How they work
Passive index-tracking investments should be customized to suit specific desired outcomes. These investments should not purely be one-size-fits-all.
Individuals should be able to enhance passive index-tracking results in order to target specific desired outcomes, just as institutions have long been able to do
Investments should be transparent. Investors should know what they’re investing in and know what it costs them.
Using fixed-term investments allows investors to stick to their investment strategy and to avoid buying high and selling low.
m+ funds vs. other investments
m+ funds are offered in a transparent, liquid vehicle. Below is a summary comparison, which is not intended to be a complete description of each product.
| Mutual Funds | ETFs | m+ funds (UITs) | Structured Notes | |
|---|---|---|---|---|
| Portfolio Management | Active | Passive | Passive | NA |
| Fiduciary | Yes | Yes | Yes | No |
| Term | Open ended | Open ended | Defined Maturity | Defined Maturity |
| Liquidity | Daily at NAV. Not exchange listed | Intraday & daily at NAV. Exchange listed | Daily at NAV. Not exchange listed | Secondary market provided by issuing bank. Not exchange listed |
| Transparency of Fees & Assets | High | High | High | Low |
| Market Risk | Yes | Yes | Yes | Yes |
| Issuer Credit Risk | No | No | No | Yes |
| Publicly Available NAVs or Values | Yes | Yes | Yes | No |
How m+ funds are built
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.
Our Funds
New m+ funds are offered frequently. The following funds are currently in their primary offering period.
| m+ Preservation 100 FundSeries 7-23 | |||
|---|---|---|---|
| Upside* 1-to-1 of SPY up toCapped Return: [12-16]% | Downside* Maximum Loss: 0% | ||
| Reference AssetSPDR® S&P 500® ETF (SPY) | SymbolMPLBYX | Fee-based CUSIP62479G478 | Standard CUSIP62479G486 |
| m+ Buffer 20 FundSeries 1-49 | ||||
|---|---|---|---|---|
| Upside* 1-to-1 of SPY up toCapped Return: 16.79% | Downside* Buffer: 20% Protection against price decreases to -20% | |||
| Maturity Date05.22.2026 | Reference AssetSPDR® S&P 500® ETF (SPY) | SymbolMPLBXX | Fee-based CUSIP62479G791 | Standard CUSIP62479G817 |
| m+ Buffer 20 FundSeries 1-48 | ||||
|---|---|---|---|---|
| Upside* 1-to-1 of FXI up toCapped Return: 27.00% | Downside* Buffer: 20% Protection against price decreases to -20% | |||
| Maturity Date01.23.2026 | Reference AssetiShares® China Large-Cap (FXI) | SymbolMPLBWX | Fee-based CUSIP62479G825 | Standard CUSIP62479G833 |
| m+ Preservation 95 FundSeries 7-22 | ||||
|---|---|---|---|---|
| Upside* 1-to-1 of SPY up toCapped Return: 17.70% | Downside* Maximum Loss: 5% | |||
| Maturity Date10.30.2026 | Reference AssetSPDR® S&P 500® ETF (SPY) | SymbolMPLBVX | Fee-based CUSIP62479G445 | Standard CUSIP62479G437 |
| m+ Buffer 20 FundSeries 1-47 | ||||
|---|---|---|---|---|
| Upside* 1-to-1 of IWM up toCapped Return: 22.70% | Downside* Buffer: 20% Protection against price decreases to -20% | |||
| Maturity Date04.17.2026 | Reference AssetiShares® Russell 2000 ETF (IWM) | SymbolMPLBUX | Fee-based CUSIP62479G460 | Standard CUSIP62479G452 |
| m+ Preservation 100 FundSeries 7-21 | ||||
|---|---|---|---|---|
| Upside* 1-to-1 of SPY up toCapped Return: 13.15% | Downside* Maximum Loss: 0% | |||
| Maturity Date10.30.2026 | Reference AssetSPDR® S&P 500® ETF (SPY) | SymbolMPLBTX | Fee-based CUSIP62479G841 | Standard CUSIP62479G858 |
| m+ Buffer 20 FundSeries 1-43 | ||||
|---|---|---|---|---|
| Upside* 1-to-1 of SMH up toCapped Return: 35.00% | Downside* Buffer: 20% Protection against price decreases to -20% | |||
| Maturity Date12.31.2025 | Reference AssetVanEck Semiconductor ETF (SMH) | SymbolMPLBOX | Fee-based CUSIP62479G379 | Standard CUSIP62479G361 |
*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.