Aptus July Deep Buffer ETF (JUDB)

The Aptus July Deep Buffer ETF (JUDB) is a defined-outcome fund from Aptus Capital Advisors. It uses an options strategy designed to provide exposure to U.S. large-cap stocks while cushioning a portion of losses over an annual outcome period that resets each July.

The deep buffer design aims to protect against a band of losses beyond an initial threshold rather than the very first losses, giving investors partial downside protection in larger market declines. In exchange for that protection, upside participation is limited by a cap that is set at the start of each outcome period.

The fund is built from option contracts on a U.S. equity benchmark, and the protection and cap apply only to investors who hold shares for the full outcome period.