UAUG ETF — Holdings & Analysis

The Innovator U.S. Equity Ultra Buffer ETF (UAUG) offers a unique approach to equity investing by providing a buffered exposure to the SPDR S&P 500 ETF Trust (SPY).

With approximately $0.17 billion in assets under management and an expense ratio of 0.79%, UAUG aims to track the returns of SPY while buffering investors against losses ranging from -5% to -35% over a defined outcome period, which resets annually. This ETF is designed for investors seeking downside protection with a capped upside potential, offering a distinct risk-return profile compared to traditional S&P 500 index funds.

Innovator U.S. Equity Ultra Buffer ETF (UAUG) ETF — Price, Holdings & Analysis

The Innovator U.S. Equity Ultra Buffer ETF (UAUG) offers a unique approach to equity investing by providing a buffered exposure to the SPDR S&P 500 ETF Trust (SPY). With approximately $0.17 billion in assets under management and an expense ratio of 0.79%, UAUG aims to track the returns of SPY while buffering investors against losses ranging from -5% to -35% over a defined outcome period, which resets annually. This ETF is designed for investors seeking downside protection with a capped upside potential, offering a distinct risk-return profile compared to traditional S&P 500 index funds.

ETF Overview

S. Equity Ultra Buffer ETF seeks to track the return of the SPDR S&P 500 ETF Trust (SPY), up to a predetermined cap, while buffering investors against losses from -5% to -35% over the outcome period. The ETF can be held indefinitely, resetting at the end of each outcome period, approximately annually.

The Innovator U.S. Equity Ultra Buffer ETF (UAUG) is designed for investors seeking a specific risk-managed exposure to the S&P 500. Unlike traditional index ETFs, UAUG does not aim to replicate the full return of the S&P 500. Instead, it seeks to track the SPDR S&P 500 ETF Trust (SPY) up to a predetermined cap, while buffering investors against losses between -5% and -35% over an approximate one-year outcome period. The fund resets annually, providing a new buffer and cap. UAUG achieves this through a portfolio of six holdings, primarily derivatives, designed to deliver the defined outcome. The ETF's sector allocation mirrors the S&P 500, with significant exposure to Technology (33.1%), Financial Services (12.3%), and Communication Services (10.7%). This strategy makes UAUG suitable for investors who prioritize downside protection and are willing to forgo some potential upside gain in exchange for reduced risk. It is important to understand the capped return potential before investing.

Risk Metrics

UAUG's risk profile differs significantly from a standard S&P 500 index fund due to its buffered strategy. While it offers downside protection between -5% and -35%, this comes at the cost of a capped upside potential. The 0.79% expense ratio is higher than many broad market ETFs, creating a drag on performance, especially in years with moderate gains. With only 6 holdings, UAUG carries concentration risk, although these holdings are designed to deliver the specific buffered outcome. The fund's beta of 0.60 (3Y) indicates lower volatility compared to the S&P 500. Investors should be aware that the buffer and cap are reset annually, meaning the fund's performance in one outcome period does not guarantee similar results in subsequent periods. Past performance does not guarantee future results.

Expense Ratio

0.79%

How Is the Fund Allocated?

Sector	Weight
Technology	33.1%
Financial Services	12.3%
Communication Services	10.7%
Consumer Cyclical	10.1%
Healthcare	9.8%
Industrials	8.7%
Consumer Defensive	5.4%
Energy	3.5%
Utilities	2.5%
Real Estate	2.0%
Basic Materials	1.9%

Country	Weight
Other	100.0%

Dividend Yield

0.00%

Invesco QQQ Trust, Series 1 (QQQ) — 0.18% expense ratio
State Street Technology Select Sector SPDR ETF (XLK) — 0.08% expense ratio
State Street Energy Select Sector SPDR ETF (XLE) — 0.08% expense ratio
State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) — 0.16% expense ratio
iShares Russell 2000 ETF (IWM) — 0.19% expense ratio
State Street Financial Select Sector SPDR ETF (XLF) — 0.08% expense ratio
iShares MSCI Emerging Markets ETF (EEM) — 0.72% expense ratio
State Street SPDR S&P 500 ETF (SPY) — 0.09% expense ratio

Innovator U.S. Equity Accelerated 9 Buffer ETF (XBAP) (Equity) — 0.79% expense ratio
Innovator Equity Dual Directional 10 Buffer ETF (DDTN) (Equity) — 0.79% expense ratio
Innovator Equity Dual Directional 15 Buffer ETF (DDFN) (Equity) — 0.79% expense ratio
Innovator Emerging Markets Power Buffer ETF (EAPR) (Equity) — 0.89% expense ratio
Innovator Equity Dual Directional 10 Buffer ETF (DDTJ) (Equity) — 0.79% expense ratio
Innovator U.S. Equity Power Buffer ETF (PJAN) (Equity) — 0.79% expense ratio

Risk Metrics

Beta: 0.60

Questions & Answers

What is UAUG and what does it track?

The Innovator U.S. Equity Ultra Buffer ETF (UAUG) is an exchange-traded fund designed to provide a buffered exposure to the SPDR S&P 500 ETF Trust (SPY). It does not directly track the S&P 500 index.

What is the expense ratio for UAUG?

The expense ratio for the Innovator U.S. Equity Ultra Buffer ETF (UAUG) is 0.79%. This means that for every $1000 invested in the fund, $7.90 is used to cover the fund's operating expenses annually.

What are the top holdings in UAUG?

As of 2026-03-15, the Innovator U.S. Equity Ultra Buffer ETF (UAUG) holds a concentrated portfolio of six instruments designed to deliver its defined outcome.

While the exact composition may vary over time, these holdings are primarily derivative contracts linked to the performance of the SPDR S&P 500 ETF Trust (SPY).

Is UAUG a good long-term investment?

Whether UAUG is a suitable long-term investment depends on an investor's individual risk tolerance and investment goals. UAUG offers downside protection between -5% and -35% annually, but this comes at the cost of a capped upside potential.

The fund's 0.79% expense ratio will also impact long-term returns. The 3Y beta of 0.60 suggests lower volatility than the S&P 500.

How does UAUG compare to similar ETFs?

UAUG competes with other buffered ETFs that offer similar downside protection strategies. Key differences lie in the specific buffer ranges, upside caps, and expense ratios.

Some competitors may offer different levels of downside protection (e.g., -10% to -20%) or different upside caps. UAUG's expense ratio of 0.79% should be compared to the expense ratios of these competing ETFs.

Does UAUG pay dividends?

According to the provided data, the Innovator U.S. Equity Ultra Buffer ETF (UAUG) has a dividend yield of 0.00%. This indicates that the fund does not currently distribute dividends to its shareholders.

Investors seeking dividend income may want to consider other equity ETFs that focus on dividend-paying stocks. The fund's primary objective is to provide buffered exposure to the S&P 500, rather than generating income through dividends.