We present the results of a combined experimental and theoretical investigation of the vertical impact of low-density spheres on a water surface. Particular attention is given to characterizing the sphere dynamics and the influence of its deceleration on the shape of the resulting air cavity. A theoretical model is developed which yields simple expressions for the pinch-off time and depth, as well as the volume of air entrained by the sphere. Theoretical predictions compare favorably with our experimental observations, and allow us to rationalize the form of water-entry cavities resulting from the impact of buoyant and nearly buoyant spheres.