VanEck debuted its first defined-outcome ETF, the VanEck U.S. Equity Buffer ETF – July (JULV), on August 25, 2026. Subadvised by Lido Advisors, LLC, the actively managed fund uses FLEX options on the SPDR S&P 500 ETF Trust to provide exposure to S&P 500 price returns up to an 11% cap while buffering the first 20% of losses over an approximately one-year outcome period. The fund charges a 0.50% management fee plus other expenses, which reduce the effective buffer. Losses beyond the protected amount are borne by investors one-for-one; a 30% S&P 500 decline would result in roughly a 10% loss for JULV before fees and expenses. The initial outcome period runs through June 30, 2027, and the fund’s outcome period resets each July. VanEck said it plans to introduce additional buffered ETFs with different outcome periods, expanding its presence in a category designed for investors seeking equity exposure with predefined downside and upside parameters.