Shield™ ETFs are VistaShares' monthly buffer ETFs. Each uses FLEX options on an underlying ETF, held against US Treasury collateral, and under current market conditions seeks to offset the first 8% of losses in each monthly period and about 50% of further losses in that period, with partial upside participation that is not capped. VistaShares calls this design its Better Buffer™ approach. The buffers are intended to reduce, not eliminate, losses.

The Shield™ family has two ETFs, both listed on Nasdaq: VOOB, the VistaShares Shield™ S&P 500 Enhanced Protection ETF, an S&P 500 monthly buffer ETF; and QQQB, the VistaShares Shield™ Nasdaq-100 Enhanced Protection ETF, a Nasdaq-100 monthly buffer ETF. Both have an inception date of September 21, 2026 and an expense ratio of 0.79%, as stated on the fund pages on November 12, 2026.

Buffer ETFs are exchange-traded funds that use options to seek to absorb a set portion of the losses of an index or underlying ETF over a defined period, generally in exchange for giving up some of the upside. Traditional buffered ETFs typically tie their outcome to a fixed 12-month period, often with a cap on gains. Shield™ ETFs apply their buffer to each monthly period instead, add a second layer that seeks to absorb about half of losses beyond the first 8%, and do not cap upside. Buffers reduce, but do not eliminate, losses.

A buffer ETF holds a combination of options on an index or ETF, often FLEX options, structured so that over a set period the fund absorbs part of the losses. The cost of that buffer is paid by giving up some upside, either through a cap on gains or through partial participation. Shield™ ETFs hold approximately one-month FLEX options on SPY or QQQ against US Treasury collateral, rebalanced monthly. Under current market conditions they seek to offset the first 8% of each month's losses and about 50% of further losses; option premiums and Treasury interest set each month's upside participation.

Yes. "Buffered ETF" and "buffer ETF" are two names for the same kind of fund: an ETF that uses options to seek to absorb part of an index's or underlying ETF's losses over a set period while giving up some upside. Both Shield™ ETFs, VOOB and QQQB, are buffered ETFs with a monthly period.

A defined outcome ETF uses options to seek a pre-set range of outcomes, typically a buffer against losses and a cap on gains, over a fixed outcome period, often 12 months.

Shield™ ETFs do not run a fixed annual outcome period. They hold rolling portfolios of approximately one-month options rebalanced monthly, so investors do not have to wait out a 12-month period, and are not required to hold shares for a set term. They have no structural cap. And where a conventional buffer stops absorbing losses once used up, Shield™ ETFs seek to experience about 50% of losses beyond the first 8% in a month.

An outcome period is the span of time over which a buffer ETF's stated buffer and any cap apply. For traditional buffered ETFs it is typically 12 months. For Shield™ ETFs it is one month: the options are reset and rebalanced at the end of every month, and the buffer is measured from the start of each monthly period.

With a conventional buffer, once losses exceed the buffer level, the fund generally passes further losses through to the investor in full for the rest of the outcome period. Shield™ ETFs add a second layer: after the first 8% of losses in a monthly period, they seek to experience approximately 50% of any further losses in that period, under current market conditions. This reduces, but does not eliminate, losses in a large monthly decline.

Hypothetical illustration only, not a forecast or a representation of actual results. If the underlying ETF fell 5% in a monthly period, the design would seek to offset the loss entirely. If it fell 14%, the design would seek a loss of about 3% (half of the 6% beyond 8%). If it fell 20%, the design would seek a loss of about 6%. All figures are before fees and expenses; actual results will differ, and the buffer may not be achieved.

Many do. A cap is the maximum gain a buffer ETF can deliver over its outcome period; gains beyond it are not passed on. Shield™ ETFs do not use a structural cap, so there is no ceiling on how much of a strong market they can participate in. Their participation is partial instead, and is set each month by what option premiums and Treasury interest income will buy.

Upside participation is the share of an underlying ETF's gain that a buffer ETF seeks to capture. In Shield™ ETFs it is partial: VOOB and QQQB are expected to gain less than SPY or QQQ in a rising month. It is set each month by what option premiums and interest income will buy, so it changes with market conditions, but there is no structural cap.

FLEX options are exchange-listed options whose terms, such as strike price and expiration date, can be customized, which lets a fund set the exact structure it wants for a period. Many buffer ETFs use them. Shield™ ETFs use FLEX options on SPY and QQQ. FLEX options may be less liquid than standardized options, so in less liquid markets a fund may have difficulty closing positions at desired prices.

Shield™ ETFs hold US Treasury securities as collateral for their FLEX options. Interest income from the Treasuries, together with option premiums, helps determine how much upside participation each fund can buy each month. The Treasuries do not remove exposure to equity losses beyond the buffer or to the funds' other risks.

An index ETF passes on the full return of its index, up and down. A buffer ETF gives up part of the upside to seek to absorb part of the downside over its period, and adds options-related risks and usually a higher expense ratio. Shield™ ETFs obtain exposure through FLEX options on SPY or QQQ held against Treasury collateral. Which approach fits depends on an investor's objectives; discuss it with a financial advisor.

Both use options, for different ends. A covered call ETF generally holds stocks and sells call options on them to collect premium, often paid out as distributions, which limits how much of a rally it captures. A buffer ETF uses options to seek to absorb part of the losses over a period. Shield™ ETFs are buffer ETFs and do not state a distribution target; VistaShares' covered call ETFs are its Target 15® funds.

Buffer ETFs are generally designed for investors who want equity exposure with part of the downside cushioned and who accept giving up some upside in return. Shield™ ETFs apply that design monthly, without a fixed 12-month period or a cap. Whether a buffer ETF is appropriate depends on your objectives and circumstances; discuss it with your financial advisor and read the prospectus.

No. Buffers are intended to reduce, not eliminate, losses. In Shield™ ETFs, losses beyond the first 8% in a monthly period are only about half absorbed, losses in consecutive months add up, the buffer applies under current market conditions, and it may not be achieved. Investments involve risk, including possible loss of principal.

Shield™ ETFs are subject to derivatives and options risk, including losses when options are rolled each month; FLEX options liquidity risk; counterparty risk; equity market risk; underlying ETF risk; large-cap risk; active management risk; ETF structure risks such as trading at a premium or discount to NAV; operational risk; and new fund risk. QQQB also carries technology sector risk. Each fund's prospectus describes these risks. Investments involve risk, including possible loss of principal.

Buffer ETFs are generally taxed like other ETFs: in a taxable account, investors may owe tax on any taxable distributions and on gains when they sell shares, and may realize a loss if they sell below their cost. The tax rules for options can be complex. VOOB and QQQB do not pay distributions. Tax treatment depends on your situation; consult a tax advisor.

Buffer ETFs do not avoid taxes. A buffer limits part of a fund's losses; it does not change the fact that gains realized when shares are sold in a taxable account can be taxable. VistaShares does not describe its Shield™ ETFs as tax-exempt or tax-advantaged. Holding any ETF in an IRA or other tax-advantaged account changes when and how taxes apply, depending on the account. Tax treatment depends on your situation; consult a tax advisor.

No. VOOB and QQQB do not pay distributions. They are designed for equity exposure with a monthly buffer rather than for income, so investors' results come from changes in each fund's share price.

Yes. VOOB and QQQB trade on Nasdaq whenever the market is open, and there is no 12-month outcome period to wait for. Investors are not required to hold shares for a set term.

VOOB and QQQB share the same monthly buffer design but differ in the index they reference. VOOB obtains exposure to the S&P 500, initially through SPY, for broad US large-cap exposure. QQQB obtains exposure to the Nasdaq-100, initially through QQQ, which gives it significant exposure to the technology sector and technology sector risk. Compare each fund's objective, risks and prospectus with your financial advisor.

VOOB and QQQB each have an expense ratio of 0.79%, as stated on the fund pages on November 12, 2026. Investors also pay the usual costs of trading ETF shares through their brokerage. The prospectus fee table, linked on each fund page, gives full detail.

VOOB and QQQB can be bought or sold on Nasdaq through a brokerage account or a financial advisor during market hours, like a stock. Shares trade at market prices that may be above or below net asset value. Each fund page links the prospectus, summary prospectus, SAI and reports and lists full holdings, updated daily; read the prospectus before investing. The fund information line is (844) 875-2288.