At a glance
AUGU charges 0.74% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $36.4M in assets, the 8th largest of that group. Over the past year it returned +8.3% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
AllianzIM U.S. Equity Buffer15 Uncapped Aug ETF (AUGU) holds FLEX options on the SPDR S&P 500 ETF Trust (SPY). Over each August-to-July period, it aims to capture SPY's share-price gains above a set "spread" while absorbing the first 15% of losses. Unlike many buffer funds, it puts no cap on gains, and its 0.74% expense ratio was the lowest of eight buffer funds compared. It is small, with $36.4 million in net assets as of July 31, 2026.
Price history
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AUGU +8.3% 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 | |
|---|---|---|---|---|---|---|
| AUGU official prospectus, to Dec 31, 2025 | — | +12.21% | — | — | — | +12.17% |
| AUGU price data to Oct 27, 2026 | +9.5% | +8.3% | — | — | — | +12.5% |
- Over the year to Oct 27, 2026, AUGU returned +8.3%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+12.5%); its best was 2025 (+12.5%).
- The deepest fall in its price history was 12.2% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 30, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.5% | — |
| 2025 | +12.5% | +12.21% |
| 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 $7.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.83%, -1.35%, -0.10%.
How it works
AUGU doesn't pick stocks. It puts substantially all its assets into FLEX options, which are exchange-traded option contracts with custom strike prices and expiration dates. All of them are tied to SPY, which holds the S&P 500 stocks weighted by market value. Each outcome period runs from August 1 to July 31. The fund buys its options at the start of a period and holds them to expiration, so its reported turnover is 0%. As of July 31, 2026, it held three SPY options expiring that day. A call option with a $25.60 strike provided about 100% of the stock exposure. Two put options, with strikes of $652.94 and $537.27, provided the buffer.
The "spread" is the gain SPY's share price must exceed by the end of a period before the fund gains anything. Above that level, gains are not capped. For the August 1, 2025 to July 31, 2026 period, the spread was 3.30% before fees, or 4.04% after the 0.74% fee. The buffer was 15% before fees, or 14.26% after. Losses beyond the buffer pass through to shareholders. A new spread is set each period based on interest rates and market volatility.
These targets apply only to someone who holds for the full period. Buying or selling partway through gives different results. The fund tracks SPY's price only and receives none of its dividends. It is classified as non-diversified and relies on the Options Clearing Corporation to honor its contracts.
What it really costs
- AUGU 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 |
|---|---|---|---|---|
| AUGU | $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 main job is to soften stock-market losses through a 15% buffer while keeping uncapped S&P 500 upside above a spread.
AUGU launched on July 31, 2024, so it missed the 2008, 2020 and 2022 downturns. Its only full calendar year, 2025, returned 12.21%. Its deepest drop was 12.2%, from February 19 to April 8, 2025, and it recovered by June 30, 2025, about 2.7 months later. That drop shows the buffer doesn't fully shield prices partway through a period. A retiree who sold in April 2025 would have locked in the loss. The fund paid no distributions and doesn't receive SPY's dividends, so drawing money from it means selling shares. Its 0.74% expense ratio works out to $76 in the first year on $10,000 under the SEC's standard example, below the 0.86% average of similar buffer funds. Past results don't predict future ones, and any 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 15% loss buffer and no cap on gains, and who can hold from August 1 to July 31.
- Cost-conscious buffer-fund buyers: AUGU's 0.74% expense ratio was the lowest of eight buffer funds compared, against a 0.86% average.
- Those willing to give up SPY's dividends and a first slice of gains (a 3.30% spread for 2025–26) in exchange for downside cushioning.
Look elsewhere if
- Retirees who need cash income: AUGU paid no distributions and doesn't receive the dividends SPY pays.
- Investors likely to buy or sell mid-period, since the buffer and spread apply only over the full August-to-July period.
- Those who prefer large, established funds: AUGU held $36.4 million as of July 31, 2026, with history only since July 2024.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| AUGU this fund | 0.74% | $36.4M | +8.3% | — |
| 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 AUGU pay dividends?
No. AUGU has no recorded distributions. Its prospectus states that it doesn't receive or benefit from the dividends paid by the SPDR S&P 500 ETF Trust (SPY), whose price it tracks. Its returns come only from SPY's share-price moves, filtered through its options. Investors who want regular income from S&P 500 stocks would need a fund that passes dividends through.
How does the AUGU buffer and spread work?
Over each August 1 to July 31 period, AUGU aims to absorb the first 15% of SPY's price losses. It earns gains only after SPY's share price beats a spread. For the 2025–26 period, the spread was 3.30% before fees, or 4.04% after the 0.74% fee, and the buffer was 14.26% after fees. Gains above the spread are not capped, and losses beyond the buffer pass through.
What happens if I buy AUGU in the middle of the outcome period?
Your results will differ from the fund's stated targets. The 15% buffer and the spread are measured from the start of each August-to-July period. If SPY has already risen, you may have less protection. If it has fallen, part of the buffer may already be used up. The fund's 12.2% drop from February to April 2025 shows that prices can fall well before a period ends.
AUGU vs PJAN: what's the difference?
Both are U.S. equity buffer ETFs, but they differ in cost, size and timing. AUGU charges 0.74% and PJAN charges 0.79%. PJAN is far larger, with $1.4 billion as of July 31, 2026, compared with AUGU's $36.4 million. Over one year to October 27, 2026, PJAN returned 10.5% and AUGU 8.3%. AUGU's period starts in August and has no cap on gains. PJAN's prospectus describes its own terms.
What is AUGU's expense ratio?
AUGU's expense ratio is 0.74%, according to its prospectus filed February 27, 2026. Under the SEC's standard example, a $10,000 investment earning 5% a year would cost about $76 after one year, $411 after five years and $918 after ten. That was the lowest cost among eight similar buffer funds compared, whose average was 0.86%.