PBFR

PBFR is a basket of defined outcome buffer ETFs. The fund consists of 12 equity buffer funds, each of which has exposure to SPY's capped gains and 20% buffered losses. PBFR will invest equally in the underlying ETFs, holding one ETF with options expiring within one month, a second ETF with options expiring within two months, a third ETF with options expiring within three months, and so on, until a 12th ETF with options expiring within 12 months. Unlike the underlying equity buffer funds that reset annually on a specific month, PBFR refreshes monthly, with one of the underlying ETFs resetting its cap and refreshing its buffer. This creates a continuous hedge for PBFR regardless of each underlying ETF's outcome period. The approach reduces the timing risks associated with a monthly buffer strategy. Information on the fund exposure to the underlying ETFs and remaining cap and buffer are provided daily on the issuer's website.?