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Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Jul

Summary

The Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund seeks to participate in the return of the S&P 500 Index while buffering against the first 10% of losses, over a 1-year outcome period. The Fund participates 1:1 in Index losses beyond -10%, and participates in Index gains after the Index surpasses the declared “Spread”. The Fund can be held indefinitely, resetting at the end of each outcome period (approximately annually).

Key Facts

As of 10/06/2022
Starting Spread1 2.31%
Starting Buffer2 10.00%
Outcome Period Length 1 Year
Reset Month Jul
Outcome Period Start Date Jul 11, 2022
Outcome Period Reset Date Jul 10, 2023
Index S&P 500
Inception Date Jul 11, 2022
Expense Ratio 0.99%
CUSIP 600832778
Resources Summary Prospectus
Statutory Prospectus (Jan-Aug)
Statement of Additional Information (Jan-Aug)

Historical Performance to Date 3

As of 10/06/2022

S&P 500

-2.85%

Fund Total

-4.90%

Equity

-1.26%

Fixed Income Contribution

-3.64%

Current Outcome Period Values (Current/Net) 3

Fund NAV$9.51
Fund Return-4.90%
Index Return-2.85%
Outcome Period Days Remaining277

Initial Outcome Period Values (Current/Net) 3

As of   07/11/2022
Fund NAV$10.00
Fund Return0.00%
Index Return0.00%
Outcome Period Days364

Hypothetical Analysis

Index Projection

Enter full outcome period index return to analyze the hypothetical remaining fund equity performance.


Return to date
-2.85%
Hypothetical

Fund Equity Projection

Fund net equity return to date

-1.26%As of 10/06/2022

Hypothetical full period net return

-0.98%10/07/2022 projection

Remaining net equity return

0.22%

Current vs Projected Performance

Fund Equity Payoff Profile

RESULTS BASED ON SIMULATED OR HYPOTHETICAL PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE THE RESULTS SHOWN IN AN ACTUAL PERFORMANCE RECORD, THESE RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, BECAUSE THESE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THESE RESULTS MAY HAVE UNDER-OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED OR HYPOTHETICAL TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THESE BEING SHOWN.

The hypothetical market scenario charts shown above reflect only the equity portion of the strategy and do not account for any contribution from fixed income positions. Strategy total returns could be higher or lower based on the performance of fixed income exposure during the period.

Average Annual Total Returns

As of 09/30/2022
1 Year3 Year5 Year10 YearInception
Fund NAV-----9.02%
S&P 500-----6.97%
Bloomberg US Aggregate-----4.20%

Past performance does not guarantee future results. Investment returns and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted.

Portfolio Analysis

BetaVolatilityDrawdownSharpe Ratio
Fund NAV0.73918.38%-17.67%-
S&P 500-21.77%-16.71%-
Bloomberg US Aggregate-8.12%-8.11%-

The results shown are historical, for informational purposes only, not reflective of any investment, and do not guarantee future results. 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.

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.

Investors purchasing shares of a fund using this strategy after an outcome period has begun may experience very different results than the fund's investment objective. Following the initial outcome period, each subsequent outcome period will begin on the tenth day of the month the fund was incepted. After the conclusion of an outcome period, another will begin. Depending upon market conditions at the time of purchase, investors who purchase shares after the outcome period has begun may also lose their entire investment. An investment in the fund is only appropriate for investors willing to bear those losses.

1. Unlike other investment products, the potential returns an investor can receive from an investment in the Fund are subject to the Spread. This means that if the S&P 500 Index experiences gains for the Outcome Period, an investor in the Fund will only experience those gains if they exceed the Spread and only by the amount those gains have exceeded the Spread. If the S&P 500 Index does not experience gains that exceed the Spread, an investor in the Fund will not experience any gains. In certain market conditions, the performance of the Collateral Portfolio and the Put Spread Strategy could cause the Fund to underperform relative to the S&P 500 Index, which would require greater upside performance of the S&P 500 Index to generate a total return of the Fund that exceeds the Spread. An investor should consider the amount and impact of the Spread, and the Fund's position relative to it, before investing in the Fund.

2. The Buffer is not operative against losses in the Collateral Portfolio, which is comprised of fixed income securities and instruments providing exposure to fixed income securities. If the Collateral Portfolio experiences losses, it could have the effect of reducing the impact of, or completely eliminating, the buffer on the fund's S&P 500 Index exposure. In certain market conditions, the performance of the Collateral Portfolio could cause the fund's to significantly underperform the S&P 500 Index. Investors who purchase shares at the beginning of the outcome period may lose their entire investment. Investors who purchase shares after the outcome period has begun may also lose their entire investment.

3. The results shown are historical, for informational purposes only, and do not guarantee future results. 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.

4. Each Fund maintains a collateral portfolio comprised of fixed income securities, including money market funds and/or cash, and/or exchange-traded funds ("ETFs") investing in such fixed income securities (the "Collateral Portfolio").

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.

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