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Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund (Current/Net)
As of 05/31/2023
Reset Month
Fund NAV
Fund Return
Index Return
Fixed Income Contribution
Index Strategy Zone
Remaining Buffer
Remaining Downside Before Buffer
Remaining Upside Par Rate
Remaining Option Premium / Discount
Outcome Period Days Remaining
Jan/Jul$8.333.48%6.65%-0.57%Upside Participation11.32% / 11.22%-4.29% / -4.39%68.45% / 68.38%-0.02% / -0.13%40
Feb/Aug$8.491.07%2.18%-0.45%Upside Participation10.12% / 9.93%-1.81% / -2.00%69.12% / 68.99%-0.33% / -0.52%71
Mar/Sep$9.345.30%8.24%-0.26%Upside Participation11.36% / 11.10%-5.49% / -5.75%73.85% / 73.64%0.13% / -0.15%103
Apr/Oct$9.280.22%1.72%-0.71%Upside Participation10.45% / 10.10%-1.07% / -1.42%65.17% / 64.93%0.03% / -0.32%132
May/Nov$9.520.21%1.02%-0.57%Upside Participation10.06% / 9.62%-0.85% / -1.28%72.33% / 72.01%-0.12% / -0.56%163
Jun/Dec$10.023.22%4.74%-0.28%Upside Participation10.24% / 10.21%-3.83% / -3.86%82.97% / 82.94%-0.07% / -0.11%12
Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund (Current/Net)
As of 05/31/2023
Reset Month
Fund NAV
Fund Return
Index Return
Fixed Income Contribution
Index Strategy Zone
Remaining Buffer
Remaining Downside Before Buffer
Remaining Upside Par Rate
Remaining Option Premium / Discount
Outcome Period Days Remaining
Jan (I)$8.62-12.42%-10.50%-9.36%Within Buffer11.42% / 6.91%0.00% / -4.47%110.40% / 105.47%0.80% / -3.70%1,685
Jan (II)$10.030.30%4.94%-1.49%Upside Participation21.19% / 15.92%-2.57% / -7.85%112.57% / 106.48%2.72% / -2.84%2,051
Apr (I)$9.37-5.07%-5.27%-3.95%Within Buffer14.75% / 10.09%-0.79% / -5.46%123.33% / 117.53%-0.79% / -5.46%1,776
Apr (II)$9.97-0.30%1.72%-1.17%Upside Participation19.99% / 14.43%-1.36% / -6.92%118.87% / 112.16%0.65% / -5.03%2,141
Jul (I)$10.496.71%8.44%-2.99%Upside Participation15.67% / 11.25%-10.56% / -14.98%120.11% / 114.18%-1.21% / -6.09%1,867
Oct (I)$10.667.76%15.71%1.97%Upside Participation25.48% / 20.58%-5.38% / -10.28%106.69% / 101.17%9.11% / 3.46%1,959
Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund (Current/Net)
As of 05/31/2023
Reset Month
Fund NAV
Fund Return
Index Return
Fixed Income Contribution
Index Strategy Zone
Remaining Buffer
Remaining Downside Before Buffer
Remaining Upside Before Spread
Remaining Spread
Remaining Option Premium / Discount
Outcome Period Days Remaining
Jan$8.994.54%6.65%-0.75%Upside Above Spread10.17% / 9.60%-5.44% / -6.01%0.00% / -0.61%1.60% / 2.18%-1.54% / -2.14%224
Feb$9.341.41%2.18%-0.35%Upside Above Spread9.88% / 9.20%-2.05% / -2.73%0.00% / -0.69%1.99% / 2.67%-1.99% / -2.67%257
Mar$9.796.64%8.24%-0.21%Upside Above Spread10.21% / 9.49%-6.64% / -7.36%0.00% / -0.77%1.17% / 1.89%-1.10% / -1.86%285
Apr$9.290.87%1.72%-0.78%Partial Spread Remaining9.72% / 8.88%-1.80% / -2.64%0.00% / -0.85%2.02% / 2.85%-1.80% / -2.64%315
May$9.570.53%1.02%-0.69%Partial Spread Remaining9.61% / 8.69%-1.30% / -2.22%0.00% / -0.93%1.95% / 2.87%-1.30% / -2.22%345
Jun$9.93-0.52%7.15%-4.57%Upside Above Spread10.97% / 10.94%-5.04% / -5.07%0.00% / -0.03%0.51% / 0.54%-0.21% / -0.24%12
Jul$10.031.15%8.44%-4.67%Upside Above Spread10.37% / 10.27%-6.64% / -6.74%0.00% / -0.11%0.98% / 1.08%-0.63% / -0.74%40
Aug$9.35-6.31%-0.72%-5.50%Within Buffer9.31% / 9.12%-0.03% / -0.23%0.00% / -0.19%3.03% / 3.22%-0.03% / -0.23%71
Sep$9.86-1.20%1.69%-1.75%Partial Spread Remaining10.20% / 9.93%-1.29% / -1.57%0.00% / -0.28%2.42% / 2.70%-1.29% / -1.57%103
Oct$10.6213.20%15.71%0.25%Upside Above Spread10.23% / 9.91%-11.99% / -12.30%0.00% / -0.36%0.79% / 1.10%-0.61% / -0.97%132
Nov$10.384.00%5.65%0.10%Upside Above Spread10.54% / 10.12%-4.27% / -4.69%0.00% / -0.44%1.73% / 2.15%-1.70% / -2.13%163
Dec$10.262.70%4.74%-0.31%Upside Above Spread10.69% / 10.18%-3.39% / -3.90%0.00% / -0.52%1.92% / 2.42%-1.89% / -2.41%194
Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund (Current/Net)
As of 05/31/2023
Reset Month
Fund NAV
Fund Return
Index Return
Fixed Income Contribution
Index Strategy Zone
Remaining Downside Before Floor
Remaining Upside Par Rate
Remaining Option Premium / Discount
Outcome Period Days Remaining
Jan$8.463.17%6.65%-0.60%Upside Participation-13.70% / -14.22%72.08% / 71.65%0.45% / -0.16%224
Feb$8.340.48%2.18%-0.34%Upside Participation-11.04% / -11.66%70.97% / 70.48%0.40% / -0.30%257
Mar$8.705.33%8.24%-0.17%Upside Participation-14.91% / -15.56%78.12% / 77.52%0.51% / -0.26%285
Apr$8.49-0.35%1.72%-0.88%Upside Participation-10.73% / -11.49%69.50% / 68.91%0.47% / -0.39%315
May$9.58-0.10%1.02%-0.83%Upside Participation-10.83% / -11.66%74.70% / 74.00%-0.07% / -1.00%345
Jun$9.89-0.91%7.15%-4.22%Upside Participation-14.31% / -14.34%64.26% / 64.24%-0.03% / -0.06%12
Jul$9.92-0.60%8.44%-4.68%Upside Participation-14.97% / -15.06%64.89% / 64.82%0.06% / -0.05%40
Aug$9.28-7.00%-0.72%-5.37%Downside Before Floor-9.81% / -9.98%69.07% / 68.94%0.09% / -0.11%71
Sep$9.85-1.29%1.69%-1.56%Upside Participation-11.06% / -11.31%68.20% / 68.01%0.13% / -0.15%103
Oct$10.519.12%15.71%0.37%Upside Participation-17.70% / -17.99%66.34% / 66.10%0.41% / 0.06%132
Nov$10.353.69%5.65%-0.04%Upside Participation-13.72% / -14.10%77.01% / 76.67%-0.01% / -0.45%163
Dec$10.252.60%4.74%-0.41%Upside Participation-13.09% / -13.55%75.39% / 75.00%0.02% / -0.50%194
Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund (Current/Net)
As of 05/31/2023
Reset Month
Fund NAV
Fund Return
Index Return
Fixed Income Contribution
Index Strategy Zone
Remaining Downside Par Rate
Remaining Upside Par Rate
Remaining Option Premium / Discount
Outcome Period Days Remaining
Jan/Jul$8.233.65%6.65%-0.52%Upside Participation51.25% / 51.19%71.75% / 71.67%0.07% / -0.03%40
Feb/Aug$8.101.00%2.18%-0.30%Upside Participation50.44% / 50.34%72.05% / 71.92%-0.05% / -0.24%71
Mar/Sep$8.875.22%8.24%-0.49%Upside Participation51.32% / 51.18%76.98% / 76.77%0.22% / -0.06%103
Apr/Oct$9.150.11%1.72%-0.75%Upside Participation50.73% / 50.55%69.18% / 68.93%0.16% / -0.20%132
May/Nov$9.460.11%1.02%-0.60%Upside Participation50.43% / 50.21%73.35% / 73.03%-0.04% / -0.48%163
Jun/Dec$10.023.07%4.74%-0.25%Upside Participation50.58% / 50.56%80.09% / 80.06%-0.04% / -0.07%12
Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund (Current/Net)
As of 05/31/2023
Reset Month
Fund NAV
Fund Return
Index Return
Fixed Income Contribution
Index Strategy Zone
Remaining Downside Par Rate
Remaining Upside Par Rate
Remaining Option Premium / Discount
Outcome Period Days Remaining
Jan (I)$8.48-13.85%-11.24%-12.16%Downside Participation50.83% / 48.54%101.65% / 97.09%-7.55% / -11.70%1,693
Jan (II)$9.90-1.00%4.08%-1.15%Upside Participation52.38% / 49.53%109.12% / 103.20%3.44% / -2.18%2,059
Apr (I)$9.22-6.56%-5.27%-3.80%Downside Participation50.12% / 47.77%109.36% / 104.21%-1.77% / -6.39%1,776
Jul (I)$10.215.87%8.44%-2.43%Upside Participation50.77% / 48.26%114.23% / 108.59%-0.31% / -5.23%1,867
Oct (I)$10.485.67%14.76%2.44%Upside Participation53.97% / 51.17%103.78% / 98.39%10.45% / 4.71%1,967
Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund (Current/Net)
As of 05/31/2023
Reset Month
Fund NAV
Fund Return
Index Returns
Fixed Income Contribution
Index Strategy Zones (Primary/Secondary)
Remaining Buffer
Remaining Downside Before Buffer
Remaining Cap
Remaining Option Premium / Discount
Outcome Period Days Remaining
Jan$9.176.50%6.65% / 27.20%-0.81%Upside Below Cap / Capped Upside8.36% / 7.80%-6.47% / -7.03%7.16% / 6.51%6.17% / 5.53%224
Feb$9.614.34%2.18% / 15.84%-0.28%Upside Below Cap / Capped Upside7.20% / 6.54%-4.45% / -5.11%9.61% / 8.85%4.53% / 3.80%257
Mar$9.634.67%8.24% / 20.49%-0.39%Capped Upside / Capped Upside11.78% / 11.05%-4.68% / -5.41%8.85% / 8.01%8.85% / 8.01%285
Apr$9.300.98%1.72% / 9.22%-0.83%Upside Below Cap / Capped Upside9.57% / 8.73%-1.10% / -1.95%10.90% / 9.96%6.17% / 5.27%315
May$10.54-0.09%1.02% / 6.79%-0.74%Upside Below Cap / Capped Upside10.17% / 9.24%0.00% / -0.93%11.87% / 10.82%6.58% / 5.59%345
Jun$11.0010.20%7.15% / 20.46%-4.31%Upside Below Cap / Capped Upside1.96% / 1.94%-10.13% / -10.16%1.49% / 1.46%0.13% / 0.10%12
Jul$10.899.10%8.44% / 20.18%-4.60%Upside Below Cap / Capped Upside3.63% / 3.54%-9.15% / -9.24%2.01% / 1.90%1.97% / 1.86%40
Aug$10.010.31%-0.72% / 6.55%-5.56%Within Buffer / Upside Below Cap2.66% / 2.48%-1.10% / -1.29%9.21% / 9.00%-0.21% / -0.40%71
Sep$10.616.32%1.69% / 11.89%-1.97%Upside Below Cap / Capped Upside3.01% / 2.76%-6.60% / -6.86%7.20% / 6.90%0.93% / 0.65%103
Oct$11.4815.11%15.71% / 30.45%0.05%Capped Upside / Capped Upside8.58% / 8.28%-13.68% / -13.98%3.99% / 3.62%3.99% / 3.62%132
Nov$10.9910.11%5.65% / 22.82%0.01%Upside Below Cap / Capped Upside5.14% / 4.75%-9.67% / -10.07%6.55% / 6.08%3.55% / 3.09%163
Dec$10.828.30%4.74% / 21.76%-0.54%Upside Below Cap / Capped Upside5.47% / 4.99%-8.09% / -8.57%7.74% / 7.17%3.93% / 3.38%194
Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund (Current/Net)
As of 05/31/2023
Reset Month
Fund NAV
Fund Return
Index Returns
Fixed Income Contribution
Index Strategy Zones (Primary/Secondary)
Remaining Buffer
Remaining Downside Before Buffer
Remaining Cap
Remaining Option Premium / Discount
Outcome Period Days Remaining
Jan$8.903.49%5.77% / -1.92%-1.75%Upside Below Cap / Below Contribution Range9.45% / 8.85%-3.72% / -4.32%9.75% / 9.06%0.09% / -0.53%232
Feb$9.260.54%1.35% / -6.83%-3.07%Upside Below Cap / Below Contribution Range7.22% / 6.53%-0.81% / -1.52%10.22% / 9.43%-2.64% / -3.34%265
Mar$9.503.37%7.35% / 0.85%-0.49%Upside Below Cap / Upside Below Cap12.21% / 11.45%-3.46% / -4.22%11.38% / 10.49%3.96% / 3.14%293
Apr$9.220.00%0.89% / 0.86%-1.19%Upside Below Cap / Upside Below Cap9.44% / 8.58%-0.12% / -0.99%12.59% / 11.61%0.39% / -0.48%323
May$9.70-2.86%3.41% / -0.13%-4.83%Upside Below Cap / Below Contribution Range9.93% / 9.93%0.00% / 0.00%14.05% / 14.05%0.44% / 0.44%0
Jun$10.212.29%6.27% / -0.70%0.43%Upside Below Cap / Below Contribution Range12.58% / 12.53%-3.15% / -3.20%13.94% / 13.88%3.35% / 3.29%20
Jul$10.474.89%7.55% / 3.22%-0.14%Upside Below Cap / Upside Below Cap10.71% / 10.58%-5.48% / -5.60%10.36% / 10.22%4.56% / 4.43%48
Aug$9.44-5.40%-1.54% / -9.22%-10.48%Within Buffer / Below Contribution Range2.31% / 2.11%0.00% / -0.21%10.58% / 10.35%-6.28% / -6.48%79
Sep$10.010.30%0.86% / -6.21%-2.41%Upside Below Cap / Below Contribution Range7.34% / 7.05%-0.98% / -1.28%13.23% / 12.89%-2.57% / -2.87%111
Oct$11.1611.90%14.76% / 5.66%-0.09%Capped Upside / Upside Below Cap10.31% / 9.97%-11.18% / -11.52%6.85% / 6.45%2.82% / 2.43%140
Nov$10.525.40%4.78% / -4.29%2.22%Upside Below Cap / Below Contribution Range10.64% / 10.20%-5.62% / -6.06%14.04% / 13.51%1.05% / 0.58%171
Dec$10.454.60%3.88% / -1.70%-0.63%Upside Below Cap / Below Contribution Range7.93% / 7.41%-4.82% / -5.34%11.51% / 10.90%-1.74% / -2.28%202
Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund (Current/Net)
As of 05/31/2023
Reset Month
Fund NAV
Fund Return
Index Returns
Fixed Income Contribution
Index Strategy Zones (Primary/Secondary)
Remaining Buffer
Remaining Downside Before Buffer
Remaining Cap
Remaining Option Premium / Discount
Outcome Period Days Remaining
Jan$8.974.30%5.77% / 5.00%-0.86%Upside Below Cap / Upside Below Cap9.59% / 9.00%-4.47% / -5.07%9.51% / 8.82%4.98% / 4.32%232
Feb$9.381.96%2.18% / -2.09%-0.13%Upside Below Cap / Below Contribution Range9.58% / 8.90%-2.21% / -2.89%11.56% / 10.79%-0.21% / -0.90%257
Mar$9.533.59%7.35% / 3.28%-0.66%Upside Below Cap / Upside Below Cap11.85% / 11.09%-3.66% / -4.42%10.42% / 9.55%5.93% / 5.09%293
Apr$9.18-0.33%0.89% / 1.67%-1.37%Upside Below Cap / Upside Below Cap9.57% / 8.70%0.00% / -0.87%12.16% / 11.19%1.34% / 0.45%323
May$10.484.95%3.41% / 11.49%-4.85%Upside Below Cap / Capped Upside2.69% / 2.69%-5.65% / -5.65%4.71% / 4.71%0.42% / 0.42%0
Jun$10.707.19%6.27% / 9.59%-5.19%Upside Below Cap / Capped Upside2.88% / 2.83%-7.58% / -7.63%1.93% / 1.88%0.52% / 0.47%20
Jul$10.727.40%7.55% / 15.88%-5.45%Upside Below Cap / Capped Upside3.53% / 3.42%-7.69% / -7.81%2.34% / 2.20%1.73% / 1.59%48
Aug$10.000.20%-1.54% / 7.67%-6.02%Within Buffer / Capped Upside1.56% / 1.36%-0.97% / -1.19%8.20% / 7.97%0.56% / 0.35%79
Sep$10.575.91%0.86% / 12.96%-2.76%Upside Below Cap / Capped Upside1.91% / 1.63%-6.22% / -6.51%6.93% / 6.61%-0.17% / -0.47%111
Oct$11.3513.80%14.76% / 26.76%-0.17%Capped Upside / Capped Upside8.76% / 8.43%-12.66% / -13.00%4.04% / 3.65%4.04% / 3.65%140
Nov$10.878.90%4.78% / 13.25%-0.31%Upside Below Cap / Capped Upside5.16% / 4.74%-8.66% / -9.08%7.35% / 6.86%3.57% / 3.09%171
Dec$10.636.40%3.88% / 7.92%-0.68%Upside Below Cap / Upside Below Cap6.28% / 5.77%-6.43% / -6.94%8.94% / 8.34%3.96% / 3.39%202
Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund (Current/Net)
As of 05/31/2023
Reset Month
Fund NAV
Fund Return
Index Return
Fixed Income Contribution
Index Strategy Zone
Remaining Buffer
Remaining Upside Before Trigger
Remaining Defined Return
Remaining Option Premium / Discount
Outcome Period Days Remaining
Jan/Jul$10.414.10%4.94%-0.78%Above Trigger9.18% / 9.08%0.00% / -0.11%1.34% / 1.23%1.34% / 1.23%40
Feb/Aug$10.262.60%2.18%-0.47%Above Trigger8.64% / 8.45%0.00% / -0.19%2.67% / 2.48%2.67% / 2.47%71
Mar/Sep$10.444.40%8.24%-0.22%Above Trigger12.22% / 11.95%0.00% / -0.28%2.93% / 2.65%2.93% / 2.65%103
Apr/Oct$10.670.19%1.72%-0.87%Above Trigger10.31% / 9.96%0.00% / -0.36%4.15% / 3.78%4.15% / 3.78%132
May/Nov$10.84-0.18%1.02%-0.76%Above Trigger10.26% / 9.82%0.00% / -0.44%5.23% / 4.77%5.23% / 4.76%163
Jun/Dec$10.717.21%4.74%-0.38%Above Trigger6.57% / 6.54%0.00% / -0.03%0.41% / 0.37%0.40% / 0.37%12
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 outcomes for an outcome period 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.

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

Investing involves risks. Loss of principal is possible. The funds face numerous market risks, including: fixed income risk, 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, FLEX options risk, trading issues risk, upside participation risk and valuation risk.

The fund will utilize FLEX Options issued and guaranteed for settlement by the Options Clearing Corporation (OCC). In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the fund could suffer significant losses. Additionally, FLEX Options may be less liquid than standard options. In a less liquid market for the FLEX Options, the fund may have difficulty closing out certain FLEX Options positions at desired times and prices. The values of FLEX Options do not increase or decrease at the same rate as the reference asset and may vary due to factors other than the price of reference asset.

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.

The fund invests in fixed income assets, from which a portion of the expected yield is derived to support the fund's overall investment strategy. This is atypical from a traditional investment in fixed income assets, whereby the investor directly receives income from the fixed income positions. Because the fund invests in fixed income assets, some credit risk is introduced, and the strategy may not achieve its desired objective.

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.

Options Strategies

Buffer Strategy - Designed to provide a cushion against a specified percentage of losses in the Fund's S&P 500 Index exposure (the "Buffer") if the S&P 500 Index experiences losses during the Outcome Period, excluding fees, expenses, and any allocation to cash and/or money markets.

Floor Strategy - Designed to limit losses in the Fund's S&P 500 Index exposure to a specified percentage (the "Floor") if the S&P 500 Index experiences losses during the Outcome Period, excluding fees, expenses, and any allocation to cash and/or money markets.

Par Up Strategy - Designed to provide participation in the gains of the S&P 500 Index at a declared participation rate (the "Par Up Rate") if the S&P 500 Index experiences gains during the Outcome Period, excluding fees, expenses, and any allocation to cash and/or money markets.

Par Down Strategy - Designed to limit losses in the Fund's S&P 500 Index exposure at a declared participation rate (the "Par Down Rate") if the S&P 500 Index experiences losses during the Outcome Period, excluding fees, expenses, and any allocation to cash and/or money markets.

Spread Strategy - Designed to provide participation in the gains of the S&P 500 Index if the S&P 500 Index experiences gains during the Outcome Period that exceed a declared spread, excluding fees, expenses, and any allocation to cash and/or money markets (the "Spread").

Stacker Cap Strategy - Designed to provide participation in the gains of the S&P 500 Index up to a declared cap (the "S&P 500 Index Cap") if the S&P 500 Index experiences gains during the Outcome Period plus additional gains equal to any upside market performance of a secondary market index (the S&P 500 Index and each secondary market index is referred to as a "Reference Index," and, collectively, the "Reference Indices") up to a declared cap (such cap together with the S&P 500 Index Cap, the "Index Caps," and, each, an "Index Cap") if that secondary Reference Index experiences gains during the Outcome Period, excluding fees, expenses, and any allocation to cash and/or money markets.

Trigger Strategy - Designed to produce a fixed rate of return that is only "triggered" (i.e., paid to the Fund) if the value of the S&P 500 Index or a corresponding exchange-traded fund ("ETF") is unchanged or increases over the Outcome Period, excluding fees, expenses, and any allocation to cash and/or money markets (the "Trigger Rate").

Definitions

Floor - A mechanism which seeks to protect an investment from a net decline in the S&P 500 up to a maximum loss during the Outcome Period. For a 15% floored investment, a 20% net decline in the S&P 500 would result in a 15% decrease in the investment, excluding fees, expenses, and any allocation to cash and/or money markets.

Buffer - A mechanism which seeks to protect an investment from a net decline in the S&P 500 up to a set amount during the Outcome Period. For a 10% buffer investment, a 25% net decline in the S&P 500 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 in each Reference Index that an investor can achieve from an investment in the Fund over the Outcome Period, excluding fees, expenses, and any allocation to cash and/or money markets.

Outcome Period - The outcome period begins on the day Milliman transacts in the FLEX Options and ends on the day those FLEX Options expire.

Spread - The minimum net gain the S&P 500 Index must surpass for the Fund to participate in any additional net gain of the S&P 500 Index during the Outcome Period, excluding fees, expenses, and any allocation to cash and/or money markets.

Upside Par Rate - The rate at which an investment in the fund participates in net price gains in the S&P 500 Index during the Outcome Period, excluding fees, expenses, and any allocation to cash and/or money markets. If the S&P 500 Index experiences net gains for the Outcome Period, an investor in the Fund will only experience a percentage of those gains (equal to the Par Up Rate multiplied by the S&P 500 Index gains, excluding, expenses, and any allocation to cash and/or money markets).

Trigger Rate - A fixed rate of return that will be paid to the Fund if the value of the S&P 500 Index or corresponding ETF at the end of the Outcome Period is equal to or greater than the strike price of the Binary Options purchased by Milliman on the first day of the Outcome Period (such strike price being equal to the approximate value of the S&P 500 Index or corresponding ETF on that date).

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