BSTP vs FB

BSTPDInnovator Buffer Step-Up Strategy ETF

FBCProShares S&P 500 Dynamic Buffer ETF

In short

BSTP Most buffer ETFs freeze your cap and buffer for a full year. BSTP is the active version: FLEX options on SPY that the manager can reset monthly, so the terms follow the market rather than a calendar.

FB Most buffer ETFs lock you into a 12-month outcome period. FB resets daily, using one-day S&P 500 options to set a fresh cap and cushion sized to what the market expects volatility to be.

Stated mandate

BSTP BSTP seeks risk-managed exposure to SPY through FLEX options and may invest directly in SPY or its components. It actively monitors and may reset the options portfolio monthly, seeking participation in SPY returns with an upside limit and protection against a measure of downside loss.

FB The fund seeks participation in S&P 500 gains while mitigating daily losses and reducing volatility. It uses long exposure and one-day options on the index; daily upside caps and downside buffers are adjusted according to expected market volatility.

Why people hold it

• BSTP No 12-month lock. The manager monitors the options book and can reset it monthly, seeking SPY participation with a limit on the upside and protection against a measure of downside loss.
• The step-up design lets the options be re-struck as SPY moves, instead of leaving the fund anchored to a reference level set at the start of a long outcome period.
• One ticker, no calendar to babysit: the resetting happens inside the fund, which can also hold SPY or its underlying stocks directly alongside the options.
• Live since 2022, so the strategy has run through real market stress rather than a backtest.

• FB The reset is daily, not annual. One-day options set a new upside cap and downside buffer each session, so there's no waiting out a year-long period to start over.proshares.com
• Cap and buffer flex with expected volatility instead of being fixed for a year, tightening or widening as conditions change.proshares.com
• At 0.58%, it undercuts the typical buffer fund's fee, including BUFR at 0.95% and BAPR at 0.79%.
• Plain plumbing under the hood: long S&P 500 exposure plus index options, with quarterly distributions.

Worth knowing

• BSTP The 0.89% expense ratio sits at the pricier end of SPY buffer funds. Innovator's dated series on the same reference, such as PMAY, lists 0.79%.
• Thinly traded, so bid-ask spreads can run wider than in the largest buffer names.
• Flexibility cuts both ways: with terms able to change at each reset, the cap and buffer in force aren't readable off a calendar and need checking against the fund's posted terms.

• FB Daily buffers cushion daily moves. A slow grind lower over many sessions can still add up, since each day's protection applies only to that day.proshares.com
• Launched in 2025, so the record is short and hasn't been tested across different market regimes.
• Small and lightly traded compared with established buffer funds, which can mean wider bid-ask spreads at the point of trade.

Full BSTP profile⁠

Full FB profile⁠