RFLR — Innovator U.S. Small Cap Managed Floor ETF

RFLR Fund Overview

RFLR — Innovator U.S. Small Cap Managed Floor ETF is a US ETF managed by Innovator ETFs Trust, categorised as United States Small Cap Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US ETF
• Manager: Innovator ETFs Trust
• Category: United States Small Cap Blend / Core Equity
• Assets under management: $91.97M
• 1-year return: 26.2%
• Ticker: RFLR
• SEC CIK: 0001415726
• SEC series ID: S000087661
• Share class ID: C000253536

RFLR Investment Objective and Strategy

Innovator U.S. Small Cap Managed Floor ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Innovator ETFs Trust.

Investment objective

The Fund seeks to provide capital appreciation while seeking to limit the amount of losses experienced by investors (prior to taking into account management fees and other fees).

Principal investment strategy

The Fund will invest at least 80% of its net assets (including borrowings for investment purposes) in equity securities of U.S. small capitalization companies and option contracts that give economic exposure to equity securities of U.S. small capitalization companies. The Fund is an actively managed ETF that, under normal market circumstances, seeks to provide capital appreciation through uncapped participation in the small -capitalization U.S. equity markets while limiting the potential for maximum losses. Pursuant to its investment objective, the Fund intends to invest in a diversified portfolio of equity securities (the Equity Portfolio ) that are representative of the Solactive United States 2000 Index ( U.S. Small Cap Equity Index ) together with put and call option contracts (the Options Portfolio ) in an effort to reduce the potential for losses associated with the returns of the U.S.

small capitalization equity market investments. The Funds investment adviser is Innovator Capital Management, LLC ( Innovator or the Adviser ) and the Funds investment sub -adviser is Parametric Portfolio Associates LLC ( Parametric or the Sub -Adviser ). The Sub -Adviser will actively monitor the performance of the portfolio and, as described further below, selectively ladder the Options Portfolio to seek to protect capital. The Fund will not concentrate ( i.e. , holds 25% or more of its total assets) in the securities of a particular industry or group of identified industries, except that the Fund will concentrate to approximately the same extent as the U.S. Small Cap Equity Index concentrates in the securities of a particular industry or group of industries. The Fund is classified as a non -diversified company under the Investment Company Act of 1940, as amended (the 1940 Act ).

As further described below, the Funds principal investment strategy seeks to implement the following: U.S. Small Capitalization Companies Exposure: The Fund invests its net assets in certain U.S. small capitalization companies that are included in the U.S. Small Cap Equity Index. See Equity Portfolio below for additional information. Investment Floors: The Fund seeks to provide a series of floors that each limit losses to 10% of Russell 2000 Index ( Russell 2000 ) losses, as measured at the end of one -year periods and prior to taking into account the Funds annual management fee and other fees. The implementation of the floors are not guaranteed. See Hedging StrategyOptions Portfolio below for additional information. Laddered Options Strategy: The Fund implements a laddering approach such that the Fund staggers its Options Portfolio, and therefore the sought -after protection of the floors.

The Fund ladders the investment floors by purchasing put option contracts with a one -year duration that have staggered expiration dates of three -months . In addition, the Fund sells short -dated (i.e., two -weeks ) call option contracts that expire every three to four calendar days used to fund the purchased put option contracts. The Funds option strategy may cause the Fund to forego a portion of any upside returns of the Equity Portfolio. See Hedging StrategyOptions Portfolio Laddering below for additional information. Equity Portfolio The Sub -Adviser expects, under normal market circumstances, to invest the Funds net assets in equity securities of companies that comprise the U.S. Small Cap Equity Index through the implementation of a representative sampling strategy. The U.S. Small Cap Equity Index is a free float capitalization -weighted index of equity securities issued by the largest 1001 to 3000 companies from the United States stock market.

The U.S. Small Cap Equity Index is calculated as a price return index in USD and reconstituted quarterly. As of the date of this prospectus, the U.S. Small Cap Equity Index was comprised of securities of issuers with a market capitalization range of approximately $24.8 million to $9.5 billion. Through representative sampling, the Equity Portfolio is not expected to include each of the common stocks of the companies that comprise the U.S. Small Cap Equity Index and the Funds position in an individual stock may be overweight or underweight as compared to the U.S. Small Cap Equity Index. The Sub -Adviser intends to limit the portfolio overlap between its investments that comprise the Equity Portfolio and the underlying constituents of the Options Portfolio reference assets (as described further below) to less than 70% on an ongoing basis in an effort to avoid being subject to the straddle rules under federal income tax law (see Dividends, Distributions and TaxesTaxesTreatment of the Funds Options Contracts for additional information regarding the straddle rules).

However, the Sub -Adviser will seek to adjust the Funds investment weightings of the securities in the Equity Portfolio so as to provide the Fund investment returns that are substantially similar to the U.S. Small Cap Equity Index. Through this optimization of the U.S. Small Cap Equity Index, the Equity Portfolio is not expected to hold each of the constituents of the U.S. Small Cap Equity Index and the Funds position in those common stocks held in the Equity Portfolio may be overweight or underweight as compared to the U.S. Small Cap Equity Indexs weighting. The Fund expects that dividends received from its investment in equity securities that comprise the U.S. Small Cap Equity Index will be distributed to shareholders on a quarterly basis. Hedging Strategy Options Portfolio The Sub -Adviser will seek to provide floors against significant losses in the Equity Portfolio by systematically purchasing and selling exchange -traded option contracts.

In general, an option contract is an agreement between a buyer and a seller that gives the purchaser of the option the right to purchase or sell the underlying asset (or deliver cash equal to the value of an underlying index) at a specified price (strike price) within a specified time period. As further described below ( see Principal Investment StrategiesHedging StrategyOptions Portfolio Laddering), the Sub -Adviser will ladder the Funds option contracts exposure by investing in four distinct protective put option contracts with expiration dates approximately three months apart. In addition, the Sub -Adviser will ladder short -dated (approximately two weeks) sold call option contracts with expiration dates of approximately 3 -4 calendar days apart. The Fund implements this laddered approach to help offset the timing risks inherent in a single reset and roll date.

The Sub -Adviser will seek to construct the Options Portfolio contracts with investment exposure that is substantially the same as the Equity Portfolio. In this regard, the Sub -Adviser expects each Options Portfolio to be comprised of exchange -traded put and call option contracts that reference the price return ( i.e. , the changes in the price of a specified asset, excluding any dividends paid) of the Russell 2000, including exchange -traded option contracts on the Russell 2000 Price Return Index ( RTY ), and on ETFs that seek to replicate the performance of the Russell 2000, respectively. The Sub -Adviser will manage the Options Portfolio to provide exposure to: (i) purchased put option contracts with a strike price of approximately 90% of the then -current value of the Russell 2000 and an expiration date of approximately one -year .

Purchased put option contracts give the holder the right, but not the obligation, to sell a specified amount of the reference asset at the strike price at a specified date. The purchased put option contracts are designed to provide the sought -after protection provided by the Options Portfolio at the expiration of the option contracts, however such protection is not guaranteed. The Sub -Adviser expects the Funds purchased put option contracts will provide exposure to the iShares Russell 2000 ETF, an ETF that seeks to replicate the performance of the Russell 2000; and (ii) sold short -dated call option contracts, which have an expiration date of approximately two weeks at initiation. Sold call option contracts sell to a counter party, in exchange for a premium received, the right to purchase the reference asset from the seller at a predetermined price at a specified date.

The Fund seeks to use returns derived from collecting premiums from the sold call option contracts to pay the costs to the Fund of the purchased put option contracts and to make investments in the Equity Portfolio. The Fund will forego upside returns of the Equity Portfolio beyond the level of the strike price of each sold call option. The Fund seeks to participate in approximately 70% to 80% of the annual returns of the U.S. Small Cap Equity Index as a result of the implementation of the Funds sold option contracts, which is not guaranteed. The Sub -Adviser expects the Funds sold call option contracts will provide exposure to RTY. While the Sub -Adviser will seek to construct the Options Portfolio contracts with substantially similar investment exposure to the Equity Portfolio, any differences between the return of the Equity Portfolio versus that of the Russell 2000 may cause investors to not receive the full benefit of the Funds sought -after floor, which is not guaranteed.

Additionally, the sought -after floors are provided based on the Funds net asset value ( NAV ) on the day the respective put option contract is entered into for the respective floor, however the Funds shares trade at market prices on the Exchange. To the extent there is a discrepancy between the Funds NAV and market price when an investor buys or sells Shares, or when a put option contract expires, it may impact the sought -after floor such investor receives. Please note that each 10% floor will be fully in effect only at the expiration of the respective put option contract, and to the extent an investor purchases or sells Shares after the put option contract is entered into or before it expires, such investor may not receive the full sought -after protection provided by the floor. Specifically, in light of the laddered put option contracts utilized to implement the 10% floor, the Fund targets an annual maximum loss of approximately 8% to 12%, which is not guaranteed.

The Funds NAV is dependent, in part, on the value of the Options Portfolio, which is based principally upon the performance of Russell 2000. The value of the option contracts in the Options Portfolio is affected by changes in the value and dividend rates of the securities represented in the Russell 2000 underlying the option contract, changes in interest rates, changes in the actual or perceived volatility of the Russell 2000 and the remaining time to the option contracts expiration date, as well as trading conditions in the options market. As the price of Russell 2000 changes and time moves towards the expiration date, the value of the option contracts, and therefore the Funds NAV, will change. However, it is not expected for the Funds NAV to directly correlate on a day -to-day basis with the returns of the Russell 2000.

The amount of time remaining until each option contracts expiration date affects the impact of the floor on the Funds NAV. Therefore, while changes in the price of the Russell 2000 will result in changes to the Funds NAV, the Sub -Adviser generally anticipates that the rate of change in the Funds NAV will be less than that experienced by Russell 2000. Equity Portfolio Floors The Funds purchased put option contract strategy seeks to reduce the risks associated with typical long -only equity strategies by providing investors with the potential for downside protection against significant declines in the Equity Portfolio. The Options Portfolio is structured to seek to provide the Fund with 10% floors ( i.e. , a maximum loss of 10%) that are implemented on a quarterly basis against Equity Portfolio losses over the term of the specific put option contract.

RFLR Holdings

Top 10 holdings of Innovator U.S. Small Cap Managed Floor ETF by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all RFLR holdings

RFLR Portfolio Allocation

Asset-class allocation of Innovator U.S. Small Cap Managed Floor ETF by percentage of net assets, from the latest SEC N-PORT filing.

RFLR Performance

Total returns for RFLR (as of 2026-10-01), from SEC filings.

RFLR Risk Information

Risk metrics for RFLR, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 8.5%

RFLR Costs and Fees

RFLR costs about $89 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.89%
• Gross expense ratio: 0.89%
• Portfolio turnover: 32%
• Brokerage commissions: 6.54 bps of average net assets (SEC N-CEN)

RFLR Cashflows

Over the 12 months to 2026-07, Innovator U.S. Small Cap Managed Floor ETF had net inflows of $58.72M, from monthly SEC N-PORT filings.

RFLR Debt Constituents

No individual debt constituents are reported in Innovator U.S. Small Cap Managed Floor ETF's latest SEC N-PORT filing.

RFLR Prospectus and SEC Filings

Official Innovator U.S. Small Cap Managed Floor ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2026-02-27
• Prospectus (485BPOS) — filed 2025-02-28
• Prospectus supplement (497) — filed 2024-09-17
• Portfolio holdings (N-PORT) — filed 2026-09-28
• Portfolio holdings (N-PORT) — filed 2026-06-26
• Portfolio holdings (N-PORT) — filed 2026-03-27
• Annual census (N-CEN) — filed 2026-01-13
• Annual census (N-CEN) — filed 2025-01-15

Related Funds

Other United States Small Cap Blend / Core Equity funds tracked on ABC INVEST:

• iShares Core S&P Small-Cap ETF (IJR)
• iShares Russell 2000 ETF (IWM)
• Fidelity Small Cap Index Fund (FSSNX)
• Schwab U.S. Small-Cap ETF (SCHA)
• U.s. Small Cap Portfolio (DFSTX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.