How they work

Each m+ fund is a series issued under the m+ funds Trust, a unit investment trust organized in series. iCapital Markets LLC serves as the sponsor, depositor and principal underwriter of the m+ funds Trust and each series, while Alaia Capital acts as the portfolio consultant, evaluator and supervisor.

Each m+ fund is based on the performance of an ETF (the “Reference Asset”). An m+ fund seeks to achieve its investment objective, from its inception value to its value on the maturity date, by investing in a portfolio of exchange listed Flexible Exchange^® options (“FLEX Options”) on the Reference Asset at various strike price levels, with European exercise style and with an expiration dates equal to that of the m+ fund, and cash or cash equivalents. FLEX Options are customized option contracts listed on a U.S. national securities exchange that are guaranteed for settlement by the Options Clearing Corporation (the “OCC”). They provide for price discovery in competitive, transparent auctions markets and avoid the counterparty exposure of over-the-counter options positions. The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the “buyer for every seller and the seller for every buyer,” protecting clearing members and options traders from counterparty risk.

Fees and expenses for m+ funds are detailed in the particular prospectus and term sheets, and will include upfront sales charges and organization expenses, and on-going expenses. m+ funds ability to provide its investment objective depends on investors purchasing units valued at their inception value and holding them until the maturity date. Because the price at which investors may purchase units at inception will also include certain organizational costs and sales charges, it may be higher than the inception value.

Explore our brochure to gain insights into m+ funds and important considerations before investing.

Download the brochure