Innovator Equity Managed 10 Buffer ETF (XBFR)

The Innovator Equity Managed 10 Buffer ETF is a defined-outcome exchange-traded fund from Innovator ETFs, the firm known for popularizing buffer ETFs. It trades on NYSE Arca under the ticker XBFR.

The fund uses options on U.S. large-cap equity exposure, linked to the S&P 500, to seek a buffer against roughly the first 10% of losses while allowing participation in gains up to a cap. Unlike Innovator's single-month buffer funds, this managed approach is intended to provide an ongoing buffered exposure without requiring investors to time their purchase around a single annual reset date.

The option positions are managed and rolled on a regular schedule, so the cap and buffer level experienced by an investor depend on the options held at the time of purchase.