FB vs SWAN

FBCProShares S&P 500 Dynamic Buffer ETF

SWANBAmplify BlackSwan Growth & Treasury Core ETF

In short

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.

SWAN The buffer fund that isn't one. Rather than a yearly reset and a capped ceiling, SWAN holds roughly 90% U.S. Treasuries and spends the other 10% on in-the-money S&P 500 call options, aiming for uncapped index exposure with a bond core underneath.

Stated mandate

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.

SWAN The fund seeks to track the S-Network BlackSwan Core Index while pursuing uncapped S&P 500 exposure and buffering against significant losses. Its strategy uses approximately 90% U.S. Treasury securities and 10% SPY in-the-money call options.

Why people hold it

• 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.

• SWAN Cheapest in its peer group at 0.49%, against a 0.79% median for buffer-style rivals such as BAPR (0.79%) and BUFR (0.95%).
• No ceiling on gains. Defined-outcome funds sell away upside above a cap; SWAN's in-the-money SPY calls are built to leave the index climb uncapped.amplifyetfs.com
• No outcome period to track: no annual reset date, no entry-timing math, no cap that expires and resets.amplifyetfs.com
• Running the same recipe since 2018, through live market stress rather than backtests, and it stands among the stronger builds in its peer group.

Worth knowing

• 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.

• SWAN The cushion isn't a stated number. Unlike a named-depth buffer fund (FEBT, DMAX), SWAN's downside comes from Treasuries plus option value, so it moves with markets.amplifyetfs.com
• About 90% of the portfolio is Treasuries, so interest-rate moves drive results as much as the S&P 500 does.amplifyetfs.com
• A small, thinly traded fund, so bid-ask spreads deserve more attention than with the giant buffer names.

Full FB profile⁠

Full SWAN profile⁠