Innovator U.S. Small Cap Managed 10 Buffer ETF (KBFR)

The Innovator U.S. Small Cap Managed 10 Buffer ETF (KBFR) is an actively managed fund from Innovator Capital Management. It seeks to provide exposure to U.S. small-cap stocks, represented by the Russell 2000, while using options to buffer against roughly the first 10% of losses.

Rather than relying on a single fixed annual outcome period like Innovator's monthly series funds, this fund is managed on an ongoing basis, with the adviser establishing and rolling option positions to maintain its buffer and upside cap profile over time.

The strategy uses FLexible EXchange options on small-cap benchmarks, trading some upside potential for partial downside protection. The level of protection and the cap an investor experiences depend on when shares are bought and the option positions in place at that time.