FT Vest U.S. Equity Moderate Buffer ETF - August
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- FT Vest U.S. Equity Moderate Buffer ETF - August (GAUG) is an actively managed exchange-traded fund that seeks to provide investors with returns that match the price return of the SPDR S&P 500 ETF Trust (SPY) up to a predetermined upside cap, while offering a moderate buffer against the first 15% of losses over a one-year Target Outcome Period beginning in August. The fund invests substantially all of its assets in Flexible Exchange (FLEX) Options referencing SPY, including call and put options with specific strike prices, supplemented by cash collateral; current holdings as of late September 2025 include positions such as 2026-08-21 SPDR S&P 500 ETF Trust Call options at strike 6.45 (99.71% weighting) alongside protective puts and short positions for hedging. It operates within the defined outcome ETF segment, targeting investors seeking equity exposure with downside protection, and trades on the Cboe BZX exchange with an expense ratio of 0.85%. Launched on August 18, 2023, GAUG is issued by First Trust Exchange Traded Fund VIII and advised by First Trust Advisors L.P. (FTA), an affiliate of First Trust Portfolios L.P., with sub-advisory input from Cboe Vest leveraging Vest Financial LLC's Target Outcome strategies. Headquartered in Wheaton, Illinois, First Trust manages over 130 ETFs and focuses on innovative products like buffer and target outcome funds. The fund resets its cap and buffer at the start of each annual Target Outcome Period based on market conditions, with outcomes applicable only for shares held from period start to expiration. Recent developments include the expansion of First Trust's Target Outcome lineup, such as the launch of related UCITS versions like GAUG on the London Stock Exchange in August 2023 (IE000TGSG3Y5, domiciled in Ireland) and subsequent additions like GNOV in the UCITS suite, reflecting strategic growth into European markets. First Trust announced new board and audit committee appointments in March 2024 and a new trustee in September 2024, enhancing governance amid the firm's broader ETF innovations. No major acquisitions, funding rounds, or name changes specific to GAUG have occurred in the last 1-2 years, though institutional ownership has grown, with holders including Raymond James Financial and others managing significant stakes.