m+ Buffer 20 Fund

This is a preliminary term sheet and is subject to completion. Terms are provided for illustrative purposes only. All bracketed numbers in this term sheet are subject to change. Actual numbers will be set on the date of deposit and may be less favorable to investors. The structure of these securities may be complex, and the suitability of an investment should be considered based on your investment objective, risk tolerance, financial goals and time horizons. You should consider the portfolio’s investment objective, risks, fees and expenses carefully before investing. Contact your financial advisor to request a prospectus, which will contain this and other information about the portfolio. Read it carefully before you invest.

Investment Objective

The trust will seek a percentage return per unit on the maturity date equal to any percentage increase in the value of the SPDR® S&P 500® ETF Trust (the Reference Asset) relative to the initial reference value, up to a maximum return of [29-33]% while also providing protection against the first [20]% decrease (the Buffer) in the value of the reference asset.

Key Features

m+ Buffer 20 FundSeries 1-41
Upside* 1-to-1 of SPY up toCapped Return: [29-33]% Downside* Buffer: [20]% Protection against price decreases to [20]%
Maturity Date06.23.2026 Reference AssetSPDR® S&P 500® ETF (SPY) SymbolMPLBMX Fee-based CUSIP62479G403 Standard CUSIP62479G502
Inception Date05.22.2024 Inception Value per Unit$10.00

*On the Maturity Date only, based on the Inception Value per Unit, and subject to reduction based on fees and expenses. This description is not intended to be complete. You should consider the fund’s investment objective, risks and charges & expenses carefully before investing. Contact your financial advisor and read the prospectus below, which contains this and other information on the fund. Read it carefully before you invest. Offers are made only by prospectus.

  • Hypothetical results in different market environments

    Subject to decrease by the fund's fees & expenses.

    ETF Price

    The hypothetical results are illustrative only and are not actual results. You should not place undue reliance on hypothetical illustrations or results. The above does not account for dividends on the ETF or m+ Buffered Fund ongoing fees and expenses. The above graph is intended to illustrate potential hypothetical outcomes and is therefore based on transaction terms and hypothetical ETF returns. It does not reflect any actual past performance and, therefore, does not reflect returns that an investor could have received. Investors purchasing units are subject to upfront sales charges and organization costs, which vary per fund depend on the type of account purchasing the units, all as described in the corresponding prospectus. Potential investors should refer to the prospectus, which details fees and expenses, as well as other important matters. Investors in m+ funds do not receive dividends.

  • Selected Risks

    An investment in units of m+ funds may not be appropriate for all investors. Units in any m+ fund are offered only by prospectus. 

    You should request a copy of the prospectus, which will contain a full description of the risks, and read it carefully before you invest. Capitalized terms that are not defined in this preliminary term sheet have the meaning ascribed to them in the prospectus.

    The economic terms are indicative only and will vary based on the market conditions at the time of the initial deposit of such Series.

    The structure of these securities may be complex, and the suitability of an investment should be considered based on your investment objective, risk tolerance, financial goals and time horizons.

    This UIT is a buy and hold strategy and investors should consider their ability to hold the trust until maturity. There may be tax consequences unless units are purchased in an IRA or other qualified plan.

    The trust is designed to achieve its investment objective over the life of the trust. The trust’s investment objective has not been designed to deliver on its objective if the units are bought at prices different than the Inception Value of the units or are redeemed prior to the Maturity Date.

    Security prices will fluctuate. The value of your investment may fall over time. Amounts available to distribute to unit-holders upon dissolution of the trust will depend primarily on the performance of the trust’s investment and are not guaranteed. The value of the units will decrease over time by the trust annual fees and expenses.

    Gain or loss on the units is subject to a capped return and partial downside protection. If the value of the Reference Asset increases more than [29-33]% over the Initial Reference Value, the return per unit will be capped at [29-33]% and their performance will be less than the performance of the Reference Asset. Because the Buffer is designed to protect only against Reference Asset declines relative to the Initial Reference Value over the life of the trust of 20%, unitholders may experience significant losses on their investment and potentially as much as [78]% of their investment, if the value of the Reference Asset declines by more than the Buffer. Due to trust fees and expenses, at the Maturity Date the value of the units, and the effect of the Capped Return, will be reduced while the Maximum Loss will be increased.

    You may lose a portion (up to [78]%) of your investment. The trust does not provide full principal protection and you may not receive the full return of the capital you invest.

    The value of the Options may change with the implied volatility of the Reference Asset, the Underlying Index and the securities included in the Underlying Index. No one can predict whether implied volatility will rise or fall in the future.

    The value of the Options does not increase or decrease at the same rate as the Reference Asset. The Options are all European style options, which means that they will be exercisable at the strike price only on the Options Expiration Date. The value of the Options prior to the Options Expiration Date may vary because of related factors other than the value of the Reference Asset. The trust may experience substantial exposure to losses from the Options.

    Credit risk is the risk an issuer, guarantor or counterparty of a security in the trust is unable or unwilling to meet its obligation on the security. The OCC acts as guarantor and central counterparty with respect to the Options. As a result, the ability of the trust to meet its objective depends on the OCC being able to meet its obligations.

    Unit-holders will not have control, voting rights or rights to receive cash dividends or other distributions or other rights that holders of a direct investment in the Reference Asset or its constituents would have.

    Liquidity risk is the risk that the value of an option will fall in value if trading in the option is limited or absent. No one can guarantee that a liquid secondary trading market will exist for the Options.

    The trust might not achieve its objective in certain circumstances. Certain circumstances under which the trust might not achieve its objective are if the trust liquidates Options prior to expiration, due to redemptions or otherwise, if the trust is unable to maintain the proportional relationship based on the number of option contracts of the Options in the trust’s portfolio, or because of trust expenses or due to adverse tax law changes affecting treatment of the Options.

    We do not actively manage the portfolio. Except in limited circumstances, the trust will hold, and continue to buy, the same securities even if their market value declines.

    Tax risk.  The trust intends to elect and to qualify each year to be treated as a regulated investment company (“RIC”) under Subchapter M of the U.S. Internal Revenue Code of 1986, as amended (the “Code”). As a RIC, the trust will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to unit-holders, provided that it satisfies certain requirements of the Code. If the trust does not qualify as a RIC for any tax-able year and certain relief provisions are not available, the trust’s taxable income will be subject to tax at the trust level and to a further tax at the unit-holder level when such income is distributed.

    Securities offered through iCapital Markets, LLC, a registered broker/dealer, member FINRA and SIPC. Alaia Capital LLC, an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”), acts as a portfolio consultant to m+ funds. These registrations and memberships in no way imply that the SEC, FINRA or SIPC have endorsed the entities, products or services discussed herein. iCapital Markets LLC and Alaia Capital LLC are subsidiaries of iCapital, Inc., and its affiliates include iCapital Advisors, LLC (collectively “iCapital”). Investors should be aware that iCapital Markets provides distribution services to m+ funds.

Fund Documentation

You should consider the fund’s investment objective, risks and charges and expenses carefully before investing. Contact your financial adviser or read the prospectus below which contains this and other information on the fund. Read it carefully before you invest