Target Buffer Strategy:
Intraperiod Pricing Tool

IMPORTANT: This tool is for illustrative purposes only and is not intended to be indicative of future results of the strategy. The projections or other information generated by this tool are hypothetical in nature, do not reflect actual investment outcomes and are not a guarantee of future results. Results may vary with each use and over time. Hypothetical outcomes do not reflect fees or expenses that may apply.

The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. Investors are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for them. The targeted outcomes may only be realized if investors are holding shares at the beginning of the outcome period and continue to hold them on the last day of the outcome period. There is no guarantee that the strategy will be successful in its attempt to provide the targeted outcomes.

Key Assumptions and Limitations

The Target Buffer Strategy hypothetical return is calculated for each Target Buffer Strategy using the Black Scholes model, based on the variables shown for interest, rate, dividend, volatility, SPY level and time to expiration (remaining outcome period). Results may vary with each use and over time.

The Target Buffer Strategy hypothetical return assumes the Strategy is utilized for the entire Target Outcome Period, and utilizes the intrinsic value of the options positions used to establish the Cap and Buffer range.

Definitions

Black Scholes model – Model is used to calculate the hypothetical value of options using current stock prices, expected dividends, the option's strike price, expected interest rates, time to expiration and expected volatility.
Buffer – The percentage of losses (e.g., 0 to -10%, -5% to -30%, etc.) in a reference asset that the strategy seeks to protect against over the Target Outcome Period.
Cap – Maximum growth opportunity in the Target Buffer Strategy over the Target Outcome Period.
Interest Rate – Nominal risk free rate.
Intraperiod – A date between the Target Outcome start date and end date.
Pricing Date – A future date, prior to the last day of the Target Outcome Period, for which the hypothetical Target Buffer Strategy return will be calculated.
Reference Asset – Target Outcome Investments are typically implemented using options that can be linked to a wide range of reference assets including broad indexes, exchange-traded funds (ETFs), and single securities and commodities.
SPY Price Return – Price return for the SPDR S&P 500 ETF Trust (ticker: SPY).
Target Outcome End Date – The last day of the Target Outcome Period.
Target Outcome Period – The predetermined period, typically 12 months, for which the strategy is designed.
Target Outcome Start Date – The first day of the Target Outcome Period.
Volatility – Refers to “Implied Volatility”, which is the forecast of a likely movement in a security's price implied from options prices.

Performance data quoted represents past performance. Past performance is not a guarantee of future results, and current performance may be higher or lower than performance quoted. One cannot invest directly in an index. Investment returns and principal value will fluctuate, and shares, when sold or redeemed, may be worth more or less than their original cost.

The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information,Vest is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.