At a glance
JULP charges 0.5% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $33.4M in assets, the 8th largest of that group. Over the past year it returned +10.0% with distributions reinvested (S&P 500: +11.5%), 7th of those 8 funds.
The short version
PGIM S&P 500 Buffer 12 ETF - July (JULP) holds options on the State Street SPDR S&P 500 ETF Trust (SPY). The options are designed to absorb the first 12% of SPY's price losses, before fees, over each July-to-June period, and they cap the gains. Its 0.50% expense ratio is lower than those of seven similar buffer ETFs, which average 0.86%. It gives up SPY's dividends, and it held just $33.4 million as of July 31, 2026.
Price history
The interactive chart needs JavaScript.
JULP +10.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| JULP official prospectus, to Dec 31, 2025 | — | +13.47% | — | — | — | +13.47% |
| JULP price data to Oct 27, 2026 | +8.8% | +10.0% | — | — | — | +12.6% |
- Over the year to Oct 27, 2026, JULP returned +10.0%, 7th of 8 among similar funds.
- Its worst full calendar year was 2025 (+13.7%); its best was 2025 (+13.7%).
- The deepest fall in its price history was 12.4% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 10, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.8% | — |
| 2025 | +13.7% | +13.47% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors added a net $12.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.47%, +0.55%, +0.34%.
How it works
JULP is an actively managed ETF from Prudential, and it holds no stocks. Nearly all its money goes into FLEX Options on the State Street SPDR S&P 500 ETF Trust (SPY), which tracks the S&P 500. FLEX Options trade on an exchange, but their terms can be customized, and the Options Clearing Corporation guarantees them. As of July 31, 2026, options made up 99.2% of assets. The largest, at 94.3%, was a call option, which is a right to purchase SPY at a fixed price. That price is so low that the option moves almost in step with SPY. Smaller put options, which gain when SPY falls, and a written call create the buffer and the cap.
Each one-year outcome period runs July 1 to June 30. If SPY's price rises, the fund aims to match the gain up to a cap. If SPY falls, it aims to absorb the first 12% of losses. Deeper losses pass through one for one, so a 25% SPY drop means about a 13% fund loss, before fees. For July 2025 to June 2026, the cap was 13.91% before fees. After the 0.50% fee, it was 13.41% and the buffer was 11.5%.
Each July 1 the fund rolls into new options. The buffer stays at 12%, but the cap resets with market conditions. These targets apply only to shares held for the whole period, and returns exclude SPY's dividends.
What it really costs
- JULP charges 0.5% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $51 in the first year and $628 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| JULP | $51 | $160 | $280 | $628 |
Structure and tax notes
- Organized as a unit investment trust: it cannot lend out its securities or reinvest dividends between payouts, which can create a small drag versus similar open-end ETFs.
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
It aims to absorb the first 12% of SPY's price losses, before fees, each July-to-June period, and gives up some upside and all dividends in return.
JULP launched in May 2024, after the 2008, 2020 and 2022 declines. Its only full calendar year, 2025, returned 13.47%. Its deepest drop was 12.4%, from February 19 to April 8, 2025, and it recovered by June 10, about two months later. Timing matters: the 12% buffer fully applies only to shares held from July 1 to June 30. Cashing out partway through a slump may bring a very different result.
The fund recorded no distributions, and its returns exclude SPY's dividends, so spending money would have to come from cashing in shares. Its 0.50% expense ratio is the lowest of eight buffer ETFs compared. In the SEC's standard example ($10,000 invested, 5% annual return), costs total $51 after one year and $628 after 10 years. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking S&P 500 exposure cushioned against the first 12% of SPY's price losses, who can hold from July 1 to June 30.
- Cost-conscious investors in buffer funds: its 0.50% expense ratio undercuts the 0.79% to 0.95% charged by seven similar buffer ETFs.
- Investors wanting a smoother ride: over the year to October 27, 2026, it moved about half as much as the market (beta 0.49).
Look elsewhere if
- Anyone needing income: the fund recorded no distributions, and its returns exclude the dividends paid by the S&P 500 stocks SPY holds.
- Investors expecting big stock gains: upside is capped each period, at 13.91% before fees for July 2025 to June 2026.
- Investors who may enter or exit mid-period: results then differ from the targets. Laddered funds such as BUFR spread money across several periods.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| JULP this fund | 0.5% | $33.4M | +10.0% | — |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
What is JULP's cap and buffer?
JULP aims to absorb the first 12% of losses in SPY's share price, before fees, over each July 1 to June 30 outcome period. That buffer level stays the same each year, but the cap changes. For July 1, 2025 to June 30, 2026, the cap was 13.91% before fees. After the 0.50% management fee, the cap was 13.41% and the buffer was 11.5%. Each July the fund invests in new options, and market conditions set the new cap.
Does JULP pay dividends?
No. The fund has recorded no distributions, and its returns follow SPY's share price only, leaving out the dividends S&P 500 companies pay. Over long periods, that is a real cost compared with holding an S&P 500 index fund directly. Anyone relying on JULP for spending money would need to cash in shares, and doing so mid-period means the buffer may not work as designed.
Can you lose money in JULP?
Yes. The fund offers no principal protection. Its buffer covers only the first 12% of SPY's price decline over a full outcome period, before fees. Deeper losses pass through one for one, so a 25% SPY drop would mean about a 13% fund loss. Investors who get in or out mid-period may see very different results. JULP's deepest drop was 12.4%, from February 19 to April 8, 2025, and it recovered by June 10, 2025.
JULP vs BUFR: what's the difference?
The main differences are cost, timing and size. JULP charges 0.50% a year, versus 0.95% for the FT Vest Laddered Buffer ETF (BUFR). JULP resets once a year, each July. BUFR is laddered: it spreads money across buffer positions that start in different months, which can make entry timing matter less. BUFR is also far larger, at $10.5 billion as of August 31, 2026, against JULP's $33.4 million as of July 31, 2026. Over the year to October 27, 2026, BUFR returned 11.6% and JULP 10.0%.
Is JULP good for retirement?
It may suit retirees who want S&P 500 exposure with a cushion against moderate declines, but the trade-offs are real. JULP launched in May 2024, so it has no record from the 2008 or 2022 bear markets. It has recorded no distributions and caps gains each period. Its buffer works as designed only for shares held from July 1 to June 30. Its 0.50% expense ratio is below those of seven similar buffer ETFs, which average 0.86%.