비스타쉐어즈 Shield™ S&P 500 Enhanced Protection ETF

VOOB is the VistaShares Shield™ S&P 500 Enhanced Protection ETF, an S&P 500 monthly buffer ETF listed on Nasdaq. It obtains exposure to the S&P 500 Index, initially through SPY, using FLEX options held against US Treasury collateral. Under current market conditions, VOOB 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.

The fund page states the objective this way: “The VistaShares Shield™ S&P 500 Enhanced Protection ETF (VOOB) gives investors core US large-cap exposure with the monthly drawdowns cushioned.” In practice, under current market conditions VOOB seeks to offset 100% of the first 8% of losses in each monthly period and to experience approximately 50% of any additional losses in that period, while participating partially, and without a cap, in rising markets.

VOOB holds FLEX options that reference SPY, the underlying ETF through which it initially obtains S&P 500 exposure, together with US Treasury securities held as collateral. The options form a rolling portfolio of approximately one-month positions, reset and rebalanced at the end of every month. The full holdings list is on the fund page and is updated daily.

VOOB is not designed to match the S&P 500’s return. In a falling month it seeks to offset the first 8% of losses and about 50% of further losses; in a rising month its participation is partial. VOOB’s returns are therefore expected to differ from the index’s, sometimes meaningfully, in both rising and falling markets.

VOOB’s investment adviser is VistaShares Advisors LLC, and its portfolio is run by the VistaShares Investment Committee, which oversees the monthly reset of its FLEX options on SPY and its Treasury collateral. More about the firm and its approach is on VistaShares에 관하여. The prospectus, available on the fund page, describes the Fund’s management arrangements.

Yes. VOOB’s holdings are actively monitored, and the options positions are reviewed and rebalanced monthly rather than following a fixed index rule. Because results depend on how well the strategy is implemented, VOOB is subject to active management risk: the Fund may not meet its investment objective. Investments involve risk, including possible loss of principal.

VOOB combines FLEX options on SPY with US Treasury collateral to seek a monthly buffer on S&P 500 exposure. It runs a rolling portfolio of approximately one-month options that is rebalanced monthly. Each month’s positions seek, under current market conditions, to offset the first 8% of SPY’s losses in that period and about 50% of further losses, while option premiums and Treasury interest income determine how much of any rise the Fund can participate in.

VOOB’s buffer has two layers within each monthly period. The first layer seeks to absorb 100% of the first 8% of losses. The second seeks to have the Fund experience approximately 50% of any loss beyond 8%. Both are set under current market conditions when each month’s options are put on. The buffer is intended to reduce, but not eliminate, the impact of negative returns of the underlying ETF, and it may not be achieved. The buffer is measured from SPY’s value at the start of each monthly period. See our guide to how buffer ETFs work.

Once SPY’s loss in a monthly period passes 8%, VOOB seeks to experience approximately 50% of the additional loss. A conventional buffer generally stops absorbing losses once its buffer level is used up, leaving the investor with the full further decline; VOOB’s design continues to share the decline for the rest of that month’s losses. The loss-sharing is approximate and depends on market conditions when the options are set.

It means that, for losses beyond the first 8% in a monthly period, VOOB seeks to experience about half of each additional percentage point SPY loses. For example, hypothetically, an additional 10% decline beyond the buffer would be expected to produce about a 5% decline in VOOB, before fees and expenses. The figure is approximate, applies within each monthly period and is not guaranteed.

No. VOOB does not use a structural cap, so there is no ceiling on how much of a strong S&P 500 month it can participate in. Its participation is partial rather than capped: it captures a portion of SPY’s rise, with the portion 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. VOOB uses FLEX options on SPY to build each month’s buffer and upside participation. They may be less liquid than standardized exchange-traded options, and in less liquid markets the Fund may have difficulty closing positions at desired prices, which could affect its ability to pursue its objective.

VOOB holds US Treasury securities as collateral for its FLEX options positions. The interest income they produce, together with option premiums, helps determine how much upside participation the Fund can buy each month. The Treasury holdings do not remove VOOB’s exposure to S&P 500 losses beyond the buffer or to the other risks described in the prospectus.

Interest income on VOOB’s Treasury collateral is one of the two inputs, with option premiums, that set how much upside participation the Fund can buy each month. Changes in interest rates can therefore change VOOB’s monthly participation in rising markets. Interest rates also affect option prices, which can change what each month’s buffer costs to put in place.

Option prices are influenced by actual and implied volatility, so changes in S&P 500 volatility change the cost of VOOB’s options each time they are reset. That in turn affects what the premiums and interest income can buy, including the Fund’s upside participation for the month. Volatile option prices can also lead to substantial losses on specific option positions.

At the end of each monthly period, VOOB’s approximately one-month options expire or are closed, and the Fund enters new options with terms set by market conditions at that time, a practice called rolling. A new month’s buffer and upside participation then apply. If the expiring options do not generate enough proceeds to cover the cost of the new contracts, the Fund may experience losses.

Yes. The buffer applies to each monthly period separately. Losses absorbed in one month do not carry over, and the 8% buffer does not build up across months. If SPY falls in several consecutive months, VOOB can have a loss in each month in which SPY falls more than 8%, and those losses add up. 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 5% fall in SPY over a full monthly period is within VOOB’s 8% buffer, so the design would seek to offset that loss entirely, before fees and expenses. The same applies to any monthly fall of up to 8%. Actual results will differ and depend 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 SPY fell 15% over a full monthly period, VOOB’s design would seek to offset the first 8% and to experience about half of the remaining 7%, for a loss of about 3.5% before fees and expenses. Actual results will differ and depend 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 SPY fell 30% over a full monthly period, VOOB’s design would seek to offset the first 8% and to experience about half of the remaining 22%, for a loss of about 11% before fees and expenses. A large monthly decline still produces a meaningful loss. Actual results will differ, and the buffer may not be achieved.

Hypothetical illustration only, not a forecast or a representation of actual results. Three monthly falls of 10% would leave SPY down about 27% in total. VOOB’s design would seek to offset the first 8% each month and experience about half of the other 2%, a loss of about 1% per month, or about 3% over the three months, before fees and expenses. Each month’s buffer applies separately; actual results will differ.

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

Yes. VOOB is a buffer ETF, also called a buffered ETF, on the S&P 500. Like other buffer ETFs it uses options to seek to absorb part of an underlying ETF’s losses in exchange for giving up some upside. Its period is one month rather than a year, it seeks to absorb about 50% of losses beyond the first 8%, and it has no structural cap.

Yes. VOOB, the VistaShares Shield™ S&P 500 Enhanced Protection ETF, is an S&P 500 monthly buffer ETF with no fixed annual outcome period. It runs a rolling portfolio of approximately one-month FLEX options on SPY, 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.

VOOB uses options to shape its returns, as defined outcome ETFs do, but it does not run a fixed annual outcome period or use a structural cap. Defined outcome ETFs typically set a buffer and a cap for a 12-month period. VOOB resets its buffer and upside participation monthly, so the outcome is not defined in advance for a year and investors are not required to hold shares for a set term. See our guide to buffer ETF terms.

A traditional buffered ETF ties its outcome to a fixed 12-month period. VOOB runs approximately one-month options that are reset and rebalanced at the end of every month, so there is no annual lock-in. It also has no structural cap, and after the first 8% of losses in a month it seeks to share further losses rather than pass them on in full.

Holding SPY gives the full return of an S&P 500 ETF, up and down. VOOB obtains SPY exposure 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, in exchange for partial upside participation. VOOB has a 0.79% expense ratio, and it adds derivatives, FLEX option liquidity and counterparty risks that holding SPY directly does not.

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; VistaShares’ Target 15® funds are covered call ETFs. VOOB is built differently: it uses FLEX options on SPY held against Treasury collateral to seek a monthly buffer against losses, has no structural cap, and does not state a distribution target.

VOOB and QQQB use the same Shield™ monthly buffer design on different indexes. VOOB obtains exposure to the S&P 500, initially through SPY, a broad large-cap index. QQQB obtains exposure to the Nasdaq-100, initially through QQQ, which gives it significant technology sector exposure and the added risk that comes with it. Both have a 0.79% expense ratio and the same inception date. Which fits depends on the equity exposure an investor wants.

VOOB trades under the ticker VOOB. Its CUSIP is 45259A159.

VOOB’s inception date is September 21, 2026. As a recently organized fund, it has a limited operating history, so investors do not have a long track record on which to base decisions.

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

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

No. VOOB does not pay distributions. It is designed for S&P 500 exposure with a monthly buffer, not for income, so any return to shareholders comes through changes in the Fund’s share price. The value of your investment may decline.

The minimum investment in VOOB is one share, bought through a brokerage account. VOOB trades on Nasdaq at its market price, which changes during the trading day; the current price, with its as-of time, is on the fund page.

As a listed ETF, VOOB can generally be held in brokerage IRAs and other retirement accounts, subject to the account provider’s rules. Ask your brokerage or financial advisor about your specific account, and consult a tax advisor on tax effects.

VistaShares ETFs are US-listed. International investors should check with their local broker whether they can buy them. VOOB is listed on Nasdaq under the ticker VOOB.

No. VOOB’s options positions are reviewed and rebalanced monthly, so investors are not required to hold shares for a set term. Because the buffer applies within each monthly period, results over a longer holding period reflect the sequence of monthly outcomes, including any losses beyond the buffer in individual months.

The VOOB fund page at vistashares.com/etf/voob/ links the prospectus, summary prospectus, statement of additional information and reports. It also shows the full holdings list, updated daily, and the net asset value and market price, each with its as-of date. The fund information line is (844) 875-2288. Read the prospectus before investing.

Yes. VOOB’s buffer is intended to reduce, not eliminate, losses. In any month SPY falls more than 8%, VOOB seeks to experience about half of the further decline; losses in consecutive months add up; and the buffer may not be achieved. The Fund can also lose money on its option positions, including when rolling them each month. Investments involve risk, including possible loss of principal.

No investment is free of risk, and VOOB’s buffer cushions monthly losses rather than removing them. Its main risks include derivatives and options risk, FLEX options liquidity risk, counterparty risk, equity market risk, underlying ETF risk and new fund risk, along with the risk that the buffer does not work as intended. Investments involve risk, including possible loss of principal.

VOOB’s strategy depends on derivatives, its FLEX options on SPY. Derivatives may carry risks in addition to, and greater than, investing directly in securities, including market risk, imperfect correlation with the Fund’s other holdings, higher price volatility, limited availability, counterparty risk, liquidity, valuation and legal restrictions. Investments involve risk, including possible loss of principal.

Some option positions may expire worthless, and the Fund may experience substantial downside from specific positions. Option prices are volatile and depend on SPY’s value, actual and implied volatility, and the time to expiration. When options are rolled each month, if the expiring options do not generate enough proceeds to cover the new contracts, the Fund may experience losses. Investments involve risk, including possible loss of principal.

FLEX options may be less liquid than standardized exchange-traded options. In less liquid markets, VOOB may have difficulty closing FLEX option positions at desired prices, which could affect its ability to pursue its objective, including delivering the intended buffer. Investments involve risk, including possible loss of principal.

Counterparty risk is the risk that a counterparty, clearing member or clearing house is unwilling or unable to meet its obligations to the Fund on a derivative. If that happens, VOOB may lose the expected benefit of the transaction, including the buffer it was meant to provide, or have to enter replacement transactions on less favorable terms, if at all. Investments involve risk, including possible loss of principal.

VOOB is exposed to equity market risk: stocks can experience sudden, unpredictable drops or long periods of decline, and the buffer only partly absorbs monthly declines beyond 8%. It also carries economic and market risk, because interconnected global markets mean events in one country or region can affect US stocks. Investments involve risk, including possible loss of principal.

Because VOOB obtains its exposure through SPY, it is subject to the risks of that underlying ETF, both directly and through the options that reference it. Investments involve risk, including possible loss of principal.

Yes. VOOB’s exposure is to large-capitalization US companies through the S&P 500. Large companies may underperform other parts of the market when smaller companies lead, and may be less able to adapt to changing market conditions. Investments involve risk, including possible loss of principal.

Yes. Like other ETFs, VOOB’s shares trade at market prices that may be above (a premium) or below (a discount) its net asset value. ETF structure risks also include reliance on a limited number of authorized participants and liquidity providers, the cost of buying and selling shares, 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.

VOOB is a recently organized fund, with an inception date of September 21, 2026. Prospective investors do not have a long track record or operating history on which to base their decisions. Investments involve risk, including possible loss of principal.

VOOB is subject to operational risks, including human error, processing and communication errors, errors by the Fund’s service providers, failed or inadequate processes, and technology or systems failures. Because the strategy depends on resetting options every month, operational problems could affect its ability to pursue its objective. Investments involve risk, including possible loss of principal.

VOOB is designed to give core US large-cap exposure with monthly drawdowns cushioned: it seeks to offset the first 8% of S&P 500 losses in each monthly period and about 50% of further losses, with partial, uncapped upside. It carries derivatives and options risk, the risk that the buffer does not work as intended or that losses exceed it, and limited participation in strong months, and it is a new fund. Whether VOOB is appropriate depends on your objectives and circumstances; discuss it with your financial advisor and read the prospectus.