DHSB vs FB

DHSBDDay Hagan Smart Buffer ETF

FBCProShares S&P 500 Dynamic Buffer ETF

In short

DHSB A buffer fund without a calendar. Day Hagan owns U.S. equity ETFs and stocks, sells calls against them, and spends the premium on puts, with the manager free to reset the buffer and cap as markets move.

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

DHSB The Fund seeks long-term capital appreciation and preservation of capital. It is an actively managed ETF that primarily uses U.S.-listed ETFs and equity securities tied to broad U.S. equity indexes, while using options to generate income and hedge losses.

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

• DHSB The buffer and cap aren't locked to a set outcome period: the advisor can reset them at any time, at its discretion, based on market conditions and its risk objectives.sec.gov
• Holds U.S. equity ETFs and stocks outright, writes calls on up to 100% of each position, and uses part of that premium to buy puts or put spreads.sec.gov
• Current buffer and cap levels are posted daily on the fund's website, so the trade-off in place is visible rather than guesswork.sec.gov

• 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

• DHSB Costs 0.82% with no fee waiver, above the category median and above peers such as HJUN at 0.30% and SWAN at 0.49%.
• Protection isn't fixed: the buffer's size shifts as holdings and options move, the overlay can be adjusted or suspended, and the prospectus notes no assurance it works as sought.sec.gov
• Launched February 2025, non-diversified, and one of the smaller, less-traded funds in its peer group, so there's limited track record to judge.sec.gov

• 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 DHSB profile⁠

Full FB profile⁠