It sounds too good to be true. An exchange-traded fund that is 100% protected from any losses but still gets to participate in stock market gains? While there is a catch and a trade-off involved, that is pretty much what the Innovator Equity Defined Protection ETF—2 Yr to July 2025 (TJUL) sets out to do in a strategy using options.

On this episode of Trillions we speak to the masterminds behind this new ETF, Innovator Co-Founder and Chief Executive Officer Bruce Bond and Chief Investment Officer Graham Day. We talk about how the ETF works, what the trade-offs are, who it’s targeted at and the coming competition in the “buffer” ETF category.