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Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund (Current/Net)
As of 12/07/2022
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$8.36-1.41%2.06%-3.32%Upside Participation9.46% / 9.37%-2.35% / -2.44%73.65% / 73.58%-0.87% / -0.96%34
Feb/Aug$8.59-6.02%-6.56%-3.55%Within Buffer5.93% / 5.75%0.00% / -0.18%74.99% / 74.86%2.25% / 2.07%65
Mar/Sep$9.00-1.96%-4.29%-0.35%Within Buffer7.37% / 7.11%0.00% / -0.25%77.91% / 77.72%1.40% / 1.15%93
Apr/Oct$9.017.78%9.62%0.47%Upside Participation10.98% / 10.67%-6.92% / -7.23%77.04% / 76.78%-0.16% / -0.49%124
May/Nov$9.301.64%-0.57%0.83%Within Buffer8.64% / 8.22%-0.85% / -1.26%79.65% / 79.32%-0.85% / -1.26%154
Jun/Dec$9.90-1.00%0.85%-1.40%Upside Participation9.86% / 9.84%-0.90% / -0.91%72.99% / 72.98%-0.29% / -0.30%5
Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund (Current/Net)
As of 12/07/2022
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)$8.43-15.70%-15.77%-9.36%Within Buffer10.17% / 4.99%0.00% / -4.92%108.46% / 103.12%5.14% / -0.03%1,860
Apr (I)$9.11-8.90%-10.85%-3.51%Within Buffer14.66% / 9.28%0.00% / -5.15%121.53% / 115.27%4.40% / -0.99%1,951
Jul (I)$10.212.10%2.06%-2.25%Upside Participation16.40% / 11.29%-5.22% / -10.32%118.71% / 112.31%-2.82% / -8.05%2,042
Oct (I)$10.292.90%8.90%2.92%Upside Participation27.41% / 21.74%0.00% / -5.62%105.67% / 99.72%9.51% / 3.35%2,134
Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund (Current/Net)
As of 12/07/2022
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$8.59-14.10%-15.77%-7.25%Below Buffer Range0.07% / -0.03%0.00% / -0.09%6.92% / 6.82%13.97% / 14.07%0.26% / 0.17%34
Feb$8.75-12.50%-12.66%-7.14%Below Buffer Range2.13% / 1.95%0.00% / -0.18%5.18% / 4.99%12.35% / 12.53%2.16% / 1.98%65
Mar$9.00-10.00%-7.64%-6.45%Within Buffer5.63% / 5.37%0.00% / -0.25%3.08% / 2.82%7.21% / 7.47%3.08% / 2.82%93
Apr$9.01-9.90%-10.85%-4.25%Below Buffer Range4.56% / 4.20%0.00% / -0.34%5.51% / 5.15%8.79% / 9.15%4.57% / 4.22%124
May$9.75-2.50%-1.68%-2.34%Within Buffer8.01% / 7.60%-0.45% / -0.87%0.00% / -0.42%4.32% / 4.73%-0.45% / -0.87%154
Jun$10.020.20%0.85%-1.48%Partial Spread Remaining8.57% / 8.08%-2.18% / -2.68%0.00% / -0.51%3.62% / 4.12%-2.18% / -2.68%187
Jul$10.101.00%2.06%-1.72%Partial Spread Remaining8.69% / 8.12%-3.13% / -3.69%0.00% / -0.58%3.37% / 3.94%-3.13% / -3.69%215
Aug$9.36-6.40%-6.56%-2.25%Within Buffer7.71% / 7.01%0.00% / -0.67%4.03% / 3.34%5.40% / 6.10%4.03% / 3.34%246
Sep$9.70-3.00%-4.29%-0.02%Within Buffer8.79% / 8.02%0.00% / -0.75%2.83% / 2.06%4.62% / 5.40%2.83% / 2.06%278
Oct$10.909.00%8.90%1.22%Upside Above Spread10.11% / 9.35%-7.24% / -8.01%0.00% / -0.83%1.59% / 2.36%-1.61% / -2.42%307
Nov$10.050.50%-0.57%0.96%Within Buffer9.92% / 9.00%0.00% / -0.91%0.43% / -0.49%3.12% / 4.04%0.43% / -0.49%338
Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund (Current/Net)
As of 12/07/2022
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$8.20-18.00%-15.77%-7.31%Floor Reached-0.15% / -0.25%53.33% / 53.28%-0.15% / -0.25%34
Feb$8.40-16.00%-12.66%-7.18%Floor Reached-2.29% / -2.47%60.94% / 60.84%-2.29% / -2.47%65
Mar$8.81-11.90%-7.64%-6.31%Downside Before Floor-5.80% / -6.03%63.34% / 63.18%-3.14% / -3.39%93
Apr$8.86-11.40%-10.85%-4.33%Floor Reached-4.01% / -4.33%58.32% / 58.12%-4.01% / -4.33%124
May$9.58-4.20%-1.68%-2.50%Downside Before Floor-9.24% / -9.62%61.23% / 60.97%-0.60% / -1.02%154
Jun$9.85-1.50%0.85%-1.24%Upside Participation-10.36% / -10.81%61.13% / 60.82%0.26% / -0.25%187
Jul$9.89-1.10%2.06%-1.87%Upside Participation-11.30% / -11.81%61.67% / 61.31%0.02% / -0.56%215
Aug$9.41-5.90%-6.56%-2.11%Downside Before Floor-6.97% / -7.59%64.55% / 64.12%-3.33% / -3.97%246
Sep$9.76-2.40%-4.29%-0.21%Downside Before Floor-8.22% / -8.91%65.22% / 64.73%-2.39% / -3.12%278
Oct$10.575.70%8.90%1.10%Upside Participation-13.90% / -14.62%64.77% / 64.23%0.84% / -0.00%307
Nov$10.131.30%-0.57%0.82%Downside Before Floor-10.38% / -11.20%74.54% / 73.86%-1.07% / -1.98%338
Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund (Current/Net)
As of 12/07/2022
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$8.19-1.80%2.06%-3.02%Upside Participation51.76% / 51.71%72.46% / 72.39%-0.21% / -0.30%34
Feb/Aug$8.21-6.38%-6.56%-2.49%Downside Participation49.74% / 49.66%74.62% / 74.48%0.30% / 0.13%65
Mar/Sep$8.76-2.23%-4.29%0.19%Downside Participation48.83% / 48.71%75.47% / 75.28%0.05% / -0.20%93
Apr/Oct$8.887.25%9.62%0.61%Upside Participation51.03% / 50.85%74.22% / 73.97%0.19% / -0.15%124
May/Nov$9.234.65%-0.57%4.00%Downside Participation47.47% / 47.28%77.68% / 77.36%-0.90% / -1.31%154
Jun/Dec$9.86-1.40%0.85%-1.55%Upside Participation50.89% / 50.88%72.09% / 72.09%-0.04% / -0.05%5
Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund (Current/Net)
As of 12/07/2022
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)$8.46-15.40%-15.77%-9.06%Downside Participation49.34% / 46.91%98.67% / 93.82%-4.07% / -8.79%1,860
Apr (I)$9.04-9.60%-10.85%-3.38%Downside Participation48.99% / 46.47%106.89% / 101.38%-0.55% / -5.68%1,951
Jul (I)$10.181.80%2.06%-1.77%Upside Participation49.93% / 47.24%112.33% / 106.28%-2.09% / -7.36%2,042
Oct (I)$10.282.80%8.90%3.02%Upside Participation52.88% / 49.91%101.70% / 95.98%9.41% / 3.26%2,134
Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund (Current/Net)
As of 12/07/2022
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$8.57-14.30%-15.77% / -26.37%-7.24%Below Buffer Range / Within Buffer0.34% / 0.24%0.00% / -0.09%20.37% / 20.26%0.51% / 0.42%34
Feb$8.74-12.60%-12.66% / -21.82%-7.21%Below Buffer Range / Within Buffer2.17% / 1.98%0.00% / -0.18%19.13% / 18.92%2.20% / 2.02%65
Mar$9.07-9.30%-7.64% / -15.40%-6.42%Within Buffer / Within Buffer4.87% / 4.61%0.00% / -0.25%19.23% / 18.93%2.32% / 2.06%93
Apr$9.04-9.60%-10.85% / -17.82%-4.37%Below Buffer Range / Within Buffer4.07% / 3.72%0.00% / -0.34%20.44% / 20.04%4.09% / 3.74%124
May$9.93-0.70%-1.68% / -6.87%-2.32%Within Buffer / Within Buffer6.23% / 5.82%0.00% / -0.42%13.80% / 13.33%-2.23% / -2.64%154
Jun$10.171.70%0.85% / -2.83%-1.66%Upside Below Cap / Within Buffer6.94% / 6.46%-2.15% / -2.65%13.07% / 12.49%-2.98% / -3.47%187
Jul$10.111.10%2.06% / -3.06%-1.86%Upside Below Cap / Within Buffer8.46% / 7.89%-1.49% / -2.06%13.29% / 12.63%-1.33% / -1.90%215
Aug$9.40-6.00%-6.56% / -14.06%-2.81%Within Buffer / Within Buffer6.64% / 5.96%0.00% / -0.67%19.96% / 19.17%2.97% / 2.28%246
Sep$9.77-2.30%-4.29% / -9.75%-0.61%Within Buffer / Within Buffer7.43% / 6.67%0.00% / -0.75%18.61% / 17.72%1.47% / 0.71%278
Oct$10.646.40%8.90% / 5.22%0.98%Upside Below Cap / Upside Below Cap12.16% / 11.37%-6.16% / -6.94%13.96% / 13.02%8.05% / 7.15%307
Nov$10.090.90%-0.57% / -0.94%0.67%Within Buffer / Within Buffer9.21% / 8.30%-0.96% / -1.87%17.51% / 16.44%-0.27% / -1.18%338
Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund (Current/Net)
As of 12/07/2022
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$8.57-14.30%-15.77% / -16.78%-7.25%Below Buffer Range / Within Buffer0.33% / 0.23%0.00% / -0.09%20.99% / 20.88%0.50% / 0.41%34
Feb$8.77-12.30%-12.66% / -11.91%-7.19%Below Buffer Range / Within Buffer1.83% / 1.65%0.00% / -0.18%18.52% / 18.31%1.87% / 1.69%65
Mar$9.12-8.80%-7.64% / -10.18%-6.50%Within Buffer / Within Buffer4.23% / 3.97%0.00% / -0.25%18.50% / 18.20%1.68% / 1.42%93
Apr$9.15-8.50%-10.85% / -8.76%-4.46%Below Buffer Range / Within Buffer2.72% / 2.37%0.00% / -0.34%19.07% / 18.67%2.75% / 2.40%124
May$10.131.30%-1.68% / 2.56%-2.30%Within Buffer / Upside Below Cap4.32% / 3.92%-1.85% / -2.26%12.28% / 11.81%-1.63% / -2.04%154
Jun$10.232.30%0.85% / 0.37%-1.58%Upside Below Cap / Upside Below Cap6.46% / 5.98%-2.72% / -3.22%12.47% / 11.90%-3.11% / -3.60%187
Jul$10.202.00%2.06% / 4.32%-1.97%Upside Below Cap / Upside Below Cap7.48% / 6.93%-2.36% / -2.92%12.18% / 11.52%1.90% / 1.31%215
Aug$9.48-5.20%-6.56% / -8.24%-2.87%Within Buffer / Within Buffer5.72% / 5.04%0.00% / -0.67%18.87% / 18.08%2.04% / 1.36%246
Sep$9.83-1.70%-4.29% / -5.20%-0.63%Within Buffer / Within Buffer6.79% / 6.03%0.00% / -0.75%17.88% / 16.99%0.83% / 0.07%278
Oct$10.656.50%8.90% / 6.80%0.94%Upside Below Cap / Upside Below Cap12.03% / 11.24%-6.25% / -7.03%13.79% / 12.85%9.39% / 8.48%307
Nov$10.080.80%-0.57% / -3.27%0.58%Within Buffer / Within Buffer9.22% / 8.31%-0.87% / -1.77%18.13% / 17.05%-0.27% / -1.18%338
Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund (Current/Net)
As of 12/07/2022
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$8.56-14.40%-15.77% / -15.10%-7.34%Below Buffer Range / Within Buffer0.35% / 0.25%0.00% / -0.09%21.70% / 21.58%0.52% / 0.42%34
Feb$8.73-12.70%-12.66% / -14.83%-7.34%Below Buffer Range / Within Buffer2.14% / 1.96%0.00% / -0.18%18.89% / 18.68%2.16% / 1.98%65
Mar$9.20-8.00%-7.64% / -4.67%-6.39%Within Buffer / Within Buffer3.47% / 3.21%0.00% / -0.25%17.09% / 16.79%0.92% / 0.66%93
Apr$9.10-9.00%-10.85% / -7.95%-4.55%Below Buffer Range / Within Buffer3.18% / 2.83%0.00% / -0.34%19.01% / 18.61%3.21% / 2.86%124
May$10.070.70%-1.68% / 2.03%-2.43%Within Buffer / Upside Below Cap4.75% / 4.35%-1.26% / -1.67%11.94% / 11.48%-1.71% / -2.12%154
Jun$10.242.40%0.85% / 1.22%-1.66%Upside Below Cap / Upside Below Cap6.29% / 5.81%-2.82% / -3.31%10.60% / 10.04%-2.46% / -2.95%187
Jul$10.252.50%2.06% / 7.03%-2.02%Upside Below Cap / Upside Below Cap6.98% / 6.42%-2.83% / -3.40%11.04% / 10.40%3.99% / 3.39%215
Aug$9.57-4.30%-6.56% / -0.55%-2.86%Within Buffer / Within Buffer4.77% / 4.10%0.00% / -0.67%17.08% / 16.30%1.09% / 0.42%246
Sep$10.000.00%-4.29% / 4.34%-0.64%Within Buffer / Upside Below Cap5.06% / 4.32%-0.23% / -0.98%15.88% / 15.01%3.43% / 2.65%278
Oct$10.767.60%8.90% / 17.08%0.91%Upside Below Cap / Capped Upside11.02% / 10.25%-7.21% / -7.98%11.58% / 10.65%10.88% / 9.96%307
Nov$10.141.40%-0.57% / 4.61%0.55%Within Buffer / Upside Below Cap8.61% / 7.70%-1.45% / -2.35%16.70% / 15.63%3.66% / 2.71%338
Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund (Current/Net)
As of 12/07/2022
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
Apr/Oct$10.585.80%8.90%2.60%Above Trigger14.22% / 13.90%0.00% / -0.34%5.91% / 5.56%5.92% / 5.56%124
May/Nov$10.151.50%-0.57%0.55%Within Buffer8.49% / 8.07%0.00% / -0.42%7.70% / 7.25%-1.00% / -1.41%154
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.

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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