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Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Oct

Summary

The Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund seeks to participate in the return of the S&P 500 Index while providing a floor against losses starting at -10%, over a 1-year outcome period. The Fund participates 1:1 in only the first 10% of Index losses, and participates in Index gains at the declared participation rate (“par rate”). The Fund can be held indefinitely, resetting at the end of each outcome period (approximately annually).

Key Facts

As of 12/07/2022
Starting Upside Participation1 62.96%
Starting Floor2 10.00%
Outcome Period Length 1 Year
Reset Month Oct
Outcome Period Start Date Oct 10, 2022
Outcome Period Reset Date Oct 10, 2023
Index S&P 500
Inception Date Oct 10, 2022
Expense Ratio 0.99%
CUSIP 600832695
Resources Summary Prospectus
Statutory Prospectus (Sep-Dec)
Statement of Additional Information (Sep-Dec)

Historical Performance to Date 3

As of 12/07/2022

S&P 500

8.90%

Fund Total

5.70%

Equity

4.60%

Fixed Income Contribution

1.10%

Current Outcome Period Values (Current/Net) 3

Fund NAV$10.57
Fund Return5.70%
Index Return8.90%
Outcome Period Days Remaining307

Initial Outcome Period Values (Current/Net) 3

As of   10/10/2022
Fund NAV$10.00
Fund Return0.00%
Index Return0.00%
Outcome Period Days365

Hypothetical Analysis

Index Projection

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


Return to date
8.90%
Hypothetical

Fund Equity Projection

Fund net equity return to date

4.60%As of 12/07/2022

Hypothetical full period net return

2.13%12/08/2022 projection

Remaining net equity return

-2.30%

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 Invalid date
1 Year3 Year5 Year10 YearInception
Fund NAV-----
S&P 500-----
Bloomberg US Aggregate-----

Performance data quoted represents past performance; past performance does not guarantee future results. Returns are annualized for periods greater than one year. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Short term performance, in particular, is not a good indication of the fund's future performance, and an investment should not be made based solely on returns.

Portfolio Analysis

BetaVolatilityDrawdownSharpe Ratio
Fund NAV----
S&P 500----
Bloomberg US Aggregate----

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 a participation rate fund are subject to the participation rates. This means that if the reference index experiences gains for the outcome period, an investor in the fund will only experience those gains up to the applicable participation rate. Investors who purchase shares during the outcome period will experience different results than those who hold over the entire outcome period (with respect to the FLEX Options exposure). In certain market conditions, the performance of the underlying fixed income assets and options positions could cause the fund to underperform relative to the reference indices, which could further limit fund gains below the participation rates, notwithstanding any performance of the reference Indices in excess of the participation rates.

2. The Floor is not operative against losses in the Collateral Portfolio. If the Collateral Portfolio experiences losses, it could have the effect of reducing the impact of, or completely eliminating, the Floor on the Fund's S&P 500 Index exposure. In certain market conditions, the performance of the Collateral Portfolio could cause the Fund 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. An investment in the Fund is only appropriate for investors willing to bear those losses.

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.

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.

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.

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.

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.

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 (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.

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 (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 and expenses.

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 and expenses.

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 and expenses.

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 and expenses.

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 and expenses. 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 fees and expenses).

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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