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JNF EXCEED DEFINED SHIELD INDEX PORTFOLIO Investment Strategy FUND OBJECTIVE The Fund seeks to track, before fees and expenses, the performance of the Nasdaq Exceed Defined Protection Index (Ticker: EXPROT). EXPROT is a large cap based index offering controlled equity exposure. - Net Expense Ratio 1.29% The JNF Exceed Defined Shield Index Portfolio tracks the EXPROT index, a large-cap index offering defined, limited downside with a maximum gain component. EXPROT tracks a basket of four rolling “defined outcome” investments, each of which uses put and call options to seek exposure to the S&P 500 Index with the following characteristics: - Seeks to limit losses of an investment to approximately the first 12.5% of S&P 500 Index losses on an annualized basis and no losses thereafter. - Inception Date February 22, 2016 - Seeks annual upside participation in the S&P 500 Index to a maximum gain of 15%, even if annual S&P 500 Index performance surpasses that percentage. MANAGEMENT The Fund utilizes exchange based options and short term Investment Grade credit in achieving its objectives. Advisor Exceed Advisory Manager Joe Halpern 20 years of experience managing, structuring, pricing, and trading structured notes, exotic derivatives, and listed options. EXPROT Index Returns* Cumulative Performance — Sept 15, 2014 through Dec 31, 2015 EXPROT Index Returns* Cumulative Performance SPX EXPROT Sept 15, 2014 through Dec 31, 2015 INDEX FACTS )10.00% Ticker EXPROT Inception September 15, 2014 Calculation IDC Dissemination Nasdaq 8.00% 6.00% 4.00% 2.00% 0.00% -2.00% -4.00% AVAILABILITY The JNF Exceed Defined Shield Index Portfolio is offered as an underlying investment option within Monument Advisor, a tax-deferred Investment-Only Variable Annuity from Jefferson National. For more information on the Exceed Defined Shield Index Portfolio, contact 1-866-667-0564, Option 1. FOR FINANCIAL PROFESSIONAL USE ONLY -6.00% -8.00% Exceed Defined Shield Index Portfolio seeks to track the EXPROT Index. Past performance does not *guarantee future results. Defined Outcome Investing Defined outcome investing refers to options based strategies that allow investors to shape a risk/reward exposure to their personal, defined objectives. In these strategies, market participation levels are preset. Therefore, the targeted downside participation is known in advance, as is the upside. (See Illustration Graph) JNF EXCEED DEFINED SHIELD INDEX PORTFOLIO Price Adjusting potential outcomes to predetermined limits may better meet the utility and psychological needs of many investors than a direct equity investment would: - Better understood downside/upside potential and expected returns Profit/Loss - Mitigation or even elimination of aversions — particularly loss, risk and ambiguity as well S&P 500 Defined Outcome Investment Disclosures: The S&P 500 ® Total Return Index (registered trademark of The McGraw Hill Companies, Inc.) is an unmanaged index of 500 common stocks primarily traded on the New York Stock Exchange, weighted by market capitalization. Index performance includes the reinvestment of dividends and capital gains. The Nasdaq Exceed Structured Shield Index (EXPROT) is designed to provide investment returns that are correlated with, but less volatile than, the S&P 500 Index. One cannot invest directly in an index. Standard Deviation is the standard deviation of returns measures the average a return series deviates from its mean. It is often used as a measure of risk. When a fund has a high standard deviation, the predicted range of performance implies greater volatility. Volatility is a statistical measure of risk, expressed as the standard deviation of returns from the same security. Commonly, the higher the volatility, the riskier the security. Index Performance: Indexes are not securities and therefore investing directly in an index is not possible. Past performance of an index is not a guarantee of future results. There are significant differences between the performance of an index and the performance of actual investment portfolios, even when those portfolios intend to mirror the indexes. For example, actual portfolios will incur commissions and other transaction costs that do not apply to index performance. Advisory clients will be subject to management fees, which will lower performance. Actual portfolios may have other investments, such as cash or securities specific to client objectives, that will differ from the index components. Timing of transactions, and resulting executions, in actual portfolios may differ from assumptions about timing used in the index calculation. Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information about the Fund is in the prospectus, a copy of which may be obtained by calling toll-free 1-844-800-5092. Please read the prospectus carefully before you invest. An investment in an Exceed VIT fund is subject to risk, including the possible loss of principal. The Fund may enter into financial instruments or transactions with counterparty risk. A counterparty may become bankrupt or otherwise fail to perform its obligations due to financial difficulties, jeopardizing the value of the Fund’s investment. Derivative instruments, including options, may entail investment exposures that are greater than their cost would suggest, meaning that a small investment in a derivative could risk a large potential impact on the performance of the Fund. Gains or losses from positions in hedging instruments, such as options, may be much greater than the instrument’s original cost. If a security or derivative is linked to the performance of an index, it may be subject to the risks associated with changes in that index. The Fund may not be able to dispose of restricted, thinly traded and/or illiquid securities promptly or at reasonable prices. This may result in a loss to the Fund. Performance of a non-diversified fund, which invests in fewer securities at any given time than a diversified fund may have a greater negative effect, be more volatile, than a similar decline or default by a single security in a diversified portfolio. Options risk exists because the price of an option, which is a function of interest rates, volatility, dividends, the exercise price, stock price and other market factors, may change rapidly over time. The Fund could experience a loss if securities underlying the options do not perform as anticipated. There may be an imperfect correlation between the prices of options and movements in the price of the securities, stock indexes or exchange traded funds hedged or used for cover which may cause a given hedge not to achieve its objective. Passive management risk exists as the Fund is not “actively” managed. Therefore, the Fund would not necessarily sell a security if the security’s issuer was in financial trouble or defaulted, or whose credit rating was downgraded, unless that security is removed from the relevant index. The Fund is newly created and does not have a full calendar year performance record. There can be no guarantee that the investment objective will be met. Put options do not protect against declines between 0% and 12.5% and investors will bear all such losses. Further, while the index seeks to limit losses to 12.5% on an annualized basis, there is no guarantee that it will do so. A put is an option contract giving the owner the right, but not the obligation, to sell a specified amount of an underlying asset or index at a set price within a specific time. A call is an option contract giving the owner the right, but not the obligation, to buy a specified amount of an underlying security or index at a specified price within a specified time. An investor should carefully consider the investment objectives, risks, charges and expenses of the investment before investing or sending money. For a prospectus and underlying fund prospectuses containing this and additional information, please contact your financial professional. Read it carefully before investing. The summary of product features is not intended to be all-inclusive. Restrictions may apply. The contracts have exclusions and limitations, and may not be available in all states or at all times. JNF EXCEED DEFINED SHIELD INDEX PORTFOLIO Variable annuities are investments subject to market fluctuation and risk, including possible loss of principal. Your units, when you make a withdrawal or surrender, may be worth more or less than your original investment. Variable annuities are long-term investments to help you meet retirement and other long-range goals. Withdrawals of tax-deferred accumulations are subject to ordinary income tax. Withdrawals made prior to age 59½ may incur a 10% IRS tax penalty. Jefferson National does not offer tax advice. Annuities are not deposits or obligations of, or guaranteed by any bank, nor are they FDIC insured. Variable Annuities are issued by Jefferson National Life Insurance Company, (Dallas, TX), or Jefferson National Life Insurance Company of New York (New York, NY) and distributed by Jefferson National Securities Corporation, FINRA member. Policy series JNL-2300-1, JNL-2300-2, JNL-2300-3, JNL-2300-1-NY. JNL201604-C024 Jefferson National Life | 10350 Ormsby Park Place | Louisville, Kentucky 40223 | 866.667.0564 | www.jeffnat.com