ETF Evaluator: Proshares S&P 500 Dynamic Buffer ETF (FB) Follow This ETF

Proshares S&P 500 Dynamic Buffer ETF Overview

Proshares S&P 500 Dynamic Buffer ETF (FB) is a passively managed Nontraditional Equity Defined Outcome exchange-traded fund (ETF). ProShares launched the ETF in 2025.

The investment seeks investment results, before fees and expenses, that track the performance of the S&P 500 Daily Dynamic Buffer Index. The index measures the performance of this Dynamic Buffer Strategy based on the S&P 500 Index using a long position in the S&P 500 Index along with three different S&P 500 Index options that have one day to expiration. Under normal circumstances, the fund will invest at least 80% of its total assets in components of the index or in instruments with similar economic characteristics. The fund is non-diversified.

About Proshares S&P 500 Dynamic Buffer ETF (FB)

There are 2 members of the management team with an average tenure of 1.02 years: Michael Neches (2025) and Devin Sullivan (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.

The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and S&P 500 Daily Dynamic Buffer TR USD index with a weighting of 100%. Proshares S&P 500 Dynamic Buffer ETF has 516 securities in its portfolio. The top 10 holdings constitute 119.7% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.

Proshares S&P 500 Dynamic Buffer ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. Proshares S&P 500 Dynamic Buffer ETF has 0.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 172.2% There is 0.6% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Proshares S&P 500 Dynamic Buffer ETF has -75.8% of the portfolio in cash.

Assets Under Management

The fund has $1 million in total assets, which is below the $185 million average for the Defined Outcome category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

FB Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Proshares S&P 500 Dynamic Buffer ETF expense ratio is average compared to funds in the Defined Outcome category. Proshares S&P 500 Dynamic Buffer ETF has an expense ratio of 0.58%, which is 20% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Proshares S&P 500 Dynamic Buffer ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 3% for the Defined Outcome category.

Recently, in the month of June 2026, Proshares S&P 500 Dynamic Buffer ETF returned 0.3%, which earned it a grade of B, as the Defined Outcome category had an average return of 0.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.

Proshares S&P 500 Dynamic Buffer ETF has a trailing yield of 2.00%, which is above the 0.48% category average. The fund normally distributes its income annually and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

Proshares S&P 500 Dynamic Buffer ETF Grades

Year to date, the ETF has returned 6.5%, 0.9 percentage points better than the category, which translates into a grade of B. The fund has returned 12.2% over the past year (grade of C).

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