Innovator U.S. Small Cap Managed Floor ETF
RFLR
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- Innovator U.S. Small Cap Managed Floor ETF (RFLR) is an actively managed exchange-traded fund that seeks to provide risk-managed exposure to U.S. small capitalization equities represented by the Solactive United States 2000 Index while targeting participation in 70% to 80% of the upside appreciation and limiting potential maximum losses to approximately 8-12% on a rolling 12-month basis through a laddered options overlay. The fund invests at least 80% of its net assets in a diversified portfolio of small-cap equity securities and FLEX options packages, including four one-year put and call option contracts with staggered three-month expiration dates, sub-advised by Parametric; it holds over 1,200 securities, with top holdings including cash equivalents, options on the iShares Russell 2000 ETF, and individual small-cap stocks such as Advanced Energy Industries and Rigetti Computing. Issued by Innovator Capital Management, LLC, a pioneer in Defined Outcome ETFs headquartered in Wheaton, Illinois and founded in 2017 by Bruce Bond and John Southard, RFLR operates primarily in U.S. developed markets and targets investors seeking buffered small-cap equity participation amid volatility. Launched on September 17, 2024, as part of Innovator's expanding Equity Managed Floor ETF suite alongside large-cap (SFLR) and Nasdaq-100 (QFLR) counterparts, RFLR represents a recent strategic addition to address heightened investor interest in small-cap allocations with downside protection following market rotations and summer volatility. In late November 2025, Innovator further broadened its Managed Floor offerings with the launch of the Innovator International Developed Equity Managed Floor ETF (IFLR), marking the first international extension of the strategy. Most significantly, in December 2025, Goldman Sachs agreed to acquire Innovator Capital Management for approximately $2 billion in a cash-and-equity deal expected to close in Q2 2026, integrating Innovator's 159 defined outcome ETFs and over $28 billion in assets under management into Goldman Sachs Asset & Wealth Management to enhance its active ETF capabilities and global lineup exceeding 215 strategies and $75 billion in assets. This transaction, alongside Innovator's prior 2024-2025 product expansions such as additional 100% Buffer and Power Buffer ETFs, underscores the firm's rapid growth in risk-managed equity solutions.