FT Vest U.S. Equity Deep Buffer ETF - August
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- FT Vest U.S. Equity Deep Buffer ETF - August (DAUG) is an exchange-traded fund that seeks to provide investors with specific target outcomes linked to the price return of the SPDR S&P 500 ETF Trust (SPY), up to a predetermined upside cap, while offering a deep buffer against the first 30% of SPY losses over a one-year target outcome period beginning annually in August; the fund employs FLEX Options on SPY to achieve these outcomes before fees and expenses. Launched on November 6, 2019, DAUG operates as a series of First Trust Exchange-Traded Fund VIII, with First Trust Advisors L.P. serving as investment adviser and Vest Financial LLC as sub-adviser, both based in Wheaton, Illinois, where First Trust Portfolios L.P. also maintains its headquarters as sponsor and distributor. The fund holds primarily U.S. large-cap equities via its options strategy, with approximately 98% allocation to U.S. stocks, 1% cash, and minimal non-U.S. exposure, trading on the Cboe BZX Exchange under the ticker DAUG. Vest Financial LLC, the creator of Target Outcome Investments including buffer strategies, engineers the fund's derivatives-based approach using FLEX Options for precise, outcome-oriented performance, managing over $54 billion in related assets as of September 2025 across more than 300 products. First Trust Capital Partners, LLC, an affiliate of First Trust Advisors, holds a majority equity interest in Vest's parent company, deepening their strategic partnership that has expanded the Target Outcome ETF lineup to 118 funds with over $29.7 billion in assets as of May 2025. The fund's institutional ownership includes 109 holders with 6 million shares long as of late 2025, led by entities like First Trust Portfolios L.P. at 35% and others such as Commonwealth Equity Services and Cetera Investment Advisers. In October 2025, First Trust Advisors announced proposed reorganizations of four Vest-advised mutual funds into new First Trust-advised funds, reflecting ongoing integration and expansion of Vest strategies into First Trust's platform amid growing assets under management exceeding $290 billion. First Trust continues launching new Target Outcome ETFs, including three in June 2025 sub-advised by Vest with portfolio managers Karan Sood and Trevor Lack, further bolstering the suite that includes DAUG. These developments underscore strategic shifts toward enhanced outcome-driven offerings and increased institutional adoption, with no major acquisitions or name changes specific to DAUG reported in the last two years.