Markets goup. Markets go down. But retirement doesn’t pause just because of volatility.In Episode 6 of THE BUFFERED ETF GUYS, Mike Massey is joined by Dallanand Jack Nussbaum to unpack one of the most important questions retirees face: Howdo you prepare for BOTH bear markets and bull markets without losing peace ofmind?

Mostinvestors are told to “stay the course,” but the truth is, retirement isdifferent. When paychecks stop, drawdowns hurt more, downside risks mattermore, and timing becomes everything. That’s where Buffered ETFs enter theconversation. Think of them like a seatbelt—or as Mike puts it, “ETFs withairbags.” They may not prevent every bump, but they can help soften the impactof sudden downturns while still allowing investors to participate in marketgrowth.

In thisepisode, the team covers:

Theconversation highlights the reality that no investment is without risks, butretirees have tools to help reduce stress during uncertain times. Buffered ETFsaren’t a promise, but they can serve as one approach to balancing growthpotential and downside protection.

Bear marketswill happen. Bull markets will happen. The question is—are you ready for both?

Whetheryou’re nearing retirement or already in it, this discussion helps frame theimportance of building a strategy that doesn’t just chase returns but alsoconsiders peace of mind. If the thought of the next market crash keeps you upat night, this episode offers perspective, education, and insights worthconsidering.

Investingalways involves risks, including possible loss of capital. This podcast is foreducational purposes only and should not be taken as personal investmentadvice.

Book aMeeting: www.ATXFinancialPlanning.com

DISCLAIMER: Do your own homework. Talk to your advisor. Talk tous. Here is a (non-exhaustive) list of some fund companies’ websites who may offerfunds in the buffered (floor, outcome, targeted) category: AllianzIM.comFTportfolios.com innovatoretfs.com Calamos.com PGIM.com Paceretfs.comTrue-shares.com Blackrock.com Invesco.com Simplify.us

If wementioned any companies today, please see that company’s website for detailsand disclosures related to their company and funds. Any mention of a specificcompany or fund should not be construed as a recommendation. These names areused for illustrative purposes only. Advisory services are offered through ATXFinancial Planning LLC, an SEC Registered Investment Adviser. Allcontent is for information purposes only and should not be relied upon for anyinvestment decisions. Read Full disclaimer at www.atxfinancialplanning.com/podsocialdisclosures

What’s the story behind the rise of defined outcome ETFs and how they could buffer retirement risks?

🎙️ In this episode, Mike Massey andDallan Maas welcome Jack Nussbaum from Innovator ETFs, a pioneer in the definedoutcome ETF and buffered ETF space. Jack shares how Innovator evolved inWheaton, Illinois, to managing roughly $25 billion in assets today. Learn howthe team built a vast lineup of over 150 tickers, offering various levels ofdownside protection, upside caps, and multiple market reference assets — farbeyond the simple S&P 500 strategies of years past.

Jack breaksdown what makes these ETFs unique: the low transparent costs compared to otherrisk-managed structures, the tax efficiency benefits of the ETF wrapper, andthe way these products remove traditional credit risk often seen withstructured notes or annuities. We explore why defined outcome ETFs areresonating with retirees who want some growth but also peace of mind fromdownside drawdowns, and how even institutions are now replacing complex hedgefund strategies with these easier-to-trade solutions.

Jackexplains why some advisors were skeptical at first but have warmed up to thesestrategies during volatile markets, highlighting how investor needs change asretirement approaches. From fee transparency to tax treatment to the role ofthe Options Clearing Corporation in providing a stable options market, thisconversation brings practical insights for anyone curious about buffering risksin their equity or bond exposures.

👉 We do not endorse any product orrecommend any specific investments. This is educational only. Always talk toyour advisor.

🧭 THE BUFFERED ETF GUYS Podcastis hosted by Mike Massey and Dallan Maas, sharing balanced and educationalperspectives on buffered ETFs, drawdown risk, retirement planning, and how toreduce some of the downside risks of equity, stocks, and bonds.

🎧 Listen, subscribe, and join us inthe next episode where we’ll unpack “dual directional buffered ETFs” — don’tmiss it!

#BufferedETFs#DefinedOutcomeETFs #Investing #ETFInvesting #Retirement #Markets #Stocks#Equity #Bonds #Buffer #Downside #Drawdown #Risks #MarketCrash #Retire#RetirementPlanning #ETFs

Book a Meeting: www.ATXFinancialPlanning.com

DISCLAIMER: Do your own homework. Talk to your advisor. Talk tous. Here is a (non-exhaustive) list of some fund companies’ websites who may offerfunds in the buffered (floor, outcome, targeted) category: AllianzIM.comFTportfolios.com innovatoretfs.com Calamos.com PGIM.com Paceretfs.comTrue-shares.com Blackrock.com Invesco.com Simplify.us

If we mentioned any companies today, please seethat company’s website for details and disclosures related to their company andfunds. Any mention of a specific company or fund should not be construed as arecommendation. These names are used for illustrative purposes only. Advisoryservices are offered through ATX Financial Planning LLC, an SECRegistered Investment Adviser. All content is for information purposesonly and should not be relied upon for any investment decisions. Read Fulldisclaimer at www.atxfinancialplanning.com/podsocialdisclosures

Are buffered ETFs really the holy grail—or are they just misunderstood? In this episode, Mike and Dallanunpack the most commonly touted benefits of buffered ETFs and how they may serve investors who want to buffer downside risks without abandoning the markets entirely.

Using a framework borrowed from Innovator (no affiliation),the guys walk through nine key features often highlighted in buffered ETF offerings: defined return and risk parameters, cost efficiency, no credit risk, point-to-point structure, transparency, no commission loads, accessibility,liquidity, and tax efficiency. You'll hear the pros, cons, and tradeoffs of each feature—along with the occasional Porsche joke and a dream of podcasting from Canada.

This is not an endorsement of any specific ETF. Instead, thisis an honest look at how these vehicles are constructed and what types of investors might appreciate their structure.

The episode also highlights behavioral realities—like fear ofmissing out (FOMO)—and how to ask yourself the right questions before allocating significant capital to structured products. Is a capped upside worth the buffer? Are you okay missing out if the market jumps 20% while you’recapped at 6%? What about cost, credit risk, and liquidity?

Whether you're skeptical or already investing in bufferedETFs, this conversation aims to educate—not persuade—so you can decide for yourself if these tools align with your retirement strategy.

Investing, Stocks, Markets, Bonds, Equity, Buffer, BufferedETF, ETF, ETFs, ETF Investing, Retire, Retirement, Market crash, Market crashes, Downside, Drawdown, Risks

Book a Meeting: www.ATXFinancialPlanning.com

DISCLAIMER: Doyour own homework. Talk to your advisor. Talk to us. Here is a (non-exhaustive) list of some fund companies’ websites who may offer funds in the buffered (floor, outcome, targeted) category: AllianzIM.com FTportfolios.com innovatoretfs.com Calamos.com PGIM.com Paceretfs.com True-shares.com Blackrock.com Invesco.com Simplify.us

If we mentioned any companies today, please see thatcompany’s website for details and disclosures related to their company and funds. Any mention of a specific company or fund should not be construed as a recommendation. These names are used for illustrative purposes only. Advisoryservices are offered through ATX Financial Planning LLC, an SEC Registered Investment Adviser. All content is for information purposes only and should not be relied upon for any investment decisions. Read Full disclaimer at www.atxfinancialplanning.com/podsocialdisclosures

In Episode #3, Mike and his guest continue their educationalconversation comparing Bitcoin with buffered Bitcoin ETFs. They focus on the differences between Calamos ETFs offering 100%, 90%, and 80% downside floors (CBOJ, CBXJ, and CBTJ). The discussion explores how these floors reduce risk and how the associated caps influence potential returns.

They explain that a 100% floor protects against any downside(less fees), but caps gains (e.g., ~11%). Meanwhile, the 90% and 80% floors accept some downside risk—10% and 20% respectively—but offer significantly higher upside potential, with current caps reaching ~23% and ~42%.

Mike and his co-host also talk about real investor behaviors: emotional reactions to volatility, chasing performance, and fears of market crashes. They emphasize the need to align any investment decision with one’s own risk tolerance.

The hosts break down how buffered ETFs are structured to be tax efficient, generally not triggering taxes until sold. They note the benefits of liquidity, rollover periods, and optionality in allocation strategies. One strategy mentioned is blending different floors (e.g., mixing 90% and 80% floor ETFs) to target a specific risk profile, such as an 88% floor — a fun nod to “Back to the Future.”

They highlight the importance of understanding the specificmechanics of any buffer. Not all “90% floors” or “buffers” are structured the same—some protect the first 10% of losses, others everything beyond 10%. Words like "floor" and "buffer" can mean different things across providers.

The episode closes by reinforcing the theme: this iseducational content only. Listeners are encouraged to study these products further, speak with an advisor, and explore websites like Calamos.com for detailed ETF disclosures. The conversation aims to demystify buffered Bitcoin ETFs and showhow they might help manage risk in a volatile asset class like crypto—without getting stuck in illiquid investments or overpaying taxes unnecessarily. investing, bitcoin, buffered etf, cbxj, cboj, cbtj, buffer risks, etf investing, downside, market crash, tax efficiency, floor protection, upside cap, retire, retirement, market volatility, drawdown, crypto investing, calamos, optionality, structured investments

Book a Meeting: www.ATXFinancialPlanning.com

DISCLAIMER:Do your own homework. Talk to your advisor. Talk to us. Here is a (non-exhaustive) list of some fund companies’ websites who may offer funds in the buffered (floor, outcome, targeted) category: AllianzIM.com FTportfolios.com innovatoretfs.com Calamos.com PGIM.com Paceretfs.com True-shares.com Blackrock.com Invesco.comSimplify.us

If we mentioned any companies today, please seethat company’s website for details and disclosures related to their company and funds. Any mention of a specific company or fund should not be construed as a recommendation. These names are used for illustrative purposes only. Advisoryservices are offered through ATX Financial Planning LLC, an SEC Registered Investment Adviser. All content is for information purposes only and should not be relied upon for any investment decisions. Read Full disclaimer at www.atxfinancialplanning.com/podsocialdisclosures

In this episode of The Buffered ETF Guys, we discuss CalamosBitcoin Structured Alt Protection ETFs—CBOJ, CBXJ, and CBTJ—and how they function with varying levels of downside protection and capped upside. These are not ordinary Bitcoin investments. They are designed for investors who may want exposure to Bitcoin but also want to manage some of the extreme downside risks. Some people may like the idea of 100% downside protection (before fees and expenses), even if it means giving up some upside. Others may prefer to take more risk and seek more growth. We break down some analysis: CBOJ with 100% downside protection, CBXJ with 90%, and CBTJ with 80%, all tied to a one-year outcomeperiod. Listeners will hear how these funds reset each year, how the caps and protection levels change over time, and why some investors may be willing to accept a little downside risk for the potential of more upside participation.Some may prefer to wait for the next outcome series with full protection, while others may be fine jumping in mid-period if they understand how the caps and buffer protection is likely different. We’ve seen some people replace part of their bond or equity allocations with buffered ETFs. Some people may not be comfortable with full Bitcoin exposure but may still want to participate in its potential growth—this structure provides an option. Others may still prefer bonds, stocks, or no crypto exposure at all—and that’s fine too. We also explain why volatility in these ETFs is different from direct crypto ownership. The price may still fluctuate during the outcomeperiod, but the structure helps manage downside risks within a defined range over the full outcome period. Some investors may like that this information is updated daily by the ETF issuer, giving them the tools to make more informeddecisions. Others may choose to avoid complexity altogether. Investing, Stocks, Markets, Bond, Equity, Buffer, Buffered ETF, ETF, ETF Investing, Retire, Retirement, Market crash, Drawdown, Risks, downside protection, Defined Outcome ETFs, investor emotions, taxes on ETFs, stock market volatility, annuities vs ETFs, long-term capital gains, interest rates, tariff risk, market timing, retirement portfolio

Book a Meeting: www.ATXFinancialPlanning.com

DISCLAIMER:Do your own homework. Talk to your advisor. Talk to us. Here is a (non-exhaustive) list of some fund companies’ websites who may offer funds in the buffered (floor, outcome, targeted) category: AllianzIM.com FTportfolios.com innovatoretfs.com Calamos.com PGIM.com Paceretfs.com True-shares.com Blackrock.com Invesco.com Simplify.us

If we mentioned any companies today, please see that company’s website for details and disclosures related to their company and funds. Any mention of a specific company or fund should not be construed as a recommendation. These names are used for illustrative purposes only. Advisoryservices are offered through ATX Financial Planning LLC, an SEC Registered Investment Adviser. All content is for information purposes only and should not be relied upon for any investment decisions. Read Full disclaimer at www.atxfinancialplanning.com/podsocialdisclosures

In this inaugural episode of The Buffered ETF Guys podcast, Mike Massey and Dallan Maas dive deep into what Buffer Investing really means. They explore Buffered ETFs (aka Defined Outcome ETFs, Structured ETFs and many other names), explaining how these tools aim to reduce downside risks and limit drawdowns during volatile markets while still offering some equity and upside stock market potential.

You'll learn how buffers work using caps and downside protection and why some investors are exploring these strategies as an alternative to traditional portfolios of just stocks and bonds. The guys also highlight how tax-efficient ETFs can be, and how buffers can help address one of the biggest investor risks—emotions during market crashes.

They explain the rise of buffer ETF popularity over the last 5–8 years, especially during uncertain events like the tariff volatility of 2025, and discuss how major ETF providers like BlackRock and others have entered the buffered ETF space. Whether you're navigating uncertainty from interest rates, employment data, or geopolitical concerns, buffered ETFs may offer a layer of protection and peace of mind. But these tools aren’t silver bullets—and come with tradeoffs like capped upside and fees. Remember, there is no perfect product or investment, at least none that we’ve found.

The emotional cost of losses—how we feel losses more than gains—is discussed, alongside real-world examples of how buffers help mitigate emotional reactions like panic-selling during downturns. The episodewraps with a discussion on tax implications, and why buffered ETFs may offer long-term capital gains advantages over some traditional interest-paying instruments.

Whether you're nearing retirement, fear a market crash, or just want to better understand ETF investing strategies, this episode lays the foundation for the show. Remember: There are always pros and cons,and your best move is to do your homework or speak to a professional.

Investing, Stocks, Markets, Bond, Equity, Buffer, Buffered ETF, ETF, ETF Investing, Retire, Retirement, Market crash, Drawdown, Risks, downside protection, Defined Outcome ETFs, investor emotions, taxes on ETFs,stock market volatility, annuities vs ETFs, long-term capital gains, interest rates, tariff risk, market timing, retirement portfolio

Book a Meeting: www.ATXFinancialPlanning.com

DISCLAIMER

Do your own homework. Talk to your advisor. Talk to us. Here is a (non-exhaustive) list of somefund companies’ websites who may offer funds in the buffered (floor, outcome, targeted)category: AllianzIM.com FTportfolios.com innovatoretfs.com Calamos.comPGIM.com Paceretfs.com True-shares.com Blackrock.com Invesco.com Simplify.us

If we mentioned any companies today, please see that company’s website for details and disclosures related to their company and funds. Any mention of a specific company or fund should not be construed as a recommendation. These names are used for illustrative purposes only. Advisory services are offered through ATX Financial Planning LLC, an SEC Registered Investment Adviser. All content is for information purposes only and should not be relied upon for any investment decisions. Read Full disclaimer at www.atxfinancialplanning.com/podsocialdisclosures