At a glance
UAUG charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $162.0M in assets, the 8th largest of that group. Over the past year it returned +8.8% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +15.4% a year. At its worst it fell 13.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months after the low.
The short version
Innovator U.S. Equity Ultra Buffer ETF - August (UAUG) holds FLEX options on the SPDR S&P 500 ETF Trust instead of stocks. It aims to absorb S&P 500 losses between 5% and 35% over each one-year outcome period starting August 1, in exchange for a cap on gains. For the period ended July 31, 2026, that cap was 11.62% before fees. Its 0.79% fee is below the 0.86% average of similar buffer funds.
Price history
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UAUG +8.8% 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 | |
|---|---|---|---|---|---|---|
| UAUG official prospectus, to Dec 31, 2024 | — | +12.34% | — | +7.48% | — | +7.69% |
| UAUG price data to Oct 27, 2026 | +8.2% | +8.8% | +15.4% | +8.3% | — | +8.5% |
- Over the year to Oct 27, 2026, UAUG returned +8.8%, 8th of 8 among similar funds.
- Its 5-year annualized return was +8.3%.
- Its worst full calendar year was 2022 (-10.8%); its best was 2023 (+17.7%).
- The deepest fall in its price history was 13.9% (Jan 4, 2022 to Oct 12, 2022), recovered by Jul 18, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.2% | — |
| 2025 | +12.4% | +12.34% |
| 2024 | +15.5% | +15.67% |
| 2023 | +17.7% | +17.70% |
| 2022 | -10.8% | -10.60% |
| 2021 | +4.9% | +4.91% |
| 2020 | — | +7.48% |
| 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 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 13.8% over that stretch · deepest drop along the way 13.9%, back to its old high 9.2 months after the low |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.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 $11.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.55%, +0.50%, +0.62%.
How it works
UAUG doesn't pick stocks. Under its prospectus, it must keep at least 80% of net assets in investments tied to the State Street SPDR S&P 500 ETF Trust, which tracks the S&P 500. It gets that exposure through FLEX options. These are exchange-listed options whose strike prices and expiration dates can be customized. As of July 31, 2026, the fund held four FLEX options on that ETF and 0.26% cash. Innovator Capital Management is the adviser, and Milliman Financial Risk Management is the sub-adviser.
The options are set once a year. For the outcome period from August 1, 2025 to July 31, 2026, gains were capped at 11.62% before fees, or 10.83% after the 0.79% fee. Holders took the first 5% of losses. The fund sought to absorb losses from 5% to 35%, and holders took any losses beyond 35%. In the prospectus example, a 20% drop in the underlying ETF means a 5% fund loss, and a 50% drop means a 20% loss. When a period ends, the options expire, the fund puts the cash into a new set of options, and a new cap is set.
These outcomes apply only to shares held for the whole period, and they are measured on net asset value (NAV). Investors who come in mid-period or exit early can get very different results. The market price can also drift away from NAV. Innovator's website, innovatoretfs.com/uaug, posts updated outcome figures daily.
What it really costs
- UAUG 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 |
|---|---|---|---|---|
| UAUG | $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 keeps S&P 500 exposure but gives up much of the upside in exchange for a cushion against moderate losses over each one-year period.
UAUG has moved much less than the stock market. Over the year to October 27, 2026, its beta was 0.37 (it moved about a third as much as the market) and its volatility was 5.1%. Its record doesn't go back to 2008, and its price history starts after the 2020 crash. Its worst quarter was a 9.02% drop in early 2020. In the 2022 bear market it fell 13.9% from January 4 to October 12, 2022, and it took about nine months to recover. That drop was larger than the 5% first loss, because the buffer applies only on the last day of each period. Anyone who has to cash out mid-period in a bad year may get less protection than the headline figures suggest. The fund paid no income in the last year. Its first-year cost is $81 on $10,000. 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 S&P 500 exposure with a cushion against 5% to 35% losses, and accept a yearly cap on gains (11.62% before fees last period).
- People who can invest near the August 1 reset and hold for the full year, since that is when the stated outcomes apply.
- Cost-conscious buffer investors: its 0.79% fee is below the 0.86% peer average and the 0.95% charged by FT Vest's BUFR and BUFD.
Look elsewhere if
- Anyone who needs portfolio income: UAUG holds options rather than stocks and paid no distributions in the year to October 27, 2026.
- Investors who want full stock-market gains: its 8.8% one-year return through October 27, 2026 ranked last among eight buffer funds compared.
- Those who want a large fund or flexible timing: at $162 million it is the smallest in its peer group, and mid-period entrants get different outcomes.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| UAUG this fund | 0.79% | $162.0M | +8.8% | +15.4% |
| 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 UAUG good for retirement?
UAUG can play a defensive role, but it isn't an income fund. It cushions S&P 500 losses between 5% and 35% over each August-to-July period and caps gains in return. Its worst calendar year was 2022, down 10.6%, and it paid no distributions in the year to October 27, 2026. Because the buffer applies only at period end, retirees who need to cash out mid-period may see larger losses than the headline buffer suggests.
How does the UAUG buffer work?
UAUG uses FLEX options on the SPDR S&P 500 ETF Trust to set a yearly range of outcomes. For August 1, 2025 to July 31, 2026, holders took the first 5% of losses, the fund sought to absorb losses from 5% to 35%, and gains were capped at 11.62% before fees. Those results apply only to shares held for the full period. Investors who enter after August 1 start with a different remaining cap and buffer.
Does UAUG pay dividends?
No. UAUG made no distributions in the year to October 27, 2026, and its trailing yield was 0%. The fund holds options on the SPDR S&P 500 ETF Trust rather than the stocks themselves. Its returns come from changes in the value of those options, not from dividend income. Retirees looking for a regular payout would need to find it elsewhere in their portfolio.
What's the difference between UAUG and BUFD?
UAUG is a single fund that resets every August 1. BUFD, the FT Vest Laddered Deep Buffer ETF, is laddered: it spreads its money across buffer funds that start on different dates, so when you invest matters less. UAUG costs 0.79% versus BUFD's 0.95%. As of October 27, 2026, UAUG returned 8.8% over one year and 15.4% a year over three years, versus 9.5% and 13.9% for BUFD. BUFD is also much larger.
What is UAUG's expense ratio?
UAUG's expense ratio is 0.79% a year, all of it management fee, according to its prospectus filed February 27, 2026. That matches Innovator's PJAN and PDEC and is below the 0.86% average of similar buffer funds. In the SEC's standard example, $10,000 earning 5% a year would cost $81 after one year, $439 after five years and $978 after ten. The fee also lowers the stated cap and buffer, such as from 11.62% to 10.83% for the cap.