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RB is a small-cap U.S. equity ETF that targets Russell 2000 exposure while layering in a daily “buffer + cap” options overlay. It resets every day using 1-day-to-expiration options (implemented via swaps) to absorb roughly the first 1% to as much as 5% of that day’s loss, in exchange for limiting that day’s upside above a volatility-driven cap.
You’re getting Russell 2000 stock exposure, plus a daily options package designed to soften small losses and sell away some upside. The options exposure is delivered through swap agreements, not direct option holdings.
Provides downside buffer protection with capped upside over a defined outcome period.