ProShares S&P 500 Dynamic Buffer ETF

Frequently Asked Questions About FB

What does FB invest in?

FB is a passively managed fund that aims to provide exposure to the S&P 500 Index while utilizing an options strategy that seeks to deliver capped gains and a buffer against the first 1%-5% of S&P 500s loss each day. Particularly, the fund takes a long position in the S&P 500 Index along with three different S&P 500 Index options that have one day to expiration. First, the fund purchases and sells put options to measure the performance of approximately at-the-money and out-of-the-money S&P 500 Index put options, respectively. These put options create and limit the size of the buffer. Then, the fund writes out-of-the-money call options to create a cap on the upside participation in the S&P 500 Index returns. Both the cap and the buffer vary each day based on expected volatility. The fund will not directly write or purchase options but instead will obtain exposure to the indexs options component through swap agreements. The index rebalances and reconstitutes daily.

What is the expense ratio of FB?

ProShares S&P 500 Dynamic Buffer ETF (FB) charges an expense ratio of 0.58%. This is the annual fee deducted from fund assets to cover management and operations.

How big is FB?

ProShares S&P 500 Dynamic Buffer ETF (FB) manages $4.1M in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure. Funds below ~$50M are at higher risk of liquidation.

Is FB actively managed or an index fund?

FB's management style is described in the fund's prospectus. See the description on the Summary tab for the published strategy.

When was FB launched?

ProShares S&P 500 Dynamic Buffer ETF (FB) launched in June 2025 and is managed by ProShares.

How has FB performed?

FB's total return (price change plus reinvested distributions) is charted at the top of this page. Switch the price chart to Total Return and pick a 1-year, 3-year, 5-year, or 10-year window to read the compound annual growth rate (CAGR) over each horizon.