비스타쉐어즈 Shield™ Nasdaq-100 Enhanced Protection ETF

QQQB is the VistaShares Shield™ Nasdaq-100 Enhanced Protection ETF, a Nasdaq-100 monthly buffer ETF listed on Nasdaq. It obtains exposure to the Nasdaq-100 Index, initially through QQQ, using FLEX options held against US Treasury collateral. Under current market conditions, QQQB seeks to offset the first 8% of losses in each monthly period and to experience about 50% of further losses in that period, with partial upside participation that is not capped. The buffer is intended to reduce, but not eliminate, losses.

QQQB’s fund page states: “The VistaShares Shield™ Nasdaq-100 Enhanced Protection ETF (QQQB) gives investors exposure to US growth and technology leaders with the deeper drawdowns cushioned.” Under current market conditions it seeks to absorb 100% of the first 8% of losses in each monthly period and then approximately half of any further decline in that period, while participating partially, with no cap, when the Nasdaq-100 rises.

QQQB holds FLEX options that reference QQQ, the underlying ETF through which it initially obtains Nasdaq-100 exposure, along with US Treasury securities held as collateral. Because the Nasdaq-100 is weighted toward technology, those options give QQQB significant technology sector exposure. The options are reset and rebalanced at the end of every month. The fund page lists the full holdings, updated daily.

QQQB is not designed to match the Nasdaq-100’s return. When QQQ falls in a month, QQQB seeks to offset the first 8% and about half of further losses; when QQQ rises, QQQB participates in only part of the gain. Its returns are therefore expected to differ from the index’s, at times by a wide margin, in both directions.

QQQB is advised by VistaShares Advisors LLC. The VistaShares Investment Committee runs the portfolio, including the monthly roll of its FLEX options on QQQ and the Treasury collateral behind them. See VistaShares에 관하여 for more on the team. QQQB’s prospectus, on the fund page, sets out the Fund’s management arrangements.

Yes. QQQB’s holdings are actively monitored, and its options positions are reviewed and rebalanced each month. The Fund’s results depend on how successfully the strategy is implemented, so QQQB is subject to active management risk and may not meet its investment objective. Investments involve risk, including possible loss of principal.

QQQB pairs FLEX options on QQQ with US Treasury collateral to seek a monthly buffer on Nasdaq-100 exposure. Each month it holds approximately one-month options which, under current market conditions, seek to absorb the first 8% of QQQ’s losses in that period and about half of further losses. The option premiums and Treasury interest income set how much of any Nasdaq-100 rise QQQB can participate in that month.

QQQB’s buffer works in two layers inside each monthly period: it seeks to absorb 100% of the first 8% of losses, then to have the Fund experience approximately 50% of losses beyond that. Both levels are sought under current market conditions when each month’s options are set. The buffer is intended to reduce, but not eliminate, the impact of QQQ’s negative returns, and it may not be achieved. The buffer is measured from QQQ’s value at the start of each monthly period. See our guide to how buffer ETFs work.

If QQQ’s loss in a monthly period goes beyond 8%, QQQB seeks to experience about half of the additional decline. A conventional buffer generally stops absorbing losses once its buffer level is exhausted; QQQB’s second layer keeps sharing the decline for the rest of that month. For an index that can have sharp monthly declines, this second layer applies to the part of a large drop that a conventional buffer would pass through in full.

For losses beyond 8% in a monthly period, QQQB seeks to experience about half of each additional percentage point that QQQ loses. Hypothetically, if QQQ fell 6% beyond the buffer level, QQQB would be expected to fall about 3%, before fees and expenses. The 50% figure is approximate, applies within each month and is not guaranteed.

No. QQQB has no structural cap, so there is no ceiling on how much of a strong Nasdaq-100 month it can participate in. Instead of a cap, its participation is partial, with the share of QQQ’s rise set each month by what option premiums and interest income will buy. See our guide to what drives a buffer ETF’s cap.

FLEX options are exchange-listed options whose terms, such as strike price and expiration date, can be customized. QQQB uses FLEX options on QQQ to set each month’s buffer and upside participation. FLEX options may be less liquid than standardized listed options, and in less liquid markets QQQB may have difficulty closing positions at desired prices, which could affect its ability to pursue its objective.

QQQB’s US Treasury securities serve as collateral for its FLEX options. Their interest income, together with option premiums, helps set how much upside participation QQQB can buy each month. Holding Treasuries does not remove QQQB’s exposure to Nasdaq-100 losses beyond the buffer or to the other risks described in its prospectus.

QQQB’s monthly upside participation depends partly on the interest income from its Treasury collateral, so a change in interest rates can change how much of a Nasdaq-100 rise the Fund can buy each month. Rates also feed into option prices, which affects the cost of each month’s buffer.

Option prices move with actual and implied volatility, so changes in Nasdaq-100 volatility change the cost of QQQB’s options at each monthly reset. That changes what option premiums and interest income can buy, including the Fund’s upside participation for the month. Volatile option prices can also cause substantial losses on individual option positions.

At each month’s end, QQQB’s approximately one-month options expire or are closed and replaced with new ones on terms set by market conditions at that time, a practice called rolling. The next month’s buffer and upside participation then apply. If the expiring options do not generate enough proceeds to cover the new contracts, QQQB may experience losses.

Yes. QQQB’s buffer covers each monthly period on its own. Absorbed losses do not carry forward, and unused buffer does not accumulate. In a run of down months, QQQB can lose money in each month in which QQQ falls more than 8%, and those losses compound. Each monthly period starts when the options are reset and rebalanced at the end of the prior month. See our guide to annual vs monthly outcome periods.

Hypothetical illustration only, not a forecast or a representation of actual results. A 6% fall in QQQ over a full monthly period is inside QQQB’s 8% buffer, so the design would seek to offset the loss entirely, before fees and expenses. The same applies to any monthly decline of up to 8%. Actual results will differ, depending on market conditions when the options are set, when shares are bought or sold, and fees and expenses.

Hypothetical illustration only, not a forecast or a representation of actual results. If QQQ fell 14% over a full monthly period, QQQB’s design would seek to offset the first 8% and to experience about half of the remaining 6%, a loss of about 3% before fees and expenses. Actual results will differ, depending on market conditions when the options are set, when shares are bought or sold, and fees and expenses.

Hypothetical illustration only, not a forecast or a representation of actual results. If QQQ fell 25% over a full monthly period, QQQB’s design would seek to offset the first 8% and to experience about half of the remaining 17%, a loss of about 8.5% before fees and expenses. A severe month still produces a meaningful loss, and the buffer may not be achieved. Actual results will differ.

Hypothetical illustration only, not a forecast or a representation of actual results. Three monthly falls of 14% would leave QQQ down about 36% in total. QQQB’s design would seek a loss of about 3% each month, about 9% over the three months, before fees and expenses, because each month’s buffer applies separately. Actual results will differ.

Hypothetical illustration only, not a forecast or a representation of actual results. In a rising month, QQQB’s design would seek to capture part of QQQ’s gain, at a participation level set at the start of the month by what option premiums and interest income could buy. QQQB would be expected to gain less than QQQ, with no cap on how much of a large rise it could share. Actual results will differ.

Yes. QQQB, the VistaShares Shield™ Nasdaq-100 Enhanced Protection ETF, is a Nasdaq-100 monthly buffer ETF. It holds approximately one-month FLEX options on QQQ against US Treasury collateral, rebalanced monthly, and under current market conditions seeks to offset the first 8% of losses in each monthly period and about 50% of further losses, with partial, uncapped upside. The buffer is intended to reduce, not eliminate, losses.

QQQB shapes its returns with options, as defined outcome ETFs do, but it has no fixed annual outcome period and no structural cap. A defined outcome ETF typically sets a buffer and cap for a 12-month period; QQQB resets its buffer and upside participation monthly, and investors are not required to hold shares for a set term. See our guide to buffer ETF terms.

A traditional buffered ETF fixes its outcome, including a buffer and usually a cap, for a 12-month period. QQQB’s options run about one month and are reset at every month end, so there is no annual lock-in. QQQB also has no structural cap, which leaves room to participate in strong Nasdaq-100 months, and it shares losses beyond the first 8% rather than passing them on in full.

Holding QQQ gives the full return of a Nasdaq-100 ETF, including its full declines. QQQB reaches QQQ through FLEX options held against Treasury collateral, seeking to offset the first 8% of losses in each monthly period and about 50% of further losses, and in return participates in only part of any rise. QQQB charges a 0.79% expense ratio and adds derivatives, FLEX option liquidity and counterparty risks.

A covered call ETF generally holds stocks and sells call options on them to collect premium, which limits how much of a rally it captures. QQQB is not a covered call fund: it uses FLEX options on QQQ against Treasury collateral to seek a monthly buffer against losses, has no structural cap and does not state a distribution target. VistaShares’ covered call ETFs are its Target 15® funds.

QQQB and VOOB share the Shield™ monthly buffer design but reference different indexes. QQQB obtains exposure to the Nasdaq-100 through QQQ and has significant technology sector exposure, with the technology sector risk that comes with it. VOOB obtains broader large-cap exposure to the S&P 500 through SPY. Both carry a 0.79% expense ratio and launched on the same date. Which fits depends on the equity exposure an investor wants.

QQQB trades under the ticker QQQB. Its CUSIP is 45259A142.

QQQB’s inception date is September 21, 2026. It is a recently organized fund with a limited operating history, so there is little track record on which to base decisions.

QQQB is listed on Nasdaq and can be bought or sold during market hours through a brokerage account or a financial advisor, like a stock. Shares trade at market prices that may be above or below net asset value, and brokerage commissions may apply. The How to invest page on vistashares.com walks through the steps. Read QQQB’s prospectus, on the fund page, before investing.

QQQB’s expense ratio is 0.79%, as stated on the fund page on November 12, 2026. The prospectus fee table gives full detail.

No. QQQB does not pay distributions. Its aim is Nasdaq-100 exposure with a monthly buffer rather than income, so shareholders’ results come entirely from changes in QQQB’s share price, which can rise or fall.

One share is the minimum investment in QQQB, purchased through a brokerage account. The cost of one share is QQQB’s market price on Nasdaq at the time of purchase; the fund page shows the current price with its as-of time.

Listed ETFs such as QQQB can generally be held in brokerage IRAs and other retirement accounts, subject to the account provider’s rules. Check with your brokerage or financial advisor about your account, and consult a tax advisor about tax effects.

VistaShares ETFs are US-listed. International investors should check with their local broker whether they can buy them. QQQB trades on Nasdaq.

No. QQQB rebalances its options monthly, so investors are not required to hold shares for a set term. Over a longer holding period, results reflect the sequence of monthly outcomes, including partial participation in rising months and any losses beyond the buffer in falling months.

Go to vistashares.com/etf/qqqb/. The QQQB fund page links the prospectus, summary prospectus, statement of additional information and reports, lists the full holdings (updated daily), and shows net asset value and market price with their as-of dates. You can also call (844) 875-2288. Read the prospectus before investing.

Yes. QQQB’s buffer is intended to reduce, not eliminate, losses. In a month when QQQ falls more than 8%, QQQB seeks to experience about half of the further decline; losses over consecutive months compound; and the buffer may not be achieved. QQQB can also lose money on its option positions, including when rolling them. Investments involve risk, including possible loss of principal.

No investment is free of risk. QQQB cushions monthly Nasdaq-100 losses but does not remove them, and its exposure is concentrated in technology. Its main risks include technology sector risk, derivatives and options risk, FLEX options liquidity risk, counterparty risk, equity market risk, underlying ETF risk and new fund risk. Investments involve risk, including possible loss of principal.

QQQB has significant exposure to the technology sector through the Nasdaq-100, so its results could be hurt by events affecting that sector, including intense competition and rapid product obsolescence. Its buffer applies to QQQ’s total monthly loss, not to any one sector, and losses beyond the first 8% in a month are only partly absorbed. Investments involve risk, including possible loss of principal.

QQQB’s exposure comes through derivatives, its FLEX options on QQQ. Derivatives can carry risks beyond those of investing directly in securities, including imperfect correlation with the Fund’s other holdings, higher price volatility, limited availability, counterparty, liquidity, valuation and legal risks. Investments involve risk, including possible loss of principal.

Some of QQQB’s option positions may expire worthless, and the Fund may experience substantial downside from specific positions. Option prices are volatile, driven by QQQ’s value, actual and implied volatility, and time to expiration. When rolling each month, if expiring options do not cover the cost of new contracts, QQQB may experience losses. Investments involve risk, including possible loss of principal.

QQQB’s FLEX options may be less liquid than standardized listed options. In less liquid markets, the Fund may have difficulty closing positions at desired prices, which could affect its ability to pursue its objective, including the intended buffer. Investments involve risk, including possible loss of principal.

If a counterparty, clearing member or clearing house is unwilling or unable to meet its obligations on QQQB’s derivatives, the Fund may lose the expected benefit of the transaction, including the buffer, or have to replace it on less favorable terms, if at all. Investments involve risk, including possible loss of principal.

QQQB carries equity market risk: the stocks behind the Nasdaq-100 can fall suddenly and unpredictably or decline for long periods, and the buffer only partly absorbs monthly declines beyond 8%. It also carries economic and market risk, since events in one country or region can affect markets elsewhere. Investments involve risk, including possible loss of principal.

Because QQQB obtains its exposure through QQQ, directly and through options that reference it, it is subject to QQQ’s risks. Investments involve risk, including possible loss of principal.

Yes. The Nasdaq-100 consists of large-capitalization companies, which may underperform other market segments when smaller companies lead and may be less able to adapt to changing market conditions. Investments involve risk, including possible loss of principal.

Yes. QQQB’s market price can be above (a premium) or below (a discount) its net asset value. Other ETF structure risks include dependence on a limited number of authorized participants and liquidity providers, trading costs and limited trading volume. Current price and NAV, with as-of dates, are on the fund page. Investments involve risk, including possible loss of principal.

QQQB launched on September 21, 2026 and has little operating history, so prospective investors do not have a track record on which to base decisions. Investments involve risk, including possible loss of principal.

QQQB faces operational risks such as human error, processing and communication errors, service provider errors, failed or inadequate processes, and technology or systems failures. A monthly options reset depends on these processes working as intended. Investments involve risk, including possible loss of principal.

QQQB is designed to give exposure to US growth and technology leaders in the Nasdaq-100 with drawdowns cushioned: it seeks to offset the first 8% of losses in each monthly period and about 50% of further losses, with partial, uncapped upside. It carries technology sector concentration, derivatives and options risk, and the risk that the buffer does not work as intended or that losses exceed it, and it is a new fund. Whether QQQB is appropriate depends on your objectives and circumstances; discuss it with your financial advisor and read the prospectus.