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BFRZ vs IVVM

Innovator Equity Managed 100 Buffer ETF

BFRZCNYSE Arca

iShares Large Cap Moderate Quarterly Laddered ETF

IVVMBCboe

Overlap

Expense ratio

IVVM −0.39pt a year

BFRZ0.89%IVVM0.50%

Avg volume · 30D

BFRZ 1.9×the volume

BFRZ56.2KIVVM29.2K

BFRZ vs IVVM Performance

Oct 31, 2025 – Oct 30, 2026

+0.3%BFRZ+9.3%IVVM

Oct 31, 2025 to Oct 30, 2026. BFRZ +0.3%. IVVM +9.3%. Use the arrow keys to read each point.−2.5%2.5%5%7.5%Oct 2025Apr 2026Oct 2026
Expense ratio
BFRZ 0.89%
IVVM 0.50%, better
Fund size
BFRZ $144M
IVVM $198M
1Y total return
BFRZ +0.3%
IVVM +9.3%, better
Yield (12M)
BFRZ 0.24%
IVVM 0.63%, better
Holdings
BFRZ 184
IVVM 6
Avg volume (30D)
BFRZ 56.2K sh, better
IVVM 29.2K sh
NAV per share
BFRZ $26.98
IVVM $37.59
52W range

ETF.net Grade

BFRZ: Cost 47, Risk 33, Mission not scored, Tradability 59, Holdings 83, Durability 27. IVVM: Cost 85, Risk 34, Mission not scored, Tradability 71, Holdings 36, Durability 69.
Pillar letters and Scores for BFRZ, IVVM, with each pillar’s weight
PillarBFRZIVVM
Cost30% weightC47A85Higher
Mission25% weightNot scoredNot scored
Risk15% weightD33D34Higher
Tradability15% weightB59A71Higher
Holdings10% weightA83HigherD36
Durability5% weightD27B69Higher

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 IVVM 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 ›

IVVM ranks 4th 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 3BALDBAptus Laddered Deep Buffer ETFScore 65
  4. Rank 4BIVVMiShares Large Cap Moderate Quarterly Laddered ETFScore 64
  5. Rank 5BBUFFInnovator Laddered Allocation Power Buffer ETFScore 58
  6. Rank 8CSPBXAllianzIM 6 Month Buffer10 Allocation ETFScore 52
  7. Rank 11CBFRZInnovator Equity Managed 100 Buffer ETFScore 50
  8. Rank 12CBUFZFT Vest Laddered Moderate Buffer ETFScore 48

Our read on each fund

ETF.net Research

BFRZCInnovator Equity Managed 100 Buffer ETF

IVVMBiShares Large Cap Moderate Quarterly Laddered ETF

In short

BFRZ No data

IVVM Most buffer funds make you pick a start date. IVVM runs overlapping three-month tranches on IVV, each cushioning roughly the first 5% of losses in exchange for a cap, so no single reset date decides everything.

Stated mandate

BFRZ No data

IVVM The fund seeks exposure to large-cap U.S. equities while using staggered-maturity buffers to protect approximately the first 5% of losses. It accepts limited upside and uses the laddered structure to reduce timing risk.

Why people hold it

BFRZ No data

  • IVVM 0.50% net of a waiver through June 30, 2028 (0.53% gross), below the category median and well under Innovator's laddered Power Buffer fund BUFF at 0.89%.ishares.com
  • Staggered tranches of roughly three-month FLEX options, rolling on a rhythm, spread out the entry-point risk that single-period buffer funds carry.ishares.com
  • Born in 2023 as a plain quarterly buffer fund, rebuilt as a ladder in October 2025, and one of the stronger builds in its laddered-buffer peer group.sec.gov
  • The reference asset is BlackRock's own S&P 500 workhorse, IVV, inside a standard 1940 Act ETF wrapper that trades all day on an exchange.sec.gov

Worth knowing

BFRZ No data

  • IVVM Each tranche caps the upside, and caps are reset at every roll, so a hot S&P 500 stretch leaves the fund behind plain index exposure.ishares.com
  • The cushion is thin by design: approximately the first 5% of losses per tranche, with declines past that borne in full, and fund fees come off the top.sec.gov
  • Exposure follows IVV's share price, not its dividends, and the fund trades thinly on a modest asset base, so spreads can run wider than on index giants.sec.gov

Full BFRZ profile⁠

Full IVVM profile⁠

BFRZ vs IVVM 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 IVVM Cost

Overpaying BFRZ vs IVVM

$6,893

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

  • BFRZ 0.89%

    $16,872

  • IVVM 0.50%

    $9,979

$10,000
30 years

Cost over time

  • BFRZ 0.89%
  • IVVM 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 $16,872IVVM $9,979

Year by year

YearBFRZIVVMOverpaying
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%IVVM, cheaper
  • Middle half of S&P 500 Laddered Buffer funds
  • Median 0.89%

IVVM 2nd cheapest of 18 funds

BFRZ 9th cheapest of 18 funds

BFRZ vs IVVM Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
BFRZ 0.24%
IVVM 0.63%, better
Payout (12M)
BFRZ $0.07
IVVM $0.24
Last payment
BFRZ $0.01
IVVM $0.24
Ex-dividend
BFRZ Sep 30, 2026
IVVM Dec 23, 2025
Paid on
BFRZ Oct 2, 2026
IVVM Dec 29, 2025
Frequency
BFRZ Quarterly
IVVM Annual

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$0.252026YTD
IVVMAnnual · 2 paymentsAll IVVM payments⁠
One bar per payment. 2 payments from 2024 to 2026 YTD. Dec 30, 2024 $0.19; Dec 23, 2025 $0.24. Use the arrow keys to read each point.$0$0.252026YTD

BFRZ vs IVVM 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 2025IVVM 6.5%
Return per unit of riskSharpe ratio, 3 years
BFRZ 0.33since Jun 2025IVVM 1.56
Worst fallMax drawdown, 5 years
BFRZ −3.1%since May 2025IVVM −11.6%since Jun 2023
Market sensitivityBeta, 5 years
BFRZ 0.21IVVM 0.52

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