LAPR

LAPR provides no upside potential. Instead, the fund aims for a defined rate of income and downside protection over a one-year period starting each April. The actively managed portfolio consists of: (i) US Treasurys maturing on or about each quarterly distribution date, and (ii) out-of-the-money SPDR S&P 500 ETF Trust (SPY) put FLEX options, sold to provide one-to-one downside exposure. The fund invests the net premiums generated from the purchased and sold puts in US Treasurys. At each outcome period, the fund seeks to provide income through a defined distribution rate and a buffer against the first 15% of SPDR S&P 500 ETF Trusts losses. In exchange for this 15% buffer, investors forgo any upside participation. After the buffer level is breached, investors take on the full downside of the Underlying ETFs returns. The fund must be held during the entire return period to pursue the intended results. Investors who buy at any other time than the annual reset day may have a different investment return.