Innovator Equity Managed 100 Buffer ETF (BFRZ)

The Innovator Equity Managed 100 Buffer ETF (BFRZ) is an options-based fund from Innovator ETFs, the Wheaton, Illinois-based firm that pioneered defined-outcome buffer ETFs.

The fund seeks to provide exposure to U.S. large-cap equities while using options to create a buffer intended to protect against a very large share of losses, referenced as 100 in its name, in exchange for a limit on upside participation. Unlike Innovator's traditional buffer funds, which lock in terms for a fixed outcome period, a managed buffer approach rolls and adjusts its option positions on an ongoing basis.

This structure aims to offer a smoother, more defensive form of equity exposure. The specific reference asset, how the protection is applied over time and the conditions under which it may not hold are detailed in the fund's prospectus.