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What is this type of risk-free investment called?
My Credit Union offers a market-linked CD where the investment has FDIC protection if it is held to maturity, but otherwise they are linked with the S&P 500. it comes with this warning: Market-Link CDs are not appropriate for all depositors including   clients needing a guaranteed interest payment or seeking full   participation in the stock market.  If redeemed prior to maturity, the   amount received will be subject to market risk including interest rate   fluctuations an issuer credit quality. So they still do exist. Another credit union I belong to has a similar product. The risk is that if you need the money early, there may be losses. There would also not be a way to switch to a more conservative posture as the CD approached maturity, if you were interested in protecting your gains.