The Innovator US Equity Principal Protected ETF is the first ETF with a 100% protection against losses, offering a guaranteed return up to a certain cap over a two-year period1. This ETF uses a combination of put and call options to attempt to protect against market losses on the S&P 500 index. However, investors should note that even with this protection, there is still a possibility of losing money, especially if the fund's cap is reached. Additionally, the fund's performance is not guaranteed to generate a positive return.