At a glance
JULT charges 0.74% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $56.3M in assets, the 8th largest of that group. Over the past year it returned +10.6% with distributions reinvested (S&P 500: +11.5%), 6th of those 8 funds; over three years it returned +17.8% a year.
The short version
AllianzIM U.S. Large Cap Buffer10 Jul ETF (JULT) holds options on the SPDR S&P 500 ETF Trust (SPY), not stocks. Over each July-to-June period, it aims to absorb the first 10% of SPY's price losses, and in exchange it caps gains. Its 0.74% expense ratio was the lowest of eight similar buffer funds. With $56 million in assets as of July 31, 2026, it was also the smallest of the eight.
Price history
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JULT +10.6% 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 | |
|---|---|---|---|---|---|---|
| JULT official prospectus, to Dec 31, 2025 | — | +13.56% | — | +10.93% | — | +11.99% |
| JULT price data to Oct 27, 2026 | +9.5% | +10.6% | +17.8% | — | — | +15.4% |
- Over the year to Oct 27, 2026, JULT returned +10.6%, 6th of 8 among similar funds.
- Its worst full calendar year was 2025 (+13.7%); its best was 2023 (+21.3%).
- The deepest fall in its price history was 13.6% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 24, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.5% | — |
| 2025 | +13.7% | +13.56% |
| 2024 | +17.4% | +17.75% |
| 2023 | +21.3% | +20.98% |
| 2022 | — | -5.55% |
| 2021 | — | +9.95% |
| 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 | Not in the price data, which starts Oct 31, 2022 |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.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 withdrew a net $24.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.78%, +0.55%, +0.23%.
How it works
JULT does not own stocks directly. Almost all of its money goes into FLEX options. These are exchange-traded options whose strike prices and expiration dates can be customized, and all of them reference SPY. SPY holds the stocks in the S&P 500. The S&P 500 is a market-weighted index of large US companies. As of January 31, 2026, it had 503 securities from 500 companies, with heavy exposure to information technology. Allianz Investment Management sets up the options once per period, and portfolio turnover was 0%.
Each outcome period runs from July 1 to June 30. As of July 31, 2026, the fund held four options, all expiring June 30, 2027. The largest was a deep in-the-money call that moves with SPY's price, at about 99% of assets. The others were a purchased put at a $746.70 strike, a sold put at $672.09 and a sold call at $875.81. Together they aim to absorb SPY's first 10% price loss and give up gains above a cap. For July 1, 2025 to June 30, 2026, the cap was 15.28% before fees and 14.54% after the 0.74% fee. The buffer was 9.26% after fees. A new cap is set each period.
These results apply only to investors who hold shares for the whole period. Someone who gets in partway through may have more or less protection and upside. The fund tracks SPY's price, not its dividends.
What it really costs
- JULT charges 0.74% 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 $76 in the first year and $918 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| JULT | $76 | $237 | $411 | $918 |
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 keeps S&P 500 exposure while cushioning moderate losses over each period, at the cost of capped gains and no dividends.
JULT may smooth the swings in a stock allocation. As of October 27, 2026, its one-year volatility was 7% and its beta (how much it moves relative to the market) was 0.53. The fund launched June 30, 2020, after the COVID crash, so it has no record for 2008 or 2020. According to the prospectus, it lost 5.55% in 2022, its worst calendar year. In price data starting October 2022, its deepest drop was 13.6%, from February 19 to April 8, 2025. That was more than the 10% buffer because the cushion applies only at the end of a period. It recovered by June 24, 2025, about 2.5 months later. A retiree who had to cash out shares mid-period could have locked in that kind of loss. The fund paid no distributions in the year to October 27, 2026. It costs 0.74% a year, or $76 in the first year on $10,000 under the SEC example. Past results don't predict the future, and a plan should consider the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 price exposure with a cushion against the first 10% of SPY losses over each July-to-June period.
- Investors comparing costs among buffer funds: its 0.74% expense ratio was the lowest of eight similar funds, whose average was 0.86%.
- Investors who can get in near July 1 and hold through June 30, which is how the buffer and cap are designed to work.
Look elsewhere if
- Income seekers: JULT paid no distributions in the year to October 27, 2026, and does not receive SPY's dividends.
- Investors who want the market's full upside: gains were capped at 15.28% before fees for the period ending June 30, 2026.
- Investors who prefer larger funds: with $56 million in assets as of July 31, 2026, it was the smallest of eight similar funds.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| JULT this fund | 0.74% | $56.3M | +10.6% | +17.8% |
| 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
Does JULT pay dividends?
No. JULT paid no distributions in the 12 months to October 27, 2026, and its trailing yield was 0%. The fund holds options on SPY rather than SPY shares, so it does not receive the dividends paid by SPY's stocks. Its returns follow SPY's price only. That means holders give up the dividend income an S&P 500 index fund would provide, which matters for retirees who rely on cash payouts.
How does the JULT buffer work?
JULT aims to absorb the first 10% of SPY's price losses over each outcome period, which runs from July 1 to June 30. If SPY falls more than 10% over a full period, holders take the losses beyond that point. After the 0.74% fee, the buffer for the period ending June 30, 2026 was 9.26%. The cushion fully applies only to shares held for the whole period. Getting in partway through can leave more or less protection.
What is the JULT cap for the outcome period?
The cap is the most JULT can gain over one outcome period. For July 1, 2025 to June 30, 2026, it was 15.28% before fees and 14.54% after the 0.74% management fee. A new cap is set each July based on market volatility, interest rates and option prices, so it is unlikely to stay the same. If SPY rises more than the cap during a period, JULT holders miss the extra gain.
JULT vs FJAN: what's the difference?
Both are buffer funds focused on US stocks, but their outcome periods start at different times. JULT's starts in July, and FJAN's name points to January. JULT costs less, at 0.74% a year versus 0.85%. As of October 27, 2026, FJAN returned 12.3% over one year and 17.4% a year over three years, compared with 10.6% and 17.8% for JULT. FJAN had about $1.47 billion in assets as of August 31, 2026, versus $56 million for JULT.
Is JULT good for retirement?
It can play a defensive role, with real trade-offs. According to the prospectus, JULT lost 5.55% in 2022 and returned 10.93% a year over five years as of December 31, 2025. It costs 0.74% a year, or $918 over ten years on $10,000 under the SEC example. It pays no income, and gains are capped. Losses beyond the buffer, or drops partway through a period, still hurt anyone who has to cash out shares.