Innovator U.S. Equity Ultra Buffer ETF (UAUG) Analysis

For informational purposes only. Not financial advice.

Quick Answer

Innovator U.S. Equity Ultra Buffer ETF (UAUG) has a last stored price of $43.13, as of the Oct 2, 2026 trading session. It has a 0.79% expense ratio and $166M in assets under management.

In the stored portfolio snapshot, the largest sector allocation is Technology at 33.1%.

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

ETF Overview

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.

Beta: 0.60

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%

ARK Innovation ETF (ARKK) — 0.75% expense ratio
Invesco QQQ Trust, Series 1 (QQQ) — 0.18% expense ratio
State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) — 0.16% expense ratio
State Street Energy Select Sector SPDR ETF (XLE) — 0.08% expense ratio
State Street Technology Select Sector SPDR ETF (XLK) — 0.08% expense ratio
WisdomTree Emerging Markets ESG Fund (DVEM) — 0.32% expense ratio
Goldman Sachs ActiveBeta Emerging Markets Equity ETF (GEM) — 0.59% expense ratio
iShares MSCI EAFE ETF (EFA) — 0.32% expense ratio

Innovator U.S. Equity Accelerated 9 Buffer ETF (XBAP) (Equity) — 0.79% expense ratio
Innovator U.S. Equity Buffer ETF (BSEP) (Equity) — 0.79% expense ratio
Innovator Equity Dual Directional 10 Buffer ETF (DDTN) (Equity) — 0.79% expense ratio
Innovator Emerging Markets Power Buffer ETF (EAPR) (Equity) — 0.89% expense ratio
Innovator Equity Dual Directional 15 Buffer ETF (DDFN) (Equity) — 0.79% expense ratio
Innovator Power Buffer Step-Up Strategy ETF (PSTP) (Equity) — 0.89% expense ratio

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.

Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.

Data provided for informational purposes only.

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