PROSHARES S&P 500 DYNAMIC BUFFER ETF

FB employs a patent-pending process that aims to provide upside participation in the S&P 500 up to a daily cap, with a buffer designed to protect against the first 1% to as much as 5% of any loss each day. Both the cap and the targeted protection of the buffer adjust proportionally—the higher the expected volatility, the higher the cap and the larger the buffer.