Data as of .
UAUG vs ZAUG: which one stands where?
As of Sep 21, 2026 UAUG can fall 6.9% before its buffer engages and ZAUG 1.0%.
These are two different products. ZAUG is a floor fund, which caps how far a holder can fall. UAUG is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Both are Innovator funds, so the difference between them is the terms rather than the house.
Where each one stands today
UAUG resets first, on Jul 31, 2027, 313 days from now; ZAUG runs to Jul 31, 2027, 313 days. UAUG can still gain 11.8% before its cap, ZAUG 7.3%. A fall from here reaches UAUG’s buffer after 6.9% and ZAUG’s after 1.0%. Both track SPY, so what separates them is where each is in its own period.
Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.
Performance, window by window
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| UAUG | ZAUG | UAUG | ZAUG | |
| 3 months | +2.3% | +1.4% | 0.0 pts | −0.9 pts |
| 6 months | +9.4% | +4.7% | −8.6 pts | −13.4 pts |
| 1 year | +9.5% | +5.6% | −7.1 pts | −10.9 pts |
| 3 years | +46.8% | not published | −31.6 pts | not published |
| UAUG Innovator U.S. Equity Ultra Buffer ETF - Aug Absorbs losses from 5.0% to 35.0% on SPY and caps the gain at 14.0%, over a period ending Jul 31, 2027 | ZAUG Innovator Equity Defined Protection ETF - 1 Yr August Absorbs the whole loss on SPY and caps the gain at 8.4%, over a period ending Jul 31, 2027 | |
|---|---|---|
| Issuer | Innovator | Innovator |
| Reference index | SPY | SPY |
| Buffer | 5% to 35% | 100% |
| Outcome period | Jul 31, 2026 to Jul 31, 2027 | Jul 31, 2026 to Jul 31, 2027 |
| Days left | 313 | 313 |
| Starting cap | +14.0% | +8.4% |
| Can still gain | 11.8% | 7.3% |
| Fall before buffer | 6.9% | 1.0% |
| Protection left, index points | 30.0% of 30.0% | 100.0% of 100.0% |
| Index return this period | +3.6% | +3.6% |
| Fund return this period | +1.9% | +0.9% |
| State today | Open | Open |
| Expense ratio | 0.79% | 0.79% |
| Net assets | $243m | $163m |
UAUG in plain words
From its price on Sep 21, 2026, the fund can gain about 11.8% more before it reaches its cap. The fund's price can fall 6.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 8.3% from today's level to the point where the buffer begins. Protection left, in index points: 30.0% of the 30.0% buffer still sits below today's SPY level. 313 days remained on Sep 21, 2026. On Jul 31, 2027 the period ends and a new cap is set.
ZAUG in plain words
From its price on Sep 21, 2026, the fund can gain about 7.3% more before it reaches its cap. The fund's price can fall 1.0% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 3.5% from today's level to the point where the buffer begins. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level.
Questions people ask
- Which has more room to gain, UAUG or ZAUG?
- From their prices on Sep 21, 2026, UAUG can gain about 11.8% before its cap and ZAUG about 7.3%, so UAUG has more room left this period.
- Which resets first, UAUG or ZAUG?
- UAUG ends its outcome period on Jul 31, 2027 and ZAUG on Jul 31, 2027. A new cap is set the day after each.
- Which is cheaper, UAUG or ZAUG?
- UAUG charges 0.79% a year and ZAUG charges 0.79%, so UAUG is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, UAUG against ZAUG, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/uaug-vs-zaug Free to use with attribution; the underlying files are at Open data.