PJUL Caps Your S&P 500 Gains at 11% While Protecting Against 40% Crashes: The Math for Retirees

A 68-year-old retiree with $400,000 in equities heading into 2026 has a real problem: SPY ran up 27% in the past year, but the VIX still spiked to almost 31 in late March, and the University of Michigan consumer sentiment sits at 53.3, deep in pessimistic territory.