Milliman FRM's Structured Outcome-based Strategies and Funds are featured variable investment options within Advanced Outcomes Annuity®. This variable annuity is intended as a long-term retirement savings vehicle for a portion of client portfolios.

Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund

Investment Objective: The Fund seeks to provide exposure to the S&P 500 Index, while providing a buffer against the first 10% of losses associated with S&P 500 Index performance and participating in S&P 500 Index gains at a declared rate, prior to taking into account any fees or expenses or the performance of any fixed income exposure included in the Fund's portfolio, over a six-month period.

View Funds

Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund

Investment Objective: The Fund seeks to provide exposure to the S&P 500 Index, while providing a buffer against the first 20% of losses associated with S&P 500 Index performance and participating in S&P 500 Index gains at a declared rate, prior to taking into account any fees or expenses or the performance of any fixed income exposure included in the Fund's portfolio, over a six-year period.

View Funds

Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund

Investment Objective: The Fund seeks to provide exposure to the S&P 500 Index, while limiting losses to 50% of the losses associated with S&P 500 Index performance and participating in S&P 500 Index gains at a declared rate, prior to taking into account any fees or expenses or the performance of any fixed income exposure included in the Fund's portfolio, over a six-month period.

View Funds

Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund

Investment Objective: The Fund seeks to provide exposure to the S&P 500 Index, while limiting losses to 50% of the losses associated with S&P 500 Index performance and participating in S&P 500 Index gains at a declared rate, prior to taking into account any fees or expenses or the performance of any fixed income exposure included in the Fund's portfolio, over a six-year period.

View Funds

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

Investment Objective: The Fund seeks to provide exposure to the S&P 500 Index, while providing a buffer against the first 10% of losses associated with S&P 500 Index performance and participating in S&P 500 Index gains that exceed a declared spread, prior to taking into account any fees or expenses or the performance of any fixed income exposure included in the Fund's portfolio, over a one-year period.

View Funds

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

Investment Objective: The Fund seeks to provide exposure to the S&P 500 Index, while limiting losses associated with S&P 500 Index performance to 10% and participating in S&P 500 Index gains at a declared rate, prior to taking into account any fees or expenses or the performance of any fixed income exposure included in the Fund's portfolio, over a one-year period.

View Funds

Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund

Investment Objective: The Fund seeks to provide exposure to the S&P 500 Index, while providing a buffer against the first 10% of losses associated with S&P 500 Index performance and participating in S&P 500 Index gains up to a declared cap, prior to taking into account any fees or expenses or the performance of any fixed income exposure included in the Fund's portfolio, over a one-year period.

The Fund also seeks to provide upside exposure to the Nasdaq-100® Index up to a declared cap, prior to taking into account any fees or expenses or the performance of any fixed income exposure included in the Fund's portfolio, over the same period.

View Funds

Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund

Investment Objective: The Fund seeks to provide exposure to the S&P 500 Index, while providing a buffer against the first 10% of losses associated with S&P 500 Index performance and participating in S&P 500 Index gains up to a declared cap, prior to taking into account any fees or expenses or the performance of any fixed income exposure included in the Fund's portfolio, over a one-year period.

The Fund also seeks to provide upside exposure to the Russell 2000 Index up to a declared cap, prior to taking into account any fees or expenses or the performance of any fixed income exposure included in the Fund's portfolio, over the same period.

View Funds

Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund

Investment Objective: The Fund seeks to provide exposure to the S&P 500 Index, while providing a buffer against the first 10% of losses associated with S&P 500 Index performance and participating in S&P 500 Index gains up to a declared cap, prior to taking into account any fees or expenses or the performance of any fixed income exposure included in the Fund's portfolio, over a one-year period.

The Fund also seeks to provide upside exposure to the MSCI EAFE Index up to a declared cap, prior to taking into account any fees or expenses or the performance of any fixed income exposure included in the Fund's portfolio, over the same period.

View Funds

Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund

Investment Objective: The Fund seeks to provide a defined return tied to the positive performance of the S&P 500 Index, while buffering against the first 10% of losses, over a 6-month period. The Fund earns the declared return for any Index return greater than or equal to zero.

View Funds
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.

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).

Get in touch

We're passionate about partnering with people to solve complex problems and develop innovative and disruptive investment solutions. Call +1 855 645 5462 or fill out the form below.