At a glance
AUGW charges 0.74% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $133.6M in assets, the 8th largest of that group. Over the past year it returned +8.4% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +13.5% a year.
The short version
AllianzIM U.S. Large Cap Buffer20 Aug ETF (AUGW) holds FLEX options on the SPDR S&P 500 ETF Trust (SPY). It aims to match SPY's price return over a yearly August-to-July period, with a buffer against the first 20% of losses and a cap on gains. Its 0.74% fee is below the 0.86% average of seven similar buffer funds. But its 1- and 3-year returns trailed all seven as of October 27, 2026, and it pays no dividends.
Price history
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AUGW +8.4% 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 | |
|---|---|---|---|---|---|---|
| AUGW official prospectus, to Dec 31, 2025 | — | +11.03% | — | — | — | +11.49% |
| AUGW price data to Oct 27, 2026 | +7.5% | +8.4% | +13.5% | — | — | +10.9% |
- Over the year to Oct 27, 2026, AUGW returned +8.4%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+11.2%); its best was 2024 (+13.2%).
- The deepest fall in its price history was 8.8% (Feb 19, 2025 to Apr 8, 2025), recovered by May 19, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.5% | — |
| 2025 | +11.2% | +11.03% |
| 2024 | +13.2% | +13.31% |
| 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 $7.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.32%, +0.47%, +0.58%.
How it works
AUGW, from Allianz Investment Management, owns no stocks. It holds FLEX Options (exchange-traded options with customized strike prices and expiration dates) on the SPDR S&P 500 ETF Trust (SPY). Over each one-year “outcome period,” August 1 to July 31, it aims to match SPY's share price return up to a cap, while buffering the first 20% of SPY's losses.
As of July 31, 2026, the fund held four SPY options, all expiring that day. A call (a right to buy SPY) with a strike price of $4.74 tracked SPY almost one-for-one and made up about 106.9% of net assets. Two puts, which pay off when SPY falls, formed the buffer. A sold call at $700.16 gave away gains above that level, creating the cap. For the August 1, 2025 to July 31, 2026 period, the cap was 10.77% before fees and 10.03% after the 0.74% management fee; the buffer was 20% before fees and 19.26% after. Losses beyond the buffer fall on shareholders.
Each August the options roll over and a new cap is set from market conditions like volatility and interest rates; it can change significantly. Returns follow SPY's price only; the fund gets no benefit from SPY's dividends. Investors who buy or sell mid-period may get a different cap and buffer.
What it really costs
- AUGW 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 |
|---|---|---|---|---|
| AUGW | $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
It trades some of the S&P 500's upside for a buffer against the first 20% of SPY losses over each August-to-July period, and its price has moved far less than the market.
AUGW launched July 31, 2023, so it has not been through the 2008, 2020 or 2022 downturns. Its deepest drop was 8.8%, from February 19 to April 8, 2025. It recovered by May 19, 2025, about 1.3 months later. Its weakest calendar year, 2025, still returned 11.03%, according to the prospectus. One-year volatility was 4.5% as of October 27, 2026. For a retiree who may need cash in a bad year, the buffer could soften the hit. It works fully only for shares held from August 1 to July 31, and any losses beyond 20% pass through. The fund makes no distributions, so withdrawals mean cashing out shares. It costs 0.74% a year, or $76 in the first year on $10,000 under the SEC's standard example. Past results don't predict future returns, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting S&P 500 exposure with a buffer on the first 20% of losses, who can hold from August 1 to July 31.
- Cost-conscious buffer-fund buyers: its 0.74% expense ratio was the lowest of eight buffer funds compared, below the 0.86% peer average.
- Retirees and near-retirees who value a calmer ride: its worst decline since launch was 8.8%, from February to April 2025, recovering by May.
Look elsewhere if
- Income seekers: it has recorded no distributions and gets no benefit from SPY's dividends, so returns depend entirely on SPY's price.
- Investors wanting full market gains: the cap was 10.03% after fees for the outcome period ending July 31, 2026; gains above it are forfeited.
- Return-focused buyers: its 13.5% annualized three-year return through October 27, 2026 ranked last of eight buffer funds compared.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| AUGW this fund | 0.74% | $133.6M | +8.4% | +13.5% |
| 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
How does the AUGW buffer work?
AUGW uses FLEX options on SPY to absorb the first 20% of SPY's price losses over each August 1 to July 31 period. After the fee, the buffer is about 19.26%. In return, gains are capped. For the period ending July 31, 2026, the cap was 10.77% before fees and 10.03% after. Losses beyond 20% pass through in full. Investors who get in or out mid-period may get more or less protection than the stated buffer.
Does AUGW pay dividends?
No. The fund has recorded no distributions. Its options track only SPY's share price, so it gets none of the dividends SPY pays on its S&P 500 stocks. Over time, that is part of what investors give up for the buffer. Anyone who needs regular income from this fund would have to cash out shares instead.
How has AUGW performed?
According to the prospectus, AUGW returned 13.31% in 2024 and 11.03% in 2025. Its average annual return since its July 31, 2023 launch was 11.49% as of December 31, 2025. Based on price, it returned 8.4% over the year to October 27, 2026, and 7.5% for 2026 through that date. Its deepest drop was 8.8% in early 2025, and it recovered in about 1.3 months.
What's the difference between AUGW and PJAN?
Both are buffer funds built on U.S. stocks, but they differ in cost, size and recent returns. AUGW charges 0.74% and PJAN, the Innovator U.S. Equity Power Buffer ETF - January, charges 0.79%. As of October 27, 2026, PJAN returned 10.5% over one year and 14.8% a year over three years, compared with 8.4% and 13.5% for AUGW. PJAN had about $1.44 billion in net assets, compared with $133.6 million for AUGW. Their names point to different outcome periods, and their buffer and cap terms are set out in each prospectus.
What is the expense ratio of AUGW?
AUGW's expense ratio is 0.74%. It is a single unitary management fee with no fee waiver, according to the prospectus filed February 27, 2026. Under the SEC's standard example, $10,000 invested at a 5% annual return would cost about $76 after one year, $237 after three, $411 after five and $918 after ten. That fee is below the 0.86% average of seven similar buffer funds. Brokerage commissions and trading costs are extra.