JUNW

JUNW uses options in an effort to moderate losses on shares of SPDR S&P 500 ETF Trust (ticker: SPY) over a one-year period, June 1 to May 31. In exchange for preventing the realization of the first 20% of losses in SPY value, the fund foregoes some upside return. Shareholders also forgo the dividend component of SPY, because the options are written on the price (not total) return version of the shares. Should the shares of SPY decline greater than 20%, investors participate in the downside performance on a $1 for $1 basis. The upside cap resets annually based on SPYs closing price on the business day prior to the beginning of the outcome period. Even if shares are held for the entire outcome period, the intended results may differ. The issuer publishes the interim levels for the cap and downside buffer daily on its website. The targeted cap and buffer do not include the funds expense ratio and should be taken into consideration. The fund is actively managed and uses FLEX options on SPY shares exclusively.