ETF Evaluator:
Aptus July Buffer ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Defined Outcome Over the Last Year
| 23.7% | Innovator U.S. Small Cp Pwr Buf ETF -Nov (KNOV) |
| 23.2% | Innovator U.S. Small Cp Pwr Buf ETF -Feb (KFEB) |
| 21.9% | Innovator U.S. Small Cp Pwr Buf ETF -Mar (KMAR) |
| 21.9% | Innovator US Small Cap Pwr Buff ETF™ Oct (KOCT) |
| 21.1% | FT Vest U.S. Small Cap Mod Buf ETF-Feb (SFEB) |
Risk
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Risk
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ETF Details
Aptus July Buffer ETF Overview
Aptus July Buffer ETF (JULB) is an actively managed Nontraditional Equity Defined Outcome exchange-traded fund (ETF). APTUS ETFs launched the ETF in 2025.
The investment seeks to provide investors with returns that match those of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”).
The fund is an actively managed exchange-traded fund (“ETF”) that, under normal market conditions, invests substantially all of its assets in FLexible EXchange® Options (“FLEX Options”) that reference the market price of the Underlying ETF. The fund uses FLEX Options to employ a “structured outcome strategy.” Structured outcome strategies seek to produce pre-determined target investment outcomes based upon the performance of an underlying security or index. The fund is non-diversified.
About Aptus July Buffer ETF (JULB)
There are 5 members of the management team with an average tenure of 0.80 years: John Gardner (2025), John Tyner (2025), Mark Callahan (2025), Brad Rapking (2025) and David Wagner (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
Aptus July Buffer ETF has 7 securities in its portfolio. The top 10 holdings constitute 215.1% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Aptus July Buffer ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. Aptus July Buffer ETF has 1.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 197.6% There is 1.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Aptus July Buffer ETF has -98.6% of the portfolio in cash.
Assets Under Management
The fund has $43 million in total assets, which is below the $183 million average for the Defined Outcome category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
JULB Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Aptus July Buffer ETF expense ratio is below average compared to funds in the Defined Outcome category. Aptus July Buffer ETF has an expense ratio of 0.25%, which is 65% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Aptus July Buffer ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 3% for the Defined Outcome category.
Recently, in the month of July 2026, Aptus July Buffer ETF returned 0.3%, which earned it a grade of D, as the Defined Outcome category had an average return of 0.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Aptus July Buffer ETF has a trailing yield of 0.00%, which is below the 0.48% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Aptus July Buffer ETF Grades
Year to date, the ETF has returned 8.0%, 2.1 percentage points better than the category, which translates into a grade of A.
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JULB Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| JULB Return (NAV) | 0.3% | 3.9% | na | na | na | na |
| JULB Return (Price) | 0.3% | 4.0% | na | na | na | na |
| NAV +/- Price Return | -0.021% | -0.122% | na | na | na | na |
| Defined Outcome Avg | 0.2% | 2.2% | 11.3% | 11.8% | 8.6% | na |
| JULB Grade (NAV) | D | A | na | na | na | na |
| +/- Category (NAV) | 0.1% | 1.7% | na | na | na | na |
| JULB Tax-Cost Ratio | na | na | na | na | na | na |
JULB Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| JULB Return (NAV) | 8.0% | na | na | na | na | na | na | na | na | na | na |
| JULB Return (Price) | 8.1% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.017% | na | na | na | na | na | na | na | na | na | na |
| Defined Outcome Avg | 5.8% | 11.3% | 12.4% | 18.5% | -8.8% | 9.7% | 7.7% | 16.4% | -6.7% | 15.8% | na |
| JULB Grade (NAV) | A | na | na | na | na | na | na | na | na | na | na |
| +/- Category | 2.1% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 44 Mil |
| Share Class Assets: | $ 44 Mil |
| Turnover: | na |
| Expense Ratio: | 0.25% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 0.8 years | |||
| Average Tenure: 0.8 years | |||
| Managers (Year): Gardner John (2025), Tyner John (2025), Callahan Mark (2025), Rapking Brad (2025), Wagner David (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 7 |
| % in Top 10 Holdings: | 215.1% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 1.0% |
Portfolio Allocation |
|
| Domestic Stock: | 197.6% |
| Foreign Stock: | 1.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -0.0% |
| Cash: | -98.6% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | APTUS ETFs |
| Phone Number: | 800-617-0004 |
| Website: | |
| Inception Date: | October 13, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.25% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.72% |
