At a glance
AUGM charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $44.3M in assets, the 8th largest of that group. Over the past year it returned +5.1% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
FT Vest U.S. Equity Max Buffer ETF – August (AUGM) holds FLEX options on the SPDR S&P 500 ETF Trust (SPY). The options cap gains and cushion losses over one-year periods that reset each August. For August 24, 2026 to August 20, 2027, it seeks to cushion 100% of SPY's price losses, with gains capped at 8.00% before fees (7.15% after). The trade-off is limited upside, a 0.85% expense ratio and no dividends.
Price history
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AUGM +5.1% 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 | |
|---|---|---|---|---|---|---|
| AUGM official prospectus, to Dec 31, 2025 | — | +6.74% | — | — | — | +6.92% |
| AUGM price data to Oct 27, 2026 | +4.5% | +5.1% | — | — | — | +6.2% |
- Over the year to Oct 27, 2026, AUGM returned +5.1%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+6.8%); its best was 2025 (+6.8%).
- The deepest fall in its price history was 4.3% (Feb 19, 2025 to Apr 7, 2025), recovered by May 14, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +4.5% | — |
| 2025 | +6.8% | +6.74% |
| 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 | Before this security existed |
What's inside
As of Aug 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 Aug 31, 2026, investors added a net $11.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.31%, +0.54%, +0.45%.
How it works
AUGM doesn't own stocks directly. First Trust is the issuer, and its sub-advisor, Vest Financial, puts nearly all the fund's assets into FLEX options. These are exchange-traded option contracts whose terms, such as strike prices and expiration dates, can be customized. The options track SPY, a unit investment trust that holds the stocks in the S&P 500 Index. As of August 31, 2026, options made up 98.93% of the fund's $44.3 million in net assets and cash made up 1.12%. The fund tracks only SPY's price, so it misses SPY's dividends.
Each "Target Outcome Period" lasts about one year. On its first day, the fund buys a new set of options that sets a new cap (the most it can gain) and buffer (how much of SPY's loss it absorbs). It aims for the largest buffer it can get while keeping a cap of at least 7%. Future buffers may range from 20% to 100%. If a buffer is below 100%, the fund takes losses beyond it one-for-one. For August 24, 2026 to August 20, 2027, the buffer is 100% and the cap is 8.00%. After fees, they are 99.15% and 7.15%.
These outcomes apply only to shares bought on the first day and held for the whole period. If you buy midway, your remaining cap and buffer may be very different. The fund may also create and redeem shares for cash, which can make it less tax-efficient than ETFs that trade only in kind.
What it really costs
- AUGM charges 0.85% a year, versus an average of 0.86% for the similar funds below (3rd of 8, cheapest first).
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 is built to cushion nearly all of SPY's price losses over each August-to-August period, in exchange for a small, capped gain.
AUGM launched August 16, 2024, so it has no record from the 2008, 2020 or 2022 downturns. In its short history, its deepest drop was 4.3%, from February 19 to April 7, 2025. It recovered by May 14, 2025, about 1.2 months later. Its only full calendar year, 2025, returned 6.74%, according to its prospectus. For someone who may need to sell in a bad year, the buffer can limit losses, but only for shares held through a full period. Shares sold midway get whatever the options are worth that day. The fund recorded no distributions, so it doesn't provide income. It costs 0.85% a year, against a 0.86% average for similar buffer funds. 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
- Investors who want S&P 500-linked returns with a buffer against nearly all of SPY's price losses over a set August-to-August period.
- Retirees setting aside money they may need soon, who accept an 8.00% cap before fees for August 2026 to August 2027.
- Investors able to buy near the August 24 reset and hold for the full year, since the stated cap and buffer apply only then.
Look elsewhere if
- Anyone seeking income: AUGM recorded no distributions and doesn't capture the dividends SPY pays.
- Investors wanting more stock-market growth: its 5.1% one-year return trailed all seven similar buffer funds as of October 27, 2026.
- Those wary of small funds: at $44.3 million in net assets as of August 31, 2026, it was the smallest in its peer group.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| AUGM this fund | 0.85% | $44.3M | +5.1% | — |
| 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 AUGM pay dividends?
No. The fund has recorded no distributions. It holds FLEX options tied to SPY's price, not the stocks themselves, so its returns don't include the dividends SPY pays. That gap is part of what pays for the buffer. Investors who need regular income from their holdings would have to look at other funds or other parts of their portfolio.
What is the AUGM cap and buffer for 2026–2027?
For the period from August 24, 2026 to August 20, 2027, AUGM seeks to cushion 100% of SPY's price losses and caps gains at 8.00%, before fees. After its 0.85% fee, the cap is 7.15% and the buffer is 99.15%. Trading costs and taxes can lower both further. A new cap and buffer are set each August based on market conditions. Future buffers may range from 20% to 100%.
What happens if I buy AUGM in the middle of the outcome period?
Your results can differ a lot from the stated cap and buffer. Those apply only to shares bought on the first day of a period and held to the end. If you buy midway after the fund has risen, you may have little room left before the cap. Before expiration, the options' value can also move differently from SPY. The prospectus says to consider the fund's value relative to the cap and buffer before investing.
Can you lose money in AUGM?
Yes. The prospectus warns that you could lose money and that the buffer is not guaranteed. Fees mean the buffer is 99.15%, not a full 100%, for the 2026–2027 period. If a future buffer is set below 100%, losses beyond it pass through one-for-one. Selling before a period ends can also mean a loss. The fund's deepest drop so far was 4.3%, in early 2025.
AUGM vs BUFD: what's the difference?
Both are First Trust buffer ETFs on U.S. stocks, but they're built differently. BUFD, the FT Vest Laddered Deep Buffer ETF, charges 0.95% against AUGM's 0.85%. BUFD is also far larger, with $2.04 billion in net assets as of August 31, 2026, against $44.3 million for AUGM. BUFD returned 9.5% over one year against AUGM's 5.1%, as of October 27, 2026. AUGM's near-full buffer comes with a much lower cap.