Innovator Nasdaq-100 Managed 10 Buffer ETF (NBFR) is an exchange-traded fund managed by Innovator Investments, LLC, which seeks to provide investment results that match the price return of the Nasdaq-100 Index, up to a cap, while offering a 10% buffer against losses over a defined outcome period, typically one year. The fund employs a laddered strategy utilizing FLEX Options on the Nasdaq-100 Index to achieve its targeted buffer level and outcome period cap, with holdings including U.S. Treasury bills and cash equivalents for collateral; it is part of Innovator's broader suite of Defined Outcome ETFs, including similar buffer and accelerator products across major indices like the S&P 500 and Nasdaq-100 in various buffer levels (9%-30%) and outcome periods. Innovator Investments, headquartered in Chicago, Illinois and founded in 2016, operates as an independent ETF provider focused on structured outcome investment solutions for retail and institutional investors, with products distributed globally through broker-dealers and platforms in North America, Europe, and Asia. Recent developments include the launch of additional buffer ETF series in 2025 expanding the managed buffer range, a strategic partnership with a major options exchange provider to enhance FLEX Options liquidity announced in late 2024, and the introduction of quarterly reset buffer products in early 2025 to improve investor flexibility amid rising market volatility.