At a glance
AUGT charges 0.74% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $29.8M in assets, the 8th largest of that group. Over the past year it returned +11.6% with distributions reinvested (S&P 500: +11.5%), 4th of those 8 funds; over three years it returned +19.3% a year.
The short version
AllianzIM U.S. Large Cap Buffer10 Aug ETF (AUGT) holds customized options on the SPDR S&P 500 ETF Trust (SPY) instead of stocks. It aims to absorb the first 10% of SPY's price losses over each August-to-July period while capping gains. Its 0.74% fee was the lowest of eight buffer funds compared (the others averaged 0.86%), but it pays no dividends and is small, with $29.8 million in net assets as of July 31, 2026.
Price history
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AUGT +11.6% 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 | |
|---|---|---|---|---|---|---|
| AUGT official prospectus, to Dec 31, 2025 | — | +14.59% | — | — | — | +15.81% |
| AUGT price data to Oct 27, 2026 | +10.8% | +11.6% | +19.3% | — | — | +15.2% |
- Over the year to Oct 27, 2026, AUGT returned +11.6%, 4th of 8 among similar funds.
- Its worst full calendar year was 2025 (+14.6%); its best was 2024 (+19.7%).
- The deepest fall in its price history was 13.1% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 12, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.8% | — |
| 2025 | +14.6% | +14.59% |
| 2024 | +19.7% | +19.89% |
| 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 withdrew a net $6.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.19%, +0.53%, +1.06%.
How it works
AUGT owns no stocks. Substantially all its assets are FLEX Options. These are exchange-traded options with customized terms, such as exercise price and expiration date, and the Options Clearing Corporation guarantees them. They reference the SPDR S&P 500 ETF Trust (SPY), a unit investment trust holding the stocks of the S&P 500 index of large U.S. companies. The fund purchases and sells a mix of calls (rights to purchase at a set price) and puts (rights to sell). On July 31, 2026, it held four such options, all expiring that day.
Each outcome period runs from August 1 to July 31. If SPY's price falls over a period, the fund aims to absorb the first 10% of the loss, and shareholders bear any loss beyond that. If SPY rises, the fund aims to match the gain up to a cap. For August 2025 to July 2026, the cap was 15.23% and the buffer 10% before fees, or 14.49% and 9.26% after the 0.74% fee. Each new cap is set at the start of the period based on option costs, volatility and interest rates, and it can change significantly.
The targets apply only to shares held for a whole period. Trading in or out midway brings different results. And because the fund seeks only SPY's price return, it gets none of SPY's dividends.
What it really costs
- AUGT charges 0.74% 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 $76 in the first year and $918 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| AUGT | $76 | $237 | $411 | $918 |
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 aim to absorb the first 10% of SPY's price losses over each August-to-July period, giving up gains above a cap and SPY's dividends in exchange.
AUGT may cushion stock losses over a full August-to-July period, but its record is short. Launched July 31, 2023, it missed the 2008 crisis, the 2020 COVID crash and the 2022 bear market. Its worst calendar year, 2025, still gained 14.6%. Its deepest drop was 13.1%, from February 19 to April 8, 2025, and it recovered within about two months, by June 12, 2025. The buffer applies over the whole period, so a retiree selling near the April 2025 low would have locked in that decline.
It pays no income and gets none of SPY's dividends, so spending cash would come from selling shares. Fees are 0.74% a year. Under the SEC's standard example ($10,000 invested, 5% annual return), that is $76 after one year and $918 over 10 years. Past results don't predict future returns, 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 exposure with a cushion against the first 10% of SPY's price losses, and can hold for full August-to-July periods.
- Cost-conscious buffer-fund investors: its 0.74% fee was the lowest of eight buffer funds compared, below the others' 0.86% average.
- Investors seeking calmer swings: its one-year beta, a gauge of sensitivity to market moves, was 0.53 as of October 27, 2026.
Look elsewhere if
- Income seekers: AUGT records no distributions and, holding options rather than SPY shares, collects none of SPY's dividends.
- Investors wanting all of a strong market's gains: the after-fee cap was 14.49% for August 2025–July 2026, and gains above it were forfeited.
- Investors who may need to exit partway through an August-to-July period, when the buffer may protect less than targeted, or not at all.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| AUGT this fund | 0.74% | $29.8M | +11.6% | +19.3% |
| 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 AUGT pay dividends?
No. AUGT records no distributions. It holds options on the SPDR S&P 500 ETF Trust (SPY) rather than SPY shares, and its prospectus says the fund will not receive or benefit from SPY's dividends. Its cap and buffer are measured against SPY's share price alone, so over a full period it can trail SPY's total return, which includes dividends. Investors who need regular income from this holding would have to raise cash by selling shares.
Can you lose money in AUGT?
Yes. The buffer covers only the first 10% of SPY's price decline over a full August-to-July period. For the period that ended July 31, 2026, that was 9.26% after the 0.74% fee. Shareholders bear losses beyond that, and the prospectus warns that a shareholder could lose their entire investment. Prices also swing within a period: AUGT fell 13.1% from February 19 to April 8, 2025, before recovering by June 12, 2025.
What is the cap on AUGT?
For the outcome period from August 1, 2025, to July 31, 2026, AUGT's cap was 15.23% before fees and 14.49% after its 0.74% management fee. That was roughly the most a full-period holder could earn from SPY's price gains, and anything above it was given up. A new cap is set at the start of each period based on option costs, market volatility and interest rates. The prospectus says it is unlikely to stay the same and could change significantly.
What happens if I invest in AUGT in the middle of the outcome period?
The results will differ from the fund's stated cap and buffer, which apply only to shares held from August 1 to July 31. If SPY has already risen, less room remains before the cap, and the shares could fall before the buffer starts to help. If SPY has already fallen, the investor may get less of the buffer, or none. Exiting early has similar effects.
AUGT vs BUFR: what's the difference?
Both are buffer ETFs, but AUGT follows a single August-to-July period. BUFR, the FT Vest Laddered Buffer ETF, is laddered, an approach that generally spreads money across buffer periods with different start dates. AUGT costs less: 0.74% versus 0.95%. Price returns for the year to October 27, 2026, were 11.6% for both. Over three years, AUGT returned 19.3% a year to BUFR's 16.8%. BUFR is far larger: $10.5 billion in net assets as of August 31, 2026, versus $29.8 million for AUGT as of July 31, 2026.