It is run at Down Royal over a distance of 1 mile 4 furlongs and 150 yards (2,551 metres), and it is scheduled to take place each year in June.
The event was established in 1936, and it was originally restricted to three-year-olds.
It was opened to older horses in 1994, and increased in distance to 1 mile, 4 furlongs and 190 yards (2,588 metres).
In 2014 it was restricted to three-year-olds again and reduced to 1 mile and 3 furlongs (2, 213 metres) before being increased to its present distance in 2015.
The Ulster Derby is Northern Ireland's most valuable flat race.