Aptus July Buffer ETF (JULB)

The Aptus July Buffer ETF (JULB) is a defined-outcome fund managed by Aptus Capital Advisors. It aims to give investors exposure to the U.S. large-cap equity market while reducing losses over an annual outcome period that begins each July.

The fund uses a package of options to create a buffer that absorbs a specified portion of the benchmark's decline during the period. In exchange, the potential upside is capped at a level set when each new outcome period starts.

Because the buffer and cap are measured from the start of the outcome period, investors who buy shares partway through the year may experience a different level of protection and upside than the stated targets. The structure resets annually, with new option positions and a new cap.