At a glance
JULW charges 0.74% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $248.5M in assets, the 8th largest of that group. Over the past year it returned +7.8% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +13.1% a year.
The short version
AllianzIM U.S. Large Cap Buffer20 Jul ETF (JULW) uses options on the SPDR S&P 500 ETF Trust (SPY) to track SPY's price over one-year periods starting July 1. It seeks to absorb the first 20% of losses in exchange for a cap on gains. It charges 0.74% a year, the lowest of eight buffer funds compared, but pays no dividends. It had the weakest one- and three-year returns of that group as of October 27, 2026.
Price history
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JULW +7.8% 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 | |
|---|---|---|---|---|---|---|
| JULW official prospectus, to Dec 31, 2025 | — | +11.39% | — | +8.57% | — | +8.91% |
| JULW price data to Oct 27, 2026 | +6.7% | +7.8% | +13.1% | — | — | +11.8% |
- Over the year to Oct 27, 2026, JULW returned +7.8%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+11.6%); its best was 2023 (+16.1%).
- The deepest fall in its price history was 9.5% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 3, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +6.7% | — |
| 2025 | +11.6% | +11.39% |
| 2024 | +12.4% | +12.34% |
| 2023 | +16.1% | +16.02% |
| 2022 | — | -0.90% |
| 2021 | — | +4.82% |
| 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 $71.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.00%, +0.36%, +0.30%.
How it works
JULW owns no stocks. It invests substantially all its assets in FLEX Options on the SPDR S&P 500 ETF Trust (SPY), which tracks the S&P 500 index of large U.S. companies. FLEX Options are exchange-traded options with custom strike prices and expiration dates. As of July 31, 2026, the fund held four options, all expiring June 30, 2027. A call with a very low $5.60 strike, about 98.8% of assets, tracks SPY's price. A bought put at $746.84 (a put gains as SPY falls) and a sold put at $597.42 form the 20% buffer. A sold call at $837.65 sets the cap.
The cap is set just before each outcome period starts on July 1. It depends on market volatility, interest rates and option prices. For July 1, 2025 to June 30, 2026, the cap was 10.58% before fees, or 9.84% after the 0.74% fee. The after-fee buffer was 19.26%. Losses beyond the buffer pass through, and the fund receives none of SPY's dividends.
These outcomes apply only to shares bought at the start of an outcome period and held to its end. Buying after SPY has risen leaves less room below the cap. Buying after a fall can leave less buffer. Before expiration, the options' value may not move in step with SPY. The Options Clearing Corporation guarantees the contracts, so the fund depends on it paying.
What it really costs
- JULW 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 |
|---|---|---|---|---|
| JULW | $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 gives up some stock-market upside for a buffer against losses. As of October 27, 2026, its one-year beta (sensitivity to market moves) was 0.32 and its three-year volatility was 6.7%.
JULW could soften stock-market swings in a retirement portfolio. Its only losing full calendar year was 2022, a bear-market year, when it lost 0.90%. Its worst quarter was a 3.42% loss in the three months ending June 30, 2022. Price records start in October 2022. Since then, its deepest decline was 9.5%, from February 19 to April 8, 2025, and it recovered in 1.8 months. The fund launched too late to be tested in 2008 or 2020. Smaller dips can mean fewer shares sold at low prices in a bad year. But the cap trims gains: its five-year average annual return was 8.57% as of December 31, 2025. It pays no income, so withdrawals mean selling shares. It costs 0.74% a year, or $76 in the first year on $10,000 under the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Retirees wanting S&P 500 exposure with a cushion: it aims to absorb the first 20% of SPY price losses over each July-to-June outcome period.
- Investors wanting a calmer ride: one-year volatility (price swings) was 4.4%, and the worst drop since October 2022 was 9.5%, as of October 27, 2026.
- Cost-conscious investors in buffer funds: its 0.74% expense ratio was the lowest of eight buffer ETFs compared; the seven others averaged 0.86%.
Look elsewhere if
- Income seekers: the fund does not receive SPY's dividends and made no distributions in the year to October 27, 2026.
- Investors wanting full S&P 500 upside: gains were capped at 9.84% after fees for July 1, 2025 to June 30, 2026, and caps reset yearly.
- People who may trade mid-period or fear crashes over 20%: investors entering mid-period may get less buffer, and losses beyond the buffer aren't absorbed.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| JULW this fund | 0.74% | $248.5M | +7.8% | +13.1% |
| 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 JULW protect against stock market losses?
Partly. JULW aims to absorb the first 20% of price losses in the SPDR S&P 500 ETF Trust (SPY) over each outcome period, a one-year window running July 1 to June 30. It does this with FLEX options, which are customized exchange-traded options on SPY. After the 0.74% fee, the buffer was 19.26% for the period ending June 30, 2026. Investors bear losses past the buffer, and investing mid-period may leave less protection, or none. A shareholder could lose their entire investment.
What is the cap on JULW?
For the July 1, 2025 to June 30, 2026 outcome period, JULW's cap was 10.58% before fees and 9.84% after its 0.74% management fee. The fund does not share in SPY gains above the cap. Caps reset each July 1 based on option prices, market volatility and interest rates, and they can change significantly. As of July 31, 2026, the fund's four option positions were set to expire June 30, 2027, which signals a new period with a new cap.
Is JULW good for retirement income?
Not for income. The fund does not receive SPY's dividends and made no distributions in the year to October 27, 2026. Its possible role for retirees is steadier growth. As of December 31, 2025, the prospectus showed average annual returns of 8.57% over five years and 8.91% since its June 30, 2020 launch. In 2022, a bad year for stocks, it lost 0.9%. Its deepest price drop since October 2022 was 9.5%, between February and April 2025.
What is JULW's expense ratio?
JULW's expense ratio is 0.74%, according to its prospectus filed February 27, 2026. It is charged as a single all-in management fee. Under the SEC's standard example ($10,000 invested, a 5% yearly return, shares cashed in at the end of each period), costs would total about $76 after one year, $237 after three, $411 after five and $918 after ten. That fee was the lowest of eight buffer ETFs compared, and the other seven averaged 0.86%. Brokerage commissions and trading costs are extra.
What's the difference between JULW and PJAN?
The main differences are cost, returns and size. JULW, from Allianz Investment Management, charges 0.74%. PJAN, from Innovator, charges 0.79%. PJAN returned more: 10.5% over one year and 14.8% a year over three years to October 27, 2026, versus 7.8% and 13.1% for JULW. PJAN is also far larger, at about $1.4 billion in net assets versus about $248 million for JULW, as of July 31, 2026. Their buffer and cap terms are worth comparing in each prospectus.