At a glance
JULU charges 0.74% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $83.8M in assets, the 8th largest of that group. Over the past year it returned +8.8% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
AllianzIM U.S. Equity Buffer15 Uncapped Jul ETF (JULU) uses FLEX options on the SPDR S&P 500 ETF Trust (SPY) to buffer the first 15% of SPY’s price losses over each July-to-June outcome period. Many buffer funds cap gains. JULU does not. Instead, SPY must first rise past a “spread” before the fund gains. Its 0.74% expense ratio was the lowest of eight buffer funds compared, but it was also the smallest.
Price history
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JULU +8.8% 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 | |
|---|---|---|---|---|---|---|
| JULU official prospectus, to Dec 31, 2025 | — | +11.81% | — | — | — | +11.98% |
| JULU price data to Oct 27, 2026 | +9.6% | +8.8% | — | — | — | +11.9% |
- Over the year to Oct 27, 2026, JULU returned +8.8%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+12.2%); its best was 2025 (+12.2%).
- The deepest fall in its price history was 12.5% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 30, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.6% | — |
| 2025 | +12.2% | +11.81% |
| 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 withdrew a net $69.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.05%, -1.22%, -0.37%.
How it works
JULU does not own stocks directly. Allianz Investment Management puts substantially all of the fund’s assets into FLEX options on SPY. FLEX options are customized options that trade on an exchange. SPY holds the stocks in the S&P 500 Index, weighted by market value. As of July 31, 2026, the fund held three option positions, all expiring June 30, 2027. The first was a call with a very low strike price of $36.22, about 95.5% of assets, which moves almost in step with SPY. The other two were a bought put (6.6%) and a sold put (−2.2%), which together create the buffer.
The results are measured over a one-year outcome period, July 1 to June 30. SPY’s share price must rise by more than the spread before the fund gains anything. Above that level, gains are not capped. For the July 1, 2025 to June 30, 2026 period, the spread was 3.63%, or 4.37% after the 0.74% fee. The buffer was 15%, or 14.26% after the fee. A new spread is set each period, and it can change significantly.
Returns follow SPY’s price only. The fund gets none of SPY’s dividends. Investors who buy or sell partway through a period may get more or less protection than the stated buffer. The options are guaranteed by the Options Clearing Corporation, and the fund is classified as non-diversified.
What it really costs
- JULU 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 |
|---|---|---|---|---|
| JULU | $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 offers S&P 500 price exposure with a 15% buffer against losses over each outcome period, and its one-year beta was 0.8, meaning it moved less than the market.
JULU launched on June 28, 2024, so it did not exist during the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 11.81%. Its deepest drop was 12.5%, from February 19 to April 8, 2025, and it recovered by June 30, 2025, about 2.7 months later. That drop is a reminder that the buffer is measured at the end of the period. Someone forced to sell partway through a bad year can lose more than they expect. The fund has recorded no distributions, so any income would have to come from selling shares. Costs are 0.74% a year, or $76 in the first year and $918 over 10 years in the SEC’s standard $10,000 example. 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 who want S&P 500 price exposure with a 15% buffer over each July–June period, without a cap on gains.
- Buyers who can invest near July 1 and hold through June 30, when the buffer and spread apply as designed.
- Cost-conscious buffer buyers: its 0.74% expense ratio ranked lowest of eight buffer funds compared, against a 0.86% average.
Look elsewhere if
- Income seekers: the fund receives none of SPY’s dividends and has recorded no distributions.
- Investors who want the market’s full gain: the spread (3.63% before fees for the period ending June 30, 2026) comes off gains first.
- Those who prefer large funds: net assets were about $83.8 million as of July 31, 2026, after $69.9 million of outflows over three months.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| JULU this fund | 0.74% | $83.8M | +8.8% | — |
| 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 JULU pay dividends?
No. JULU has recorded no distributions. The fund holds options on the SPDR S&P 500 ETF Trust (SPY), not SPY shares, and the prospectus says it will not receive or benefit from SPY’s dividends. Its returns follow SPY’s share price only. Investors who want regular income would need to sell shares or look at other funds. Compared with owning SPY directly, the missing dividends are part of what you give up for the buffer.
What does uncapped mean in JULU Buffer15 Uncapped?
It means JULU has no ceiling on gains over an outcome period. In exchange for the 15% buffer, the fund uses a spread instead: SPY’s share price must rise by more than the spread before the fund gains anything. For the July 1, 2025 to June 30, 2026 period, the spread was 3.63% before fees and 4.37% after the 0.74% fee. Above that level, the fund aims to track SPY’s price gains. The spread is reset each period.
What's the difference between JULU and BUFR?
Both are buffer funds, but they differ in cost, size and structure. JULU charges 0.74% a year, while the FT Vest Laddered Buffer ETF (BUFR) charges 0.95%. BUFR is much larger, with about $10.5 billion in net assets as of August 31, 2026, against JULU’s $83.8 million as of July 31, 2026. As its name says, BUFR is laddered. JULU runs a single July-to-June period with no cap. Over one year to October 27, 2026, BUFR returned 11.6% and JULU returned 8.8%.
What happens if I buy JULU in the middle of the outcome period?
Your results will not match the stated 15% buffer and spread. Those apply only to someone who holds from July 1 to June 30. If SPY has already fallen when you buy, you may get less buffer, or none. If it has risen, the next part of any decline may not be buffered at all. Mid-period prices reflect what the options are worth at the time, which is why JULU fell 12.5% between February 19 and April 8, 2025.
How has JULU performed since it launched?
JULU returned 11.81% in 2025 and 11.98% a year from its June 28, 2024 launch through December 31, 2025, according to its prospectus. Based on its share price, it gained 8.8% over the year to October 27, 2026, and 9.6% year to date. That one-year return ranked last of eight buffer funds compared, whose one-year returns ranged from 9.5% to 12.9%. Its best quarter was 8.01% and its worst was −3.96%, both in 2025.