The Innovator Equity Defined Protection ETF (TJUL) is designed to replicate the performance of the SPDR S&P 500 ETF Trust (SPY). This fund offers a unique structure: it provides complete protection against any market downturns, absorbing 100% of losses, but its potential gains are subject to a predefined maximum. These characteristics are valid over a specific two-year investment cycle, and are measured before any associated fees or expenses are factored in.