

  • BUFP Twelve underlying buffer ETFs, one for each month, spread the entry point instead of locking everything to a single outcome period and a single cap.pgim.com
  • Each underlying ETF targets a buffer against the first 12% (before fees) of SPY's price-return losses over a one-year period, paired with an upside cap.pgim.com
  • A 0.50% fee sits well under the 0.79% typical of buffer peers, and the package ranks among the stronger implementations in that group.

Worth knowing

BFRZ No data

  • BUFP The wrapper itself has no stated buffer. PGIM notes it likely won't get the full benefit of the underlying buffers, and their caps limit its upside.pgim.com
  • Small and thinly traded, so spreads can run wider than at the category's giants. Matters most on larger orders.
  • Live since 2024, so the record is short. PSFF, the other fund-of-buffer-ETFs in the group, carries a lower fee.

Full BFRZ profile⁠

Full BUFP profile⁠

BFRZ vs BUFP Holdings

How BFRZ and BUFP differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of BFRZ and 0.0% of BUFP.

Level by level

  • Holdings0 in both0.0%
  • Countryby domicile98.5%
  • Asset classAlternatives100%

Sector

No Sector split for BFRZ.

Country, concentration and asset class

Country by domicile

Country weights in BFRZ and BUFP, widest gap first
CountryMore in BFRZMore in BUFP
United StatesBUFP +1.5 points
Other countries (8)BFRZ +1.5 points

Concentration

Weight in the 10 largest Holdings

  • BFRZ37.3%
  • BUFP83.3%

Securities held

  • BFRZ183
  • BUFP13

Asset class

BFRZ
Alternatives
BUFP
Alternatives

Holdings

  • Only in BFRZ183
  • In both0
  • Only in BUFP13

Only in BFRZ

183 securities, 100% of BFRZ by weight

  • Apple Inc7.43%
  • NVIDIA Corp6.93%
  • Microsoft Corp5.80%

Only in BUFP

13 securities, 100% of BUFP by weight

  • Pgim S&P 500 Buffer 12 Etf - February8.39%
  • Pgim S&P 500 Buffer 12 Etf - July8.34%
  • Pgim S&P 500 Buffer 12 Etf - November8.33%

Weight gaps

BFRZ and BUFP share no securities.

All 186 BFRZ holdings⁠All BUFP holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

BFRZ vs BUFP Cost

Overpaying BFRZ vs BUFP

$6,893

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • BFRZ 0.89%

    $16,872

  • BUFP 0.50%

    $9,979

$10,000
30 years

Cost over time

  • BFRZ 0.89%
  • BUFP 0.50%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530BFRZ $16,872BUFP $9,979

Year by year

YearBFRZBUFPOverpaying
10$1,576$900$676
20$5,953$3,460$2,493
30$16,872$9,979$6,893

Expense ratio

  • 0.89%BFRZ
  • 0.50%BUFP, cheaper
  • Middle half of S&P 500 Laddered Buffer funds
  • Median 0.89%

BUFP 2nd cheapest of 18 funds

BFRZ 9th cheapest of 18 funds

BFRZ vs BUFP Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
BFRZ 0.24%, better
BUFP 0.01%
Payout (12M)
BFRZ $0.07
BUFP $0.0024
Last payment
BFRZ $0.01
BUFP $0.0024
Ex-dividend
BFRZ Sep 30, 2026
BUFP Dec 30, 2025
Paid on
BFRZ Oct 2, 2026
BUFP Jan 2, 2026
Frequency
BFRZ Quarterly
BUFP Irregular

Distribution history

Per share, 2024 to 2026, same scale for both

BFRZQuarterly · 6 paymentsAll BFRZ payments⁠
One bar per payment. 6 payments from 2024 to 2026 YTD. Jun 30, 2025 $0.01; Sep 30, 2025 $0.02; Dec 31, 2025 $0.02; Mar 31, 2026 $0.02; Jun 30, 2026 $0.02; Sep 30, 2026 $0.01. Use the arrow keys to read each point.$0$0.032026YTD
BUFPIrregular · 2 paymentsAll BUFP payments⁠
One bar per payment. 2 payments from 2024 to 2026 YTD. Dec 27, 2024 $0.0047; Dec 30, 2025 $0.0024. Use the arrow keys to read each point.$0$0.032026YTD

BFRZ vs BUFP Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
BFRZ 4.0%since Jun 2025BUFP 6.0%since Jul 2024
Return per unit of riskSharpe ratio, 3 years
BFRZ 0.33since Jun 2025BUFP 1.21since Jul 2024
Worst fallMax drawdown, 5 years
BFRZ −3.1%since May 2025BUFP −12.0%since Jun 2024
Market sensitivityBeta, 5 years
BFRZ 0.21BUFP 0.50

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