At a glance
AUGP charges 0.5% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $23.7M in assets, the 8th largest of that group. Over the past year it returned +11.0% with distributions reinvested (S&P 500: +11.5%), 6th of those 8 funds.
The short version
PGIM S&P 500 Buffer 12 ETF - August (AUGP) is an actively managed ETF that holds options on the SPDR S&P 500 ETF Trust (SPY). Over each August-to-July period, it aims to shield full-period holders from the first 12% of SPY's losses before fees, in exchange for a cap on gains. Its 0.50% expense ratio is the lowest among eight buffer funds compared, but it is the smallest, and it forgoes SPY's dividends.
Price history
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AUGP +11.0% 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 | |
|---|---|---|---|---|---|---|
| AUGP official prospectus, to Dec 31, 2025 | — | +14.59% | — | — | — | +14.15% |
| AUGP price data to Oct 27, 2026 | +10.0% | +11.0% | — | — | — | +13.5% |
- Over the year to Oct 27, 2026, AUGP returned +11.0%, 6th of 8 among similar funds.
- Its worst full calendar year was 2025 (+14.7%); its best was 2025 (+14.7%).
- The deepest fall in its price history was 12% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 10, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.0% | — |
| 2025 | +14.7% | +14.59% |
| 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 Jul 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 Jul 31, 2026, investors added a net $4.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.93%, +0.55%, +0.92%.
How it works
AUGP, an actively managed ETF, holds no stocks. It puts substantially all its assets into FLEX options (exchange-traded options with customized terms, such as strike price) on the State Street SPDR S&P 500 ETF Trust (SPY), which owns S&P 500 stocks at index weights. As of July 31, 2026, options made up 99.51% of net assets, including SPY puts with strike prices of $632.08 and $556.23, the lower one 12% below the higher.
The fund enters into its options at the start of each outcome period, August 1 to July 31, and they can be exercised only on its final day. For the period ending July 31, 2026, the cap on gains was 14.07% and the buffer was designed to cover the first 12% of SPY's price decline, before fees (13.57% and 11.5% after the management fee). Losses beyond that pass through one for one: a 25% SPY drop means about a 13% fund loss before fees. SPY's dividends are not included.
Each August 1 the fund resets with new options. The 12% buffer stays the same, but a new cap is set each year based on market conditions. The targets apply only to shares held from a period's first day to its last; buying or selling midway can produce very different results.
What it really costs
- AUGP charges 0.5% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $51 in the first year and $628 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| AUGP | $51 | $160 | $280 | $628 |
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
Its options are designed to absorb the first 12% of SPY's price losses over each August-to-July period, giving up gains above a cap and SPY's dividends in return.
AUGP has no record in a long bear market: it launched on May 9, 2024, after the 2008, 2020 and 2022 sell-offs. Its only full calendar year, 2025, returned 14.59%. It fell 12% from February 19 to April 8, 2025, its deepest drop, and regained the peak by June 10, 2025. That drop came mid-period: the buffer applies only over a full August-to-July outcome period, so selling in a slump can still mean a real loss.
No distributions have been recorded for AUGP, and its returns leave out SPY's dividends, so any cash drawn would come from selling shares. Its 0.50% expense ratio, or $51 in the first year on $10,000 in the SEC's standard example, is below the 0.86% average for seven similar funds. Past results don't predict future ones, and a plan should consider the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- People who want S&P 500 exposure with a buffer against the first 12% of SPY's losses and can hold a full August-to-July period.
- Cost-conscious buffer-fund buyers: its 0.50% expense ratio is the lowest of eight compared, versus a 0.86% average for seven similar funds.
- Investors seeking milder stock swings: over the year to October 27, 2026, its moves were about half the size of the market's.
Look elsewhere if
- Income seekers: no distributions have been recorded for AUGP, and its returns exclude the dividends SPY pays.
- Anyone who may need to sell mid-period: the buffer applies only over a full period, and AUGP fell 12% from February to April 2025.
- Investors wanting all of SPY's upside: gains above each period's cap (14.07% before fees for August 2025 to July 2026) are given up.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| AUGP this fund | 0.5% | $23.7M | +11.0% | — |
| 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
Is AUGP good for retirement?
It can play a defensive role, with trade-offs. AUGP aims to shield full-period holders from the first 12% of SPY's price losses, before fees, while capping gains; the cap was 14.07% before fees for the period ending July 31, 2026. It has made no distributions, charges 0.50% a year and has a short record since its May 9, 2024, launch. With $23.7 million in net assets as of July 31, 2026, it was the smallest of eight buffer funds compared.
Does AUGP pay dividends?
No. No distributions have been recorded for AUGP. The fund holds options on the State Street SPDR S&P 500 ETF Trust (SPY) rather than the stocks themselves, and its prospectus says its performance does not reflect the dividends SPY pays. Its cap and buffer are measured on SPY's price return alone. Anyone drawing regular cash from AUGP would have to sell shares to do it.
What happens if I buy AUGP after August 1?
Your results will likely differ from the stated cap and buffer. Those targets, a 12% buffer and, for August 1, 2025, to July 31, 2026, a 14.07% cap, both before fees, apply only to shares held from a period's first day to its last. A later buyer's remaining upside and protection depend on how far SPY has moved since the period began. Because the options can be exercised only on the final day, selling early can also bring very different results.
AUGP vs BUFR: what's the difference?
AUGP is cheaper and much smaller. It charges 0.50% a year versus 0.95% for FT Vest Laddered Buffer ETF (BUFR), and had $23.7 million in net assets as of July 31, 2026, against BUFR's roughly $10.5 billion as of August 31, 2026. AUGP runs one outcome period that resets each August 1; BUFR, as its name suggests, uses a laddered approach, which typically spreads money across periods starting in different months. Over the year to October 27, 2026, BUFR returned 11.6% and AUGP 11%.
Can you lose money in AUGP?
Yes. Its prospectus warns that shareholders can suffer significant losses, including their entire investment. The buffer covers only the first 12% of SPY's price losses over a full outcome period, before fees (11.5% after the management fee). Beyond that, losses pass through one for one: a 25% SPY drop would mean about a 13% fund loss before fees. Mid-period declines can also be sizable: AUGP fell 12% from February 19 to April 8, 2025, before regaining its peak by June 10, 2025.