Risk Disclosures

The funds have characteristics unlike many other traditional investment products and may not be suitable for all investors. The potential returns an investor can receive from an investment in any of the above funds is subject to each fund's specific parameters (i.e., cap, participation rate, buffer, floor, and spread). There is no guarantee that the investment objective will be realized. A shareholder may lose their entire investment. For more information regarding whether an investment in these funds is right for you, please see the funds' prospectus.

^1. Once these funds are available for purchase, there is no guarantee that the rates achieved will be within these ranges. The blue dot indicates the most recent rate, based on executed prices available the day following a fund launch, broker quotes, when available, or model prices. Range of rates shown are based on executed prices, broker quotes, and/or model prices of options on ETFs that Milliman believes have a similar makeup to the Fund's investable universe. The range of rates are not representative of the actual options purchased by the Fund.

^2. The rates shown for each Fund do not guarantee that the Fund will achieve the same rate at the next rebalance. In addition, the rate shown does not guarantee that the Fund will achieve the initial participation cap, total cap, or spread. Because the rates shown are as of a point in time, it may not reflect current market conditions.

Investment return and principal value of an investment will fluctuate so that an investor's account values, when sold, may be worth more or less than their original cost. The fund prospectus and, if available, the summary prospectus, contain this and other important information. Read them carefully before investing.

Current figures are net of accrued expenses to date. Net figures include expenses yet to be incurred.

Investing involves risks. Loss of principal is possible. The funds face numerous market risks, including: active markets risk, participation rate change risk, capped upside return risk, correlation risk, liquidity risk, management risk, market risk, non-diversification risk, operation risk, options risk, OTC options risk, trading issues risk, upside participation risk and valuation risk.

Over-The-Counter (OTC) Options Risk: The Funds may also utilize OTC options. OTC options are two-party contracts with negotiated strike prices and expiration dates and differ from exchange-traded options in that OTC options are transacted with dealers directly and not through a clearing corporation. Because OTC options are not guaranteed for settlement by a clearing broker, they are generally considered to have greater counterparty risk than exchange-traded options, such as FLEX Options, which are issued and guaranteed for settlement by the OCC and their clearing houses ("clearing members") rather than a bank or a broker. A less liquid trading market may adversely impact the value of the Fund's OTC options and therefore the NAV of the Fund. In addition, because there can be no assurance that a liquid secondary market will exist for any particular OTC option at any specific time, the Fund may be required to treat some or all of its OTC options as illiquid securities.

Any reference to a market index is included for illustrative purposes only, as it is not possible to directly invest in an index. Indices are unmanaged, hypothetical vehicles that serve as market indicators and do not account for the deduction of management fees or transaction costs generally associated with investable products, which otherwise have the effect of reducing the results of an actual investment portfolio.

Growth-Oriented Stocks Risk. Growth-oriented common stocks may experience larger price swings and greater potential for loss than other types of investments. These risks may be even greater in the case of smaller capitalization stocks. Further, the Fund's investments in growth oriented common stocks are based upon the methods and analyses, including models, tools and data, employed by the Sub-Adviser in indicating the stocks that it believes should comprise the Investable Universe. The Fund is subject to the risk that such methods and analyses may not produce the desired results. Smaller Capitalization Companies Risk. Having exposure to smaller companies may pose additional risks than investing in larger companies. For example, it is often more difficult to value or dispose of smaller company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.

The information, products, or services described or referenced herein are intended to be for informational purposes only. This material is not intended to be a recommendation, offer, solicitation or advertisement to buy or sell any securities, securities related product or service, or investment strategy, nor is it intended to be to be relied upon as a forecast, research or investment advice.

Definitions

Buffer - A mechanism which seeks to protect an investment from a net decline in the fund's equity exposure up to a set amount over the course of the option contract duration. For a 10% buffer investment, a 25% net decline in the equity exposure would lead to a 15% decrease in the investment, excluding fees, expenses, and any allocation to cash and/or money markets.

Cap - Represents the maximum rate of return that an investor can achieve from an investment in the Fund over the option contract duration, excluding fees, expenses, and any allocation to cash and/or money markets.

Option Contract Duration - The option contract duration begins on the date that Milliman transacts in the OTC options, and ends on the date that they expire.

Option Execution Date - The date on which Milliman transacts in the OTC options.

Expected Option Reset Date - The date on which Milliman purchases new OTC options to reset the option contract duration, after the initial OTC options' expiration.