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Expenses of the Fund <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Under the Fund’s Investment Advisory Agreement, the Fund is responsible for the following expenses: interest expenses, brokerage commissions and other trading expenses, fees and expenses of the independent trustees and their independent legal counsel, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business. You will also incur usual and customary brokerage commissions and fees to financial intermediaries when buying or selling shares of the Fund in the secondary market, which are not reflected in the example that follows:</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0022 0.0000 0.0001 0.0023 -0.0001 0.0022 March 1, 2024 Example <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 23 73 129 292 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 48% of the average value of its portfolio. 0.48 Principal Investment Strategies <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is designed to reflect the performance of a selection of companies that, in aggregate, possess lower overall absolute volatility characteristics relative to the Northern Trust 1250 Index (the “Parent Index”), a float-adjusted market capitalization weighted index of U.S. domiciled large- and mid-capitalization companies. In addition, the Underlying Index is designed to select companies from the Parent Index that exhibit financial strength, stability and enhanced risk-return characteristics, which NTI believes can provide equity-market participation while seeking to protect against downside risks during certain market environments.</div> <div style="margin-top: 6pt;"> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">To derive the Underlying Index, NTI, acting in its capacity as the index provider (the “Index Provider”) ranks all constituents of the Parent Index using a Northern Trust proprietary quality factor. This factor is a quantitative ranking based on: (a) management efficiency (e.g., corporate finance activities and corporate governance); (b) profitability (e.g., reliability and sustainability of financial performance); and (c) cash flow (e.g., cash flow generation). The Index Provider then excludes the lowest quintile of con- </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">stituents ranked according to the quality factor and uses an optimization process to select and weight eligible securities in order to (a) seek to reduce overall portfolio volatility and (b) maximize the overall quality factor relative to the Parent Index. The optimization also includes sector, industry group, single-security weight, historical beta (i.e. market sensitivity, relative to the Parent Index), liquidity and turnover constraints so that these characteristics of the Underlying Index vary within acceptable bands relative to the Parent Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">As of December 31, 2022, the Underlying Index was comprised of 127 constituent securities with market capitalizations ranging from $3.6 billion to $2.4 trillion. The Underlying Index is governed by published, objective rules for security selection, exclusion, weighting, rebalancing and adjustments for corporate actions. It is reconstituted quarterly. The Fund generally reconstitutes its portfolio in accordance with the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;"> NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a representative sampling strategy to manage the Fund. “Representative sampling” is investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index. The Fund reserves the right to invest in substantially all of the securities in its Underlying Index in approximately the same proportions (i.e., replication) if NTI determines that it is in the best interest of the Fund. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index. The Fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds advised by NTI or its affiliates, futures contracts and options on futures contracts, as well as securities not included in the Underlying Index, but which NTI believes will help the Fund track its Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is created and sponsored by NTI, as the Index Provider. NTI also serves as the investment adviser to the Fund. The Index Provider determines the </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral received). </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Industry Concentration Policy<span style="font-weight: normal;">. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.</span> </div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.  Principal Risks <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">As with any investment, you could lose all or part of your investment in the Fund, and the Fund’s performance could trail that of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund’s net asset value (“NAV”), trading price, yield, total return and ability to meet its investment objective. Each risk noted below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. The significance of each risk factor below may change over time and you should review each risk factor carefully.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Equity Securities Risk<span style="font-weight: normal;"> is the risk that the values of the equity securities owned by the Fund may be more volatile and underperform other asset classes and the general securities markets.</span></div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Low Volatility Risk<span style="font-weight: normal;"> is the risk that although the Underlying Index is designed to have overall volatility that is lower than that of the Parent Index, there is no guarantee it will be successful. Securities or other assets in the Fund’s portfolio may be subject to price volatility and the prices may not be any less volatile than the market as a whole and could be more volatile. The market prices of the securities or other assets in the Fund’s portfolio may fluctuate, sometimes rapidly and unpredictably. The Fund will continue to seek to track the Underlying Index even if the Underlying Index does not have lower overall volatility than the Parent Index. There is also the risk that the Fund may experience volatility greater than that of the Parent Index as a result of tracking error. A portfolio of securities with greater volatility is generally considered to have a higher risk profile than a portfolio with lower volatility.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Quality Factor Risk<span style="font-weight: normal;"> is the risk that the past performance of companies that have exhibited quality characteristics does not continue or the returns on securities issued by such companies may be less than returns from other styles of investing or the overall stock market. There may be periods when quality investing is out of favor and during which time the Fund's performance may suffer.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Concentration Risk <span style="font-weight: normal;">is the risk that, if the Fund is concentrated in a particular industry or group of industries, the Fund is likely to present more risks than a fund that is broadly diversified over several industries or groups of industries. Compared to the broad market, an individual industry may be more strongly affected by changes in the economic climate, broad market shifts, moves in a particular dominant stock or regulatory changes.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Risk<span style="font-weight: normal;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, or volatility in the equity markets. Market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment could have a significant impact on the Fund and its investments and could result in the Fund’s shares trading at increased premiums or discounts to the Fund’s NAV. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to the risks described elsewhere in this summary will likely increase. Market disruptions, regulatory restrictions or other abnormal market conditions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track its Underlying Index or cause delays in the Underlying Index’s rebalancing or reconstitution schedule. During any such delay, it is possible that the Underlying Index and, in turn, the Fund will deviate from the Underlying Index’s stated methodology and therefore experience returns different than those that would have been achieved under a normal rebalancing or reconstitution schedule.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Index Risk<span style="font-weight: normal;"> is the risk that the Fund would not necessarily buy or sell a security unless that security is added to or removed from, respectively, the Underlying Index, even if that security generally is underperforming, because unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the Underlying Index. Additionally, the Fund rebalances and/or reconstitutes its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance and/or reconstitution schedule will result in corresponding changes to the Fund’s rebalance and/or reconstitution schedule.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Tracking Error Risk<span style="font-weight: normal;"> is the risk that the Fund’s performance may vary from the performance of the Underlying Index as a result of creation and redemption activity, transaction costs, expenses and other factors.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Sampling Risk <span style="font-weight: normal;">is the risk that the Fund’s use of a representative sampling approach may result in increased tracking error because the securities selected for the Fund in the aggregate may vary from the investment profile of the Underlying Index. Additionally, the use of a representative sampling approach may result in the Fund holding a smaller number of securities than the Underlying Index, and, as a result, an adverse development to an issuer of securities that the Fund holds could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Underlying Index.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Authorized Participant Concentration Risk<span style="font-weight: normal;"> is the risk that the Fund may be adversely affected because it has a limited number of institutions that act as authorized participants (“Authorized Participants”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units (as defined below), Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Calculation Methodology Risk<span style="font-weight: normal;"> is the risk that the Underlying Index’s calculation methodology or sources of information may not provide an accurate assessment of</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">included issuers or correct valuation of securities, nor is the availability or timeliness of the production of the Underlying Index guaranteed. A security included in the Underlying Index may not exhibit the characteristic or provide the specific exposure for which it was selected and consequently a Fund’s holdings may not exhibit returns consistent with that characteristic or exposure. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Trading Risk<span style="font-weight: normal;"> is the risk that the Fund faces because its shares are listed on a securities exchange, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of its listing exchange, make trading in the shares inadvisable. The market prices of Fund shares will generally fluctuate in accordance with changes in its NAV, changes in the relative supply of, and demand for, Fund shares, and changes in the liquidity, or the perceived liquidity, of the Fund’s holdings. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Derivatives Risk<span style="font-weight: normal;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 6pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Futures Contracts Risk<span style="font-weight: normal;"> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other</span> </td> </tr> </table> <table cellpadding="6" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 6.25%;"> </td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 93.75%;">economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Options Contracts Risk<span style="font-weight: normal;"> Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.</span> </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Mid Cap Stock Risk<span style="font-weight: normal;"> is the risk that stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies, and may lack sufficient market liquidity. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market, or may be dependent upon a small or inexperienced management group. Securities of smaller companies may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally the smaller the company size, the greater the risk.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Securities Lending Risk<span style="font-weight: normal;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. </div> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank.  Fund Performance <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">how the Fund’s average annual returns compare with those of a broad measure of market performance, and (C) an additional index with characteristics relevant to the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting flexshares.com. </div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B)  how the Fund’s average annual returns compare with those of a broad measure of market performance, and (C) an additional index with characteristics relevant to the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. flexshares.com Calendar Year Total Returns <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">For the period shown in the bar chart above:</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Best Quarter (6/30/2020): 15.80%</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Worst Quarter (3/31/2020): -18.55%</div> Best Quarter 2020-06-30 0.1580 Worst Quarter 2020-03-31 -0.1855 Average Annual Total Returns (for the periods ended December 31, 2022) -0.0987 0.0833 2019-07-15 -0.1024 0.0797 -0.0558 0.0646 -0.1913 0.0868 -0.0961 0.0863 Reflects no deduction for fees, expenses or taxes. <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund Investment Objective <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Northern Trust Developed Markets ex-US Quality Low Volatility Index<sup style="font-size: 85%; font-style: normal; text-transform: none;">SM</sup> (the “Underlying Index”).</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Under the Fund’s Investment Advisory Agreement, the Fund is responsible for the following expenses: interest expenses, brokerage commissions and other trading expenses, fees and expenses of the independent trustees and their independent legal counsel, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business. You will also incur usual and customary brokerage commissions and fees to financial intermediaries when buying or selling shares of the Fund in the secondary market, which are not reflected in the example that follows:</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0032 0.0000 0.0001 0.0033 -0.0001 0.0032 March 1, 2024 Example <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 33 105 184 417 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 56% of the average value of its portfolio. 0.56 Principal Investment Strategies <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 12.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is designed to reflect the performance of a selection of companies that, in aggregate, possess lower overall absolute volatility characteristics relative to a broad universe of securities domiciled in developed market countries, excluding the U.S. (the “Parent Index”). The Parent Index is a subset of the Northern Trust Global Index, where eligible securities are limited to those domiciled in non-U.S. developed market countries and designated as large- and mid-capitalization companies by NTI, acting in its capacity as the index provider (the “Index Provider”). In addition, the Underlying Index is designed to select companies from the Parent Index that exhibit financial strength, stability and enhanced risk-return characteristics, which NTI believes can provide equity-market participation while seeking to protect against downside risks during certain market environments.</div> <div style="margin-top: 6pt;"> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 12.10pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">To derive the Underlying Index, the Index Provider ranks all constituents of the Parent Index using a Northern Trust proprietary quality factor. This factor is a quantitative ranking based on: (a) management efficiency (e.g., corporate finance activities and corporate governance); (b) profitability (e.g., reliability and sustainability of financial performance); and (c) cash flow (e.g., cash flow generation). </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 12.10pt; text-align: left; text-decoration: none; text-transform: none;">The Index Provider then excludes the lowest quintile of constituents ranked according to the quality factor and uses an optimization process to select and weight eligible securities in order to (a) seek to reduce overall portfolio volatility and (b) maximize the overall quality factor relative to the Parent Index. The optimization also includes sector, industry group, country, region, single-security weight, historical beta (i.e. market sensitivity, relative to the Parent Index), liquidity and turnover constraints so that these characteristics of the Underlying Index vary within acceptable bands relative to the Parent Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">As of December 31, 2022, the Underlying Index was comprised of 172 constituent securities with market capitalizations ranging from $3.9 billion to $360 billion. The Underlying Index is governed by published, objective rules for security selection, exclusion, weighting, rebalancing and adjustments for corporate actions and is reconstituted quarterly. The Fund generally reconstitutes its portfolio in accordance with the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a representative sampling strategy to manage the Fund. “Representative sampling” is investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index. The Fund reserves the right to invest in substantially all of the securities in its Underlying Index in approximately the same proportions (i.e., replication) if NTI determines that it is in the best interest of the Fund. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index and in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) (collectively “Depositary Receipts”) based on the securities in the Underlying Index. The Fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds advised by NTI or its affiliates, futures contracts, options on futures contracts and forward currency contracts, as well as securities not included in the Underlying Index, but which NTI believes will help the Fund track its Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is created and sponsored by NTI, as the Index Provider. NTI also serves as the investment adviser to the Fund. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral received). </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">From time to time the Fund may focus its investments (<span style="font-style: italic;">i.e.,</span> invest more than 15% of its total assets) in one or more particular countries or geographic regions. As of December 31, 2022, the Fund focused its investments in Japan. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Industry Concentration Policy<span style="font-weight: normal;">. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.</span> </div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.  Principal Risks <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">As with any investment, you could lose all or part of your investment in the Fund, and the Fund’s performance could trail that of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund’s net asset value (“NAV”), trading price, yield, total return and ability to meet its investment objective. Each risk noted below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. The significance of each risk factor below may change over time and you should review each risk factor carefully.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Equity Securities Risk<span style="font-weight: normal;"> is the risk that the values of the equity securities owned by the Fund may be more volatile and underperform other asset classes and the general securities markets.</span></div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Depositary Receipts Risk<span style="font-weight: normal;"> Foreign securities may trade in the form of depositary receipts. In addition to investment risks associated with the underlying issuer, depositary receipts may expose the Fund to additional risks associated with non-uniform terms that apply to depositary receipt programs, including credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency, political, economic, market risks and the risks of an illiquid mar-</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">ket for depositary receipts. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. Depositary receipts may not track the price of the underlying foreign securities on which they are based, may have limited voting rights, and may have a distribution subject to a fee charged by the depository. As a result, equity shares of the underlying issuer may trade at a discount or premium to the market price of the depositary receipts. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Low Volatility Risk<span style="font-weight: normal;"> is the risk that although the Underlying Index is designed to have overall volatility that is lower than that of the Parent Index, there is no guarantee it will be successful. Securities or other assets in the Fund’s portfolio may be subject to price volatility and the prices may not be any less volatile than the market as a whole and could be more volatile. The market prices of the securities or other assets in the Fund’s portfolio may fluctuate, sometimes rapidly and unpredictably. The Fund will continue to seek to track the Underlying Index even if the Underlying Index does not have lower overall volatility than the Parent Index. There is also the risk that the Fund may experience volatility greater than that of the Parent Index as a result of tracking error. A portfolio of securities with greater volatility is generally considered to have a higher risk profile than a portfolio with lower volatility.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Quality Factor Risk<span style="font-weight: normal;"> is the risk that the past performance of companies that have exhibited quality characteristics does not continue or the returns on securities issued by such companies may be less than returns from other styles of investing or the overall stock market. There may be periods when quality investing is out of favor and during which time the Fund's performance may suffer.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Foreign Securities Risk<span style="font-weight: normal;"> is the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments may impose limitations on foreigners’ ownership of interests in local issuers, restrictions on the ability to repatriate assets, and may also impose taxes. Any of these events could cause the value of the Fund’s investments to decline. Foreign banks, agents and securities depositories that hold the Fund’s foreign assets may be subject to little</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">or no regulatory oversight over, or independent evaluation, of their operations. Additional costs associated with investments in foreign securities may include higher custodial fees than those applicable to domestic custodial arrangements and transaction costs of foreign currency conversions. Unless the Fund has hedged its foreign currency exposure, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful. For instance, forward foreign currency exchange contracts, if used by the Fund, could reduce performance if there are unanticipated changes in currency exchange rates. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Geographic Risk<span style="font-weight: normal;"> is the risk that if the Fund invests a significant portion of its total assets in certain issuers within the same country or geographic region, an adverse economic, business or political development affecting that country or region may affect the value of the Fund’s investments more, and the Fund’s investments may be more volatile, than if the Fund’s investments were not so concentrated in such country or region.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 6pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Japan Investment Risk<span style="font-weight: normal;"> is the risk of investing in securities of Japanese issuers. The Japanese economy may be subject to considerable degrees of economic, political and social instability, which could negatively impact Japanese issuers. In recent times, Japan’s economic growth rate has remained low, and it may remain low in the future. In addition, Japan is subject to the risk of natural disasters, such as earthquakes, volcanic eruptions, typhoons and tsunamis, which could negatively affect the securities of Japanese companies held by the Fund.</span> </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Risk<span style="font-weight: normal;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">bond or equity markets, or volatility in the equity markets. Market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment could have a significant impact on the Fund and its investments and could result in the Fund’s shares trading at increased premiums or discounts to the Fund’s NAV. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to the risks described elsewhere in this summary will likely increase. Market disruptions, regulatory restrictions or other abnormal market conditions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track its Underlying Index or cause delays in the Underlying Index’s rebalancing or reconstitution schedule. During any such delay, it is possible that the Underlying Index and, in turn, the Fund will deviate from the Underlying Index’s stated methodology and therefore experience returns different than those that would have been achieved under a normal rebalancing or reconstitution schedule. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Index Risk<span style="font-weight: normal;"> is the risk that the Fund would not necessarily buy or sell a security unless that security is added to or removed from, respectively, the Underlying Index, even if that security generally is underperforming, because unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the Underlying Index. Additionally, the Fund rebalances and/or reconstitutes its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance and/or reconstitution schedule will result in corresponding changes to the Fund’s rebalance and/or reconstitution schedule.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Tracking Error Risk<span style="font-weight: normal;"> is the risk that the Fund’s performance may vary from the performance of the Underlying Index as a result of creation and redemption activity, transaction costs, expenses and other factors.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Sampling Risk <span style="font-weight: normal;">is the risk that the Fund’s use of a representative sampling approach may result in increased tracking error because the securities selected for the Fund in the aggregate may vary from the investment profile of the Underlying Index. Additionally, the use of a representative sampling approach may result in the Fund holding a smaller number of securities than the Underlying Index,</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">and, as a result, an adverse development to an issuer of securities that the Fund holds could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Authorized Participant Concentration Risk<span style="font-weight: normal;"> is the risk that the Fund may be adversely affected because it has a limited number of institutions that act as authorized participants (“Authorized Participants”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units (as defined below), Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting. This risk may be heightened because of its investments in non-U.S. securities.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Calculation Methodology Risk<span style="font-weight: normal;"> is the risk that the Underlying Index’s calculation methodology or sources of information may not provide an accurate assessment of included issuers or correct valuation of securities, nor is the availability or timeliness of the production of the Underlying Index guaranteed. A security included in the Underlying Index may not exhibit the characteristic or provide the specific exposure for which it was selected and consequently a Fund’s holdings may not exhibit returns consistent with that characteristic or exposure.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Trading Risk<span style="font-weight: normal;"> is the risk that the Fund faces because its shares are listed on a securities exchange, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of its listing exchange, make trading in the shares inadvisable. The market prices of Fund shares will generally fluctuate in accordance with changes in its NAV, changes in the relative supply of, and demand for, Fund shares, and changes in the liquidity, or the perceived liquidity, of the Fund’s holdings. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Derivatives Risk<span style="font-weight: normal;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.</span> </div> <table cellpadding="6" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 3pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Futures Contracts Risk<span style="font-weight: normal;"> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Options Contracts Risk<span style="font-weight: normal;"> Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Forward Foreign Currency Contracts Risk<span style="font-weight: normal;"> is the risk that, if forward prices increase, a loss will occur to the extent that the agreed upon purchase price of the currency exceeds the price of the currency that was agreed to be sold.</span> </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Concentration Risk <span style="font-weight: normal;">is the risk that, if the Fund is concentrated in a particular industry or group of industries, the Fund is likely to present more risks than a fund that is</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">broadly diversified over several industries or groups of industries. Compared to the broad market, an individual industry may be more strongly affected by changes in the economic climate, broad market shifts, moves in a particular dominant stock or regulatory changes. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Mid Cap Stock Risk<span style="font-weight: normal;"> is the risk that stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies, and may lack sufficient market liquidity. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market, or may be dependent upon a small or inexperienced management group. Securities of smaller companies may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally the smaller the company size, the greater the risk.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Securities Lending Risk<span style="font-weight: normal;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. </div> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank.  Fund Performance <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad measure of market performance, and (C) an additional index with characteristics relevant to the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting flexshares.com.</div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad measure of market performance, and (C) an additional index with characteristics relevant to the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. flexshares.com Calendar Year Total Returns <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">For the period shown in the bar chart above:</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Best Quarter (12/31/2022): 11.68%</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Worst Quarter (3/31/2020): -17.11%</div> Best Quarter 2022-12-31 0.1168 Worst Quarter 2020-03-31 -0.1711 Average Annual Total Returns (for the periods ended December 31, 2022) -0.1249 0.0125 2019-07-15 -0.1282 0.0078 -0.0685 0.0109 -0.1429 0.0299 -0.1230 0.0148 Reflects no deduction for fees, expenses or taxes. <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. FlexShares® Emerging Markets Quality Low Volatility Index Fund Investment Objective <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Northern Trust Emerging Markets Quality Low Volatility Index<sup style="font-size: 85%; font-style: normal; text-transform: none;">SM</sup> (the “Underlying Index”).</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Under the Fund’s Investment Advisory Agreement, the Fund is responsible for the following expenses: interest expenses, brokerage commissions and other trading expenses, fees and expenses of the independent trustees and their independent legal counsel, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business. You will also incur usual and customary brokerage commissions and fees to financial intermediaries when buying or selling shares of the Fund in the secondary market, which are not reflected in the example that follows:</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0040 0.0000 0.0001 0.0041 -0.0001 0.0040 March 1, 2024 Example <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 41 131 229 517 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 53% of the average value of its portfolio. 0.53 Principal Investment Strategies <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is designed to reflect the performance of a selection of companies that, in aggregate, possess lower overall absolute volatility characteristics relative to a broad universe of securities domiciled in emerging market countries, (the “Parent Index”). The Parent Index is a subset of the Northern Trust Global Index, limited to those securities domiciled in emerging markets and designated as large- and mid-capitalization companies by NTI, acting in its capacity as the index provider (the “Index Provider”). In addition, the Underlying Index is designed to select companies from the Parent Index that exhibit financial strength, stability and enhanced risk-return characteristics, which NTI believes can provide equity-market participation while seeking to protect against downside risks during certain market environments.</div> <div style="margin-top: 6pt;"> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">To derive the Underlying Index, the Index Provider ranks all constituents of the Parent Index using a Northern Trust proprietary quality factor. This factor is a quantitative ranking based on: (a) management efficiency (e.g., corporate finance activities and corporate governance); (b) profitability (e.g., reliability and sustainability of financial per- </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">formance); and (c) cash flow (e.g., cash flow generation). The Index Provider then excludes the lowest quintile of constituents ranked according to the quality factor and uses an optimization process to select and weight eligible securities in order to (a) seek to reduce overall portfolio volatility and (b) maximize the overall quality factor relative to the Parent Index. The optimization also includes sector, industry group, country, single-security weight, historical beta (i.e. market sensitivity, relative to the Parent Index), liquidity and turnover constraints so that these characteristics of the Underlying Index vary within acceptable bands relative to the Parent Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">As of December 31, 2022, the Underlying Index was comprised of 152 constituent securities with market capitalizations ranging from $1.8 billion to $404 billion. The Underlying Index is governed by published, objective rules for security selection, exclusion, weighting, rebalancing and adjustments for corporate actions and is reconstituted quarterly. The Fund generally reconstitutes its portfolio in accordance with the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a representative sampling strategy to manage the Fund. “Representative sampling” is investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index. The Fund reserves the right to invest in substantially all of the securities in its Underlying Index in approximately the same proportions (i.e., replication) if NTI determines that it is in the best interest of the Fund. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index and in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) (collectively “Depositary Receipts”) based on the securities in the Underlying Index. The Fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds advised by NTI or its affiliates, futures contracts, </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">options on futures contracts and forward currency contracts, as well as securities not included in the Underlying Index, but which NTI believes will help the Fund track its Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is created and sponsored by NTI, as the Index Provider. NTI also serves as the investment adviser to the Fund. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral received). </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">From time to time the Fund may focus its investments (<span style="font-style: italic;">i.e.,</span> invest more than 15% of its total assets) in one or more particular countries or geographic regions. As of December 31, 2022, the Fund focused its investments in China and Taiwan. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Industry Concentration Policy<span style="font-weight: normal;">. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.</span> </div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.  Principal Risks <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">As with any investment, you could lose all or part of your investment in the Fund, and the Fund’s performance could trail that of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund’s net asset value (“NAV”), trading price, yield, total return and ability to meet its investment objective. Each risk noted below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. The significance of each risk factor below may change over time and you should review each risk factor carefully.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Equity Securities Risk<span style="font-weight: normal;"> is the risk that the values of the equity securities owned by the Fund may be more volatile and underperform other asset classes and the general securities markets.</span></div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Mid Cap Stock Risk<span style="font-weight: normal;"> is the risk that stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established compa-</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">nies, and may lack sufficient market liquidity. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market, or may be dependent upon a small or inexperienced management group. Securities of smaller companies may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally the smaller the company size, the greater the risk. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Depositary Receipts Risk<span style="font-weight: normal;"> Foreign securities may trade in the form of depositary receipts. In addition to investment risks associated with the underlying issuer, depositary receipts may expose the Fund to additional risks associated with non-uniform terms that apply to depositary receipt programs, including credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency, political, economic, market risks and the risks of an illiquid market for depositary receipts. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. Depositary receipts may not track the price of the underlying foreign securities on which they are based, may have limited voting rights, and may have a distribution subject to a fee charged by the depository. As a result, equity shares of the underlying issuer may trade at a discount or premium to the market price of the depositary receipts.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Low Volatility Risk<span style="font-weight: normal;"> is the risk that although the Underlying Index is designed to have overall volatility that is lower than that of the Parent Index, there is no guarantee it will be successful. Securities or other assets in the Fund’s portfolio may be subject to price volatility and the prices may not be any less volatile than the market as a whole and could be more volatile. The market prices of the securities or other assets in the Fund’s portfolio may fluctuate, sometimes rapidly and unpredictably. The Fund will continue to seek to track the Underlying Index even if the Underlying Index does not have lower overall volatility than the Parent Index. There is also the risk that the Fund may experience volatility greater than that of the Parent Index as a result of tracking error. A portfolio of securities with greater volatility is generally considered to have a higher risk profile than a portfolio with lower volatility.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Quality Factor Risk<span style="font-weight: normal;"> is the risk that the past performance of companies that have exhibited quality characteristics does not continue or the returns on securities issued by such</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">companies may be less than returns from other styles of investing or the overall stock market. There may be periods when quality investing is out of favor and during which time the Fund's performance may suffer. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Emerging Markets Risk<span style="font-weight: normal;"> is the risk that emerging markets are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investments than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volumes and greater price volatility than companies in more developed markets. Emerging market economies may be based on only a few industries, may be highly vulnerable to changes in local and global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company’s assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Foreign Securities Risk<span style="font-weight: normal;"> is the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments may impose limitations on foreigners’ ownership of interests in local issuers, restrictions on the ability to repatriate assets, and may also impose taxes. Any of these events could cause the value of the Fund’s investments to</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">decline. Foreign banks, agents and securities depositories that hold the Fund’s foreign assets may be subject to little or no regulatory oversight over, or independent evaluation, of their operations. Additional costs associated with investments in foreign securities may include higher custodial fees than those applicable to domestic custodial arrangements and transaction costs of foreign currency conversions. Unless the Fund has hedged its foreign currency exposure, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful. For instance, forward foreign currency exchange contracts, if used by the Fund, could reduce performance if there are unanticipated changes in currency exchange rates. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Geographic Risk<span style="font-weight: normal;"> is the risk that if the Fund invests a significant portion of its total assets in certain issuers within the same country or geographic region, an adverse economic, business or political development affecting that country or region may affect the value of the Fund’s investments more, and the Fund’s investments may be more volatile, than if the Fund’s investments were not so concentrated in such country or region.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 6pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">China Investment Risk<span style="font-weight: normal;"> is the risk associated with investments in companies located or operating in China, such as nationalization, expropriation, or confiscation of property; alteration or discontinuation of economic reforms; and considerable degrees of economic, political and social instability. Investors in Chinese markets generally experience difficulties in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgements due to a lack of publicly available information; and there are generally limited legal remedies for shareholders. Internal social unrest or confrontations with other neighboring countries, including military conflicts, may disrupt economic development in China and result in a greater risk of currency fluctuations, currency convertibility, interest rate fluctuations and higher rates of inflation. Export growth continues to be a major driver of China’s rapid economic growth. As a result, a reduction in</span> </td> </tr> </table> <table cellpadding="6" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 6.25%;"> </td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 93.75%;">spending on Chinese products and services, the institution of additional tariffs or other trade barriers, including as a result of heightened trade tensions between China and the U.S., or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. Although the Public Company Accounting Oversight Board (“PCAOB”) in 2021 had determined the PCAOB was unable to inspect or investigate audit firms headquartered in mainland China and Hong Kong, in December 2022 the PCAOB announced that it had been able to secure complete access to inspect and investigate audit firms in China for the first time in history. Certain securities issued by companies located or operating in China, such as China A-shares, are subject to trading restrictions and suspensions, quota limitations and sudden changes in those limitations, and operational, clearing and settlement risks.</td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Taiwan Investment Risk<span style="font-weight: normal;"> is the risk of investing in securities of Taiwanese issuers. Specifically, Taiwan’s geographic proximity and history of political contention with China have resulted in ongoing tensions between the two countries, which may materially affect the Taiwanese economy and its securities market. Investments in securities of Taiwanese companies are subject to Taiwan’s heavy dependence on exports. Reductions in spending on Taiwanese products and services, labor shortages, institution of tariffs or other trade barriers, or a downturn in any of the economies of Taiwan’s key trading partners, including the United States, may have an adverse impact on the Taiwanese economy and the values of Taiwanese companies.</span> </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Risk<span style="font-weight: normal;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, or volatility in the equity markets. Market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment could have a significant impact on the Fund and</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">its investments and could result in the Fund’s shares trading at increased premiums or discounts to the Fund’s NAV. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to the risks described elsewhere in this summary will likely increase. Market disruptions, regulatory restrictions or other abnormal market conditions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track its Underlying Index or cause delays in the Underlying Index’s rebalancing or reconstitution schedule. During any such delay, it is possible that the Underlying Index and, in turn, the Fund will deviate from the Underlying Index’s stated methodology and therefore experience returns different than those that would have been achieved under a normal rebalancing or reconstitution schedule. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Index Risk<span style="font-weight: normal;"> is the risk that the Fund would not necessarily buy or sell a security unless that security is added to or removed from, respectively, the Underlying Index, even if that security generally is underperforming, because unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the Underlying Index. Additionally, the Fund rebalances and/or reconstitutes its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance and/or reconstitution schedule will result in corresponding changes to the Fund’s rebalance and/or reconstitution schedule.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Tracking Error Risk<span style="font-weight: normal;"> is the risk that the Fund’s performance may vary from the performance of the Underlying Index as a result of creation and redemption activity, transaction costs, expenses and other factors.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Sampling Risk <span style="font-weight: normal;">is the risk that the Fund’s use of a representative sampling approach may result in increased tracking error because the securities selected for the Fund in the aggregate may vary from the investment profile of the Underlying Index. Additionally, the use of a representative sampling approach may result in the Fund holding a smaller number of securities than the Underlying Index, and, as a result, an adverse development to an issuer of securities that the Fund holds could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Underlying Index.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Authorized Participant Concentration Risk<span style="font-weight: normal;"> is the risk that the Fund may be adversely affected because it has a limited number of institutions that act as authorized participants</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">(“Authorized Participants”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units (as defined below), Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting. This risk may be heightened because of its investments in non-U.S. securities. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Calculation Methodology Risk<span style="font-weight: normal;"> is the risk that the Underlying Index’s calculation methodology or sources of information may not provide an accurate assessment of included issuers or correct valuation of securities, nor is the availability or timeliness of the production of the Underlying Index guaranteed. A security included in the Underlying Index may not exhibit the characteristic or provide the specific exposure for which it was selected and consequently a Fund’s holdings may not exhibit returns consistent with that characteristic or exposure.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Trading Risk<span style="font-weight: normal;"> is the risk that the Fund faces because its shares are listed on a securities exchange, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of its listing exchange, make trading in the shares inadvisable. The market prices of Fund shares will generally fluctuate in accordance with changes in its NAV, changes in the relative supply of, and demand for, Fund shares, and changes in the liquidity, or the perceived liquidity, of the Fund’s holdings. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Derivatives Risk<span style="font-weight: normal;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce dispro-</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">portionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. </div> <table cellpadding="6" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 3pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Futures Contracts Risk<span style="font-weight: normal;"> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Options Contracts Risk<span style="font-weight: normal;"> Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Forward Foreign Currency Contracts Risk<span style="font-weight: normal;"> is the risk that, if forward prices increase, a loss will occur to the extent that the agreed upon purchase price of the currency exceeds the price of the currency that was agreed to be sold.</span> </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Concentration Risk <span style="font-weight: normal;">is the risk that, if the Fund is concentrated in a particular industry or group of industries, the Fund is likely to present more risks than a fund that is broadly diversified over several industries or groups of industries. Compared to the broad market, an individual industry may be more strongly affected by changes in the economic climate, broad market shifts, moves in a particular dominant stock or regulatory changes.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Securities Lending Risk<span style="font-weight: normal;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Valuation Risk <span style="font-weight: normal;">is the risk that the sale price the Fund could receive for a portfolio security may differ from the Fund’s valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. </div> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank.  Fund Performance <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad measure of market performance, and (C) an additional index with characteristics relevant to the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting flexshares.com.</div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad measure of market performance, and (C) an additional index with characteristics relevant to the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. flexshares.com Calendar Year Total Returns <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">For the period shown in the bar chart above:</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Best Quarter (6/30/2020): 12.19%</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Worst Quarter (3/31/2020): -21.67%</div> Best Quarter 2020-06-30 0.1219 Worst Quarter 2020-03-31 -0.2167 Average Annual Total Returns (for the periods ended December 31, 2022) -0.1293 -0.0105 2019-07-15 -0.1319 -0.0142 -0.0712 -0.0061 -0.2009 -0.0055 -0.1238 -0.0031 Reflects no deduction for fees, expenses or taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. FlexShares® Morningstar US Market Factor Tilt Index Fund Investment Objective <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Morningstar® US Market Factor Tilt Index<sup style="font-size: 85%; font-style: normal; text-transform: none;">SM</sup> (the “Underlying Index”).</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Under the Fund’s Investment Advisory Agreement, the Fund is responsible for the following expenses: interest expenses, brokerage commissions and other trading expenses, fees and expenses of the independent trustees and their independent legal counsel, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business. You will also incur usual and customary brokerage commissions and fees to financial intermediaries when buying or selling shares of the Fund in the secondary market, which are not reflected in the example that follows:</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0025 0.0000 0.0001 0.0026 -0.0001 0.0025 March 1, 2024 Example <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 26 83 145 330 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 14% of the average value of its portfolio. 0.14 Principal Investment Strategies <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is designed to reflect the performance of a selection of companies that, in aggregate, possess greater exposure to size and value factors relative to the Morningstar US Market Index (the “Parent Index”), a float-adjusted market-capitalization weighted index of U.S.-incorporated large-, mid-, small- and micro-capitalization companies. The Underlying Index seeks to achieve increased exposures to size and value factors, or a “factor tilt”, by adjusting the Parent Index’s constituent weights to achieve a slightly greater weight on companies with smaller market capitalizations or lower valuations, as determined by Morningstar, Inc. (the “Index Provider”) pursuant to its index methodology. The Underlying Index is designed to measure the performance of U.S. equity markets with increased exposure toward small-capitalization and value stocks. As of December 31, 2022, the Underlying Index was comprised of 2,467 issues with market capitalizations ranging from $1<span style="padding-left: 0.10pt;"/>00.41 million to $2.1 trillion. The Underlying Index is governed by published, objective rules for security selection, exclusion, rebalancing and adjustments for corporate actions. It is reconstituted on a semi- </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">annual basis and is rebalanced quarterly. The Fund generally reconstitutes and rebalances its portfolio in accordance with the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a representative sampling strategy to manage the Fund. “Representative sampling” is investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index. The Fund reserves the right to invest in substantially all of the securities in its Underlying Index in approximately the same proportions (i.e., replication) if NTI determines that it is in the best interest of the Fund. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index. The Fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds advised by NTI or its affiliates, futures contracts and options on futures contracts, as well as securities not included in the Underlying Index, but which NTI believes will help the Fund track its Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is sponsored by the Index Provider, an organization that is independent of the Fund and NTI. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral received). </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Industry Concentration Policy.<span style="font-weight: normal;"> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.</span> </div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.  Principal Risks <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">As with any investment, you could lose all or part of your investment in the Fund, and the Fund’s performance could </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">trail that of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund’s net asset value (“NAV”), trading price, yield, total return and ability to meet its investment objective. Each risk noted below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. The significance of each risk factor below may change over time and you should review each risk factor carefully. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Equity Securities Risk<span style="font-weight: normal;"> is the risk that the values of the equity securities owned by the Fund may be more volatile and underperform other asset classes and the general securities markets.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Concentration Risk <span style="font-weight: normal;">is the risk that, if the Fund is concentrated in a particular industry or group of industries, the Fund is likely to present more risks than a fund that is broadly diversified over several industries or groups of industries. Compared to the broad market, an individual industry may be more strongly affected by changes in the economic climate, broad market shifts, moves in a particular dominant stock or regulatory changes.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Risk<span style="font-weight: normal;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, or volatility in the equity markets. Market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment could have a significant impact on the Fund and its investments and could result in the Fund’s shares trading at increased premiums or discounts to the Fund’s NAV. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to the risks described elsewhere in this summary will likely increase. Market disruptions, regulatory restrictions or other abnormal market conditions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">order to track its Underlying Index or cause delays in the Underlying Index’s rebalancing or reconstitution schedule. During any such delay, it is possible that the Underlying Index and, in turn, the Fund will deviate from the Underlying Index’s stated methodology and therefore experience returns different than those that would have been achieved under a normal rebalancing or reconstitution schedule. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Index Risk<span style="font-weight: normal;"> is the risk that the Fund would not necessarily buy or sell a security unless that security is added to or removed from, respectively, the Underlying Index, even if that security generally is underperforming, because unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the Underlying Index. Additionally, the Fund rebalances and/or reconstitutes its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance and/or reconstitution schedule will result in corresponding changes to the Fund’s rebalance and/or reconstitution schedule.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Tracking Error Risk<span style="font-weight: normal;"> is the risk that the Fund’s performance may vary from the performance of the Underlying Index as a result of creation and redemption activity, transaction costs, expenses and other factors.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Sampling Risk <span style="font-weight: normal;">is the risk that the Fund’s use of a representative sampling approach may result in increased tracking error because the securities selected for the Fund in the aggregate may vary from the investment profile of the Underlying Index. Additionally, the use of a representative sampling approach may result in the Fund holding a smaller number of securities than the Underlying Index, and, as a result, an adverse development to an issuer of securities that the Fund holds could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Underlying Index.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Value Investing Risk<span style="font-weight: normal;"> is the risk that the Fund’s investment in companies whose securities are believed to be undervalued, relative to their underlying profitability, will not appreciate in value as anticipated.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Mid and Small Cap Stock Risk<span style="font-weight: normal;"> is the risk that stocks of mid-sized and smaller companies may be more volatile than stocks of larger, more established companies, and may lack sufficient market liquidity. Mid-sized and small companies may have limited product lines or financial resources, may be dependent upon a particular niche of the</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">market, or may be dependent upon a small or inexperienced management group. Smaller companies may also include micro-capitalization companies. Securities of smaller companies may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally the smaller the company size, the greater the risk. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Authorized Participant Concentration Risk<span style="font-weight: normal;"> is the risk that the Fund may be adversely affected because it has a limited number of institutions that act as authorized participants (“Authorized Participants”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units (as defined below), Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Calculation Methodology Risk<span style="font-weight: normal;"> is the risk that the Underlying Index’s calculation methodology or sources of information may not provide an accurate assessment of included issuers or correct valuation of securities, nor is the availability or timeliness of the production of the Underlying Index guaranteed. A security included in the Underlying Index may not exhibit the characteristic or provide the specific exposure for which it was selected and consequently a Fund's holdings may not exhibit returns consistent with that characteristic or exposure.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Trading Risk<span style="font-weight: normal;"> is the risk that the Fund faces because its shares are listed on a securities exchange, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of its listing exchange, make trading in the shares inadvisable. The market prices of Fund shares will generally fluctuate in accordance with changes in its NAV, changes in the relative supply of, and demand for, Fund shares, and changes in the liquidity, or the perceived liquidity, of the Fund’s holdings. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Derivatives Risk<span style="font-weight: normal;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.</span> </div> <table cellpadding="6" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 3pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Futures Contracts Risk<span style="font-weight: normal;"> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Options Contracts Risk<span style="font-weight: normal;"> Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.</span> </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Securities Lending Risk<span style="font-weight: normal;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. </div> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank.  Fund Performance <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year and (B) how the Fund’s average annual returns compare with those of a broad measure of market performance. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting flexshares.com.</div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year and (B) how the Fund’s average annual returns compare with those of a broad measure of market performance. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. flexshares.com Calendar Year Total Returns <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">For the periods in the bar chart above:</div><div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Best Quarter (6/30/2020): 22.45%</div><div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Worst Quarter (3/31/2020): -26.23%</div> Best Quarter 2020-06-30 0.2245 Worst Quarter 2020-03-31 -0.2623 Average Annual Total Returns (for the periods ended December 31, 2022) -0.1715 0.0767 0.1129 -0.1751 0.0722 0.1084 -0.0998 0.0595 0.0927 -0.1705 0.0776 0.1145 Reflects no deduction for fees, expenses or taxes. <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund Investment Objective <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Morningstar® Developed Markets ex-US Factor Tilt Index<sup style="font-size: 85%; font-style: normal; text-transform: none;">SM</sup> (the “Underlying Index”).</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Under the Fund’s Investment Advisory Agreement, the Fund is responsible for the following expenses: interest expenses, brokerage commissions and other trading expenses, fees and expenses of the independent trustees and their independent legal counsel, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business. You will also incur usual and customary brokerage commissions and fees to financial intermediaries when buying or selling shares of the Fund in the secondary market, which are not reflected in the example that follows:</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0039 0.0000 0.0001 0.0040 -0.0001 0.0039 March 1, 2024 Example <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 40 127 223 504 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 27% of the average value of its portfolio. 0.27 Principal Investment Strategies <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is designed to reflect the performance of a selection of companies that, in aggregate, possess greater exposure to size and value factors relative to the Morningstar Developed Markets ex-US Index (the “Parent Index”), a float-adjusted market-capitalization weighted index of companies incorporated in developed-market countries, excluding the U.S. The Underlying Index seeks to achieve increased exposures to size and value factors, or a “factor tilt”, by adjusting the Parent Index’s constituent weights to achieve a slightly greater weight on companies with smaller market capitalizations or lower valuations, as determined by Morningstar, Inc. (the “Index Provider”), pursuant to its index methodology. The Underlying Index is designed to include companies with enhanced risk-return characteristics relative to the broader developed international equity market by featuring size and value risk premiums, which NTI believes have been historically demonstrated over a full market cycle. As of December 31, 2022, the Underlying Index was comprised of 3,207 issues with market capitalizations ranging from $189.73 million to $365 billion. The Underlying Index is governed by pub- </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">lished, objective rules for security selection, exclusion, rebalancing and adjustments for corporate actions and is reconstituted on a semi-annual basis and is rebalanced quarterly. The Fund generally reconstitutes and rebalances its portfolio in accordance with the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a representative sampling strategy to manage the Fund. “Representative sampling” is investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index. The Fund reserves the right to invest in substantially all of the securities in its Underlying Index in approximately the same proportions (i.e., replication) if NTI determines that it is in the best interest of the Fund. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index and in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) (collectively “Depositary Receipts”) based on the securities in the Underlying Index. The Fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds advised by NTI or its affiliates, futures contracts, options on futures contracts and forward currency contracts, as well as securities not included in the Underlying Index, but which NTI believes will help the Fund track its Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is sponsored by the Index Provider, an organization that is independent of the Fund and NTI. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral received). </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">From time to time the Fund may focus its investments (<span style="font-style: italic;">i.e.,</span> invest more than 15% of its total assets) in one or more particular countries or geographic regions. As of December 31, 2022, the Fund focused its investments in Japan. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Industry Concentration Policy<span style="font-weight: normal;">. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.</span> </div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.  Principal Risks <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">As with any investment, you could lose all or part of your investment in the Fund, and the Fund’s performance could trail that of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund’s net asset value (“NAV”), trading price, yield, total return and ability to meet its investment objective. Each risk noted below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. The significance of each risk factor below may change over time and you should review each risk factor carefully.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Equity Securities Risk<span style="font-weight: normal;"> is the risk that the values of the equity securities owned by the Fund may be more volatile and underperform other asset classes and the general securities markets.</span></div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Mid and Small Cap Stock Risk<span style="font-weight: normal;"> is the risk that stocks of mid-sized and smaller companies may be more volatile than stocks of larger, more established companies, and may lack sufficient market liquidity. Mid-sized and small companies may have limited product lines or financial resources, may be dependent upon a particular niche of the market, or may be dependent upon a small or inexperienced management group. Securities of smaller companies may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally the smaller the company size, the greater the risk.</span></div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Foreign Securities Risk<span style="font-weight: normal;"> is the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments may impose limitations on foreigners’ ownership of interests in local issuers, restrictions on the ability to repatriate assets, and may also impose taxes. Any of these events could cause the value of the Fund’s investments to</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">decline. Foreign banks, agents and securities depositories that hold the Fund’s foreign assets may be subject to little or no regulatory oversight over, or independent evaluation, of their operations. Additional costs associated with investments in foreign securities may include higher custodial fees than those applicable to domestic custodial arrangements and transaction costs of foreign currency conversions. Unless the Fund has hedged its foreign currency exposure, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful. For instance, forward foreign currency exchange contracts, if used by the Fund, could reduce performance if there are unanticipated changes in currency exchange rates. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Geographic Risk<span style="font-weight: normal;"> is the risk that if the Fund invests a significant portion of its total assets in certain issuers within the same country or geographic region, an adverse economic, business or political development affecting that country or region may affect the value of the Fund’s investments more, and the Fund’s investments may be more volatile, than if the Fund’s investments were not so concentrated in such country or region.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 6pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Japan Investment Risk<span style="font-weight: normal;"> is the risk of investing in securities of Japanese issuers. The Japanese economy may be subject to considerable degrees of economic, political and social instability, which could negatively impact Japanese issuers. In recent times, Japan’s economic growth rate has remained low, and it may remain low in the future. In addition, Japan is subject to the risk of natural disasters, such as earthquakes, volcanic eruptions, typhoons and tsunamis, which could negatively affect the securities of Japanese companies held by the Fund.</span> </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Concentration Risk <span style="font-weight: normal;">is the risk that, if the Fund is concentrated in a particular industry or group of industries, the Fund is likely to present more risks than a fund that is broadly diversified over several industries or groups of industries. Compared to the broad market, an individual industry may be more strongly affected by changes in the economic climate, broad market shifts, moves in a particular dominant stock or regulatory changes.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Depositary Receipts Risk<span style="font-weight: normal;"> Foreign securities may trade in the form of depositary receipts. In addition to investment risks associated with the underlying issuer, depositary receipts may expose the Fund to additional risks associated with non-uniform terms that apply to depositary receipt programs, including credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency, political, economic, market risks and the risks of an illiquid market for depositary receipts. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. Depositary receipts may not track the price of the underlying foreign securities on which they are based, may have limited voting rights, and may have a distribution subject to a fee charged by the depository. As a result, equity shares of the underlying issuer may trade at a discount or premium to the market price of the depositary receipts.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Risk<span style="font-weight: normal;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, or volatility in the equity markets. Market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment could have a significant impact on the Fund and its investments and could result in the Fund’s shares trading at increased premiums or discounts to the Fund’s NAV. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to the risks described elsewhere in this summary will likely increase. Market disruptions, regulatory restrictions or other abnormal market conditions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track its Underlying Index or cause delays in the Underlying Index’s rebalancing or reconstitution schedule. During any such delay, it is possible that the Underlying Index and, in turn, the Fund will deviate from the Underly-</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">ing Index’s stated methodology and therefore experience returns different than those that would have been achieved under a normal rebalancing or reconstitution schedule. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Index Risk<span style="font-weight: normal;"> is the risk that the Fund would not necessarily buy or sell a security unless that security is added to or removed from, respectively, the Underlying Index, even if that security generally is underperforming, because unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the Underlying Index. Additionally, the Fund rebalances and/or reconstitutes its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance and/or reconstitution schedule will result in corresponding changes to the Fund’s rebalance and/or reconstitution schedule.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Tracking Error Risk<span style="font-weight: normal;"> is the risk that the Fund’s performance may vary from the performance of the Underlying Index as a result of creation and redemption activity, transaction costs, expenses and other factors.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Sampling Risk <span style="font-weight: normal;">is the risk that the Fund’s use of a representative sampling approach may result in increased tracking error because the securities selected for the Fund in the aggregate may vary from the investment profile of the Underlying Index. Additionally, the use of a representative sampling approach may result in the Fund holding a smaller number of securities than the Underlying Index, and, as a result, an adverse development to an issuer of securities that the Fund holds could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Underlying Index.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Value Investing Risk<span style="font-weight: normal;"> is the risk that the Fund’s investment in companies whose securities are believed to be undervalued, relative to their underlying profitability, will not appreciate in value as anticipated.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Authorized Participant Concentration Risk<span style="font-weight: normal;"> is the risk that the Fund may be adversely affected because it has a limited number of institutions that act as authorized participants (“Authorized Participants”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Fund and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units (as defined below), Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting. This risk may be heightened because of its investments in non-U.S. securities. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Calculation Methodology Risk<span style="font-weight: normal;"> is the risk that the Underlying Index’s calculation methodology or sources of information may not provide an accurate assessment of included issuers or correct valuation of securities, nor is the availability or timeliness of the production of the Underlying Index guaranteed. A security included in the Underlying Index may not exhibit the characteristic or provide the specific exposure for which it was selected and consequently a Fund's holdings may not exhibit returns consistent with that characteristic or exposure.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Trading Risk<span style="font-weight: normal;"> is the risk that the Fund faces because its shares are listed on a securities exchange, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of its listing exchange, make trading in the shares inadvisable. The market prices of Fund shares will generally fluctuate in accordance with changes in its NAV, changes in the relative supply of, and demand for, Fund shares, and changes in the liquidity, or the perceived liquidity, of the Fund’s holdings. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Derivatives Risk<span style="font-weight: normal;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.</span> </div> <table cellpadding="6" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Futures Contracts Risk<span style="font-weight: normal;"> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Options Contracts Risk<span style="font-weight: normal;"> Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Forward Foreign Currency Contracts Risk<span style="font-weight: normal;"> is the risk that, if forward prices increase, a loss will occur to the extent that the agreed upon purchase price of the currency exceeds the price of the currency that was agreed to be sold.</span> </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Valuation Risk <span style="font-weight: normal;">is the risk that the sale price the Fund could receive for a portfolio security may differ from the Fund’s valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Securities Lending Risk<span style="font-weight: normal;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. </div> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank.  Fund Performance <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year and (B) how the Fund’s average annual returns compare with those of a broad measure of market performance. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting flexshares.com.</div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year and (B) how the Fund’s average annual returns compare with those of a broad measure of market performance. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. flexshares.com Calendar Year Total Returns <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">For the periods in the bar chart above:</div><div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Best Quarter (12/31/2020): 18.86%</div><div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Worst Quarter (3/31/2020): -27.56%</div> Best Quarter 2020-12-31 0.1886 Worst Quarter 2020-03-31 -0.2756 Average Annual Total Returns (for the periods ended December 31, 2022) -0.1373 0.0032 0.0439 -0.1418 -0.0039 0.0374 -0.0769 0.0022 0.0345 -0.1374 0.0034 0.0449 Reflects no deduction for fees, expenses or taxes. <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund Investment Objective <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Morningstar® Emerging Markets Factor Tilt Index<sup style="font-size: 85%; font-style: normal; text-transform: none;">SM</sup> (the “Underlying Index”).</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Under the Fund’s Investment Advisory Agreement, the Fund is responsible for the following expenses: interest expenses, brokerage commissions and other trading expenses, fees and expenses of the independent trustees and their independent legal counsel, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business. You will also incur usual and customary brokerage commissions and fees to financial intermediaries when buying or selling shares of the Fund in the secondary market, which are not reflected in the example that follows:</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0059 0.0000 0.0001 0.0060 -0.0001 0.0059 March 1, 2024 Example <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 60 191 334 749 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 34% of the average value of its portfolio. 0.34 Principal Investment Strategies <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is designed to reflect the performance of a selection of companies that, in aggregate, possess greater exposure to size and value factors relative to the Morningstar Emerging Markets Index (the “Parent Index”), a float-adjusted market-capitalization weighted index of companies incorporated in emerging-market countries. The Underlying Index seeks to achieve increased exposures to size and value factors, or a “factor tilt”, by adjusting the Parent Index’s constituent weights to achieve a slightly greater weight on companies with smaller market capitalizations or lower valuations, as determined by Morningstar, Inc. (the “Index Provider”), pursuant to its index methodology. The Underlying Index is designed to include companies with enhanced risk-return characteristics relative to the broader emerging equity market by featuring size and value risk premiums, which NTI believes have been historically demonstrated over a full market cycle. As of December 31, 2022, the Underlying Index was comprised of 3,280 issues with market capitalizations ranging from $62.71 million to $1<span style="padding-left: 0.10pt;"/>.9 trillion. The Underlying Index is governed by published, objective rules for security selection, exclusion, </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">rebalancing and adjustments for corporate actions and is reconstituted on a semi-annual basis and is rebalanced quarterly. The Fund generally reconstitutes and rebalances its portfolio in accordance with the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a representative sampling strategy to manage the Fund. “Representative sampling” is investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index. The Fund reserves the right to invest in substantially all of the securities in its Underlying Index in approximately the same proportions (i.e., replication) if NTI determines that it is in the best interest of the Fund. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index and in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) (collectively “Depositary Receipts”) based on the securities in the Underlying Index. The Fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds advised by NTI or its affiliates, futures contracts, options on futures contracts and forward currency contracts, as well as securities not included in the Underlying Index, but which NTI believes will help the Fund track its Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is sponsored by the Index Provider, an organization that is independent of the Fund and NTI. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral received). </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">From time to time the Fund may focus its investments (<span style="font-style: italic;">i.e.,</span> invest more than 15% of its total assets) in one or more particular countries or geographic regions. As of December 31, 2022, the Fund focused its investments in China and Taiwan. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Industry Concentration Policy<span style="font-weight: normal;">. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.</span> </div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.  Principal Risks <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">As with any investment, you could lose all or part of your investment in the Fund, and the Fund’s performance could trail that of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund’s net asset value (“NAV”), trading price, yield, total return and ability to meet its investment objective. Each risk noted below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. The significance of each risk factor below may change over time and you should review each risk factor carefully.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Equity Securities Risk<span style="font-weight: normal;"> is the risk that the values of the equity securities owned by the Fund may be more volatile and underperform other asset classes and the general securities markets.</span></div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Mid and Small Cap Stock Risk<span style="font-weight: normal;"> is the risk that stocks of mid-sized and smaller companies may be more volatile than stocks of larger, more established companies, and may lack sufficient market liquidity. Mid-sized and small companies may have limited product lines or financial resources, may be dependent upon a particular niche of the market, or may be dependent upon a small or inexperienced management group. Securities of smaller companies may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally the smaller the company size, the greater the risk.</span></div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Emerging Markets Risk<span style="font-weight: normal;"> is the risk that emerging markets are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investments than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volumes and greater price volatility than companies in more developed markets. Emerging market economies may be based on only a few industries, may be highly vulnerable to changes in local and global trade conditions,</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">and may suffer from extreme and volatile debt burdens or inflation rates. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company’s assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Foreign Securities Risk<span style="font-weight: normal;"> is the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments may impose limitations on foreigners’ ownership of interests in local issuers, restrictions on the ability to repatriate assets, and may also impose taxes. Any of these events could cause the value of the Fund’s investments to decline. Foreign banks, agents and securities depositories that hold the Fund’s foreign assets may be subject to little or no regulatory oversight over, or independent evaluation, of their operations. Additional costs associated with investments in foreign securities may include higher custodial fees than those applicable to domestic custodial arrangements and transaction costs of foreign currency conversions. Unless the Fund has hedged its foreign currency exposure, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">short periods of time. Currency hedging strategies, if used, are not always successful. For instance, forward foreign currency exchange contracts, if used by the Fund, could reduce performance if there are unanticipated changes in currency exchange rates. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Geographic Risk<span style="font-weight: normal;"> is the risk that if the Fund invests a significant portion of its total assets in certain issuers within the same country or geographic region, an adverse economic, business or political development affecting that country or region may affect the value of the Fund’s investments more, and the Fund’s investments may be more volatile, than if the Fund’s investments were not so concentrated in such country or region.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 6pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">China Investment Risk<span style="font-weight: normal;"> is the risk associated with investments in companies located or operating in China, such as nationalization, expropriation, or confiscation of property; alteration or discontinuation of economic reforms; and considerable degrees of economic, political and social instability. Investors in Chinese markets generally experience difficulties in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgements due to a lack of publicly available information; and there are generally limited legal remedies for shareholders. Internal social unrest or confrontations with other neighboring countries, including military conflicts, may disrupt economic development in China and result in a greater risk of currency fluctuations, currency convertibility, interest rate fluctuations and higher rates of inflation. Export growth continues to be a major driver of China’s rapid economic growth. As a result, a reduction in spending on Chinese products and services, the institution of additional tariffs or other trade barriers, including as a result of heightened trade tensions between China and the U.S., or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. Although the Public Company Accounting Oversight Board (“PCAOB”) in 2021 had determined the PCAOB was unable to inspect or investigate audit firms headquartered in mainland China and Hong Kong, in December 2022 the PCAOB announced that it had been able to secure complete access to inspect and investigate audit firms in China for the first time in history. Certain securities issued by companies located or operating in China, such as China A-shares, are subject to trading</span> </td> </tr> </table> <table cellpadding="6" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 6.25%;"> </td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 93.75%;">restrictions and suspensions, quota limitations and sudden changes in those limitations, and operational, clearing and settlement risks.</td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Taiwan Investment Risk<span style="font-weight: normal;"> is the risk of investing in securities of Taiwanese issuers. Specifically, Taiwan’s geographic proximity and history of political contention with China have resulted in ongoing tensions between the two countries, which may materially affect the Taiwanese economy and its securities market. Investments in securities of Taiwanese companies are subject to Taiwan’s heavy dependence on exports. Reductions in spending on Taiwanese products and services, labor shortages, institution of tariffs or other trade barriers, or a downturn in any of the economies of Taiwan’s key trading partners, including the United States, may have an adverse impact on the Taiwanese economy and the values of Taiwanese companies.</span> </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Concentration Risk <span style="font-weight: normal;">is the risk that, if the Fund is concentrated in a particular industry or group of industries, the Fund is likely to present more risks than a fund that is broadly diversified over several industries or groups of industries. Compared to the broad market, an individual industry may be more strongly affected by changes in the economic climate, broad market shifts, moves in a particular dominant stock or regulatory changes.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Depositary Receipts Risk<span style="font-weight: normal;"> Foreign securities may trade in the form of depositary receipts. In addition to investment risks associated with the underlying issuer, depositary receipts may expose the Fund to additional risks associated with non-uniform terms that apply to depositary receipt programs, including credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency, political, economic, market risks and the risks of an illiquid market for depositary receipts. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. Depositary receipts may not track the price of the underlying foreign securities on which they are based, may have limited voting rights, and may have a distribution subject to a fee charged by the depository. As a result, equity shares of the underlying issuer may trade at a discount or premium to the market price of the depositary receipts.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Risk<span style="font-weight: normal;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, or volatility in the equity markets. Market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment could have a significant impact on the Fund and its investments and could result in the Fund’s shares trading at increased premiums or discounts to the Fund’s NAV. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to the risks described elsewhere in this summary will likely increase. Market disruptions, regulatory restrictions or other abnormal market conditions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track its Underlying Index or cause delays in the Underlying Index’s rebalancing or reconstitution schedule. During any such delay, it is possible that the Underlying Index and, in turn, the Fund will deviate from the Underlying Index’s stated methodology and therefore experience returns different than those that would have been achieved under a normal rebalancing or reconstitution schedule. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Index Risk<span style="font-weight: normal;"> is the risk that the Fund would not necessarily buy or sell a security unless that security is added to or removed from, respectively, the Underlying Index, even if that security generally is underperforming, because unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the Underlying Index. Additionally, the Fund rebalances and/or reconstitutes its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance and/or reconstitution schedule will result in corresponding changes to the Fund’s rebalance and/or reconstitution schedule.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Tracking Error Risk<span style="font-weight: normal;"> is the risk that the Fund’s performance may vary from the performance of the Underlying Index as a result of creation and redemption activity, transaction costs, expenses and other factors.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Sampling Risk <span style="font-weight: normal;">is the risk that the Fund’s use of a representative sampling approach may result in increased tracking error because the securities selected for the Fund in the</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">aggregate may vary from the investment profile of the Underlying Index. Additionally, the use of a representative sampling approach may result in the Fund holding a smaller number of securities than the Underlying Index, and, as a result, an adverse development to an issuer of securities that the Fund holds could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Value Investing Risk<span style="font-weight: normal;"> is the risk that the Fund’s investment in companies whose securities are believed to be undervalued, relative to their underlying profitability, will not appreciate in value as anticipated.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Authorized Participant Concentration Risk<span style="font-weight: normal;"> is the risk that the Fund may be adversely affected because it has a limited number of institutions that act as authorized participants (“Authorized Participants”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units (as defined below), Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting. This risk may be heightened because of its investments in non-U.S. securities.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Calculation Methodology Risk<span style="font-weight: normal;"> is the risk that the Underlying Index’s calculation methodology or sources of information may not provide an accurate assessment of included issuers or correct valuation of securities, nor is the availability or timeliness of the production of the Underlying Index guaranteed. A security included in the Underlying Index may not exhibit the characteristic or provide the specific exposure for which it was selected and consequently a Fund's holdings may not exhibit returns consistent with that characteristic or exposure.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Trading Risk<span style="font-weight: normal;"> is the risk that the Fund faces because its shares are listed on a securities exchange, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of its listing exchange, make trading in the shares inadvisable. The market prices of Fund shares will generally fluctuate in accordance with changes in its NAV, changes in the relative supply of, and demand for, Fund shares, and changes in the liquidity, or the perceived liquidity, of the Fund’s holdings. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Derivatives Risk<span style="font-weight: normal;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.</span> </div> <table cellpadding="6" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 3pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Futures Contracts Risk<span style="font-weight: normal;"> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Options Contracts Risk<span style="font-weight: normal;"> Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 6pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Forward Foreign Currency Contracts Risk<span style="font-weight: normal;"> is the risk that, if forward prices increase, a loss will occur to the extent that the agreed upon purchase price of the currency exceeds the price of the currency that was agreed to be sold.</span> </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Securities Lending Risk<span style="font-weight: normal;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Valuation Risk <span style="font-weight: normal;">is the risk that the sale price the Fund could receive for a portfolio security may differ from the Fund’s valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. </div> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year and (B) how the Fund’s average annual returns compare with those of a broad measure of market performance. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting flexshares.com.</div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year and (B) how the Fund’s average annual returns compare with those of a broad measure of market performance. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. flexshares.com Calendar Year Total Returns <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">For the periods in the bar chart above:</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Best Quarter (12/31/2020): 22.97%</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Worst Quarter (3/31/2020): -27.43%</div> Best Quarter 2020-12-31 0.2297 Worst Quarter 2020-03-31 -0.2743 Average Annual Total Returns (for the periods ended December 31, 2022) -0.1712 -0.0140 0.0139 -0.1795 -0.0207 0.0082 -0.0953 -0.0098 0.0109 -0.1622 -0.0057 0.0209 Reflects no deduction for fees, expenses or taxes. <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. FlexShares® US Quality Large Cap Index Fund Investment Objective <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Northern Trust Quality Large Cap Index<sup style="font-size: 85%; font-style: normal; text-transform: none;">SM</sup><span style="font-size: 8.5pt; line-height: 11.5pt;"> </span>(the “Underlying Index”).</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Under the Fund’s Investment Advisory Agreement, the Fund is responsible for the following expenses: interest expenses, brokerage commissions and other trading expenses, fees and expenses of the independent trustees and their independent legal counsel, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business. You will also incur usual and customary brokerage commissions and fees to financial intermediaries when buying or selling shares of the Fund in the secondary market, which are not reflected in the example that follows:</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0025 0.0000 0.0001 0.0026 -0.0001 0.0025 “Management Fees” have been restated to reflect current fees. March 1, 2024 Example <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 26 83 145 330 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 22% of the average value of its portfolio. 0.22 Principal Investment Strategies <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is designed to reflect the performance of a selection of companies that, in aggregate, possess greater exposure to quality, value and momentum factors relative to a universe of publicly-traded U.S. large-capitalization equity securities. This universe (the “Starting Universe”) is comprised of the 600 largest companies in the Northern Trust 1250 Index, a float-adjusted market-capitalization weighted index of U.S. domiciled companies. The Underlying Index is designed to maximize exposure to the composite of factors (quality, value, and momentum) while minimizing the overall risk of the Underlying Index relative to the Starting Universe.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">To derive the Underlying Index, NTI, acting in its capacity as index provider (the “Index Provider”), ranks all constituents of the Starting Universe using a Northern Trust proprietary blended multi-factor score. This score is designed to measure companies based on the quantitative assessment of their respective (a) quality (i.e., a factor that seeks to identify companies that exhibit financial strength and stability relative to the Starting Universe); (b) value </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">(i.e., a factor reflecting the current worth a company relative to its own historical value, book value or valuation versus peers); and (c) momentum (i.e., a factor that reflects market sentiment and changes in security price over a given time period). The Index Provider then uses an optimization process to select and weight eligible securities in order to maximize the overall blended multi-factor score relative to the Starting Universe and to manage systematic risk utilizing several constraints. The optimization also includes sector, industry group, single-security weight, beta (i.e. market sensitivity, relative to the Starting Universe), liquidity and turnover constraints so that these index characteristics vary within acceptable bands relative to the Starting Universe. The Underlying Index is governed by published, objective rules for security selection, exclusion, rebalancing and adjustments for corporate actions. The Underlying Index is reconstituted on a quarterly basis. The Fund generally reconstitutes its portfolio in accordance with the Underlying Index. As of December 31, 2022, the Underlying Index was comprised of 179 securities with a market capitalization ranging from $6 billion to $2.4 trillion. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a representative sampling strategy to manage the Fund. “Representative sampling” is investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index. The Fund reserves the right to invest in substantially all of the securities in its Underlying Index in approximately the same proportions (i.e., replication) if NTI determines that it is in the best interest of the Fund. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund generally will invest under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of its Underlying Index. The Fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds advised by NTI or its affiliates, futures contracts and options on futures, as well as securities not included in the Underlying Index, but which NTI believes will help the Fund track its Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is created and sponsored by NTI, as the Index Provider. NTI also serves as the investment adviser to the Fund. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral received). </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Industry Concentration Policy.<span style="font-weight: normal;"> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. As of December 31, 2022, the Underlying Index was concentrated in the Information Technology sector. The components of the Underlying Index, and the degree to which these components represent certain industries or sectors, may change over time.</span> </div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. As of December 31, 2022, the Underlying Index was concentrated in the Information Technology sector. The components of the Underlying Index, and the degree to which these components represent certain industries or sectors, may change over time.  Principal Risks <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">As with any investment, you could lose all or part of your investment in the Fund, and the Fund’s performance could trail that of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund’s net asset value (“NAV”), trading price, yield, total return and ability to meet its investment objective. Each risk noted below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. The significance of each risk factor below may change over time and you should review each risk factor carefully.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Equity Securities Risk<span style="font-weight: normal;"> is the risk that the values of the equity securities owned by the Fund may be more volatile and underperform other asset classes and the general securities markets.</span></div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Concentration Risk <span style="font-weight: normal;">is the risk that, if the Fund is concentrated in a particular industry or group of industries, the Fund is likely to present more risks than a fund that is broadly diversified over several industries or groups of industries. Compared to the broad market, an individual industry may be more strongly affected by changes in the economic climate, broad market shifts, moves in a particular dominant stock or regulatory changes.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 6pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Information Technology Sector Risk<span style="font-weight: normal;"> is the risk that securities of technology companies may be subject to greater price volatility than securities of companies in</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 6.25%;"> </td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 93.75%;">other sectors. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. Technology securities also may be affected adversely by changes in technology, consumer and business purchasing patterns, government regulation and/or obsolete products or services. </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Risk<span style="font-weight: normal;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, or volatility in the equity markets. Market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment could have a significant impact on the Fund and its investments and could result in the Fund’s shares trading at increased premiums or discounts to the Fund’s NAV. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to the risks described elsewhere in this summary will likely increase. Market disruptions, regulatory restrictions or other abnormal market conditions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track its Underlying Index or cause delays in the Underlying Index’s rebalancing or reconstitution schedule. During any such delay, it is possible that the Underlying Index and, in turn, the Fund will deviate from the Underlying Index’s stated methodology and therefore experience returns different than those that would have been achieved under a normal rebalancing or reconstitution schedule.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Index Risk<span style="font-weight: normal;"> is the risk that the Fund would not necessarily buy or sell a security unless that security is added to or removed from, respectively, the Underlying Index, even if that security generally is underperforming, because unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the Underlying Index. Additionally, the Fund rebalances and/or reconstitutes its portfolio in accordance with the Underly-</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">ing Index, and, therefore, any changes to the Underlying Index’s rebalance and/or reconstitution schedule will result in corresponding changes to the Fund’s rebalance and/or reconstitution schedule. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Tracking Error Risk<span style="font-weight: normal;"> is the risk that the Fund’s performance may vary from the performance of the Underlying Index as a result of creation and redemption activity, transaction costs, expenses and other factors.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Sampling Risk <span style="font-weight: normal;">is the risk that the Fund’s use of a representative sampling approach may result in increased tracking error because the securities selected for the Fund in the aggregate may vary from the investment profile of the Underlying Index. Additionally, the use of a representative sampling approach may result in the Fund holding a smaller number of securities than the Underlying Index, and, as a result, an adverse development to an issuer of securities that the Fund holds could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Underlying Index.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Momentum Risk<span style="font-weight: normal;"> is the risk that securities that have had positive momentum compared to other securities may be more volatile than a broad cross-section of securities or that returns on securities that have previously exhibited positive momentum are less than returns on other securities or the overall stock market. Momentum can turn quickly and cause significant variation from other types of investments.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Value Investing Risk<span style="font-weight: normal;"> is the risk that the Fund’s investment in companies whose securities are believed to be undervalued, relative to their underlying profitability, will not appreciate in value as anticipated.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Quality Factor Risk<span style="font-weight: normal;"> is the risk that the past performance of companies that have exhibited quality characteristics does not continue or the returns on securities issued by such companies may be less than returns from other styles of investing or the overall stock market. There may be periods when quality investing is out of favor and during which time the Fund's performance may suffer.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Authorized Participant Concentration Risk<span style="font-weight: normal;"> is the risk that the Fund may be adversely affected because it has a limited number of institutions that act as authorized participants (“Authorized Participants”). Only an Authorized Participant may engage in creation or redemption transactions</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">directly with the Fund and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units (as defined below), Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Calculation Methodology Risk<span style="font-weight: normal;"> is the risk that the Underlying Index’s calculation methodology or sources of information may not provide an accurate assessment of included issuers or correct valuation of securities, nor is the availability or timeliness of the production of the Underlying Index guaranteed. A security included in the Underlying Index may not exhibit the characteristic or provide the specific exposure for which it was selected and consequently a Fund's holdings may not exhibit returns consistent with that characteristic or exposure.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Trading Risk<span style="font-weight: normal;"> is the risk that the Fund faces because its shares are listed on a securities exchange, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of its listing exchange, make trading in the shares inadvisable. The market prices of Fund shares will generally fluctuate in accordance with changes in its NAV, changes in the relative supply of, and demand for, Fund shares, and changes in the liquidity, or the perceived liquidity, of the Fund’s holdings. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Derivatives Risk<span style="font-weight: normal;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. </div> <table cellpadding="6" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 2pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Futures Contracts Risk<span style="font-weight: normal;"> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Options Contracts Risk<span style="font-weight: normal;"> Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.</span> </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Securities Lending Risk<span style="font-weight: normal;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. </div> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B)</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">how the Fund’s average annual returns compare with those of a broad measure of market performance, and (C) an additional index with characteristics relevant to the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting flexshares.com. </div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B)how the Fund’s average annual returns compare with those of a broad measure of market performance, and (C) an additional index with characteristics relevant to the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. flexshares.com Calendar Year Total Returns <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">For the periods in the bar chart above:</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Best Quarter (6/30/2020): 20.80%</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Worst Quarter (3/31/2020): -21.73%</div> Best Quarter 2020-06-30 0.2080 Worst Quarter 2020-03-31 -0.2173 Average Annual Total Returns (for the periods ended December 31, 2022) -0.1715 0.0675 0.0938 2015-09-23 -0.1743 0.0635 0.0896 -0.0995 0.0524 0.0749 -0.1811 0.0942 0.1193 -0.1689 0.0701 0.0971 Reflects no deduction for fees, expenses or taxes. <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retire-</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">ment plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retire-ment plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. FlexShares® STOXX® US ESG Select Index Fund Investment Objective <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the STOXX<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> USA ESG Select KPIs Index<sup style="font-size: 85%; font-style: normal; text-transform: none;">SM</sup> (the “Underlying Index”).</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Under the Fund’s Investment Advisory Agreement, the Fund is responsible for the following expenses: interest expenses, brokerage commissions and other trading expenses, fees and expenses of the independent trustees and their independent legal counsel, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business. You will also incur usual and customary brokerage commissions and fees to financial intermediaries when buying or selling shares of the Fund in the secondary market, which are not reflected in the example that follows:</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0032 0.0000 0.0001 0.0033 -0.0001 0.0032 March 1, 2024 Example <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5%</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">return each year and that the Fund’s operating expenses remain the same (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 33 105 184 417 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 46% of the average value of its portfolio. 0.46 Principal Investment Strategies <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is designed to reflect the performance of a selection of companies that, in aggregate, score better with respect to a set of environmental, social and governance (“ESG”) key performance indicators (“KPIs”) relative to the U.S. companies in the STOXX<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Global 1800 Index (the “Parent Index”), a float-adjusted market-capitalization weighted index of companies incorporated in the U.S. and in developed international markets. The Underlying Index seeks to display enhanced ESG and risk-return characteristics relative to the broad U.S. large-cap equity market by featuring ESG-related KPIs as determined by STOXX Ltd. (the “Index Provider”).</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">To derive the Underlying Index, the Index Provider eliminates all non-U.S. companies from the Parent Index. From the Parent Index, the Index Provider also eliminates companies that (i) are non-complaint based on Sustainalytics Global Standards Screening assessment, (ii) are involved in controversial weapons or (iii) are coal miners. For each remaining company, the KPIs are determined and standardized by industry, and an aggregate ESG score is calculated. The companies with an ESG score lower than the median ESG score within each industry are then dropped </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">from the Underlying Index. The weights of the remaining constituents are then adjusted so that higher scoring ESG companies are assigned greater weights compared to the Parent Index. The maximum weight that can be assigned to a single company is limited to 5% at the time of each index rebalancing or reconstitution. As of December 31, 2022, the Underlying Index consisted of 271 U.S. companies with market capitalizations ranging from $850 million to $1<span style="padding-left: 0.10pt;"/>.6 trillion. The Underlying Index is governed by published, objective rules for security selection, exclusion, rebalancing and adjustments for corporate actions and is reviewed on a quarterly basis. The Fund generally reconstitutes or rebalances its portfolio in accordance with the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a representative sampling strategy to manage the Fund. “Representative sampling” is investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index. The Fund reserves the right to invest in substantially all of the securities in its Underlying Index in approximately the same proportions (i.e., replication) if NTI determines that it is in the best interest of the Fund. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index. The Fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds advised by NTI or its affiliates, futures contracts and options on futures contracts, as well as securities not included in the Underlying Index, but which NTI believes will help the Fund track its Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is sponsored by the Index Provider, an organization that is independent of the Fund and NTI. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral received). </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Industry Concentration Policy.<span style="font-weight: normal;"> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. As of December 31, 2022, the Underlying Index was concentrated in the Information Technology sector. The components of the Underlying Index, and the degree to which these components represent certain industries or sectors, may change over time.</span> </div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. As of December 31, 2022, the Underlying Index was concentrated in the Information Technology sector. The components of the Underlying Index, and the degree to which these components represent certain industries or sectors, may change over time.  Principal Risks <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">As with any investment, you could lose all or part of your investment in the Fund, and the Fund’s performance could trail that of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund’s net asset value (“NAV”), trading price, yield, total return and ability to meet its investment objective. Each risk noted below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. The significance of each risk factor below may change over time and you should review each risk factor carefully.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">ESG Investment Risk<span style="font-weight: normal;"> is the risk that because the Index Provider includes and excludes issuers and assigns weights to issuers in the Underlying Index by applying nonfinancial factors, the Fund may underperform the broader equity market or other funds that do or do not use ESG investment criteria. The ESG methodology of the Underlying Index will affect the Fund’s exposure to certain companies and sectors and may adversely affect the Fund’s performance depending on whether such companies and sectors are in or out of favor. Although the Underlying Index is designed to measure a portfolio of companies with certain ESG characteristics, there is no assurance that the Underlying Index or Fund will be comprised of such securities or that companies that have historically exhibited such characteristics will continue to exhibit such characteristics. There is also the risk that the Fund may have indirect exposure to companies that have been excluded from the Underlying Index through its use of certain derivative instruments.</span></div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Currently, there is a lack of common industry standards relating to the development and application of ESG criteria, which may make it difficult to compare the Fund’s </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">principal investment strategies with the investment strategies of other funds that integrate certain ESG criteria. The subjective value that investors may assign to certain types of ESG characteristics may differ substantially from that of the assessment by the Index Provider or a data provider. Investors can differ in their views of what constitutes positive or negative ESG characteristics. As a result, the Fund may invest in companies that do not reflect the beliefs and values of any particular investor. A company included in the Underlying Index may not exhibit positive or favorable ESG characteristics. The companies selected by the Index Provider as demonstrating certain ESG characteristics may not be the same companies selected by other index providers or investment managers as exhibiting those characteristics. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Index Provider relies on various sources of information regarding an issuer, including information that may be based on assumptions and estimates. ESG information from third-party data providers may be incomplete, inaccurate or unavailable. Neither the Fund nor NTI can offer assurances that the Underlying Index’s methodology or sources of information will provide an accurate assessment of the issuers of the securities included in the Fund’s Underlying Index. The Index Provider uses third-party data that it believes to be reliable, but it does not guarantee the accuracy of such third-party data. Data can vary across providers or within industries. ESG standards differ by region and industry, and a company’s ESG practices or the Index Provider’s or data providers’ assessment of a company’s ESG practices may change over time. Regulatory changes or interpretations regarding the definitions and/or use of ESG criteria could have a material adverse effect on the Fund’s ability to invest in accordance with its investment policies and/or achieve its investment objective. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Equity Securities Risk <span style="font-weight: normal;">is the risk that the values of the equity securities owned by the Fund may be more volatile and underperform other asset classes and the general securities markets.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Mid Cap Stock Risk<span style="font-weight: normal;"> is the risk that stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies, and may lack sufficient market liquidity. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">of the market, or may be dependent upon a small or inexperienced management group. Securities of smaller companies may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally the smaller the company size, the greater the risk. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Concentration Risk <span style="font-weight: normal;">is the risk that, if the Fund is concentrated in a particular industry or group of industries, the Fund is likely to present more risks than a fund that is broadly diversified over several industries or groups of industries. Compared to the broad market, an individual industry may be more strongly affected by changes in the economic climate, broad market shifts, moves in a particular dominant stock or regulatory changes.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 6pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Information Technology Sector Risk<span style="font-weight: normal;"> is the risk that securities of technology companies may be subject to greater price volatility than securities of companies in other sectors. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. Technology securities also may be affected adversely by changes in technology, consumer and business purchasing patterns, government regulation and/or obsolete products or services.</span> </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Risk<span style="font-weight: normal;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, or volatility in the equity markets. Market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment could have a significant impact on the Fund and its investments and could result in the Fund’s shares trading at increased premiums or discounts to the Fund’s NAV. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to the risks described elsewhere in this summary will likely increase. Market disruptions, regulatory restrictions or other abnor-</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">mal market conditions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track its Underlying Index or cause delays in the Underlying Index’s rebalancing or reconstitution schedule. During any such delay, it is possible that the Underlying Index and, in turn, the Fund will deviate from the Underlying Index’s stated methodology and therefore experience returns different than those that would have been achieved under a normal rebalancing or reconstitution schedule. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Index Risk<span style="font-weight: normal;"> is the risk that the Fund would not necessarily buy or sell a security unless that security is added to or removed from, respectively, the Underlying Index, even if that security generally is underperforming, because unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the Underlying Index. Additionally, the Fund rebalances and/or reconstitutes its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance and/or reconstitution schedule will result in corresponding changes to the Fund’s rebalance and/or reconstitution schedule.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Tracking Error Risk<span style="font-weight: normal;"> is the risk that the Fund’s performance may vary from the performance of the Underlying Index as a result of creation and redemption activity, transaction costs, expenses and other factors.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Sampling Risk <span style="font-weight: normal;">is the risk that the Fund’s use of a representative sampling approach may result in increased tracking error because the securities selected for the Fund in the aggregate may vary from the investment profile of the Underlying Index. Additionally, the use of a representative sampling approach may result in the Fund holding a smaller number of securities than the Underlying Index, and, as a result, an adverse development to an issuer of securities that the Fund holds could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Underlying Index.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Authorized Participant Concentration Risk<span style="font-weight: normal;"> is the risk that the Fund may be adversely affected because it has a limited number of institutions that act as authorized participants (“Authorized Participants”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. To the extent that these institutions exit</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units (as defined below), Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Calculation Methodology Risk<span style="font-weight: normal;"> is the risk that the Underlying Index’s calculation methodology or sources of information may not provide an accurate assessment of included issuers or correct valuation of securities, nor is the availability or timeliness of the production of the Underlying Index guaranteed. A security included in the Underlying Index may not exhibit the characteristic or provide the specific exposure for which it was selected and consequently a Fund's holdings may not exhibit returns consistent with that characteristic or exposure.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Trading Risk<span style="font-weight: normal;"> is the risk that the Fund faces because its shares are listed on a securities exchange, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of its listing exchange, make trading in the shares inadvisable. The market prices of Fund shares will generally fluctuate in accordance with changes in its NAV, changes in the relative supply of, and demand for, Fund shares, and changes in the liquidity, or the perceived liquidity, of the Fund’s holdings. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Derivatives Risk<span style="font-weight: normal;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.</span> </div> <table cellpadding="6" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Futures Contracts Risk<span style="font-weight: normal;"> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Options Contracts Risk<span style="font-weight: normal;"> Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.</span> </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Securities Lending Risk<span style="font-weight: normal;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. </div> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">of a broad measure of market performance, and (C) an additional index with characteristics relevant to the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting flexshares.com. </div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with thoseof a broad measure of market performance, and (C) an additional index with characteristics relevant to the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. flexshares.com Calendar Year Total Returns <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">For the periods in the bar chart above:</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Best Quarter (6/30/2020): 21.11%</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Worst Quarter (3/31/2020): -19.00%</div> Best Quarter 2020-06-30 0.2111 Worst Quarter 2020-03-31 -0.1900 Average Annual Total Returns (for the periods ended December 31, 2022) -0.1982 0.0950 0.1156 2016-07-13 -0.2008 0.0911 0.1115 -0.1155 0.0747 0.0928 -0.1998 0.0902 0.1107 -0.1913 0.0913 0.1116 Reflects no deduction for fees, expenses or taxes. <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retire-</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">ment plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retire-ment plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. FlexShares® STOXX® Global ESG Select Index Fund Investment Objective <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the STOXX<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Global ESG Select KPIs Index<sup style="font-size: 85%; font-style: normal; text-transform: none;">SM</sup> (the “Underlying Index”).</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Under the Fund’s Investment Advisory Agreement, the Fund is responsible for the following expenses: interest expenses, brokerage commissions and other trading expenses, fees and expenses of the independent trustees and their independent legal counsel, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business. You will also incur usual and customary brokerage commissions and fees to financial intermediaries when buying or selling shares of the Fund in the secondary market, which are not reflected in the example that follows:</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0042 0.0000 0.0001 0.0043 -0.0001 0.0042 March 1, 2024 Example <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 43 137 240 541 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 54% of the average value of its portfolio. 0.54 Principal Investment Strategies <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is designed to reflect the performance of a selection of companies that, in aggregate, score better with respect to a set of environmental, social and governance (“ESG”) key performance indicators (“KPIs”) relative to the STOXX<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Global 1800 Index (the “Parent Index”), a float-adjusted market-capitalization weighted index of companies incorporated in the U.S. and in developed international markets. The Underlying Index seeks to display enhanced ESG and risk-return characteristics relative to the Parent Index by featuring ESG-related KPIs, as determined by STOXX Ltd. (the “Index Provider”).</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 12.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">To derive the Underlying Index, the Index Provider eliminates companies that (i) are non-compliant based on Sustainalytics Global Standards Screening assessment, (ii) are involved in controversial weapons or (iii) are coal miners. For each remaining company, the KPIs are determined and standardized by industry, and an aggregate ESG score is calculated. The companies with an ESG score lower than the median ESG score within each industry are then dropped from the Underlying Index. The weights of the remaining constituents are then adjusted so that higher scoring ESG companies are assigned greater weights com- </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 12.10pt; text-align: left; text-decoration: none; text-transform: none;">pared to the Parent Index. Component weightings may also be adjusted to ensure that the weight representation of each country in the Underlying Index does not vary from that in the STOXX<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Global 1800 Index by more than +/-1 percentage point and that the weight of a single company is limited to 5% at the time of each index rebalancing or reconstitution. As of December 31, 2022, the Underlying Index consisted of 887 companies with market capitalizations ranging from $2.7 billion to $745 billion. The Underlying Index is governed by published, objective rules for security selection, exclusion, rebalancing and adjustments for corporate actions and is reviewed on a quarterly basis. The Fund generally reconstitutes or rebalances its portfolio in accordance with the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a representative sampling strategy to manage the Fund. “Representative sampling” is investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index. The Fund reserves the right to invest in substantially all of the securities in its Underlying Index in approximately the same proportions (i.e., replication) if NTI determines that it is in the best interest of the Fund. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index and in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) (collectively “Depositary Receipts”) based on the securities in the Underlying Index. The Fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds advised by NTI or its affiliates, futures contracts, options on futures contracts and forward currency contracts, as well as securities not included in the Underlying Index, but which NTI believes will help the Fund track its Underlying Index. The Fund may enter into forward foreign currency exchange contracts in order to facilitate local settlements or to protect against currency exposure in connection with their distributions to shareholders. The Fund does not expect to engage in currency transactions for </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">speculative purposes or for purposes of hedging against declines in the value of its assets that are denominated in a foreign currency. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is sponsored by the Index Provider, an organization that is independent of the Fund and NTI. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral received). </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">From time to time the Fund may focus its investments (<span style="font-style: italic;">i.e.,</span> invest more than 15% of its total assets) in one or more particular countries or geographic regions. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Industry Concentration Policy.<span style="font-weight: normal;"> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.</span> </div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.  Principal Risks <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">As with any investment, you could lose all or part of your investment in the Fund, and the Fund’s performance could trail that of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund’s net asset value (“NAV”), trading price, yield, total return and ability to meet its investment objective. Each risk noted below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. The significance of each risk factor below may change over time and you should review each risk factor carefully.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">ESG Investment Risk<span style="font-weight: normal;"> is the risk that because the Index Provider includes and excludes issuers and assigns weights to issuers in the Underlying Index by applying nonfinancial factors, the Fund may underperform the broader equity market or other funds that do or do not use ESG investment criteria. The ESG methodology of the Underlying Index will affect the Fund’s exposure to certain companies and sectors and may adversely affect the Fund’s performance depending on whether such companies and sectors are in or out of favor. Although the Underlying Index is designed to measure a portfolio of companies with certain</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">ESG characteristics, there is no assurance that the Underlying Index or Fund will be comprised of such securities or that companies that have historically exhibited such characteristics will continue to exhibit such characteristics. There is also the risk that the Fund may have indirect exposure to companies that have been excluded from the Underlying Index through its use of certain derivative instruments. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Currently, there is a lack of common industry standards relating to the development and application of ESG criteria, which may make it difficult to compare the Fund’s principal investment strategies with the investment strategies of other funds that integrate certain ESG criteria. The subjective value that investors may assign to certain types of ESG characteristics may differ substantially from that of the assessment by the Index Provider or a data provider. Investors can differ in their views of what constitutes positive or negative ESG characteristics. As a result, the Fund may invest in companies that do not reflect the beliefs and values of any particular investor. A company included in the Underlying Index may not exhibit positive or favorable ESG characteristics. The companies selected by the Index Provider as demonstrating certain ESG characteristics may not be the same companies selected by other index providers or investment managers as exhibiting those characteristics. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Index Provider relies on various sources of information regarding an issuer, including information that may be based on assumptions and estimates. ESG information from third-party data providers may be incomplete, inaccurate or unavailable. Neither the Fund nor NTI can offer assurances that the Underlying Index’s methodology or sources of information will provide an accurate assessment of the issuers of the securities included in the Fund’s Underlying Index. The Index Provider uses third-party data that it believes to be reliable, but it does not guarantee the accuracy of such third-party data. Data can vary across providers or within industries. ESG standards differ by region and industry, and a company’s ESG practices or the Index Provider’s or data providers’ assessment of a company’s ESG practices may change over time. Regulatory changes or interpretations regarding the definitions and/or use of ESG criteria could have a material adverse effect on the Fund’s ability to invest in accordance with its investment policies and/or achieve its investment objective. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Equity Securities Risk <span style="font-weight: normal;">is the risk that the values of the equity securities owned by the Fund may be more volatile and underperform other asset classes and the general securities markets.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Mid Cap Stock Risk<span style="font-weight: normal;"> is the risk that stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies, and may lack sufficient market liquidity. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market, or may be dependent upon a small or inexperienced management group. Securities of smaller companies may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally the smaller the company size, the greater the risk.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Depositary Receipts Risk<span style="font-weight: normal;"> Foreign securities may trade in the form of depositary receipts. In addition to investment risks associated with the underlying issuer, depositary receipts may expose the Fund to additional risks associated with non-uniform terms that apply to depositary receipt programs, including credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency, political, economic, market risks and the risks of an illiquid market for depositary receipts. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. Depositary receipts may not track the price of the underlying foreign securities on which they are based, may have limited voting rights, and may have a distribution subject to a fee charged by the depository. As a result, equity shares of the underlying issuer may trade at a discount or premium to the market price of the depositary receipts.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Foreign Securities Risk<span style="font-weight: normal;"> is the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments may impose limitations on foreigners’ ownership of interests in local issuers, restrictions on the ability to repatriate assets, and may also impose taxes. Any of these events could cause the value of the Fund’s investments to</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">decline. Foreign banks, agents and securities depositories that hold the Fund’s foreign assets may be subject to little or no regulatory oversight over, or independent evaluation, of their operations. Additional costs associated with investments in foreign securities may include higher custodial fees than those applicable to domestic custodial arrangements and transaction costs of foreign currency conversions. Unless the Fund has hedged its foreign currency exposure, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful. For instance, forward foreign currency exchange contracts, if used by the Fund, could reduce performance if there are unanticipated changes in currency exchange rates. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Concentration Risk <span style="font-weight: normal;">is the risk that, if the Fund is concentrated in a particular industry or group of industries, the Fund is likely to present more risks than a fund that is broadly diversified over several industries or groups of industries. Compared to the broad market, an individual industry may be more strongly affected by changes in the economic climate, broad market shifts, moves in a particular dominant stock or regulatory changes.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Risk<span style="font-weight: normal;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, or volatility in the equity markets. Market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment could have a significant impact on the Fund and its investments and could result in the Fund’s shares trading at increased premiums or discounts to the Fund’s NAV. During periods of market disruption or other abnormal</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">market conditions, the Fund’s exposure to the risks described elsewhere in this summary will likely increase. Market disruptions, regulatory restrictions or other abnormal market conditions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track its Underlying Index or cause delays in the Underlying Index’s rebalancing or reconstitution schedule. During any such delay, it is possible that the Underlying Index and, in turn, the Fund will deviate from the Underlying Index’s stated methodology and therefore experience returns different than those that would have been achieved under a normal rebalancing or reconstitution schedule. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Index Risk<span style="font-weight: normal;"> is the risk that the Fund would not necessarily buy or sell a security unless that security is added to or removed from, respectively, the Underlying Index, even if that security generally is underperforming, because unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the Underlying Index. Additionally, the Fund rebalances and/or reconstitutes its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance and/or reconstitution schedule will result in corresponding changes to the Fund’s rebalance and/or reconstitution schedule.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Tracking Error Risk<span style="font-weight: normal;"> is the risk that the Fund’s performance may vary from the performance of the Underlying Index as a result of creation and redemption activity, transaction costs, expenses and other factors.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Sampling Risk <span style="font-weight: normal;">is the risk that the Fund’s use of a representative sampling approach may result in increased tracking error because the securities selected for the Fund in the aggregate may vary from the investment profile of the Underlying Index. Additionally, the use of a representative sampling approach may result in the Fund holding a smaller number of securities than the Underlying Index, and, as a result, an adverse development to an issuer of securities that the Fund holds could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Underlying Index.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Authorized Participant Concentration Risk<span style="font-weight: normal;"> is the risk that the Fund may be adversely affected because it has a limited number of institutions that act as authorized participants (“Authorized Participants”). Only an Authorized Participant may engage in creation or redemption transactions</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">directly with the Fund and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units (as defined below), Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting. This risk may be heightened because of its investments in non-U.S. securities. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Calculation Methodology Risk<span style="font-weight: normal;"> is the risk that the Underlying Index’s calculation methodology or sources of information may not provide an accurate assessment of included issuers or correct valuation of securities, nor is the availability or timeliness of the production of the Underlying Index guaranteed. A security included in the Underlying Index may not exhibit the characteristic or provide the specific exposure for which it was selected and consequently a Fund's holdings may not exhibit returns consistent with that characteristic or exposure.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Trading Risk<span style="font-weight: normal;"> is the risk that the Fund faces because its shares are listed on a securities exchange, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of its listing exchange, make trading in the shares inadvisable. The market prices of Fund shares will generally fluctuate in accordance with changes in its NAV, changes in the relative supply of, and demand for, Fund shares, and changes in the liquidity, or the perceived liquidity, of the Fund’s holdings. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Geographic Risk<span style="font-weight: normal;"> is the risk that if the Fund invests a significant portion of its total assets in certain issuers within the same country or geographic region, an adverse economic, business or political development affecting that country or region may affect the value of the Fund’s investments more, and the Fund’s investments may be more volatile, than if the Fund’s investments were not so concentrated in such country or region.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Derivatives Risk<span style="font-weight: normal;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.</span> </div> <table cellpadding="6" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 3pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Futures Contracts Risk<span style="font-weight: normal;"> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Options Contracts Risk<span style="font-weight: normal;"> Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Forward Foreign Currency Contracts Risk<span style="font-weight: normal;"> is the risk that, if forward prices increase, a loss will occur to the extent that the agreed upon purchase price of the currency exceeds the price of the currency that was agreed to be sold.</span> </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Securities Lending Risk<span style="font-weight: normal;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Valuation Risk <span style="font-weight: normal;">is the risk that the sale price the Fund could receive for a portfolio security may differ from the Fund’s valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. </div> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad measure of market performance, and (C) an additional index with characteristics relevant to the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting flexshares.com.</div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad measure of market performance, and (C) an additional index with characteristics relevant to the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. flexshares.com Calendar Year Total Returns <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">For the periods in the bar chart above:</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Best Quarter (6/30/2020): 18.93%</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Worst Quarter (3/31/2020): -19.31%</div> Best Quarter 2020-06-30 0.1893 Worst Quarter 2020-03-31 -0.1931 Average Annual Total Returns (for the periods ended December 31, 2022) -0.1834 0.0700 0.0971 2016-07-13 -0.1870 0.0655 0.0923 -0.1061 0.0545 0.0772 -0.1828 0.0705 0.0974 -0.1814 0.0614 0.0872 Reflects no deduction for fees, expenses or taxes. <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. FlexShares® ESG & Climate US Large Cap Core Index Fund Investment Objective <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Northern Trust ESG &amp; Climate US Large Cap Core Index<sup style="font-size: 85%; font-style: normal; text-transform: none;">SM</sup> (the “Underlying Index”).</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Under the Fund’s Investment Advisory Agreement, the Fund is responsible for the following expenses: interest expenses, brokerage commissions and other trading expenses, fees and expenses of the independent trustees and their independent legal counsel, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business. You will also incur usual and customary brokerage commissions and fees to financial intermediaries when buying or selling shares of the Fund in the secondary market, which are not reflected in the example that follows:</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0009 0.0000 0.0001 0.0010 -0.0001 0.0009 March 1, 2024 Example <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 9 31 55 127 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 18% of the average value of its portfolio. 0.18 Principal Investment Strategies <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is designed to reflect the performance of a selection of companies that exhibit certain environmental, social and governance (“ESG”) characteristics, while also seeking to provide broad-market, core exposure to publicly-traded U.S. large capitalization equity securities, i.e., the 600 largest companies in the Northern Trust 1250 Index<sup style="font-size: 85%; font-style: normal; text-transform: none;">SM</sup> (the “Starting Universe”), as measured by largest float adjusted market capitalization. The Underlying Index is designed to minimize tracking differences relative to the Starting Universe, while also seeking (a) an aggregate higher scoring of certain ESG characteristics, as measured by the Northern Trust ESG Vector Score (“ESG Vector Score”) described below, and (b) reduction of aggregate climate-related risk, as measured by certain carbon-related risk metrics, each relative to the Starting Universe. The Underlying Index also excludes certain companies by using controversial business involvement and norms-based screens. The Northern Trust 1250 Index<sup style="font-size: 85%; font-style: normal; text-transform: none;">SM</sup> is a float-adjusted market-capitalization weighted index of US domiciled companies.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI in its capacity as Index Provider (the “Index Provider”) applies an ESG Vector Score to each of the companies in the Starting Universe. The ESG Vector Score is </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">designed to rank companies based on their management of and exposure to material ESG metrics as defined by the Sustainability Accounting Standards Board (“SASB”) Standards and a corporate governance score for each company. NTI calculates and maintains ESG Vector Scores for companies using data from third-party data providers. The SASB Standards identify financially material ESG issues for a company based on its industry classification within the following five dimensions: (i) environmental; (ii) social capital; (iii) human capital; (iv) business model and innovation; and (v) leadership and governance. The preliminary ESG score is then adjusted up or down based on a quantitative assessment of how a company is managing the risks associated with those material ESG issues relative to its peers based on the recommendations of the Task Force on Climate-related Financial Disclosures to evaluate a company through governance, strategy and risk management lenses. The adjusted ESG score generates 80% of the ESG Vector Score. Finally, a distinct corporate governance score is applied to each company with respect to its (i) board and management quality and integrity; (ii) board structure; (iii) ownership and shareholder rights; (iv) remuneration; (v) financial reporting; and (vi) stakeholder governance, which generates 20% of the ESG Vector Score. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">In addition to applying the ESG Vector Score, the Index Provider uses data from Institutional Shareholder Services ESG Solutions to assess carbon emissions intensity, carbon reserves and a carbon risk rating for each company. Carbon emissions intensity measures (i) direct greenhouse gas emissions from sources controlled or owned by the company (e.g., emissions associated with fuel combustion in boilers, furnaces, or vehicles); and (ii) indirect greenhouse gas emissions associated with the purchase of electricity, steam, heat or cooling against sales by the company. Carbon reserves measure the total estimated greenhouse gas emissions attributable to a company’s fossil fuel reserve assets. The ISS Carbon Risk Rating provides an assessment of a company’s ability to mitigate the risks of transition to a lower carbon economy based on its specific baseline carbon risk exposure. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">At the time of each reconstitution of the Underlying Index, the Index Provider uses an optimization process to select and weight securities in the Starting Universe to seek to (i) minimize the potential for tracking differences for the Underlying Index; (ii) increase the aggregate ESG Vector </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Score for the companies in the Underlying Index; (iii) reduce the aggregate carbon emissions intensity and aggregate carbon reserves of the companies in the Underlying Index; and (iv) improve the aggregate carbon risk rating of the companies in the Underlying Index, each relative to the Starting Universe. It is possible that the Underlying Index will include (and therefore the Fund could invest in) securities that, individually, have a low ESG Vector Score or high carbon-related risk relative to the aggregate ESG score or carbon-related risk of the Starting Universe. The optimization also includes constituent, liquidity, turnover, sector, industry group and weight constraints so that these characteristics in the Underlying Index vary within acceptable bands relative to the Starting Universe. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Certain eligible securities are excluded from the Underlying Index by the Index Provider, using proprietary screening definitions and data from Sustainalytics and other independent ESG data providers, which may change from time to time. Excluded companies include those which are involved in (i) verified infringement of established international initiatives and guidelines, including United Nations Global Compact Principles and Organisation for Economic Co-operation and Development (OECD) Guidelines for Multinational Entities; (ii) the production of tobacco; and (iii) manufacturing of controversial weapons. Excluded companies also include those which derive a certain percentage of revenue (e.g., 5% or more) from (a) manufacturing of civilian firearms; (b) manufacture, retailing, and distribution of small arms (assault and non-assault) weapons or components; (c) manufacturing of conventional weapons or providing support services through military contracting; (d) thermal coal extraction; (e) coal-fired energy generation; (f) oil sands and shale; (g) arctic oil with weak management of carbon within their products and services; (h) the retail sale of tobacco and tobacco related products or services; and (i) the running of private prisons. The above-described exclusionary screens are applied with each reconstitution of the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is a new index with an inception date of July 30, 2021. As of December 31, 2022, the Underlying Index was comprised of 189 constituents with market capitalizations ranging from $7.8 billion to $2.4 trillion. The Underlying Index is governed by transparent, objective rules for security selection, exclusion, rebalancing and adjustments for corporate actions. The Underlying Index </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">will be reconstituted quarterly under normal market conditions. The Fund generally reconstitutes its portfolio in accordance with the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a representative sampling strategy to manage the Fund. “Representative sampling” is investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index. The Fund reserves the right to invest in substantially all of the securities in its Underlying Index in approximately the same proportions (i.e., replication) if NTI determines that it is in the best interest of the Fund. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index. The Fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds advised by NTI or its affiliates, futures contracts and options on futures contracts, as well as securities not included in the Underlying Index, but which NTI believes will help the Fund track its Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is created and sponsored by NTI, as the Index Provider. NTI also serves as the investment adviser to the Fund. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral received). </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund is “non-diversified” under the Investment Company Act of 1940 (“1940 Act”), as amended, and may invest more of its assets in fewer issuers than “diversified” funds. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Industry Concentration Policy<span style="font-weight: normal;">. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is con-</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">centrated. As of December 31, 2022, the Underlying Index was concentrated in the Information Technology sector. The components of the Underlying Index, and the degree to which these components represent certain industries or sectors, may change over time. </div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is con-  centrated. As of December 31, 2022, the Underlying Index was concentrated in the Information Technology sector. The components of the Underlying Index, and the degree to which these components represent certain industries or sectors, may change over time.  Principal Risks <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">As with any investment, you could lose all or part of your investment in the Fund, and the Fund’s performance could trail that of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund’s net asset value (“NAV”), trading price, yield, total return and ability to meet its investment objective. Each risk noted below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. The significance of each risk factor below may change over time and you should review each risk factor carefully.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">ESG Investment Risk<span style="font-weight: normal;"> is the risk that because the Index Provider includes and excludes issuers and assigns weights to issuers in the Underlying Index by applying non-financial factors, the Fund may underperform the broader equity market or other funds that do or do not use ESG investment criteria. The ESG methodology of the Underlying Index will affect the Fund’s exposure to certain companies and sectors and may adversely affect the Fund’s performance depending on whether such companies and sectors are in or out of favor. Although the Underlying Index is designed to measure a portfolio of companies with certain ESG characteristics, there is no assurance that the Underlying Index or Fund will be comprised of such securities or that companies that have historically exhibited such characteristics will continue to exhibit such characteristics. There is also the risk that the Fund may have indirect exposure to companies that have been excluded from the Underlying Index through its use of certain derivative instruments.</span></div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Currently, there is a lack of common industry standards relating to the development and application of ESG criteria, which may make it difficult to compare the Fund’s principal investment strategies with the investment strategies of other funds that integrate certain ESG criteria. The subjective value that investors may assign to certain types of ESG characteristics may differ substantially from that of the assessment by the Index Provider or a data provider. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Investors can differ in their views of what constitutes positive or negative ESG characteristics. As a result, the Fund may invest in companies that do not reflect the beliefs and values of any particular investor. A company included in the Underlying Index may not exhibit positive or favorable ESG characteristics. The companies selected by the Index Provider as demonstrating certain ESG characteristics may not be the same companies selected by other index providers or investment managers as exhibiting those characteristics. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Index Provider relies on various sources of information regarding an issuer, including information that may be based on assumptions and estimates. ESG information from third-party data providers may be incomplete, inaccurate or unavailable. Neither the Fund nor NTI can offer assurances that the Underlying Index’s methodology or sources of information will provide an accurate assessment of the issuers of the securities included in the Fund’s Underlying Index. The Index Provider uses third-party data that it believes to be reliable, but it does not guarantee the accuracy of such third-party data. Data can vary across providers or within industries. ESG standards differ by region and industry, and a company’s ESG practices or the Index Provider’s or data providers’ assessment of a company’s ESG practices may change over time. Regulatory changes or interpretations regarding the definitions and/or use of ESG criteria could have a material adverse effect on the Fund’s ability to invest in accordance with its investment policies and/or achieve its investment objective. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Equity Securities Risk<span style="font-weight: normal;"> is the risk that the values of the equity securities owned by the Fund may be more volatile and underperform other asset classes and the general securities markets.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Concentration Risk <span style="font-weight: normal;">is the risk that, if the Fund is concentrated in a particular industry or group of industries, the Fund is likely to present more risks than a fund that is broadly diversified over several industries or groups of industries. Compared to the broad market, an individual industry may be more strongly affected by changes in the economic climate, broad market shifts, moves in a particular dominant stock or regulatory changes.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 6pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Information Technology Sector Risk <span style="font-weight: normal;">is the risk that securities of technology companies may be subject to greater price volatility than securities of companies in other sectors. These securities may fall in and out of</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 6.25%;"> </td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 93.75%;">favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. Technology securities also may be affected adversely by changes in technology, consumer and business purchasing patterns, government regulation and/or obsolete products or services. </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Risk<span style="font-weight: normal;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, or volatility in the equity markets. Market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment could have a significant impact on the Fund and its investments and could result in the Fund’s shares trading at increased premiums or discounts to the Fund’s NAV. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to the risks described elsewhere in this summary will likely increase. Market disruptions, regulatory restrictions or other abnormal market conditions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track its Underlying Index or cause delays in the Underlying Index’s rebalancing or reconstitution schedule. During any such delay, it is possible that the Underlying Index and, in turn, the Fund will deviate from the Underlying Index’s stated methodology and therefore experience returns different than those that would have been achieved under a normal rebalancing or reconstitution schedule.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Index Risk<span style="font-weight: normal;"> is the risk that the Fund would not necessarily buy or sell a security unless that security is added to or removed from, respectively, the Underlying Index, even if that security generally is underperforming, because unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the Underlying Index. Additionally, the Fund rebalances and/or reconstitutes its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Index’s rebalance and/or reconstitution schedule will result in corresponding changes to the Fund’s rebalance and/or reconstitution schedule. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Tracking Error Risk<span style="font-weight: normal;"> is the risk that the Fund’s performance may vary from the performance of the Underlying Index as a result of creation and redemption activity, transaction costs, expenses and other factors.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Sampling Risk <span style="font-weight: normal;">is the risk that the Fund’s use of a representative sampling approach may result in increased tracking error because the securities selected for the Fund in the aggregate may vary from the investment profile of the Underlying Index. Additionally, the use of a representative sampling approach may result in the Fund holding a smaller number of securities than the Underlying Index, and, as a result, an adverse development to an issuer of securities that the Fund holds could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Underlying Index.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Authorized Participant Concentration Risk<span style="font-weight: normal;"> is the risk that the Fund may be adversely affected because it has a limited number of institutions that act as authorized participants (“Authorized Participants”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units (as defined below), Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Calculation Methodology Risk<span style="font-weight: normal;"> is the risk that the Underlying Index’s calculation methodology or sources of information may not provide an accurate assessment of included issuers or correct valuation of securities, nor is the availability or timeliness of the production of the Underlying Index guaranteed. A security included in the Underlying Index may not exhibit the characteristic or provide the specific exposure for which it was selected and consequently a Fund's holdings may not exhibit returns consistent with that characteristic or exposure.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Trading Risk<span style="font-weight: normal;"> is the risk that the Fund faces because its shares are listed on a securities exchange, including the potential lack of an active market for Fund shares, losses</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of its listing exchange, make trading in the shares inadvisable. The market prices of Fund shares will generally fluctuate in accordance with changes in its NAV, changes in the relative supply of, and demand for, Fund shares, and changes in the liquidity, or the perceived liquidity, of the Fund’s holdings. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Derivatives Risk<span style="font-weight: normal;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.</span> </div> <table cellpadding="6" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 3pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Futures Contracts Risk<span style="font-weight: normal;"> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Options Contracts Risk<span style="font-weight: normal;"> Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the invest-</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 6.25%;"> </td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 93.75%;">ment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies. </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">New Fund Risk<span style="font-weight: normal;"> is the risk that the Fund will not grow to or maintain an economically viable size, in which case it may experience greater tracking error to its Underlying Index than it otherwise would at higher asset levels, or it could ultimately liquidate without shareholder approval. The timing of such liquidation may not be favorable and could have negative tax consequences for shareholders. From time to time, an Authorized Participant, a third-party investor, the Fund’s adviser or an affiliate of the Fund’s adviser, may invest in the Fund and hold its investment for a specific period of time in order to facilitate commencement of the Fund’s operations or for the Fund to achieve size or scale. There can be no assurance that any such entity would not redeem its investment or that the size of the Fund would be maintained at such levels, which could negatively impact the Fund. The Fund’s Distributor does not maintain a secondary market in the shares.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Non-Diversification Risk<span style="font-weight: normal;"> is the risk that because the Fund is non</span>-<span style="font-weight: normal;">diversified and may invest a larger percentage of its assets in the securities of fewer issuers than a diversified fund, the Fund’s performance will be more vulnerable to changes in the market value of a single issuer or group of issuers, and more susceptible to risks associated with a single economic, political or regulatory occurrence.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Securities Lending Risk<span style="font-weight: normal;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. </div> Non-Diversification Risk is the risk that because the Fund is non-diversified and may invest a larger percentage of its assets in the securities of fewer issuers than a diversified fund, the Fund’s performance will be more vulnerable to changes in the market value of a single issuer or group of issuers, and more susceptible to risks associated with a single economic, political or regulatory occurrence.  It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indica-</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">tion of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad measure of market performance, and (C) an additional index with characteristics relevant to the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting flexshares.com. </div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indica-tion of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad measure of market performance, and (C) an additional index with characteristics relevant to the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. flexshares.com Calendar Year Total Returns <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">For the period shown in the bar chart above:</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Best Quarter (12/31/2022): 7.61%</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Worst Quarter (6/30/2022): -16.14%</div> Best Quarter 2022-12-31 0.0761 Worst Quarter 2022-06-30 -0.1614 Average Annual Total Returns (for the periods ended December 31, 2022) -0.1904 -0.0870 2021-09-20 -0.1932 -0.0901 -0.1107 -0.0659 -0.1811 -0.0799 -0.1900 -0.0863 Reflects no deduction for fees, expenses or taxes. <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retire-</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">ment plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retire-ment plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund Investment Objective <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Northern Trust ESG &amp; Climate Developed Markets ex-US Core Index<sup style="font-size: 85%; font-style: normal; text-transform: none;">SM</sup> (the “Underlying Index”).</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Under the Fund’s Investment Advisory Agreement, the Fund is responsible for the following expenses: interest expenses, brokerage commissions and other trading expenses, fees and expenses of the independent trustees and their independent legal counsel, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business. You will also incur usual and customary brokerage commissions and fees to financial intermediaries when buying or selling shares of the Fund in the secondary market, which are not reflected in the example that follows:</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0012 0.0000 0.0001 0.0013 -0.0001 0.0012 March 1, 2024 Example <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 12 41 72 165 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 33% of the average value of its portfolio. 0.33 Principal Investment Strategies <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is designed to reflect the performance of a selection of companies that exhibit certain environmental, social and governance (“ESG”) characteristics, while also seeking to provide broad-market, core exposure to publicly traded equity securities issued by companies domiciled in developed market countries, excluding the U.S. The Underlying Index is designed to minimize tracking differences relative to the Northern Trust Developed Markets ex-US Large Cap Index<sup style="font-size: 85%; font-style: normal; text-transform: none;">SM </sup>(the “Parent Index”), while also seeking (a) an aggregate higher scoring of certain ESG characteristics, as measured by the Northern Trust ESG Vector Score (“ESG Vector Score”) described below, and (b) reduction of aggregate climate-related risk, as measured by certain carbon-related risk metrics, each relative to the Parent Index. The Underlying Index also excludes certain companies by using controversial business involvement and norms-based screens.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Parent Index is a sub-index of the Northern Trust Global Index<sup style="font-size: 85%; font-style: normal; text-transform: none;">SM</sup>, where eligible securities are limited to those of companies that are domiciled in non-U.S. developed market countries and designated as large- or mid- </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">capitalization companies by NTI, in its capacity as Index Provider (the “Index Provider”). As of December 31, 2022, the Index Provider classifies the following as developed market countries outside of the U.S.: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and United Kingdom. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Index Provider applies an ESG Vector Score to each of the companies in the Parent Index. The ESG Vector Score is designed to rank companies based on their management of and exposure to material ESG metrics as defined by the Sustainability Accounting Standards Board (“SASB”) Standards and a corporate governance score for each company. NTI calculates and maintains ESG Vector Scores for companies using data from third-party data providers. The SASB Standards identify financially material ESG issues for a company based on its industry classification within the following five dimensions: (i) environmental; (ii) social capital; (iii) human capital; (iv) business model and innovation; and (v) leadership and governance. The preliminary ESG score is then adjusted up or down based on a quantitative assessment of how a company is managing the risks associated with those material ESG issues relative to its peers based on the recommendations of the Task Force on Climate-related Financial Disclosures to evaluate a company through governance, strategy and risk management lenses. The adjusted ESG score generates 80% of the ESG Vector Score. Finally, a distinct corporate governance score is applied to each company with respect to its (i) board and management quality and integrity; (ii) board structure; (iii) ownership and shareholder rights; (iv) remuneration; (v) financial reporting; and (vi) stakeholder governance, which generates 20% of the ESG Vector Score. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">In addition to applying the ESG Vector Score, the Index Provider uses data from Institutional Shareholder Services ESG Solutions to assess carbon emissions intensity, carbon reserves and a carbon risk rating for each company. Carbon emissions intensity measures (i) direct greenhouse gas emissions from sources controlled or owned by the company (e.g., emissions associated with fuel combustion in boilers, furnaces, or vehicles); and (ii) indirect greenhouse gas emissions associated with the purchase of electricity, steam, heat or cooling against sales by the company. Carbon reserves measure the total estimated greenhouse gas </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">emissions attributable to a company’s fossil fuel reserve assets. The ISS Carbon Risk Rating provides an assessment of a company’s ability to mitigate the risks of transition to a lower carbon economy based on its specific baseline carbon risk exposure. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">At the time of each reconstitution of the Underlying Index, the Index Provider uses an optimization process to select and weight securities in the Parent Index to seek to (i) minimize the potential for tracking differences for the Underlying Index; (ii) increase the aggregate ESG Vector Score for the companies in the Underlying Index; (iii) reduce the aggregate carbon emissions intensity and aggregate carbon reserves of the companies in the Underlying Index; and (iv) improve the aggregate carbon risk rating of the companies in the Underlying Index, each relative to the Parent Index. It is possible that the Underlying Index will include (and therefore the Fund could invest in) securities that, individually, have a low ESG Vector Score or high carbon-related risk relative to the aggregate ESG score or carbon-related risk of the Parent Index. The optimization also includes constituent, liquidity, turnover, country, region, sector, industry group and weight constraints so that these characteristics in the Underlying Index vary within acceptable bands relative to the Parent Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Certain eligible securities are excluded from the Underlying Index by the Index Provider, using proprietary screening definitions and data from Sustainalytics and other independent ESG data providers, which may change from time to time. Excluded companies include those which are involved in (i) verified infringement of established international initiatives and guidelines, including United Nations Global Compact Principles and Organisation for Economic Co-operation and Development (OECD) Guidelines for Multinational Entities; (ii) the production of tobacco; and (iii) manufacturing of controversial weapons. Excluded companies also include those which derive a certain percentage of revenue (e.g., 5% or more) from (a) manufacturing of civilian firearms; (b) manufacture, retailing, and distribution of small arms (assault and non-assault) weapons or components; (c) manufacturing of conventional weapons or providing support services through military contracting; (d) thermal coal extraction; (e) coal-fired energy generation; (f) oil sands and shale; (g) arctic oil with weak management of carbon within their products and services; (h) the retail sale of tobacco and tobacco </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">related products or services; and (i) the running of private prisons. The above-described exclusionary screens are applied with each reconstitution of the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is a new index with an inception date of July 30, 2021. As of December 31, 2022, the Underlying Index was comprised of 299 constituents with market capitalizations ranging from $3.7 billion to $360 billion. The Underlying Index is governed by transparent, objective rules for security selection, exclusion, rebalancing and adjustments for corporate actions. The Underlying Index will be reconstituted quarterly under normal market conditions. The Fund generally reconstitutes its portfolio in accordance with the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a representative sampling strategy to manage the Fund. “Representative sampling” is investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index. The Fund reserves the right to invest in substantially all of the securities in its Underlying Index in approximately the same proportions (i.e., replication) if NTI determines that it is in the best interest of the Fund. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index and in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) (collectively “Depositary Receipts”) based on the securities in the Underlying Index. The Fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds advised by NTI or its affiliates, futures contracts, options on futures contracts and forward currency contracts, as well as securities not included in the Underlying Index, but which NTI believes will help the Fund track its Underlying Index. The Fund usually, but not always, pursues a strategy of being fully invested by exposing all or a portion of its cash to the performance of certain markets by purchasing index futures contracts (also known as </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">“equitization”). This is intended to cause the Fund to perform as though its cash were actually invested in those markets. This futures exposure may or may not match the Fund’s Underlying Index and create indirect exposure to companies that have been excluded from the Underlying Index. The Fund will not invest directly in securities that have been excluded from the Fund’s Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is created and sponsored by NTI, as the Index Provider. NTI also serves as the investment adviser to the Fund. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral received). </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund is “non-diversified” under the Investment Company Act of 1940 (“1940 Act”), as amended, and may invest more of its assets in fewer issuers than “diversified” funds. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">From time to time the Fund may focus its investments (<span style="font-style: italic;">i.e.,</span> invest more than 15% of its total assets) in one or more particular countries or geographic regions. As of December 31, 2022, the Fund focused its investments in Japan and the United Kingdom. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Industry Concentration Policy<span style="font-weight: normal;">. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.</span> </div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.  Principal Risks <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">As with any investment, you could lose all or part of your investment in the Fund, and the Fund’s performance could trail that of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund’s net asset value (“NAV”), trading price, yield, total return and ability to meet its investment objective. Each risk noted below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. The significance of each risk factor below may change over time and you should review each risk factor carefully.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">ESG Investment Risk<span style="font-weight: normal;"> is the risk that because the Index Provider includes and excludes issuers and assigns weights to issuers in the Underlying Index by applying non-</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">financial factors, the Fund may underperform the broader equity market or other funds that do or do not use ESG investment criteria. The ESG methodology of the Underlying Index will affect the Fund’s exposure to certain companies and sectors and may adversely affect the Fund’s performance depending on whether such companies and sectors are in or out of favor. Although the Underlying Index is designed to measure a portfolio of companies with certain ESG characteristics, there is no assurance that the Underlying Index or Fund will be comprised of such securities or that companies that have historically exhibited such characteristics will continue to exhibit such characteristics. There is also the risk that the Fund may have indirect exposure to companies that have been excluded from the Underlying Index through its use of certain derivative instruments. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Currently, there is a lack of common industry standards relating to the development and application of ESG criteria, which may make it difficult to compare the Fund’s principal investment strategies with the investment strategies of other funds that integrate certain ESG criteria. The subjective value that investors may assign to certain types of ESG characteristics may differ substantially from that of the assessment by the Index Provider or a data provider. Investors can differ in their views of what constitutes positive or negative ESG characteristics. As a result, the Fund may invest in companies that do not reflect the beliefs and values of any particular investor. A company included in the Underlying Index may not exhibit positive or favorable ESG characteristics. The companies selected by the Index Provider as demonstrating certain ESG characteristics may not be the same companies selected by other index providers or investment managers as exhibiting those characteristics. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Index Provider relies on various sources of information regarding an issuer, including information that may be based on assumptions and estimates. ESG information from third-party data providers may be incomplete, inaccurate or unavailable. Neither the Fund nor NTI can offer assurances that the Underlying Index’s methodology or sources of information will provide an accurate assessment of the issuers of the securities included in the Fund’s Underlying Index. The Index Provider uses third-party data that it believes to be reliable, but it does not guarantee the accuracy of such third-party data. Data can vary across </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">providers or within industries. ESG standards differ by region and industry, and a company’s ESG practices or the Index Provider’s or data providers’ assessment of a company’s ESG practices may change over time. Regulatory changes or interpretations regarding the definitions and/or use of ESG criteria could have a material adverse effect on the Fund’s ability to invest in accordance with its investment policies and/or achieve its investment objective. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Foreign Securities Risk<span style="font-weight: normal;"> is the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments may impose limitations on foreigners’ ownership of interests in local issuers, restrictions on the ability to repatriate assets, and may also impose taxes. Any of these events could cause the value of the Fund’s investments to decline. Foreign banks, agents and securities depositories that hold the Fund’s foreign assets may be subject to little or no regulatory oversight over, or independent evaluation, of their operations. Additional costs associated with investments in foreign securities may include higher custodial fees than those applicable to domestic custodial arrangements and transaction costs of foreign currency conversions. Unless the Fund has hedged its foreign currency exposure, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful. For instance, forward foreign currency exchange contracts, if used by the Fund, could reduce performance if there are unanticipated changes in currency exchange rates.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Geographic Risk<span style="font-weight: normal;"> is the risk that if the Fund invests a significant portion of its total assets in certain issuers within the same country or geographic region, an adverse economic, business or political development affecting that country or region may affect the value of the Fund’s investments more, and the Fund’s investments may be more volatile, than if the Fund’s investments were not so concentrated in such country or region.</span> </div> <table cellpadding="6" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Japan Investment Risk<span style="font-weight: normal;"> is the risk of investing in securities of Japanese issuers. The Japanese economy may be subject to considerable degrees of economic, political and social instability, which could negatively impact Japanese issuers. In recent times, Japan’s economic growth rate has remained low, and it may remain low in the future. In addition, Japan is subject to the risk of natural disasters, such as earthquakes, volcanic eruptions, typhoons and tsunamis, which could negatively affect the securities of Japanese companies held by the Fund.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">United Kingdom Investment Risk<span style="font-weight: normal;"> is the risk that investments in issuers located in the United Kingdom (“UK”) may subject the Fund to regulatory, political, currency, security and economic risk specific to the UK. The UK has one of the largest economies in Europe and is heavily dependent on trade with the European Union (“EU”). As a result, the UK economy may be impacted by changes to the economic health of EU member countries. In 2016, the UK voted to leave the EU (commonly known as “Brexit”), and on January 31, 2020, the UK officially withdrew from the EU. The precise impact on the UK’s economy as a result of its departure from the EU depends to a large degree on its ability to conclude favorable trade deals with the EU and other countries. While new trade deals may boost economic growth, such growth may not be able to offset the increased costs of trade with the EU resulting from the UK’s loss of its membership in the EU single market.</span> </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Depositary Receipts Risk<span style="font-weight: normal;"> Foreign securities may trade in the form of depositary receipts. In addition to investment risks associated with the underlying issuer, depositary receipts may expose the Fund to additional risks associated with non-uniform terms that apply to depositary receipt programs, including credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency, political, economic, market risks and the risks of an illiquid market for depositary receipts. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. Depositary receipts may not track the price of the underlying foreign securities on which they are based, may have limited voting rights, and may have a distribution subject to a fee charged by the depository. As a result, equity shares of the underlying issuer may trade at a discount or premium to the market price of the depositary receipts.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Equity Securities Risk <span style="font-weight: normal;">is the risk that the values of the equity securities owned by the Fund may be more volatile and underperform other asset classes and the general securities markets.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Mid Cap Stock Risk<span style="font-weight: normal;"> is the risk that stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies, and may lack sufficient market liquidity. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market, or may be dependent upon a small or inexperienced management group. Securities of smaller companies may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally the smaller the company size, the greater the risk.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Concentration Risk <span style="font-weight: normal;">is the risk that, if the Fund is concentrated in a particular industry or group of industries, the Fund is likely to present more risks than a fund that is broadly diversified over several industries or groups of industries. Compared to the broad market, an individual industry may be more strongly affected by changes in the economic climate, broad market shifts, moves in a particular dominant stock or regulatory changes.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Risk<span style="font-weight: normal;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, or volatility in the equity markets. Market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment could have a significant impact on the Fund and its investments and could result in the Fund’s shares trading at increased premiums or discounts to the Fund’s NAV. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to the risks described elsewhere in this summary will likely increase.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Market disruptions, regulatory restrictions or other abnormal market conditions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track its Underlying Index or cause delays in the Underlying Index’s rebalancing or reconstitution schedule. During any such delay, it is possible that the Underlying Index and, in turn, the Fund will deviate from the Underlying Index’s stated methodology and therefore experience returns different than those that would have been achieved under a normal rebalancing or reconstitution schedule. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Index Risk<span style="font-weight: normal;"> is the risk that the Fund would not necessarily buy or sell a security unless that security is added to or removed from, respectively, the Underlying Index, even if that security generally is underperforming, because unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the Underlying Index. Additionally, the Fund rebalances and/or reconstitutes its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance and/or reconstitution schedule will result in corresponding changes to the Fund’s rebalance and/or reconstitution schedule.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Tracking Error Risk<span style="font-weight: normal;"> is the risk that the Fund’s performance may vary from the performance of the Underlying Index as a result of creation and redemption activity, transaction costs, expenses and other factors.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Sampling Risk <span style="font-weight: normal;">is the risk that the Fund’s use of a representative sampling approach may result in increased tracking error because the securities selected for the Fund in the aggregate may vary from the investment profile of the Underlying Index. Additionally, the use of a representative sampling approach may result in the Fund holding a smaller number of securities than the Underlying Index, and, as a result, an adverse development to an issuer of securities that the Fund holds could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Underlying Index.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Authorized Participant Concentration Risk<span style="font-weight: normal;"> is the risk that the Fund may be adversely affected because it has a limited number of institutions that act as authorized participants (“Authorized Participants”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund and none of those Authorized Participants is obligated to engage in creation and/or redemp-</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">tion transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units (as defined below), Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting. This risk may be heightened because of its investments in non-U.S. securities. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Calculation Methodology Risk<span style="font-weight: normal;"> is the risk that the Underlying Index’s calculation methodology or sources of information may not provide an accurate assessment of included issuers or correct valuation of securities, nor is the availability or timeliness of the production of the Underlying Index guaranteed. A security included in the Underlying Index may not exhibit the characteristic or provide the specific exposure for which it was selected and consequently a Fund’s holdings may not exhibit returns consistent with that characteristic or exposure.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Trading Risk<span style="font-weight: normal;"> is the risk that the Fund faces because its shares are listed on a securities exchange, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of its listing exchange, make trading in the shares inadvisable. The market prices of Fund shares will generally fluctuate in accordance with changes in its NAV, changes in the relative supply of, and demand for, Fund shares, and changes in the liquidity, or the perceived liquidity, of the Fund’s holdings. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Derivatives Risk<span style="font-weight: normal;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. </div> <table cellpadding="6" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 3pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Forward Foreign Currency Contracts Risk<span style="font-weight: normal;"> is the risk that, if forward prices increase, a loss will occur to the extent that the agreed upon purchase price of the currency exceeds the price of the currency that was agreed to be sold.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Futures Contracts Risk<span style="font-weight: normal;"> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Options Contracts Risk<span style="font-weight: normal;"> Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.</span> </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">New Fund Risk<span style="font-weight: normal;"> is the risk that the Fund will not grow to or maintain an economically viable size, in which case it may experience greater tracking error to its Underlying Index than it otherwise would at higher asset levels, or it could ultimately liquidate without shareholder approval. The timing of such liquidation may not be favorable and could have negative tax consequences for shareholders. From time to time, an Authorized Participant, a third-party investor, the Fund’s adviser or an affiliate of the Fund’s adviser, may invest in the Fund and hold its investment for a specific period of time in order to facilitate commencement of the Fund’s operations or for the Fund to achieve</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">size or scale. There can be no assurance that any such entity would not redeem its investment or that the size of the Fund would be maintained at such levels, which could negatively impact the Fund. The Fund’s Distributor does not maintain a secondary market in the shares. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Non-Diversification Risk<span style="font-weight: normal;"> is the risk that because the Fund is non</span>-<span style="font-weight: normal;">diversified and may invest a larger percentage of its assets in the securities of fewer issuers than a diversified fund, the Fund’s performance will be more vulnerable to changes in the market value of a single issuer or group of issuers, and more susceptible to risks associated with a single economic, political or regulatory occurrence.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Securities Lending Risk<span style="font-weight: normal;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Valuation Risk <span style="font-weight: normal;">is the risk that the sale price the Fund could receive for a portfolio security may differ from the Fund’s valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. </div> Non-Diversification Risk is the risk that because the Fund is non-diversified and may invest a larger percentage of its assets in the securities of fewer issuers than a diversified fund, the Fund’s performance will be more vulnerable to changes in the market value of a single issuer or group of issuers, and more susceptible to risks associated with a single economic, political or regulatory occurrence.  It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad measure of market performance, and (C) an additional index with characteristics relevant to the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting flexshares.com.</div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad measure of market performance, and (C) an additional index with characteristics relevant to the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. flexshares.com Calendar Year Total Returns <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">For the period shown in the bar chart above:</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Best Quarter (12/31/2022): 15.92%</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Worst Quarter (6/30/2022): -14.17%</div> Best Quarter 2022-12-31 0.1592 Worst Quarter 2022-06-30 -0.1417 Average Annual Total Returns (for the periods ended December 31, 2022) -0.1559 -0.1072 2021-09-20 -0.1593 -0.1112 -0.0870 -0.0800 -0.1429 -0.1004 -0.1572 -0.1083 Reflects no deduction for fees, expenses or taxes. <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. FlexShares® ESG & Climate Emerging Markets Core Index Fund Investment Objective <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Northern Trust ESG &amp; Climate Emerging Markets Core Index<sup style="font-size: 85%; font-style: normal; text-transform: none;">SM</sup> (the “Underlying Index”).</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Under the Fund’s Investment Advisory Agreement, the Fund is responsible for the following expenses: interest expenses, brokerage commissions and other trading expenses, fees and expenses of the independent trustees and their independent legal counsel, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business. You will also incur usual and customary brokerage commissions and fees to financial intermediaries when buying or selling shares of the Fund in the secondary market, which are not reflected in the example that follows:</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0018 0.0000 0.0001 0.0019 -0.0001 0.0018 March 1, 2024 Example <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 18 60 106 242 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 18% of the average value of its portfolio. 0.18 Principal Investment Strategies <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is designed to reflect the performance of a selection of companies that exhibit certain environmental, social and governance (“ESG”) characteristics, while also seeking to provide broad-market, core exposure to publicly traded equity securities issued by companies domiciled in emerging market countries. The Underlying Index is designed to minimize tracking differences relative to the Northern Trust Emerging Markets Large Cap Index<sup style="font-size: 85%; font-style: normal; text-transform: none;">SM</sup> (the “Parent Index”) while also seeking (a) an aggregate higher scoring of certain ESG characteristics, as measured by the Northern Trust ESG Vector Score (“ESG Vector Score”) described below, and (b) reduction of aggregate climate-related risk, as measured by certain carbon-related risk metrics, each relative to the Parent Index. The Underlying Index also excludes certain companies by using controversial business involvement and norms-based screens.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Parent Index is a sub-index of the Northern Trust Global Index<sup style="font-size: 85%; font-style: normal; text-transform: none;">SM</sup>, where eligible securities are limited to those of companies that are domiciled in emerging market countries and designated as large- or mid-capitalization </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">companies by NTI, in its capacity as Index Provider (the “Index Provider”). As of December 31, 2022, the Index Provider classifies the following as emerging market countries: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Kuwait, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, South Korea, Taiwan, Thailand, Turkey and United Arab Emirates. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Index Provider applies an ESG Vector Score to each of the companies in the Parent Index. The ESG Vector Score is designed to rank companies based on their management of and exposure to material ESG metrics as defined by the Sustainability Accounting Standards Board (“SASB”) Standards and a corporate governance score for each company. NTI calculates and maintains ESG Vector Scores for companies using data from third-party data providers. The SASB Standards identify financially material ESG issues for a company based on its industry classification within the following five dimensions: (i) environmental; (ii) social capital; (iii) human capital; (iv) business model and innovation; and (v) leadership and governance. The preliminary ESG score is then adjusted up or down based on a quantitative assessment of how a company is managing the risks associated with those material ESG issues relative to its peers based on the recommendations of the Task Force on Climate-related Financial Disclosures to evaluate a company through governance, strategy and risk management lenses. The adjusted ESG score generates 80% of the ESG Vector Score. Finally, a distinct corporate governance score is applied to each company with respect to its (i) board and management quality and integrity; (ii) board structure; (iii) ownership and shareholder rights; (iv) remuneration; (v) financial reporting; and (vi) stakeholder governance, which generates 20% of the ESG Vector Score. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">In addition to applying the ESG Vector Score, the Index Provider uses data from Institutional Shareholder Services ESG Solutions to assess carbon emissions intensity, carbon reserves and a carbon risk rating for each company. Carbon emissions intensity measures (i) direct greenhouse gas emissions from sources controlled or owned by the company (e.g., emissions associated with fuel combustion in boilers, furnaces, or vehicles); and (ii) indirect greenhouse gas emissions associated with the purchase of electricity, steam, heat or cooling against sales by the company. Carbon reserves measure the total estimated greenhouse gas </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">emissions attributable to a company’s fossil fuel reserve assets. The ISS Carbon Risk Rating provides an assessment of a company’s ability to mitigate the risks of transition to a lower carbon economy based on its specific baseline carbon risk exposure. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">At the time of each reconstitution of the Underlying Index, the Index Provider uses an optimization process to select and weight securities in the Parent Index to seek to (i) minimize the potential for tracking differences for the Underlying Index; (ii) increase the aggregate ESG Vector Score for the companies in the Underlying Index; (iii) reduce the aggregate carbon emissions intensity and aggregate carbon reserves of the companies in the Underlying Index; and (iv) improve the aggregate carbon risk rating of the companies in the Underlying Index, each relative to the Parent Index. It is possible that the Underlying Index will include (and therefore the Fund could invest in) securities that, individually, have a low ESG Vector Score or high carbon-related risk relative to the aggregate ESG score or carbon-related risk of the Parent Index. The optimization also includes region, country, sector, industry group, constituent, liquidity, turnover and weight constraints so that these characteristics in the Underlying Index vary within acceptable bands relative to the Parent Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Certain eligible securities are excluded from the Underlying Index by the Index Provider, using proprietary screening definitions and data from Sustainalytics and other independent ESG data providers, which may change from time to time. Excluded companies include those which are involved in (i) verified infringement of established international initiatives and guidelines, including United Nations Global Compact Principles and Organisation for Economic Co-operation and Development (OECD) Guidelines for Multinational Entities; (ii) the production of tobacco; and (iii) manufacturing of controversial weapons. Excluded companies also include those which derive a certain percentage of revenue (e.g., 5% or more) from (a) manufacturing of civilian firearms; (b) manufacture, retailing, and distribution of small arms (assault and non-assault) weapons or components; (c) manufacturing of conventional weapons or providing support services through military contracting; (d) thermal coal extraction; (e) coal-fired energy generation; (f) oil sands and shale; (g) arctic oil with weak management of carbon within their products and services; (h) the retail sale of tobacco and tobacco </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">related products or services; and (i) the running of private prisons. For issuers domiciled in emerging markets, an additional governance screen is applied and companies that do not meet the following criteria are ineligible: companies with scores that fall below the emerging market company average in the corporate governance categories of board structure, ownership and shareholder rights, remuneration, and audit and financial reporting. The above-described exclusionary screens are applied with each reconstitution of the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is a new index with an inception date of July 30, 2021. As of December 31, 2022, the Underlying Index was comprised of 251 constituents with market capitalizations ranging from $560 million to $404 billion. The Underlying Index is governed by transparent, objective rules for security selection, exclusion, rebalancing and adjustments for corporate actions. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index will be reconstituted quarterly under normal market conditions. The Fund generally reconstitutes its portfolio in accordance with the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a representative sampling strategy to manage the Fund. “Representative sampling” is investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index. The Fund reserves the right to invest in substantially all of the securities in its Underlying Index in approximately the same proportions (i.e., replication) if NTI determines that it is in the best interest of the Fund. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index and in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) (collectively “Depositary Receipts”) based on the securities in the Underlying Index. The Fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds advised by NTI or its affiliates, futures contracts, </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">options on futures contracts and forward currency contracts, as well as securities not included in the Underlying Index, but which NTI believes will help the Fund track its Underlying Index. The Fund usually, but not always, pursues a strategy of being fully invested by exposing all or a portion of its cash to the performance of certain markets by purchasing index futures contracts (also known as “equitization”). This is intended to cause the Fund to perform as though its cash were actually invested in those markets. This futures exposure may or may not match the Fund’s Underlying Index and create indirect exposure to companies that have been excluded from the Underlying Index. The Fund will not invest directly in securities that have been excluded from the Fund’s Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is created and sponsored by NTI, as the Index Provider. NTI also serves as the investment adviser to the Fund. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral received). </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund is “non-diversified” under the Investment Company Act of 1940 (“1940 Act”), as amended, and may invest more of its assets in fewer issuers than “diversified” funds. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">From time to time the Fund may focus its investments (<span style="font-style: italic;">i.e.,</span> invest more than 15% of its total assets) in one or more particular countries or geographic regions. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Industry Concentration Policy<span style="font-weight: normal;">. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.</span> </div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.  Principal Risks <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">As with any investment, you could lose all or part of your investment in the Fund, and the Fund’s performance could trail that of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund’s net asset value (“NAV”), trading price, yield, total return and ability to meet its investment objective. Each risk noted below is considered a principal risk of investing in the Fund, regardless </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">of the order in which it appears. The significance of each risk factor below may change over time and you should review each risk factor carefully. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">ESG Investment Risk<span style="font-weight: normal;"> is the risk that because the Index Provider includes and excludes issuers and assigns weights to issuers in the Underlying Index by applying non-financial factors, the Fund may underperform the broader equity market or other funds that do or do not use ESG investment criteria. The ESG methodology of the Underlying Index will affect the Fund’s exposure to certain companies and sectors and may adversely affect the Fund’s performance depending on whether such companies and sectors are in or out of favor. Although the Underlying Index is designed to measure a portfolio of companies with certain ESG characteristics, there is no assurance that the Underlying Index or Fund will be comprised of such securities or that companies that have historically exhibited such characteristics will continue to exhibit such characteristics. There is also the risk that the Fund may have indirect exposure to companies that have been excluded from the Underlying Index through its use of certain derivative instruments.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Currently, there is a lack of common industry standards relating to the development and application of ESG criteria, which may make it difficult to compare the Fund’s principal investment strategies with the investment strategies of other funds that integrate certain ESG criteria. The subjective value that investors may assign to certain types of ESG characteristics may differ substantially from that of the assessment by the Index Provider or a data provider. Investors can differ in their views of what constitutes positive or negative ESG characteristics. As a result, the Fund may invest in companies that do not reflect the beliefs and values of any particular investor. A company included in the Underlying Index may not exhibit positive or favorable ESG characteristics. The companies selected by the Index Provider as demonstrating certain ESG characteristics may not be the same companies selected by other index providers or investment managers as exhibiting those characteristics. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Index Provider relies on various sources of information regarding an issuer, including information that may be based on assumptions and estimates. ESG information from third-party data providers may be incomplete, inac- </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">curate or unavailable. Neither the Fund nor NTI can offer assurances that the Underlying Index’s methodology or sources of information will provide an accurate assessment of the issuers of the securities included in the Fund’s Underlying Index. The Index Provider uses third-party data that it believes to be reliable, but it does not guarantee the accuracy of such third-party data. Data can vary across providers or within industries. ESG standards differ by region and industry, and a company’s ESG practices or the Index Provider’s or data providers’ assessment of a company’s ESG practices may change over time. Regulatory changes or interpretations regarding the definitions and/or use of ESG criteria could have a material adverse effect on the Fund’s ability to invest in accordance with its investment policies and/or achieve its investment objective. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Foreign Securities Risk<span style="font-weight: normal;"> is the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments may impose limitations on foreigners’ ownership of interests in local issuers, restrictions on the ability to repatriate assets, and may also impose taxes. Any of these events could cause the value of the Fund’s investments to decline. Foreign banks, agents and securities depositories that hold the Fund’s foreign assets may be subject to little or no regulatory oversight over, or independent evaluation, of their operations. Additional costs associated with investments in foreign securities may include higher custodial fees than those applicable to domestic custodial arrangements and transaction costs of foreign currency conversions. Unless the Fund has hedged its foreign currency exposure, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful. For instance, forward foreign currency exchange contracts, if used by the Fund, could reduce performance if there are unanticipated changes in currency exchange rates.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Emerging Markets Risk<span style="font-weight: normal;"> is the risk that emerging markets are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">and more governmental limitations on foreign investments than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volumes and greater price volatility than companies in more developed markets. Emerging market economies may be based on only a few industries, may be highly vulnerable to changes in local and global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company’s assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Geographic Risk<span style="font-weight: normal;"> is the risk that if the Fund invests a significant portion of its total assets in certain issuers within the same country or geographic region, an adverse economic, business or political development affecting that country or region may affect the value of the Fund’s investments more, and the Fund’s investments may be more volatile, than if the Fund’s investments were not so concentrated in such country or region.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 6pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">China Investment Risk<span style="font-weight: normal;"> is the risk associated with investments in companies located or operating in China, such as nationalization, expropriation, or confiscation of property; alteration or discontinuation of economic reforms; and considerable degrees of economic, political and social instability. Investors in Chinese markets generally experience difficulties in obtaining information necessary for investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgements due to a lack</span> </td> </tr> </table> <table cellpadding="6" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 6.25%;"> </td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 93.75%;">of publicly available information; and there are generally limited legal remedies for shareholders. Internal social unrest or confrontations with other neighboring countries, including military conflicts, may disrupt economic development in China and result in a greater risk of currency fluctuations, currency convertibility, interest rate fluctuations and higher rates of inflation. Export growth continues to be a major driver of China’s rapid economic growth. As a result, a reduction in spending on Chinese products and services, the institution of additional tariffs or other trade barriers, including as a result of heightened trade tensions between China and the U.S., or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. Although the Public Company Accounting Oversight Board (“PCAOB”) in 2021 had determined the PCAOB was unable to inspect or investigate audit firms headquartered in mainland China and Hong Kong, in December 2022 the PCAOB announced that it had been able to secure complete access to inspect and investigate audit firms in China for the first time in history. Certain securities issued by companies located or operating in China, such as China A-shares, are subject to trading restrictions and suspensions, quota limitations and sudden changes in those limitations, and operational, clearing and settlement risks.</td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Taiwan Investment Risk<span style="font-weight: normal;"> is the risk of investing in securities of Taiwanese issuers. Specifically, Taiwan’s geographic proximity and history of political contention with China have resulted in ongoing tensions between the two countries, which may materially affect the Taiwanese economy and its securities market. Investments in securities of Taiwanese companies are subject to Taiwan’s heavy dependence on exports. Reductions in spending on Taiwanese products and services, labor shortages, institution of tariffs or other trade barriers, or a downturn in any of the economies of Taiwan’s key trading partners, including the United States, may have an adverse impact on the Taiwanese economy and the values of Taiwanese companies.</span> </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Depositary Receipts Risk<span style="font-weight: normal;"> Foreign securities may trade in the form of depositary receipts. In addition to investment risks associated with the underlying issuer, depositary receipts may expose the Fund to additional risks associated with non-uniform terms that apply to depositary receipt programs, including credit exposure to the depository bank and to the sponsors and other parties with whom the</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">depository bank establishes the programs, currency, political, economic, market risks and the risks of an illiquid market for depositary receipts. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. Depositary receipts may not track the price of the underlying foreign securities on which they are based, may have limited voting rights, and may have a distribution subject to a fee charged by the depository. As a result, equity shares of the underlying issuer may trade at a discount or premium to the market price of the depositary receipts. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Equity Securities Risk<span style="font-weight: normal;"> is the risk that the values of the equity securities owned by the Fund may be more volatile and underperform other asset classes and the general securities markets.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Mid Cap Stock Risk<span style="font-weight: normal;"> is the risk that stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies, and may lack sufficient market liquidity. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market, or may be dependent upon a small or inexperienced management group. Securities of smaller companies may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally the smaller the company size, the greater the risk.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Concentration Risk <span style="font-weight: normal;">is the risk that, if the Fund is concentrated in a particular industry or group of industries, the Fund is likely to present more risks than a fund that is broadly diversified over several industries or groups of industries. Compared to the broad market, an individual industry may be more strongly affected by changes in the economic climate, broad market shifts, moves in a particular dominant stock or regulatory changes.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Risk<span style="font-weight: normal;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">bond or equity markets, or volatility in the equity markets. Market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment could have a significant impact on the Fund and its investments and could result in the Fund’s shares trading at increased premiums or discounts to the Fund’s NAV. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to the risks described elsewhere in this summary will likely increase. Market disruptions, regulatory restrictions or other abnormal market conditions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track its Underlying Index or cause delays in the Underlying Index’s rebalancing or reconstitution schedule. During any such delay, it is possible that the Underlying Index and, in turn, the Fund will deviate from the Underlying Index’s stated methodology and therefore experience returns different than those that would have been achieved under a normal rebalancing or reconstitution schedule. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Index Risk<span style="font-weight: normal;"> is the risk that the Fund would not necessarily buy or sell a security unless that security is added to or removed from, respectively, the Underlying Index, even if that security generally is underperforming, because unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the Underlying Index. Additionally, the Fund rebalances and/or reconstitutes its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance and/or reconstitution schedule will result in corresponding changes to the Fund’s rebalance and/or reconstitution schedule.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Tracking Error Risk<span style="font-weight: normal;"> is the risk that the Fund’s performance may vary from the performance of the Underlying Index as a result of creation and redemption activity, transaction costs, expenses and other factors.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Sampling Risk <span style="font-weight: normal;">is the risk that the Fund’s use of a representative sampling approach may result in increased tracking error because the securities selected for the Fund in the aggregate may vary from the investment profile of the Underlying Index. Additionally, the use of a representative sampling approach may result in the Fund holding a smaller number of securities than the Underlying Index,</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">and, as a result, an adverse development to an issuer of securities that the Fund holds could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Authorized Participant Concentration Risk<span style="font-weight: normal;"> is the risk that the Fund may be adversely affected because it has a limited number of institutions that act as authorized participants (“Authorized Participants”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units (as defined below), Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting. This risk may be heightened because of its investments in non-U.S. securities.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Calculation Methodology Risk<span style="font-weight: normal;"> is the risk that the Underlying Index’s calculation methodology or sources of information may not provide an accurate assessment of included issuers or correct valuation of securities, nor is the availability or timeliness of the production of the Underlying Index guaranteed. A security included in the Underlying Index may not exhibit the characteristic or provide the specific exposure for which it was selected and consequently a Fund’s holdings may not exhibit returns consistent with that characteristic or exposure.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Trading Risk<span style="font-weight: normal;"> is the risk that the Fund faces because its shares are listed on a securities exchange, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of its listing exchange, make trading in the shares inadvisable. The market prices of Fund shares will generally fluctuate in accordance with changes in its NAV, changes in the relative supply of, and demand for, Fund shares, and changes in the liquidity, or the perceived liquidity, of the Fund’s holdings. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Derivatives Risk<span style="font-weight: normal;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.</span> </div> <table cellpadding="6" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 3pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Futures Contracts Risk<span style="font-weight: normal;"> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Options Contracts Risk<span style="font-weight: normal;"> Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Forward Foreign Currency Contracts Risk<span style="font-weight: normal;"> is the risk that, if forward prices increase, a loss will occur to the extent that the agreed upon purchase price of the currency exceeds the price of the currency that was agreed to be sold.</span> </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">New Fund Risk<span style="font-weight: normal;"> is the risk that the Fund will not grow to or maintain an economically viable size, in which case it may experience greater tracking error to its Underlying Index</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">than it otherwise would at higher asset levels, or it could ultimately liquidate without shareholder approval. The timing of such liquidation may not be favorable and could have negative tax consequences for shareholders. From time to time, an Authorized Participant, a third-party investor, the Fund’s adviser or an affiliate of the Fund’s adviser, may invest in the Fund and hold its investment for a specific period of time in order to facilitate commencement of the Fund’s operations or for the Fund to achieve size or scale. There can be no assurance that any such entity would not redeem its investment or that the size of the Fund would be maintained at such levels, which could negatively impact the Fund. The Fund’s Distributor does not maintain a secondary market in the shares. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Non-Diversification Risk<span style="font-weight: normal;"> is the risk that because the Fund is non</span>-<span style="font-weight: normal;">diversified and may invest a larger percentage of its assets in the securities of fewer issuers than a diversified fund, the Fund’s performance will be more vulnerable to changes in the market value of a single issuer or group of issuers, and more susceptible to risks associated with a single economic, political or regulatory occurrence.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Securities Lending Risk<span style="font-weight: normal;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Valuation Risk <span style="font-weight: normal;">is the risk that the sale price the Fund could receive for a portfolio security may differ from the Fund’s valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. </div> Non-Diversification Risk is the risk that because the Fund is non-diversified and may invest a larger percentage of its assets in the securities of fewer issuers than a diversified fund, the Fund’s performance will be more vulnerable to changes in the market value of a single issuer or group of issuers, and more susceptible to risks associated with a single economic, political or regulatory occurrence.  It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Because the Fund has less than one full calendar year of performance, no performance information has been included.</div> Because the Fund has less than one full calendar year of performance, no performance information has been included. FlexShares® Morningstar Global Upstream Natural Resources Index Fund Investment Objective <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Morningstar® Global Upstream Natural Resources Index<sup style="font-size: 85%; font-style: normal; text-transform: none;">SM</sup> (the “Underlying Index”).</div> Fees And Expenses Of The Fund <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Under the Fund’s Investment Advisory Agreement, the Fund is responsible for the following expenses: interest expenses, brokerage commissions and other trading expenses, fees and expenses of the independent trustees and their independent legal counsel, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business. You will also incur usual and customary brokerage commissions and fees to financial intermediaries when buying or selling shares of the Fund in the secondary market, which are not reflected in the example that follows:</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0046 0.0000 0.0001 0.0047 -0.0001 0.0046 March 1, 2024 Example <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 47 150 262 590 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 32% of the average value of its portfolio. 0.32 Principal Investment Strategies <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is designed to reflect the performance of a selection of equity securities that are traded in or are issued by companies classified as developed or emerging markets (including the U.S.), as determined by Morningstar, Inc. (the “Index Provider”) pursuant to its index methodology. To be eligible for inclusion in the Underlying Index, a security must be issued by a company that has significant economic interests in one of the following natural resource categories: energy, agriculture, precious or industrial metals, timber or water, as determined by the Index Provider pursuant to its index methodology (collectively, the “Natural Resources sector”). Securities determined to be within the Natural Resources sector are then excluded from the Underlying Index if (i) they have an average daily traded value of less than $1<span style="padding-left: 0.10pt;"/> million or (ii) for securities within the energy, agriculture or precious or industrial metals categories of the Natural Resources sector, they have a full market capitalization of less than $1<span style="padding-left: 0.10pt;"/> billion, or for securities within the timber or water categories of the Natural Resources sector, they have a full market capitalization of less than $500 million. Securities within the </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Underlying Index are then weighted based on their float-adjusted market capitalization within each category of the Natural Resources sector, and weight caps are applied to limit exposure to any particular category within the Natural Resources sector, any individual security, the U.S. and emerging markets. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">As of December 31, 2022, the Underlying Index was comprised of 120 issues with market capitalizations ranging from $794 million to $1<span style="padding-left: 0.10pt;"/>.9 trillion. The Underlying Index is governed by published, objective rules for security selection, exclusion, rebalancing and adjustments for corporate actions and is reconstituted on a semi-annual basis and is rebalanced quarterly. The Fund generally rebalances and reconstitutes its portfolio in accordance with the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a representative sampling strategy to manage the Fund. “Representative sampling” is investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index. The Fund reserves the right to invest in substantially all of the securities in its Underlying Index in approximately the same proportions (i.e., replication) if NTI determines that it is in the best interest of the Fund. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index and in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) (collectively “Depositary Receipts”) based on the securities in the Underlying Index. The Fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds advised by NTI or its affiliates, futures contracts, options on futures contracts and forward currency contracts, as well as securities not included in the Underlying Index, but which NTI believes will help the Fund track its Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is sponsored by the Index Provider, an organization that is independent of the Fund and NTI. The Index Provider determines the composition and rela- </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">tive weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral received). </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">From time to time the Fund may focus its investments (<span style="font-style: italic;">i.e.,</span> invest more than 15% of its total assets) in one or more particular countries or geographic regions. As of December 31, 2022, the Fund focused its investments in the United Kingdom. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Industry Concentration Policy.<span style="font-weight: normal;"> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. As of December 31, 2022, the Underlying Index was concentrated in the Natural Resources sector. The components of the Underlying Index, and the degree to which these components represent certain industries or sectors, may change over time.</span> </div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. As of December 31, 2022, the Underlying Index was concentrated in the Natural Resources sector. The components of the Underlying Index, and the degree to which these components represent certain industries or sectors, may change over time.  Principal Risks <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">As with any investment, you could lose all or part of your investment in the Fund, and the Fund’s performance could trail that of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund’s net asset value (“NAV”), trading price, yield, total return and ability to meet its investment objective. Each risk noted below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. The significance of each risk factor below may change over time and you should review each risk factor carefully.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Concentration Risk <span style="font-weight: normal;">is the risk that, if the Fund is concentrated in a particular industry or group of industries, the Fund is likely to present more risks than a fund that is broadly diversified over several industries or groups of industries. Compared to the broad market, an individual industry may be more strongly affected by changes in the economic climate, broad market shifts, moves in a particular dominant stock or regulatory changes.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 6pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Natural Resources Sector Risk<span style="font-weight: normal;"> is the risk that the Fund is subject to the risks associated with investment in the Natural Resources sector in addition to the general risk of the stock market. The Natural Resources sector can</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 6.25%;"> </td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 93.75%;">be significantly affected by events relating to U.S. and foreign political and economic developments and environmental and other government regulations, as well as other factors including, but not limited to: commodity price volatility, technological developments and natural or man-made disasters. Declines in the demand for, or prices of, natural resources generally would be expected to contribute to declines in the value of the Fund’s equity securities. Such declines may occur quickly and without warning and may negatively impact the value of the Fund and your investment. </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Equity Securities Risk<span style="font-weight: normal;"> is the risk that the values of the equity securities owned by the Fund may be more volatile and underperform other asset classes and the general securities markets.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Foreign Securities Risk<span style="font-weight: normal;"> is the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments may impose limitations on foreigners’ ownership of interests in local issuers, restrictions on the ability to repatriate assets, and may also impose taxes. Any of these events could cause the value of the Fund’s investments to decline. Foreign banks, agents and securities depositories that hold the Fund’s foreign assets may be subject to little or no regulatory oversight over, or independent evaluation, of their operations. Additional costs associated with investments in foreign securities may include higher custodial fees than those applicable to domestic custodial arrangements and transaction costs of foreign currency conversions. Unless the Fund has hedged its foreign currency exposure, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful. For instance, forward foreign currency exchange contracts, if used by the Fund, could reduce performance if there are unanticipated changes in currency exchange rates.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Depositary Receipts Risk<span style="font-weight: normal;"> Foreign securities may trade in the form of depositary receipts. In addition to investment risks associated with the underlying issuer, depositary</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">receipts may expose the Fund to additional risks associated with non-uniform terms that apply to depositary receipt programs, including credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency, political, economic, market risks and the risks of an illiquid market for depositary receipts. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. Depositary receipts may not track the price of the underlying foreign securities on which they are based, may have limited voting rights, and may have a distribution subject to a fee charged by the depository. As a result, equity shares of the underlying issuer may trade at a discount or premium to the market price of the depositary receipts. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Emerging Markets Risk<span style="font-weight: normal;"> is the risk that emerging markets are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investments than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volumes and greater price volatility than companies in more developed markets. Emerging market economies may be based on only a few industries, may be highly vulnerable to changes in local and global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company’s assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Geographic Risk <span style="font-weight: normal;">is the risk that if the Fund invests a significant portion of its total assets in certain issuers within the same country or geographic region, an adverse economic, business or political development affecting that country or region may affect the value of the Fund’s investments more, and the Fund’s investments may be more volatile, than if the Fund’s investments were not so concentrated in such country or region.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 6pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">United Kingdom Investment Risk<span style="font-weight: normal;"> is the risk that investments in issuers located in the United Kingdom (“UK”) may subject the Fund to regulatory, political, currency, security and economic risk specific to the UK. The UK has one of the largest economies in Europe and is heavily dependent on trade with the European Union (“EU”). As a result, the UK economy may be impacted by changes to the economic health of EU member countries. In 2016, the UK voted to leave the EU (commonly known as “Brexit”), and on January 31, 2020, the UK officially withdrew from the EU. The precise impact on the UK’s economy as a result of its departure from the EU depends to a large degree on its ability to conclude favorable trade deals with the EU and other countries. While new trade deals may boost economic growth, such growth may not be able to offset the increased costs of trade with the EU resulting from the UK’s loss of its membership in the EU single market.</span> </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Risk<span style="font-weight: normal;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, or volatility in the equity markets. Market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment could have a significant impact on the Fund and its investments and could result in the Fund’s shares trading at increased premiums or discounts to the Fund’s NAV. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to the risks described elsewhere in this summary will likely increase.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Market disruptions, regulatory restrictions or other abnormal market conditions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track its Underlying Index or cause delays in the Underlying Index’s rebalancing or reconstitution schedule. During any such delay, it is possible that the Underlying Index and, in turn, the Fund will deviate from the Underlying Index’s stated methodology and therefore experience returns different than those that would have been achieved under a normal rebalancing or reconstitution schedule. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Index Risk<span style="font-weight: normal;"> is the risk that the Fund would not necessarily buy or sell a security unless that security is added to or removed from, respectively, the Underlying Index, even if that security generally is underperforming, because unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the Underlying Index. Additionally, the Fund rebalances and/or reconstitutes its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance and/or reconstitution schedule will result in corresponding changes to the Fund’s rebalance and/or reconstitution schedule.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Tracking Error Risk<span style="font-weight: normal;"> is the risk that the Fund’s performance may vary from the performance of the Underlying Index as a result of creation and redemption activity, transaction costs, expenses and other factors.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Sampling Risk <span style="font-weight: normal;">is the risk that the Fund’s use of a representative sampling approach may result in increased tracking error because the securities selected for the Fund in the aggregate may vary from the investment profile of the Underlying Index. Additionally, the use of a representative sampling approach may result in the Fund holding a smaller number of securities than the Underlying Index, and, as a result, an adverse development to an issuer of securities that the Fund holds could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Underlying Index.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Authorized Participant Concentration Risk<span style="font-weight: normal;"> is the risk that the Fund may be adversely affected because it has a limited number of institutions that act as authorized participants (“Authorized Participants”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund and none of those Authorized Participants is obligated to engage in creation and/or redemp-</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">tion transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units (as defined below), Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting. This risk may be heightened because of its investments in non-U.S. securities. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Calculation Methodology Risk<span style="font-weight: normal;"> is the risk that the Underlying Index’s calculation methodology or sources of information may not provide an accurate assessment of included issuers or correct valuation of securities, nor is the availability or timeliness of the production of the Underlying Index guaranteed. A security included in the Underlying Index may not exhibit the characteristic or provide the specific exposure for which it was selected and consequently a Fund's holdings may not exhibit returns consistent with that characteristic or exposure.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Trading Risk<span style="font-weight: normal;"> is the risk that the Fund faces because its shares are listed on a securities exchange, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of its listing exchange, make trading in the shares inadvisable. The market prices of Fund shares will generally fluctuate in accordance with changes in its NAV, changes in the relative supply of, and demand for, Fund shares, and changes in the liquidity, or the perceived liquidity, of the Fund’s holdings. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Derivatives Risk<span style="font-weight: normal;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. </div> <table cellpadding="6" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 3pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Forward Foreign Currency Contracts Risk<span style="font-weight: normal;"> is the risk that, if forward prices increase, a loss will occur to the extent that the agreed upon purchase price of the currency exceeds the price of the currency that was agreed to be sold.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Futures Contracts Risk<span style="font-weight: normal;"> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</span> </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Mid and Small Cap Stock Risk<span style="font-weight: normal;"> is the risk that stocks of mid-sized and smaller companies may be more volatile than stocks of larger, more established companies, and may lack sufficient market liquidity. Mid-sized and small companies may have limited product lines or financial resources, may be dependent upon a particular niche of the market, or may be dependent upon a small or inexperienced management group. Securities of smaller companies may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally the smaller the company size, the greater the risk.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Securities Lending Risk<span style="font-weight: normal;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Valuation Risk <span style="font-weight: normal;">is the risk that the sale price the Fund could receive for a portfolio security may differ from the Fund’s valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. </div> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year and (B) how the Fund’s average annual returns compare with those of a broad measure of market performance. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting flexshares.com.</div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year and (B) how the Fund’s average annual returns compare with those of a broad measure of market performance. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. flexshares.com Calendar Year Total Returns <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">For the periods shown in the bar chart above:</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Best Quarter (6/30/2020): 21.62%</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Worst Quarter (3/31/2020): -31.00%</div> Best Quarter 2020-06-30 0.2162 Worst Quarter 2020-03-31 -0.3100 Average Annual Total Returns (for the periods ended December 31, 2022) 0.1465 0.0925 0.0532 0.1351 0.0829 0.0459 0.0943 0.0708 0.0406 0.1546 0.0984 0.0581 Reflects no deduction for fees, expenses or taxes. <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. FlexShares® STOXX® Global Broad Infrastructure Index Fund Investment Objective <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the STOXX<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Global Broad Infrastructure Index (the “Underlying Index”).</div> Fees And Expenses Of The Fund <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Under the Fund’s Investment Advisory Agreement, the Fund is responsible for the following expenses: interest expenses, brokerage commissions and other trading expenses, fees and expenses of the independent trustees and their independent legal counsel, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business. You will also incur usual and customary brokerage commissions and fees to financial intermediaries when buying or selling shares of the Fund in the secondary market, which are not reflected in the example that follows:</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0047 0.0000 0.0001 0.0048 -0.0001 0.0047 March 1, 2024 Example <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 48 153 268 603 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 16% of the average value of its portfolio. 0.16 Principal Investment Strategies <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is designed to reflect the performance of a selection of companies that, in aggregate, offer broad exposure to publicly traded developed- and emerging-market infrastructure companies, including U.S. companies, as defined by STOXX Ltd. (the “Index Provider”) pursuant to its index methodology. In addition, NTI believes that the companies in the Underlying Index have the potential to generate income through dividend and other payments received.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">To be eligible for inclusion in the Underlying Index, companies must generate at least 50% of their respective revenues from the ownership, development, construction, financing or operation of infrastructure-related assets in the following five supersector groups: (i) communication (i.e., cable and satellite, data centers, wireless, wireless towers and wireline); (ii) energy (i.e., energy utilities and mid-stream energy); (iii) government outsourcing/social (i.e., correctional facilities, hospitals and postal services); (iv) transportation (i.e., air transportation, passenger transportation, rail transportation, road transportation and water transportation); and (v) utilities (i.e., waste management </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">and water utilities). Securities must also meet certain minimum liquidity requirements. Eligible securities are then selected based on largest free-float adjusted market capitalization, with a maximum of 40 securities from each supersector group and with a cap on the number of constituent securities among the sector groups of each supersector group. To prevent companies, supersectors and countries from dominating the portfolio, the Underlying Index also includes constituent, supersector and country weight caps (“Weight Caps”). Constituents of the Underlying Index may include common and preferred stocks, publicly-traded units of master limited partnerships (“MLPs”) and real estate investment trusts (“REITs”). </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">As of December 31, 2022, the Underlying Index was comprised of 174 issues with market capitalizations ranging from $1<span style="padding-left: 0.10pt;"/>23 million to $74 billion. The Underlying Index is governed by published, objective rules for security selection, exclusion, rebalancing and adjustments for corporate actions. The Underlying Index is reconstituted on an annual basis and the Weight Caps are applied on a quarterly basis. The Fund generally reconstitutes or otherwise modifies its portfolio in accordance with the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a representative sampling strategy to manage the Fund. “Representative sampling” is investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index. The Fund reserves the right to invest in substantially all of the securities in its Underlying Index in approximately the same proportions (i.e., replication) if NTI determines that it is in the best interest of the Fund. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index and in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) (collectively “Depositary Receipts”) based on the securities in the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">The Fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds advised by NTI or its affiliates, futures contracts, options on futures contracts and forward currency contracts, as well as securities not included in the Underlying Index, but which NTI believes will help the Fund track its Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is sponsored by the Index Provider, an organization that is independent of the Fund and NTI. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral received). </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">From time to time the Fund may focus its investments (<span style="font-style: italic;">i.e.,</span> invest more than 15% of its total assets) in one or more particular countries or geographic regions. As of December 31, 2022, the Fund focused its investments in Canada. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Industry Concentration Policy<span style="font-weight: normal;">. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. As of December 31, 2022, the Underlying Index was concentrated in the communication, transportation and utilities subsector groups. The components of the Underlying Index, and the degree to which these components represent certain industries or sectors, may change over time.</span> </div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. As of December 31, 2022, the Underlying Index was concentrated in the communication, transportation and utilities subsector groups. The components of the Underlying Index, and the degree to which these components represent certain industries or sectors, may change over time.  Principal Risks <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">As with any investment, you could lose all or part of your investment in the Fund, and the Fund’s performance could trail that of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund’s net asset value (“NAV”), trading price, yield, total return and ability to meet its investment objective. Each risk noted below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. The significance of each risk factor below may change over time and you should review each risk factor carefully.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Equity Securities Risk<span style="font-weight: normal;"> is the risk that the values of the equity securities owned by the Fund may be more volatile</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">and underperform other asset classes and the general securities markets. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Mid Cap Stock Risk<span style="font-weight: normal;"> is the risk that stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies, and may lack sufficient market liquidity. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market, or may be dependent upon a small or inexperienced management group. Securities of smaller companies may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally the smaller the company size, the greater the risk.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">REIT Risk<span style="font-weight: normal;"> is the risk that the Fund’s investments may be affected by factors affecting REITs and the real estate sector generally. Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. REITs whose underlying properties are concentrated in a particular industry or geographic region are also subject to risks affecting such industries and regions. REITs may have limited financial resources, may trade less frequently and in lower volume, engage in dilutive offerings or become more volatile than other securities. By investing in REITs through the Fund, a shareholder will bear expenses of the REITs in addition to expenses of the Fund. In addition, REITs could possibly fail to (i) qualify for favorable tax treatment under applicable tax law, or (ii) maintain their exemption from registration under the Investment Company Act of 1940.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">MLP Risk<span style="font-weight: normal;"> is the risk that accompanies an investment in MLP units. The risks of investing in an MLP are similar to those of investing in a partnership, including more flexible governance structures, which could result in less protection for investors, such as the Fund, than investments in a corporation. An investor in an MLP normally would not be liable for the debts of the MLP beyond the amount that the investor has contributed but may not be shielded from liability to the same extent that a shareholder of a corporation would be. MLPs are also subject to risks related to potential conflicts of interest between the MLP and the MLP’s general partner and cash flow risks. MLPs that concentrate in a particular industry or a particular geographic region are subject to risks associated with such industry or</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">region. MLPs may also be sensitive to changes in interest rates and during periods of interest rate volatility, limited capital markets access and/or low commodities pricing and may not provide attractive returns. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">MLP Tax Risk<span style="font-weight: normal;">. An MLP is a public limited partnership or limited liability company taxed as a partnership under the Internal Revenue Code of 1986. MLPs taxed as partnerships do not pay U.S. federal income tax at the partnership level, subject to the application of certain partnership audit rules. A change in current tax law, or a change in the underlying business mix of a given MLP, however, could result in an MLP being classified as a corporation for U.S. federal income tax purposes, which would have the effect of reducing the amount of cash available for distribution by the MLP and, as a result, could result in a reduction of the value of the Fund’s investment (and the Fund), and, consequently, lower income.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Foreign Securities Risk<span style="font-weight: normal;"> is the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments may impose limitations on foreigners’ ownership of interests in local issuers, restrictions on the ability to repatriate assets, and may also impose taxes. Any of these events could cause the value of the Fund’s investments to decline. Foreign banks, agents and securities depositories that hold the Fund’s foreign assets may be subject to little or no regulatory oversight over, or independent evaluation, of their operations. Additional costs associated with investments in foreign securities may include higher custodial fees than those applicable to domestic custodial arrangements and transaction costs of foreign currency conversions. Unless the Fund has hedged its foreign currency exposure, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful. For instance, forward foreign currency exchange contracts, if used by the Fund, could reduce performance if there are unanticipated changes in currency exchange rates.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Emerging Markets Risk<span style="font-weight: normal;"> is the risk that emerging markets are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investments than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volumes and greater price volatility than companies in more developed markets. Emerging market economies may be based on only a few industries, may be highly vulnerable to changes in local and global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company’s assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Depositary Receipts Risk<span style="font-weight: normal;">. Foreign securities may trade in the form of depositary receipts. In addition to investment risks associated with the underlying issuer, depositary receipts may expose the Fund to additional risks associated with non-uniform terms that apply to depositary receipt programs, including credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency, political, economic, market risks and the risks of an illiquid market for depositary receipts. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. Depositary receipts may not track the price of the underlying foreign securities on which they are based, may have limited voting</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">rights, and may have a distribution subject to a fee charged by the depository. As a result, equity shares of the underlying issuer may trade at a discount or premium to the market price of the depositary receipts. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Geographic Risk<span style="font-weight: normal;"> is the risk that if the Fund invests a significant portion of its total assets in certain issuers within the same country or geographic region, an adverse economic, business or political development affecting that country or region may affect the value of the Fund’s investments more, and the Fund’s investments may be more volatile, than if the Fund’s investments were not so concentrated in such country or region.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 6pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Canada Investment Risk.<span style="font-weight: normal;"> is the risk that the Fund is particularly sensitive to political, economic and social conditions in affecting Canada. The Canadian economy is especially dependent on the demand for, and supply of, natural resources, and the Canadian market is relatively concentrated in issuers involved in the production and distribution of natural resources, particularly the production of metals. Any adverse events that affect Canada’s major industries may have a negative impact on the overall Canadian economy and the Fund.</span> </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Risk<span style="font-weight: normal;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, or volatility in the equity markets. Market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment could have a significant impact on the Fund and its investments and could result in the Fund’s shares trading at increased premiums or discounts to the Fund’s NAV. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to the risks described elsewhere in this summary will likely increase. Market disruptions, regulatory restrictions or other abnormal market conditions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">order to track its Underlying Index or cause delays in the Underlying Index’s rebalancing or reconstitution schedule. During any such delay, it is possible that the Underlying Index and, in turn, the Fund will deviate from the Underlying Index’s stated methodology and therefore experience returns different than those that would have been achieved under a normal rebalancing or reconstitution schedule. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Index Risk<span style="font-weight: normal;"> is the risk that the Fund would not necessarily buy or sell a security unless that security is added to or removed from, respectively, the Underlying Index, even if that security generally is underperforming, because unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the Underlying Index. Additionally, the Fund rebalances and/or reconstitutes its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance and/or reconstitution schedule will result in corresponding changes to the Fund’s rebalance and/or reconstitution schedule.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Tracking Error Risk<span style="font-weight: normal;"> is the risk that the Fund’s performance may vary from the performance of the Underlying Index as a result of creation and redemption activity, transaction costs, expenses and other factors.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Sampling Risk <span style="font-weight: normal;">is the risk that the Fund’s use of a representative sampling approach may result in increased tracking error because the securities selected for the Fund in the aggregate may vary from the investment profile of the Underlying Index. Additionally, the use of a representative sampling approach may result in the Fund holding a smaller number of securities than the Underlying Index, and, as a result, an adverse development to an issuer of securities that the Fund holds could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Underlying Index.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Authorized Participant Concentration Risk<span style="font-weight: normal;"> is the risk that the Fund may be adversely affected because it has a limited number of institutions that act as authorized participants (“Authorized Participants”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Fund and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units (as defined below), Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting. This risk may be heightened because of its investments in non-U.S. securities. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Calculation Methodology Risk<span style="font-weight: normal;"> is the risk that the Underlying Index’s calculation methodology or sources of information may not provide an accurate assessment of included issuers or correct valuation of securities, nor is the availability or timeliness of the production of the Underlying Index guaranteed. A security included in the Underlying Index may not exhibit the characteristic or provide the specific exposure for which it was selected and consequently a Fund's holdings may not exhibit returns consistent with that characteristic or exposure.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Trading Risk<span style="font-weight: normal;"> is the risk that the Fund faces because its shares are listed on a securities exchange, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of its listing exchange, make trading in the shares inadvisable. The market prices of Fund shares will generally fluctuate in accordance with changes in its NAV, changes in the relative supply of, and demand for, Fund shares, and changes in the liquidity, or the perceived liquidity, of the Fund’s holdings. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Concentration Risk <span style="font-weight: normal;">is the risk that, if the Fund is concentrated in a particular industry or group of industries, the Fund is likely to present more risks than a fund that is broadly diversified over several industries or groups of industries. Compared to the broad market, an individual industry may be more strongly affected by changes in the economic climate, broad market shifts, moves in a particular dominant stock or regulatory changes.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 6pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Infrastructure-Related Companies Risk<span style="font-weight: normal;"> is the risk that the Fund is subject to the risks associated with investment in infrastructure-related companies in addition to the general risk of the stock market. Risks associated with infrastructure-related companies include: (a) real-</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 6.25%;"> </td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 93.75%;">ized revenue volume may be significantly lower than projected and/or there will be cost overruns; (b) infrastructure project sponsors will alter their terms making a project no longer economical; (c) macroeconomic factors such as low gross domestic product (“GDP”) growth or high nominal interest rates will raise the average cost of infrastructure funding; (d) government regulation may affect rates charged to infrastructure customers; (e) government budgetary constraints will impact infrastructure projects; (f) special tariffs will be imposed; and (g) changes in tax laws, regulatory policies or accounting standards could be unfavorable. Other risks include environmental damage due to a company’s operations or an accident, a natural disaster, changes in market sentiment towards infrastructure and terrorist acts. Any of these events could cause the value of the Fund’s or Underlying Fund’s investments in infrastructure-related companies to decline. </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Derivatives Risk<span style="font-weight: normal;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.</span> </div> <table cellpadding="6" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 3pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Forward Foreign Currency Contracts Risk<span style="font-weight: normal;"> is the risk that, if forward prices increase, a loss will occur to the extent that the agreed upon purchase price of the currency exceeds the price of the currency that was agreed to be sold.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Options Contracts Risk<span style="font-weight: normal;"> Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the</span> </td> </tr> </table> <table cellpadding="6" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 6.25%;"> </td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 93.75%;">number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.</td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Futures Contracts Risk<span style="font-weight: normal;"> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</span> </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Interest Rate Risk<span style="font-weight: normal;"> is the risk that during periods of rising interest rates, the Fund’s yield (and the market value of its securities) will tend to be lower than prevailing market rates; in periods of falling interest rates, the Fund’s yield (and the market value of its securities) will tend to be higher. Increases in interest rates typically lower the present value of a REIT’s future earnings stream, and may make financing property purchases and improvements more costly. Because the market price of REIT stocks may change based upon investors’ collective perceptions of future earnings, the value of the Fund may decline when investors anticipate or experience rising interest rates.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">In general, securities with longer maturities or durations are more sensitive to interest rate changes. Changing interest rates, including rates that fall below zero, may have unpredictable effects on the markets and the Fund’s investments, may result in heightened market volatility, may impact the liquidity of fixed-income securities and of the Fund, and may detract from Fund performance. A low or negative interest rate environment could cause the Fund’s earnings to fall below the Fund’s expense ratio, resulting in a low or negative yield and a decline in the Fund’s NAV. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Fund. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Securities Lending Risk<span style="font-weight: normal;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Valuation Risk <span style="font-weight: normal;">is the risk that the sale price the Fund could receive for a portfolio security may differ from the Fund’s valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. </div> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year and (B) how the Fund’s average annual returns compare with those of a broad measure of market performance. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting flexshares.com.</div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year and (B) how the Fund’s average annual returns compare with those of a broad measure of market performance. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. flexshares.com Calendar Year Total Returns <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">For the period shown in the bar chart above:</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Best Quarter (3/31/2019): 13.57%</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Worst Quarter (3/31/2020): -19.69%</div> Best Quarter 2019-03-31 0.1357 Worst Quarter 2020-03-31 -0.1969 Average Annual Total Returns (for the periods ended December 31, 2022) -0.1003 0.0328 0.0526 2013-10-08 -0.1046 0.0264 0.0461 -0.0555 0.0250 0.0411 -0.1012 0.0315 0.0517 Reflects no deduction for fees, expenses or taxes. <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. FlexShares® Global Quality Real Estate Index Fund Investment Objective <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Northern Trust Global Quality Real Estate Index<sup style="font-size: 85%; font-style: normal; text-transform: none;">SM</sup> (the “Underlying Index”).</div> Fees And Expenses Of The Fund <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Under the Fund’s Investment Advisory Agreement, the Fund is responsible for the following expenses: interest expenses, brokerage commissions and other trading expenses, fees and expenses of the independent trustees and their independent legal counsel, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business. You will also incur usual and customary brokerage commissions and fees to financial intermediaries when buying or selling shares of the Fund in the secondary market, which are not reflected in the example that follows:</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0045 0.0000 0.0001 0.0046 -0.0001 0.0045 March 1, 2024 Example <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 46 147 257 578 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 54% of the average value of its portfolio. 0.54 Principal Investment Strategies <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is designed to reflect the performance of a selection of companies that, in aggregate, possess greater exposure to quality, value and momentum factors relative to the Northern Trust Global Real Estate Index (the “Parent Index”), a float-adjusted market-capitalization weighted index of publicly-traded equity securities of U.S. and non-U.S. real estate investment trusts (REITs) and real estate operating companies. In addition, the Underlying Index is designed to include companies with enhanced risk-return characteristics relative to the global publicly-traded real-estate market by featuring quality, value and momentum risk premiums, which NTI believes have been historically demonstrated over a full market cycle.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">To derive the Underlying Index, NTI, acting in its capacity as index provider (the “Index Provider”), ranks all constituents of the Parent Index using a Northern Trust proprietary blended multi-factor score. This score is designed to measure companies based on the quantitative assessment of their respective (a) quality (i.e., a factor that seeks to identify companies that exhibit financial strength and stability relative to the Parent Index); (b) value (i.e., a fac- </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">tor reflecting the current worth a company relative to its own historical value, book value or valuation versus peers); and (c) momentum (i.e., a factor that reflects market sentiment and changes in security price over a given time period). The Index Provider then uses an optimization process to select and weight eligible securities in order to maximize the overall blended multi-factor score relative to the Parent Index. The optimization also includes industry group, region, country, single-security weight, liquidity and turnover constraints so that these index characteristics vary within acceptable bands relative to the Parent Index. A company must meet the following criteria to be eligible for inclusion in the Underlying Index: (a) a constituent of the Parent Index; and (b) it must be classified under the business sector of “Real Estate” by Refinitiv Business Classification or have registered as a real estate investment trust under its applicable local tax code. Companies classified under the business activities of Mortgage REITs and Real Estate Services (NEC) by Refinitiv Business Classification are excluded from the Underlying Index. The Underlying Index is governed by published, objective rules for security selection, exclusion, rebalancing and adjustments for corporate actions. The Underlying Index is reconstituted on a quarterly basis. The Fund generally reconstitutes its portfolio in accordance with the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">As of December 31, 2022, the Underlying Index was comprised of 138 issues with market capitalizations ranging from $510 million to $1<span style="padding-left: 0.10pt;"/>06 billion. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a representative sampling strategy to manage the Fund. “Representative sampling” is investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index. The Fund reserves the right to invest in substantially all of the securities in its Underlying Index in approximately the same proportions (i.e., replication) if NTI determines that it is in the best interest of the Fund. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">and in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) (collectively “Depositary Receipts”) based on the securities in the Underlying Index. The Fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds advised by NTI or its affiliates, futures contracts, options on futures contracts and forward currency contracts, as well as securities not included in the Underlying Index, but which NTI believes will help the Fund track its Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is created and sponsored by NTI, as the Index Provider. NTI also serves as the investment adviser to the Fund. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral received). </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">From time to time the Fund may focus its investments (<span style="font-style: italic;">i.e.,</span> invest more than 15% of its total assets) in one or more particular countries or geographic regions. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Industry Concentration Policy.<span style="font-weight: normal;"> The Fund will concentrate its investments (i.e</span><span style="font-style: italic; font-weight: normal;">.</span><span style="font-weight: normal;">, hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. As of December 31, 2022, the Underlying Index was concentrated in the real estate sector. The components of the Underlying Index, and the degree to which these components represent certain industries or sectors, may change over time.</span> </div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. As of December 31, 2022, the Underlying Index was concentrated in the real estate sector. The components of the Underlying Index, and the degree to which these components represent certain industries or sectors, may change over time. Principal Risks <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">As with any investment, you could lose all or part of your investment in the Fund, and the Fund’s performance could trail that of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund’s net asset value (“NAV”), trading price, yield, total return and ability to meet its investment objective. Each risk noted below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. The significance of each risk factor below may change over time and you should review each risk factor carefully. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Real Estate Securities Risk<span style="font-weight: normal;"> is the risk that the Fund is subject to the risks associated with investment in the real estate sector in addition to the general risk of the stock market. Investing in securities of real estate companies will make the Fund more susceptible to risks associated with the ownership of real estate and with the real estate industry in general, as well as risks that relate specifically to the way in which real estate companies are organized and operated. Real estate companies may have lower trading volumes and may be subject to more abrupt or erratic price movements than the overall securities markets. The value of real estate securities may underperform other sectors of the economy or broader equity markets. To the extent that the Fund concentrates its investments in the real estate sector, it may be subject to greater risk of loss than if it were diversified across different industry sectors.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">REIT Risk<span style="font-weight: normal;"> is the risk that the Fund’s investments may be affected by factors affecting REITs and the real estate sector generally. Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. REITs whose underlying properties are concentrated in a particular industry or geographic region are also subject to risks affecting such industries and regions. REITs may have limited financial resources, may trade less frequently and in lower volume, engage in dilutive offerings or become more volatile than other securities. By investing in REITs through the Fund, a shareholder will bear expenses of the REITs in addition to expenses of the Fund. In addition, REITs could possibly fail to (i) qualify for favorable tax treatment under applicable tax law, or (ii) maintain their exemption from registration under the Investment Company Act of 1940.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Equity Securities Risk<span style="font-weight: normal;"> is the risk that the values of the equity securities owned by the Fund may be more volatile and underperform other asset classes and the general securities markets.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Mid and Small Cap Stock Risk<span style="font-weight: normal;"> is the risk that stocks of mid-sized and smaller companies may be more volatile than stocks of larger, more established companies, and may lack sufficient market liquidity. Mid-sized and small companies may have limited product lines or financial resources, may be dependent upon a particular niche of the market, or may be dependent upon a small or inexperienced management group. Securities of smaller companies</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally the smaller the company size, the greater the risk. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Foreign Securities Risk<span style="font-weight: normal;"> is the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments may impose limitations on foreigners’ ownership of interests in local issuers, restrictions on the ability to repatriate assets, and may also impose taxes. Any of these events could cause the value of the Fund’s investments to decline. Foreign banks, agents and securities depositories that hold the Fund’s foreign assets may be subject to little or no regulatory oversight over, or independent evaluation, of their operations. Additional costs associated with investments in foreign securities may include higher custodial fees than those applicable to domestic custodial arrangements and transaction costs of foreign currency conversions. Unless the Fund has hedged its foreign currency exposure, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful. For instance, forward foreign currency exchange contracts, if used by the Fund, could reduce performance if there are unanticipated changes in currency exchange rates.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Geographic Risk <span style="font-weight: normal;">is the risk that if the Fund invests a significant portion of its total assets in certain issuers within the same country or geographic region, an adverse economic, business or political development affecting that country or region may affect the value of the Fund’s investments more, and the Fund’s investments may be more volatile, than if the Fund’s investments were not so concentrated in such country or region.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Risk<span style="font-weight: normal;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, or volatility in the equity markets. Market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment could have a significant impact on the Fund and its investments and could result in the Fund’s shares trading at increased premiums or discounts to the Fund’s NAV. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to the risks described elsewhere in this summary will likely increase. Market disruptions, regulatory restrictions or other abnormal market conditions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track its Underlying Index or cause delays in the Underlying Index’s rebalancing or reconstitution schedule. During any such delay, it is possible that the Underlying Index and, in turn, the Fund will deviate from the Underlying Index’s stated methodology and therefore experience returns different than those that would have been achieved under a normal rebalancing or reconstitution schedule. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Index Risk<span style="font-weight: normal;"> is the risk that the Fund would not necessarily buy or sell a security unless that security is added to or removed from, respectively, the Underlying Index, even if that security generally is underperforming, because unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the Underlying Index. Additionally, the Fund rebalances and/or reconstitutes its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance and/or reconstitution schedule will result in corresponding changes to the Fund’s rebalance and/or reconstitution schedule.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Tracking Error Risk<span style="font-weight: normal;"> is the risk that the Fund’s performance may vary from the performance of the Underlying Index as a result of creation and redemption activity, transaction costs, expenses and other factors.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Sampling Risk <span style="font-weight: normal;">is the risk that the Fund’s use of a representative sampling approach may result in increased tracking error because the securities selected for the Fund in the</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">aggregate may vary from the investment profile of the Underlying Index. Additionally, the use of a representative sampling approach may result in the Fund holding a smaller number of securities than the Underlying Index, and, as a result, an adverse development to an issuer of securities that the Fund holds could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Momentum Risk <span style="font-weight: normal;">is the risk that securities that have had higher recent price performance compared to other securities may be more volatile than a broad cross-section of securities or that returns on securities that have previously exhibited price momentum are less than returns on other securities or the overall stock market. Momentum can turn quickly and cause significant variation from other types of investments.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Value Investing Risk<span style="font-weight: normal;"> is the risk that the Fund’s investment in companies whose securities are believed to be undervalued, relative to their underlying profitability, will not appreciate in value as anticipated.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Quality Factor Risk<span style="font-weight: normal;"> is the risk that the past performance of companies that have exhibited quality characteristics does not continue or the returns on securities issued by such companies may be less than returns from other styles of investing or the overall stock market. There may be periods when quality investing is out of favor and during which time the Fund's performance may suffer.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Authorized Participant Concentration Risk<span style="font-weight: normal;"> is the risk that the Fund may be adversely affected because it has a limited number of institutions that act as authorized participants (“Authorized Participants”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units (as defined below), Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting. This risk may be heightened because of its investments in non-U.S. securities.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Calculation Methodology Risk<span style="font-weight: normal;"> is the risk that the Underlying Index’s calculation methodology or sources of information may not provide an accurate assessment of</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">included issuers or correct valuation of securities, nor is the availability or timeliness of the production of the Underlying Index guaranteed. A security included in the Underlying Index may not exhibit the characteristic or provide the specific exposure for which it was selected and consequently a Fund's holdings may not exhibit returns consistent with that characteristic or exposure. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Trading Risk<span style="font-weight: normal;"> is the risk that the Fund faces because its shares are listed on a securities exchange, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of its listing exchange, make trading in the shares inadvisable. The market prices of Fund shares will generally fluctuate in accordance with changes in its NAV, changes in the relative supply of, and demand for, Fund shares, and changes in the liquidity, or the perceived liquidity, of the Fund’s holdings. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Concentration Risk <span style="font-weight: normal;">is the risk that, if the Fund is concentrated in a particular industry or group of industries, the Fund is likely to present more risks than a fund that is broadly diversified over several industries or groups of industries. Compared to the broad market, an individual industry may be more strongly affected by changes in the economic climate, broad market shifts, moves in a particular dominant stock or regulatory changes.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Derivatives Risk<span style="font-weight: normal;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 6pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Forward Foreign Currency Contracts Risk<span style="font-weight: normal;"> is the risk that, if forward prices increase, a loss will occur to the extent that the agreed upon purchase price of the cur-</span> </td> </tr> </table> <table cellpadding="6" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 6.25%;"> </td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 93.75%;">rency exceeds the price of the currency that was agreed to be sold.</td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Options Contracts Risk<span style="font-weight: normal;"> Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Futures Contracts Risk<span style="font-weight: normal;"> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</span> </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Emerging Markets Risk<span style="font-weight: normal;"> is the risk that emerging markets are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investments than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volumes and greater price volatility than companies in more developed markets. Emerging market economies may be based on only a few industries, may be highly vulnerable to changes in local and global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund’s ability to evaluate such companies. Securities law and the enforce-</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">ment of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company’s assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Depositary Receipts Risk<span style="font-weight: normal;">. Foreign securities may trade in the form of depositary receipts. In addition to investment risks associated with the underlying issuer, depositary receipts may expose the Fund to additional risks associated with non-uniform terms that apply to depositary receipt programs, including credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency, political, economic, market risks and the risks of an illiquid market for depositary receipts. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. Depositary receipts may not track the price of the underlying foreign securities on which they are based, may have limited voting rights, and may have a distribution subject to a fee charged by the depository. As a result, equity shares of the underlying issuer may trade at a discount or premium to the market price of the depositary receipts.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Interest Rate Risk<span style="font-weight: normal;"> is the risk that during periods of rising interest rates, the Fund’s yield (and the market value of its securities) will tend to be lower than prevailing market rates; in periods of falling interest rates, the Fund’s yield (and the market value of its securities) will tend to be higher. Increases in interest rates typically lower the present value of a REIT’s future earnings stream, and may make financing property purchases and improvements more costly. Because the market price of REIT stocks may change based upon investors’ collective perceptions of future earnings, the value of the Fund may decline when investors anticipate or experience rising interest rates.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">In general, securities with longer maturities or durations are more sensitive to interest rate changes. Changing interest rates, including rates that fall below zero, may have </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">unpredictable effects on the markets and the Fund’s investments, may result in heightened market volatility, may impact the liquidity of fixed-income securities and of the Fund, and may detract from Fund performance. A low or negative interest rate environment could cause the Fund’s earnings to fall below the Fund’s expense ratio, resulting in a low or negative yield and a decline in the Fund’s NAV. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Fund. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Securities Lending Risk<span style="font-weight: normal;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Valuation Risk <span style="font-weight: normal;">is the risk that the sale price the Fund could receive for a portfolio security may differ from the Fund’s valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. </div> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad measure of market performance, and (C) an additional index with characteristics relevant to the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting flexshares.com.</div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad measure of market performance, and (C) an additional index with characteristics relevant to the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. flexshares.com Calendar Year Total Returns <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">For the period shown in the bar chart above:</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Best Quarter (3/31/2019): 15.40%</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Worst Quarter (3/31/2020): -26.72%</div> Best Quarter 2019-03-31 0.1540 Worst Quarter 2020-03-31 -0.2672 Average Annual Total Returns (for the periods ended December 31, 2022) -0.2700 -0.0058 0.0348 2013-11-05 -0.2759 -0.0160 0.0240 -0.1585 -0.0074 0.0233 -0.2509 -0.0023 0.0257 -0.2747 -0.0074 0.0335 Reflects no deduction for fees, expenses or taxes. <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. FlexShares® Real Assets Allocation Index Fund Investment Objective <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Northern Trust Real Assets Allocation Index<sup style="font-size: 85%; font-style: normal; text-transform: none;">SM </sup>(the “Underlying Index”).</div> Fees And Expenses Of The Fund <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Under the Fund’s Investment Advisory Agreement, the Fund is responsible for the following other expenses: interest expenses, brokerage commissions and other trading expenses, fees and expenses of the independent trustees and their independent legal counsel, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business. You will also incur usual and customary brokerage commissions and fees to financial intermediaries when buying or selling shares of the Fund in the secondary market, which are not reflected in the example that follows:</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0057 0.0000 0.0001 0.0046 0.0104 -0.0047 0.0057 The “Total Annual Fund Operating Expenses” may not correlate to the ratio of expenses to average net assets as reported in the "Financial Highlights" section of the Prospectus, which reflects the operating expenses of the Fund and does include “Acquired Fund Fees and Expenses.” March 1, 2024 Example <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 58 284 528 1228 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 7% of the average value of its portfolio. 0.07 Principal Investment Strategies <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 12.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund is a fund of funds and seeks its investment objective by investing primarily in the shares of other FlexShares<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> ETFs (each an “Underlying Fund” and together, the “Underlying Funds”) that are eligible for inclusion in the Underlying Index and listed below, rather than in securities of individual companies. The Underlying Funds themselves seek investment results corresponding to their own respective underlying indexes. The Underlying Funds invest primarily in separate sets of securities representing or providing exposures to global “real assets.” Real assets are defined by the Index Provider as physical or tangible assets. Examples of real assets include but are not limited to commodities, precious metals, oil, and real estate. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 12.10pt; text-align: left; text-decoration: none; text-transform: none;">Each Underlying Fund has its own risk profile and will contribute differently to the overall risk profile of the Fund. Each of the Underlying Funds invests in equity securities that are traded in or are issued by companies domiciled in global developed or emerging markets (including the U.S.). Certain of the Underlying Funds may invest in publicly-traded units of master limited partnerships (“MLPs”) and real estate investment trusts (“REITs”). </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 12.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is designed to reflect the performance of an optimized allocation to the Underlying Funds that is intended to provide exposures to certain real assets and minimize overall volatility of investment in the Underlying Funds. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 12.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">As of December 31, 2022, the Underlying Index was comprised of the following Underlying Funds, each of which invests primarily in equity securities: a 51.79% weight to FlexShares<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> STOXX<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Global Broad Infrastructure Index Fund, a 25.35% weight to FlexShares<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Morningstar Global Upstream Natural Resources Index Fund and a 22.86% weight to FlexShares<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Global Quality Real Estate Index Fund. The Underlying Index was constituted and is rebalanced at least annually using a rules-based methodology. The Underlying Index may be rebalanced semi-annually if the volatility of investment in the Underlying Funds surpasses a minimum threshold. The weights of each Underlying Fund, and the degree to which each Underlying Fund represents exposure to certain real assets, may change over time as the Underlying Index and the underlying indexes of the Underlying Funds are reconstituted and/or rebalanced (which may be quarterly) and their component securities fluctuate in value. The Fund generally reconstitutes and/or rebalances its portfolio in accordance with the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 12.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 12.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI generally intends to replicate the constituent securities of the Fund’s Underlying Index. “Replication” is an indexing strategy in which a fund invests in substantially all of the securities in its underlying index in approximately the same proportions as in the underlying index. NTI may use a “representative sampling” strategy in certain circumstances, such as when it may not be possible or practicable to fully implement a replication strategy. Representative sampling is investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 12.10pt; text-align: left; text-decoration: none; text-transform: none;">Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index. The Fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds advised by NTI or its affiliates, futures contracts and options on futures contracts, as well as securities not included in the Underlying Index, but which NTI believes will help the Fund track its Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 12.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is created and sponsored by NTI. NTI also serves as the investment adviser to the Fund and the Underlying Funds. NTI, as the Index Provider, determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 12.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral received). </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 12.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">From time to time the Fund may focus its investments (<span style="font-style: italic;">i.e.,</span> invest more than 15% of its total assets) in one or more particular countries or geographic regions. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 12.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Industry Concentration Policy<span style="font-weight: normal;">. The Fund will concentrate its investments (</span><span style="font-style: italic; font-weight: normal;">i.e.,</span><span style="font-weight: normal;"> hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.</span> </div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.  Principal Risks <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 12.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">As with any investment, you could lose all or part of your investment in the Fund, and the Fund’s performance could trail that of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund’s net asset value (“NAV”), trading price, yield, total return and ability to meet its investment objective. Because the Fund will significantly invest in Underlying Funds, the risks described below are also applicable to the Underlying Funds, and to the extent that the Fund invests directly in securities and other instruments, the risks described below are also directly applicable to the Fund. Each risk noted below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. The significance of each risk factor below may change over time and you should review each risk factor carefully.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 12.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Concentration Risk <span style="font-weight: normal;">is the risk that, if the Fund is concentrated in a particular industry or group of industries, the Fund is likely to present more risks than a fund that is broadly diversified over several industries or groups of</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 12.10pt; text-align: left; text-decoration: none; text-transform: none;">industries. Compared to the broad market, an individual industry may be more strongly affected by changes in the economic climate, broad market shifts, moves in a particular dominant stock or regulatory changes. </div> <table cellpadding="6" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 2pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 11.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 11.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Global Natural Resources Risk<span style="font-weight: normal;"> is the risk that the Fund is subject to the risks associated with investment in the global natural resources sector in addition to the general risk of the stock market. The natural resources sector can be significantly affected by events relating to U.S. and foreign political and economic developments and environmental and other government regulations, as well as other factors including, but not limited to: commodity price volatility, technological developments and natural or man-made disasters. Declines in the demand for, or prices of, natural resources generally would be expected to contribute to declines in the value of the Fund’s or Underlying Fund’s equity securities. Such declines may occur quickly and without warning and may negatively impact the value of the Fund and your investment.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 11.10pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 11.10pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Infrastructure-Related Companies Risk<span style="font-weight: normal;"> is the risk that the Fund is subject to the risks associated with investment in infrastructure-related companies in addition to the general risk of the stock market. Risks associated with infrastructure-related companies include: (a) realized revenue volume may be significantly lower than projected and/or there will be cost overruns; (b) infrastructure project sponsors will alter their terms making a project no longer economical; (c) macroeconomic factors such as low gross domestic product (“GDP”) growth or high nominal interest rates will raise the average cost of infrastructure funding; (d) government regulation may affect rates charged to infrastructure customers; (e) government budgetary constraints will impact infrastructure projects; (f) special tariffs will be imposed; and (g) changes in tax laws, regulatory policies or accounting standards could be unfavorable. Other risks include environmental damage due to a company’s operations or an accident, a natural disaster, changes in market sentiment towards infrastructure and terrorist acts. Any of these events could cause the value of the Fund’s or Underlying Fund’s investments in infrastructure-related companies to decline.</span> </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 12.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">MLP Risk<span style="font-weight: normal;"> is the risk that accompanies an investment in MLP units. The risks of investing in an MLP are similar to those of investing in a partnership, including more flexible governance structures, which could result in less protection for investors, such as the Fund, than investments in a corporation. An investor in an MLP normally would not be liable for the debts of the MLP beyond the amount that the investor has contributed but may not be shielded from</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 12.10pt; text-align: left; text-decoration: none; text-transform: none;">liability to the same extent that a shareholder of a corporation would be. MLPs are also subject to risks related to potential conflicts of interest between the MLP and the MLP’s general partner and cash flow risks. MLPs that concentrate in a particular industry or a particular geographic region are subject to risks associated with such industry or region. MLPs may also be sensitive to changes in interest rates and during periods of interest rate volatility, limited capital markets access and/or low commodities pricing and may not provide attractive returns. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 12.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">MLP Tax Risk<span style="font-weight: normal;">. An MLP is a public limited partnership or limited liability company taxed as a partnership under the Internal Revenue Code of 1986. MLPs taxed as partnerships do not pay U.S. federal income tax at the partnership level, subject to the application of certain partnership audit rules. A change in current tax law, or a change in the underlying business mix of a given MLP, however, could result in an MLP being classified as a corporation for U.S. federal income tax purposes, which would have the effect of reducing the amount of cash available for distribution by the MLP and, as a result, could result in a reduction of the value of the Fund’s investment (and the Fund), and, consequently, lower income.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 12.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Real Estate Securities Risk<span style="font-weight: normal;"> is the risk that the Fund or an Underlying Fund is subject to the risks associated with investment in the real estate sector in addition to the general risk of the stock market. Investing in securities of real estate companies will make an Underlying Fund, and the Fund, more susceptible to risks associated with the ownership of real estate and with the real estate industry in general, as well as risks that relate specifically to the way in which real estate companies are organized and operated. Real estate companies may have lower trading volumes and may be subject to more abrupt or erratic price movements than the overall securities markets. The value of real estate securities may underperform other sectors of the economy or broader equity markets. To the extent that an Underlying Fund, and the Fund, concentrates its investments in the real estate sector, it may be subject to greater risk of loss than if it were diversified across different industry sectors.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 12.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">REIT Risk<span style="font-weight: normal;"> is the risk that the Fund’s investments may be affected by factors affecting REITs and the real estate sector generally. Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. REITs whose underlying properties are concentrated in a particular industry or geographic region are also subject to risks affecting such industries and regions. REITs may have limited financial resources, may trade less frequently and in lower volume,</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 12.10pt; text-align: left; text-decoration: none; text-transform: none;">engage in dilutive offerings or become more volatile than other securities. By investing in REITs through the Fund, a shareholder will bear expenses of the REITs in addition to expenses of the Fund. In addition, REITs could possibly fail to (i) qualify for favorable tax treatment under applicable tax law, or (ii) maintain their exemption from registration under the Investment Company Act of 1940. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 12.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Equity Securities Risk<span style="font-weight: normal;"> is the risk that the values of the equity securities owned by the Fund may be more volatile and underperform other asset classes and the general securities markets.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 12.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Fund of Funds Risk<span style="font-weight: normal;"> is the risk that the Fund’s investment performance largely depends on the investment performance of the Underlying Funds in which it primarily invests. The Fund’s NAV will change with changes in the value of the Underlying Funds and other securities in which the Fund invests based on their market valuations. An investment of the Fund is subject to the risks associated with the Underlying Funds that comprise the Underlying Index. There is the risk that the Index Provider’s evaluations and assumptions regarding the asset classes represented by the Underlying Funds in the Underlying Index at any given time may be incorrect based on actual market conditions.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 12.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">An investment in the Fund will entail more costs and expenses than direct investments in the Underlying Funds. The Fund will indirectly pay a proportional share of the expenses of the Underlying Funds in which it invests (including operating expenses and management fees), in addition to the fees and expenses it pays directly. As the Fund’s allocation to the Underlying Funds changes from time to time, or to the extent that the expense ratio of the Underlying Funds changes, the weighted average operating expenses borne by the Fund may increase or decrease. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 12.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Tax Risk<span style="font-weight: normal;"> is the risk that, because the Fund invests in the Underlying Funds, the Fund’s realized losses on sales of shares of the Underlying Funds may be indefinitely or permanently deferred as “wash sales.” Distributions of short-term capital gains by the Underlying Funds will be recognized as ordinary income by the Fund and would not be offset by the Fund’s capital loss carryforwards, if any. Capital loss carryforwards of the Underlying Funds, if any, would not offset net capital gains of the Fund. Each of these effects is caused by the Fund’s investment in the Underlying Funds and may result in distributions to Fund shareholders being of higher magnitudes and less likely to qualify for lower capital gain tax rates than if the Fund were to invest otherwise.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 12.10pt; text-align: left; text-decoration: none; text-transform: none;">Model Risk<span style="font-weight: normal;"> is the risk that the asset allocation model used to calculate the Underlying Index will not achieve its intended results.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 12.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Momentum Risk<span style="font-weight: normal;"> is the risk that securities that have had higher recent price performance compared to other securities may be more volatile than a broad cross-section of securities or that returns on securities that have previously exhibited price momentum are less than returns on other securities or the overall stock market. Momentum can turn quickly and cause significant variation from other types of investments. An Underlying Fund may follow an index that selects constituent securities based on a “momentum” factor.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 12.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Value Investing Risk<span style="font-weight: normal;"> is the risk that an Underlying Fund’s investment in companies whose securities are believed to be undervalued, relative to their underlying profitability, will not appreciate in value as anticipated.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 12.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Quality Factor Risk<span style="font-weight: normal;"> is the risk that the past performance of companies that have exhibited quality characteristics does not continue or the returns on securities issued by such companies may be less than returns from other styles of investing or the overall stock market. There may be periods when quality investing is out of favor and during which time the Fund's performance may suffer.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 12.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Foreign Securities Risk<span style="font-weight: normal;"> is the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments may impose limitations on foreigners’ ownership of interests in local issuers, restrictions on the ability to repatriate assets, and may also impose taxes. Any of these events could cause the value of the Fund’s investments to decline. Foreign banks, agents and securities depositories that hold the Fund’s foreign assets may be subject to little or no regulatory oversight over, or independent evaluation, of their operations. Additional costs associated with investments in foreign securities may include higher custodial fees than those applicable to domestic custodial arrangements and transaction costs of foreign currency conversions. Unless the Fund has hedged its foreign currency exposure, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 12.10pt; text-align: left; text-decoration: none; text-transform: none;">short periods of time. Currency hedging strategies, if used, are not always successful. For instance, forward foreign currency exchange contracts, if used by the Fund, could reduce performance if there are unanticipated changes in currency exchange rates. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 12.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Emerging Markets Risk<span style="font-weight: normal;"> is the risk that emerging markets are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investments than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volumes and greater price volatility than companies in more developed markets. Emerging market economies may be based on only a few industries, may be highly vulnerable to changes in local and global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company’s assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 12.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Geographic Risk<span style="font-weight: normal;"> is the risk that if the Fund invests a significant portion of its total assets in certain issuers within the same country or geographic region, an adverse economic, business or political development affecting that country or region may affect the value of the Fund’s investments more, and the Fund’s investments may be more volatile, than if the Fund’s investments were not so concentrated in such country or region.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 6pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 11.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 11.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Canada Investment Risk.<span style="font-weight: normal;"> is the risk that the Fund is particularly sensitive to political, economic and social conditions in affecting Canada. The Canadian economy is especially dependent on the demand for, and supply of, natural resources, and the Canadian market is rela-</span> </td> </tr> </table> <table cellpadding="6" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 6.25%;"> </td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 11.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 93.75%;">tively concentrated in issuers involved in the production and distribution of natural resources, particularly the production of metals. Any adverse events that affect Canada’s major industries may have a negative impact on the overall Canadian economy and the Fund.</td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 11.10pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 11.10pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">United Kingdom Investment Risk<span style="font-weight: normal;"> is the risk that investments in issuers located in the United Kingdom (“UK”) may subject the Fund to regulatory, political, currency, security and economic risk specific to the UK. The UK has one of the largest economies in Europe and is heavily dependent on trade with the European Union (“EU”). As a result, the UK economy may be impacted by changes to the economic health of EU member countries. In 2016, the UK voted to leave the EU (commonly known as “Brexit”), and on January 31, 2020, the UK officially withdrew from the EU. The precise impact on the UK’s economy as a result of its departure from the EU depends to a large degree on its ability to conclude favorable trade deals with the EU and other countries. While new trade deals may boost economic growth, such growth may not be able to offset the increased costs of trade with the EU resulting from the UK’s loss of its membership in the EU single market.</span> </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 12.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Risk<span style="font-weight: normal;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, or volatility in the equity markets. Market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment could have a significant impact on the Fund and its investments and could result in the Fund’s shares trading at increased premiums or discounts to the Fund’s NAV. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to the risks described elsewhere in this summary will likely increase. Market disruptions, regulatory restrictions or other abnormal market conditions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track its Underlying Index or cause delays in the Underlying Index’s rebalancing or reconstitution schedule. During any such delay, it is possible that the Underlying Index and, in turn, the Fund will deviate from the Underlying Index’s stated methodology and therefore experience returns different than those that would have been achieved under a normal rebalancing or reconstitution schedule.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 12.10pt; text-align: left; text-decoration: none; text-transform: none;">Index Risk<span style="font-weight: normal;"> is the risk that the Fund would not necessarily buy or sell a security unless that security is added to or removed from, respectively, the Underlying Index, even if that security generally is underperforming, because unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the Underlying Index. Additionally, the Fund rebalances and/or reconstitutes its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance and/or reconstitution schedule will result in corresponding changes to the Fund’s rebalance and/or reconstitution schedule.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 12.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Tracking Error Risk<span style="font-weight: normal;"> is the risk that the Fund’s performance may vary from the performance of the Underlying Index as a result of creation and redemption activity, transaction costs, expenses and other factors.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 12.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Authorized Participant Concentration Risk<span style="font-weight: normal;"> is the risk that the Fund may be adversely affected because it has a limited number of institutions that act as authorized participants (“Authorized Participants”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units (as defined below), Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 12.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Calculation Methodology Risk<span style="font-weight: normal;"> is the risk that the Underlying Index’s calculation methodology or sources of information may not provide an accurate assessment of included issuers or correct valuation of securities, nor is the availability or timeliness of the production of the Underlying Index guaranteed. A security included in the Underlying Index may not exhibit the characteristic or provide the specific exposure for which it was selected and consequently a Fund's holdings may not exhibit returns consistent with that characteristic or exposure.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 12.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Trading Risk<span style="font-weight: normal;"> is the risk that the Fund and the Underlying Funds face because their shares are listed on a securities exchange, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund or Underlying Fund. ANY OF THESE FACTORS MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 12.10pt; text-align: left; text-decoration: none; text-transform: none;">Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of its listing exchange, make trading in the shares inadvisable. The market prices of Fund shares will generally fluctuate in accordance with changes in its NAV, changes in the relative supply of, and demand for, Fund shares, and changes in the liquidity, or the perceived liquidity, of the Fund’s holdings. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 12.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Derivatives Risk<span style="font-weight: normal;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.</span> </div> <table cellpadding="6" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 2pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 11.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 11.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Futures Contracts Risk<span style="font-weight: normal;"> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 11.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 11.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Options Contracts Risk<span style="font-weight: normal;"> Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 11.10pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 11.10pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Forward Foreign Currency Contracts Risk<span style="font-weight: normal;"> is the risk that, if forward prices increase, a loss will occur to the extent that the agreed upon purchase price of the currency exceeds the price of the currency that was agreed to be sold.</span> </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 12.10pt; text-align: left; text-decoration: none; text-transform: none;">Interest Rate Risk<span style="font-weight: normal;"> is the risk that during periods of rising interest rates, the Fund’s yield (and the market value of its securities) will tend to be lower than prevailing market rates; in periods of falling interest rates, the Fund’s yield (and the market value of its securities) will tend to be higher. Increases in interest rates typically lower the present value of a REIT’s future earnings stream, and may make financing property purchases and improvements more costly. Because the market price of REIT stocks may change based upon investors’ collective perceptions of future earnings, the value of the Fund may decline when investors anticipate or experience rising interest rates.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 12.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">In general, securities with longer maturities or durations are more sensitive to interest rate changes. Changing interest rates, including rates that fall below zero, may have unpredictable effects on the markets and the Fund’s investments, may result in heightened market volatility, may impact the liquidity of fixed-income securities and of the Fund, and may detract from Fund performance. A low or negative interest rate environment could cause the Fund’s earnings to fall below the Fund’s expense ratio, resulting in a low or negative yield and a decline in the Fund’s NAV. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Fund. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 12.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Mid and Small Cap Stock Risk<span style="font-weight: normal;"> is the risk that stocks of mid-sized and smaller companies may be more volatile than stocks of larger, more established companies, and may lack sufficient market liquidity. Mid-sized and small companies may have limited product lines or financial resources, may be dependent upon a particular niche of the market, or may be dependent upon a small or inexperienced management group. Securities of smaller companies may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally the smaller the company size, the greater the risk.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 12.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Securities Lending Risk<span style="font-weight: normal;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 12.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Valuation Risk<span style="font-weight: normal;"> is the risk that the sale price the Fund or an Underlying Fund could receive for a portfolio security may differ from the Fund’s or the Underlying Fund’s valuation</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 12.10pt; text-align: left; text-decoration: none; text-transform: none;">of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund’s or an Underlying Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 12.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. </div> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 12.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad measure of market performance, and (C) an additional index with characteristics relevant to the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting flexshares.com.</div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad measure of market performance, and (C) an additional index with characteristics relevant to the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. flexshares.com Calendar Year Total Returns <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 12.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">For the periods in the bar chart above:</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 12.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Best Quarter (3/31/2019): 14.27%</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 12.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Worst Quarter (3/31/2020): -23.50%</div> Best Quarter 2019-03-31 0.1427 Worst Quarter 2020-03-31 -0.2350 Average Annual Total Returns (for the periods ended December 31, 2022) -0.1004 0.0368 0.0553 2015-11-23 -0.1063 0.0287 0.0465 -0.0555 0.0267 0.0412 -0.1836 0.0522 0.0764 -0.0994 0.0381 0.0566 Reflects no deduction for fees, expenses or taxes. <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 12.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. FlexShares® Quality Dividend Index Fund Investment Objective <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Northern Trust Quality Dividend Index<sup style="font-size: 85%; font-style: normal; text-transform: none;">SM</sup> (the “Underlying Index”).</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Under the Fund’s Investment Advisory Agreement, the Fund is responsible for the following expenses: interest expenses, brokerage commissions and other trading expenses, fees and expenses of the independent trustees and their independent legal counsel, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business. You will also incur usual and customary brokerage commissions and fees to financial intermediaries when buying or selling shares of the Fund in the secondary market, which are not reflected in the example that follows:</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0037 0.0000 0.0001 0.0038 -0.0001 0.0037 March 1, 2024 Example <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 38 121 212 479 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 40% of the average value of its portfolio. 0.40 Principal Investment Strategies <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is designed to reflect the performance of a selection of companies that, in aggregate, provide exposure to a high-quality income-oriented universe of long-only U.S. equity securities, with an emphasis on long-term capital growth and a targeted overall beta that is similar to that of the Northern Trust 1250 Index (the “Parent Index”), a float-adjusted market-capitalization weighted index of U.S. domiciled large- and mid-capitalization companies. Beta represents the market sensitivity, relative to a given market index and time period, and is one measure of volatility.</div> <div style="margin-top: 6pt;"> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">To derive the Underlying Index, NTI, acting in its capacity as the index provider (the “Index Provider”), begins with all securities in the Parent Index and then removes those securities that rank in the lowest quintile of quality based on a proprietary scoring model, as well as those which do not pay a dividend. The core components of the proprietary quality scoring model are based on quantitative ranking and various metrics obtained from company filings. These scores have three components: (i) management efficiency (e.g., corporate finance activities and corporate gov- </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">ernance); (ii) profitability (e.g., reliability and sustainability of financial performance); and (iii) cash flow (e.g., cash flow generation). The Index Provider then uses an optimization process to select and weight eligible securities in order to (a) maximize the overall quality score relative to the Parent Index; (b) attain an aggregate dividend yield in excess of the Parent Index; and (c) achieve the desired beta target. The optimization process also includes sector, industry group, single-security weight and turnover constraints to assist in reducing the Underlying Index’s overall active risk exposure to any one single factor. As of December 31, 2022, there were 131 issues in the Underlying Index. The Underlying Index is governed by transparent, objective rules for security selection, exclusion, rebalancing and adjustments for corporate actions and is reconstituted quarterly. The Fund generally reconstitutes its portfolio in accordance with the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” its Underlying Index and does not seek temporary defensive positions when markets decline or appear overvalued. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a representative sampling strategy to manage the Fund. “Representative sampling” is investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index. The Fund reserves the right to invest in substantially all of the securities in its Underlying Index in approximately the same proportions (i.e., replication) if NTI determines that it is in the best interest of the Fund. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index. The Fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds advised by NTI or its affiliates, futures contracts and options on futures contracts, as well as securities not included in the Underlying Index, but which NTI believes will help the Fund track its Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is created and sponsored by NTI, as the Index Provider. NTI also serves as the investment adviser to the Fund. The Index Provider determines the </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral received). </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Industry Concentration Policy<span style="font-weight: normal;">. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. As of December 31, 2022, the Underlying Index was concentrated in the Information Technology sector. The components of the Underlying Index, and the degree to which these components represent certain industries or sectors, may change over time.</span> </div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. As of December 31, 2022, the Underlying Index was concentrated in the Information Technology sector. The components of the Underlying Index, and the degree to which these components represent certain industries or sectors, may change over time.  Principal Risks <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">As with any investment, you could lose all or part of your investment in the Fund, and the Fund’s performance could trail that of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund’s net asset value (“NAV”), trading price, yield, total return and ability to meet its investment objective. Each risk noted below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. The significance of each risk factor below may change over time and you should review each risk factor carefully.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Equity Securities Risk<span style="font-weight: normal;"> is the risk that the values of the equity securities owned by the Fund may be more volatile and underperform other asset classes and the general securities markets.</span></div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Mid Cap Stock Risk<span style="font-weight: normal;"> is the risk that stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies, and may lack sufficient market liquidity. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market, or may be dependent upon a small or inexperienced management group. Securities of smaller companies may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally the smaller the company size, the greater the risk.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Concentration Risk <span style="font-weight: normal;">is the risk that, if the Fund is concentrated in a particular industry or group of industries, the Fund is likely to present more risks than a fund that is broadly diversified over several industries or groups of industries. Compared to the broad market, an individual industry may be more strongly affected by changes in the economic climate, broad market shifts, moves in a particular dominant stock or regulatory changes.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 6pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Information Technology Sector Risk<span style="font-weight: normal;"> is the risk that securities of technology companies may be subject to greater price volatility than securities of companies in other sectors. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. Technology securities also may be affected adversely by changes in technology, consumer and business purchasing patterns, government regulation and/or obsolete products or services.</span> </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Dividend Risk <span style="font-weight: normal;">is the risk that an issuer of stock held by the Fund may choose not to declare a dividend or the dividend rate might not remain at current levels. Dividend paying stocks might not experience the same level of earnings growth or capital appreciation as non-dividend paying stocks. The Fund’s performance during a broad market advance could suffer because dividend paying stocks may not experience the same capital appreciation as non-dividend paying stocks.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Volatility Risk<span style="font-weight: normal;"> is the risk that the actual level of volatility experienced by the Fund may be greater or lower than the targeted overall volatility of the Underlying Index. Although the Underlying Index is designed to have a targeted overall volatility that is similar to that of the Parent Index, there is no guarantee that it will have the targeted overall volatility. The Fund will continue to seek to track the Underlying Index even if the Underlying Index does not have the targeted overall volatility. There is also the risk that the Fund may experience volatility greater or lower than that of the Underlying Index as a result of tracking error. A portfolio of securities with greater volatility is generally considered to have a higher risk profile than a portfolio with lower volatility.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Quality Factor Risk<span style="font-weight: normal;"> is the risk that the past performance of companies that have exhibited quality characteristics does not continue or the returns on securities issued by such companies may be less than returns from other styles of</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">investing or the overall stock market. There may be periods when quality investing is out of favor and during which time the Fund's performance may suffer. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Risk<span style="font-weight: normal;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, or volatility in the equity markets. Market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment could have a significant impact on the Fund and its investments and could result in the Fund’s shares trading at increased premiums or discounts to the Fund’s NAV. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to the risks described elsewhere in this summary will likely increase. Market disruptions, regulatory restrictions or other abnormal market conditions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track its Underlying Index or cause delays in the Underlying Index’s rebalancing or reconstitution schedule. During any such delay, it is possible that the Underlying Index and, in turn, the Fund will deviate from the Underlying Index’s stated methodology and therefore experience returns different than those that would have been achieved under a normal rebalancing or reconstitution schedule.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Index Risk<span style="font-weight: normal;"> is the risk that the Fund would not necessarily buy or sell a security unless that security is added to or removed from, respectively, the Underlying Index, even if that security generally is underperforming, because unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the Underlying Index. Additionally, the Fund rebalances and/or reconstitutes its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance and/or reconstitution schedule will result in corresponding changes to the Fund’s rebalance and/or reconstitution schedule.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Tracking Error Risk<span style="font-weight: normal;"> is the risk that the Fund’s performance may vary from the performance of the Underlying Index as a result of creation and redemption activity, transaction costs, expenses and other factors.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Sampling Risk<span style="font-weight: normal;"> is the risk that the Fund’s use of a representative sampling approach may result in increased tracking error because the securities selected for the Fund in the aggregate may vary from the investment profile of the Underlying Index. Additionally, the use of a representative sampling approach may result in the Fund holding a smaller number of securities than the Underlying Index, and, as a result, an adverse development to an issuer of securities that the Fund holds could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Underlying Index.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Authorized Participant Concentration Risk<span style="font-weight: normal;"> is the risk that the Fund may be adversely affected because it has a limited number of institutions that act as authorized participants (“Authorized Participants”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units (as defined below), Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Calculation Methodology Risk<span style="font-weight: normal;"> is the risk that the Underlying Index’s calculation methodology or sources of information may not provide an accurate assessment of included issuers or correct valuation of securities, nor is the availability or timeliness of the production of the Underlying Index guaranteed. A security included in the Underlying Index may not exhibit the characteristic or provide the specific exposure for which it was selected and consequently a Fund's holdings may not exhibit returns consistent with that characteristic or exposure.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Trading Risk<span style="font-weight: normal;"> is the risk that the Fund faces because its shares are listed on a securities exchange, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">the Fund. ANY OF THESE FACTORS MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of its listing exchange, make trading in the shares inadvisable. The market prices of Fund shares will generally fluctuate in accordance with changes in its NAV, changes in the relative supply of, and demand for, Fund shares, and changes in the liquidity, or the perceived liquidity, of the Fund’s holdings. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Derivatives Risk<span style="font-weight: normal;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.</span> </div> <table cellpadding="6" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 3pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Futures Contracts Risk<span style="font-weight: normal;"> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Options Contracts Risk<span style="font-weight: normal;"> Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 6.25%;"> </td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 93.75%;">number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies. </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Securities Lending Risk<span style="font-weight: normal;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. </div> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad measure of market performance, and (C) an additional index with characteristics relevant to the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting flexshares.com.</div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad measure of market performance, and (C) an additional index with characteristics relevant to the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. flexshares.com Calendar Year Total Returns <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">For the periods in the bar chart above:</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Best Quarter (6/30/2020): 18.51%</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Worst Quarter (3/31/2020): -25.18%</div> Best Quarter 2020-06-30 0.1851 Worst Quarter 2020-03-31 -0.2518 Average Annual Total Returns (for the periods ended December 31, 2022) -0.1211 0.0624 0.1083 -0.1267 0.0544 0.1000 -0.0687 0.0472 0.0873 -0.1913 0.0913 0.1238 -0.1179 0.0675 0.1136 Reflects no deduction for fees, expenses or taxes. <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. FlexShares® Quality Dividend Defensive Index Fund Investment Objective <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Northern Trust Quality Dividend Defensive Index<sup style="font-size: 85%; font-style: normal; text-transform: none;">SM</sup> (the “Underlying Index”).</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Under the Fund’s Investment Advisory Agreement, the Fund is responsible for the following expenses: interest expenses, brokerage commissions and other trading expenses, fees and expenses of the independent trustees and their independent legal counsel, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business. You will also incur usual and customary brokerage commissions and fees to financial intermediaries when buying or selling shares of the Fund in the secondary market, which are not reflected in the example that follows:</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0037 0.0000 0.0001 0.0038 -0.0001 0.0037 March 1, 2024 Example <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 38 121 212 479 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 47% of the average value of its portfolio. 0.47 Principal Investment Strategies <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is designed to reflect the performance of a selection of companies that, in aggregate, provide exposure to a high quality income-oriented universe of long-only U.S. equity securities, with an emphasis on long-term capital growth and a targeted overall beta that is generally between 0.5 to 1.0 times that of the Northern Trust 1250 Index (the “Parent Index”), a float-adjusted market-capitalization weighted index of U.S. domiciled large- and mid-capitalization companies. Beta represents the market sensitivity, relative to a given market index and time period, and is one measure of volatility.</div> <div style="margin-top: 6pt;"> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">To derive the Underlying Index, NTI, acting in its capacity as the index provider (the “Index Provider”), begins with all securities in the Parent Index and then removes those securities that rank in the lowest quintile of quality based on a proprietary scoring model, as well as those which do not pay a dividend. The core components of the proprietary quality scoring model are based on quantitative ranking and various metrics obtained from company filings. These scores have three components: (i) management efficiency (e.g., corporate finance activities and corporate gov- </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">ernance); (ii) profitability (e.g., reliability and sustainability of financial performance); and (iii) cash flow (e.g., cash flow generation). The Index Provider then uses an optimization process to select and weight eligible securities in order to (a) maximize the overall quality score relative to the Parent Index, (b) attain an aggregate dividend yield in excess of the Parent Index and (c) achieve the desired beta target. The optimization process also includes sector, industry group, single-security weight and turnover constraints to assist in reducing the Underlying Index’s overall active risk exposure to any one single factor. As of December 31, 2022, there were 114 issues in the Underlying Index. The Underlying Index is governed by transparent, objective rules for security selection, exclusion, rebalancing and adjustments for corporate actions and is reconstituted quarterly. The Fund generally reconstitutes its portfolio in accordance with the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” its Underlying Index and does not seek temporary defensive positions when markets decline or appear overvalued. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a representative sampling strategy to manage the Fund. “Representative sampling” is investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index. The Fund reserves the right to invest in substantially all of the securities in its Underlying Index in approximately the same proportions (i.e., replication) if NTI determines that it is in the best interest of the Fund. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index. The Fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds advised by NTI or its affiliates, futures contracts and options on futures contracts, as well as securities not included in the Underlying Index, but which NTI believes will help the Fund track its Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is created and sponsored by NTI, as the Index Provider. NTI also serves as the investment adviser to the Fund. The Index Provider determines the </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral received). </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Industry Concentration Policy<span style="font-weight: normal;">. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. As of December 31, 2022, the Underlying Index was concentrated in the Information Technology sector. The components of the Underlying Index, and the degree to which these components represent certain industries or sectors, may change over time.</span> </div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. As of December 31, 2022, the Underlying Index was concentrated in the Information Technology sector. The components of the Underlying Index, and the degree to which these components represent certain industries or sectors, may change over time.  Principal Risks <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">As with any investment, you could lose all or part of your investment in the Fund, and the Fund’s performance could trail that of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund’s net asset value (“NAV”), trading price, yield, total return and ability to meet its investment objective. Each risk noted below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. The significance of each risk factor below may change over time and you should review each risk factor carefully.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Equity Securities Risk<span style="font-weight: normal;"> is the risk that the values of the equity securities owned by the Fund may be more volatile and underperform other asset classes and the general securities markets.</span></div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Mid Cap Stock Risk<span style="font-weight: normal;"> is the risk that stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies, and may lack sufficient market liquidity. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market, or may be dependent upon a small or inexperienced management group. Securities of smaller companies may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally the smaller the company size, the greater the risk.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Concentration Risk <span style="font-weight: normal;">is the risk that, if the Fund is concentrated in a particular industry or group of industries, the Fund is likely to present more risks than a fund that is broadly diversified over several industries or groups of industries. Compared to the broad market, an individual industry may be more strongly affected by changes in the economic climate, broad market shifts, moves in a particular dominant stock or regulatory changes.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 6pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Information Technology Sector Risk<span style="font-weight: normal;"> is the risk that securities of technology companies may be subject to greater price volatility than securities of companies in other sectors. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. Technology securities also may be affected adversely by changes in technology, consumer and business purchasing patterns, government regulation and/or obsolete products or services.</span> </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Dividend Risk <span style="font-weight: normal;">is the risk that an issuer of stock held by the Fund may choose not to declare a dividend or the dividend rate might not remain at current levels. Dividend paying stocks might not experience the same level of earnings growth or capital appreciation as non-dividend paying stocks. The Fund’s performance during a broad market advance could suffer because dividend paying stocks may not experience the same capital appreciation as non-dividend paying stocks.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Volatility Risk<span style="font-weight: normal;"> is the risk that the actual level of volatility experienced by the Fund may be greater or lower than the targeted overall volatility of the Underlying Index. Although the Underlying Index is designed to have a targeted overall volatility that is lower than that of the Parent Index, there is no guarantee that it will have the targeted overall volatility. The Fund will continue to seek to track the Underlying Index even if the Underlying Index does not have the targeted overall volatility. There is also the risk that the Fund may experience volatility greater or lower than that of the Underlying Index as a result of tracking error. A portfolio of securities with greater volatility is generally considered to have a higher risk profile than a portfolio with lower volatility.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Quality Factor Risk<span style="font-weight: normal;"> is the risk that the past performance of companies that have exhibited quality characteristics does not continue or the returns on securities issued by such companies may be less than returns from other styles of</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">investing or the overall stock market. There may be periods when quality investing is out of favor and during which time the Fund's performance may suffer. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Risk<span style="font-weight: normal;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, or volatility in the equity markets. Market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment could have a significant impact on the Fund and its investments and could result in the Fund’s shares trading at increased premiums or discounts to the Fund’s NAV. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to the risks described elsewhere in this summary will likely increase. Market disruptions, regulatory restrictions or other abnormal market conditions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track its Underlying Index or cause delays in the Underlying Index’s rebalancing or reconstitution schedule. During any such delay, it is possible that the Underlying Index and, in turn, the Fund will deviate from the Underlying Index’s stated methodology and therefore experience returns different than those that would have been achieved under a normal rebalancing or reconstitution schedule.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Index Risk<span style="font-weight: normal;"> is the risk that the Fund would not necessarily buy or sell a security unless that security is added to or removed from, respectively, the Underlying Index, even if that security generally is underperforming, because unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the Underlying Index. Additionally, the Fund rebalances and/or reconstitutes its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance and/or reconstitution schedule will result in corresponding changes to the Fund’s rebalance and/or reconstitution schedule.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Tracking Error Risk<span style="font-weight: normal;"> is the risk that the Fund’s performance may vary from the performance of the Underlying Index as a result of creation and redemption activity, transaction costs, expenses and other factors.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Sampling Risk <span style="font-weight: normal;">is the risk that the Fund’s use of a representative sampling approach may result in increased tracking error because the securities selected for the Fund in the aggregate may vary from the investment profile of the Underlying Index. Additionally, the use of a representative sampling approach may result in the Fund holding a smaller number of securities than the Underlying Index, and, as a result, an adverse development to an issuer of securities that the Fund holds could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Underlying Index.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Authorized Participant Concentration Risk<span style="font-weight: normal;"> is the risk that the Fund may be adversely affected because it has a limited number of institutions that act as authorized participants (“Authorized Participants”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units (as defined below), Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Calculation Methodology Risk<span style="font-weight: normal;"> is the risk that the Underlying Index’s calculation methodology or sources of information may not provide an accurate assessment of included issuers or correct valuation of securities, nor is the availability or timeliness of the production of the Underlying Index guaranteed. A security included in the Underlying Index may not exhibit the characteristic or provide the specific exposure for which it was selected and consequently a Fund's holdings may not exhibit returns consistent with that characteristic or exposure.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Trading Risk<span style="font-weight: normal;"> is the risk that the Fund faces because its shares are listed on a securities exchange, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">the Fund. ANY OF THESE FACTORS MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of its listing exchange, make trading in the shares inadvisable. The market prices of Fund shares will generally fluctuate in accordance with changes in its NAV, changes in the relative supply of, and demand for, Fund shares, and changes in the liquidity, or the perceived liquidity, of the Fund’s holdings. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Derivatives Risk<span style="font-weight: normal;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.</span> </div> <table cellpadding="6" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 3pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Futures Contracts Risk<span style="font-weight: normal;"> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Options Contracts Risk<span style="font-weight: normal;"> Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 6.25%;"> </td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 93.75%;">number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies. </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Securities Lending Risk<span style="font-weight: normal;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. </div> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad measure of market performance, and (C) an additional index with characteristics relevant to the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting flexshares.com.</div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad measure of market performance, and (C) an additional index with characteristics relevant to the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. flexshares.com Calendar Year Total Returns <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">For the periods in the bar chart above:</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Best Quarter (6/30/2020): 15.95%</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Worst Quarter (3/31/2020): -23.37%</div> Best Quarter 2020-06-30 0.1595 Worst Quarter 2020-03-31 -0.2337 Average Annual Total Returns (for the periods ended December 31, 2022) -0.1090 0.0683 0.1089 -0.1146 0.0593 0.1003 -0.0615 0.0520 0.0879 -0.1913 0.0913 0.1238 -0.1049 0.0740 0.1145 Reflects no deduction for fees, expenses or taxes. <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. FlexShares® Quality Dividend Dynamic Index Fund Investment Objective <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Northern Trust Quality Dividend Dynamic Index<sup style="font-size: 85%; font-style: normal; text-transform: none;">SM</sup> (the “Underlying Index”).</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Under the Fund’s Investment Advisory Agreement, the Fund is responsible for the following expenses: interest expenses, brokerage commissions and other trading expenses, fees and expenses of the independent trustees and their independent legal counsel, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business. You will also incur usual and customary brokerage commissions and fees to financial intermediaries when buying or selling shares of the Fund in the secondary market, which are not reflected in the example that follows:</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0037 0.0000 0.0001 0.0038 -0.0001 0.0037 March 1, 2024 Example <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 38 121 212 479 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 48% of the average value of its portfolio. 0.48 Principal Investment Strategies <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is designed to reflect the performance of a selection of companies that, in aggregate, provide exposure to a high quality income-oriented universe of long-only U.S. equity securities, with an emphasis on long-term capital growth and a targeted overall beta that is generally between 1.0 to 1.5 times that of the Northern Trust 1250 Index (the “Parent Index”), a float-adjusted market-capitalization weighted index of U.S. domiciled large- and mid-capitalization companies. Beta represents the market sensitivity, relative to a given market index and time period, and is one measure of volatility.</div> <div style="margin-top: 6pt;"> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">To derive the Underlying Index, NTI, acting in its capacity as the index provider (the “Index Provider”), begins with all securities in the Parent Index and then removes those securities that rank in the lowest quintile of quality based on a proprietary scoring model, as well as those which do not pay a dividend. The core components of the proprietary quality scoring model are based on quantitative ranking and various metrics obtained from company filings. These scores have three components: (i) management efficiency (e.g., corporate finance activities and corporate gov- </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">ernance); (ii) profitability (e.g., reliability and sustainability of financial performance); and (iii) cash flow (e.g., cash flow generation). The Index Provider then uses an optimization process to select and weight eligible securities in order to (a) maximize the overall quality score relative to the Parent Index, (b) attain an aggregate dividend yield in excess of the Parent Index and (c) achieve the desired beta target. The optimization process also includes sector, industry group, single-security weight and turnover constraints to assist in reducing the Underlying Index’s overall active risk exposure to any one single factor. As of December 31, 2022, there were 127 issues in the Underlying Index. The Underlying Index is governed by transparent, objective rules for security selection, exclusion, rebalancing and adjustments for corporate actions and is reconstituted quarterly. The Fund generally reconstitutes its portfolio in accordance with the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” its Underlying Index and does not seek temporary defensive positions when markets decline or appear overvalued. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a representative sampling strategy to manage the Fund. “Representative sampling” is investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index. The Fund reserves the right to invest in substantially all of the securities in its Underlying Index in approximately the same proportions (i.e., replication) if NTI determines that it is in the best interest of the Fund. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index. The Fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds advised by NTI or its affiliates, futures contracts and options on futures contracts, as well as securities not included in the Underlying Index, but which NTI believes will help the Fund track its Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is created and sponsored by NTI, as the Index Provider. NTI also serves as the investment adviser to the Fund. The Index Provider determines the </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral received). </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Industry Concentration Policy<span style="font-weight: normal;">. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.</span> </div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.  Principal Risks <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">As with any investment, you could lose all or part of your investment in the Fund, and the Fund’s performance could trail that of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund’s net asset value (“NAV”), trading price, yield, total return and ability to meet its investment objective. Each risk noted below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. The significance of each risk factor below may change over time and you should review each risk factor carefully.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Equity Securities Risk<span style="font-weight: normal;"> is the risk that the values of the equity securities owned by the Fund may be more volatile and underperform other asset classes and the general securities markets.</span></div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Mid Cap Stock Risk<span style="font-weight: normal;"> is the risk that stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies, and may lack sufficient market liquidity. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market, or may be dependent upon a small or inexperienced management group. Securities of smaller companies may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally the smaller the company size, the greater the risk.</span></div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Concentration Risk <span style="font-weight: normal;">is the risk that, if the Fund is concentrated in a particular industry or group of industries, the Fund is likely to present more risks than a fund that is broadly diversified over several industries or groups of</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">industries. Compared to the broad market, an individual industry may be more strongly affected by changes in the economic climate, broad market shifts, moves in a particular dominant stock or regulatory changes. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Dividend Risk <span style="font-weight: normal;">is the risk that an issuer of stock held by the Fund may choose not to declare a dividend or the dividend rate might not remain at current levels. Dividend paying stocks might not experience the same level of earnings growth or capital appreciation as non-dividend paying stocks. The Fund’s performance during a broad market advance could suffer because dividend paying stocks may not experience the same capital appreciation as non-dividend paying stocks.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Volatility Risk<span style="font-weight: normal;"> is the risk that the actual level of volatility experienced by the Fund may be greater or lower than the targeted overall volatility of the Underlying Index. Although the Underlying Index is designed to have a targeted overall volatility that is greater than that of the Parent Index, there is no guarantee that it will have the targeted overall volatility. The Fund will continue to seek to track the Underlying Index even if the Underlying Index does not have the targeted overall volatility. There is also the risk that the Fund may experience volatility greater or lower than that of the Underlying Index as a result of tracking error. A portfolio of securities with greater volatility is generally considered to have a higher risk profile than a portfolio with lower volatility.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Quality Factor Risk<span style="font-weight: normal;"> is the risk that the past performance of companies that have exhibited quality characteristics does not continue or the returns on securities issued by such companies may be less than returns from other styles of investing or the overall stock market. There may be periods when quality investing is out of favor and during which time the Fund's performance may suffer.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Risk<span style="font-weight: normal;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, or volatility in the equity markets.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment could have a significant impact on the Fund and its investments and could result in the Fund’s shares trading at increased premiums or discounts to the Fund’s NAV. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to the risks described elsewhere in this summary will likely increase. Market disruptions, regulatory restrictions or other abnormal market conditions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track its Underlying Index or cause delays in the Underlying Index’s rebalancing or reconstitution schedule. During any such delay, it is possible that the Underlying Index and, in turn, the Fund will deviate from the Underlying Index’s stated methodology and therefore experience returns different than those that would have been achieved under a normal rebalancing or reconstitution schedule. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Index Risk<span style="font-weight: normal;"> is the risk that the Fund would not necessarily buy or sell a security unless that security is added to or removed from, respectively, the Underlying Index, even if that security generally is underperforming, because unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the Underlying Index. Additionally, the Fund rebalances and/or reconstitutes its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance and/or reconstitution schedule will result in corresponding changes to the Fund’s rebalance and/or reconstitution schedule.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Sampling Risk <span style="font-weight: normal;">is the risk that the Fund’s use of a representative sampling approach may result in increased tracking error because the securities selected for the Fund in the aggregate may vary from the investment profile of the Underlying Index. Additionally, the use of a representative sampling approach may result in the Fund holding a smaller number of securities than the Underlying Index, and, as a result, an adverse development to an issuer of securities that the Fund holds could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Underlying Index.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Tracking Error Risk<span style="font-weight: normal;"> is the risk that the Fund’s performance may vary from the performance of the Underlying Index as a result of creation and redemption activity, transaction costs, expenses and other factors.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Authorized Participant Concentration Risk<span style="font-weight: normal;"> is the risk that the Fund may be adversely affected because it has a limited number of institutions that act as authorized participants (“Authorized Participants”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units (as defined below), Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Calculation Methodology Risk<span style="font-weight: normal;"> is the risk that the Underlying Index’s calculation methodology or sources of information may not provide an accurate assessment of included issuers or correct valuation of securities, nor is the availability or timeliness of the production of the Underlying Index guaranteed. A security included in the Underlying Index may not exhibit the characteristic or provide the specific exposure for which it was selected and consequently a Fund's holdings may not exhibit returns consistent with that characteristic or exposure.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Trading Risk<span style="font-weight: normal;"> is the risk that the Fund faces because its shares are listed on a securities exchange, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of its listing exchange, make trading in the shares inadvisable. The market prices of Fund shares will generally fluctuate in accordance with changes in its NAV, changes in the relative supply of, and demand for, Fund shares, and changes in the liquidity, or the perceived liquidity, of the Fund’s holdings. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Derivatives Risk<span style="font-weight: normal;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. </div> <table cellpadding="6" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 2pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Futures Contracts Risk<span style="font-weight: normal;"> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Options Contracts Risk<span style="font-weight: normal;"> Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.</span> </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Securities Lending Risk<span style="font-weight: normal;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. </div> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad measure of market performance, and (C) an additional index with characteristics relevant to the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting flexshares.com.</div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad measure of market performance, and (C) an additional index with characteristics relevant to the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. flexshares.com Calendar Year Total Returns <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">For the periods in the bar chart above:</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Best Quarter (6/30/2020): 21.99%</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Worst Quarter (3/31/2020): -26.41%</div> Best Quarter 2020-06-30 0.2199 Worst Quarter 2020-03-31 -0.2641 Average Annual Total Returns (for the periods ended December 31, 2022) -0.1295 0.0781 0.1137 -0.1345 0.0706 0.1055 -0.0733 0.0599 0.0918 -0.1913 0.0913 0.1238 -0.1255 0.0814 0.1176 Reflects no deduction for fees, expenses or taxes. <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may dif-</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">fer from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. FlexShares® International Quality Dividend Index Fund Investment Objective <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Northern Trust International Quality Dividend Index<sup style="font-size: 85%; font-style: normal; text-transform: none;">SM</sup> (the “Underlying Index”).</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Under the Fund’s Investment Advisory Agreement, the Fund is responsible for the following expenses: interest expenses, brokerage commissions and other trading expenses, fees and expenses of the independent trustees and their independent legal counsel, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business. You will also incur usual and customary brokerage commissions and fees to financial intermediaries when buying or selling shares of the Fund in the secondary market, which are not reflected in the example that follows:</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0047 0.0000 0.0001 0.0048 -0.0001 0.0047 March 1, 2024 Example <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 48 153 268 603 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 69% of the average value of its portfolio. 0.69 Principal Investment Strategies <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is designed to reflect the performance of a selection of companies that, in aggregate, provide exposure to a high-quality income-oriented universe of long-only international securities issued by non-U.S.- based companies, with an emphasis on long-term capital growth and a targeted overall beta that is similar to that of the Northern Trust International Large Cap Index (the “Parent Index”), a float-adjusted market-capitalization weighted index of non-US domiciled large- and mid-capitalization companies. Beta represents the market sensitivity, relative to a given market index and time period, and is one measure of volatility.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">To derive the Underlying Index, NTI, acting in its capacity as the index provider (the “Index Provider”), begins with all securities in the Parent Index and then removes those securities that rank in the lowest quintile of quality based on a proprietary scoring model, as well as those which do not pay a dividend. The core components of the proprietary quality scoring model are based on quantitative ranking and various metrics obtained from company filings. These scores have three components: (i) management effi- </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">ciency (e.g., corporate finance activities and corporate governance); (ii) profitability (e.g., reliability and sustainability of financial performance); and (iii) cash flow (e.g., cash flow generation). The Index Provider then uses an optimization process to select and weight eligible securities in order to (a) maximize the overall quality score relative to the Parent Index; (b) attain an aggregate dividend yield in excess of the Parent Index; and (c) achieve the desired beta target. The optimization process also includes sector, industry group, region, country, single-security weight and turnover constraints to assist in reducing the Underlying Index’s overall active risk exposure to any one single factor. As of December 31, 2022, there were 196 issues in the Underlying Index. The Underlying Index is governed by transparent, objective rules for security selection, exclusion, rebalancing and adjustments for corporate actions and is reconstituted quarterly. The Fund generally reconstitutes its portfolio in accordance with the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” its Underlying Index and does not seek temporary defensive positions when markets decline or appear overvalued. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a representative sampling strategy to manage the Fund. “Representative sampling” is investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index. The Fund reserves the right to invest in substantially all of the securities in its Underlying Index in approximately the same proportions (i.e., replication) if NTI determines that it is in the best interest of the Fund. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index and in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) (collectively “Depositary Receipts”) based on the securities in the Underlying Index. The Fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds advised by NTI or its affiliates, futures contracts, options on futures contracts and foreign currency contracts, as well as securities not included in the Underlying Index, but which NTI believes will help the Fund track its Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is created and sponsored by NTI, as the Index Provider. NTI also serves as the investment adviser to the Fund. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral received). </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">From time to time the Fund may focus its investments (<span style="font-style: italic;">i.e.,</span> invest more than 15% of its total assets) in one or more particular countries or geographic regions. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Industry Concentration Policy<span style="font-weight: normal;">. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.</span> </div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. Principal Risks <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">As with any investment, you could lose all or part of your investment in the Fund, and the Fund’s performance could trail that of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund’s net asset value (“NAV”), trading price, yield, total return and ability to meet its investment objective. Each risk noted below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. The significance of each risk factor below may change over time and you should review each risk factor carefully.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Equity Securities Risk<span style="font-weight: normal;"> is the risk that the values of the equity securities owned by the Fund may be more volatile and underperform other asset classes and the general securities markets.</span></div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Mid Cap Stock Risk<span style="font-weight: normal;"> is the risk that stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies, and may lack sufficient market liquidity. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market, or may be dependent upon a small or inexperienced management group. Securities of smaller companies may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally the smaller the company size, the greater the risk.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Foreign Securities Risk<span style="font-weight: normal;"> is the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments may impose limitations on foreigners’ ownership of interests in local issuers, restrictions on the ability to repatriate assets, and may also impose taxes. Any of these events could cause the value of the Fund’s investments to decline. Foreign banks, agents and securities depositories that hold the Fund’s foreign assets may be subject to little or no regulatory oversight over, or independent evaluation, of their operations. Additional costs associated with investments in foreign securities may include higher custodial fees than those applicable to domestic custodial arrangements and transaction costs of foreign currency conversions. Unless the Fund has hedged its foreign currency exposure, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful. For instance, forward foreign currency exchange contracts, if used by the Fund, could reduce performance if there are unanticipated changes in currency exchange rates.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Emerging Markets Risk<span style="font-weight: normal;"> is the risk that emerging markets are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investments than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volumes and greater price volatility than companies in more developed markets. Emerging market economies may be based on only a few industries, may be highly vulnerable to changes in local and global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including finan-</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">cial information, about such companies may be less available and reliable, which can impede the Fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company’s assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Geographic Risk <span style="font-weight: normal;">is the risk that if the Fund invests a significant portion of its total assets in certain issuers within the same country or geographic region, an adverse economic, business or political development affecting that country or region may affect the value of the Fund’s investments more, and the Fund’s investments may be more volatile, than if the Fund’s investments were not so concentrated in such country or region.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Concentration Risk <span style="font-weight: normal;">is the risk that, if the Fund is concentrated in a particular industry or group of industries, the Fund is likely to present more risks than a fund that is broadly diversified over several industries or groups of industries. Compared to the broad market, an individual industry may be more strongly affected by changes in the economic climate, broad market shifts, moves in a particular dominant stock or regulatory changes.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Dividend Risk <span style="font-weight: normal;">is the risk that an issuer of stock held by the Fund may choose not to declare a dividend or the dividend rate might not remain at current levels. Dividend paying stocks might not experience the same level of earnings growth or capital appreciation as non-dividend paying stocks. The Fund’s performance during a broad market advance could suffer because dividend paying stocks may not experience the same capital appreciation as non-dividend paying stocks.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Volatility Risk<span style="font-weight: normal;"> is the risk that the actual level of volatility experienced by the Fund may be greater or lower than the targeted overall volatility of the Underlying Index. Although the Underlying Index is designed to have a tar-</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">geted overall volatility that is similar to that of the Parent Index, there is no guarantee that it will have the targeted overall volatility. The Fund will continue to seek to track the Underlying Index even if the Underlying Index does not have the targeted overall volatility. There is also the risk that the Fund may experience volatility greater or lower than that of the Underlying Index as a result of tracking error. A portfolio of securities with greater volatility is generally considered to have a higher risk profile than a portfolio with lower volatility. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Quality Factor Risk<span style="font-weight: normal;"> is the risk that the past performance of companies that have exhibited quality characteristics does not continue or the returns on securities issued by such companies may be less than returns from other styles of investing or the overall stock market. There may be periods when quality investing is out of favor and during which time the Fund's performance may suffer.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Depositary Receipts Risk<span style="font-weight: normal;"> Foreign securities may trade in the form of depositary receipts. In addition to investment risks associated with the underlying issuer, depositary receipts may expose the Fund to additional risks associated with non-uniform terms that apply to depositary receipt programs, including credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency, political, economic, market risks and the risks of an illiquid market for depositary receipts. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. Depositary receipts may not track the price of the underlying foreign securities on which they are based, may have limited voting rights, and may have a distribution subject to a fee charged by the depository. As a result, equity shares of the underlying issuer may trade at a discount or premium to the market price of the depositary receipts.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Risk<span style="font-weight: normal;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">bond or equity markets, or volatility in the equity markets. Market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment could have a significant impact on the Fund and its investments and could result in the Fund’s shares trading at increased premiums or discounts to the Fund’s NAV. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to the risks described elsewhere in this summary will likely increase. Market disruptions, regulatory restrictions or other abnormal market conditions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track its Underlying Index or cause delays in the Underlying Index’s rebalancing or reconstitution schedule. During any such delay, it is possible that the Underlying Index and, in turn, the Fund will deviate from the Underlying Index’s stated methodology and therefore experience returns different than those that would have been achieved under a normal rebalancing or reconstitution schedule. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Index Risk<span style="font-weight: normal;"> is the risk that the Fund would not necessarily buy or sell a security unless that security is added to or removed from, respectively, the Underlying Index, even if that security generally is underperforming, because unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the Underlying Index. Additionally, the Fund rebalances and/or reconstitutes its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance and/or reconstitution schedule will result in corresponding changes to the Fund’s rebalance and/or reconstitution schedule.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Tracking Error Risk<span style="font-weight: normal;"> is the risk that the Fund’s performance may vary from the performance of the Underlying Index as a result of creation and redemption activity, transaction costs, expenses and other factors.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Sampling Risk <span style="font-weight: normal;">is the risk that the Fund’s use of a representative sampling approach may result in increased tracking error because the securities selected for the Fund in the aggregate may vary from the investment profile of the Underlying Index. Additionally, the use of a representative sampling approach may result in the Fund holding a smaller number of securities than the Underlying Index,</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">and, as a result, an adverse development to an issuer of securities that the Fund holds could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Authorized Participant Concentration Risk<span style="font-weight: normal;"> is the risk that the Fund may be adversely affected because it has a limited number of institutions that act as authorized participants (“Authorized Participants”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units (as defined below), Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting. This risk may be heightened because of its investments in non-U.S. securities.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Calculation Methodology Risk<span style="font-weight: normal;"> is the risk that the Underlying Index’s calculation methodology or sources of information may not provide an accurate assessment of included issuers or correct valuation of securities, nor is the availability or timeliness of the production of the Underlying Index guaranteed. A security included in the Underlying Index may not exhibit the characteristic or provide the specific exposure for which it was selected and consequently a Fund's holdings may not exhibit returns consistent with that characteristic or exposure.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Trading Risk<span style="font-weight: normal;"> is the risk that the Fund faces because its shares are listed on a securities exchange, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of its listing exchange, make trading in the shares inadvisable. The market prices of Fund shares will generally fluctuate in accordance with changes in its NAV, changes in the relative supply of, and demand for, Fund shares, and changes in the liquidity, or the perceived liquidity, of the Fund’s holdings. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Derivatives Risk<span style="font-weight: normal;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.</span> </div> <table cellpadding="6" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 3pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Futures Contracts Risk<span style="font-weight: normal;"> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Options Contracts Risk<span style="font-weight: normal;"> Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Forward Foreign Currency Contracts Risk<span style="font-weight: normal;"> is the risk that, if forward prices increase, a loss will occur to the extent that the agreed upon purchase price of the currency exceeds the price of the currency that was agreed to be sold.</span> </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Securities Lending Risk<span style="font-weight: normal;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Valuation Risk<span style="font-weight: normal;"> is the risk that the sale price the Fund could receive for a portfolio security may differ from the Fund’s valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. </div> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank.  Fund Performance <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad measure of market performance, and (C) an additional index with characteristics relevant to the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting flexshares.com.</div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad measure of market performance, and (C) an additional index with characteristics relevant to the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. flexshares.com Calendar Year Total Returns <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">For the period shown in the bar chart above:</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Best Quarter (12/31/2020): 18.20%</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Worst Quarter (3/31/2020): -26.07%</div> Best Quarter 2020-12-31 0.1820 Worst Quarter 2020-03-31 -0.2607 Average Annual Total Returns (for the periods ended December 31, 2022) -0.1418 -0.0045 0.0227 2013-04-12 -0.1532 -0.0156 0.0129 -0.0765 -0.0039 0.0174 -0.1600 0.0088 0.0345 -0.1419 -0.0031 0.0258 Reflects no deduction for fees, expenses or taxes. <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. FlexShares® International Quality Dividend Defensive Index Fund Investment Objective <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Northern Trust International Quality Dividend Defensive Index<sup style="font-size: 85%; font-style: normal; text-transform: none;">SM</sup> (the “Underlying Index”).</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Under the Fund’s Investment Advisory Agreement, the Fund is responsible for the following expenses: interest expenses, brokerage commissions and other trading expenses, fees and expenses of the independent trustees and their independent legal counsel, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business. You will also incur usual and customary brokerage commissions and fees to financial intermediaries when buying or selling shares of the Fund in the secondary market, which are not reflected in the example that follows:</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0047 0.0000 0.0001 0.0048 -0.0001 0.0047 March 1, 2024 Example <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 48 153 268 603 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 65% of the average value of its portfolio. 0.65 Principal Investment Strategies <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is designed to reflect the performance of a selection of companies that, in aggregate, provide exposure to a high-quality income-oriented universe of long-only international securities issued by non-U.S.-based companies, with an emphasis on long-term capital growth and a targeted overall beta that is generally between 0.5 to 1.0 times that of the Northern Trust International Large Cap Index (the “Parent Index”), a float-adjusted market-capitalization weighted index of non-US domiciled large- and mid-capitalization companies. Beta represents the market sensitivity, relative to a given market index and time period, and is one measure of volatility.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">To derive the Underlying Index, NTI, acting in its capacity as the index provider (the “Index Provider”), begins with all securities in the Parent Index and then removes those securities that rank in the lowest quintile of quality based on a proprietary scoring model, as well as those which do not pay a dividend. The core components of the proprietary quality scoring model are based on quantitative ranking and various metrics obtained from company filings. These scores have three components: (i) management effi- </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">ciency (e.g., corporate finance activities and corporate governance); (ii) profitability (e.g., reliability and sustainability of financial performance); and (iii) cash flow (e.g., cash flow generation). The Index Provider then uses an optimization process to select and weight eligible securities in order to (a) maximize the overall quality score relative to the Parent Index, (b) attain an aggregate dividend yield in excess of the Parent Index and (c) achieve the desired beta target. The optimization process also includes sector, industry group, region, country, single-security weight and turnover constraints to assist in reducing the Underlying Index’s overall active risk exposure to any one single factor. As of December 31, 2022, there were 191 issues in the Underlying Index. The Underlying Index is governed by transparent, objective rules for security selection, exclusion, rebalancing and adjustments for corporate actions and is reconstituted quarterly. The Fund generally reconstitutes its portfolio in accordance with the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;"> NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” its Underlying Index and does not seek temporary defensive positions when markets decline or appear overvalued. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a representative sampling strategy to manage the Fund. “Representative sampling” is investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index. The Fund reserves the right to invest in substantially all of the securities in its Underlying Index in approximately the same proportions (i.e., replication) if NTI determines that it is in the best interest of the Fund. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index and in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) (collectively “Depositary Receipts”) based on the securities in the Underlying Index. The Fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds advised by NTI or its affiliates, futures contracts, options on futures contracts and foreign currency contracts, as well as securities not included in the Underlying Index, but which NTI believes will help the Fund track its Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is created and sponsored by NTI, as the Index Provider. NTI also serves as the investment adviser to the Fund. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral received). </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">From time to time the Fund may focus its investments (<span style="font-style: italic;">i.e.,</span> invest more than 15% of its total assets) in one or more particular countries or geographic regions. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Industry Concentration Policy<span style="font-weight: normal;">. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.</span> </div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. Principal Risks <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">As with any investment, you could lose all or part of your investment in the Fund, and the Fund’s performance could trail that of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund’s net asset value (“NAV”), trading price, yield, total return and ability to meet its investment objective. Each risk noted below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. The significance of each risk factor below may change over time and you should review each risk factor carefully.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Equity Securities Risk<span style="font-weight: normal;"> is the risk that the values of the equity securities owned by the Fund may be more volatile and underperform other asset classes and the general securities markets.</span></div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Mid Cap Stock Risk<span style="font-weight: normal;"> is the risk that stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies, and may lack sufficient market liquidity. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market, or may be dependent upon a small or inexperienced management group. Securities of smaller companies may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally the smaller the company size, the greater the risk.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Foreign Securities Risk<span style="font-weight: normal;"> is the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments may impose limitations on foreigners’ ownership of interests in local issuers, restrictions on the ability to repatriate assets, and may also impose taxes. Any of these events could cause the value of the Fund’s investments to decline. Foreign banks, agents and securities depositories that hold the Fund’s foreign assets may be subject to little or no regulatory oversight over, or independent evaluation, of their operations. Additional costs associated with investments in foreign securities may include higher custodial fees than those applicable to domestic custodial arrangements and transaction costs of foreign currency conversions. Unless the Fund has hedged its foreign currency exposure, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful. For instance, forward foreign currency exchange contracts, if used by the Fund, could reduce performance if there are unanticipated changes in currency exchange rates.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Emerging Markets Risk<span style="font-weight: normal;"> is the risk that emerging markets are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investments than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volumes and greater price volatility than companies in more developed markets. Emerging market economies may be based on only a few industries, may be highly vulnerable to changes in local and global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including finan-</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">cial information, about such companies may be less available and reliable, which can impede the Fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company’s assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Geographic Risk <span style="font-weight: normal;">is the risk that if the Fund invests a significant portion of its total assets in certain issuers within the same country or geographic region, an adverse economic, business or political development affecting that country or region may affect the value of the Fund’s investments more, and the Fund’s investments may be more volatile, than if the Fund’s investments were not so concentrated in such country or region.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Concentration Risk <span style="font-weight: normal;">is the risk that, if the Fund is concentrated in a particular industry or group of industries, the Fund is likely to present more risks than a fund that is broadly diversified over several industries or groups of industries. Compared to the broad market, an individual industry may be more strongly affected by changes in the economic climate, broad market shifts, moves in a particular dominant stock or regulatory changes.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Dividend Risk <span style="font-weight: normal;">is the risk that an issuer of stock held by the Fund may choose not to declare a dividend or the dividend rate might not remain at current levels. Dividend paying stocks might not experience the same level of earnings growth or capital appreciation as non-dividend paying stocks. The Fund’s performance during a broad market advance could suffer because dividend paying stocks may not experience the same capital appreciation as non-dividend paying stocks.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Volatility Risk<span style="font-weight: normal;"> is the risk that the actual level of volatility experienced by the Fund may be greater or lower than the targeted overall volatility of the Underlying Index. Although the Underlying Index is designed to have a tar-</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">geted overall volatility that is lower than that of the Parent Index, there is no guarantee that it will have the targeted overall volatility. The Fund will continue to seek to track the Underlying Index even if the Underlying Index does not have the targeted overall volatility. There is also the risk that the Fund may experience volatility greater or lower than that of the Underlying Index as a result of tracking error. A portfolio of securities with greater volatility is generally considered to have a higher risk profile than a portfolio with lower volatility. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Quality Factor Risk<span style="font-weight: normal;"> is the risk that the past performance of companies that have exhibited quality characteristics does not continue or the returns on securities issued by such companies may be less than returns from other styles of investing or the overall stock market. There may be periods when quality investing is out of favor and during which time the Fund's performance may suffer.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Depositary Receipts Risk<span style="font-weight: normal;"> Foreign securities may trade in the form of depositary receipts. In addition to investment risks associated with the underlying issuer, depositary receipts may expose the Fund to additional risks associated with non-uniform terms that apply to depositary receipt programs, including credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency, political, economic, market risks and the risks of an illiquid market for depositary receipts. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. Depositary receipts may not track the price of the underlying foreign securities on which they are based, may have limited voting rights, and may have a distribution subject to a fee charged by the depository. As a result, equity shares of the underlying issuer may trade at a discount or premium to the market price of the depositary receipts.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Risk<span style="font-weight: normal;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">bond or equity markets, or volatility in the equity markets. Market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment could have a significant impact on the Fund and its investments and could result in the Fund’s shares trading at increased premiums or discounts to the Fund’s NAV. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to the risks described elsewhere in this summary will likely increase. Market disruptions, regulatory restrictions or other abnormal market conditions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track its Underlying Index or cause delays in the Underlying Index’s rebalancing or reconstitution schedule. During any such delay, it is possible that the Underlying Index and, in turn, the Fund will deviate from the Underlying Index’s stated methodology and therefore experience returns different than those that would have been achieved under a normal rebalancing or reconstitution schedule. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Index Risk<span style="font-weight: normal;"> is the risk that the Fund would not necessarily buy or sell a security unless that security is added to or removed from, respectively, the Underlying Index, even if that security generally is underperforming, because unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the Underlying Index. Additionally, the Fund rebalances and/or reconstitutes its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance and/or reconstitution schedule will result in corresponding changes to the Fund’s rebalance and/or reconstitution schedule.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Tracking Error Risk<span style="font-weight: normal;"> is the risk that the Fund’s performance may vary from the performance of the Underlying Index as a result of creation and redemption activity, transaction costs, expenses and other factors.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Sampling Risk <span style="font-weight: normal;">is the risk that the Fund’s use of a representative sampling approach may result in increased tracking error because the securities selected for the Fund in the aggregate may vary from the investment profile of the Underlying Index. Additionally, the use of a representative sampling approach may result in the Fund holding a smaller number of securities than the Underlying Index,</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">and, as a result, an adverse development to an issuer of securities that the Fund holds could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Authorized Participant Concentration Risk<span style="font-weight: normal;"> is the risk that the Fund may be adversely affected because it has a limited number of institutions that act as authorized participants (“Authorized Participants”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units (as defined below), Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting. This risk may be heightened because of its investments in non-U.S. securities.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Calculation Methodology Risk<span style="font-weight: normal;"> is the risk that the Underlying Index’s calculation methodology or sources of information may not provide an accurate assessment of included issuers or correct valuation of securities, nor is the availability or timeliness of the production of the Underlying Index guaranteed. A security included in the Underlying Index may not exhibit the characteristic or provide the specific exposure for which it was selected and consequently a Fund's holdings may not exhibit returns consistent with that characteristic or exposure.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Trading Risk<span style="font-weight: normal;"> is the risk that the Fund faces because its shares are listed on a securities exchange, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of its listing exchange, make trading in the shares inadvisable. The market prices of Fund shares will generally fluctuate in accordance with changes in its NAV, changes in the relative supply of, and demand for, Fund shares, and changes in the liquidity, or the perceived liquidity, of the Fund’s holdings. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Derivatives Risk<span style="font-weight: normal;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.</span> </div> <table cellpadding="6" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 3pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Futures Contracts Risk<span style="font-weight: normal;"> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Options Contracts Risk<span style="font-weight: normal;"> Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Forward Foreign Currency Contracts Risk<span style="font-weight: normal;"> is the risk that, if forward prices increase, a loss will occur to the extent that the agreed upon purchase price of the currency exceeds the price of the currency that was agreed to be sold.</span> </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Securities Lending Risk<span style="font-weight: normal;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Valuation Risk <span style="font-weight: normal;">is the risk that the sale price the Fund could receive for a portfolio security may differ from the Fund’s valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. </div> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad measure of market performance, and (C) an additional index with characteristics relevant to the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting flexshares.com.</div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad measure of market performance, and (C) an additional index with characteristics relevant to the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. flexshares.com Calendar Year Total Returns <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">For the period shown in the bar chart above:</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Best Quarter (12/31/2020): 17.18%</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Worst Quarter (3/31/2020): -24.91%</div> Best Quarter 2020-12-31 0.1718 Worst Quarter 2020-03-31 -0.2491 Average Annual Total Returns (for the periods ended December 31, 2022) -0.1365 -0.0088 0.0162 2013-04-12 -0.1476 -0.0195 0.0064 -0.0739 -0.0070 0.0125 -0.1600 0.0088 0.0345 -0.1354 -0.0067 0.0208 Reflects no deduction for fees, expenses or taxes. <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. FlexShares® International Quality Dividend Dynamic Index Fund Investment Objective <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Northern Trust International Quality Dividend Dynamic Index<sup style="font-size: 85%; font-style: normal; text-transform: none;">SM</sup> (the “Underlying Index”).</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Under the Fund’s Investment Advisory Agreement, the Fund is responsible for the following expenses: interest expenses, brokerage commissions and other trading expenses, fees and expenses of the independent trustees and their independent legal counsel, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business. You will also incur usual and customary brokerage commissions and fees to financial intermediaries when buying or selling shares of the Fund in the secondary market, which are not reflected in the example that follows:</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0047 0.0000 0.0001 0.0048 -0.0001 0.0047 March 1, 2024 Example <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 48 153 268 603 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 74% of the average value of its portfolio. 0.74 Principal Investment Strategies <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is designed to reflect the performance of a selection of companies that, in aggregate, provide exposure to a high-quality income-oriented universe of long-only international securities issued by non-U.S.-based companies, with an emphasis on long-term capital growth and a targeted overall beta that is generally between 1.0 to 1.5 times that of the Northern Trust International Large Cap Index (the “Parent Index”), a float-adjusted market-capitalization weighted index of non-US domiciled large- and mid-capitalization companies. Beta represents the market sensitivity, relative to a given market index and time period, and is one measure of volatility.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">To derive the Underlying Index, NTI, acting in its capacity as the index provider (the “Index Provider”), begins with all securities in the Parent Index and then removes those securities that rank in the lowest quintile of quality based on a proprietary scoring model, as well as those which do not pay a dividend. The core components of the proprietary quality scoring model are based on quantitative ranking and various metrics obtained from company filings. These scores have three components: (i) management effi- </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">ciency (e.g., corporate finance activities and corporate governance); (ii) profitability (e.g., reliability and sustainability of financial performance); and (iii) cash flow (e.g., cash flow generation). The Index Provider then uses an optimization process to select and weight eligible securities in order to (a) maximize the overall quality score relative to the Parent Index, (b) attain an aggregate dividend yield in excess of the Parent Index and (c) achieve the desired beta target. The optimization process also includes sector, industry group, region, country, single-security weight and turnover constraints to assist in reducing the Underlying Index’s overall active risk exposure to any one single factor. As of December 31, 2022, there were 191 issues in the Underlying Index. The Underlying Index is governed by transparent, objective rules for security selection, exclusion, rebalancing and adjustments for corporate actions and is reconstituted quarterly. The Fund generally reconstitutes its portfolio in accordance with the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” its Underlying Index and does not seek temporary defensive positions when markets decline or appear overvalued. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a representative sampling strategy to manage the Fund. “Representative sampling” is investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index. The Fund reserves the right to invest in substantially all of the securities in its Underlying Index in approximately the same proportions (i.e., replication) if NTI determines that it is in the best interest of the Fund. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index and in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) (collectively “Depositary Receipts”) based on the securities in the Underlying Index. The Fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds advised by NTI or its affiliates, futures contracts, options on futures contracts and foreign currency contracts, as well as securities not included in the Underlying Index, but which NTI believes will help the Fund track its Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is created and sponsored by NTI, as the Index Provider. NTI also serves as the investment adviser to the Fund. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral received). </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">From time to time the Fund may focus its investments (<span style="font-style: italic;">i.e.,</span> invest more than 15% of its total assets) in one or more particular countries or geographic regions. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Industry Concentration Policy<span style="font-weight: normal;">. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.</span> </div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.  Principal Risks <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">As with any investment, you could lose all or part of your investment in the Fund, and the Fund’s performance could trail that of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund’s net asset value (“NAV”), trading price, yield, total return and ability to meet its investment objective. Each risk noted below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. The significance of each risk factor below may change over time and you should review each risk factor carefully.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Equity Securities Risk<span style="font-weight: normal;"> is the risk that the values of the equity securities owned by the Fund may be more volatile and underperform other asset classes and the general securities markets.</span></div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Mid Cap Stock Risk<span style="font-weight: normal;"> is the risk that stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies, and may lack sufficient market liquidity. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market, or may be dependent upon a small or inexperienced management group. Securities of smaller companies may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally the smaller the company size, the greater the risk.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Foreign Securities Risk<span style="font-weight: normal;"> is the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments may impose limitations on foreigners’ ownership of interests in local issuers, restrictions on the ability to repatriate assets, and may also impose taxes. Any of these events could cause the value of the Fund’s investments to decline. Foreign banks, agents and securities depositories that hold the Fund’s foreign assets may be subject to little or no regulatory oversight over, or independent evaluation, of their operations. Additional costs associated with investments in foreign securities may include higher custodial fees than those applicable to domestic custodial arrangements and transaction costs of foreign currency conversions. Unless the Fund has hedged its foreign currency exposure, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful. For instance, forward foreign currency exchange contracts, if used by the Fund, could reduce performance if there are unanticipated changes in currency exchange rates.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Emerging Markets Risk<span style="font-weight: normal;"> is the risk that emerging markets are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investments than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volumes and greater price volatility than companies in more developed markets. Emerging market economies may be based on only a few industries, may be highly vulnerable to changes in local and global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including finan-</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">cial information, about such companies may be less available and reliable, which can impede the Fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company’s assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Geographic Risk <span style="font-weight: normal;">is the risk that if the Fund invests a significant portion of its total assets in certain issuers within the same country or geographic region, an adverse economic, business or political development affecting that country or region may affect the value of the Fund’s investments more, and the Fund’s investments may be more volatile, than if the Fund’s investments were not so concentrated in such country or region.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Concentration Risk <span style="font-weight: normal;">is the risk that, if the Fund is concentrated in a particular industry or group of industries, the Fund is likely to present more risks than a fund that is broadly diversified over several industries or groups of industries. Compared to the broad market, an individual industry may be more strongly affected by changes in the economic climate, broad market shifts, moves in a particular dominant stock or regulatory changes.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Dividend Risk <span style="font-weight: normal;">is the risk that an issuer of stock held by the Fund may choose not to declare a dividend or the dividend rate might not remain at current levels. Dividend paying stocks might not experience the same level of earnings growth or capital appreciation as non-dividend paying stocks. The Fund’s performance during a broad market advance could suffer because dividend paying stocks may not experience the same capital appreciation as non-dividend paying stocks.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Volatility Risk<span style="font-weight: normal;"> is the risk that the actual level of volatility experienced by the Fund may be greater or lower than the targeted overall volatility of the Underlying Index. Although the Underlying Index is designed to have a tar-</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">geted overall volatility that is greater than that of the Parent Index, there is no guarantee that it will have the targeted overall volatility. The Fund will continue to seek to track the Underlying Index even if the Underlying Index does not have the targeted overall volatility. There is also the risk that the Fund may experience volatility greater or lower than that of the Underlying Index as a result of tracking error. A portfolio of securities with greater volatility is generally considered to have a higher risk profile than a portfolio with lower volatility. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Quality Factor Risk<span style="font-weight: normal;"> is the risk that the past performance of companies that have exhibited quality characteristics does not continue or the returns on securities issued by such companies may be less than returns from other styles of investing or the overall stock market. There may be periods when quality investing is out of favor and during which time the Fund's performance may suffer.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Depositary Receipts Risk<span style="font-weight: normal;"> Foreign securities may trade in the form of depositary receipts. In addition to investment risks associated with the underlying issuer, depositary receipts may expose the Fund to additional risks associated with non-uniform terms that apply to depositary receipt programs, including credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency, political, economic, market risks and the risks of an illiquid market for depositary receipts. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. Depositary receipts may not track the price of the underlying foreign securities on which they are based, may have limited voting rights, and may have a distribution subject to a fee charged by the depository. As a result, equity shares of the underlying issuer may trade at a discount or premium to the market price of the depositary receipts.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Risk<span style="font-weight: normal;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">bond or equity markets, or volatility in the equity markets. Market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment could have a significant impact on the Fund and its investments and could result in the Fund’s shares trading at increased premiums or discounts to the Fund’s NAV. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to the risks described elsewhere in this summary will likely increase. Market disruptions, regulatory restrictions or other abnormal market conditions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track its Underlying Index or cause delays in the Underlying Index’s rebalancing or reconstitution schedule. During any such delay, it is possible that the Underlying Index and, in turn, the Fund will deviate from the Underlying Index’s stated methodology and therefore experience returns different than those that would have been achieved under a normal rebalancing or reconstitution schedule. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Index Risk<span style="font-weight: normal;"> is the risk that the Fund would not necessarily buy or sell a security unless that security is added to or removed from, respectively, the Underlying Index, even if that security generally is underperforming, because unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the Underlying Index. Additionally, the Fund rebalances and/or reconstitutes its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance and/or reconstitution schedule will result in corresponding changes to the Fund’s rebalance and/or reconstitution schedule.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Tracking Error Risk<span style="font-weight: normal;"> is the risk that the Fund’s performance may vary from the performance of the Underlying Index as a result of creation and redemption activity, transaction costs, expenses and other factors.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Sampling Risk <span style="font-weight: normal;">is the risk that the Fund’s use of a representative sampling approach may result in increased tracking error because the securities selected for the Fund in the aggregate may vary from the investment profile of the Underlying Index. Additionally, the use of a representative sampling approach may result in the Fund holding a smaller number of securities than the Underlying Index,</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">and, as a result, an adverse development to an issuer of securities that the Fund holds could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Authorized Participant Concentration Risk<span style="font-weight: normal;"> is the risk that the Fund may be adversely affected because it has a limited number of institutions that act as authorized participants (“Authorized Participants”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units (as defined below), Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting. This risk may be heightened because of its investments in non-U.S. securities.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Calculation Methodology Risk<span style="font-weight: normal;"> is the risk that the Underlying Index’s calculation methodology or sources of information may not provide an accurate assessment of included issuers or correct valuation of securities, nor is the availability or timeliness of the production of the Underlying Index guaranteed. A security included in the Underlying Index may not exhibit the characteristic or provide the specific exposure for which it was selected and consequently a Fund's holdings may not exhibit returns consistent with that characteristic or exposure.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Trading Risk<span style="font-weight: normal;"> is the risk that the Fund faces because its shares are listed on a securities exchange, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of its listing exchange, make trading in the shares inadvisable. The market prices of Fund shares will generally fluctuate in accordance with changes in its NAV, changes in the relative supply of, and demand for, Fund shares, and changes in the liquidity, or the perceived liquidity, of the Fund’s holdings. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Derivatives Risk<span style="font-weight: normal;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.</span> </div> <table cellpadding="6" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 3pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Futures Contracts Risk<span style="font-weight: normal;"> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Options Contracts Risk<span style="font-weight: normal;"> Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Forward Foreign Currency Contracts Risk<span style="font-weight: normal;"> is the risk that, if forward prices increase, a loss will occur to the extent that the agreed upon purchase price of the currency exceeds the price of the currency that was agreed to be sold.</span> </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Securities Lending Risk<span style="font-weight: normal;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Valuation Risk <span style="font-weight: normal;">is the risk that the sale price the Fund could receive for a portfolio security may differ from the Fund’s valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. </div> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad measure of market performance, and (C) an additional index with characteristics relevant to the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting flexshares.com.</div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad measure of market performance, and (C) an additional index with characteristics relevant to the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. flexshares.com Calendar Year Total Returns <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">For the period shown in the bar chart above:</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Best Quarter (12/31/2020): 22.83%</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Worst Quarter (3/31/2020): -26.51%</div> Best Quarter 2020-12-31 0.2283 Worst Quarter 2020-03-31 -0.2651 Average Annual Total Returns (for the periods ended December 31, 2022) -0.1544 0.0119 0.0385 2013-04-12 -0.1648 0.0017 0.0292 -0.0834 0.0089 0.0300 -0.1600 0.0088 0.0345 -0.1538 0.0144 0.0425 Reflects no deduction for fees, expenses or taxes. <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund Investment Objective <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the iBoxx 3-Year Target Duration TIPS Index (the “Underlying Index”).</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Under the Fund’s Investment Advisory Agreement, the Fund is responsible for the following expenses: interest expenses, brokerage commissions and other trading expenses, fees and expenses of the independent trustees and their independent legal counsel, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business. You will also incur usual and customary brokerage commissions and fees to financial intermediaries when buying or selling shares of the Fund in the secondary market, which are not reflected in the example that follows:</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0018 0.0000 0.0001 0.0019 -0.0001 0.0018 March 1, 2024 Example <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 18 60 106 242 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 116% of the average value of its portfolio. 1.16 Principal Investment Strategies <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is designed to reflect the performance of a selection of inflation protected public obligations of the U.S. Treasury, commonly known as “TIPS,” with a targeted average modified adjusted duration, as defined by S&amp;P Dow Jones Indices LLC as the Index Provider (“Index Provider” or “SPDJI”), of approximately three years. The Underlying Index includes publicly issued TIPS that have maturity dates of at least one year but not more than ten years from an index rebalancing date. TIPS are securities issued by the U.S. Treasury that are designed to provide inflation protection to investors. TIPS’ principal and interest payments are linked to an official inflation measure (as measured by the Consumer Price Index for All Urban Consumers, or CPI-U) and the payments are supported by the full faith and credit of the United States. As of December 31, 2022, there were 27 TIPS in the Underlying Index. The components of the Underlying Index are weighted by the Index Provider to achieve the targeted average modified adjusted duration and its composition is rebalanced monthly. The Underlying Index is governed by published, objective rules for security selection, exclusion, </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">rebalancing and adjustments, including the daily re-investment of cash flows. The Fund generally rebalances its portfolio in accordance with the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. NTI generally intends to replicate the constituent securities of the Fund’s Underlying Index. “Replication” is an indexing strategy in which a fund invests in substantially all of the securities in its underlying index in approximately the same proportions as in the underlying index. NTI may use a “representative sampling” strategy in certain circumstances, such as when it may not be possible or practicable to fully implement a replication strategy. Representative sampling is investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. When the Fund uses representative sampling, it may or may not hold all of the securities that are included in the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index. The Fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds advised by NTI or its affiliates, futures contracts and options on futures contracts, as well as securities not included in the Underlying Index, but which NTI believes will help the Fund track its Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is sponsored by the Index Provider, an organization that is independent of the Fund and NTI. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral received). </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Industry Concentration Policy.<span style="font-weight: normal;"> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">U.S. government (including its agencies and instrumentalities) are not considered to be issued by members of any industry.</div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) are not considered to be issued by members of any industry. Principal Risks <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">As with any investment, you could lose all or part of your investment in the Fund, and the Fund’s performance could trail that of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund’s net asset value (“NAV”), trading price, yield, total return and ability to meet its investment objective. Each risk noted below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. The significance of each risk factor below may change over time and you should review each risk factor carefully.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Inflation Protected Security Risk<span style="font-weight: normal;"> is the risk that the value of inflation protected securities, such as TIPS, generally will fluctuate in response to changes in real interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. In addition, interest payments on inflation-protected securities will generally vary up or down along with the rate of inflation. Real interest rates are generally measured as a nominal interest less an inflation rate. As such, investors should be aware that an investment in TIPS over a particular timeframe may decrease in value even in an inflationary environment. There can be no assurance that the inflation index used will accurately measure the real rate of inflation in the prices of goods and services. Because of their inflation adjustment feature, inflation-protected bonds typically have lower yields than conventional fixed-rate bonds. In addition, the market for inflation-indexed securities may be less developed or liquid, and more volatile, than certain other securities markets. In addition, positive adjustments to principal generally will result in taxable income to the Fund at the time of such adjustments (which generally would be distributed by the Fund as part of its taxable dividends), even though the principal amount is not paid until maturity.</span></div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Income Risk<span style="font-weight: normal;"> is the risk that the Fund's income may decline due to a decline in inflation (or deflation) or due to changes in inflation expectations.</span></div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Interest Rate/Maturity Risk<span style="font-weight: normal;"> is the risk that the value of the Fund’s fixed-income assets will decline because of rising interest rates. In general, securities with longer maturities</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">or durations are more sensitive to interest rate changes. Changing interest rates, including rates that fall below zero, may have unpredictable effects on the markets and the Fund’s investments, may result in heightened market volatility, may impact the liquidity of fixed-income securities and of the Fund, and may detract from Fund performance. A low or negative interest rate environment could cause the Fund’s earnings to fall below the Fund’s expense ratio, resulting in a negative yield and a decline in the Fund’s share price. An increase in interest rates may cause investors to move out of fixed incomes securities on a large scale, which could adversely affect the price of fixed income securities, lead to heightened volatility in the fixed-income markets and may adversely affect the liquidity of certain fixed-income investments. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Risk<span style="font-weight: normal;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, or volatility in the equity markets. Market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment could have a significant impact on the Fund and its investments and could result in the Fund’s shares trading at increased premiums or discounts to the Fund’s NAV. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to the risks described elsewhere in this summary will likely increase. Market disruptions, regulatory restrictions or other abnormal market conditions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track its Underlying Index or cause delays in the Underlying Index’s rebalancing or reconstitution schedule. During any such delay, it is possible that the Underlying Index and, in turn, the Fund will deviate from the Underlying Index’s stated methodology and therefore experience returns different than those that would have been achieved under a normal rebalancing or reconstitution schedule.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Index Risk<span style="font-weight: normal;"> is the risk that the Fund would not necessarily buy or sell a security unless that security is added to or removed from, respectively, the Underlying Index, even if that security generally is underperforming, because unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the Underlying Index. Additionally, the Fund rebalances and/or reconstitutes its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance and/or reconstitution schedule will result in corresponding changes to the Fund’s rebalance and/or reconstitution schedule.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Tracking Error Risk<span style="font-weight: normal;"> is the risk that the Fund’s performance may vary from the performance of the Underlying Index as a result of creation and redemption activity, transaction costs, expenses and other factors.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Authorized Participant Concentration Risk<span style="font-weight: normal;"> is the risk that the Fund may be adversely affected because it has a limited number of institutions that act as authorized participants (“Authorized Participants”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units (as defined below), Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Concentration Risk <span style="font-weight: normal;">is the risk that, if the Fund is concentrated in a particular industry or group of industries, the Fund is likely to present more risks than a fund that is broadly diversified over several industries or groups of industries. Compared to the broad market, an individual industry may be more strongly affected by changes in the economic climate, broad market shifts, moves in a particular dominant stock or regulatory changes.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Calculation Methodology Risk<span style="font-weight: normal;"> is the risk that the Underlying Index’s calculation methodology or sources of information may not provide an accurate assessment of included issuers or correct valuation of securities, nor is the availability or timeliness of the production of the Underlying Index guaranteed. A security included in the Underly-</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">ing Index may not exhibit the characteristic or provide the specific exposure for which it was selected and consequently a Fund's holdings may not exhibit returns consistent with that characteristic or exposure. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Trading Risk<span style="font-weight: normal;"> is the risk that the Fund faces because its shares are listed on a securities exchange, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of its listing exchange, make trading in the shares inadvisable. The market prices of Fund shares will generally fluctuate in accordance with changes in its NAV, changes in the relative supply of, and demand for, Fund shares, and changes in the liquidity, or the perceived liquidity, of the Fund’s holdings. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Derivatives Risk<span style="font-weight: normal;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.</span> </div> <table cellpadding="6" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 2pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Futures Contracts Risk<span style="font-weight: normal;"> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Options Contracts Risk<span style="font-weight: normal;"> Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 6.25%;"> </td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 93.75%;">option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies. </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Securities Lending Risk<span style="font-weight: normal;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. </div> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year and (B) how the Fund’s average annual returns compare with those of a broad measure of market performance. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting flexshares.com.</div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year and (B) how the Fund’s average annual returns compare with those of a broad measure of market performance. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. flexshares.com Calendar Year Total Returns <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">For the periods shown in the bar chart above:</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Best Quarter (6/30/2020): 3.31%</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Worst Quarter (9/30/2022): -3.28%</div> Best Quarter 2020-06-30 0.0331 Worst Quarter 2022-09-30 -0.0328 Average Annual Total Returns (for the periods ended December 31, 2022) -0.0457 0.0262 0.0126 -0.0703 0.0125 0.0044 -0.0266 0.0145 0.0062 -0.0437 0.0279 0.0143 Reflects no deduction for fees, expenses or taxes. <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. FlexShares® iBoxx 5-Year Target Duration TIPS Index Fund Investment Objective <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the iBoxx 5-Year Target Duration TIPS Index (the “Underlying Index”).</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Under the Fund’s Investment Advisory Agreement, the Fund is responsible for the following expenses: interest expenses, brokerage commissions and other trading expenses, fees and expenses of the independent trustees and their independent legal counsel, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business. You will also incur usual and customary brokerage commissions and fees to financial intermediaries when buying or selling shares of the Fund in the secondary market, which are not reflected in the example that follows:</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0018 0.0000 0.0001 0.0019 -0.0001 0.0018 March 1, 2024 Example <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 18 60 106 242 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 80% of the average value of its portfolio. 0.80 Principal Investment Strategies <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is designed to reflect the performance of a selection of inflation protected public obligations of the U.S. Treasury, commonly known as “TIPS,” with a targeted average modified adjusted duration, as defined by S&amp;P Dow Jones Indices LLC as the Index Provider (“Index Provider” or “SPDJI”), of approximately five years. The Underlying Index includes publicly issued TIPS that have maturity dates of at least three years but not more than twenty years from an index rebalancing date. TIPS are securities issued by the U.S. Treasury that are designed to provide inflation protection to investors. TIPS’ principal and interest payments are linked to an official inflation measure (as measured by the Consumer Price Index for All Urban Consumers, or CPI-U) and the payments are supported by the full faith and credit of the United States. As of December 31, 2022, there were 26 TIPS in the Underlying Index. The components of the Underlying Index are weighted by the Index Provider to achieve the targeted average modified adjusted duration and its composition is rebalanced monthly. The Fund generally rebalances its portfolio in accordance with the Underlying Index. The </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Underlying Index is governed by published, objective rules for security selection, exclusion, rebalancing and adjustments, including the daily re-investment of cash flows. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. NTI generally intends to replicate the constituent securities of the Fund’s Underlying Index. “Replication” is an indexing strategy in which a fund invests in substantially all of the securities in its underlying index in approximately the same proportions as in the underlying index. NTI may use a “representative sampling” strategy in certain circumstances, such as when it may not be possible or practicable to fully implement a replication strategy. Representative sampling is investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. When the Fund uses representative sampling, it may or may not hold all of the securities that are included in the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index. The Fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds advised by NTI or its affiliates, futures contracts and options on futures contracts, as well as securities not included in the Underlying Index, but which NTI believes will help the Fund track its Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is sponsored by the Index Provider, an organization that is independent of the Fund and NTI. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral received). </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Industry Concentration Policy.<span style="font-weight: normal;"> The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">U.S. government (including its agencies and instrumentalities) are not considered to be issued by members of any industry.</div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) are not considered to be issued by members of any industry. Principal Risks <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">As with any investment, you could lose all or part of your investment in the Fund, and the Fund’s performance could trail that of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund’s net asset value (“NAV”), trading price, yield, total return and ability to meet its investment objective. Each risk noted below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. The significance of each risk factor below may change over time and you should review each risk factor carefully.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Inflation Protected Security Risk<span style="font-weight: normal;"> is the risk that the value of inflation protected securities, such as TIPS, generally will fluctuate in response to changes in real interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. In addition, interest payments on inflation-protected securities will generally vary up or down along with the rate of inflation. Real interest rates are generally measured as a nominal interest less an inflation rate. As such, investors should be aware that an investment in TIPS over a particular timeframe may decrease in value even in an inflationary environment. There can be no assurance that the inflation index used will accurately measure the real rate of inflation in the prices of goods and services. Because of their inflation adjustment feature, inflation-protected bonds typically have lower yields than conventional fixed-rate bonds. In addition, the market for inflation-indexed securities may be less developed or liquid, and more volatile, than certain other securities markets. In addition, positive adjustments to principal generally will result in taxable income to the Fund at the time of such adjustments (which generally would be distributed by the Fund as part of its taxable dividends), even though the principal amount is not paid until maturity.</span></div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Income Risk<span style="font-weight: normal;"> is the risk that the Fund's income may decline due to a decline in inflation (or deflation) or due to changes in inflation expectations.</span></div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Interest Rate/Maturity Risk<span style="font-weight: normal;"> is the risk that the value of the Fund’s fixed-income assets will decline because of rising interest rates. In general, securities with longer maturities</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">or durations are more sensitive to interest rate changes. Changing interest rates, including rates that fall below zero, may have unpredictable effects on the markets and the Fund’s investments, may result in heightened market volatility, may impact the liquidity of fixed-income securities and of the Fund, and may detract from Fund performance. A low or negative interest rate environment could cause the Fund’s earnings to fall below the Fund’s expense ratio, resulting in a negative yield and a decline in the Fund’s share price. An increase in interest rates may cause investors to move out of fixed incomes securities on a large scale, which could adversely affect the price of fixed income securities, lead to heightened volatility in the fixed-income markets and may adversely affect the liquidity of certain fixed-income investments. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Risk<span style="font-weight: normal;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, or volatility in the equity markets. Market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment could have a significant impact on the Fund and its investments and could result in the Fund’s shares trading at increased premiums or discounts to the Fund’s NAV. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to the risks described elsewhere in this summary will likely increase. Market disruptions, regulatory restrictions or other abnormal market conditions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track its Underlying Index or cause delays in the Underlying Index’s rebalancing or reconstitution schedule. During any such delay, it is possible that the Underlying Index and, in turn, the Fund will deviate from the Underlying Index’s stated methodology and therefore experience returns different than those that would have been achieved under a normal rebalancing or reconstitution schedule.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Index Risk<span style="font-weight: normal;"> is the risk that the Fund would not necessarily buy or sell a security unless that security is added to or removed from, respectively, the Underlying Index, even if that security generally is underperforming, because unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the Underlying Index. Additionally, the Fund rebalances and/or reconstitutes its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance and/or reconstitution schedule will result in corresponding changes to the Fund’s rebalance and/or reconstitution schedule.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Tracking Error Risk<span style="font-weight: normal;"> is the risk that the Fund’s performance may vary from the performance of the Underlying Index as a result of creation and redemption activity, transaction costs, expenses and other factors.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Authorized Participant Concentration Risk<span style="font-weight: normal;"> is the risk that the Fund may be adversely affected because it has a limited number of institutions that act as authorized participants (“Authorized Participants”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units (as defined below), Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Concentration Risk <span style="font-weight: normal;">is the risk that, if the Fund is concentrated in a particular industry or group of industries, the Fund is likely to present more risks than a fund that is broadly diversified over several industries or groups of industries. Compared to the broad market, an individual industry may be more strongly affected by changes in the economic climate, broad market shifts, moves in a particular dominant stock or regulatory changes.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Calculation Methodology Risk<span style="font-weight: normal;"> is the risk that the Underlying Index’s calculation methodology or sources of information may not provide an accurate assessment of included issuers or correct valuation of securities, nor is the availability or timeliness of the production of the Underlying Index guaranteed. A security included in the Underly-</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">ing Index may not exhibit the characteristic or provide the specific exposure for which it was selected and consequently a Fund's holdings may not exhibit returns consistent with that characteristic or exposure. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Trading Risk<span style="font-weight: normal;"> is the risk that the Fund faces because its shares are listed on a securities exchange, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of its listing exchange, make trading in the shares inadvisable. The market prices of Fund shares will generally fluctuate in accordance with changes in its NAV, changes in the relative supply of, and demand for, Fund shares, and changes in the liquidity, or the perceived liquidity, of the Fund’s holdings. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Derivatives Risk<span style="font-weight: normal;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.</span> </div> <table cellpadding="6" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 2pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Futures Contracts Risk<span style="font-weight: normal;"> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Options Contracts Risk<span style="font-weight: normal;"> Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 6.25%;"> </td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 93.75%;">option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies. </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Securities Lending Risk<span style="font-weight: normal;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. </div> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year and (B) how the Fund’s average annual returns compare with those of a broad measure of market performance. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting flexshares.com.</div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year and (B) how the Fund’s average annual returns compare with those of a broad measure of market performance. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. flexshares.com Calendar Year Total Returns <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">For the periods shown in the bar chart above<span style="font-weight: normal;">:</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Best Quarter (6/30/2020): 4.12% </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Worst Quarter (6/30/2013): -5.17% </div> Best Quarter 2020-06-30 0.0412 Worst Quarter 2013-06-30 -0.0517 Average Annual Total Returns (for the periods ended December 31, 2022) -0.0947 0.0237 0.0120 -0.1196 0.0096 0.0030 -0.0552 0.0126 0.0054 -0.0923 0.0257 0.0138 Reflects no deduction for fees, expenses or taxes. <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. FlexShares® Disciplined Duration MBS Index Fund Investment Objective <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of The ICE® BofA® Constrained Duration US Mortgage Backed Securities Index (the “Underlying Index”).</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Under the Fund’s Investment Advisory Agreement, the Fund is responsible for the following expenses: interest expenses, brokerage commissions and other trading expenses, fees and expenses of the independent trustees and their independent legal counsel, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business. You will also incur usual and customary brokerage commissions and fees to financial intermediaries when buying or selling shares of the Fund in the secondary market, which are not reflected in the example that follows:</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0020 0.0000 0.0001 0.0021 -0.0001 0.0020 March 1, 2024 Example <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 20 67 117 267 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 222% of the average value of its portfolio. 2.22 Principal Investment Strategies <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is designed to reflect the performance of a selection of investment-grade US agency residential mortgage backed pass-through securities. The term “US agency mortgage-backed pass-through security” (“MBS”) refers to a category of pass-through securities backed by pools of mortgages and issued by one of the following US government agencies: the Federal National Mortgage Association (FNMA or Fannie Mae), the Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac) or the Government National Mortgage Association (GNMA or Ginnie Mae) (each a “US Agency”). The Underlying Index is formed by grouping the universe of individual fixed-rate mortgage-backed securities pools into generic aggregates according to the following parameters: (i) agency; (ii) mortgage program; (iii) pass-through coupon; and (iv) origination year. These aggregates are then assessed based on certain criteria, as determined by ICE Data Indices, LLC as the Index Provider (“Index Provider” or “ICE”), to determine eligibility for inclusion in the Underlying Index. MBS that are eligible for inclusion in </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">the Underlying Index (a) have been issued by a US Agency, (b) have a weighted average remaining time to final stated maturity of at least one year, (c) have at least $5 billion or more of outstanding face value in the coupon for a given agency program, (d) have at least $1<span style="padding-left: 0.10pt;"/> billion or more of outstanding face value at the time of inclusion in the Underlying Index and at least $250 million to remain in the Index and (e) are characterized by one or more of the following fixed-rate mortgage programs: 30-year, 20-year, and 15-year maturities. The Underlying Index constituents are capitalization-weighted, based on their outstanding face value times price plus accrued interest, adjusted by the Index Provider, to achieve an effective duration that is generally between 3.25 and 4.25 years. Balloon, mobile home, graduated payment and quarter coupon fixed rate mortgages are excluded from the Underlying Index, as are all collateralized mortgage obligations. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a representative sampling strategy to manage the Fund. “Representative sampling” is investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index. The Fund reserves the right to invest in substantially all of the securities in its Underlying Index in approximately the same proportions (i.e., replication) if NTI determines that it is in the best interest of the Fund. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund generally will invest under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index and in “TBA Transactions” (defined below) that represent securities in the Underlying Index. The Fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds advised by NTI or its affiliates, futures contracts and options on futures contracts, as well as securities not included in the Underlying Index, but which NTI believes will help the Fund track its Underlying Index. Most transactions in mortgage pass-through securities occur through standard- </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">ized contracts for future delivery in which the exact mortgage pools to be delivered are not specified until a few days prior to settlement, referred to as a “to-be announced transaction” or “TBA Transaction.” In a TBA Transaction, the buyer and seller agree upon general trade parameters such as agency, coupon rate, settlement date, par amount and price. The actual pools delivered generally are determined two days prior to the settlement date. The Fund expects to enter into such contracts on a regular basis, and pending settlement of such contracts, the Fund will invest its assets in liquid, short-term instruments, which may include shares of money market funds advised by NTI or its affiliates. The Fund will assume its pro rata share of the fees and expenses of any money market fund, in which it may invest, in addition to the Fund’s own fees and expenses. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is sponsored by the Index Provider. The Index Provider is not affiliated with the Fund or NTI. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index in accordance with a published methodology and disseminates information regarding the market value of the Underlying Index. The Underlying Index is rebalanced on the last calendar day of each month. The Fund generally rebalances its portfolio in accordance with the Underlying Index. As of December 31, 2022, there were 103 MBS in the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral received). </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Industry Concentration Policy<span style="font-weight: normal;">. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) are not considered to be issued by members of any industry. As of December 31, 2021, the Underlying Index was concentrated in the financial sector. The components of the Underlying Index, and the degree to which these components represent certain industries or sectors, may change over time.</span> </div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) are not considered to be issued by members of any industry. As of December 31, 2021, the Underlying Index was concentrated in the financial sector. The components of the Underlying Index, and the degree to which these components represent certain industries or sectors, may change over time.  Principal Risks <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">As with any investment, you could lose all or part of your investment in the Fund, and the Fund’s performance could </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">trail that of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund’s net asset value (“NAV”), trading price, yield, total return and ability to meet its investment objective. Each risk noted below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. The significance of each risk factor below may change over time and you should review each risk factor carefully. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Mortgage-Backed Pass-Through Securities Risk <span style="font-weight: normal;">is the risk of investing in mortgage-backed securities issued by a US Agency. Mortgage-backed securities may be less liquid than other bonds, and may be more sensitive than other bonds to the market’s perception of issuers and creditworthiness of payees, particularly in declining general economic conditions when concern regarding mortgagees’ ability to pay (e.g., the ability of homeowners, commercial mortgagees, consumers with student loans, automobile loans or credit card debtholders to make payments on the underlying loan pools) rises, which may result in the Fund experiencing difficulty selling or valuing these securities. In addition, these securities may not be backed by the full faith and credit of the U.S. government, have experienced extraordinary weakness and volatility at various times in recent years, and may decline quickly in the event of a substantial economic or market downturn. Mortgage-backed securities are subject to </span>Credit (or Default) Risk<span style="font-weight: normal;">, </span>Interest Rate/Maturity Risk<span style="font-weight: normal;">, </span>Debt Extension Risk<span style="font-weight: normal;"> and </span>Prepayment (or Call) Risk<span style="font-weight: normal;">. Because of these risks, mortgage-backed securities react differently to changes in interest rates than other bonds. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities. While agency mortgage-backed securities are guaranteed as to the timely payment of interest and principal by a government entity, they are not guaranteed as to market price, which will fluctuate.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">U.S. Government Securities Risk<span style="font-weight: normal;"> is the risk that the U.S. government will not provide financial support to its agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. Many U.S. government securities that may be purchased by the Fund are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities may greatly exceed their current resources,</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">including any legal right to support from the U.S. Treasury. It is possible that the issuers of such securities will not have the funds to meet their payment obligations in the future. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Income Risk<span style="font-weight: normal;"> is the risk that the Fund’s income may decline when interest rates fall. This decline can occur because the Fund must invest in lower-yielding bonds as bonds in its portfolio mature, bonds in the Underlying Index are substituted or the Fund otherwise needs to purchase additional bonds.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Risk<span style="font-weight: normal;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, or volatility in the equity markets. Market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment could have a significant impact on the Fund and its investments and could result in the Fund’s shares trading at increased premiums or discounts to the Fund’s NAV. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to the risks described elsewhere in this summary will likely increase. Market disruptions, regulatory restrictions or other abnormal market conditions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track its Underlying Index or cause delays in the Underlying Index’s rebalancing or reconstitution schedule. During any such delay, it is possible that the Underlying Index and, in turn, the Fund will deviate from the Underlying Index’s stated methodology and therefore experience returns different than those that would have been achieved under a normal rebalancing or reconstitution schedule.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Cash Transactions Risk<span style="font-weight: normal;"> is the risk from the Fund effecting creation and redemption orders of its shares entirely for cash, rather than for in-kind securities. The Fund may have to sell portfolio securities at inopportune times in order to obtain the cash needed to meet redemption orders. This</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">may cause the Fund to sell a security or other financial instrument and recognize a capital gain or loss that might not have been incurred if it had not effected a redemption order entirely for cash. As such, investments in Fund shares may be less tax-efficient than an investment in an ETF that meets redemption orders entirely in-kind with portfolio securities. The use of all cash creation and redemption orders may also cause the Fund’s shares to trade in the secondary market at wider bid-ask spreads and/or greater premiums or discounts to the Fund’s NAV. To the extent that the maximum additional variable charge for cash creation or cash redemption transactions is insufficient to cover the transaction costs of purchasing or selling portfolio securities, the Fund’s performance could be negatively impacted. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Index Risk<span style="font-weight: normal;"> is the risk that the Fund would not necessarily buy or sell a security unless that security is added to or removed from, respectively, the Underlying Index, even if that security generally is underperforming, because unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the Underlying Index. Additionally, the Fund rebalances and/or reconstitutes its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance and/or reconstitution schedule will result in corresponding changes to the Fund’s rebalance and/or reconstitution schedule.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Tracking Error Risk<span style="font-weight: normal;"> is the risk that the Fund’s performance may vary from the performance of the Underlying Index as a result of creation and redemption activity, transaction costs, expenses and other factors.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Sampling Risk <span style="font-weight: normal;">is the risk that the Fund’s use of a representative sampling approach may result in increased tracking error because the securities selected for the Fund in the aggregate may vary from the investment profile of the Underlying Index. Additionally, the use of a representative sampling approach may result in the Fund holding a smaller number of securities than the Underlying Index, and, as a result, an adverse development to an issuer of securities that the Fund holds could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Underlying Index.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Authorized Participant Concentration Risk<span style="font-weight: normal;"> is the risk that the Fund may be adversely affected because it has a limited number of institutions that act as authorized participants</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">(“Authorized Participants”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units (as defined below), Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Calculation Methodology Risk<span style="font-weight: normal;"> is the risk that the Underlying Index’s calculation methodology or sources of information may not provide an accurate assessment of included issuers or correct valuation of securities, nor is the availability or timeliness of the production of the Underlying Index guaranteed. A security included in the Underlying Index may not exhibit the characteristic or provide the specific exposure for which it was selected and consequently a Fund's holdings may not exhibit returns consistent with that characteristic or exposure.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Trading Risk<span style="font-weight: normal;"> is the risk that the Fund faces because its shares are listed on a securities exchange, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of its listing exchange, make trading in the shares inadvisable. The market prices of Fund shares will generally fluctuate in accordance with changes in its NAV, changes in the relative supply of, and demand for, Fund shares, and changes in the liquidity, or the perceived liquidity, of the Fund’s holdings. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Concentration Risk<span style="font-weight: normal;"> is the risk that, if the Fund is concentrated in a particular industry or group of industries, the Fund is likely to present more risks than a fund that is broadly diversified over several industries or groups of industries. Compared to the broad market, an individual industry may be more strongly affected by changes in the economic climate, broad market shifts, moves in a particular dominant stock or regulatory changes.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 6pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Financial Sector Risk<span style="font-weight: normal;"> is the risk that the financial sector can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competition, and the availability and cost of capital, among other factors.</span> </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Credit (or Default) Risk<span style="font-weight: normal;"> is the risk that the inability or unwillingness of an issuer or guarantor of a fixed-income security, or a counterparty to a TBA, repurchase or other transaction, to meet its payment or other financial obligations will adversely affect the value of the Fund’s investments and its returns. The credit quality of a debt security or of the issuer of a debt security held by the Fund could deteriorate rapidly, which may impair the Fund’s liquidity or cause a deterioration in the Fund’s NAV. The Fund could also be delayed or hindered in its enforcement of rights against an issuer, guarantor or counterparty. The degree of credit risk depends on the issuer’s or counterparty’s financial condition and on the terms of the securities.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Debt Extension Risk<span style="font-weight: normal;"> is the risk that when interest rates rise an issuer will exercise its right to pay principal on certain debt securities held by the Fund later than expected. This will cause the value of the security, and the Fund’s NAV, to decrease, and the Fund may lose opportunities to invest in higher yielding securities.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Derivatives Risk<span style="font-weight: normal;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 6pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Futures Contracts Risk<span style="font-weight: normal;"> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of</span> </td> </tr> </table> <table cellpadding="6" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 6.25%;"> </td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 93.75%;">NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Options Contracts Risk<span style="font-weight: normal;"> Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.</span> </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">High Portfolio Turnover Risk <span style="font-weight: normal;">is the risk that active and frequent trading of the Fund’s portfolio securities may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs, which could reduce the Fund’s return.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Interest Rate/Maturity Risk<span style="font-weight: normal;"> is the risk that the value of the Fund’s fixed-income assets will decline because of rising interest rates. In general, securities with longer maturities or durations are more sensitive to interest rate changes. Changing interest rates, including rates that fall below zero, may have unpredictable effects on the markets and the Fund’s investments, may result in heightened market volatility, may impact the liquidity of fixed-income securities and of the Fund, and may detract from Fund performance. A low or negative interest rate environment could cause the Fund’s earnings to fall below the Fund’s expense ratio, resulting in a negative yield and a decline in the Fund’s share price. An increase in interest rates may cause investors to move out of fixed incomes securities on a large scale, which could adversely affect the price of fixed income securities, lead to heightened volatility in the fixed-income markets and may adversely affect the liquidity of certain fixed-income investments. The average effective duration of the Fund’s portfolio securities may be longer or shorter than the average effective duration of the MBS of the Underlying Index. Although the Underlying Index is designed so that the average effective duration of the MBS represented in the Index generally will range between 3.25</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">and 4.25 years, there is no guarantee that it will do so. The Fund will continue to seek to track the Underlying Index. There is also the risk that the Fund may have a longer or shorter average effective duration than that of the MBS in the Underlying Index as a result of tracking error. A portfolio of securities with a longer average effective duration is generally considered to have a higher risk profile than a portfolio with a shorter average effective duration. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Liquidity Risk <span style="font-weight: normal;">is the risk that certain portfolio securities may be less liquid than others, which may make them difficult or impossible to sell at the time and the price that the Fund would like, adversely affecting the value of the Fund’s investments and its returns. Illiquid investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity. The market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer. In such cases, the Fund, due to limitations on investments in illiquid securities and/or purchasing and selling such investments, may be unable to achieve a high degree of correlation with the Underlying Index. Additionally, in adverse market conditions, the Fund’s market price may begin to reflect illiquidity or pricing uncertainty of the Fund’s portfolio securities. This could lead to the Fund’s shares trading at a price that is higher or lower than the Fund’s NAV. At times, such differences may be significant.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Prepayment (or Call) Risk<span style="font-weight: normal;"> is the risk that an issuer could exercise its right to pay principal on callable debt securities held by the Fund earlier than expected. Issuers may be more likely to prepay when interest rates fall, when credit spreads change, or when an issuer’s credit quality improves. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds in lower yielding securities, which may reduce the Fund’s returns. The Fund may also lose any premium it paid to purchase the securities.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Securities Lending Risk<span style="font-weight: normal;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Valuation Risk <span style="font-weight: normal;">is the risk that the sale price the Fund could receive for a portfolio security may differ from the Fund’s valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. </div> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year and (B) how the Fund’s average annual returns compare with those of a broad measure of market performance. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting flexshares.com.</div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year and (B) how the Fund’s average annual returns compare with those of a broad measure of market performance. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. flexshares.com Calendar Year Total Returns <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">For the period shown in the bar chart above:</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Best Quarter (3/31/2020): 2.56%</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Worst Quarter (3/31/2022): -4.53%</div> Best Quarter 2020-03-31 0.0256 Worst Quarter 2022-03-31 -0.0453 Average Annual Total Returns (for the periods ended December 31, 2022) -0.0954 -0.0007 0.0055 2014-09-03 -0.1061 -0.0126 -0.0071 -0.0563 -0.0052 -0.0010 -0.0888 0.0047 0.0105 <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. FlexShares® Credit-Scored US Corporate Bond Index Fund Investment Objective <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Northern Trust US Corporate Bond Quality Value Index<sup style="font-size: 85%; font-style: normal; text-transform: none;">SM</sup> (the “Underlying Index”).</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Under the Fund’s Investment Advisory Agreement, the Fund is responsible for the following expenses: interest expenses, brokerage commissions and other trading expenses, fees and expenses of the independent trustees and their independent legal counsel, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business. You will also incur usual and customary brokerage commissions and fees to financial intermediaries when buying or selling shares of the Fund in the secondary market, which are not reflected in the example that follows:</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0022 0.0000 0.0001 0.0023 -0.0001 0.0022 March 1, 2024 Example <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5%</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">return each year and that the Fund’s operating expenses remain the same (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 23 73 129 292 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 66% of the average value of its portfolio. 0.66 Principal Investment Strategies <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is designed to reflect the performance of a diversified universe of intermediate maturity, US-dollar denominated bonds of companies with investment grade credit quality, favorable valuations, and enhanced short-term and long-term solvency. Securities eligible for inclusion in the Underlying Index must meet the following criteria at each reconstitution of the Underlying Index: (a) they are issued in U.S. dollars; (b) they are issued in the U.S. and registered with the SEC or eligible for resale under Rule 144A under the Securities Act of 1933; (c) they fall within a specified list of eligible security types; (d) they are either senior or subordinated debts; (e) they have a minimum credit rating of Baa3 or BBB-; (f) they have a final maturity of at least one year and up to (but not including) 10 years; and (g) they have $250 million or more in outstanding principal.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Once all eligible securities have been identified, the Underlying Index then follows a rules-based methodology to select and weight securities, subject to certain constraints as described below, to optimize the Underlying Index’s exposure to a combined proprietary value score and a proprietary quality score, as determined by NTI acting in its capacity as index provider (“Index Provider”). Each of the </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">value score and the quality score are based on various metrics obtained from company filings and recent price activity. The value score has multiple components, including: (a) valuation (e.g., to assess the relative value of the security versus other similar securities); (b) spread analysis (e.g., to assess the risk/return trade-off associated with each security versus other similar securities); and (c) financial solvency (e.g., debt servicing capacity). The quality score has three components: (i) management efficiency (e.g., corporate finance activities and corporate governance); (ii) profitability (e.g., reliability and sustainability of financial performance); and (iii) financial solvency. The primary objective of the optimization process is to maximize exposure to securities with the highest value and quality scores and to maintain a similar effective duration profile relative to the Underlying Index's eligible universe. In addition, the optimization process also includes security level, sector, issuer level, low value and quality, and turnover constraints to seek to manage systematic risk. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">As of December 31, 2022, there were 2,516 issues in the Underlying Index. The Underlying Index is governed by transparent, objective rules for security selection, exclusion, rebalancing and adjustments for corporate actions and is reconstituted monthly. The Fund generally reconstitutes its portfolio in accordance with the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses representative sampling strategy to manage the Fund. “Representative sampling” is investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index. The Fund reserves the right to invest in substantially all of the securities in its Underlying Index in approximately the same proportions (i.e., replication) if NTI determines that it is in the best interest of the Fund. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund generally will invest under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of its Underlying Index. The Fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money mar- </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">ket funds advised by NTI or its affiliates, futures contracts and options on futures, as well as securities not included in the Underlying Index, but which NTI believes will help the Fund track its Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is created and sponsored by NTI, as the Index Provider. NTI also serves as the investment adviser to the Fund. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral received). </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Industry Concentration Policy<span style="font-weight: normal;">. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. As of December 31, 2022, the Underlying Index was concentrated in the financial sector. The components of the Underlying Index, and the degree to which these components represent certain industries or sectors, may change over time.</span> </div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. As of December 31, 2022, the Underlying Index was concentrated in the financial sector. The components of the Underlying Index, and the degree to which these components represent certain industries or sectors, may change over time. Principal Risks <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">As with any investment, you could lose all or part of your investment in the Fund, and the Fund’s performance could trail that of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund’s net asset value (“NAV”), trading price, yield, total return and ability to meet its investment objective. Each risk noted below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. The significance of each risk factor below may change over time and you should review each risk factor carefully.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Corporate Bond Risk. <span style="font-weight: normal;">Corporate debt securities are subject to the risk of the issuer’s inability to meet principal and interest payments on the obligation and may also be subject to price volatility due to such factors as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity. When interest rates rise, the value of corporate debt can be expected to decline. Debt securities with longer maturities tend to be more sensitive to interest rate movements than those with shorter maturities.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Quality-Value Score Risk <span style="font-weight: normal;">is the risk that the Fund’s investment in companies whose securities are believed to be undervalued will not appreciate in value as anticipated or the past performance of companies that have exhibited quality characteristics does not continue. Although the Underlying Index is designed to measure a portfolio of bonds that can potentially deliver a higher total return relative to the Parent Index, there is no assurance that the Underlying Index or Fund will be comprised of such securities. Accordingly, the Fund may be subject to greater credit risk, price volatility and risk of loss relative to the Parent Index.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Concentration Risk <span style="font-weight: normal;">is the risk that, if the Fund is concentrated in a particular industry or group of industries, the Fund is likely to present more risks than a fund that is broadly diversified over several industries or groups of industries. Compared to the broad market, an individual industry may be more strongly affected by changes in the economic climate, broad market shifts, moves in a particular dominant stock or regulatory changes.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 6pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Financial Sector Risk<span style="font-weight: normal;"> is the risk that the financial sector can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competition, and the availability and cost of capital, among other factors.</span> </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Income Risk<span style="font-weight: normal;"> is the risk that the Fund’s income may decline when interest rates fall. This decline can occur because the Fund must invest in lower-yielding bonds as bonds in its portfolio mature, bonds in the Underlying Index are substituted or the Fund otherwise needs to purchase additional bonds.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Risk<span style="font-weight: normal;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, or volatility in the equity markets. Market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">sentiment could have a significant impact on the Fund and its investments and could result in the Fund’s shares trading at increased premiums or discounts to the Fund’s NAV. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to the risks described elsewhere in this summary will likely increase. Market disruptions, regulatory restrictions or other abnormal market conditions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track its Underlying Index or cause delays in the Underlying Index’s rebalancing or reconstitution schedule. During any such delay, it is possible that the Underlying Index and, in turn, the Fund will deviate from the Underlying Index’s stated methodology and therefore experience returns different than those that would have been achieved under a normal rebalancing or reconstitution schedule. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Index Risk<span style="font-weight: normal;"> is the risk that the Fund would not necessarily buy or sell a security unless that security is added to or removed from, respectively, the Underlying Index, even if that security generally is underperforming, because unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the Underlying Index. Additionally, the Fund rebalances and/or reconstitutes its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance and/or reconstitution schedule will result in corresponding changes to the Fund’s rebalance and/or reconstitution schedule.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Tracking Error Risk<span style="font-weight: normal;"> is the risk that the Fund’s performance may vary from the performance of the Underlying Index as a result of creation and redemption activity, transaction costs, expenses and other factors.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Sampling Risk <span style="font-weight: normal;">is the risk that the Fund’s use of a representative sampling approach may result in increased tracking error because the securities selected for the Fund in the aggregate may vary from the investment profile of the Underlying Index. Additionally, the use of a representative sampling approach may result in the Fund holding a smaller number of securities than the Underlying Index, and, as a result, an adverse development to an issuer of securities that the Fund holds could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Underlying Index.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Authorized Participant Concentration Risk<span style="font-weight: normal;"> is the risk that the Fund may be adversely affected because it has a limited number of institutions that act as authorized participants</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">(“Authorized Participants”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units (as defined below), Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Calculation Methodology Risk<span style="font-weight: normal;"> is the risk that the Underlying Index’s calculation methodology or sources of information may not provide an accurate assessment of included issuers or correct valuation of securities, nor is the availability or timeliness of the production of the Underlying Index guaranteed. A security included in the Underlying Index may not exhibit the characteristic or provide the specific exposure for which it was selected and consequently a Fund's holdings may not exhibit returns consistent with that characteristic or exposure.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Trading Risk<span style="font-weight: normal;"> is the risk that the Fund faces because its shares are listed on a securities exchange, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of its listing exchange, make trading in the shares inadvisable. The market prices of Fund shares will generally fluctuate in accordance with changes in its NAV, changes in the relative supply of, and demand for, Fund shares, and changes in the liquidity, or the perceived liquidity, of the Fund’s holdings. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Credit (or Default) Risk<span style="font-weight: normal;"> is the risk that the inability or unwillingness of an issuer or guarantor of a fixed-income security, or a counterparty to a TBA, repurchase or other transaction, to meet its payment or other financial obligations will adversely affect the value of the Fund’s investments and its returns. . The credit quality of a debt security or of the issuer of a debt security held by the Fund could deteriorate rapidly, which may impair the Fund’s liquidity or cause a deterioration in the Fund’s NAV. Although the</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Underlying Index is designed to measure a portfolio of bonds of companies with higher credit quality and low risk of default relative to the Parent Index, there is no assurance that the Underlying Index or Fund will be comprised of such securities or that companies that have historically exhibited fundamentals consistent with high credit quality will continue to exhibit such fundamentals. The Fund could also be delayed or hindered in its enforcement of rights against an issuer, guarantor or counterparty. The degree of credit risk depends on the issuer’s or counterparty’s financial condition and on the terms of the securities. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Debt Extension Risk<span style="font-weight: normal;"> is the risk that when interest rates rise an issuer will exercise its right to pay principal on certain debt securities held by the Fund later than expected. This will cause the value of the security, and the Fund’s NAV, to decrease, and the Fund may lose opportunities to invest in higher yielding securities.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Derivatives Risk<span style="font-weight: normal;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.</span> </div> <table cellpadding="6" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 2pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Futures Contracts Risk<span style="font-weight: normal;"> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Options Contracts Risk<span style="font-weight: normal;"> Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correla-</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 6.25%;"> </td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 93.75%;">tion risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies. </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Interest Rate/Maturity Risk<span style="font-weight: normal;"> is the risk that the value of the Fund’s fixed-income assets will decline because of rising interest rates. In general, securities with longer maturities or durations are more sensitive to interest rate changes. Changing interest rates, including rates that fall below zero, may have unpredictable effects on the markets and the Fund’s investments, may result in heightened market volatility, may impact the liquidity of fixed-income securities and of the Fund, and may detract from Fund performance. A low or negative interest rate environment could cause the Fund’s earnings to fall below the Fund’s expense ratio, resulting in a negative yield and a decline in the Fund’s share price. An increase in interest rates may cause investors to move out of fixed incomes securities on a large scale, which could adversely affect the price of fixed income securities, lead to heightened volatility in the fixed-income markets and may adversely affect the liquidity of certain fixed-income investments.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Liquidity Risk<span style="font-weight: normal;"> is the risk that certain portfolio securities may be less liquid than others, which may make them difficult or impossible to sell at the time and the price that the Fund would like, adversely affecting the value of the Fund’s investments and its returns. Illiquid investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. Liquidity Risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity. The market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer. In such cases, the Fund, due to limitations on invest-</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">ments in illiquid securities and/or purchasing and selling such investments, may be unable to achieve a high degree of correlation with the Underlying Index. Additionally, in adverse market conditions, the Fund’s market price may begin to reflect illiquidity or pricing uncertainty of the Fund’s portfolio securities. This could lead to the Fund’s shares trading at a price that is higher or lower than the Fund’s NAV. At times, such differences may be significant. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Foreign Securities Risk<span style="font-weight: normal;"> is the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments may impose limitations on foreigners’ ownership of interests in local issuers, restrictions on the ability to repatriate assets, and may also impose taxes. Any of these events could cause the value of the Fund’s investments to decline. Foreign banks, agents and securities depositories that hold the Fund’s foreign assets may be subject to little or no regulatory oversight over, or independent evaluation, of their operations. Additional costs associated with investments in foreign securities may include higher custodial fees than those applicable to domestic custodial arrangements and transaction costs of foreign currency conversions. Unless the Fund has hedged its foreign currency exposure, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful. For instance, forward foreign currency exchange contracts, if used by the Fund, could reduce performance if there are unanticipated changes in currency exchange rates.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Prepayment (or Call) Risk<span style="font-weight: normal;"> is the risk that an issuer could exercise its right to pay principal on callable debt securities held by the Fund earlier than expected. Issuers may be more likely to prepay when interest rates fall, when credit spreads change, or when an issuer’s credit quality improves. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds in lower yielding securities, which may reduce the Fund’s returns. The Fund may also lose any premium it paid to purchase the securities.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Securities Lending Risk<span style="font-weight: normal;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Valuation Risk <span style="font-weight: normal;">is the risk that the sale price the Fund could receive for a portfolio security may differ from the Fund’s valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. </div> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank.  Fund Performance* *Effective May 1, 2020, the Fund’s principal investment strategies were revised. <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad measure of market performance, and (C) an additional index with characteristics relevant to the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting flexshares.com. </div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad measure of market performance, and (C) an additional index with characteristics relevant to the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. flexshares.com Calendar Year Total Returns <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">For the period shown in the bar chart above:</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Best Quarter (6/30/2020): 8.08%</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Worst Quarter (3/31/2022): -5.31%</div> Best Quarter 2020-06-30 0.0808 Worst Quarter 2022-03-31 -0.0531 Average Annual Total Returns (for the periods ended December 31, 2022) -0.1003 0.0120 0.0185 2014-11-12 -0.1094 0.0003 0.0071 -0.0593 0.0048 0.0096 -0.0940 0.0116 0.0185 -0.0932 0.0176 0.0232 Reflects no deduction for fees, expenses or taxes. <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. FlexShares® Credit-Scored US Long Corporate Bond Index Fund Investment Objective <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Northern Trust US Long Corporate Bond Quality Value Index<sup style="font-size: 85%; font-style: normal; text-transform: none;">SM </sup>(the “Underlying Index”).</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Under the Fund’s Investment Advisory Agreement, the Fund is responsible for the following expenses: interest expenses, brokerage commissions and other trading expenses, fees and expenses of the independent trustees and their independent legal counsel, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business. You will also incur usual and customary brokerage commissions and fees to financial intermediaries when buying or selling shares of the Fund in the secondary market, which are not reflected in the example that follows:</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0022 0.0000 0.0001 0.0023 -0.0001 0.0022 March 1, 2024 Example <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 23 73 129 292 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 58% of the average value of its portfolio. 0.58 Principal Investment Strategies <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is designed to reflect the performance of a diversified universe of longer term maturity, US-dollar denominated bonds of companies with investment grade credit quality, favorable valuations, and enhanced short-term and long-term solvency. Securities eligible for inclusion in the Underlying Index must meet the following criteria at each reconstitution of the Underlying Index: (a) they are issued in U.S. dollars; (b) they are issued in the U.S. and registered with the SEC or eligible for resale under Rule 144A under the Securities Act of 1933; (c) they fall within a specified list of eligible security types; (d) they are either senior or subordinated debts; (e) they have a minimum credit rating of Baa3 or BBB-; (f) they have a final maturity of 10 years or greater; and (g) they have $250 million or more in outstanding principal.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Once all eligible securities have been identified, the Underlying Index then follows a rules-based methodology to select and weight securities, subject to certain constraints as described below, to optimize the Underlying Index’s exposure to a combined proprietary value score and a proprietary quality score, as determined by NTI acting in its </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">capacity as index provider (“Index Provider”). Each of the value score and the quality score are based on various metrics obtained from company filings and recent price activity. The value score has multiple components, including: (a) valuation (e.g., to assess the relative value of the security versus other similar securities); (b) spread analysis (e.g., to assess the risk/return trade-off associated with each security versus other similar securities); and (c) financial solvency (e.g., debt servicing capacity). The quality score has three components: (i) management efficiency (e.g., corporate finance activities and corporate governance); (ii) profitability (e.g., reliability and sustainability of financial performance); and (iii) financial solvency. The primary objective of the optimization process is to maximize exposure to securities with the highest value and quality scores and to maintain a similar effective duration profile relative to the Underlying Index’s eligible universe. In addition, the optimization process also includes security level, sector, issuer level, low value and quality, and turnover constraints to seek to manage systematic risk. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">As of December 31, 2022, there were 1,397 issues in the Underlying Index. The Underlying Index is governed by transparent, objective rules for security selection, exclusion, rebalancing and adjustments for corporate actions and is reconstituted monthly. The Fund generally reconstitutes its portfolio in accordance with the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses representative sampling strategy to manage the Fund. “Representative sampling” is investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index. The Fund reserves the right to invest in substantially all of the securities in its Underlying Index in approximately the same proportions (i.e., replication) if NTI determines that it is in the best interest of the Fund. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund generally will invest under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of its Underlying </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Index. The Fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds advised by NTI or its affiliates, futures contracts and options on futures, as well as securities not included in the Underlying Index, but which NTI believes will help the Fund track its Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is created and sponsored by NTI, as the Index Provider. NTI also serves as the investment adviser to the Fund. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral received). </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Industry Concentration Policy<span style="font-weight: normal;">. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.</span> </div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.  Principal Risks <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">As with any investment, you could lose all or part of your investment in the Fund, and the Fund’s performance could trail that of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund’s net asset value (“NAV”), trading price, yield, total return and ability to meet its investment objective. Each risk noted below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. The significance of each risk factor below may change over time and you should review each risk factor carefully.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Corporate Bond Risk<span style="font-weight: normal;"> is the risk the Fund faces because it invests primarily in bonds issued by corporations. Corporate debt securities are subject to the risk of the issuer’s inability to meet principal and interest payments on the obligation and may also be subject to price volatility due to such factors as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity. When interest rates rise, the value of corporate debt can be expected to decline. Debt securities with longer maturities tend to be more sensitive to interest rate movements than those with shorter maturities.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Quality-Value Score Risk <span style="font-weight: normal;">is the risk that the Fund’s investment in companies whose securities are believed to be undervalued will not appreciate in value as anticipated or the past performance of companies that have exhibited quality characteristics does not continue. Although the Underlying Index is designed to measure a portfolio of bonds that can potentially deliver a higher total return relative to the Parent Index, there is no assurance that the Underlying Index or Fund will be comprised of such securities. Accordingly, the Fund may be subject to greater credit risk, price volatility and risk of loss relative to the Parent Index.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Income Risk<span style="font-weight: normal;"> is the risk that the Fund’s income may decline when interest rates fall. This decline can occur because the Fund must invest in lower-yielding bonds as bonds in its portfolio mature, bonds in the Underlying Index are substituted or the Fund otherwise needs to purchase additional bonds.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Risk<span style="font-weight: normal;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, or volatility in the equity markets. Market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment could have a significant impact on the Fund and its investments and could result in the Fund’s shares trading at increased premiums or discounts to the Fund’s NAV. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to the risks described elsewhere in this summary will likely increase. Market disruptions, regulatory restrictions or other abnormal market conditions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track its Underlying Index or cause delays in the Underlying Index’s rebalancing or reconstitution schedule. During any such delay, it is possible that the Underlying Index and, in turn, the Fund will deviate from the Underly-</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">ing Index’s stated methodology and therefore experience returns different than those that would have been achieved under a normal rebalancing or reconstitution schedule. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Index Risk<span style="font-weight: normal;"> is the risk that the Fund would not necessarily buy or sell a security unless that security is added to or removed from, respectively, the Underlying Index, even if that security generally is underperforming, because unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the Underlying Index. Additionally, the Fund rebalances and/or reconstitutes its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance and/or reconstitution schedule will result in corresponding changes to the Fund’s rebalance and/or reconstitution schedule.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Tracking Error Risk<span style="font-weight: normal;"> is the risk that the Fund’s performance may vary from the performance of the Underlying Index as a result of creation and redemption activity, transaction costs, expenses and other factors.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Sampling Risk <span style="font-weight: normal;">is the risk that the Fund’s use of a representative sampling approach may result in increased tracking error because the securities selected for the Fund in the aggregate may vary from the investment profile of the Underlying Index. Additionally, the use of a representative sampling approach may result in the Fund holding a smaller number of securities than the Underlying Index, and, as a result, an adverse development to an issuer of securities that the Fund holds could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Underlying Index.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Authorized Participant Concentration Risk<span style="font-weight: normal;"> is the risk that the Fund may be adversely affected because it has a limited number of institutions that act as authorized participants (“Authorized Participants”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units (as defined below), Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Calculation Methodology Risk<span style="font-weight: normal;"> is the risk that the Underlying Index’s calculation methodology or sources of information may not provide an accurate assessment of included issuers or correct valuation of securities, nor is the availability or timeliness of the production of the Underlying Index guaranteed. A security included in the Underlying Index may not exhibit the characteristic or provide the specific exposure for which it was selected and consequently a Fund's holdings may not exhibit returns consistent with that characteristic or exposure.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Trading Risk<span style="font-weight: normal;"> is the risk that the Fund faces because its shares are listed on a securities exchange, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of its listing exchange, make trading in the shares inadvisable. The market prices of Fund shares will generally fluctuate in accordance with changes in its NAV, changes in the relative supply of, and demand for, Fund shares, and changes in the liquidity, or the perceived liquidity, of the Fund’s holdings. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Credit (or Default) Risk <span style="font-weight: normal;">is the risk that the inability or unwillingness of an issuer or guarantor of a fixed-income security, or a counterparty to a TBA, repurchase or other transaction, to meet its payment or other financial obligations will adversely affect the value of the Fund’s investments and its returns. The credit quality of a debt security or of the issuer of a debt security held by the Fund could deteriorate rapidly, which may impair the Fund’s liquidity or cause a deterioration in the Fund’s NAV. Although the Underlying Index is designed to measure a portfolio of bonds of companies with higher credit quality and low risk of default relative to the Parent Index, there is no assurance that the Underlying Index or Fund will be comprised of such securities or that companies that have historically exhibited fundamentals consistent with high credit quality will continue to exhibit such fundamentals. The Fund could also be delayed or hindered in its enforcement of rights against an issuer, guarantor or counterparty. The degree of credit risk depends on the issuer’s or counterparty’s financial condition and on the terms of the securities.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Debt Extension Risk<span style="font-weight: normal;"> is the risk that when interest rates rise an issuer will exercise its right to pay principal on certain debt securities held by the Fund later than expected. This will cause the value of the security, and the Fund’s NAV, to decrease, and the Fund may lose opportunities to invest in higher yielding securities.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Derivatives Risk<span style="font-weight: normal;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.</span> </div> <table cellpadding="6" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 2pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Futures Contracts Risk<span style="font-weight: normal;"> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Options Contracts Risk<span style="font-weight: normal;"> Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.</span> </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Concentration Risk <span style="font-weight: normal;">is the risk that, if the Fund is concentrated in a particular industry or group of industries, the Fund is likely to present more risks than a fund that is</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">broadly diversified over several industries or groups of industries. Compared to the broad market, an individual industry may be more strongly affected by changes in the economic climate, broad market shifts, moves in a particular dominant stock or regulatory changes. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Interest Rate/Maturity Risk<span style="font-weight: normal;"> is the risk that the value of the Fund’s fixed-income assets will decline because of rising interest rates. In general, securities with longer maturities or durations are more sensitive to interest rate changes. Changing interest rates, including rates that fall below zero, may have unpredictable effects on the markets and the Fund’s investments, may result in heightened market volatility, may impact the liquidity of fixed-income securities and of the Fund, and may detract from Fund performance. A low or negative interest rate environment could cause the Fund’s earnings to fall below the Fund’s expense ratio, resulting in a negative yield and a decline in the Fund’s share price. An increase in interest rates may cause investors to move out of fixed incomes securities on a large scale, which could adversely affect the price of fixed income securities, lead to heightened volatility in the fixed-income markets and may adversely affect the liquidity of certain fixed-income investments.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Liquidity Risk<span style="font-weight: normal;"> is the risk that certain portfolio securities may be less liquid than others, which may make them difficult or impossible to sell at the time and the price that the Fund would like, adversely affecting the value of the Fund’s investments and its returns. Illiquid investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. Liquidity Risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity. The market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer. In such cases, the Fund, due to limitations on investments in illiquid securities and/or purchasing and selling such investments, may be unable to achieve a high degree of correlation with the Underlying Index. Additionally, in</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">adverse market conditions, the Fund’s market price may begin to reflect illiquidity or pricing uncertainty of the Fund’s portfolio securities. This could lead to the Fund’s shares trading at a price that is higher or lower than the Fund’s NAV. At times, such differences may be significant. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Foreign Securities Risk<span style="font-weight: normal;"> is the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments may impose limitations on foreigners’ ownership of interests in local issuers, restrictions on the ability to repatriate assets, and may also impose taxes. Any of these events could cause the value of the Fund’s investments to decline. Foreign banks, agents and securities depositories that hold the Fund’s foreign assets may be subject to little or no regulatory oversight over, or independent evaluation, of their operations. Additional costs associated with investments in foreign securities may include higher custodial fees than those applicable to domestic custodial arrangements and transaction costs of foreign currency conversions. Unless the Fund has hedged its foreign currency exposure, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful. For instance, forward foreign currency exchange contracts, if used by the Fund, could reduce performance if there are unanticipated changes in currency exchange rates.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Prepayment (or Call) Risk<span style="font-weight: normal;"> is the risk that an issuer could exercise its right to pay principal on callable debt securities held by the Fund earlier than expected. Issuers may be more likely to prepay when interest rates fall, when credit spreads change, or when an issuer’s credit quality improves. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds in lower yielding securities, which may reduce the Fund’s returns. The Fund may also lose any premium it paid to purchase the securities.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Securities Lending Risk<span style="font-weight: normal;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Valuation Risk <span style="font-weight: normal;">is the risk that the sale price the Fund could receive for a portfolio security may differ from the Fund’s valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. </div> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank.  Fund Performance*  * Effective May 1, 2020, the Fund’s principal investment strategies were revised. <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad measure of market performance, and (C) an additional index with characteristics relevant to the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting flexshares.com. </div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad measure of market performance, and (C) an additional index with characteristics relevant to the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. flexshares.com Calendar Year Total Returns <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">For the periods in the bar chart above:</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Best Quarter (6/30/2020): 11.57%</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Worst Quarter (6/30/2022): -12.95%</div> Best Quarter 2020-06-30 0.1157 Worst Quarter 2022-06-30 -0.1295 Average Annual Total Returns (for the periods ended December 31, 2022) -0.2634 -0.0063 0.0228 2015-09-23 -0.2762 -0.0239 0.0040 -0.1554 -0.0099 0.0109 -0.2562 -0.0075 0.0233 -0.2530 0.0026 0.0304 Reflects no deduction for fees, expenses or taxes. <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. FlexShares® High Yield Value-Scored Bond Index Fund Investment Objective <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Northern Trust High Yield Value-Scored US Corporate Bond Index<sup style="font-size: 85%; font-style: normal; text-transform: none;">SM</sup> (the “Underlying Index”).</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Under the Fund’s Investment Advisory Agreement, the Fund is responsible for the following expenses: interest expenses, brokerage commissions and other trading expenses, fees and expenses of the independent trustees and their independent legal counsel, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business. You will also incur usual and customary brokerage commissions and fees to financial intermediaries when buying or selling shares of the Fund in the secondary market, which are not reflected in the example that follows:</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0037 0.0000 0.0001 0.0038 -0.0001 0.0037 March 1, 2024 Example <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 38 121 212 479 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 146% of the average value of its portfolio. 1.46 Principal Investment Strategies <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is designed to reflect the performance of a diversified universe of high yield, U.S.-dollar denominated bonds of companies exhibiting favorable fundamental qualities, market valuations and liquidity, as defined by NTI’s proprietary scoring models. The securities included in the Underlying Index are a subset of the securities included in the Northern Trust High Yield US Corporate Bond Index<sup style="font-size: 85%; font-style: normal; text-transform: none;">SM</sup> (the “Parent Index”), which is a market-capitalization weighted index comprised of U.S. dollar-denominated high yield corporate bonds.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index begins with the Parent Index and then follows a rules-based methodology to select and weight securities, subject to certain constraints, to optimize exposure to a proprietary value score, credit score, and liquidity score, each as determined by NTI acting in its capacity as index provider (“Index Provider”).</div> <div style="margin-top: 6pt;"> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The core components of the proprietary value score and proprietary credit score are based on quantitative rankings of various metrics obtained from company filings and recent price activity. The value score has multiple components, including: (a) valuation (e.g., to assess the relative </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">value of the security versus other similar securities); (b) spread analysis (e.g., to assess the risk/return trade-off associated with each security versus other similar securities); and (c) financial solvency (e.g., debt servicing capacity). The credit score has three components: (i) management efficiency (e.g., corporate finance activities and corporate governance); (ii) profitability (e.g., reliability and sustainability of financial performance); and (iii) financial solvency. The core components of the proprietary liquidity score are based on a quantitative ranking of security characteristics obtained from company filings. Examples of data sets utilized to determine the liquidity score include: (x) time to maturity (e.g., time until the security reaches its maturity date as measured in in years); (y) total issuer debt outstanding (e.g., the sum of all debt outstanding for a single corporate issuer); and (z) time since original issuance (e.g., the time that has elapsed since the security was originally issued as measured in years). The primary objective of the optimization process is to maximize exposure to the value score relative to the Underlying Index's eligible universe. In addition, the optimization process also includes issuer level, sector, effective duration, low credit and liquidity score, and turnover constraints to seek to manage systematic risk. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The inception date of the Underlying Index was April 30, 2018. As of December 31, 2022, there were 1,051 issues in the Underlying Index. The Underlying Index is governed by transparent, objective rules for security selection, exclusion, rebalancing and adjustments for corporate actions. The Underlying Index is reconstituted monthly. The Fund generally reconstitutes its portfolio in accordance with the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI intends to use representative sampling strategy to manage the Fund. “Representative sampling” is investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index. The Fund reserves the right to invest in substantially all of the securities in its </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Underlying Index in approximately the same proportions (i.e., replication) if NTI determines that it is in the best interest of the Fund. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund generally will invest under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of its Underlying Index. The Fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds advised by NTI or its affiliates, futures contracts and options on futures, as well as securities not included in the Underlying Index, but which NTI believes will help the Fund track its Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is created and sponsored by NTI, as the Index Provider. NTI also serves as the investment adviser to the Fund. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral received). </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Industry Concentration Policy<span style="font-weight: normal;">. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.</span> </div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.  Principal Risks <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">As with any investment, you could lose all or part of your investment in the Fund, and the Fund’s performance could trail that of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund’s net asset value (“NAV”), trading price, yield, total return and ability to meet its investment objective. Each risk noted below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. The significance of each risk factor below may change over time and you should review each risk factor carefully.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">High Yield Securities Risk<span style="font-weight: normal;"> is the risk that the Fund will be subject to greater credit risk, price volatility and risk of loss than if it invested primarily in investment grade securities, which can adversely impact the Fund’s return and NAV. High yield securities are considered highly speculative and</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">are subject to increased risk of an issuer’s inability to make principal and interest payments. The Underlying Index is designed to be comprised of securities with the potential for higher yields as compared to the overall high yield corporate bond market. As such, the Fund is expected to exhibit greater sensitivity to market fluctuations. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: italic; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Distressed Securities Risk<span style="font-style: normal;"> is the substantial risk of investing in distressed securities that is in addition to the risks of investing in non-investment grade securities generally. NTI defines securities issued by companies whose financial condition is troubled or uncertain and that may be involved in bankruptcy proceedings, reorganizations or financial restructurings as “distressed securities.” Distressed securities are speculative and involve a substantial risk that principal will not be paid. In addition, the Fund will generally not receive interest payments on the distressed securities and may incur costs to protect its investment. These securities may present a substantial risk of default. The Fund may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal of or interest on its portfolio holdings. In any reorganization or liquidation proceeding relating to a portfolio company, the Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: italic; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Substantial Volatility Risk<span style="font-style: normal;"> is the risk that the value of the securities in the Fund’s portfolio may fluctuate, sometimes rapidly and unpredictably at a greater level than the overall market. There is a risk that the Fund could have substantial volatility.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Value Score Risk <span style="font-weight: normal;">is the risk that the Fund’s investment in companies whose securities are believed to be undervalued will not appreciate in value as anticipated. Although the Underlying Index is designed to measure a portfolio of bonds of companies with the potential for higher yields and less risk of insolvency relative to the Parent Index, there is no assurance that the Underlying Index or Fund will be comprised of such securities. Accordingly, the Fund may be subject to greater credit risk, price volatility and risk of loss relative to the Parent Index.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Concentration Risk <span style="font-weight: normal;">is the risk that, if the Fund is concentrated in a particular industry or group of industries, the Fund is likely to present more risks than a fund that is</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">broadly diversified over several industries or groups of industries. Compared to the broad market, an individual industry may be more strongly affected by changes in the economic climate, broad market shifts, moves in a particular dominant stock or regulatory changes. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Income Risk<span style="font-weight: normal;"> is the risk that the Fund’s income may decline when interest rates fall. This decline can occur because the Fund must invest in lower-yielding bonds as bonds in its portfolio mature, bonds in the Underlying Index are substituted or the Fund otherwise needs to purchase additional bonds.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Credit (or Default) Risk<span style="font-weight: normal;"> is the risk that the inability or unwillingness of an issuer or guarantor of a fixed-income security, or a counterparty to a TBA, repurchase or other transaction, to meet its payment or other financial obligations will adversely affect the value of the Fund’s investments and its returns. The credit quality of a debt security or of the issuer of a debt security held by the Fund could deteriorate rapidly, which may impair the Fund’s liquidity or cause a deterioration in the Fund’s NAV. The Fund could also be delayed or hindered in its enforcement of rights against an issuer, guarantor or counterparty. The degree of credit risk depends on the issuer’s or counterparty’s financial condition and on the terms of the securities.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Risk<span style="font-weight: normal;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, or volatility in the equity markets. Market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment could have a significant impact on the Fund and its investments and could result in the Fund’s shares trading at increased premiums or discounts to the Fund’s NAV. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to the risks described elsewhere in this summary will likely increase.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Market disruptions, regulatory restrictions or other abnormal market conditions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track its Underlying Index or cause delays in the Underlying Index’s rebalancing or reconstitution schedule. During any such delay, it is possible that the Underlying Index and, in turn, the Fund will deviate from the Underlying Index’s stated methodology and therefore experience returns different than those that would have been achieved under a normal rebalancing or reconstitution schedule. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Index Risk<span style="font-weight: normal;"> is the risk that the Fund would not necessarily buy or sell a security unless that security is added to or removed from, respectively, the Underlying Index, even if that security generally is underperforming, because unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the Underlying Index. Additionally, the Fund rebalances and/or reconstitutes its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance and/or reconstitution schedule will result in corresponding changes to the Fund’s rebalance and/or reconstitution schedule.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Tracking Error Risk<span style="font-weight: normal;"> is the risk that the Fund’s performance may vary from the performance of the Underlying Index as a result of creation and redemption activity, transaction costs, expenses and other factors.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Sampling Risk <span style="font-weight: normal;">is the risk that the Fund’s use of a representative sampling approach may result in increased tracking error because the securities selected for the Fund in the aggregate may vary from the investment profile of the Underlying Index. Additionally, the use of a representative sampling approach may result in the Fund holding a smaller number of securities than the Underlying Index, and, as a result, an adverse development to an issuer of securities that the Fund holds could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Underlying Index.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Authorized Participant Concentration Risk<span style="font-weight: normal;"> is the risk that the Fund may be adversely affected because it has a limited number of institutions that act as authorized participants (“Authorized Participants”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund and none of those Authorized Participants is obligated to engage in creation and/or redemp-</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">tion transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units (as defined below), Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Calculation Methodology Risk<span style="font-weight: normal;"> is the risk that the Underlying Index’s calculation methodology or sources of information may not provide an accurate assessment of included issuers or correct valuation of securities, nor is the availability or timeliness of the production of the Underlying Index guaranteed. A security included in the Underlying Index may not exhibit the characteristic or provide the specific exposure for which it was selected and consequently a Fund's holdings may not exhibit returns consistent with that characteristic or exposure.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Trading Risk<span style="font-weight: normal;"> is the risk that the Fund faces because its shares are listed on a securities exchange, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of its listing exchange, make trading in the shares inadvisable. The market prices of Fund shares will generally fluctuate in accordance with changes in its NAV, changes in the relative supply of, and demand for, Fund shares, and changes in the liquidity, or the perceived liquidity, of the Fund’s holdings. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Debt Extension Risk<span style="font-weight: normal;"> is the risk that when interest rates rise an issuer will exercise its right to pay principal on certain debt securities held by the Fund later than expected. This will cause the value of the security, and the Fund’s NAV, to decrease, and the Fund may lose opportunities to invest in higher yielding securities.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Derivatives Risk<span style="font-weight: normal;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce dispro-</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">portionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. </div> <table cellpadding="6" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 3pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Futures Contracts Risk<span style="font-weight: normal;"> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Options Contracts Risk<span style="font-weight: normal;"> Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.</span> </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">High Portfolio Turnover Risk<span style="font-weight: normal;"> is the risk that active and frequent trading of the Fund’s portfolio securities may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs, which could reduce the Fund’s return.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Interest Rate/Maturity Risk<span style="font-weight: normal;"> is the risk that the value of the Fund’s fixed-income assets will decline because of rising interest rates. In general, securities with longer maturities or durations are more sensitive to interest rate changes. Changing interest rates, including rates that fall below zero, may have unpredictable effects on the markets and the Fund’s investments, may result in heightened market volatility, may impact the liquidity of fixed-income securities</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">and of the Fund, and may detract from Fund performance. A low or negative interest rate environment could cause the Fund’s earnings to fall below the Fund’s expense ratio, resulting in a negative yield and a decline in the Fund’s share price. An increase in interest rates may cause investors to move out of fixed incomes securities on a large scale, which could adversely affect the price of fixed income securities, lead to heightened volatility in the fixed-income markets and may adversely affect the liquidity of certain fixed-income investments. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Liquidity Risk<span style="font-weight: normal;"> is the risk that certain portfolio securities may be less liquid than others, which may make them difficult or impossible to sell at the time and the price that the Fund would like, adversely affecting the value of the Fund’s investments and its returns. Illiquid investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. Liquidity Risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity. The market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer. In such cases, the Fund, due to limitations on investments in illiquid securities and/or purchasing and selling such investments, may be unable to achieve a high degree of correlation with the Underlying Index. Additionally, in adverse market conditions, the Fund’s market price may begin to reflect illiquidity or pricing uncertainty of the Fund’s portfolio securities. This could lead to the Fund’s shares trading at a price that is higher or lower than the Fund’s NAV. At times, such differences may be significant.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Foreign Securities Risk<span style="font-weight: normal;"> is the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments may impose limitations on foreigners’ ownership of interests in local issuers, restrictions on the ability to repa-</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">triate assets, and may also impose taxes. Any of these events could cause the value of the Fund’s investments to decline. Foreign banks, agents and securities depositories that hold the Fund’s foreign assets may be subject to little or no regulatory oversight over, or independent evaluation, of their operations. Additional costs associated with investments in foreign securities may include higher custodial fees than those applicable to domestic custodial arrangements and transaction costs of foreign currency conversions. Unless the Fund has hedged its foreign currency exposure, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful. For instance, forward foreign currency exchange contracts, if used by the Fund, could reduce performance if there are unanticipated changes in currency exchange rates. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Prepayment (or Call) Risk<span style="font-weight: normal;"> is the risk that an issuer could exercise its right to pay principal on callable debt securities held by the Fund earlier than expected. Issuers may be more likely to prepay when interest rates fall, when credit spreads change, or when an issuer’s credit quality improves. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds in lower yielding securities, which may reduce the Fund’s returns. The Fund may also lose any premium it paid to purchase the securities.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Securities Lending Risk<span style="font-weight: normal;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Valuation Risk <span style="font-weight: normal;">is the risk that the sale price the Fund could receive for a portfolio security may differ from the Fund’s valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. </div> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank.  Fund Performance <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad measure of market performance, and (C) an additional index with characteristics relevant to the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting flexshares.com.</div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad measure of market performance, and (C) an additional index with characteristics relevant to the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. flexshares.com Calendar Year Total Returns <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">For the periods in the bar chart above:</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Best Quarter (6/30/2020): 11.06%</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Worst Quarter (3/31/2020): -14.42%</div> Best Quarter 2020-06-30 0.1106 Worst Quarter 2020-03-31 -0.1442 Average Annual Total Returns (for the periods ended December 31, 2022) -0.1301 0.0226 2018-07-17 -0.1553 -0.0061 -0.0766 0.0057 -0.1122 0.0224 -0.1171 0.0360 Reflects no deduction for fees, expenses or taxes. <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. FlexShares® ESG & Climate High Yield Corporate Core Index Fund Investment Objective <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Northern Trust ESG &amp; Climate High Yield U.S. Corporate Core Index<sup style="font-size: 85%; font-style: normal; text-transform: none;">SM</sup> (the “Underlying Index”).</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Under the Fund’s Investment Advisory Agreement, the Fund is responsible for the following expenses: interest expenses, brokerage commissions and other trading expenses, fees and expenses of the independent trustees and their independent legal counsel, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business. You will also incur usual and customary brokerage commissions and fees to financial intermediaries when buying or selling shares of the Fund in the secondary market, which are not reflected in the example that follows:</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0023 0.0000 0.0001 0.0024 -0.0001 0.0023 March 1, 2024 Example <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 24 76 134 305 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 119% of the average value of its portfolio. 1.19 Principal Investment Strategies <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is designed to reflect the performance of a selection of U.S.-dollar-denominated high-yield corporate bonds issued by companies that exhibit certain environmental, social and governance (“ESG”) characteristics, while also seeking to provide broad-market, core exposure to U.S.-dollar-denominated high-yield corporate bonds (sometimes referred to as “junk bonds”) of U.S. and non-U.S. issuers. The Underlying Index is designed to minimize tracking differences relative to the performance of the Northern Trust High Yield US Corporate Bond Index<sup style="font-size: 85%; font-style: normal; text-transform: none;">SM</sup> (the “Parent Index”) while also seeking (a) an aggregate higher scoring of certain ESG characteristics, as measured by the Northern Trust ESG Vector Score (“ESG Vector Score”) described below, and (b) reduction of aggregate climate-related risk, as measured by certain carbon-related risk metrics, each relative to the Parent Index. The Underlying Index also excludes certain companies by using controversial business involvement and norms-based screens.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Parent Index is a market-capitalization weighted index comprised of US dollar-denominated high yield corporate bonds. In order to be eligible for inclusion in the Parent </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Index, a security must be a US-dollar-denominated corporate bond that is publicly offered in the United States or offered pursuant to Rule 144A under the Securities Act of 1933, with or without registration rights. A security also must be rated below investment grade but not deemed in default (a rating within Ca/C- to Ba1/BB+) by a Nationally Recognized Statistical Rating Organization (“NRSRO”). Bonds that are rated investment grade status or that enter into default post reconstitution are removed at the next scheduled reconstitution of the Parent Index. In addition, a security eligible for inclusion in the Parent Index must have (i) a final time to stated maturity of at least 18 months from the date of its issuance, (ii) a remaining stated maturity that is greater than or equal to one year at time of each reconstitution and (iii) an outstanding principal balance of least $1<span style="padding-left: 0.10pt;"/>50 million at time of each constitution of the Parent Index. The Fund does not have any portfolio maturity limitation and may invest its assets from time to time in instruments with varying maturities. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI in its capacity as Index Provider (the “Index Provider”) applies an ESG Vector Score to each of the companies in the Parent Index. The ESG Vector Score is designed to rank companies based on their management of and exposure to material ESG metrics as defined by the Sustainability Accounting Standards Board (“SASB”) Standards and a corporate governance score for each company. NTI calculates and maintains ESG Vector Scores for companies using data from third-party data providers. The SASB Standards identify financially material ESG issues for a company based on its industry classification within the following five dimensions: (i) environmental; (ii) social capital; (iii) human capital; (iv) business model and innovation; and (v) leadership and governance. The preliminary ESG score is then adjusted up or down based on a quantitative assessment of how a company is managing the risks associated with those material ESG issues relative to its peers based on the recommendations of the Task Force on Climate-related Financial Disclosures to evaluate a company through governance, strategy and risk management lenses. The adjusted ESG score generates 80% of the ESG Vector Score. Finally, a distinct corporate governance score is applied to each company with respect to its (i) board and management quality and integrity; (ii) board structure; (iii) ownership and shareholder rights; (iv) remuneration; (v) financial reporting; and (vi) stakeholder governance, which generates 20% of the ESG Vector Score. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">In addition to applying the ESG Vector Score, the Index Provider uses data from Institutional Shareholder Services ESG Solutions to assess carbon emissions intensity and a carbon risk rating for each company. Carbon emissions intensity measures (i) direct greenhouse gas emissions from sources controlled or owned by the company (e.g., emissions associated with fuel combustion in boilers, furnaces, or vehicles); and (ii) indirect greenhouse gas emissions associated with the purchase of electricity, steam, heat or cooling against the value of the company enterprise-wide. The ISS Carbon Risk Rating provides an assessment of a company’s ability to mitigate the risks of transition to a lower carbon economy risks based on its specific baseline carbon risk exposure. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">At the time of each reconstitution of the Underlying Index, the Index Provider uses an optimization process to select and weight securities in the Parent Index to seek to (i) minimize the potential for tracking differences for the Underlying Index; (ii) increase the aggregate ESG Vector Score for the companies in the Underlying Index; (iii) reduce the aggregate carbon emissions intensity of the companies in the Underlying Index; and (iv) improve the aggregate carbon risk rating of the companies in the Underlying Index, each relative to the Parent Index. It is possible that the Underlying Index will include (and therefore the Fund could invest in) securities that, individually, have a low ESG Vector Score or high carbon-related risk relative to the aggregate ESG score or carbon-related risk of the Parent Index. The optimization also includes sector, country, turnover, issuer and weight constraints so that these characteristics in the Underlying Index vary within acceptable bands relative to the Parent Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Certain eligible securities are excluded from the Underlying Index by the Index Provider, using proprietary screening definitions and data from Sustainalytics and other independent ESG data providers, which may change from time to time. Excluded companies include those which are involved in (i) verified infringement of established international initiatives and guidelines, including United Nations Global Compact Principles and Organisation for Economic Co-operation and Development (OECD) Guidelines for Multinational Entities; (ii) the production of tobacco; and (iii) manufacturing of controversial weapons. Excluded companies also include those which derive a certain percentage of revenue (e.g., 5% or more) from (a) manufac- </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">turing of civilian firearms; (b) manufacture, retailing, and distribution of small arms (assault and non-assault) weapons or components; (c) manufacturing of conventional weapons or providing support services through military contracting; (d) thermal coal extraction; (e) coal-fired energy generation; (f) oil sands and shale; (g) arctic oil with weak management of carbon within their products and services; (h) the retail sale of tobacco and tobacco related products or services; and (i) the running of private prisons. The above-described exclusionary screens are applied with each reconstitution of the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is a new index with an inception date of July 30, 2021. As of December 31, 2022 there were 1,108 issues in the Underlying Index. The Underlying Index is governed by transparent, objective rules for security selection, exclusion, rebalancing and adjustments for corporate actions. The Underlying Index will be reconstituted monthly under normal market conditions. The Fund generally reconstitutes its portfolio in accordance with the Underling Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a representative sampling strategy to manage the Fund. “Representative sampling” is investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index. The Fund reserves the right to invest in substantially all of the securities in its Underlying Index in approximately the same proportions (i.e., replication) if NTI determines that it is in the best interest of the Fund. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index. The Fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds advised by NTI or its affiliates, futures contracts and options on futures contracts, as well as securities not included in the Underlying Index, but which NTI believes will help the Fund track its Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is created and sponsored by NTI, as the Index Provider. NTI also serves as the investment adviser to the Fund. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral received). </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund is “non-diversified” under the Investment Company Act of 1940 (“1940 Act”), as amended, and may invest more of its assets in fewer issuers than “diversified” funds. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Industry Concentration Policy<span style="font-weight: normal;">. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.</span> </div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.  Principal Risks <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">As with any investment, you could lose all or part of your investment in the Fund, and the Fund’s performance could trail that of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund’s net asset value (“NAV”), trading price, yield, total return and ability to meet its investment objective. Each risk noted below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. The significance of each risk factor below may change over time and you should review each risk factor carefully.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">ESG Investment Risk<span style="font-weight: normal;"> is the risk that because the Index Provider includes and excludes issuers and assigns weights to issuers in the Underlying Index by applying non-financial factors, the Fund may underperform the broader equity market or other funds that do or do not use ESG investment criteria. The ESG methodology of the Underlying Index will affect the Fund’s exposure to certain companies and sectors and may adversely affect the Fund’s performance depending on whether such companies and sectors are in or out of favor. Although the Underlying Index is designed to measure a portfolio of companies with certain ESG characteristics, there is no assurance that the Underlying Index or Fund will be comprised of such securities or that companies that have historically exhibited such char-</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">acteristics will continue to exhibit such characteristics. There is also the risk that the Fund may have indirect exposure to companies that have been excluded from the Underlying Index through its use of certain derivative instruments. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Currently, there is a lack of common industry standards relating to the development and application of ESG criteria, which may make it difficult to compare the Fund’s principal investment strategies with the investment strategies of other funds that integrate certain ESG criteria. The subjective value that investors may assign to certain types of ESG characteristics may differ substantially from that of the assessment by the Index Provider or a data provider. Investors can differ in their views of what constitutes positive or negative ESG characteristics. As a result, the Fund may invest in companies that do not reflect the beliefs and values of any particular investor. A company included in the Underlying Index may not exhibit positive or favorable ESG characteristics. The companies selected by the Index Provider as demonstrating certain ESG characteristics may not be the same companies selected by other index providers or investment managers as exhibiting those characteristics. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Index Provider relies on various sources of information regarding an issuer, including information that may be based on assumptions and estimates. ESG information from third-party data providers may be incomplete, inaccurate or unavailable. Neither the Fund nor NTI can offer assurances that the Underlying Index’s methodology or sources of information will provide an accurate assessment of the issuers of the securities included in the Fund’s Underlying Index. The Index Provider uses third-party data that it believes to be reliable, but it does not guarantee the accuracy of such third-party data. Data can vary across providers or within industries. ESG standards differ by region and industry, and a company’s ESG practices or the Index Provider’s or data providers’ assessment of a company’s ESG practices may change over time. Regulatory changes or interpretations regarding the definitions and/or use of ESG criteria could have a material adverse effect on the Fund’s ability to invest in accordance with its investment policies and/or achieve its investment objective. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">High Yield Securities Risk<span style="font-weight: normal;"> is the risk that the Fund will be subject to greater credit risk, price volatility and risk of loss than if it invested primarily in investment grade securities,</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">which can adversely impact the Fund’s return and NAV. High yield securities are considered highly speculative and are subject to increased risk of an issuer’s inability to make principal and interest payments. The Underlying Index is designed to be comprised of securities with the potential for higher yields as compared to the overall high yield corporate bond market. As such, the Fund is expected to exhibit greater sensitivity to market fluctuations. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Credit (or Default) Risk<span style="font-weight: normal;"> is the risk that the inability or unwillingness of an issuer or guarantor of a fixed-income security, or a counterparty to a TBA, repurchase or other transaction, to meet its payment or other financial obligations will adversely affect the value of the Fund’s investments and its returns. The credit quality of a debt security or of the issuer of a debt security held by the Fund could deteriorate rapidly, which may impair the Fund’s liquidity or cause a deterioration in the Fund’s NAV. The Fund could also be delayed or hindered in its enforcement of rights against an issuer, guarantor or counterparty. The degree of credit risk depends on the issuer’s or counterparty’s financial condition and on the terms of the securities.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Distressed Securities Risk <span style="font-weight: normal;">is the substantial risk of investing in distressed securities that is in addition to the risks of investing in non-investment grade securities generally. NTI defines securities issued by companies whose financial condition is troubled or uncertain and that may be involved in bankruptcy proceedings, reorganizations or financial restructurings as “distressed securities.” Distressed securities are speculative and involve a substantial risk that principal will not be paid. In addition, the Fund will generally not receive interest payments on the distressed securities and may incur costs to protect its investment. These securities may present a substantial risk of default. The Fund may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal of or interest on its portfolio holdings. In any reorganization or liquidation proceeding relating to a portfolio company, the Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Substantial Volatility Risk <span style="font-weight: normal;">is the risk that the value of the securities in the Fund’s portfolio may fluctuate, sometimes rapidly and unpredictably at a greater level than the overall market. There is a risk that the Fund could have substantial volatility.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Corporate Bond Risk<span style="font-weight: normal;"> is the risk the Fund faces because it invests primarily in bonds issued by corporations. Corporate debt securities are subject to the risk of the issuer’s inability to meet principal and interest payments on the obligation and may also be subject to price volatility due to such factors as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity. When interest rates rise, the value of corporate debt can be expected to decline. Debt securities with longer maturities tend to be more sensitive to interest rate movements than those with shorter maturities.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Interest Rate/Maturity Risk<span style="font-weight: normal;"> is the risk that the value of the Fund’s fixed-income assets will decline because of rising interest rates. In general, securities with longer maturities or durations are more sensitive to interest rate changes. Changing interest rates, including rates that fall below zero, may have unpredictable effects on the markets and the Fund’s investments, may result in heightened market volatility, may impact the liquidity of fixed-income securities and of the Fund, and may detract from Fund performance. A low or negative interest rate environment could cause the Fund’s earnings to fall below the Fund’s expense ratio, resulting in a negative yield and a decline in the Fund’s share price. An increase in interest rates may cause investors to move out of fixed incomes securities on a large scale, which could adversely affect the price of fixed income securities, lead to heightened volatility in the fixed-income markets and may adversely affect the liquidity of certain fixed-income investments.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Debt Extension Risk<span style="font-weight: normal;"> is the risk that when interest rates rise an issuer will exercise its right to pay principal on certain debt securities held by the Fund later than expected. This will cause the value of the security, and the Fund’s NAV, to decrease, and the Fund may lose opportunities to invest in higher yielding securities.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Prepayment (or Call) Risk<span style="font-weight: normal;"> is the risk that an issuer could exercise its right to pay principal on callable debt securities held by the Fund earlier than expected. Issuers may be more likely to prepay when interest rates fall, when credit spreads change, or when an issuer’s credit quality improves. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds in lower yielding securities, which may reduce the Fund’s returns. The Fund may also lose any premium it paid to purchase the securities.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Income Risk<span style="font-weight: normal;"> is the risk that the Fund’s income may decline when interest rates fall. This decline can occur because the Fund must invest in lower-yielding bonds as bonds in its portfolio mature, bonds in the Underlying Index are substituted or the Fund otherwise needs to purchase additional bonds.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Foreign Securities Risk<span style="font-weight: normal;"> is the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments may impose limitations on foreigners’ ownership of interests in local issuers, restrictions on the ability to repatriate assets, and may also impose taxes. Any of these events could cause the value of the Fund’s investments to decline. Foreign banks, agents and securities depositories that hold the Fund’s foreign assets may be subject to little or no regulatory oversight over, or independent evaluation, of their operations. Additional costs associated with investments in foreign securities may include higher custodial fees than those applicable to domestic custodial arrangements and transaction costs of foreign currency conversions. Unless the Fund has hedged its foreign currency exposure, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful. For instance, forward foreign currency exchange contracts, if used by the Fund, could reduce performance if there are unanticipated changes in currency exchange rates.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Risk<span style="font-weight: normal;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, or volatility in the equity markets.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment could have a significant impact on the Fund and its investments and could result in the Fund’s shares trading at increased premiums or discounts to the Fund’s NAV. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to the risks described elsewhere in this summary will likely increase. Market disruptions, regulatory restrictions or other abnormal market conditions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track its Underlying Index or cause delays in the Underlying Index’s rebalancing or reconstitution schedule. During any such delay, it is possible that the Underlying Index and, in turn, the Fund will deviate from the Underlying Index’s stated methodology and therefore experience returns different than those that would have been achieved under a normal rebalancing or reconstitution schedule. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Liquidity Risk<span style="font-weight: normal;"> is the risk that certain portfolio securities may be less liquid than others, which may make them difficult or impossible to sell at the time and the price that the Fund would like, adversely affecting the value of the Fund’s investments and its returns. Illiquid investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. Liquidity Risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity. The market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer. In such cases, the Fund, due to limitations on investments in illiquid securities and/or purchasing and selling such investments, may be unable to achieve a high degree of correlation with the Underlying Index. Additionally, in adverse market conditions, the Fund’s market price may begin to reflect illiquidity or pricing uncertainty of the Fund’s portfolio securities. This could lead to the Fund’s shares trading at a price that is higher or lower than the Fund’s NAV. At times, such differences may be significant.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">High Portfolio Turnover Risk<span style="font-weight: normal;"> is the risk that active and frequent trading of the Fund’s portfolio securities may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs, which could reduce the Fund’s return.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Index Risk<span style="font-weight: normal;"> is the risk that the Fund would not necessarily buy or sell a security unless that security is added to or removed from, respectively, the Underlying Index, even if that security generally is underperforming, because unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the Underlying Index. Additionally, the Fund rebalances and/or reconstitutes its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance and/or reconstitution schedule will result in corresponding changes to the Fund’s rebalance and/or reconstitution schedule.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Tracking Error Risk<span style="font-weight: normal;"> is the risk that the Fund’s performance may vary from the performance of the Underlying Index as a result of creation and redemption activity, transaction costs, expenses and other factors.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Sampling Risk <span style="font-weight: normal;">is the risk that the Fund’s use of a representative sampling approach may result in increased tracking error because the securities selected for the Fund in the aggregate may vary from the investment profile of the Underlying Index. Additionally, the use of a representative sampling approach may result in the Fund holding a smaller number of securities than the Underlying Index, and, as a result, an adverse development to an issuer of securities that the Fund holds could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Underlying Index.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Authorized Participant Concentration Risk<span style="font-weight: normal;"> is the risk that the Fund may be adversely affected because it has a limited number of institutions that act as authorized participants (“Authorized Participants”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units (as defined below), Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Calculation Methodology Risk<span style="font-weight: normal;"> is the risk that the Underlying Index’s calculation methodology or sources of information may not provide an accurate assessment of included issuers or correct valuation of securities, nor is the availability or timeliness of the production of the Underlying Index guaranteed. A security included in the Underlying Index may not exhibit the characteristic or provide the specific exposure for which it was selected and consequently a Fund’s holdings may not exhibit returns consistent with that characteristic or exposure.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Trading Risk<span style="font-weight: normal;"> is the risk that the Fund faces because its shares are listed on a securities exchange, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of its listing exchange, make trading in the shares inadvisable. The market prices of Fund shares will generally fluctuate in accordance with changes in its NAV, changes in the relative supply of, and demand for, Fund shares, and changes in the liquidity, or the perceived liquidity, of the Fund’s holdings. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Concentration Risk <span style="font-weight: normal;">is the risk that, if the Fund is concentrated in a particular industry or group of industries, the Fund is likely to present more risks than a fund that is broadly diversified over several industries or groups of industries. Compared to the broad market, an individual industry may be more strongly affected by changes in the economic climate, broad market shifts, moves in a particular dominant stock or regulatory changes.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Derivatives Risk<span style="font-weight: normal;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.</span> </div> <table cellpadding="6" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Futures Contracts Risk<span style="font-weight: normal;"> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Options Contracts Risk<span style="font-weight: normal;"> Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.</span> </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">New Fund Risk<span style="font-weight: normal;"> is the risk that the Fund will not grow to or maintain an economically viable size, in which case it may experience greater tracking error to its Underlying Index than it otherwise would at higher asset levels, or it could ultimately liquidate without shareholder approval. The timing of such liquidation may not be favorable and could have negative tax consequences for shareholders. From time to time, an Authorized Participant, a third-party investor, the Fund’s adviser or an affiliate of the Fund’s adviser, may invest in the Fund and hold its investment for a specific period of time in order to facilitate commencement of the Fund’s operations or for the Fund to achieve size or scale. There can be no assurance that any such entity would not redeem its investment or that the size of the Fund would be maintained at such levels, which could negatively impact the Fund. The Fund’s Distributor does not maintain a secondary market in the shares.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Non-Diversification Risk<span style="font-weight: normal;"> is the risk that because the Fund is non</span>-<span style="font-weight: normal;">diversified and may invest a larger percentage of its assets in the securities of fewer issuers than a diversified</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">fund, the Fund’s performance will be more vulnerable to changes in the market value of a single issuer or group of issuers, and more susceptible to risks associated with a single economic, political or regulatory occurrence. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Securities Lending Risk<span style="font-weight: normal;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Seed Investor Risk<span style="font-weight: normal;"> is the risk that may result from NTI and/or its affiliates making payments to one or more investors to contribute seed capital to the Fund, such as an Authorized Participant, a market maker and/or another entity. Such payments may continue for a specified period of time and/or until a specified dollar amount is reached. Those payments will be made from the assets of NTI and/or its affiliates (and not the Fund). Seed investors may contribute all or a majority of the assets in the Fund. There is a risk that such seed investors may redeem their investments in the Fund, particularly after payments from NTI and/or its affiliates have ceased. As with redemptions by other large shareholders, redemptions by seed investors could have a significant negative impact on the Fund, including on the Fund’s liquidity and the market price of the Fund’s shares.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Valuation Risk <span style="font-weight: normal;">is the risk that the sale price the Fund could receive for a portfolio security may differ from the Fund’s valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. </div> Non-Diversification Risk is the risk that because the Fund is non-diversified and may invest a larger percentage of its assets in the securities of fewer issuers than a diversified fund, the Fund’s performance will be more vulnerable to changes in the market value of a single issuer or group of issuers, and more susceptible to risks associated with a single economic, political or regulatory occurrence.  It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank.  Fund Performance <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indica- </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">tion of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad measure of market performance, and (C) an additional index with characteristics relevant to the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting flexshares.com. </div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad measure of market performance, and (C) an additional index with characteristics relevant to the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. flexshares.com Calendar Year Total Returns <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">For the period shown in the bar chart above:</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Best Quarter (12/31/2022): 4.17%</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Worst Quarter (6/30/2022): -10.00%</div> Best Quarter 2022-12-31 0.0417 Worst Quarter 2022-06-30 -0.1000 Average Annual Total Returns (for the periods ended December 31, 2022) -0.1206 -0.0930 2021-09-20 -0.1443 -0.1156 -0.0710 -0.0794 -0.1122 -0.0849 -0.1114 -0.0853 Reflects no deduction for fees, expenses or taxes. <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax</div><div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. FlexShares® ESG & Climate Investment Grade Corporate Core Index Fund Investment Objective <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Northern Trust ESG &amp; Climate Investment Grade U.S. Corporate Core Index<sup style="font-size: 85%; font-style: normal; text-transform: none;">SM</sup> (the “Underlying Index”).</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Under the Fund’s Investment Advisory Agreement, the Fund is responsible for the following expenses: interest expenses, brokerage commissions and other trading expenses, fees and expenses of the independent trustees and their independent legal counsel, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business. You will also incur usual and customary brokerage commissions and fees to financial intermediaries when buying or selling shares of the Fund in the secondary market, which are not reflected in the example that follows:</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0012 0.0000 0.0001 0.0013 -0.0001 0.0012 March 1, 2024 Example <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 12 41 72 165 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 66% of the average value of its portfolio. 0.66 Principal Investment Strategies <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is designed to reflect the performance of a selection of U.S.-dollar-denominated corporate bonds issued by companies that exhibit certain environmental, social and governance (“ESG”) characteristics, while also seeking to provide broad-market, core exposure to U.S.-dollar-denominated investment grade corporate bonds of U.S. and non-U.S. issuers. The Underlying Index is designed to minimize tracking differences relative to the Northern Trust US Corporate Bond Index<sup style="font-size: 85%; font-style: normal; text-transform: none;">SM</sup> (the “Parent Index”) while also seeking (a) an aggregate higher scoring of certain ESG characteristics, as measured by the Northern Trust ESG Vector Score (“ESG Vector Score”) described below, and (b) reduction of aggregate climate-related risk, as measured by certain carbon-related risk metrics, each relative to its Parent Index. The Underlying Index also excludes certain companies by using controversial business involvement and norms-based screens.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Parent Index is a market-capitalization weighted index comprised of US dollar-denominated corporate bonds. In order to be eligible for inclusion in the Parent Index, a security must be a US-dollar-denominated corporate bond that is publicly offered in the United States or offered pur- </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">suant to Rule 144A under the Securities Act of 1933, with or without registration rights. A security must be an investment grade security (i.e., rated at the time of inclusion in the Parent Index within the top four ratings categories by a Nationally Recognized Statistical Rating Organization (“NRSRO”)). In addition, a security eligible for inclusion in the Parent Index must have (i) a final time to stated maturity of at least 18 months from the date of its issuance, (ii) a remaining stated maturity that is greater than or equal to one year at the time of inclusion in the Parent Index and (iii) an outstanding principal balance of least $250 million at the time of inclusion in the Parent Index. The Fund does not have any portfolio maturity limitation and may invest its assets from time to time in instruments with varying maturities. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI in its capacity as Index Provider (the “Index Provider”) applies an ESG Vector Score to each of the companies in the Parent Index. The ESG Vector Score is designed to rank companies based on their management of and exposure to material ESG metrics as defined by the Sustainability Accounting Standards Board (“SASB”) Standards and a corporate governance score for each company. NTI calculates and maintains ESG Vector Scores for companies using data from third-party data providers. The SASB Standards identify financially material ESG issues for a company based on its industry classification within the following five dimensions: (i) environmental; (ii) social capital; (iii) human capital; (iv) business model and innovation; and (v) leadership and governance. The preliminary ESG score is then adjusted up or down based on a quantitative assessment of how a company is managing the risks associated with those material ESG issues relative to its peers based on the recommendations of the Task Force on Climate-related Financial Disclosures to evaluate a company through governance, strategy and risk management lenses. The adjusted ESG score generates 80% of the ESG Vector Score. Finally, a distinct corporate governance score is applied to each company with respect to its (i) board and management quality and integrity; (ii) board structure; (iii) ownership and shareholder rights; (iv) remuneration; (v) financial reporting; and (vi) stakeholder governance, which generates 20% of the ESG Vector Score. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">In addition to applying the ESG Vector Score, the Index Provider uses data from Institutional Shareholder Services ESG Solutions to assess carbon emissions intensity and a carbon risk rating for each company. Carbon emissions </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">intensity measures (i) direct greenhouse gas emissions from sources controlled or owned by the company (e.g., emissions associated with fuel combustion in boilers, furnaces, or vehicles); and (ii) indirect greenhouse gas emissions associated with the purchase of electricity, steam, heat or cooling against the value of the company enterprise-wide. The ISS Carbon Risk Rating provides an assessment of a company’s ability to mitigate the risks of transition to a lower carbon economy based on its specific baseline carbon risk exposure. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">At the time of each reconstitution of the Underlying Index, the Index Provider uses an optimization process to select and weight securities in the Parent Index to seek to (i) minimize the potential for tracking differences for the Underlying Index; (ii) increase the aggregate ESG Vector Score for the companies in the Underlying Index; (iii) reduce the aggregate carbon emissions intensity of the companies in the Underlying Index; and (iv) improve the aggregate carbon risk rating of the companies in the Underlying Index, each relative to the Parent Index. It is possible that the Underlying Index will include (and therefore the Fund could invest in) securities that, individually, have a low ESG Vector Score or high carbon-related risk relative to the aggregate ESG score or carbon-related risk of the Parent Index. The optimization also includes sector, country, turnover, issuer and weight constraints so that these characteristics in the Underlying Index vary within acceptable bands relative to the Parent Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Certain eligible securities are excluded from the Underlying Index by the Index Provider, using proprietary screening definitions and data from Sustainalytics and other independent ESG data providers, which may change from time to time. Excluded companies include those which are involved in (i) verified infringement of established international initiatives and guidelines, including United Nations Global Compact Principles and Organisation for Economic Co-operation and Development (OECD) Guidelines for Multinational Entities; (ii) the production of tobacco; and (iii) manufacturing of controversial weapons. Excluded companies also include those which derive a certain percentage of revenue (e.g., 5% or more) from (a) manufacturing of civilian firearms; (b) manufacture, retailing, and distribution of small arms (assault and non-assault) weapons or components; (c) manufacturing of conventional weapons or providing support services through military contracting; (d) thermal coal extraction; (e) coal-fired </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">energy generation; (f) oil sands and shale; (g) arctic oil with weak management of carbon within their products and services; (h) the retail sale of tobacco and tobacco related products or services; and (i) the running of private prisons. The above-described exclusionary screens are applied with each reconstitution of the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is a new index with an inception date of July 30, 2021. As of December 31, 2022, there were 3,507 issues in the Underlying Index. The Underlying Index is governed by transparent, objective rules for security selection, exclusion, rebalancing and adjustments for corporate actions. The Underlying Index will be reconstituted monthly under normal market conditions. The Fund generally reconstitutes its portfolio in accordance with the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">NTI uses a representative sampling strategy to manage the Fund. “Representative sampling” is investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index. The Fund reserves the right to invest in substantially all of the securities in its Underlying Index in approximately the same proportions (i.e., replication) if NTI determines that it is in the best interest of the Fund. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index. The Fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds advised by NTI or its affiliates, futures contracts and options on futures contracts, as well as securities not included in the Underlying Index, but which NTI believes will help the Fund track its Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Underlying Index is created and sponsored by NTI, as the Index Provider. NTI also serves as the investment adviser to the Fund. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral received). </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund is “non-diversified” under the Investment Company Act of 1940 (“1940 Act”), as amended, and may invest more of its assets in fewer issuers than “diversified” funds. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Industry Concentration Policy<span style="font-weight: normal;">. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. As of December 31, 2022, the Underlying Index was concentrated in the financial sector. The components of the Underlying Index, and the degree to which these components represent certain industries or sectors, may change over time.</span> </div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. As of December 31, 2022, the Underlying Index was concentrated in the financial sector. The components of the Underlying Index, and the degree to which these components represent certain industries or sectors, may change over time.  Principal Risks <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">As with any investment, you could lose all or part of your investment in the Fund, and the Fund’s performance could trail that of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund’s net asset value (“NAV”), trading price, yield, total return and ability to meet its investment objective. Each risk noted below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. The significance of each risk factor below may change over time and you should review each risk factor carefully.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">ESG Investment Risk<span style="font-weight: normal;"> is the risk that because the Index Provider includes and excludes issuers and assigns weights to issuers in the Underlying Index by applying non-financial factors, the Fund may underperform the broader equity market or other funds that do or do not use ESG investment criteria. The ESG methodology of the Underlying Index will affect the Fund’s exposure to certain companies and sectors and may adversely affect the Fund’s performance depending on whether such companies and sectors are in or out of favor. Although the Underlying Index is designed to measure a portfolio of companies with certain ESG characteristics, there is no assurance that the Underlying Index or Fund will be comprised of such securities or that companies that have historically exhibited such characteristics will continue to exhibit such characteristics. There is also the risk that the Fund may have indirect exposure to companies that have been excluded from the Underlying Index through its use of certain derivative instruments.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Currently, there is a lack of common industry standards relating to the development and application of ESG criteria, which may make it difficult to compare the Fund’s principal investment strategies with the investment strategies of other funds that integrate certain ESG criteria. The subjective value that investors may assign to certain types of ESG characteristics may differ substantially from that of the assessment by the Index Provider or a data provider. Investors can differ in their views of what constitutes positive or negative ESG characteristics. As a result, the Fund may invest in companies that do not reflect the beliefs and values of any particular investor. A company included in the Underlying Index may not exhibit positive or favorable ESG characteristics. The companies selected by the Index Provider as demonstrating certain ESG characteristics may not be the same companies selected by other index providers or investment managers as exhibiting those characteristics. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Index Provider relies on various sources of information regarding an issuer, including information that may be based on assumptions and estimates. ESG information from third-party data providers may be incomplete, inaccurate or unavailable. Neither the Fund nor NTI can offer assurances that the Underlying Index’s methodology or sources of information will provide an accurate assessment of the issuers of the securities included in the Fund’s Underlying Index. The Index Provider uses third-party data that it believes to be reliable, but it does not guarantee the accuracy of such third-party data. Data can vary across providers or within industries. ESG standards differ by region and industry, and a company’s ESG practices or the Index Provider’s or data providers’ assessment of a company’s ESG practices may change over time. Regulatory changes or interpretations regarding the definitions and/or use of ESG criteria could have a material adverse effect on the Fund’s ability to invest in accordance with its investment policies and/or achieve its investment objective. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Corporate Bond Risk<span style="font-weight: normal;"> is the risk the Fund faces because it invests primarily in bonds issued by corporations. Corporate debt securities are subject to the risk of the issuer’s inability to meet principal and interest payments on the obligation and may also be subject to price volatility due to such factors as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity. When interest rates rise, the value of corporate debt can be expected to decline. Debt securities with longer maturities tend to be more sensitive to interest rate movements than those with shorter maturities.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Credit (or Default) Risk<span style="font-weight: normal;"> is the risk that the inability or unwillingness of an issuer or guarantor of a fixed-income security, or a counterparty to a TBA, repurchase or other transaction, to meet its payment or other financial obligations will adversely affect the value of the Fund’s investments and its returns. The credit quality of a debt security or of the issuer of a debt security held by the Fund could deteriorate rapidly, which may impair the Fund’s liquidity or cause a deterioration in the Fund’s NAV. The Fund could also be delayed or hindered in its enforcement of rights against an issuer, guarantor or counterparty. The degree of credit risk depends on the issuer’s or counterparty’s financial condition and on the terms of the securities.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Interest Rate/Maturity Risk<span style="font-weight: normal;"> is the risk that the value of the Fund’s fixed-income assets will decline because of rising interest rates. In general, securities with longer maturities or durations are more sensitive to interest rate changes. Changing interest rates, including rates that fall below zero, may have unpredictable effects on the markets and the Fund’s investments, may result in heightened market volatility, may impact the liquidity of fixed-income securities and of the Fund, and may detract from Fund performance. A low or negative interest rate environment could cause the Fund’s earnings to fall below the Fund’s expense ratio, resulting in a negative yield and a decline in the Fund’s share price. An increase in interest rates may cause investors to move out of fixed incomes securities on a large scale, which could adversely affect the price of fixed income securities, lead to heightened volatility in the fixed-income markets and may adversely affect the liquidity of certain fixed-income investments.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Debt Extension Risk<span style="font-weight: normal;"> is the risk that when interest rates rise an issuer will exercise its right to pay principal on certain debt securities held by the Fund later than expected. This will cause the value of the security, and the Fund’s NAV, to decrease, and the Fund may lose opportunities to invest in higher yielding securities.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Prepayment (or Call) Risk<span style="font-weight: normal;"> is the risk that an issuer could exercise its right to pay principal on callable debt securities held by the Fund earlier than expected. Issuers may be more likely to prepay when interest rates fall, when credit spreads change, or when an issuer’s credit quality improves. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds in lower yielding securities, which may reduce the Fund’s returns. The Fund may also lose any premium it paid to purchase the securities.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Income Risk<span style="font-weight: normal;"> is the risk that the Fund’s income may decline when interest rates fall. This decline can occur because the Fund must invest in lower-yielding bonds as bonds in its portfolio mature, bonds in the Underlying Index are substituted or the Fund otherwise needs to purchase additional bonds.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Foreign Securities Risk<span style="font-weight: normal;"> is the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments may impose limitations on foreigners’ ownership of interests in local issuers, restrictions on the ability to repatriate assets, and may also impose taxes. Any of these events could cause the value of the Fund’s investments to decline. Foreign banks, agents and securities depositories that hold the Fund’s foreign assets may be subject to little or no regulatory oversight over, or independent evaluation, of their operations. Additional costs associated with investments in foreign securities may include higher custodial fees than those applicable to domestic custodial arrangements and transaction costs of foreign currency conversions. Unless the Fund has hedged its foreign currency exposure, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful. For instance, forward foreign currency exchange contracts, if used by the Fund, could reduce performance if there are unanticipated changes in currency exchange rates.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Risk<span style="font-weight: normal;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, or volatility in the equity markets. Market disruptions caused by local or regional events such</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment could have a significant impact on the Fund and its investments and could result in the Fund’s shares trading at increased premiums or discounts to the Fund’s NAV. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to the risks described elsewhere in this summary will likely increase. Market disruptions, regulatory restrictions or other abnormal market conditions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track its Underlying Index or cause delays in the Underlying Index’s rebalancing or reconstitution schedule. During any such delay, it is possible that the Underlying Index and, in turn, the Fund will deviate from the Underlying Index’s stated methodology and therefore experience returns different than those that would have been achieved under a normal rebalancing or reconstitution schedule. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Liquidity Risk<span style="font-weight: normal;"> is the risk that certain portfolio securities may be less liquid than others, which may make them difficult or impossible to sell at the time and the price that the Fund would like, adversely affecting the value of the Fund’s investments and its returns. Illiquid investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. Liquidity Risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity. The market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer. In such cases, the Fund, due to limitations on investments in illiquid securities and/or purchasing and selling such investments, may be unable to achieve a high degree of correlation with the Underlying Index. Additionally, in adverse market conditions, the Fund’s market price may begin to reflect illiquidity or pricing uncertainty of the Fund’s portfolio securities. This could lead to the Fund’s shares trading at a price that is higher or lower than the Fund’s NAV. At times, such differences may be significant.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Index Risk<span style="font-weight: normal;"> is the risk that the Fund would not necessarily buy or sell a security unless that security is added to or removed from, respectively, the Underlying Index, even if that security generally is underperforming, because unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the Underlying Index. Additionally, the Fund rebalances and/or reconstitutes its portfolio in accordance with the Underlying Index, and, therefore, any changes to the Underlying Index’s rebalance and/or reconstitution schedule will result in corresponding changes to the Fund’s rebalance and/or reconstitution schedule.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Tracking Error Risk<span style="font-weight: normal;"> is the risk that the Fund’s performance may vary from the performance of the Underlying Index as a result of creation and redemption activity, transaction costs, expenses and other factors.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Sampling Risk <span style="font-weight: normal;">is the risk that the Fund’s use of a representative sampling approach may result in increased tracking error because the securities selected for the Fund in the aggregate may vary from the investment profile of the Underlying Index. Additionally, the use of a representative sampling approach may result in the Fund holding a smaller number of securities than the Underlying Index, and, as a result, an adverse development to an issuer of securities that the Fund holds could result in a greater decline in NAV than would be the case if the Fund held all of the securities in the Underlying Index.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Authorized Participant Concentration Risk<span style="font-weight: normal;"> is the risk that the Fund may be adversely affected because it has a limited number of institutions that act as authorized participants (“Authorized Participants”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units (as defined below), Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Calculation Methodology Risk<span style="font-weight: normal;"> is the risk that the Underlying Index’s calculation methodology or sources of information may not provide an accurate assessment of included issuers or correct valuation of securities, nor is the</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">availability or timeliness of the production of the Underlying Index guaranteed. A security included in the Underlying Index may not exhibit the characteristic or provide the specific exposure for which it was selected and consequently a Fund’s holdings may not exhibit returns consistent with that characteristic or exposure. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Trading Risk<span style="font-weight: normal;"> is the risk that the Fund faces because its shares are listed on a securities exchange, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of its listing exchange, make trading in the shares inadvisable. The market prices of Fund shares will generally fluctuate in accordance with changes in its NAV, changes in the relative supply of, and demand for, Fund shares, and changes in the liquidity, or the perceived liquidity, of the Fund’s holdings. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Concentration Risk <span style="font-weight: normal;">is the risk that, if the Fund is concentrated in a particular industry or group of industries, the Fund is likely to present more risks than a fund that is broadly diversified over several industries or groups of industries. Compared to the broad market, an individual industry may be more strongly affected by changes in the economic climate, broad market shifts, moves in a particular dominant stock or regulatory changes.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 6pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Financial Sector Risk<span style="font-weight: normal;"> is the risk that the financial sector can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competition, and the availability and cost of capital, among other factors.</span> </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Derivatives Risk<span style="font-weight: normal;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.</span> </div> <table cellpadding="6" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Futures Contracts Risk<span style="font-weight: normal;"> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Options Contracts Risk<span style="font-weight: normal;"> Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.</span> </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">New Fund Risk<span style="font-weight: normal;"> is the risk that the Fund will not grow to or maintain an economically viable size, in which case it may experience greater tracking error to its Underlying Index than it otherwise would at higher asset levels, or it could ultimately liquidate without shareholder approval. The timing of such liquidation may not be favorable and could have negative tax consequences for shareholders. From time to time, an Authorized Participant, a third-party investor, the Fund’s adviser or an affiliate of the Fund’s adviser, may invest in the Fund and hold its investment for a specific period of time in order to facilitate commencement of the Fund’s operations or for the Fund to achieve size or scale. There can be no assurance that any such entity would not redeem its investment or that the size of the Fund would be maintained at such levels, which could negatively impact the Fund. The Fund’s Distributor does not maintain a secondary market in the shares.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Non-Diversification Risk<span style="font-weight: normal;"> is the risk that because the Fund is non</span>-<span style="font-weight: normal;">diversified and may invest a larger percentage of its assets in the securities of fewer issuers than a diversified fund, the Fund’s performance will be more vulnerable to</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">changes in the market value of a single issuer or group of issuers, and more susceptible to risks associated with a single economic, political or regulatory occurrence.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Securities Lending Risk<span style="font-weight: normal;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Valuation Risk <span style="font-weight: normal;">is the risk that the sale price the Fund could receive for a portfolio security may differ from the Fund’s valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. </div> Non-Diversification Risk is the risk that because the Fund is non-diversified and may invest a larger percentage of its assets in the securities of fewer issuers than a diversified fund, the Fund’s performance will be more vulnerable to  changes in the market value of a single issuer or group of issuers, and more susceptible to risks associated with a single economic, political or regulatory occurrence. It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank.  Fund Performance <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad measure of market performance, and (C) an additional index with characteristics relevant to the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting flexshares.com.</div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad measure of market performance, and (C) an additional index with characteristics relevant to the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. flexshares.com Calendar Year Total Returns <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">For the period shown in the bar chart above:</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Best Quarter (12/31/2022): 3.29%</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Worst Quarter (3/31/2022): -7.45%</div> Best Quarter 2022-12-31 0.0329 Worst Quarter 2022-03-31 -0.0745 Average Annual Total Returns (for the periods ended December 31, 2022) -0.1632 -0.1390 2021-09-20 -0.1729 -0.1483 -0.0964 -0.1089 -0.1576 -0.1341 -0.1576 -0.1344 Reflects no deduction for fees, expenses or taxes. <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. FlexShares® Ultra-Short Income Fund (formerly, FlexShares® Ready Access Variable Income Fund) Investment Objective <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund seeks maximum current income consistent with the preservation of capital and liquidity.</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Under the Fund’s Investment Advisory Agreement, the Fund is responsible for the following expenses: interest expenses, brokerage commissions and other trading expenses, fees and expenses of the independent trustees and their independent legal counsel, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business. You will also incur usual and customary brokerage commissions and fees to financial intermediaries when buying or selling shares of the Fund in the secondary market, which are not reflected in the example that follows:</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0025 0.0000 0.0001 0.0026 -0.0001 0.0025 March 1, 2024 Example <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5%</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">return each year and that the Fund’s operating expenses remain the same (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 26 83 145 330 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 50% of the average value of its portfolio. 0.50 Principal Investment Strategies <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its total assets in a portfolio of fixed-income instruments, including bonds, debt securities and other similar instruments issued by U.S. and non-U.S. public and private sector entities. Such issuers include, without limitation, U.S. and non-U.S. governments and their agencies, instrumentalities or sponsored enterprises, U.S. state and local governments and municipalities, and U.S. and non-U.S. private-sector entities, such as corporations and banks. The average portfolio duration of this Fund will vary based on The Northern Trust Company Investment Policy Committee’s forecast for interest rates and will normally not exceed one year. Duration measures the price sensitivity of a fixed-income security to changes in interest rates. Interest rate changes have a greater effect on the price of fixed-income securities with longer durations. The dollar-weighted average portfolio maturity of the Fund is normally not expected to exceed two years.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund invests in investment grade debt securities (i.e., securities that are, at the time of investment, rated within the top four rating categories by a Nationally Recognized </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Statistical Rating Organization (“NRSRO”) or of comparable quality as determined by NTI). The Fund may invest, without limitation, in fixed-income securities and instruments of foreign issuers in developed markets, including debt securities of foreign governments, and may invest more than 25% of its total assets in securities and instruments of issuers in a single developed market country. The Fund may invest up to 20% of its total assets in fixed-income securities and instruments of issuers in emerging markets. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund may invest, without limitation, in mortgage- or asset-backed securities, including to-be-announced (“TBAs”) transactions, and purchase and sell securities on a when-issued, delayed delivery or forward commitment basis. However, the Fund will not invest more than 10% of its total assets in non-agency mortgage or asset-backed securities. The Fund also may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts (such as buy backs or mortgage dollar rolls). The Fund may engage in forward foreign currency transactions for hedging purposes in order to protect against uncertainty in the level of future foreign currency exchange rates, to facilitate local settlements or to protect against currency exposure in connection with its distributions to shareholders. The Fund, however, does not expect to engage in currency transactions for speculative purposes (e.g., for potential income or capital gain). </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The Fund is an actively managed ETF that does not seek to replicate the performance of a specified index. The Fund may have a higher degree of portfolio turnover than funds that seek to replicate the performance of an index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral received). </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">From time to time the Fund may focus its investments (<span style="font-style: italic;">i.e.</span>, invest more than 15% of its total assets) in one or more particular sectors. As of December 31, 2022, the Fund focused its investments in the financial sector. </div> Principal Risks <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">As with any investment, you could lose all or part of your investment in the Fund, and the Fund’s performance could trail that of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">which may adversely affect the Fund’s net asset value (“NAV”), trading price, yield, total return and ability to meet its investment objective. Each risk noted below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. The significance of each risk factor below may change over time and you should review each risk factor carefully. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Management Risk<span style="font-weight: normal;"> is the risk that a strategy used by NTI may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by NTI may cause unintended results.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Market Risk<span style="font-weight: normal;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, or volatility in the equity markets. Market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment could have a significant impact on the Fund and its investments and could result in the Fund’s shares trading at increased premiums or discounts to the Fund’s NAV. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to the risks described elsewhere in this summary will likely increase.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Cash Transactions Risk<span style="font-weight: normal;"> is the risk from the Fund effecting creation and redemption orders of its shares entirely for cash, rather than for in-kind securities. The Fund may have to sell portfolio securities at inopportune times in order to obtain the cash needed to meet redemption orders. This may cause the Fund to sell a security or other financial instrument and recognize a capital gain or loss that might not have been incurred if it had not effected a redemption order entirely for cash. As such, investments in Fund shares may be less tax-efficient than an investment in an ETF that meets redemption orders entirely in-kind with portfolio securities. The use of all cash creation and redemption orders may also cause the Fund’s shares to trade in the sec-</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">ondary market at wider bid-ask spreads and/or greater premiums or discounts to the Fund’s NAV. To the extent that the maximum additional variable charge for cash creation or cash redemption transactions is insufficient to cover the transaction costs of purchasing or selling portfolio securities, the Fund’s performance could be negatively impacted. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Foreign Securities Risk<span style="font-weight: normal;"> is the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments may impose limitations on foreigners’ ownership of interests in local issuers, restrictions on the ability to repatriate assets, and may also impose taxes. Any of these events could cause the value of the Fund’s investments to decline. Foreign banks, agents and securities depositories that hold the Fund’s foreign assets may be subject to little or no regulatory oversight over, or independent evaluation, of their operations. Additional costs associated with investments in foreign securities may include higher custodial fees than those applicable to domestic custodial arrangements and transaction costs of foreign currency conversions. Unless the Fund has hedged its foreign currency exposure, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful. For instance, forward foreign currency exchange contracts, if used by the Fund, could reduce performance if there are unanticipated changes in currency exchange rates.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Emerging Markets Risk<span style="font-weight: normal;"> is the risk that emerging markets are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investments than more developed markets. In addition, companies operating in emerging markets may be subject to lower trading volumes and greater price volatility than companies in more developed markets. Emerging market economies may be based on only a few industries, may be highly vulnerable to changes in local and global trade conditions,</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">and may suffer from extreme and volatile debt burdens or inflation rates. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. As a result, information, including financial information, about such companies may be less available and reliable, which can impede the Fund’s ability to evaluate such companies. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably, and the ability to bring and enforce actions (including bankruptcy, confiscatory taxation, expropriation, nationalization of a company’s assets, restrictions on foreign ownership of local companies, restrictions on withdrawing assets from the country, protectionist measures and practices such as share blocking), or to obtain information needed to pursue or enforce such actions, may be limited. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Geographic Risk<span style="font-weight: normal;"> is the risk that if the Fund invests a significant portion of its total assets in certain issuers within the same country or geographic region, an adverse economic, business or political development affecting that country or region may affect the value of the Fund’s investments more, and the Fund's investments may be more volatile than if the Fund’s investments were not so concentrated in such country or region.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Income Risk<span style="font-weight: normal;"> is the risk that the Fund’s income may decline when interest rates fall. This decline can occur because the Fund must invest in lower-yielding bonds as bonds in its portfolio mature or the Fund otherwise needs to purchase additional bonds.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Sector Risk<span style="font-weight: normal;"> is the risk that companies in similar businesses may be similarly affected by particular economic or market events, which may, in certain circumstances, cause the value of securities of all companies in a particular sector of the market to decrease.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 6pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Financial Sector Risk<span style="font-weight: normal;"> is the risk that the financial sector can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competition, and the availability and cost of capital, among other factors.</span> </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Authorized Participant Concentration Risk<span style="font-weight: normal;"> is the risk that the Fund may be adversely affected because it has a limited number of institutions that act as authorized participants (“Authorized Participants”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units (as defined below), Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting. This risk may be heightened because of its investments in non-U.S. securities.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Trading Risk<span style="font-weight: normal;"> is the risk that the Fund faces because its shares are listed on a securities exchange, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of its listing exchange, make trading in the shares inadvisable. The market price of Fund shares will generally fluctuate in accordance with changes in its NAV, changes in the relative supply of, and demand for, Fund shares, and changes in the liquidity or perceived liquidity, of the Fund’s holdings. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Credit (or Default) Risk<span style="font-weight: normal;"> is the risk that the inability or unwillingness of an issuer or guarantor of a fixed-income security, or a counterparty to a TBA, repurchase or other transaction, to meet its payment or other financial obligations will adversely affect the value of the Fund’s investments and its returns. The credit quality of a debt security or of the issuer of a debt security held by the Fund could deteriorate rapidly, which may impair the Fund's liquidity or cause a deterioration in the Fund's NAV. The Fund could also be delayed or hindered in its enforcement of rights against an issuer, guarantor or counterparty. The degree of credit risk depends on the issuer’s or counterparty’s financial condition and on the terms of the securities.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Debt Extension Risk<span style="font-weight: normal;"> is the risk that when interest rates rise an issuer will exercise its right to pay principal on certain debt securities held by the Fund later than expected. This will cause the value of the security, and the Fund’s NAV, to decrease, and the Fund may lose opportunities to invest in higher yielding securities.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Derivatives Risk<span style="font-weight: normal;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 6pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Forward Foreign Currency Contracts Risk<span style="font-weight: normal;"> is the risk that, if forward prices increase, a loss will occur to the extent that the agreed upon purchase price of the currency exceeds the price of the currency that was agreed to be sold.</span> </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Interest Rate/Maturity Risk<span style="font-weight: normal;"> is the risk that the value of the Fund’s fixed-income assets will decline because of rising interest rates. In general, securities with longer maturities or durations are more sensitive to interest rate changes. Changing interest rates, including rates that fall below zero, may have unpredictable effects on the markets and the Fund’s investments, may result in heightened market volatility, may impact the liquidity of fixed-income securities and of the Fund, and may detract from Fund performance. A low or negative interest rate environment could cause the Fund’s earnings to fall below the Fund’s expense ratio, resulting in a negative yield and a decline in the Fund’s share price. An increase in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price of fixed income securities, lead to heightened volatility in the fixed-income markets and may adversely affect the liquidity of certain fixed-income investments.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Leveraging Risk<span style="font-weight: normal;"> is the risk that certain transactions of the Fund, such as the use of when-issued, delayed delivery or forward commitment transactions and investments in for-</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">ward foreign currency contracts, may give rise to leverage, causing the Fund to be more volatile than if it had not been leveraged. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Liquidity Risk<span style="font-weight: normal;"> is the risk that certain portfolio securities may be less liquid or may become less liquid than others, which may make them difficult or impossible to sell at the time and the price that the Fund would like, adversely affecting the value of the Fund’s investments and its returns. Illiquid investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity. The market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer. Additionally, in adverse market conditions, the Fund’s market price may begin to reflect illiquidity or pricing uncertainty of the Fund’s portfolio securities. This could lead to the Fund’s shares trading at a price that is higher or lower than the Fund’s NAV. At times, such differences may be significant.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Asset-Backed and Mortgage-Backed Securities Risk. <span style="font-weight: normal;">Asset-backed and mortgage-backed securities may be less liquid than other bonds, and may be more sensitive than other bonds to the market’s perception of issuers and creditworthiness of payees, particularly in declining general economic conditions when concern regarding mortgagees’ ability to pay (e.g., the ability of homeowners, commercial mortgagees, consumers with student loans, automobile loans or credit card debtholders to make payments on the underlying loan pools) rises, which may result in the Fund experiencing difficulty selling or valuing these securities. In addition, these securities may not be backed by the full faith and credit of the U.S. government, have experienced extraordinary weakness and volatility at various times in recent years, and may decline quickly in the event of a substantial economic or market downturn. Those asset-backed and mortgage-backed securities that are guaranteed as to the timely payment of interest and principal by a govern-</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">ment entity, are not guaranteed as to market price, which will fluctuate. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain asset-backed and mortgage-backed securities. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Municipal Market Volatility Risk <span style="font-weight: normal;">is the risk that the Fund may be adversely affected by volatility in the municipal market. The municipal market can be significantly affected by adverse tax, legislative, political or public health changes and the financial condition of the issuers of municipal securities.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Prepayment (or Call) Risk<span style="font-weight: normal;"> is the risk that an issuer could exercise its right to pay principal on callable debt securities held by the Fund earlier than expected. Issuers may be more likely to prepay when interest rates fall, when credit spreads change, or when an issuer’s credit quality improves. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds in lower yielding securities, which may reduce the Fund’s returns. The Fund may also lose any premium it paid to purchase the securities.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Securities Lending Risk<span style="font-weight: normal;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">U.S. Government Securities Risk <span style="font-weight: normal;">is the risk that the U.S. government will not provide financial support to its agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. Many U.S. government securities that may be purchased by the Fund are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that the issuers of such securities will not have the funds to meet their payment obligations in the future.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Valuation Risk <span style="font-weight: normal;">is the risk that the sale price the Fund could receive for a portfolio security may differ from the Fund’s valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">using a fair value methodology. In addition, the value of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. </div> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year and (B) how the Fund’s average annual returns compare with those of a broad measure of market performance. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting flexshares.com.</div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year and (B) how the Fund’s average annual returns compare with those of a broad measure of market performance. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. flexshares.com Calendar Year Total Returns <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">For the periods in the bar chart above: </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Best Quarter (6/30/2020): 2.84% </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Worst Quarter (3/31/2020): -1.32% </div> Best Quarter 2020-06-30 0.0284 Worst Quarter 2020-03-31 -0.0132 Average Annual Total Returns (for the periods ended December 31, 2022) 0.0014 0.0147 0.0119 -0.0055 0.0077 0.0066 0.0008 0.0083 0.0068 0.0152 0.0122 0.0073 Reflects no deduction for fees, expenses or taxes. <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. FlexShares® Core Select Bond Fund Investment Objective <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund seeks total return and preservation of capital.</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Under the Fund’s Investment Advisory Agreement, the Fund is responsible for the following expenses: interest expenses, brokerage commissions and other trading expenses, fees and expenses of the independent trustees and their independent legal counsel, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business. You will also incur usual and customary brokerage commissions and fees to financial intermediaries when buying or selling shares of the Fund in the secondary market, which are not reflected in the example that follows:</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0035 0.0000 0.0001 0.0020 0.0056 -0.0021 0.0035 The "Total Annual Fund Operating Expenses" may not correlate to the ratio of expenses to average net assets as reported in the "Financial Highlights" section of the Prospectus, which reflects the operating expenses of the Fund and does include "Acquired Fund Fees and Expenses." March 1, 2024 Example <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 36 158 292 681 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 121% of the average value of its portfolio. 1.21 Principal Investment Strategies <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets in U.S. dollar-denominated investment-grade fixed-income securities either directly or indirectly through exchange-traded funds ("ETFs") and other registered investment companies (together with ETFs, “Underlying Funds”). The Fund primarily invests in fixed-rate securities of varying maturities, including bonds, debt securities and other similar instruments issued by U.S. public and U.S and non-U.S. private sector entities. Such issuers include, without limitation, U.S. governments and their agencies, instrumentalities or sponsored enterprises, and U.S. and </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">non-U.S. private-sector entities, such as corporations and banks. The Fund may invest in fixed income securities of any maturity. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund seeks to provide attractive risk-adjusted performance by investing in a portfolio of fixed-income securities and Underlying Funds. The Fund generally adjusts its allocations to securities based on NTI’s assessment of potential changes in interest rate levels, the shape of the yield curve and credit spread relationships. The Fund also seeks to balance the potential for return and risk while emphasizing liquidity and diversification across a spectrum of U.S. dollar-denominated investment-grade fixed income securities. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund may invest, without limitation, in mortgage- or asset-backed securities, including to-be-announced (“TBA”) transactions, and purchase and sell securities on a when-issued, delayed delivery or forward commitment basis. The Fund also may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts (such as buy backs or mortgage dollar rolls). </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">When necessary or appropriate to manage the Fund’s exposure to interest-rate risks, the Fund may take short or long positions in U.S. Treasury futures or transact in interest rate swaps. The Fund’s short positions in U.S. Treasury futures are not intended to mitigate credit spread risk or other factors influencing the price of non-government bonds, which may have a greater impact than interest rates. The Fund may also invest in other interest rate futures contracts, including, but not limited to, Eurodollar and Federal Funds futures. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund may invest in short-term paper, cash and cash equivalents, including shares of affiliated and unaffiliated money market funds, in order to achieve its investment objective. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund may make the foregoing investments either directly or indirectly by investing in Underlying Funds, such as indexed or actively managed ETFs or other registered investment companies that invest in such securities. The Underlying Funds in which the Fund may invest include funds managed by NTI or its affiliates. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">The Fund is an actively managed ETF that does not seek to replicate the performance of a specified index. The Fund may have a higher degree of portfolio turnover than funds that seek to replicate the performance of an index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral received). </div> Principal Risks <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">As with any investment, you could lose all or part of your investment in the Fund, and the Fund’s performance could trail that of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund’s net asset value (“NAV”), trading price, yield, total return and ability to meet its investment objective. Because the Fund may significantly invest in Underlying Funds, the risks described below are also applicable to the Underlying Funds, and to the extent that the Fund invests directly in securities and other instruments, the risks described below are also directly applicable to the Fund. Each risk noted below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. The significance of each risk factor below may change over time and you should review each risk factor carefully.</div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Management Risk<span style="font-weight: normal;"> is the risk that a strategy used by NTI may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by NTI may cause unintended results.</span></div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Underlying Fund Risk<span style="font-weight: normal;"> is the risk that the Fund’s investment performance and its ability to achieve its investment objective may be directly related to the performance of the Underlying Funds in which it invests. There can be no assurance that the Underlying Funds will achieve their respective investment objectives. The Fund is subject to the risks of the Underlying Funds in direct proportion to the allocation of its assets among the Underlying Funds. By investing in the Underlying Funds indirectly through the Fund, you will incur not only a proportionate share of the expenses of the Underlying Fund held by the Fund (including operating costs and investment management fees), but also expenses of the Fund.</span></div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: italic; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Sampling Risk<span style="font-style: normal;"> is the risk that the index-based ETFs in which the Fund invests may utilize a representative sampling approach to track their respective underlying indices. ETFs that utilize a representative sampling approach are subject to an increased risk of tracking error because the securities selected for the ETF in the aggregate may vary</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">from the investment profile of the underlying index. Additionally, if using a representative sampling approach, an ETF will typically hold a smaller number of securities than the underlying index, and as a result, an adverse development to an issuer of securities that the ETF holds could result in a greater decline in NAV than would be the case if the ETF held all of the securities in the underlying index. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: italic; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Tracking Risk<span style="font-style: normal;"> is the risk that the index-based ETFs and other investment companies in which the Fund invests may not be able to replicate exactly the performance of the indices they track as a result of share purchases and redemptions, transaction costs, expenses and other factors. In addition, index-based ETFs and other investment companies in which the Fund invests may incur expenses not incurred by their applicable indices. Certain securities comprising the indices may, from time to time, temporarily be unavailable, which may further impede an ETF’s or other investment company’s ability to track its applicable index or match its performance.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Market Risk<span style="font-weight: normal;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, or volatility in the equity markets. Market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions or other events or adverse investor sentiment could have a significant impact on the Fund and its investments and could result in the Fund’s shares trading at increased premiums or discounts to the Fund’s NAV. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to the risks described elsewhere in this summary will likely increase.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Income Risk<span style="font-weight: normal;"> is the risk that the Fund’s income may decline when interest rates fall. This decline can occur because the Fund must invest in lower-yielding bonds as bonds in its portfolio mature, bonds in an Underlying Fund’s underlying index are substituted or the Fund otherwise needs to purchase additional bonds.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Asset-Backed and Mortgage-Backed Securities Risk. <span style="font-weight: normal;">Asset-backed and mortgage-backed securities may be less liquid than other bonds, and may be more sensitive than other bonds to the market’s perception of issuers and creditworthiness of payees, particularly in declining general economic conditions when concern regarding mortgagees’ ability to pay (e.g., the ability of homeowners, commercial mortgagees, consumers with student loans, automobile loans or credit card debtholders to make payments on the underlying loan pools) rises, which may result in the Fund experiencing difficulty selling or valuing these securities. In addition, these securities may not be backed by the full faith and credit of the U.S. government, have experienced extraordinary weakness and volatility at various times in recent years, and may decline quickly in the event of a substantial economic or market downturn. Those asset-backed and mortgage-backed securities that are guaranteed as to the timely payment of interest and principal by a government entity, are not guaranteed as to market price, which will fluctuate. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain asset-backed and mortgage-backed securities.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Authorized Participant Concentration Risk<span style="font-weight: normal;"> is the risk that the Fund may be adversely affected because it has a limited number of institutions that act as authorized participants (“Authorized Participants”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units (as defined below), Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Market Trading Risk<span style="font-weight: normal;"> is the risk that the Fund faces because its shares are listed on a securities exchange, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of its listing exchange, make trading in the shares inadvisable. The market price of Fund shares will generally fluctuate in accordance with changes in its NAV, changes in the relative supply of, and demand for, Fund shares, and changes in the liquidity or perceived liquidity, of the Fund’s holdings. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Credit (or Default) Risk<span style="font-weight: normal;"> is the risk that the inability or unwillingness of an issuer or guarantor of a fixed-income security, or a counterparty to a TBA, repurchase or other transaction, to meet its payment or other financial obligations will adversely affect the value of the Fund’s investments and its returns. The credit quality of a debt security or of the issuer of a debt security held by the Fund could deteriorate rapidly, which may impair the Fund's liquidity or cause a deterioration in the Fund's NAV. The Fund could also be delayed or hindered in its enforcement of rights against an issuer, guarantor or counterparty. The degree of credit risk depends on the issuer’s or counterparty’s financial condition and on the terms of the securities.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Debt Extension Risk<span style="font-weight: normal;"> is the risk that when interest rates rise an issuer will exercise its right to pay principal on certain debt securities held by the Fund later than expected. This will cause the value of the security, and the Fund’s NAV, to decrease, and the Fund may lose opportunities to invest in higher yielding securities.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Derivatives Risk<span style="font-weight: normal;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 6pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Futures Contracts Risk<span style="font-weight: normal;"> is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working</span> </td> </tr> </table> <table cellpadding="6" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 6.25%;"> </td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 93.75%;">as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.</td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: Normal; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 2.08%;">•<span style="padding-left: 12pt;"/></td> <td style="color: #000000; font-family: Times New Roman; font-size: 10.10pt; font-style: Normal; font-weight: bold; line-height: 12.10pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 97.92%;">Swap Contracts Risk<span style="font-weight: normal;"> Swap contracts involve the risk that the counterparty with whom the Fund has entered into the agreement will default on its obligation to pay the Fund. While certain swaps are subject to mandatory central clearing, which is intended to reduce counterparty risk, these swaps are subject to the risk that a central clearinghouse will go into bankruptcy or become non</span>-<span style="font-weight: normal;">operational, and sometimes involve increased transaction costs.</span> </td> </tr> </table> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Sector Risk<span style="font-weight: normal;"> is the risk that companies in similar businesses may be similarly affected by particular economic or market events, which may, in certain circumstances, cause the value of securities of all companies in a particular sector of the market to decrease.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Hedging Risk<span style="font-weight: normal;"> is the risk that the Fund’s short positions in U.S. Treasury futures and transactions in interest rate swaps will not completely eliminate interest rate risk of long positions in bonds. The Fund seeks to mitigate the potential impact of interest rates on the performance of bonds by entering into short positions in U.S. Treasury futures or transact in interest rate swaps. The Fund’s short positions in U.S. Treasury futures and interest rate swaps are not intended to mitigate credit spread risk or other factors influencing the price of bonds, which may have a greater impact than interest rates. In addition, when interest rates fall, long-only bond investments will perform better than the Fund’s investments. In certain falling interest rate environments, the Fund’s hedging strategy could result in disproportionately larger losses in the short U.S. Treasury futures and interest rate swaps positions as compared to gains in the long bond positions attributable to interest rate changes. There is no guarantee the Fund will have positive returns, even in environments of sharply rising Treasury interest rates in which the Fund’s short positions might be expected to mitigate the effects of such rises. The Fund will incur expenses when entering into short positions.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">High Portfolio Turnover Risk<span style="font-weight: normal;"> is the risk that active and frequent trading of the Fund’s portfolio securities may</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs, which could reduce the Fund’s return. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Interest Rate/Maturity Risk<span style="font-weight: normal;"> is the risk that the value of the Fund’s fixed-income assets will decline because of rising interest rates. In general, securities with longer maturities or durations are more sensitive to interest rate changes. Changing interest rates, including rates that fall below zero, may have unpredictable effects on the markets and the Fund’s investments, may result in heightened market volatility, may impact the liquidity of fixed-income securities and of the Fund, and may detract from Fund performance. A low or negative interest rate environment could cause the Fund’s earnings to fall below the Fund’s expense ratio, resulting in a negative yield and a decline in the Fund’s share price. An increase in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price of fixed income securities, lead to heightened volatility in the fixed-income markets and may adversely affect the liquidity of certain fixed-income investments.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Liquidity Risk<span style="font-weight: normal;"> is the risk that certain portfolio securities may be less liquid or may become less liquid than others, which may make them difficult or impossible to sell at the time and the price that the Fund would like, adversely affecting the value of the Fund’s investments and its returns. Illiquid investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity. The market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer. Additionally, in adverse market conditions, the Fund’s market price may begin to reflect illiquidity or pricing uncertainty of the Fund’s portfolio securities. This could lead to the Fund’s shares trading at a price that is higher or lower than the Fund’s NAV. At times, such differences may be significant.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">Foreign Securities Risk<span style="font-weight: normal;"> is the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments may impose limitations on foreigners’ ownership of interests in local issuers, restrictions on the ability to repatriate assets, and may also impose taxes. Any of these events could cause the value of the Fund’s investments to decline. Foreign banks, agents and securities depositories that hold the Fund’s foreign assets may be subject to little or no regulatory oversight over, or independent evaluation, of their operations. Additional costs associated with investments in foreign securities may include higher custodial fees than those applicable to domestic custodial arrangements and transaction costs of foreign currency conversions. Unless the Fund has hedged its foreign currency exposure, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful. For instance, forward foreign currency exchange contracts, if used by the Fund, could reduce performance if there are unanticipated changes in currency exchange rates.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Geographic Risk<span style="font-weight: normal;"> is the risk that if the Fund invests a significant portion of its total assets in certain issuers within the same country or geographic region, an adverse economic, business or political development affecting that country or region may affect the value of the Fund’s investments more, and the Fund's investments may be more volatile than if the Fund’s investments were not so concentrated in such country or region.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Prepayment (or Call) Risk<span style="font-weight: normal;"> is the risk that an issuer could exercise its right to pay principal on callable debt securities held by the Fund earlier than expected. Issuers may be more likely to prepay when interest rates fall, when credit spreads change, or when an issuer’s credit quality improves. If this happens, the Fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates, and will be forced to reinvest</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; text-align: left; text-decoration: none; text-transform: none;">prepayment proceeds in lower yielding securities, which may reduce the Fund’s returns. The Fund may also lose any premium it paid to purchase the securities. </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Securities Lending Risk<span style="font-weight: normal;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">U.S. Government Securities Risk <span style="font-weight: normal;">is the risk that the U.S. government will not provide financial support to its agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. Many U.S. government securities that may be purchased by the Fund are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. government securities may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that the issuers of such securities will not have the funds to meet their payment obligations in the future.</span> </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. </div> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year and (B) how the Fund’s average annual returns compare with those of a broad measure of market performance. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting flexshares.com.</div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year and (B) how the Fund’s average annual returns compare with those of a broad measure of market performance. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. flexshares.com Calendar Year Total Returns <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: bold; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">For the periods in the bar chart above: </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">Best Quarter (6/30/2020): 4.28% </div> <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Worst Quarter (3/31/2022): -6.21% </div> Best Quarter 2020-06-30 0.0428 Worst Quarter 2022-03-31 -0.0621 Average Annual Total Returns (for the periods ended December 31, 2022) -0.1355 -0.0008 0.0045 2016-11-18 -0.1444 -0.0111 -0.0062 -0.0801 -0.0046 -0.0008 -0.1301 0.0002 0.0061 Reflects no deduction for fees, expenses or taxes. <div style="color: #000000; font-family: times new roman; font-size: 10.10pt; font-style: normal; font-weight: normal; line-height: 13.10pt; margin-top: 6pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares.</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. Reflects no deduction for fees, expenses or taxes. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.39%. This contractual limitation may not be terminated before March 1, 2024 without the approval of the Fund’s Board of Trustees. The Fund’s Board of Trustees may terminate the contractual agreement at any time if it determines that it is in the best interest of the Fund and its shareholders. Reflects no deduction for fees, expenses or taxes. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.59%. This contractual limitation may not be terminated before March 1, 2024 without the approval of the Fund’s Board of Trustees. The Fund’s Board of Trustees may terminate the contractual agreement at any time if it determines that it is in the best interest of the Fund and its shareholders. Reflects no deduction for fees, expenses or taxes. “Management Fees” have been restated to reflect current fees. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.25%. This contractual limitation may not be terminated before March 1, 2024 without the approval of the Fund’s Board of Trustees. The Fund’s Board of Trustees may terminate the contractual agreement at any time if it determines that it is in the best interest of the Fund and its shareholders. Reflects no deduction for fees, expenses or taxes. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.32%. This contractual limitation may not be terminated before March 1, 2024 without the approval of the Fund’s Board of Trustees. The Fund’s Board of Trustees may terminate the contractual agreement at any time if it determines that it is in the best interest of the Fund and its shareholders. Formerly known as STOXX® USA ESG Impact IndexSM. Reflects no deduction for fees, expenses or taxes. Reflects no deduction for fees, expenses or taxes. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.42%. This contractual limitation may not be terminated before March 1, 2024 without the approval of the Fund’s Board of Trustees. The Fund’s Board of Trustees may terminate the contractual agreement at any time if it determines that it is in the best interest of the Fund and its shareholders. Formerly known as STOXX® Global ESG Impact IndexSM. Reflects no deduction for fees, expenses or taxes. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.09%. This contractual limitation may not be terminated before March 1, 2024 without the approval of the Fund’s Board of Trustees. The Fund’s Board of Trustees may terminate the contractual agreement at any time if it determines that it is in the best interest of the Fund and its shareholders. Reflects no deduction for fees, expenses or taxes. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.12%. This contractual limitation may not be terminated before March 1, 2024 without the approval of the Fund’s Board of Trustees. The Fund’s Board of Trustees may terminate the contractual agreement at any time if it determines that it is in the best interest of the Fund and its shareholders. Reflects no deduction for fees, expenses or taxes. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.18%. This contractual limitation may not be terminated before March 1, 2024 without the approval of the Fund’s Board of Trustees. The Fund’s Board of Trustees may terminate the contractual agreement at any time if it determines that it is in the best interest of the Fund and its shareholders. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.32%. This contractual limitation may not be terminated before March 1, 2024 without the approval of the Fund’s Board of Trustees. The Fund’s Board of Trustees may terminate the contractual agreement at any time if it determines that it is in the best interest of the Fund and its shareholders. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.46%. This contractual limitation may not be terminated before March 1, 2024 without the approval of the Fund’s Board of Trustees. The Fund’s Board of Trustees may terminate the contractual agreement at any time if it determines that it is in the best interest of the Fund and its shareholders. Reflects no deduction for fees, expenses or taxes. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.47%. This contractual limitation may not be terminated before March 1, 2024 without the approval of the Fund’s Board of Trustees. The Fund’s Board of Trustees may terminate the contractual agreement at any time if it determines that it is in the best interest of the Fund and its shareholders. Reflects no deduction for fees, expenses or taxes. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.45%. This contractual limitation may not be terminated before March 1, 2024 without the approval of the Fund’s Board of Trustees. The Fund’s Board of Trustees may terminate the contractual agreement at any time if it determines that it is in the best interest of the Fund and its shareholders. Reflects no deduction for fees, expenses or taxes. The “Total Annual Fund Operating Expenses” may not correlate to the ratio of expenses to average net assets as reported in the "Financial Highlights" section of the Prospectus, which reflects the operating expenses of the Fund and does include “Acquired Fund Fees and Expenses.” Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses (“Acquired Fund Fees and Expenses”)) to the extent the “Total Annual Fund Operating Expenses” exceed 0.57%. This contractual limitation may not be terminated before March 1, 2024 without the approval of the Fund’s Board of Trustees. NTI also has contractually agreed until March 1, 2024 to waive a portion of its Management Fees and/or reimburse certain operating expenses in an amount equal to the Acquired Fund Fees and Expenses attributable to the Fund’s investments in the Underlying Fund (as defined below). The Fund’s Board of Trustees may terminate the contractual agreements at any time if it determines that it is in the best interest of the Fund and its shareholders. Reflects no deduction for fees, expenses or taxes. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.37%. This contractual limitation may not be terminated before March 1, 2024 without the approval of the Fund’s Board of Trustees. The Fund’s Board of Trustees may terminate the contractual agreement at any time if it determines that it is in the best interest of the Fund and its shareholders. Reflects no deduction for fees, expenses or taxes. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.37%. This contractual limitation may not be terminated before March 1, 2024 without the approval of the Fund’s Board of Trustees. The Fund’s Board of Trustees may terminate the contractual agreement at any time if it determines that it is in the best interest of the Fund and its shareholders. Reflects no deduction for fees, expenses or taxes. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.37%. This contractual limitation may not be terminated before March 1, 2024 without the approval of the Fund’s Board of Trustees. The Fund’s Board of Trustees may terminate the contractual agreement at any time if it determines that it is in the best interest of the Fund and its shareholders. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.22%. This contractual limitation may not be terminated before March 1, 2024 without the approval of the Fund’s Board of Trustees. The Fund’s Board of Trustees may terminate the contractual agreement at any time if it determines that it is in the best interest of the Fund and its shareholders. Reflects no deduction for fees, expenses or taxes. Reflects no deduction for fees, expenses or taxes. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.47%. This contractual limitation may not be terminated before March 1, 2024 without the approval of the Fund’s Board of Trustees. The Fund’s Board of Trustees may terminate the contractual agreement at any time if it determines that it is in the best interest of the Fund and its shareholders. Reflects no deduction for fees, expenses or taxes. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.47%. This contractual limitation may not be terminated before March 1, 2024 without the approval of the Fund’s Board of Trustees. The Fund’s Board of Trustees may terminate the contractual agreement at any time if it determines that it is in the best interest of the Fund and its shareholders. Reflects no deduction for fees, expenses or taxes. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.47%. This contractual limitation may not be terminated before March 1, 2024 without the approval of the Fund’s Board of Trustees. The Fund’s Board of Trustees may terminate the contractual agreement at any time if it determines that it is in the best interest of the Fund and its shareholders. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.40%. This contractual limitation may not be terminated before March 1, 2024 without the approval of the Fund’s Board of Trustees. The Fund’s Board of Trustees may terminate the contractual agreement at any time if it determines that it is in the best interest of the Fund and its shareholders. Reflects no deduction for fees, expenses or taxes. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.18%. This contractual limitation may not be terminated before March 1, 2024 without the approval of the Fund’s Board of Trustees. The Fund’s Board of Trustees may terminate the contractual agreement at any time if it determines that it is in the best interest of the Fund and its shareholders. Reflects no deduction for fees, expenses or taxes. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.18%. This contractual limitation may not be terminated before March 1, 2024 without the approval of the Fund’s Board of Trustees. The Fund’s Board of Trustees may terminate the contractual agreement at any time if it determines that it is in the best interest of the Fund and its shareholders. Reflects no deduction for fees, expenses or taxes. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.20%. This contractual limitation may not be terminated before March 1, 2024 without the approval of the Fund’s Board of Trustees. The Fund’s Board of Trustees may terminate the contractual agreement at any time if it determines that it is in the best interest of the Fund and its shareholders. Prior to July 1, 2022, index returns reflect no deduction for fees, expenses or taxes. Effective July 1, 2022, index returns reflect no deduction for taxes, but include transaction costs, which may be higher or lower than the actual transaction costs incurred by the Fund. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.22%. This contractual limitation may not be terminated before March 1, 2024 without the approval of the Fund’s Board of Trustees. The Fund’s Board of Trustees may terminate the contractual agreement at any time if it determines that it is in the best interest of the Fund and its shareholders. Reflects no deduction for fees, expenses or taxes. The hybrid index performance information reflects the performance of the Northern Trust Credit-Scored US Corporate Bond IndexSM (Previous Index) through April 30, 2020 and the Northern Trust US Corporate Bond Quality Value IndexSM thereafter. The Previous Index terminated as of May 1, 2020. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.22%. This contractual limitation may not be terminated before March 1, 2024 without the approval of the Fund’s Board of Trustees. The Fund’s Board of Trustees may terminate the contractual agreement at any time if it determines that it is in the best interest of the Fund and its shareholders. Reflects no deduction for fees, expenses or taxes. The hybrid index performance information reflects the performance of the Northern Trust Credit-Scored US Long Corporate Bond IndexSM (Previous Index) through April 30, 2020 and the Northern Trust US Long Corporate Bond Quality Value IndexSM thereafter. The Previous Index terminated as of May 1, 2020. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.37%. This contractual limitation may not be terminated before March 1, 2024 without the approval of the Fund’s Board of Trustees. The Fund’s Board of Trustees may terminate the contractual agreement at any time if it determines that it is in the best interest of the Fund and its shareholders. Reflects no deduction for fees, expenses or taxes. Prior to July 1, 2022, index returns reflect no deduction for fees, expenses or taxes. Effective July 1, 2022, index returns reflect no deduction for taxes, but include transaction costs, which may be higher or lower than the actual transaction costs incurred by the Fund. Reflects no deduction for fees, expenses or taxes. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.23%. This contractual limitation may not be terminated before March 1, 2024 without the approval of the Fund’s Board of Trustees. The Fund’s Board of Trustees may terminate the contractual agreement at any time if it determines that it is in the best interest of the Fund and its shareholders. Prior to July 1, 2022, index returns reflect no deduction for fees, expenses or taxes. Effective July 1, 2022, index returns reflect no deduction for taxes, but include transaction costs, which may be higher or lower than the actual transaction costs incurred by the Fund. Reflects no deduction for fees, expenses or taxes. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.12%. This contractual limitation may not be terminated before March 1, 2024 without the approval of the Fund’s Board of Trustees. The Fund’s Board of Trustees may terminate the contractual agreement at any time if it determines that it is in the best interest of the Fund and its shareholders. Reflects no deduction for fees, expenses or taxes. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.25%. This contractual limitation may not be terminated before March 1, 2024 without the approval of the Fund’s Board of Trustees. The Fund’s Board of Trustees may terminate the contractual arrangement at any time if it determines that it is in the best interest of the Fund and its shareholders. Reflects no deduction for fees, expenses or taxes. The "Total Annual Fund Operating Expenses" may not correlate to the ratio of expenses to average net assets as reported in the "Financial Highlights" section of the Prospectus, which reflects the operating expenses of the Fund and does include "Acquired Fund Fees and Expenses." Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses to the extent the “Total Annual Fund Operating Expenses” exceed 0.35%. This contractual limitation may not be terminated before March 1, 2024 without the approval of the Fund’s Board of Trustees. NTI has also contractually agreed to waive Management Fees or reimburse certain expenses in an amount equal to the sum of (a) any Acquired Fund Fees and Expenses, if any, incurred by the Fund that are attributable to the Fund’s investment in Acquired Funds managed by NTI or an investment adviser controlling, controlled by, or under common control with NTI (“Affiliated Funds”); and (b) 0.05% or such lesser amount in Acquired Fund Fees and Expenses incurred by the Fund that are attributable to the Fund’s investment in Acquired Funds that are not Affiliated Funds, until March 1, 2024. The Trust’s Board of Trustees may terminate the contractual arrangements at any time if it determines that it is in the best interest of the Fund and its shareholders. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.25%. This contractual limitation may not be terminated before March 1, 2024 without the approval of the Fund’s Board of Trustees. The Fund’s Board of Trustees may terminate the contractual agreement at any time if it determines that it is in the best interest of the Fund and its shareholders. Reflects no deduction for fees, expenses or taxes.