At a glance
NAUG charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $39.1M in assets, the 8th largest of that group. Over the past year it returned +12.5% with distributions reinvested (S&P 500: +11.5%), 3rd of those 8 funds.
The short version
Innovator Growth-100 Power Buffer ETF - August (NAUG) uses FLEX options on the Invesco QQQ Trust, which tracks the Nasdaq-100 Index. The options are set to produce defined outcomes over one-year periods that begin each August. Over a full period, the fund aims to absorb the first 15% of QQQ losses in exchange for a cap on gains: 14.75% before fees for August 2025 to July 2026. Its 0.79% expense ratio is below the 0.86% average of similar buffer funds.
Price history
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NAUG +12.5% 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 | |
|---|---|---|---|---|---|---|
| NAUG official prospectus, to Dec 31, 2024 | — | +14.80% | — | — | — | +14.78% |
| NAUG price data to Oct 27, 2026 | +12.0% | +12.5% | — | — | — | +15.4% |
- Over the year to Oct 27, 2026, NAUG returned +12.5%, 3rd of 8 among similar funds.
- Its worst full calendar year was 2025 (+14.8%); its best was 2025 (+14.8%).
- The deepest fall in its price history was 12.9% (Feb 19, 2025 to Apr 8, 2025), recovered by May 27, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +12.0% | — |
| 2025 | +14.8% | +14.80% |
| 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, and 2.39% sat in cash and money-market holdings.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $43.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.01%, +0.47%, +0.70%.
How it works
NAUG does not hold stocks directly. It holds FLEX options, which are exchange-traded options with customizable terms. The options reference the Invesco QQQ Trust, an ETF that tracks the Nasdaq-100 Index, made up of the largest domestic and international nonfinancial companies listed on the Nasdaq Stock Market. As of July 31, 2026, the portfolio was four QQQ options plus 2.39% in cash. Innovator Capital Management is the adviser, and Milliman Financial Risk Management is the sub-adviser.
The options are combined to produce set results over a one-year "outcome period." From August 1, 2025, to July 31, 2026, the fund aimed to match QQQ's return up to a cap of 14.75% (13.96% after the 0.79% fee). It also aimed to absorb the first 15% of QQQ losses (14.21% after fees). Holders bear any losses beyond 15% one for one. In the prospectus example, a 20% QQQ drop means a 5% fund loss before fees.
When a period ends, the options expire. The fund then buys new options that expire about a year later, and a new cap is set. The stated outcomes apply only to shareholders who hold for the entire period, and they are measured on net asset value, not market price. Investors who enter or exit mid-period may see very different results. Innovator posts updated figures daily at innovatoretfs.com/naug.
What it really costs
- NAUG 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 $978 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| NAUG | $81 | $252 | $439 | $978 |
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 offers Nasdaq-100 exposure with a buffer against the first 15% of QQQ losses over each full outcome period, at the cost of capped gains.
NAUG could let a retiree keep some exposure to large Nasdaq companies while cushioning moderate declines. The buffer applies only over a full outcome period, though. Between February 19 and April 8, 2025, the fund fell 12.9%. It recovered by May 27, 2025, about 1.6 months later. Someone forced to cash out near that low would not have had the full buffer. The fund launched August 1, 2024, so it has no record from the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 14.8%. It has recorded no distributions, so any spending money would have to come from redeeming shares. In the SEC's standard example, its 0.79% expense ratio costs $81 on $10,000 in the first year and $978 over 10 years. Past results don't predict future returns, 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 Nasdaq-100 exposure and accept a yearly cap on gains in return for a buffer against the first 15% of QQQ losses.
- Holders who can invest near August 1 and stay for each full one-year outcome period, when the stated cap and buffer apply.
- Cost-conscious buffer investors: its 0.79% expense ratio ties for lowest among eight similar funds, whose average is 0.86%.
Look elsewhere if
- Investors who need regular income: the fund has recorded no distributions.
- Those wanting the full upside of Nasdaq-100 stocks: gains were capped at 14.75% before fees for August 2025 to July 2026.
- Investors wary of small funds: net assets were about $39 million as of July 31, 2026, after about $43 million in three-month outflows.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| NAUG this fund | 0.79% | $39.1M | +12.5% | — |
| 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
What is NAUG's cap and buffer?
For the outcome period from August 1, 2025, to July 31, 2026, NAUG's cap was 14.75% and its buffer covered the first 15% of QQQ losses, both before fees. After the 0.79% management fee, the cap was 13.96% and the buffer was 14.21%. A new cap is set each August when the fund rolls into new FLEX options. Innovator publishes the remaining cap and buffer daily on its website.
Does NAUG pay dividends?
No distributions have been recorded for NAUG. The fund holds options on the Invesco QQQ Trust rather than the stocks themselves, and its return comes from changes in those options' value. Investors who want regular cash payments from a portfolio would need to look at other funds or redeem shares. That means NAUG is better described as a buffered growth holding than an income fund.
Can you lose money in NAUG?
Yes. Over a full outcome period, holders bear any QQQ losses beyond 15% one for one. In the prospectus example, a 50% QQQ drop leaves the fund down 35% before fees. Prices also move during the period. NAUG fell 12.9% between February 19 and April 8, 2025, before recovering by May 27, 2025. The fund isn't insured or guaranteed, and the buffer may not work as intended.
What's the difference between NAUG and PJAN?
Both are Innovator Power Buffer ETFs with a 0.79% expense ratio, but they reference different markets. NAUG uses options on the Invesco QQQ Trust, which tracks the Nasdaq-100, and resets each August. PJAN is a U.S. equity buffer fund that resets in January. PJAN is much larger, with $1.44 billion in net assets versus NAUG's $39 million as of July 31, 2026. One-year returns through October 27, 2026, were 12.5% for NAUG and 10.5% for PJAN.
What happens if you invest in NAUG after August 1?
You may get a different cap and buffer from the ones the fund set at the start of the period. The stated outcomes apply only to shareholders who hold from the first day of the outcome period to the last. If QQQ has already risen, less room may remain under the cap. If it has fallen, part of the buffer may already be used. Innovator's website shows the remaining cap and buffer each day.