C.J. Lawrence Launches ETF Combining Concentrated Equities With Downside Protection

C.J. Lawrence, a division of Apollon Wealth Management has launched the actively managed Buffered Bulldog ETF (ACJL) on the NYSE. The fund combines a concentrated portfolio of 30–50 U.S.-listed stocks, targeting companies with strong balance sheets, pricing power and durable competitive advantages, with a systematic options collar on SPY. The strategy seeks to protect against approximately 15% of S&P 500 declines following an initial 5% drop, using put options struck near 95% and 80% of SPY's reference level. Selling calls near 105% helps finance the protection but limits upside participation. Unlike traditional defined-outcome ETFs, ACJL continuously manages its options positions without fixed reset periods. Protection applies to SPY rather than individual holdings, leaving stock-specific risks unhedged.