At a glance
IAUG charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $39.6M in assets, the 8th largest of that group. Over the past year it returned +7.4% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
Innovator International Developed Power Buffer ETF August (IAUG) holds FLEX options on the iShares MSCI EAFE ETF, which tracks large and mid-size stocks in developed markets outside the US and Canada. Each outcome period runs one year from August 1. In each period, the fund aims to absorb the first 15% of losses in exchange for capped gains. For the period ending July 31, 2026, the cap was 14.01% before fees. All seven similar buffer funds compared here focus on US stocks.
Price history
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IAUG +7.4% 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 | |
|---|---|---|---|---|---|---|
| IAUG official prospectus, to Dec 31, 2024 | — | +17.58% | — | — | — | +9.99% |
| IAUG price data to Oct 27, 2026 | +6.1% | +7.4% | — | — | — | +9.8% |
- Over the year to Oct 27, 2026, IAUG returned +7.4%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+17.5%); its best was 2025 (+17.5%).
- The deepest fall in its price history was 8% (Mar 19, 2025 to Apr 8, 2025), recovered by Apr 29, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +6.1% | — |
| 2025 | +17.5% | +17.58% |
| 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 $7.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.45%, +0.86%, +0.88%.
How it works
Innovator's IAUG ties its returns to the iShares MSCI EAFE ETF. That ETF tracks the MSCI EAFE Index of large and mid-sized companies in developed markets outside the US and Canada, weighted by market value. The fund mostly holds FLEX Options on that ETF instead of owning the ETF outright. FLEX Options are exchange-traded contracts, with customized terms, to buy or sell the ETF at set prices by a set date. As of July 31, 2026, four such positions made up 99.89% of assets.
The options aim for a set result over a one-year “outcome period.” From August 1, 2025 to July 31, 2026, the fund sought the ETF's gains up to a 14.01% cap (13.16% after its 0.85% fee). It also sought to absorb the first 15% of losses (14.15% after fees). Deeper losses pass through one for one: a 20% drop in the ETF would mean a 5% fund loss before fees.
When each period ends, the options are settled in cash. The fund then buys a new set that expires about a year later, with a new cap that may differ. The cap and buffer apply only to holders who own shares for the whole period. Buying or selling midway, or trading at a price that differs from the value of the fund's holdings, can give very different results.
What it really costs
- IAUG charges 0.85% a year, versus an average of 0.86% for the similar funds below (3rd of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $87 in the first year and $1,049 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| IAUG | $87 | $271 | $471 | $1,049 |
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 uses options to soften losses in developed-market stocks outside the US and Canada over each one-year period, and in exchange it caps gains.
IAUG launched on August 1, 2024, so it has no record from the 2008, 2020 or 2022 sell-offs. Its only full calendar year, 2025, returned 17.58%. Its deepest drop was 8%, from March 19 to April 8, 2025, and it recovered by April 29. That record has not faced a deep, lasting slump. The buffer works fully only for shares held through a whole one-year outcome period, and losses beyond it pass through. Someone who must sell partway through a bad year may get less protection than expected.
The fund has recorded no distributions, so drawing income means selling shares. Its 0.85% annual fee is in line with the 0.86% peer average. In the SEC's standard example, a $10,000 investment would cost $87 in the first year and $1,049 over 10 years. 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 MSCI EAFE international stock exposure, with a buffer that aims to absorb the first 15% of losses each one-year period.
- Buyers who can purchase near the August 1 start and hold the full outcome period, so they get the stated cap and buffer.
- People willing to give up gains above a cap (14.01% before fees through July 31, 2026) for calmer returns. One-year volatility was 6.6%.
Look elsewhere if
- Income seekers: the fund has no recorded distributions, so cash for spending would have to come from selling shares.
- Those wanting a large, long-tested fund: net assets were about $39.6 million as of July 31, 2026, the smallest of eight peers. It launched in 2024.
- Investors who want the full upside of international stocks, or protection in deep crashes: losses beyond 15% pass through one-for-one.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| IAUG this fund | 0.85% | $39.6M | +7.4% | — |
| 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
Does IAUG pay dividends?
No. The fund has no recorded distributions. It holds FLEX options on the iShares MSCI EAFE ETF rather than the stocks themselves, and its returns come from changes in share price. A retiree who needs regular cash from this fund would have to sell shares. In a down market, selling before the outcome period ends could also mean getting less protection than the stated buffer.
What is the cap and buffer on IAUG?
For the outcome period from August 1, 2025, to July 31, 2026, the cap was 14.01% before fees, or 13.16% after the 0.85% management fee. The buffer covered the first 15% of losses in the iShares MSCI EAFE ETF, or 14.15% after fees. Losses beyond 15% pass through one-for-one. A new cap is set each August, and Innovator's website shows the latest figures.
What happens if I buy IAUG in the middle of the outcome period?
Your results can be very different from the stated cap and buffer. Those outcomes apply only to shares held from August 1 to July 31. If the EAFE ETF has already risen, less upside may remain before the cap. If it has already fallen, part of the buffer may be used up, or you may have more of it left. Innovator's website (innovatoretfs.com/iaug) updates the remaining cap and buffer every day.
IAUG vs PJAN: what's the difference?
Both are Innovator Power Buffer ETFs. Each aims to absorb the first 15% of losses over a one-year period in exchange for capped gains. The difference is the market. IAUG covers developed markets outside the US through the iShares MSCI EAFE ETF. PJAN covers US stocks and resets in January. PJAN costs 0.79% and IAUG costs 0.85%. As of October 27, 2026, PJAN returned 10.5% over one year and IAUG returned 7.4%.
How has IAUG performed since launch?
IAUG launched on August 1, 2024. According to its prospectus, it returned 17.58% in calendar 2025, its only full year. Its strongest quarter gained 9.13% (ended June 30, 2025), and its weakest gained 1.47% (ended September 30, 2025). Over the year to October 27, 2026, its price return was 7.4%, last of eight buffer peers. Its deepest drop was 8% in spring 2025.