At a glance
SAUG charges 0.9% a year, above the 0.86% average of the 7 funds most like it (the 6th cheapest of 8). It has $117.2M in assets, the 8th largest of that group. Over the past year it returned +7.3% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +13.4% a year.
The short version
FT Vest U.S. Small Cap Moderate Buffer ETF - August (SAUG) is a First Trust fund that holds options on the iShares Russell 2000 ETF, a fund of small U.S. companies, rather than the stocks themselves. Over each one-year outcome period, which starts in August, it aims to absorb the first 15% of price losses in exchange for a cap on gains. Its 0.90% expense ratio is above the 0.86% peer average, and it has made no distributions.
Price history
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SAUG +7.3% 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 | |
|---|---|---|---|---|---|---|
| SAUG official prospectus, to Dec 31, 2024 | — | +11.07% | — | — | — | +13.02% |
| SAUG price data to Oct 27, 2026 | +6.9% | +7.3% | +13.4% | — | — | +10.3% |
- Over the year to Oct 27, 2026, SAUG returned +7.3%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+8.2%); its best was 2024 (+11.1%).
- The deepest fall in its price history was 14.6% (Dec 2, 2024 to Apr 8, 2025), recovered by Aug 13, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +6.9% | — |
| 2025 | +8.2% | — |
| 2024 | +11.1% | +11.07% |
| 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 Aug 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 Aug 31, 2026, investors added a net $9.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.87%, +0.61%, -0.21%.
How it works
SAUG puts substantially all of its assets into FLEX Options. These are exchange-traded option contracts whose strike prices and expiration dates can be customized. They reference the iShares Russell 2000 ETF (IWM), sponsored by BlackRock Fund Advisors. IWM tracks the Russell 2000 Index, which covers about 1,945 of the smallest companies in the Russell 3000 Index. As of August 31, 2026, SAUG held 12 option positions making up about 99% of assets, plus about 1% in cash. The largest position, a call option on IWM, was about 92% of the fund. Vest Financial is the sub-adviser.
Together, the options set a buffer and a cap over a Target Outcome Period of roughly one year. For August 18, 2025 to August 21, 2026, the buffer covered the first 15% of IWM's price losses and the cap was 16.88%, both before fees. After fees, they were 14.09% and 15.97%. If IWM falls more than 15%, the fund takes further losses one for one: if IWM drops 20%, the fund loses about 5% before fees. Returns follow IWM's price only, not its dividends.
When each period ends, the fund buys a new set of options. The buffer stays at 15%, but the cap resets based on market conditions, so it will change from year to year. Investors who buy after a period starts, or sell before it ends, may get results very different from the targets. About one week before a period ends, the fund's website posts an expected cap range for the next one.
What it really costs
- SAUG charges 0.9% a year, versus an average of 0.86% for the similar funds below (6th of 8, cheapest first).
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.
In a retirement portfolio
It aims to soften the first 15% of small-cap losses in each outcome period, and in exchange it gives up gains above a yearly cap.
SAUG launched on August 18, 2023, so it has no record through the 2008, 2020 or 2022 downturns. Its worst calendar year was 2025, and it still gained 8.2% that year. Its deepest drop was 14.6%, from December 2, 2024 to April 8, 2025. It recovered by August 13, 2025, about four months later. That drop shows the buffer softens losses but does not stop them, especially partway through a period. A retiree who has to sell shares in a bad stretch could still sell at a loss. The fund has made no distributions, so it provides no income. Its 0.90% expense ratio is above the 0.86% average of similar buffer funds. Past results don't predict future ones, 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 who want exposure to small U.S. companies through the Russell 2000 but with a 15% buffer against price losses each outcome period.
- Holders who can buy near the start of an August outcome period and hold the full year, which is when the stated cap and buffer apply.
- People willing to give up gains above the cap, which was 16.88% before fees for the August 2025 to August 2026 period.
Look elsewhere if
- Investors who need income: SAUG has made no distributions, and its returns leave out the dividends paid by the iShares Russell 2000 ETF.
- Cost-conscious investors: its 0.90% expense ratio is above the 0.86% average of the similar buffer funds it was compared with.
- Those who want a long track record or a large fund: it launched in August 2023 and had about $117 million in assets as of August 31, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| SAUG this fund | 0.9% | $117.2M | +7.3% | +13.4% |
| 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 SAUG a good investment for retirement?
It can play a defensive role for small-company exposure, but it comes with trade-offs. SAUG aims to absorb the first 15% of price losses in the iShares Russell 2000 ETF over each one-year outcome period, and it caps gains in return. It has made no distributions, so it provides no income. Its 0.90% expense ratio is above the 0.86% peer average. Its deepest drop was 14.6%, between December 2024 and April 2025. Past results don't predict future ones.
How does the SAUG buffer work?
SAUG uses FLEX Options on the iShares Russell 2000 ETF to set a buffer and a cap for each outcome period. From August 18, 2025 to August 21, 2026, the buffer covered the first 15% of price losses and the cap was 16.88%, both before fees. After fees, they were 14.09% and 15.97%. Losses beyond 15% pass through one for one. The buffer stays at 15% each period, but the cap resets. Buying or selling partway through a period can give very different results.
Does SAUG pay dividends?
No. SAUG has made no distributions since it launched on August 18, 2023. It holds options instead of stocks, and its returns follow only the share price of the iShares Russell 2000 ETF. That means dividends paid by the companies in that fund don't reach SAUG holders. The prospectus also says the fund may create and redeem shares for cash, which can make it less tax-efficient than ETFs that trade shares for securities instead.
What's the difference between SAUG and FJAN?
Both are First Trust buffer ETFs, but they reference different markets and follow different calendars. SAUG is tied to small companies through the iShares Russell 2000 ETF and resets each August. FJAN, the FT Vest US Equity Buffer ETF - January, is a U.S. equity buffer fund in the January series. FJAN costs 0.85% a year, compared with 0.90% for SAUG. As of October 27, 2026, FJAN returned 12.3% over one year and 17.4% a year over three years. SAUG returned 7.3% and 13.4%.
How has SAUG performed since launch?
It has gained ground but trailed its peers. According to its prospectus, SAUG returned 11.07% in 2024 and averaged 13.02% a year from launch through December 31, 2024. It gained 8.23% in 2025. As of October 27, 2026, it was up 7.3% over one year and 13.4% a year over three years. On both measures it ranked 8th of 8 similar buffer funds. Its price swings were modest, with one-year volatility of 7.5%.