At a glance
AUGZ charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $41.0M in assets, the 8th largest of that group; it paid 3.31% of its price in distributions over the past 12 months, annual. Over the past year it returned +8.9% with distributions reinvested, the weakest of those 8 funds; over three years it returned +17.5% a year. At its worst it fell 15.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months after the low.
The short version
TrueShares Structured Outcome (August) ETF (AUGZ) is an actively managed buffer fund. It uses options on the S&P 500 Price Return Index, backed mostly by Treasury bills, to try to cushion the first 8% to 12% of index losses over each August-to-July period. Its 0.79% expense ratio ties for the lowest among similar buffer funds. With $41 million in net assets as of June 30, 2026, it is also the smallest.
Price history
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AUGZ +8.9% 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 | |
|---|---|---|---|---|---|---|
| AUGZ official prospectus, to Dec 31, 2025 | — | +13.02% | — | +11.13% | — | +12.48% |
| AUGZ price data to Oct 27, 2026 | +9.4% | +8.9% | +17.5% | +9.7% | — | +11.0% |
- Over the year to Oct 27, 2026, AUGZ returned +8.9%, 8th of 8 among similar funds.
- Its 5-year annualized return was +9.7%.
- Its worst full calendar year was 2022 (-10.4%); its best was 2024 (+18.0%).
- The deepest fall in its price history was 15.7% (Jan 4, 2022 to Oct 12, 2022), recovered by Jul 18, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.3% | — |
| 2025 | +13.5% | +13.02% |
| 2024 | +18.0% | +18.35% |
| 2023 | +17.3% | +17.25% |
| 2022 | -10.4% | -10.55% |
| 2021 | — | +20.83% |
| 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 | Lost 15.6% over that stretch · deepest drop along the way 15.7%, back to its old high 9.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $1.5300 | -2.5% |
| 2024 | $1.5700 | +35.3% |
| 2023 | $1.1600 | +866.7% |
| 2022 | $0.1200 |
What's inside
As of Jun 30, 2026, the fund held 1 securities; the ten largest made up 87.65% of assets.
| Holding | Weight | |
|---|---|---|
| Treasury Bill Bonds and notes | 87.65% |
By country
United States 87.65%By issuer
US Treasury 87.65%The bonds mature in 0 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $30.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +8.05%, +4.49%, -1.22%.
How it works
AUGZ does not own stocks. Each August 1, which the prospectus calls the Roll Date, adviser TrueMark Investments sells put options with a strike price about 8% to 12% below the S&P 500 Price Return Index or an ETF that tracks it. It aims for about 10%. A put gains value when the index falls below its strike price. The fund uses the premium it collects to buy at-the-money call options, which gain value when the index rises. All of these options expire the following July 31. Most are European-style FLEX Options, which are customized contracts traded on Cboe, guaranteed by the Options Clearing Corporation and exercisable only when they expire. As of June 30, 2026, 87.6% of assets sat in a Treasury bill. The rest was in 15 option positions, mainly SPY FLEX calls expiring July 31, 2026.
If the index falls over the full period, the fund aims to lose 8 to 12 percentage points less than the index. Deeper losses pass through. On the upside, the prospectus describes no fixed cap. How much of the gain the fund captures depends on how much the puts earn compared with what the calls cost, and the gain could be far smaller than the index's. The index also leaves out dividends.
These outcomes apply only to shares bought on August 1 and held until July 31. Fees reduce them.
What it really costs
- AUGZ charges 0.79% 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 $81 in the first year and $977 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| AUGZ | $81 | $252 | $439 | $977 |
Structure and tax notes
- 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.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
Its options strategy tries to absorb the first 8% to 12% of S&P 500 losses each August-to-July period, and in return it gives up part of the upside.
AUGZ could soften moderate stock declines. Its record covers only one bear market. It launched in July 2020, so it has no history in 2008 or the 2020 crash. It lost 10.55% in 2022, its worst calendar year. Its deepest drop was 15.7%, from January 4 to October 12, 2022, and it took about 9.2 months to recover, by July 18, 2023. Someone forced to sell in late 2022 would have locked in a loss, because the buffer applies only over the full August-to-July period.
Income is lumpy. The trailing yield was 3.31% as of October 27, 2026, paid once a year. It costs 0.79% a year, or $81 in the first year on $10,000 under the SEC's standard example. 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 exposure with a cushion against the first 8% to 12% of losses and can buy near August 1.
- Cost-conscious buffer investors: AUGZ charges 0.79%, below the 0.86% average for similar defined-outcome funds.
- Holders who accept lagging gains: AUGZ's 8.9% one-year return ranked last of eight similar funds as of October 27, 2026.
Look elsewhere if
- Retirees who need monthly income: AUGZ pays once a year, with a 3.31% trailing yield as of October 27, 2026.
- Investors who want protection from deep crashes: losses beyond the buffer pass through, and the fund fell 15.7% in 2022.
- Those who prefer large funds: AUGZ had $41 million in net assets as of June 30, 2026, after $30.9 million of three-month outflows.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| AUGZ this fund | 0.79% | $41.0M | +8.9% | +17.5% |
| 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
Is AUGZ a good investment for retirement?
AUGZ may suit retirees who want S&P 500 exposure with a cushion against moderate losses, but the cushion has limits. It tries to absorb the first 8% to 12% of S&P 500 Price Return Index losses over each August-to-July period. Deeper losses pass through. It fell 10.55% in 2022, and its deepest drop of 15.7% took about 9.2 months to recover. It costs 0.79% a year, or $81 in the first year on $10,000 under the SEC's standard example.
How does the AUGZ buffer work?
Each August 1, AUGZ sells S&P 500 put options with a strike price about 8% to 12% below the index, aiming for 10%. It uses that premium to buy at-the-money call options. Both expire the following July 31. Most of its assets sit in Treasury bills. If the index falls over the full period, the fund aims to lose 8 to 12 percentage points less. If the index rises, the fund shares in the gain, though its gain may be much smaller.
Does AUGZ pay dividends?
Yes, but only once a year. AUGZ paid $1.53 per share over the 12 months to October 27, 2026, a trailing yield of 3.31%. The fund holds mostly Treasury bills, which pay interest. Its options follow the S&P 500 Price Return Index, which leaves out dividends from S&P 500 companies, so holders do not collect those stock dividends. One payment a year may not suit someone who draws income monthly.
AUGZ vs BUFR: what's the difference?
Both are buffer ETFs, but they differ in cost, size and structure. AUGZ charges 0.79% a year, and FT Vest Laddered Buffer ETF (BUFR) charges 0.95%. BUFR had about $10.5 billion in net assets as of August 31, 2026. AUGZ had $41 million as of June 30, 2026. AUGZ resets once a year each August, while BUFR is laddered across several buffer periods. As of October 27, 2026, AUGZ returned 8.9% over one year versus 11.6% for BUFR. Over three years, AUGZ returned 17.5% a year and BUFR 16.8%.
What happens if I buy AUGZ in the middle of the year?
The buffer may not work as described. AUGZ's stated outcomes apply only to shares bought on August 1 and held until July 31. If the index has already fallen when someone buys, part of the buffer may already be used up. If it has risen, the fund may need to fall further before the buffer helps. The options expire each July 31, and a new buffer is set the next day.