FLEXSHARES^{^®}US QUALITY LOW VOLATILITY INDEX FUND

Ticker: QLV - NYSE Arca

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} US Quality Low Volatility Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to NorthernTrustETF@acaglobal.com.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® US Quality Low Volatility Index Fund	$10	0.10%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

During the fiscal year ended October 31, 2025, the U.S. equity market moved higher. Within the U.S. market higher volatility stocks outperformed lower volatility stocks, leading the Fund to underperform the Russell 1000^{^®} Index. The quality factor was positive for the fiscal year, but was not enough to offset the negative performance derived from the low volatility exposure.

The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Northern Trust Quality Low Volatility Index^SM (“Underlying Index”). 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.

For the fiscal year ended October 31, 2025, the Fund’s performance on a net asset value (“NAV”) basis was 10.76%, differing from the 10.85% return of the Underlying Index, which is reflective of the Fund's management fee (-10 basis points, “bps”), stock selection/futures (+3 bps), securities lending (+1 bp) and the compounding effect of tracking error over time (-3 bps).

FLEXSHARES^{^®} US QUALITY LOW VOLATILITY INDEX FUND

Fund Performance

The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the fund (or for the life of the fund, if shorter). It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index and a style specific index for the same period.

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®US Quality Low Volatility Index Fund NAV	Russell 1000^® Index	Northern Trust Quality Low Volatility Index℠
7/15/2019	$10,000	$10,000	$10,000
2019	$10,130	$10,100	$10,154
2020	$10,396	$11,199	$10,446
2021	$14,040	$16,073	$14,139
2022	$13,040	$13,440	$13,170
2023	$13,635	$14,715	$13,798
2024	$17,679	$20,317	$17,911
2025	$19,582	$24,611	$19,853

Average Annual Total Returns	1 Year	5 years	Since Inception (7/15/19)
FlexShares^® US Quality Low Volatility Index Fund (Based on NAV)	10.76%	13.50%	11.26%
Russell 1000^® Index	21.14%	17.05%	15.37%
Northern Trust Quality Low Volatility Index℠	10.85%	13.70%	11.49%

The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Performance reflects any applicable fee waivers and/or expense reimbursements in effect during the period shown. In the absence of applicable fee waivers and/or expense reimbursements, Fund performance would have been reduced.

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} US QUALITY LOW VOLATILITY INDEX FUND

KEY FUND STATISTICS

Net Assets	$144,391,051
Number of Portfolio Holdings	119
Portfolio Turnover Rate	46%
Net Investment Advisory Fees Paid	$118,650

ASSET MARKET SECTOR (% of Net Assets)^{Footnote Reference1}

Information Technology	29.3%
Health Care	13.5%
Financials	13.1%
Consumer Staples	8.3%
Communication Services	7.2%
Utilities	6.4%
Consumer Discretionary	6.3%
Industrials	5.1%
Materials	5.0%
Energy	4.6%
Other	0.1%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

How has the Fund Changed?

Effective December 20, 2024, the Board of Trustees of FlexShares Trust (the "Trust") approved the reduction in the contractual unitary management fee rate the Fund pays to its investment adviser, Northern Trust Investments, Inc, ("NTI"), under the Fund's investment advisory agreement from 0.17% to 0.08%, with a corresponding reduction of NTI's expense limitation agreement with the Trust.

Where can I find more information?

Scan the QR code or visit https://connect.rightprospectus.com/FlexSharesETFs, to find additional information about the Fund, including the Fund’s prospectus, financial information, holdings and proxy voting information.

An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/FlexSharesETFs/

You can also request this information by contacting us at 1-855-353-9383.

Householding

Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

QLV1025

FLEXSHARES^{^®} US QUALITY LOW VOLATILITY INDEX FUND

FLEXSHARES^{^®}DEVELOPED MARKETS EX-US QUALITY LOW VOLATILITY INDEX FUND

Ticker: QLVD - NYSE Arca

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} Developed Markets ex-US Quality Low Volatility Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to NorthernTrustETF@acaglobal.com.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund	$16	0.15%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

During the fiscal year ended October 31, 2025, international developed equity markets moved higher. Within developed markets higher volatility stocks outperformed lower volatility stocks, leading the Fund to underperform the MSCI World ex-US Index. The quality factor was also negative for the fiscal year, contributing to the Underlying Index’s underperformance to its policy benchmark.

The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Northern Trust Developed Markets ex-US Quality Low Volatility Index^SM (“Underlying Index”). The Fund generally will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the components of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

For the fiscal year ended October 31, 2025, the Fund’s performance on a net asset value (“NAV”) basis was 14.84%, differing from the 14.70% return of the Underlying Index, which is reflective of the Fund's management fee (-15 basis points, “bps”), stock selection/futures (+3 bps), securities lending (+2 bps) and dividend tax differential (+24 bps).

FLEXSHARES^{^®} DEVELOPED MARKETS EX-US QUALITY LOW VOLATILITY INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®Developed Markets ex-US Quality Low Volatility Index Fund NAV	MSCI World ex-US Index	Northern Trust Developed Markets ex-US Quality Low Volatility Index℠
7/15/2019	$10,000	$10,000	$10,000
2019	$10,276	$10,206	$10,291
2020	$9,635	$9,511	$9,674
2021	$11,760	$12,897	$11,819
2022	$9,600	$10,055	$9,675
2023	$10,576	$11,318	$10,672
2024	$12,751	$14,015	$12,891
2025	$14,643	$17,321	$14,786

Average Annual Total Returns	1 Year	5 years	Since Inception (7/15/19)
FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund (Based on NAV)	14.84%	8.73%	6.24%
MSCI World ex-US Index	23.59%	12.73%	9.12%
Northern Trust Developed Markets ex-US Quality Low Volatility Index℠	14.70%	8.85%	6.41%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} DEVELOPED MARKETS EX-US QUALITY LOW VOLATILITY INDEX FUND

KEY FUND STATISTICS

Net Assets	$60,183,254
Number of Portfolio Holdings	189
Portfolio Turnover Rate	40%
Net Investment Advisory Fees Paid	$57,030

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote Reference1}

Japan	20.1%
Canada	13.3%
Switzerland	10.7%
France	10.2%
United Kingdom	9.9%
Hong Kong	6.0%
Singapore	5.6%
Germany	5.2%
Netherlands	3.7%
Spain	3.4%
Other	10.5%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

How has the Fund Changed?

Effective December 20, 2024, the Board of Trustees of FlexShares Trust (the "Trust") approved the reduction in the contractual unitary management fee rate the Fund pays to its investment adviser, Northern Trust Investments, Inc. ("NTI"), under the Fund's investment advisory agreement from 0.32% to 0.12%, with a corresponding reduction of NTI's expense limitation agreement with the Trust.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

QLVD1025

FLEXSHARES^{^®} DEVELOPED MARKETS EX-US QUALITY LOW VOLATILITY INDEX FUND

FLEXSHARES^{^®}EMERGING MARKETS QUALITY LOW VOLATILITY INDEX FUND

Ticker: QLVE - NYSE Arca

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} Emerging Markets Quality Low Volatility Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to NorthernTrustETF@acaglobal.com.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® Emerging Markets Quality Low Volatility Index Fund	$23	0.21%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

During the fiscal year ended October 31, 2025, emerging market equities moved higher. Within emerging markets higher volatility stocks outperformed lower volatility stocks, leading the Fund to underperform the MSCI Emerging Markets Index. The quality factor was positive for the fiscal year, but was not enough to offset the negative performance derived from the low volatility exposure.

The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Northern Trust Emerging Markets Quality Low Volatility Index^SM (“Underlying Index”). The Fund generally 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 and Global Depositary Receipts based on the securities in the Underlying Index.

For the fiscal year ended October 31, 2025, the Fund’s performance on a net asset value (“NAV”) basis was 18.14%, differing from the 18.27% return of the Underlying Index, which is reflective of the Fund's management fee (-22 basis points, “bps”), stock selection/futures (-18 bps), dividend tax differential (+7 bps), Indian Capital Gains Taxes (+6 bps), the compounding effect of tracking error over time (+10 bps) and other non-recurring factors (+4 bps).

FLEXSHARES^{^®} EMERGING MARKETS QUALITY LOW VOLATILITY INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®Emerging Markets Quality Low Volatility Index Fund NAV	MSCI Emerging Markets Index	Northern Trust Emerging Markets Quality Low Volatility Index℠
7/15/2019	$10,000	$10,000	$10,000
2019	$10,019	$9,923	$10,038
2020	$9,878	$10,743	$9,938
2021	$11,072	$12,565	$11,276
2022	$8,884	$8,667	$9,117
2023	$9,640	$9,603	$9,973
2024	$11,891	$12,034	$12,467
2025	$14,049	$15,393	$14,745

Average Annual Total Returns	1 Year	5 years	Since Inception (7/15/19)
FlexShares^® Emerging Markets Quality Low Volatility Index Fund (Based on NAV)	18.14%	7.30%	5.55%
MSCI Emerging Markets Index	27.91%	7.45%	7.09%
Northern Trust Emerging Markets Quality Low Volatility Index℠	18.27%	8.21%	6.36%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} EMERGING MARKETS QUALITY LOW VOLATILITY INDEX FUND

KEY FUND STATISTICS

Net Assets	$14,958,316
Number of Portfolio Holdings	166
Portfolio Turnover Rate	48%
Net Investment Advisory Fees Paid	$27,321

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote Reference1}

China	22.2%
India	21.3%
Taiwan	19.0%
South Korea	7.8%
United Arab Emirates	4.6%
Malaysia	4.6%
Brazil	3.8%
Qatar	3.6%
Saudi Arabia	3.5%
Kuwait	1.8%
Other	7.5%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

How has the Fund Changed?

Effective December 20, 2024, the Board of Trustees of FlexShares Trust (the "Trust") approved the reduction in the contractual unitary management fee rate the Fund pays to its investment adviser, Northern Trust Investments, Inc. ("NTI"), under the Fund's investment advisory agreement from 0.40% to 0.18%, with a corresponding reduction of NTI's expense limitation agreement with the Trust.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

QLVE1025

FLEXSHARES^{^®} EMERGING MARKETS QUALITY LOW VOLATILITY INDEX FUND

FLEXSHARES^{^®}MORNINGSTAR US MARKET FACTOR TILT INDEX FUND

Ticker: TILT - Cboe BZX Exchange, Inc.

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} Morningstar US Market Factor Tilt Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to NorthernTrustETF@acaglobal.com.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® Morningstar US Market Factor Tilt Index Fund	$28	0.25%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

During the fiscal year ended October 31, 2025, the U.S. equity market moved higher. Within the U.S. market small cap stocks underperformed large caps, leading the Fund to underperform the Russell 3000 Index. The value factor was also negative for the fiscal year, contributing to the underperformance to the Russell 3000 Index.

The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Morningstar^{^®} US Market Factor Tilt Index^SM (“Underlying Index”). 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.

For the fiscal year ended October 31, 2025, the Fund’s performance on a net asset value (“NAV”) basis was 18.07%, differing from the 18.49% return of the Underlying Index, which is reflective of the Fund's management fee (-25 basis points, “bps”), stock selection/futures (-17 bps), securities lending (+3 bps), the compounding effect of tracking error over time (-5 bps) and other non-recurring factors (+2 bps).

FLEXSHARES^{^®} MORNINGSTAR US MARKET FACTOR TILT INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®Morningstar US Market Factor Tilt Index Fund NAV	Russell 3000 Index	Morningstar^® US Market Factor Tilt Index℠
2015	$10,000	$10,000	$10,000
2016	$10,470	$10,424	$10,483
2017	$12,957	$12,924	$12,980
2018	$13,504	$13,776	$13,532
2019	$14,910	$15,635	$14,994
2020	$15,400	$17,222	$15,446
2021	$23,050	$24,782	$23,196
2022	$19,747	$20,688	$19,888
2023	$20,866	$22,422	$21,047
2024	$28,445	$30,910	$28,764
2025	$33,584	$37,343	$34,083

Average Annual Total Returns	1 Year	5 years	10 Years
FlexShares^® Morningstar US Market Factor Tilt Index Fund (Based on NAV)	18.07%	16.88%	12.88%
Russell 3000 Index	20.81%	16.73%	14.08%
Morningstar^® US Market Factor Tilt Index℠	18.49%	17.14%	13.04%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} MORNINGSTAR US MARKET FACTOR TILT INDEX FUND

KEY FUND STATISTICS

Net Assets	$1,847,313,629
Number of Portfolio Holdings	2,017
Portfolio Turnover Rate	13%
Net Investment Advisory Fees Paid	$4,217,233

ASSET MARKET SECTOR (% of Net Assets)^{Footnote Reference1}

Information Technology	27.7%
Financials	16.2%
Consumer Discretionary	10.9%
Industrials	10.5%
Health Care	9.5%
Communication Services	9.0%
Consumer Staples	4.2%
Energy	3.7%
Materials	2.7%
Utilities	2.6%
Other	2.4%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

TILT1025

FLEXSHARES^{^®} MORNINGSTAR US MARKET FACTOR TILT INDEX FUND

FLEXSHARES^{^®}MORNINGSTAR DEVELOPED MARKETS EX-US FACTOR TILT INDEX FUND

Ticker: TLTD - NYSE Arca

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} Morningstar Developed Markets ex-US Factor Tilt Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to NorthernTrustETF@acaglobal.com.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund	$45	0.39%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

During the fiscal year ended October 31, 2025, international developed equity markets moved higher. Within developed markets value stocks outperformed growth stocks, leading the Fund to outperform the broad based securities market benchmark, the MSCI World ex-USA Index. The size factor was also positive for the fiscal year, contributing to the outperformance of the MSCI World ex-USA Index.

The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Morningstar^{^®} Developed Markets ex-US Factor Tilt Index^SM (“Underlying Index”). The Fund generally will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the components of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

For the fiscal year ended October 31, 2025, the Fund’s performance on a net asset value (“NAV”) basis was 29.37%, differing from the 29.54% return of the Underlying Index, which is reflective of the Fund's management fee (-39 basis points, “bps”), stock selection/futures (-12 bps), securities lending (+6 bps), dividend tax differential (+30 bps) and the compounding effect of tracking error over time (-2 bps).

FLEXSHARES^{^®} MORNINGSTAR DEVELOPED MARKETS EX-US FACTOR TILT INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®Morningstar Developed Markets ex-US Factor Tilt Index Fund NAV	MSCI World ex-USA Index	Morningstar^® Developed Markets ex-US Factor Tilt Index℠
2015	$10,000	$10,000	$10,000
2016	$10,020	$9,773	$10,027
2017	$12,483	$11,995	$12,507
2018	$11,408	$11,183	$11,432
2019	$12,335	$12,423	$12,343
2020	$11,031	$11,580	$11,046
2021	$15,311	$15,701	$15,345
2022	$11,816	$12,241	$11,833
2023	$13,376	$13,778	$13,408
2024	$16,452	$17,063	$16,482
2025	$21,283	$21,087	$21,351

Average Annual Total Returns	1 Year	5 years	10 Years
FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (Based on NAV)	29.37%	14.05%	7.85%
MSCI World ex-USA Index	23.59%	12.73%	7.74%
Morningstar^® Developed Markets ex-US Factor Tilt Index℠	29.54%	14.13%	7.90%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} MORNINGSTAR DEVELOPED MARKETS EX-US FACTOR TILT INDEX FUND

KEY FUND STATISTICS

Net Assets	$569,104,971
Number of Portfolio Holdings	2,383
Portfolio Turnover Rate	25%
Net Investment Advisory Fees Paid	$1,871,216

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote Reference1}

Japan	25.3%
United Kingdom	10.7%
Canada	10.6%
France	6.9%
Germany	6.3%
Australia	5.9%
United States	5.2%
Netherlands	2.9%
Switzerland	2.8%
Sweden	2.7%
Other	18.9%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

TLTD1025

FLEXSHARES^{^®} MORNINGSTAR DEVELOPED MARKETS EX-US FACTOR TILT INDEX FUND

FLEXSHARES^{^®}MORNINGSTAR EMERGING MARKETS FACTOR TILT INDEX FUND

Ticker: TLTE - NYSE Arca

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} Morningstar Emerging Markets Factor Tilt Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to NorthernTrustETF@acaglobal.com.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund	$64	0.57%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

During the fiscal year ended October 31, 2025, emerging market equities moved higher. Within emerging markets small cap stocks underperformed large caps, leading the Fund to underperform the broad based securities market benchmark, the MSCI Emerging Markets Index. The value factor was positive for the fiscal year, but was not enough to offset the negative performance derived from size exposure.

The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Morningstar^{^®} Emerging Markets Factor Tilt Index^SM (“Underlying Index”). The Fund generally will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the components of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

For the fiscal year ended October 31, 2025, the Fund’s performance on a net asset value (“NAV”) basis was 23.35%, differing from the 23.69% return of the Underlying Index, which is reflective of the Fund's management fee (-57 basis points, “bps”), stock selection/futures (+1 bp), securities lending (+7 bps), dividend tax differential (+7 bps), performance calculation differences between the Underlying Index and the Fund (+4 bps), Indian Capital Gains Taxes (-4 bps), the compounding effect of tracking error over time (-5 bps) and other non-recurring factors (+13 bps).

FLEXSHARES^{^®} MORNINGSTAR EMERGING MARKETS FACTOR TILT INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®Morningstar Emerging Markets Factor Tilt Index Fund NAV	MSCI Emerging Markets Index	Morningstar^® Emerging Markets Factor Tilt Index℠
2015	$10,000	$10,000	$10,000
2016	$10,941	$10,927	$11,036
2017	$13,508	$13,817	$13,729
2018	$11,618	$12,088	$11,859
2019	$12,581	$13,521	$12,924
2020	$12,348	$14,636	$12,766
2021	$15,922	$17,119	$16,646
2022	$11,572	$11,807	$12,208
2023	$13,149	$13,083	$13,990
2024	$16,096	$16,394	$17,346
2025	$19,854	$20,971	$21,456

Average Annual Total Returns	1 Year	5 years	10 Years
FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (Based on NAV)	23.35%	9.96%	7.10%
MSCI Emerging Markets Index	27.91%	7.45%	7.68%
Morningstar^® Emerging Markets Factor Tilt Index℠	23.69%	10.96%	7.94%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} MORNINGSTAR EMERGING MARKETS FACTOR TILT INDEX FUND

KEY FUND STATISTICS

Net Assets	$294,157,538
Number of Portfolio Holdings	2,992
Portfolio Turnover Rate	30%
Net Investment Advisory Fees Paid	$1,483,143

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote Reference1}

China	24.3%
Taiwan	17.2%
South Korea	14.7%
India	13.1%
Brazil	5.2%
South Africa	4.4%
Mexico	2.6%
United Arab Emirates	2.3%
Indonesia	2.1%
Saudi Arabia	2.1%
Other	10.8%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

TLTE1025

FLEXSHARES^{^®} MORNINGSTAR EMERGING MARKETS FACTOR TILT INDEX FUND

FLEXSHARES^{^®}US QUALITY LARGE CAP INDEX FUND

Ticker: QLC - Cboe BZX Exchange, Inc.

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} US Quality Large Cap Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to NorthernTrustETF@acaglobal.com.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® US Quality Large Cap Index Fund	$29	0.25%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

During the fiscal year ended October 31, 2025, the U.S. equity market moved higher. Within the U.S. market higher quality stocks outperformed poorer quality stocks and higher momentum stocks outperformed poorer momentum stocks, leading the Fund to outperform the S&P 500^{^®} Index. The value factor was negative for the fiscal year, but was not enough to offset the positive performance derived from both the quality and momentum exposures.

The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Northern Trust Quality Large Cap Index^SM (“Underlying Index”). 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.

For the fiscal year ended October 31, 2025, the Fund’s performance on a net asset value (“NAV”) basis was 25.00%, differing from the 25.41% return of the Underlying Index, which is reflective of the Fund's management fee (-25 basis points, “bps”), stock selection/futures (-7 bps), performance calculation differences between the Underlying Index and the Fund (+1 bp), and the compounding effect of tracking error over time (-10 bps).

FLEXSHARES^{^®} US QUALITY LARGE CAP INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®US Quality Large Cap Index Fund NAV	S&P 500^® Index	Northern Trust Quality Large Cap Index℠
2015	$10,000	$10,744	$10,651
2016	$10,012	$11,229	$10,708
2017	$12,380	$13,882	$13,295
2018	$13,201	$14,902	$14,215
2019	$13,999	$17,037	$15,088
2020	$14,577	$18,691	$15,742
2021	$20,876	$26,712	$22,632
2022	$18,167	$22,809	$19,755
2023	$19,901	$25,123	$21,708
2024	$27,853	$34,674	$30,477
2025	$34,814	$42,112	$38,220

Average Annual Total Returns	1 Year	5 years	10 Years
FlexShares^® US Quality Large Cap Index Fund (Based on NAV)	25.00%	19.02%	13.29%
S&P 500^® Index	21.45%	17.63%	14.63%
Northern Trust Quality Large Cap Index℠	25.41%	19.41%	13.62%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} US QUALITY LARGE CAP INDEX FUND

KEY FUND STATISTICS

Net Assets	$690,349,393
Number of Portfolio Holdings	169
Portfolio Turnover Rate	19%
Net Investment Advisory Fees Paid	$1,115,131

ASSET MARKET SECTOR (% of Net Assets)^{Footnote Reference1}

Information Technology	33.3%
Financials	14.8%
Communication Services	11.8%
Health Care	9.7%
Consumer Discretionary	8.4%
Industrials	6.8%
Utilities	3.7%
Consumer Staples	2.8%
Real Estate	2.3%
Materials	1.5%
Other	1.4%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

QLC1025

FLEXSHARES^{^®} US QUALITY LARGE CAP INDEX FUND

FLEXSHARES^{^®}STOXX^® US ESG SELECT INDEX FUND

Ticker: ESG - Cboe BZX Exchange, Inc.

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} STOXX^® US ESG Select Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to NorthernTrustETF@acaglobal.com.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^®STOXX^® US ESG Select Index Fund	$36	0.32%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

During the fiscal year ended October 31, 2025, the U.S. equity market moved higher. Within the U.S. market, higher sustainability-tilted stocks underperformed poorer sustainability-tilted stocks, leading the Fund to underperform the Russell 1000^{^®} Index.

The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the STOXX^{^®} USA ESG Select KPIs Index^SM (“Underlying Index”). 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.

For the fiscal year ended October 31, 2025, the Fund’s performance on a net asset value (“NAV”) basis was 18.79%, differing from the 18.70% return of the Underlying Index, which is reflective of the Fund's management fee (-32 basis points, “bps”), stock selection/futures (-3 bps), dividend tax differential (+42 bps) and the compounding effect of tracking error over time (+2 bps).

FLEXSHARES^{^®} STOXX^® US ESG SELECT INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®STOXX^® US ESG Select Index Fund NAV	Russell 1000^® Index	STOXX^® USA ESG Select KPIs Index℠
7/13/2016	$10,000	$10,000	$10,000
2016	$10,024	$9,935	$10,017
2017	$12,349	$12,287	$12,275
2018	$13,353	$13,144	$13,108
2019	$15,251	$15,005	$14,912
2020	$16,990	$16,635	$16,555
2021	$24,490	$23,873	$23,846
2022	$20,448	$19,963	$19,886
2023	$22,883	$21,856	$22,237
2024	$30,041	$30,177	$29,150
2025	$35,687	$36,555	$34,601

Average Annual Total Returns	1 Year	5 years	Since Inception (7/13/16)
FlexShares^®STOXX^® US ESG Select Index Fund (Based on NAV)	18.79%	16.00%	14.66%
Russell 1000^® Index	21.14%	17.05%	14.96%
STOXX^® USA ESG Select KPIs Index℠	18.70%	15.88%	14.28%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} STOXX^® US ESG SELECT INDEX FUND

KEY FUND STATISTICS

Net Assets	$129,152,805
Number of Portfolio Holdings	261
Portfolio Turnover Rate	25%
Net Investment Advisory Fees Paid	$411,662

ASSET MARKET SECTOR (% of Net Assets)^{Footnote Reference1}

Information Technology	28.2%
Financials	17.9%
Consumer Discretionary	13.8%
Health Care	9.5%
Consumer Staples	9.3%
Communication Services	6.6%
Industrials	5.4%
Energy	3.7%
Real Estate	1.7%
Utilities	1.6%
Other	1.2%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

ESG1025

FLEXSHARES^{^®} STOXX^® US ESG SELECT INDEX FUND

FLEXSHARES^{^®}STOXX^® GLOBAL ESG SELECT INDEX FUND

Ticker: ESGG - Cboe BZX Exchange, Inc.

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} STOXX^® Global ESG Select Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to NorthernTrustETF@acaglobal.com.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^®STOXX^® Global ESG Select Index Fund	$47	0.42%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

During the fiscal year ended October 31, 2025, global equity markets moved higher. Higher sustainability-tilted stocks underperformed poorer sustainability-tilted stocks, leading the Fund to underperform the MSCI World Index.

The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the STOXX^{^®} Global ESG Select KPIs Index^SM (“Underlying Index”). The Fund generally will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the components of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

For the fiscal year ended October 31, 2025, the Fund’s performance on a net asset value (“NAV”) basis was 22.47%, differing from the 22.58% return of the Underlying Index which is reflective of the Fund's management fee (-42 basis points, “bps”), stock selection/futures (-2 bps), securities lending (+1 bp), dividend tax differential (+35 bps), and the compounding effect of tracking error over time (-3 bps).

FLEXSHARES^{^®} STOXX^® GLOBAL ESG SELECT INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®STOXX^® Global ESG Select Index Fund NAV	MSCI World Index	STOXX^® Global ESG Select KPIs Index℠
7/13/2016	$10,000	$10,000	$10,000
2016	$10,100	$10,030	$10,104
2017	$12,561	$12,314	$12,541
2018	$12,733	$12,457	$12,730
2019	$14,451	$14,038	$14,438
2020	$15,322	$14,650	$15,320
2021	$21,773	$20,573	$21,789
2022	$17,560	$16,771	$17,583
2023	$20,049	$18,529	$20,097
2024	$25,839	$24,769	$25,915
2025	$31,646	$30,223	$31,769

Average Annual Total Returns	1 Year	5 years	Since Inception (7/13/16)
FlexShares^®STOXX^® Global ESG Select Index Fund (Based on NAV)	22.47%	15.61%	13.19%
MSCI World Index	22.02%	15.58%	12.63%
STOXX^® Global ESG Select KPIs Index℠	22.58%	15.70%	13.23%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} STOXX^® GLOBAL ESG SELECT INDEX FUND

KEY FUND STATISTICS

Net Assets	$100,666,953
Number of Portfolio Holdings	765
Portfolio Turnover Rate	47%
Net Investment Advisory Fees Paid	$391,088

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote Reference1}

United States	70.4%
Japan	5.7%
United Kingdom	3.9%
France	3.0%
Australia	2.8%
Germany	1.7%
Canada	1.5%
Netherlands	1.4%
Spain	1.3%
Switzerland	1.2%
Other	6.0%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

ESGG1025

FLEXSHARES^{^®} STOXX^® GLOBAL ESG SELECT INDEX FUND

FLEXSHARES^{^®}ESG & CLIMATE US LARGE CAP CORE INDEX FUND

Ticker: FEUS - NYSE Arca

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} ESG & Climate US Large Cap Core Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to NorthernTrustETF@acaglobal.com.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® ESG & Climate US Large Cap Core Index Fund	$10	0.09%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

During the fiscal year ended October 31, 2025, the U.S. equity market moved higher. Within the U.S. market, higher sustainability stocks underperformed poorer sustainability stocks, leading the Fund to underperform the S&P 500^{^®} Index.

The Fund is passively managed and seeks investment results (before fees and expenses) of the Northern Trust ESG & Climate US Large Cap Core Index^SM (“Underlying Index”). The Fund generally will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index.

For the fiscal year ended October 31, 2025, the Fund’s performance on a net asset value (“NAV”) basis was 17.89%, differing from the 18.05% return of the Underlying Index, which is reflective of the Fund's management fee (-9 basis points, “bps”), stock selection/futures (-3 bps), performance calculation differences between the Underlying Index and the Fund (-1 bp), and the compounding effect of tracking error over the fiscal year ended October 31, 2025 (-3 bps).

FLEXSHARES^{^®} ESG & CLIMATE US LARGE CAP CORE INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®ESG & Climate US Large Cap Core Index Fund NAV	Russell 1000^® Index	S&P 500^® Index	Northern Trust ESG & Climate US Large Cap Core Index℠
9/20/2021	$10,000	$10,000	$10,000	$10,000
2021	$10,678	$10,203	$10,581	$10,684
2022	$8,960	$8,532	$9,035	$8,965
2023	$9,797	$9,341	$9,951	$9,815
2024	$13,254	$12,897	$13,734	$13,280
2025	$15,625	$15,623	$16,681	$15,677

Average Annual Total Returns	1 Year	Since Inception (9/20/21)
FlexShares^® ESG & Climate US Large Cap Core Index Fund (Based on NAV)	17.89%	11.46%
Russell 1000^® Index	21.14%	12.42%
S&P 500^® Index	21.45%	13.25%
Northern Trust ESG & Climate US Large Cap Core Index℠	18.05%	11.56%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} ESG & CLIMATE US LARGE CAP CORE INDEX FUND

KEY FUND STATISTICS

Net Assets	$83,299,180
Number of Portfolio Holdings	128
Portfolio Turnover Rate	32%
Net Investment Advisory Fees Paid	$60,221

ASSET MARKET SECTOR (% of Net Assets)^{Footnote Reference1}

Information Technology	35.4%
Financials	13.1%
Consumer Discretionary	11.2%
Communication Services	11.0%
Health Care	8.8%
Industrials	7.4%
Consumer Staples	4.6%
Energy	2.5%
Utilities	2.0%
Real Estate	1.7%
Other	1.7%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

FEUS 1025

FLEXSHARES^{^®} ESG & CLIMATE US LARGE CAP CORE INDEX FUND

FLEXSHARES^{^®}ESG & CLIMATE DEVELOPED MARKETS EX-US CORE INDEX FUND

Ticker: FEDM - NYSE Arca

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} ESG & Climate Developed Markets ex-US Core Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to NorthernTrustETF@acaglobal.com.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund	$14	0.12%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

During the fiscal year ended October 31, 2025, the international developed equity markets moved higher. Within developed markets, higher sustainability stocks underperformed poorer sustainability stocks, leading the Fund to underperform the MSCI World ex-US Index.

The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Northern Trust ESG & Climate Developed Markets ex-US Core Index^SM (“Underlying Index”). The Fund generally 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 and Global Depositary Receipts based on the securities in the Underlying Index.

For the fiscal year ended October 31, 2025, the Fund’s performance on a net asset value (“NAV”) basis was 17.97%, differing from the 17.87% return of the Underlying Index, which is reflective of the Fund's management fee (-12 basis points, “bps”), stock selection/futures (+1 bp), securities lending (+3 bps), dividend tax differential (+16 bps), and performance calculation differences between the Underlying Index and the Fund (+2 bps).

FLEXSHARES^{^®} ESG & CLIMATE DEVELOPED MARKETS EX-US CORE INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®ESG & Climate Developed Markets ex-US Core Index Fund NAV	MSCI World ex-US Index	Northern Trust ESG & Climate Developed Markets ex-US Core Index℠
9/20/2021	$10,000	$10,000	$10,000
2021	$10,238	$10,175	$10,229
2022	$7,846	$7,933	$7,832
2023	$8,794	$8,929	$8,789
2024	$10,915	$11,058	$10,912
2025	$12,876	$13,665	$12,861

Average Annual Total Returns	1 Year	Since Inception (9/20/21)
FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund (Based on NAV)	17.97%	6.34%
MSCI World ex-US Index	23.59%	7.89%
Northern Trust ESG & Climate Developed Markets ex-US Core Index℠	17.87%	6.31%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} ESG & CLIMATE DEVELOPED MARKETS EX-US CORE INDEX FUND

KEY FUND STATISTICS

Net Assets	$70,634,284
Number of Portfolio Holdings	235
Portfolio Turnover Rate	20%
Net Investment Advisory Fees Paid	$49,629

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote Reference1}

Japan	19.4%
United Kingdom	14.2%
Canada	11.1%
France	10.3%
Germany	9.6%
Switzerland	7.1%
Australia	5.9%
Netherlands	4.9%
Spain	4.4%
Denmark	2.4%
Other	9.4%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

FEDM 1025

FLEXSHARES^{^®} ESG & CLIMATE DEVELOPED MARKETS EX-US CORE INDEX FUND

FLEXSHARES^{^®}MORNINGSTAR GLOBAL UPSTREAM NATURAL RESOURCES INDEX FUND

Ticker: GUNR - NYSE Arca

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} Morningstar Global Upstream Natural Resources Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to NorthernTrustETF@acaglobal.com.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® Morningstar Global Upstream Natural Resources Index Fund	$49	0.46%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

During the fiscal year ended October 31, 2025, global natural resource equities moved higher, but trailed global equity markets. Within global natural resources timber, energy and agriculture trailed global risk markets while metals outperformed, leading the Fund to underperform the MSCI ACWI Index.

The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Morningstar^{^®} Global Upstream Natural Resources Index^SM (“Underlying Index”). The Fund generally will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the components of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

For the fiscal year ended October 31, 2025, the Fund’s performance on a net asset value (“NAV”) basis was 12.77%, differing from the 12.96% return of the Underlying Index, which is reflective of the Fund's management fee (-46 basis points, “bps”), stock selection/futures (-6 bps), securities lending (+2 bps), dividend tax differential (+34 bps), Indian Capital Gains Taxes (-1 bp), and the compounding effect of tracking error over time (-2 bps).

FLEXSHARES^{^®} MORNINGSTAR GLOBAL UPSTREAM NATURAL RESOURCES INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®Morningstar Global Upstream Natural Resources Index Fund NAV	MSCI ACWI Index	Morningstar^® Global Upstream Natural Resources Index℠
2015	$10,000	$10,000	$10,000
2016	$11,384	$10,205	$11,460
2017	$13,411	$12,573	$13,545
2018	$13,723	$12,508	$13,931
2019	$14,157	$14,082	$14,426
2020	$12,477	$14,771	$12,782
2021	$18,677	$20,277	$19,245
2022	$20,955	$16,230	$21,739
2023	$20,134	$17,935	$21,018
2024	$21,489	$23,816	$22,450
2025	$24,234	$29,208	$25,359

Average Annual Total Returns	1 Year	5 years	10 Years
FlexShares^® Morningstar Global Upstream Natural Resources Index Fund (Based on NAV)	12.77%	14.20%	9.26%
MSCI ACWI Index	22.64%	14.60%	11.31%
Morningstar^® Global Upstream Natural Resources Index℠	12.96%	14.68%	9.75%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} MORNINGSTAR GLOBAL UPSTREAM NATURAL RESOURCES INDEX FUND

KEY FUND STATISTICS

Net Assets	$5,274,577,645
Number of Portfolio Holdings	173
Portfolio Turnover Rate	28%
Net Investment Advisory Fees Paid	$22,800,931

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote Reference1}

United States	39.2%
Canada	16.7%
Australia	11.6%
Brazil	5.5%
Saudi Arabia	2.8%
France	2.5%
Norway	2.5%
South Africa	2.3%
India	2.0%
China	2.0%
Other	12.4%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

GUNR1025

FLEXSHARES^{^®} MORNINGSTAR GLOBAL UPSTREAM NATURAL RESOURCES INDEX FUND

FLEXSHARES^{^®}STOXX^® GLOBAL BROAD INFRASTRUCTURE INDEX FUND

Ticker: NFRA - NYSE Arca

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} STOXX^® Global Broad Infrastructure Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to NorthernTrustETF@acaglobal.com.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^®STOXX^® Global Broad Infrastructure Index Fund	$50	0.47%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

During the fiscal year ended October 31, 2025, global listed infrastructure moved higher. Within global listed infrastructure transportation, communication infrastructure and government outsourced infrastructure outperformed while energy and utilities detracted from performance.

The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the STOXX^{^®} Global Broad Infrastructure Index (“Underlying Index”). The Fund generally will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the components of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

For the fiscal year ended October 31, 2025, the Fund’s performance on a net asset value (“NAV”) basis was 12.16%, differing from the 12.08% return of the Underlying Index, which is reflective of the Fund's management fee (-47 basis points, “bps”), stock selection/futures (+7 bps), securities lending (+3 bp), dividend tax differential (+54 bps), Indian Capital Gains Taxes (-8 bps), and the compounding effect of tracking error over time (-1 bp).

FLEXSHARES^{^®} STOXX^® GLOBAL BROAD INFRASTRUCTURE INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®STOXX^® Global Broad Infrastructure Index Fund NAV	MSCI ACWI Index	STOXX^® Global Broad Infrastructure Index
2015	$10,000	$10,000	$10,000
2016	$10,309	$10,205	$10,306
2017	$11,695	$12,573	$11,674
2018	$11,355	$12,508	$11,319
2019	$13,572	$14,082	$13,515
2020	$12,726	$14,771	$12,653
2021	$15,635	$20,277	$15,528
2022	$13,459	$16,230	$13,356
2023	$13,626	$17,935	$13,502
2024	$16,871	$23,816	$16,712
2025	$18,922	$29,208	$18,730

Average Annual Total Returns	1 Year	5 years	10 Years
FlexShares^®STOXX^® Global Broad Infrastructure Index Fund (Based on NAV)	12.16%	8.26%	6.59%
MSCI ACWI Index	22.64%	14.60%	11.31%
STOXX^® Global Broad Infrastructure Index	12.08%	8.16%	6.47%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} STOXX^® GLOBAL BROAD INFRASTRUCTURE INDEX FUND

KEY FUND STATISTICS

Net Assets	$2,995,777,474
Number of Portfolio Holdings	195
Portfolio Turnover Rate	13%
Net Investment Advisory Fees Paid	$12,053,445

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote Reference1}

United States	42.2%
Japan	12.4%
Canada	11.3%
Germany	7.5%
Spain	4.3%
United Kingdom	3.3%
Australia	3.2%
India	2.6%
France	2.4%
Italy	2.0%
Other	8.1%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

NFRA1025

FLEXSHARES^{^®} STOXX^® GLOBAL BROAD INFRASTRUCTURE INDEX FUND

FLEXSHARES^{^®}GLOBAL QUALITY REAL ESTATE INDEX FUND

Ticker: GQRE - NYSE Arca

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} Global Quality Real Estate Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to NorthernTrustETF@acaglobal.com.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® Global Quality Real Estate Index Fund	$46	0.45%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

During the fiscal year ended October 31, 2025, global real estate equities moved higher. Within global real estate value Real Estate Investment Trusts ("REITs") underperformed growth REITs, and higher momentum equities underperformed poorer momentum equities, leading the Fund to underperform the FTSE EPRA/NAREIT Developed Index^SM. The quality factor of the Fund's investments was positive for the fiscal year, but was not enough to offset the negative performance derived from both the value and momentum exposures.

The Fund is passively managed and seeks the investment results (before fees and expenses) of the Northern Trust Global Quality Real Estate Index^SM (“Underlying Index”). The Fund generally 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 and Global Depositary Receipts based on the securities in the Underlying Index.

For the fiscal year ended October 31, 2025, the Fund’s performance on a net asset value (“NAV”) basis was 3.37%, differing from the 3.25% return of the Underlying Index, which is reflective of the Fund's management fee (-45 basis points, “bps”), stock selection/futures (+4 bps), securities lending (+3 bps), dividend tax differential (+46 bps), performance calculation differences between the Underlying Index and the Fund (+2 bps), and the compounding effect of tracking error over time (+2 bps).

FLEXSHARES^{^®} GLOBAL QUALITY REAL ESTATE INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®Global Quality Real Estate Index Fund NAV	MSCI World Index	FTSE EPRA/NAREIT Developed Index℠	Northern Trust Global Quality Real Estate Index℠
2015	$10,000	$10,000	$10,000	$10,000
2016	$10,228	$10,118	$10,249	$10,233
2017	$11,426	$12,423	$10,876	$11,424
2018	$11,004	$12,567	$10,908	$11,000
2019	$13,026	$14,162	$13,121	$13,038
2020	$10,382	$14,780	$10,112	$10,372
2021	$14,595	$20,755	$14,371	$14,539
2022	$11,165	$16,919	$10,786	$11,085
2023	$10,366	$18,693	$10,136	$10,267
2024	$13,520	$24,988	$13,021	$13,399
2025	$13,976	$30,490	$13,465	$13,834

Average Annual Total Returns	1 Year	5 years	10 Years
FlexShares^® Global Quality Real Estate Index Fund (Based on NAV)	3.37%	6.12%	3.40%
MSCI World Index	22.02%	15.58%	11.79%
FTSE EPRA/NAREIT Developed Index℠	3.42%	5.89%	3.02%
Northern Trust Global Quality Real Estate Index℠	3.25%	5.93%	3.30%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} GLOBAL QUALITY REAL ESTATE INDEX FUND

KEY FUND STATISTICS

Net Assets	$355,944,269
Number of Portfolio Holdings	155
Portfolio Turnover Rate	49%
Net Investment Advisory Fees Paid	$1,737,730

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote Reference1}

United States	62.7%
Japan	7.5%
Hong Kong	5.3%
Singapore	4.2%
Australia	3.3%
United Kingdom	3.1%
France	3.1%
Canada	2.5%
Israel	2.2%
Switzerland	2.1%
Other	2.1%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

GQRE1025

FLEXSHARES^{^®} GLOBAL QUALITY REAL ESTATE INDEX FUND

FLEXSHARES^{^®}QUALITY DIVIDEND INDEX FUND

Ticker: QDF - NYSE Arca

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} Quality Dividend Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to NorthernTrustETF@acaglobal.com.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® Quality Dividend Index Fund	$40	0.37%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

During the fiscal year ended October 31, 2025, the U.S. equity market moved higher. Within the U.S. market dividend paying stocks underperformed non-dividend payers, leading the Fund to underperform the Russell 1000^{^®} Index. The quality factor was positive for the fiscal year, but was not enough to offset the negative performance derived from the yield exposure.

The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Northern Trust Quality Dividend Index^SM (“Underlying Index”). 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.

For the fiscal year ended October 31, 2025, the Fund’s performance on a net asset value (“NAV”) basis was 15.84%, differing from the 16.28% return of the Underlying Index, which is reflective of the Fund's management fee (-37 basis points, “bps”), stock selection/futures (-3 bps), securities lending (+1 bp), and the compounding effect of tracking error over time (-5 bps).

FLEXSHARES^{^®} QUALITY DIVIDEND INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®Quality Dividend Index Fund NAV	Russell 1000^® Index	Northern Trust Quality Dividend Index℠
2015	$10,000	$10,000	$10,000
2016	$10,641	$10,426	$10,684
2017	$12,567	$12,894	$12,702
2018	$13,500	$13,793	$13,671
2019	$14,640	$15,745	$14,935
2020	$14,204	$17,456	$14,611
2021	$19,498	$25,052	$20,128
2022	$17,882	$20,949	$18,527
2023	$19,049	$22,936	$19,817
2024	$25,221	$31,667	$26,322
2025	$29,216	$38,360	$30,607

Average Annual Total Returns	1 Year	5 years	10 Years
FlexShares^® Quality Dividend Index Fund (Based on NAV)	15.84%	15.52%	11.32%
Russell 1000^® Index	21.14%	17.05%	14.38%
Northern Trust Quality Dividend Index℠	16.28%	15.93%	11.83%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} QUALITY DIVIDEND INDEX FUND

KEY FUND STATISTICS

Net Assets	$2,002,250,092
Number of Portfolio Holdings	142
Portfolio Turnover Rate	41%
Net Investment Advisory Fees Paid	$6,784,142

ASSET MARKET SECTOR (% of Net Assets)^{Footnote Reference1}

Information Technology	36.6%
Industrials	12.3%
Financials	10.9%
Health Care	10.0%
Consumer Discretionary	7.2%
Communication Services	6.8%
Consumer Staples	5.7%
Real Estate	4.9%
Energy	2.6%
Utilities	1.6%
Other	0.7%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

QDF1025

FLEXSHARES^{^®} QUALITY DIVIDEND INDEX FUND

FLEXSHARES^{^®}QUALITY DIVIDEND DEFENSIVE INDEX FUND

Ticker: QDEF - NYSE Arca

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} Quality Dividend Defensive Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to NorthernTrustETF@acaglobal.com.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® Quality Dividend Defensive Index Fund	$40	0.37%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

During the fiscal year ended October 31, 2025, the U.S. equity market moved higher. Within the U.S. market dividend paying stocks underperformed non-dividend payers, leading the Fund to underperform the Russell 1000^{^®} Index. The quality factor was positive for the fiscal year, but was not enough to offset the negative performance derived from the yield exposure.

The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Northern Trust Quality Dividend Defensive Index^SM (“Underlying Index”). The Fund generally will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the components of the Underlying Index.

For the fiscal year ended October 31, 2025, the Fund’s performance on a net asset value (“NAV”) basis was 15.69%, differing from the 15.98% return of the Underlying Index, which is reflective of the Fund's management fee (-37 basis points, “bps”), stock selection/futures (+1 bp), securities lending (+1 bp), the compounding effect of tracking error over time (-4 bps), and other non-recurring factors (+10 bps).

FLEXSHARES^{^®} QUALITY DIVIDEND DEFENSIVE INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®Quality Dividend Defensive Index Fund NAV	Russell 1000^® Index	Northern Trust Quality Dividend Defensive Index℠
2015	$10,000	$10,000	$10,000
2016	$10,596	$10,426	$10,623
2017	$12,444	$12,894	$12,549
2018	$13,525	$13,793	$13,775
2019	$15,066	$15,745	$15,451
2020	$14,396	$17,456	$14,794
2021	$19,331	$25,052	$19,938
2022	$17,875	$20,949	$18,525
2023	$19,273	$22,936	$20,044
2024	$26,031	$31,667	$27,166
2025	$30,114	$38,360	$31,506

Average Annual Total Returns	1 Year	5 years	10 Years
FlexShares^® Quality Dividend Defensive Index Fund (Based on NAV)	15.69%	15.91%	11.65%
Russell 1000^® Index	21.14%	17.05%	14.38%
Northern Trust Quality Dividend Defensive Index℠	15.98%	16.31%	12.16%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} QUALITY DIVIDEND DEFENSIVE INDEX FUND

KEY FUND STATISTICS

Net Assets	$478,936,864
Number of Portfolio Holdings	133
Portfolio Turnover Rate	41%
Net Investment Advisory Fees Paid	$1,568,761

ASSET MARKET SECTOR (% of Net Assets)^{Footnote Reference1}

Information Technology	33.0%
Health Care	12.1%
Financials	12.0%
Industrials	8.3%
Consumer Discretionary	7.3%
Consumer Staples	7.1%
Communication Services	6.9%
Utilities	4.9%
Real Estate	3.6%
Materials	2.0%
Other	1.8%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

QDEF1025

FLEXSHARES^{^®} QUALITY DIVIDEND DEFENSIVE INDEX FUND

FLEXSHARES^{^®}INTERNATIONAL QUALITY DIVIDEND INDEX FUND

Ticker: IQDF - NYSE Arca

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} International Quality Dividend Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to NorthernTrustETF@acaglobal.com.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® International Quality Dividend Index Fund	$53	0.47%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

During the fiscal year ended October 31, 2025, international equity markets moved higher. Within international markets dividend paying stocks underperformed non-dividend payers, leading the Fund to underperform the MSCI ACWI ex USA Index. The quality factor was positive for the fiscal year, but was not enough to offset the negative performance derived from the yield exposure.

The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Northern Trust International Quality Dividend Index^SM (“Underlying Index”). The Fund generally will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the components of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

For the fiscal year ended October 31, 2025, the Fund’s performance on a net asset value (“NAV”) basis was 24.44%, differing from the 24.50% return of the Underlying Index, which is reflective of the Fund's management fee (-47 basis points, “bps”), stock selection/futures (-4 bps), securities lending (+4 bps), dividend tax differential (+17 bps), Indian Capital Gains Taxes (+3 bps), the compounding effect of tracking error over time (-2 bps), and other non-recurring factors (+23 bps).

FLEXSHARES^{^®} INTERNATIONAL QUALITY DIVIDEND INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®International Quality Dividend Index Fund NAV	MSCI ACWI ex USA Index	Northern Trust International Quality Dividend Index℠
2015	$10,000	$10,000	$10,000
2016	$10,116	$10,023	$10,172
2017	$12,292	$12,393	$12,402
2018	$11,003	$11,371	$11,097
2019	$11,929	$12,653	$12,030
2020	$10,862	$12,322	$10,991
2021	$14,383	$15,977	$14,610
2022	$10,915	$12,027	$11,095
2023	$12,820	$13,478	$13,118
2024	$16,246	$16,758	$16,729
2025	$20,217	$20,936	$20,828

Average Annual Total Returns	1 Year	5 years	10 Years
FlexShares^® International Quality Dividend Index Fund (Based on NAV)	24.44%	13.23%	7.29%
MSCI ACWI ex USA Index	24.93%	11.18%	7.66%
Northern Trust International Quality Dividend Index℠	24.50%	13.63%	7.61%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} INTERNATIONAL QUALITY DIVIDEND INDEX FUND

KEY FUND STATISTICS

Net Assets	$851,081,714
Number of Portfolio Holdings	231
Portfolio Turnover Rate	61%
Net Investment Advisory Fees Paid	$3,132,597

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote Reference1}

Japan	12.1%
China	10.2%
Taiwan	7.9%
United Kingdom	7.5%
Switzerland	5.8%
Canada	5.5%
Sweden	4.2%
Australia	4.2%
France	4.0%
Hong Kong	3.6%
Other	33.1%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

IQDF1025

FLEXSHARES^{^®} INTERNATIONAL QUALITY DIVIDEND INDEX FUND

FLEXSHARES^{^®}INTERNATIONAL QUALITY DIVIDEND DYNAMIC INDEX FUND

Ticker: IQDY - NYSE Arca

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} International Quality Dividend Dynamic Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to NorthernTrustETF@acaglobal.com.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® International Quality Dividend Dynamic Index Fund	$54	0.47%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

During the fiscal year ended October 31, 2025, international equity markets moved higher. Within international markets, higher quality dividend payers outperformed poorer quality dividend payers, and the higher beta of the strategy was additive to performance, leading the Fund to outperform the MSCI ACWI ex USA Index. The yield factor was negative for the fiscal year, but was not enough to offset the positive performance derived from the quality exposure.

The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Northern Trust International Quality Dividend Dynamic Index^SM (“Underlying Index”). The Fund generally will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the components of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

For the fiscal year ended October 31, 2025, the Fund’s performance on a net asset value (“NAV”) basis was 28.01%, differing from the 28.06% return of the Underlying Index, which is reflective of the Fund's management fee (-47 basis points, “bps”), stock selection/futures (-5 bps), securities lending (+5 bps), dividend tax differential (+20 bps), performance calculation differences between the Underlying Index and the Fund (+1 bp), the compounding effect of tracking error over time (-1 bp), and other non-recurring factors (+22 bps).

FLEXSHARES^{^®} INTERNATIONAL QUALITY DIVIDEND DYNAMIC INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®International Quality Dividend Dynamic Index Fund NAV	MSCI ACWI ex USA Index	Northern Trust International Quality Dividend Dynamic Index℠
2015	$10,000	$10,000	$10,000
2016	$10,317	$10,023	$10,373
2017	$12,625	$12,393	$12,740
2018	$11,193	$11,371	$11,298
2019	$12,457	$12,653	$12,607
2020	$11,587	$12,322	$11,780
2021	$16,206	$15,977	$16,543
2022	$12,077	$12,027	$12,331
2023	$14,419	$13,478	$14,843
2024	$18,486	$16,758	$19,162
2025	$23,663	$20,936	$24,539

Average Annual Total Returns	1 Year	5 years	10 Years
FlexShares^® International Quality Dividend Dynamic Index Fund (Based on NAV)	28.01%	15.35%	9.00%
MSCI ACWI ex USA Index	24.93%	11.18%	7.66%
Northern Trust International Quality Dividend Dynamic Index℠	28.06%	15.80%	9.39%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} INTERNATIONAL QUALITY DIVIDEND DYNAMIC INDEX FUND

KEY FUND STATISTICS

Net Assets	$84,429,395
Number of Portfolio Holdings	204
Portfolio Turnover Rate	65%
Net Investment Advisory Fees Paid	$308,051

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote Reference1}

Japan	16.4%
China	10.2%
Taiwan	7.6%
United Kingdom	7.6%
Switzerland	7.4%
Canada	5.3%
Australia	3.9%
France	3.8%
Sweden	3.4%
Italy	3.3%
Other	29.8%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

IQDY1025

FLEXSHARES^{^®} INTERNATIONAL QUALITY DIVIDEND DYNAMIC INDEX FUND

FLEXSHARES^{^®}IBOXX 3-YEAR TARGET DURATION TIPS INDEX FUND

Ticker: TDTT - NYSE Arca

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} iBoxx 3-Year Target Duration TIPS Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to NorthernTrustETF@acaglobal.com.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund	$19	0.18%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

U.S. Treasury Inflation Protected Securities (“TIPS”) inflation breakeven spreads were little changed during the fiscal year ended October 31, 2025, yet oscillated considerably throughout the period. 5-year, 10-year, and 30-year breakevens declined to a low in April 2025 before trending wider throughout the remaining fiscal year. During the fiscal year, the short-to-intermediate segment of the TIPS yield curve outperformed the broader U.S. bond market.

The Fund is passively managed and seeks to provide investment results (before fees and expenses) of the iBoxx 3-Year Target Duration TIPS Index (“Underlying Index”). 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.

For the fiscal year ended October 31, 2025, the Fund's performance on a net asset value ("NAV") basis was 6.26%, differing from the 6.36% return of the Underlying Index, which is reflective of the Fund’s management fee (-18 basis points ("bps")), and small net positive contributions from duration/curve positioning, security selection, and trading costs (+8 bps).

FLEXSHARES^{^®} IBOXX 3-YEAR TARGET DURATION TIPS INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®iBoxx 3-Year Target Duration TIPS Index Fund NAV	Bloomberg U.S. Aggregate Bond Index	iBoxx 3-Year Target Duration TIPS Index
2015	$10,000	$10,000	$10,000
2016	$10,255	$10,437	$10,264
2017	$10,298	$10,531	$10,328
2018	$10,256	$10,315	$10,295
2019	$10,800	$11,502	$10,852
2020	$11,428	$12,214	$11,525
2021	$12,218	$12,155	$12,335
2022	$11,679	$10,249	$11,818
2023	$11,894	$10,286	$12,053
2024	$12,729	$11,370	$12,918
2025	$13,521	$12,071	$13,740

Average Annual Total Returns	1 Year	5 years	10 Years
FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund (Based on NAV)	6.26%	3.42%	3.06%
Bloomberg U.S. Aggregate Bond Index	6.16%	(0.24)%	1.90%
iBoxx 3-Year Target Duration TIPS Index	6.36%	3.58%	3.23%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} IBOXX 3-YEAR TARGET DURATION TIPS INDEX FUND

KEY FUND STATISTICS

Net Assets	$2,556,859,648
Number of Portfolio Holdings	22
Portfolio Turnover Rate	86%
Net Investment Advisory Fees Paid	$4,142,682

YEARS TO MATURITY (% of Net Assets)^{Footnote Reference1}

3-5 years	48.7%
1-3 years	47.6%
5-10 years	3.5%
0-1 year	0.0%
Cash and/or Derivatives	0.2%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

TDTT1025

FLEXSHARES^{^®} IBOXX 3-YEAR TARGET DURATION TIPS INDEX FUND

FLEXSHARES^{^®}IBOXX 5-YEAR TARGET DURATION TIPS INDEX FUND

Ticker: TDTF - NYSE Arca

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} iBoxx 5-Year Target Duration TIPS Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to NorthernTrustETF@acaglobal.com.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund	$19	0.18%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

U.S. Treasury Inflation Protected Securities (“TIPS”) inflation breakeven spreads were little changed during the fiscal year ended October 31, 2025, yet oscillated considerably throughout the period. 5-year, 10-year, and 30-year breakevens declined to a low in April 2025 before trending wider throughout the remaining fiscal year. During the fiscal year, the broad U.S. TIPS market underperformed the U.S. bond market.

The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the iBoxx 5-Year Target Duration TIPS Index (“Underlying Index”). 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.

For the fiscal year ended October 31, 2025, the Fund's performance on a net asset value ("NAV") basis was 6.89%, differing from the 6.99% return of the Underlying Index, which is reflective of the Fund’s management fee (-18 basis points ("bps")), and small net positive contributions from duration/curve positioning, security selection, trading costs, and other factors (+8 bps).

FLEXSHARES^{^®} IBOXX 5-YEAR TARGET DURATION TIPS INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®iBoxx 5-Year Target Duration TIPS Index Fund NAV	Bloomberg U.S. Aggregate Bond Index	iBoxx 5-Year Target Duration TIPS Index
2015	$10,000	$10,000	$10,000
2016	$10,481	$10,437	$10,474
2017	$10,489	$10,531	$10,497
2018	$10,331	$10,315	$10,349
2019	$11,212	$11,502	$11,252
2020	$12,153	$12,214	$12,242
2021	$12,985	$12,155	$13,101
2022	$11,761	$10,249	$11,890
2023	$11,748	$10,286	$11,913
2024	$12,712	$11,370	$12,906
2025	$13,582	$12,071	$13,809

Average Annual Total Returns	1 Year	5 years	10 Years
FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund (Based on NAV)	6.89%	2.25%	3.11%
Bloomberg U.S. Aggregate Bond Index	6.16%	(0.24)%	1.90%
iBoxx 5-Year Target Duration TIPS Index	6.99%	2.44%	3.28%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} IBOXX 5-YEAR TARGET DURATION TIPS INDEX FUND

KEY FUND STATISTICS

Net Assets	$897,259,876
Number of Portfolio Holdings	19
Portfolio Turnover Rate	59%
Net Investment Advisory Fees Paid	$1,409,199

YEARS TO MATURITY (% of Net Assets)^{Footnote Reference1}

3-5 years	51.8%
5-10 years	48.0%
0-1 year	0.0%
Cash and/or Derivatives	0.2%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

TDTF1025

FLEXSHARES^{^®} IBOXX 5-YEAR TARGET DURATION TIPS INDEX FUND

FLEXSHARES^{^®}DISCIPLINED DURATION MBS INDEX FUND

Ticker: MBSD - NYSE Arca

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} Disciplined Duration MBS Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to NorthernTrustETF@acaglobal.com.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® Disciplined Duration MBS Index Fund	$21	0.20%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

During the fiscal year ended October 31, 2025, interest rates declined and the yield curve steepened, which brought the 10-year and 2-year spread from 12 basis points to 50 basis points("bps"). Overall, mortgage-backed security spreads generally tightened throughout the trailing 12-month period. During the fiscal year, the mortgage-backed market, represented by the Bloomberg U.S. Mortgage Backed Securities Index, outperformed the total aggregate bond market, defined by the Bloomberg U.S. Aggregate Bond Index, by 116 bps. During the fiscal year ended October 31, 2025, the Fund underperformed the Bloomberg U.S. Mortgage Backed Securities Index by -109 bps due to exposure to a selection of higher coupon, more seasoned mortgage backed securities with a significantly lower overall duration.

The Fund is passively managed and seeks to track the investment results (before fee and expenses) of the ICE BofA^® Constrained Duration US Mortgage-Backed Securities Index^SM (“Underlying Index”). The Fund generally will invest at least 80% of its total assets in the components of the Underlying Index.

For the fiscal year ended October 31, 2025, the Fund's performance on a net asset value ("NAV") basis was 6.23%, differing from the 6.67% return of the Underlying Index, which is reflective of the Fund’s management fee (-20 bps), trading costs and fees (-20 bps), yield curve positioning (-4 bps), sector allocation (-1 bp), and combined effect of security selection and other factors (+1 bp).

FLEXSHARES^{^®} DISCIPLINED DURATION MBS INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®Disciplined Duration MBS Index Fund NAV	Bloomberg U.S. Aggregate Bond Index	ICE BofA^® Constrained Duration US Mortgage Backed Securities Index℠
2015	$10,000	$10,000	$10,000
2016	$10,302	$10,437	$10,302
2017	$10,257	$10,531	$10,324
2018	$10,087	$10,315	$10,210
2019	$10,829	$11,502	$11,039
2020	$11,391	$12,214	$11,582
2021	$11,360	$12,155	$11,667
2022	$9,978	$10,249	$10,317
2023	$10,076	$10,286	$10,479
2024	$10,925	$11,370	$11,416
2025	$11,605	$12,071	$12,174

Average Annual Total Returns	1 Year	5 years	10 Years
FlexShares^® Disciplined Duration MBS Index Fund (Based on NAV)	6.23%	0.37%	1.50%
Bloomberg U.S. Aggregate Bond Index	6.16%	(0.24)%	1.90%
ICE BofA^® Constrained Duration US Mortgage Backed Securities Index℠	6.67%	1.01%	1.99%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} DISCIPLINED DURATION MBS INDEX FUND

KEY FUND STATISTICS

Net Assets	$88,794,499
Number of Portfolio Holdings	383
Portfolio Turnover Rate	38%
Net Investment Advisory Fees Paid	$168,175

YEARS TO MATURITY (% of Net Assets)^{Footnote Reference1}

20+ years	41.8%
10-20 years	38.1%
5-10 years	10.7%
3-5 years	4.5%
1-3 years	4.2%
0-1 year	0.0%
Cash and/or Derivatives	0.7%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

MBSD1025

FLEXSHARES^{^®} DISCIPLINED DURATION MBS INDEX FUND

FLEXSHARES^{^®}CREDIT-SCORED US CORPORATE BOND INDEX FUND

Ticker: SKOR - NASDAQ

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} Credit-Scored US Corporate Bond Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to NorthernTrustETF@acaglobal.com.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® Credit-Scored US Corporate Bond Index Fund	$16	0.15%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

Credit fundamentals remained strong through most of the fiscal year ended October 31, 2025, with low defaults relative to historical averages, resilient earnings, and manageable leverage levels. The introduction of "reciprocal" tariffs in April 2025 did introduce economic uncertainty, which resulted in spread volatility and widening, but spreads across investment grade and high yield retraced back to tight levels during the remainder of the fiscal year. During the fiscal year ended October 31, 2025, the Fund’s net asset value (“NAV”) outperformed the Bloomberg U.S. Intermediate Corporate Bond Index return of 7.12% by 8 basis points (“bps”).

The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Northern Trust US Corporate Bond Quality Value Index^SM (“Underlying Index”). 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.

For the fiscal year ended October 31, 2025, the Fund's performance on a NAV basis was 7.20%, differing from the 7.29% return of the Underlying Index, which is reflective of the Fund’s management fee (-15 bps), trading costs (-3 bps), sampling and other factors (+9 bps).

FLEXSHARES^{^®} CREDIT-SCORED US CORPORATE BOND INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®Credit-Scored US Corporate Bond Index Fund NAV	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Intermediate Corporate Bond Index	Hybrid Northern Trust Credit-Scored US Long Corporate Bond Index℠/Northern Trust US Long Corporate Bond Quality Value Index℠*
2015	$10,000	$10,000	$10,000	$10,000
2016	$10,471	$10,437	$10,499	$10,505
2017	$10,667	$10,531	$10,745	$10,734
2018	$10,448	$10,315	$10,606	$10,563
2019	$11,666	$11,502	$11,746	$11,836
2020	$12,507	$12,214	$12,738	$12,766
2021	$12,594	$12,155	$12,910	$12,938
2022	$10,969	$10,249	$11,311	$11,336
2023	$11,398	$10,286	$11,810	$11,835
2024	$12,702	$11,370	$13,197	$13,225
2025	$13,617	$12,071	$13,209	$14,189

*The hybrid index performance information reflects the performance of the Northern Trust Credit-Scored US Corporate Bond Index^SM (Previous Index) through April 30, 2020 and the Northern Trust US Corporate Bond Quality Value Index^SM thereafter. The Previous Index

terminated as of May 1, 2020.

Average Annual Total Returns	1 Year	5 years	10 Years
FlexShares^® Credit-Scored US Corporate Bond Index Fund (Based on NAV)	7.20%	1.72%	3.14%
Bloomberg U.S. Aggregate Bond Index	6.16%	(0.24)%	1.90%
Bloomberg U.S. Intermediate Corporate Bond Index	7.12%	1.76%	3.13%
Hybrid Northern Trust Credit-Scored US Long Corporate Bond Index℠/Northern Trust US Long Corporate Bond Quality Value Index℠*	7.29%	2.14%	3.56%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} CREDIT-SCORED US CORPORATE BOND INDEX FUND

KEY FUND STATISTICS

Net Assets	$639,731,084
Number of Portfolio Holdings	1,800
Portfolio Turnover Rate	65%
Net Investment Advisory Fees Paid	$748,577

ASSET MARKET SECTOR (% of Net Assets)^{Footnote Reference1}

Financials	38.6%
Information Technology	10.4%
Energy	7.3%
Industrials	6.5%
Consumer Staples	6.4%
Real Estate	6.3%
Consumer Discretionary	6.1%
Health Care	5.4%
Utilities	5.0%
Materials	3.7%
Other	3.6%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

SKOR1025

FLEXSHARES^{^®} CREDIT-SCORED US CORPORATE BOND INDEX FUND

FLEXSHARES^{^®}CREDIT-SCORED US LONG CORPORATE BOND INDEX FUND

Ticker: LKOR - Cboe BZX Exchange, Inc.

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} Credit-Scored US Long Corporate Bond Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to NorthernTrustETF@acaglobal.com.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® Credit-Scored US Long Corporate Bond Index Fund	$16	0.15%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

Credit fundamentals remained strong through most of the fiscal year ended October 31, 2025 with low defaults relative to historical averages, resilient earnings, and manageable leverage levels. The introduction of "reciprocal" tariffs in April 2025 did introduce economic uncertainty, which resulted in spread volatility and widening, but spreads across investment grade and high yield retraced back to tight levels during the remainder of the fiscal year. During the fiscal year ended October 31, 2025, the Fund’s net asset value (“NAV”) outperformed the Bloomberg Long U.S. Corporate Bond Index return of 5.69% by 7 basis points (“bps”).

The Fund is passively managed and seeks to track the investment results (before fees and expenses) of the Northern Trust US Long Corporate Bond Quality Value Index^SM (“Underlying Index”). 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.

For the fiscal year ended October 31, 2025, the Fund's performance on a NAV basis was 5.76%, differing from the 5.75% return of the Underlying Index, which is reflective of fees (-15 bps), trading costs (-7 bps), sampling and other factors (+23 bps).

FLEXSHARES^{^®} CREDIT-SCORED US LONG CORPORATE BOND INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®Credit-Scored US Long Corporate Bond Index Fund NAV	Bloomberg U.S. Aggregate Bond Index	Bloomberg Long U.S. Corporate Bond Index	Hybrid Northern Trust Credit-Scored US Long Corporate Bond Index℠/Northern Trust US Long Corporate Bond Quality Value Index℠*
2015	$10,000	$10,000	$10,000	$10,000
2016	$11,164	$10,509	$11,341	$11,249
2017	$11,789	$10,604	$12,015	$11,946
2018	$10,936	$10,386	$11,213	$11,149
2019	$13,726	$11,582	$14,050	$14,058
2020	$15,145	$12,299	$15,258	$15,719
2021	$15,924	$12,240	$15,952	$16,643
2022	$10,895	$10,320	$11,000	$11,459
2023	$11,069	$10,357	$11,056	$11,732
2024	$13,297	$11,449	$13,182	$14,123
2025	$14,063	$12,154	$13,933	$14,934

*The hybrid index performance information reflects the performance of the Northern Trust Credit-Scored US Long Corporate Bond Index^SM (Previous Index) through April 30, 2020 and the Northern Trust US Long Corporate Bond Quality Value Index^SM thereafter. The Previous Index terminated as of May 1, 2020.

Average Annual Total Returns	1 Year	5 years	10 Years
FlexShares^® Credit-Scored US Long Corporate Bond Index Fund (Based on NAV)	5.76%	(1.47)%	3.47%
Bloomberg U.S. Aggregate Bond Index	6.16%	(0.24)%	1.90%
Bloomberg Long U.S. Corporate Bond Index	5.69%	(1.80)%	3.29%
Hybrid Northern Trust Credit-Scored US Long Corporate Bond Index℠/Northern Trust US Long Corporate Bond Quality Value Index℠*	5.75%	(1.02)%	4.03%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} CREDIT-SCORED US LONG CORPORATE BOND INDEX FUND

KEY FUND STATISTICS

Net Assets	$47,735,092
Number of Portfolio Holdings	825
Portfolio Turnover Rate	88%
Net Investment Advisory Fees Paid	$57,572

ASSET MARKET SECTOR (% of Net Assets)^{Footnote Reference1}

Financials	17.5%
Information Technology	12.2%
Energy	11.3%
Utilities	10.7%
Communication Services	9.8%
Health Care	9.6%
Consumer Staples	7.8%
Industrials	6.8%
Consumer Discretionary	5.5%
Materials	3.8%
Other	3.4%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

LKOR1025

FLEXSHARES^{^®} CREDIT-SCORED US LONG CORPORATE BOND INDEX FUND

FLEXSHARES^{^®}HIGH YIELD VALUE-SCORED BOND INDEX FUND

Ticker: HYGV - NYSE Arca

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} High Yield Value-Scored Bond Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to NorthernTrustETF@acaglobal.com.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® High Yield Value-Scored Bond Index Fund	$39	0.37%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

Credit fundamentals remained strong through most of the fiscal year ended October 31, 2025 with low defaults relative to historical averages, resilient earnings, and manageable leverage levels. The introduction of "reciprocal" tariffs in April 2025 did introduce economic uncertainty, which resulted in spread volatility and widening, but spreads across investment grade and high yield retraced back to tight levels during the remainder of the fiscal year. During the fiscal year ended October 31, 2025, the Fund’s net asset value (“NAV”) performance underperformed the ICE BofA^{^®} US High Yield Index return of 8.03% by 54 basis points (“bps”).

The Fund is passively managed and investment results (before fees and expenses) of the Northern Trust High Yield Value-Scored US Corporate Bond Index^SM (“Underlying Index”). 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.

For the fiscal year ended October 31, 2025, the Fund's performance on a NAV basis was 7.49%, differing from the 7.93% return of the Underlying Index, which is reflective of the Fund’s management fee (-37 bps), trading costs (-26 bps), sampling and other factors (+19 bps).

FLEXSHARES^{^®} HIGH YIELD VALUE-SCORED BOND INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®High Yield Value-Scored Bond Index Fund NAV	Bloomberg Universal Index	ICE BofA^® US High Yield Index	Northern Trust High Yield Value-Scored US Corporate Bond Index℠
7/17/2018	$10,000	$10,000	$10,000	$10,000
2018	$10,018	$9,943	$10,020	$10,043
2019	$10,763	$11,072	$10,854	$10,852
2020	$11,093	$11,733	$11,128	$11,490
2021	$12,577	$11,789	$12,323	$13,119
2022	$10,935	$9,927	$10,912	$11,554
2023	$11,530	$10,046	$11,547	$12,379
2024	$13,323	$11,171	$13,448	$14,485
2025	$14,320	$11,898	$14,524	$15,634

Average Annual Total Returns	1 Year	5 years	Since Inception (7/17/18)
FlexShares^® High Yield Value-Scored Bond Index Fund (Based on NAV)	7.49%	5.24%	5.05%
Bloomberg Universal Index	6.51%	0.28%	2.36%
ICE BofA^® US High Yield Index	8.03%	5.48%	5.26%
Northern Trust High Yield Value-Scored US Corporate Bond Index℠	7.93%	6.34%	6.32%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} HIGH YIELD VALUE-SCORED BOND INDEX FUND

KEY FUND STATISTICS

Net Assets	$1,230,481,014
Number of Portfolio Holdings	1,054
Portfolio Turnover Rate	100%
Net Investment Advisory Fees Paid	$4,888,238

ASSET MARKET SECTOR (% of Net Assets)^{Footnote Reference1}

Consumer Discretionary	19.4%
Financials	14.0%
Energy	14.0%
Communication Services	12.7%
Industrials	11.5%
Materials	8.1%
Health Care	4.9%
Information Technology	4.5%
Consumer Staples	4.4%
Real Estate	3.3%
Other	2.1%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

HYGV1025

FLEXSHARES^{^®} HIGH YIELD VALUE-SCORED BOND INDEX FUND

FLEXSHARES^{^®}ESG & CLIMATE INVESTMENT GRADE CORPORATE CORE INDEX FUND

Ticker: FEIG - NYSE Arca

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} ESG & Climate Investment Grade Corporate Core Index Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to NorthernTrustETF@acaglobal.com.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund	$13	0.12%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

Credit fundamentals remained strong through most of the fiscal year ended October 31, 2025 with low defaults relative to historical averages, resilient earnings, and manageable leverage levels. The introduction of "reciprocal" tariffs in April 2025 did introduce economic uncertainty, which resulted in spread volatility and widening, but spreads across investment grade and high yield retraced back to tight levels during the remainder of the fiscal year. During the fiscal year ended October 31, 2025, the Fund’s net asset value (“NAV”) underperformed the Bloomberg U.S. Corporate Total Return Value Unhedged Index return of 6.62% by 29 basis points (“bps”).

The Fund is passively managed and seeks investment results (before fees and expenses) of the Northern Trust ESG & Climate Investment Grade U.S. Corporate Core Index^SM (the “Underlying Index”). 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.

For the fiscal year ended October 31, 2025, the Fund's performance on a NAV basis was 6.33%, differing from the 6.54% return of the Underlying Index, which is reflective of the Fund’s management fee (-12 bps), trading costs (-3 bps), and sampling (-6 bps).

FLEXSHARES^{^®} ESG & CLIMATE INVESTMENT GRADE CORPORATE CORE INDEX FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®ESG & Climate Investment Grade Corporate Core Index Fund NAV	Bloomberg U.S. Aggregate Bond Index	Bloomberg US Corporate Total Return Value Unhedged Index	Northern Trust ESG & Climate Investment Grade U.S. Corporate Core Index℠
9/20/2021	$10,000	$10,000	$10,000	$10,000
2021	$9,868	$9,911	$9,876	$9,871
2022	$7,921	$8,356	$7,944	$7,942
2023	$8,112	$8,386	$8,164	$8,171
2024	$9,205	$9,271	$9,276	$9,298
2025	$9,788	$9,842	$9,890	$9,906

Average Annual Total Returns	1 Year	Since Inception (9/20/21)
FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (Based on NAV)	6.33%	(0.52)%
Bloomberg U.S. Aggregate Bond Index	6.16%	(0.44)%
Bloomberg US Corporate Total Return Value Unhedged Index	6.62%	(0.27)%
Northern Trust ESG & Climate Investment Grade U.S. Corporate Core Index℠	6.54%	(0.23)%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} ESG & CLIMATE INVESTMENT GRADE CORPORATE CORE INDEX FUND

KEY FUND STATISTICS

Net Assets	$41,692,734
Number of Portfolio Holdings	739
Portfolio Turnover Rate	39%
Net Investment Advisory Fees Paid	$51,464

ASSET MARKET SECTOR (% of Net Assets)^{Footnote Reference1}

Financials	32.7%
Health Care	13.5%
Information Technology	9.2%
Communication Services	6.8%
Energy	6.4%
Industrials	5.6%
Consumer Discretionary	5.2%
Utilities	5.1%
Consumer Staples	4.3%
Real Estate	4.1%
Other	2.3%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

FEIG 1025

FLEXSHARES^{^®} ESG & CLIMATE INVESTMENT GRADE CORPORATE CORE INDEX FUND

FLEXSHARES^{^®}ULTRA-SHORT INCOME FUND

Ticker: RAVI - NYSE Arca

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} Ultra-Short Income Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to NorthernTrustETF@acaglobal.com.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® Ultra-Short Income Fund	$26	0.25%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

During the fiscal year ended October 31, 2025, interest rates declined and the yield curve steepened. Overall, credit performed well as investment grade spreads generally tightened throughout the trailing 12-month period.

The Fund is actively managed and seeks maximum current income consistent with the preservation of capital and liquidity. The Fund attempts to achieve its investment objective by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) 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.

For the fiscal year ended October 31, 2025, the Fund’s return of 4.99% outperformed the Bloomberg 1-3 Month U.S. Treasury Bill Index return of 4.44% by 55 basis points, net of fees. During this period, Treasury rates declined as the inflation rate declined and the Federal Open Market Committee continued to normalize monetary policy. The Fund's underweight to Treasuries, as well as its long to duration positioning, contributed to the Fund’s relative outperformance. The Fund’s exposure to the Investment Grade sector contributed to performance.

FLEXSHARES^{^®} ULTRA-SHORT INCOME FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®Ultra-Short Income Fund NAV	Bloomberg Global Aggregate Bond Index	Bloomberg 1-3 Month U.S. Treasury Bill Index
2015	$10,000	$10,000	$10,000
2016	$10,119	$10,559	$10,023
2017	$10,239	$10,683	$10,092
2018	$10,423	$10,464	$10,255
2019	$10,758	$11,462	$10,494
2020	$10,992	$12,108	$10,577
2021	$11,030	$11,957	$10,582
2022	$10,926	$9,472	$10,672
2023	$11,501	$9,635	$11,193
2024	$12,199	$10,554	$11,803
2025	$12,808	$11,154	$12,327

Average Annual Total Returns	1 Year	5 years	10 Years
FlexShares^® Ultra-Short Income Fund (Based on NAV)	4.99%	3.10%	2.51%
Bloomberg Global Aggregate Bond Index	5.69%	(1.63)%	1.10%
Bloomberg 1-3 Month U.S. Treasury Bill Index	4.44%	3.11%	2.11%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} ULTRA-SHORT INCOME FUND

KEY FUND STATISTICS

Net Assets	$1,365,806,797
Number of Portfolio Holdings	267
Portfolio Turnover Rate	68%
Net Investment Advisory Fees Paid	$3,092,628

ASSET MARKET SECTOR (% of Net Assets)^{Footnote Reference1}

Financials	44.9%
Health Care	8.9%
Information Technology	7.6%
Asset-Backed Securities	7.4%
Consumer Staples	5.9%
Industrials	5.1%
Consumer Discretionary	5.0%
Energy	4.2%
Materials	3.5%
Communication Services	2.5%
Other	6.9%

¹Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

RAVI1025

FLEXSHARES^{^®} ULTRA-SHORT INCOME FUND

FLEXSHARES^{^®}CORE SELECT BOND FUND

Ticker: BNDC - NYSE Arca

ANNUAL SHAREHOLDER REPORT | OCTOBER 31, 2025

This annual shareholder report contains important information about the FlexShares^{^®} Core Select Bond Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to NorthernTrustETF@acaglobal.com.

What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
FlexShares^® Core Select Bond Fund	$16	0.15%

*Reflects applicable expense reimbursements and fee waivers.

What impacted Fund performance over the reporting period?

During the fiscal year ended October 31, 2025, interest rates declined and the yield curve steepened. Credit markets experienced significant volatility in April 2025 driven by tariff related uncertainty, however, investment grade spreads tightened over the fiscal year. Mortgage spreads tightened meaningfully over this period.

The Fund is actively managed and seeks total return and preservation of capital. 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”).

For the fiscal year ended October 31, 2025, the Fund underperformed the broad fixed income market, as defined by the Bloomberg U.S. Aggregate Bond Index, by 4 basis points, net of fees. The Fund had an overweight to duration periodically during the year, and this contributed to performance. Additionally, the Fund had a modest overweight to mortgage-backed securities (“MBS”) through the 12-month period. Overall, the allocation to MBS had a modest positive effect, which was partially offset by other factors.

FLEXSHARES^{^®} CORE SELECT BOND FUND

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

	FlexShares^®Core Select Bond Fund NAV	Bloomberg U.S. Aggregate Bond Index
11/18/2016	$10,000	$10,000
2017	$10,286	$10,335
2018	$10,005	$10,122
2019	$11,143	$11,288
2020	$11,889	$11,986
2021	$11,920	$11,929
2022	$9,981	$10,058
2023	$9,966	$10,094
2024	$11,007	$11,158
2025	$11,681	$11,845

Average Annual Total Returns	1 Year	5 years	Since Inception (11/18/16)
FlexShares^® Core Select Bond Fund (Based on NAV)	6.12%	(0.35)%	1.75%
Bloomberg U.S. Aggregate Bond Index	6.16%	(0.24)%	1.91%

Performance data current to the most recent month-end is available at https://www.flexshares.com/us/en/individual/funds.

FLEXSHARES^{^®} CORE SELECT BOND FUND

KEY FUND STATISTICS

Net Assets	$144,913,074
Number of Portfolio Holdings	19
Portfolio Turnover Rate	23%
Net Investment Advisory Fees Paid	$202,899

TOP HOLDINGS (% of Net Assets)

iShares MBS ETF	24.57%
iShares 5-10 Year Investment Grade Corporate Bond ETF	17.27%
CF Secured LLC	15.00%
FlexShares^® Ultra-Short Income Fund	12.77%
FlexShares^® Disciplined Duration MBS Index Fund	12.53%
iShares 20+ Year Treasury Bond ETF	12.33%
U.S. Treasury 2 Year Note	12.07%
FlexShares^® Credit-Scored US Corporate Bond Index Fund	9.46%
U.S. Treasury 5 Year Note	5.13%
iShares 3-7 Year Treasury Bond ETF	5.03%

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

Householding

BNDC1025

FLEXSHARES^{^®} CORE SELECT BOND FUND

(g) The aggregate non-audit fees and services billed by Deloitte for services rendered to the Registrant and Service Affiliates for the periods ended October 31, 2025 and October 31, 2024, respectively, were $4,953,585 and $4,358,755.

(h) The Registrant’s Audit Committee has considered whether the provision of non-audit services to Service Affiliates, not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the registered public accountant’s independence in performing audit services.

	2025
	All fees and services to the Trust that were pre-approved	All fees and services to Service Affiliates^(a) that were pre- approved
Audit Fees	$687,420	N/A
Audit Related Fees^(b)	$0	$0
Tax Fees^(c)	$209,599	$0
All Other Fees^(d)	$0	$0
Total:	$897,019	$0

	2024
	All fees and services to the Trust that were pre-approved	All fees and services to Service Affiliates^(a) that were pre- approved
Audit Fees	$723,840	N/A
Audit Related Fees^(b)	$0	$0
Tax Fees^(c)	$82,360	$0
All Other Fees^(d)	$0	$0
Total:	$806,200	$0

What were the Fund costs for the last year?

What impacted Fund performance over the reporting period?

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

KEY FUND STATISTICS

ASSET MARKET SECTOR (% of Net Assets)Footnote Reference1

What were the Fund costs for the last year?

What impacted Fund performance over the reporting period?

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

KEY FUND STATISTICS

COUNTRY DIVERSIFICATION (% of Net Assets)Footnote Reference1

What were the Fund costs for the last year?

What impacted Fund performance over the reporting period?

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

KEY FUND STATISTICS

COUNTRY DIVERSIFICATION (% of Net Assets)Footnote Reference1

What were the Fund costs for the last year?

What impacted Fund performance over the reporting period?

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

KEY FUND STATISTICS

ASSET MARKET SECTOR (% of Net Assets)Footnote Reference1

What were the Fund costs for the last year?

What impacted Fund performance over the reporting period?

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

KEY FUND STATISTICS

COUNTRY DIVERSIFICATION (% of Net Assets)Footnote Reference1

What were the Fund costs for the last year?

What impacted Fund performance over the reporting period?

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

KEY FUND STATISTICS

COUNTRY DIVERSIFICATION (% of Net Assets)Footnote Reference1

What were the Fund costs for the last year?

What impacted Fund performance over the reporting period?

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

KEY FUND STATISTICS

ASSET MARKET SECTOR (% of Net Assets)Footnote Reference1

What were the Fund costs for the last year?

What impacted Fund performance over the reporting period?

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

KEY FUND STATISTICS

ASSET MARKET SECTOR (% of Net Assets)Footnote Reference1

What were the Fund costs for the last year?

What impacted Fund performance over the reporting period?

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

KEY FUND STATISTICS

COUNTRY DIVERSIFICATION (% of Net Assets)Footnote Reference1

What were the Fund costs for the last year?

What impacted Fund performance over the reporting period?

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

KEY FUND STATISTICS

ASSET MARKET SECTOR (% of Net Assets)Footnote Reference1

What were the Fund costs for the last year?

What impacted Fund performance over the reporting period?

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

KEY FUND STATISTICS

COUNTRY DIVERSIFICATION (% of Net Assets)Footnote Reference1

What were the Fund costs for the last year?

What impacted Fund performance over the reporting period?

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

KEY FUND STATISTICS

COUNTRY DIVERSIFICATION (% of Net Assets)Footnote Reference1

What were the Fund costs for the last year?

What impacted Fund performance over the reporting period?

Fund Performance

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

KEY FUND STATISTICS

COUNTRY DIVERSIFICATION (% of Net Assets)Footnote Reference1

What were the Fund costs for the last year?

What impacted Fund performance over the reporting period?

ASSET MARKET SECTOR (% of Net Assets)^{Footnote Reference1}

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COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote Reference1}

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ASSET MARKET SECTOR (% of Net Assets)^{Footnote Reference1}