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font-size: 10pt; background-color: #ffffff; align: left; margin-top: 4pt; margin-bottom: 0px; text-align: left; padding: 2pt 2pt 0px 2pt;">The Fund seeks high total investment return through a combination of current income and capital appreciation and to outperform the Bloomberg U.S. Aggregate Bond Index, the Fund’s benchmark.</div> Fund Fees & Expenses <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 4pt; margin-bottom: 0px; text-align: left; padding: 2pt 2pt 0px 2pt;">The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table. If such expenses were reflected, the expenses set forth below would be higher.</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0038 0.0000 0.0072 0.0110 0.0071 0.0039 Other expenses are estimated for the current fiscal year. January 31, 2029 Example <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 1.5 2pt 0px 2pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated (whether or not shares are redeemed), and also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the example is based on the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement assuming that such waiver and/or reimbursement will only be in place through the date noted above and on the Total Annual Fund Operating Expenses for the remaining periods. The example does not take into account brokerage commissions and other fees to financial intermediaries that you may pay on your purchases and sales of shares of the Fund. It also does not include the transaction fees on purchases and redemptions of creation units (“Creation Units”), because those fees will not be imposed on retail investors. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</div> If shares are redeemed: 40 156 Portfolio Turnover <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 1.5 2pt 0px 2pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund has not commenced operations as of the date of this prospectus, there is no portfolio turnover to report.</div> Investments, Risks and Performance Principal Investment Strategies <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 1.5 2pt 0px 2pt;">The Fund seeks to outperform the Bloomberg U.S. Aggregate Bond Index (after the deduction of fees and expenses). The Fund will invest in bonds, which include debt securities of any maturity. The Fund will generally seek to maintain an effective duration of +/- 1.5 years relative to the Bloomberg U.S. Aggregate Bond Index. Duration is a measure of the expected life of a fixed-income security that is used to determine the sensitivity of a security’s price to </div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 4pt; margin-bottom: 0px; text-align: left; padding: 1pt 2pt 0px 2pt;">changes in interest rates. A fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. By way of example, the price of a bond fund with an average duration of five years would be expected to fall approximately 5% if interest rates rose by one percentage point. While the effective duration for the Bloomberg U.S. Aggregate Bond Index fluctuates, as of December 31, 2025, the effective duration was approximately 5.94 years. The Fund may also invest up to 15% of its assets, at the time of purchase, in securities rated below investment grade (i.e., none of the three major rating agencies (Moody’s Investors Service, Inc. (“Moody’s”), Fitch Ratings, Inc. (“Fitch”) or S&P Global Ratings (“S&P”) have rated the securities in one of their top four ratings categories) (commonly known as “junk bonds”), or, if unrated, securities determined by the Subadviser to be of comparable quality, and up to 5% of its assets in non-U.S. dollar-denominated securities. The Fund may also invest up to 30% of its assets in foreign securities, including emerging market securities. There is no minimum rating for the securities in which the Fund may invest.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">The Fund’s investments may include securities issued by U.S. and non-U.S. corporations and governments, securities issued by supranational entities, U.S. government-sponsored agency debenture and pass-through securities, commercial mortgage-backed and other asset-backed securities and inflation-linked securities.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">In connection with its principal investment strategies, the Fund may also invest in securities issued pursuant to Rule 144A under the Securities Act of 1933 (“Rule 144A securities”), other privately placed investments such as private credit investments, structured notes, collateralized loan obligations, foreign securities, including those in emerging markets, mortgage-related securities, including mortgage dollar rolls, futures and swaps (including credit default swaps). The Fund may use such derivatives for hedging or investment purposes. Except as provided above or as required by applicable law, the Fund is not limited in the percentage of its assets that it may invest in these instruments. The Fund may also invest in affiliated and unaffiliated mutual funds and exchange-traded funds, to the extent permitted by the Investment Company Act of 1940, as amended.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Investment Process</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">The portfolio management team seeks to build and manage a portfolio that will outperform the benchmark and, secondarily, provide absolute returns in the market environment it anticipates over the short to intermediate term. The primary factors for broad sector positioning are the Subadviser’s expected performance of sectors in the benchmark and the incremental performance or diversification benefits the Fund’s portfolio managers anticipate from opportunistic allocations to securities that are not included in the Fund’s benchmark. In addition, the Fund’s portfolio managers will look at individual security selection, position size and overall duration contribution to the portfolio.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Purchase and sale considerations also include overall portfolio yield, interest rate sensitivity across different maturities held, fixed-income sector fundamentals and outlook, technical supply/demand factors, credit risk, cash flow variability, security optionality and structure, as well as potential currency and liquidity risk. The Subadviser also considers economic factors. Individual securities are assessed on a risk/return basis, both on a benchmark-relative and on an absolute return basis, and on their fit within the overall portfolio strategy.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Specifically, the Subadviser follows a total return-oriented investment approach and considers broad sector allocation, quality and liquidity bias, yield curve positioning and duration in selecting securities for the Fund. The Fund’s portfolio managers consider economic and market conditions as well as issuer-specific data, such as fixed-charge coverage, the relationship between cash flows and debt service obligations, the experience and perceived strength of management or security structure, price responsiveness of the security to interest rate changes, earnings prospects, debt as a percentage of assets, borrowing requirements, debt maturity schedules and liquidation value.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">In selecting investments for the Fund, the Subadviser’s research analysts and sector teams work closely with the Fund’s portfolio managers to develop an outlook for the economy from research produced by various financial firms and specific forecasting services or from economic data released by U.S. and foreign governments, as well as the Federal Reserve Bank. The analysts conduct a thorough review of individual securities to identify what they consider attractive values in the high quality bond market through the use of quantitative tools, which include artificial intelligence tools for research and risk mitigation purposes. The Subadviser continuously monitors an issuer’s creditworthiness or cash flow stability to assess whether the obligation remains an appropriate investment for the Fund. It may relax its emphasis on quality with respect to a given security if it believes that the issuer’s financial outlook is promising. This may create an opportunity for higher returns. The Subadviser seeks to balance opportunities for yield and price performance by combining macro economic analysis with individual security selection. Fund holdings are generally diversified across sectors and industry groups such as utilities or telecommunications, which tend to move independently of the ebbs and flows in economic growth.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">The Fund may engage in active and frequent trading of securities and other instruments. Effects of frequent trading may include high transaction costs, which may lower the Fund’s returns, and realization of short-term capital gains, distributions of which are taxable to shareholders who are individuals as ordinary income. Trading costs and tax effects associated with frequent trading may adversely affect the Fund’s performance.</div> You may lose moneyby investing in the Fund. <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Fund shares are not bank deposits and are not guaranteed, endorsed or insured by the Federal Deposit Insurance Corporation or any other government agency, and are subject to investment risks, including possible loss of the principal invested.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Interest Rate Risk: Interest rate risk is the risk that the value of the Fund’s investments will fall if interest rates rise. Generally, the value of fixed-income securities rises when prevailing interest rates fall and falls when interest rates rise. Interest rate risk generally is greater for funds that invest in fixed-income securities with relatively longer durations than for funds that invest in fixed-income securities with shorter durations. Duration is a measure of the expected life of a fixed-income security that is used to determine the sensitivity of a security’s price to changes in interest rates. A fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. In addition, an economic downturn or period of rising interest rates could adversely affect the market for these securities and reduce the Fund’s ability to sell them, negatively impacting the performance of the Fund. Fiscal, economic, monetary or other governmental or central bank policies, actions or measures have in the past, and may in the future, cause or exacerbate risks associated with interest rates, including fluctuations in interest rates.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Currency Risk: Fluctuations in the exchange rates between different currencies may negatively affect an investment. The Fund may be subject to currency risk because it may invest in currency-related instruments and may invest in securities or other instruments denominated in, or that generate income denominated in, foreign currencies. </div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Below Investment Grade Fixed-Income Securities Risk: The Fund’s investments in below investment grade fixed-income securities, also known as “junk bonds,” may be subject to greater risks than other fixed-income securities, including being subject to greater levels of interest rate risk, credit/counterparty risk (including a greater risk of default) and liquidity risk. The ability of the issuer to make principal and interest payments is predominantly speculative for below investment grade fixed-income securities.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Emerging Markets Risk: In addition to the risks of investing in foreign investments generally, emerging markets investments are subject to greater risks arising from political or economic instability, war, nationalization or confiscatory taxation, currency exchange or repatriation restrictions, sanctions by other countries (such as the United States or the European Union), new or inconsistent government treatment of or restrictions on issuers and instruments, and an issuer’s unwillingness or inability to make dividend, principal or interest payments on its securities. Emerging markets companies may be smaller and have shorter operating histories than companies in developed markets.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Cash Transactions Risk: The Fund may effect some or all of its creations and redemptions for cash, rather than in-kind securities. As a result, the Fund may have to sell portfolio securities at inopportune times in order to obtain the cash needed to meet redemption orders. This may cause the Fund to sell a security and recognize a capital gain or loss that might not have been incurred if it had made a redemption in-kind. The use of cash creations and redemptions may also cause the Fund’s shares to trade in the market at wider bid-ask spreads or greater premiums or discounts to the Fund’s NAV.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Credit/Counterparty Risk: Credit/counterparty risk is the risk that the issuer or guarantor of a fixed-income security, or the counterparty to a derivative or other transaction, will be unable or unwilling to make timely payments of interest or principal or to otherwise honor its obligations. As a result, the Fund may sustain losses or be unable or delayed in its ability to realize gains. The Fund will be subject to credit/counterparty risk with respect to the counterparties to its derivatives transactions. This risk will be heightened to the extent the Fund enters into derivatives transactions with a single counterparty (or affiliated counterparties that are part of the same organization), causing the Fund to have significant exposure to such counterparty. Many of the protections afforded to participants on organized exchanges and clearing houses, such as the performance guarantee given by a central clearing house, are not available in connection with over-the-counter (“OTC”) derivatives transactions, such as foreign currency transactions. For centrally cleared derivatives, such as cleared swaps, futures and many options, the primary credit/counterparty risk is the creditworthiness of the Fund’s clearing broker and the central clearing house itself.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Foreign Securities Risk: Investments in foreign securities may be subject to greater political, economic, environmental, credit/counterparty and information risks. The Fund’s investments in foreign securities also are subject to foreign currency fluctuations and other foreign currency-related risks. Foreign securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Mortgage-Related and Asset-Backed Securities Risk: In addition to the risks associated with investments in fixed-income securities generally (for example, credit, liquidity, inflation and valuation risk), mortgage-related and asset-backed securities are subject to the risks of the mortgages and assets underlying the securities as well as prepayment risk, the risk that the securities may be prepaid and result in the reinvestment of the prepaid amounts in securities with lower yields than the prepaid obligations. Conversely, there is a risk that a rise in interest rates will extend the life of a mortgage-related or asset-backed security beyond the expected prepayment time, typically reducing the security’s value, which is called extension risk. The Fund also may incur a loss when there is a prepayment of securities that were purchased at a premium. The Fund’s investments in other asset-backed securities are subject to risks similar to those associated with mortgage-related securities, as well as additional risks associated with the nature of the assets and the servicing of those assets.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Operational Risk: The Fund is exposed to operational risk arising from a number of factors, including but not limited to human error, processing and communication errors, errors of the Fund’s service providers, market makers, listing exchange, Authorized Participants or the issuers of securities in which the Fund invests or with which they do business, failed or inadequate processes and technology or systems failures.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Authorized Participant Concentration Risk: Only an authorized participant (“Authorized Participant”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that act as Authorized Participants, none of which are or will be obligated to engage in creation or redemption transactions. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, the Fund’s shares may trade at a discount to net asset value (“NAV”) and possibly face trading halts and/or delisting.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Cybersecurity and Technology Risk: The Fund, its service providers, market makers, listing exchange, Authorized Participants and other market participants increasingly depend on complex information technology and communications systems, which are subject to a number of different threats and risks that could adversely affect the Fund and its shareholders. Cybersecurity and other operational and technology issues may result in financial losses to the Fund and its shareholders.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Derivatives Risk: Derivative instruments (such as those in which the Fund may invest, such as forward currency contracts, structured notes, futures and swaps (including credit default swaps)) are subject to changes in the value of the underlying assets or indices on which such instruments are based. There is no guarantee that the use of derivatives will be effective or that suitable transactions will be available. Even a small investment in derivatives may give rise to leverage risk and can have a significant impact on the Fund’s exposure to securities market values, interest rates or currency exchange rates. It is possible that the Fund’s liquid assets may be insufficient to support its obligations under its derivatives positions. The use of derivatives for other than hedging purposes may be considered a speculative activity, and involves greater risks than are involved in hedging. The use of derivatives may cause the Fund to incur losses greater than those that would have occurred had derivatives not been used. The Fund’s use of derivatives involves other risks, such as credit/counterparty risk relating to the other party to a derivative contract (which is greater for forward currency contracts, uncleared swaps and other OTC derivatives), the risk of difficulties in pricing and valuation, the risk that changes in the value of a derivative may not correlate as expected with changes in the value of relevant assets, rates or indices, liquidity risk, allocation risk and the risk of losing more than any amounts paid or margin transferred to initiate derivatives positions. There is also the risk that the Fund may be unable to terminate or sell a derivative position at an advantageous time or price. The Fund’s derivative counterparties may experience financial difficulties or otherwise be unwilling or unable to honor their obligations, possibly resulting in losses to the Fund. </div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Inflation/Deflation Risk: Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the present value of future payments. As inflation increases, the real value of the Fund’s portfolio could decline. Inflation rates may change frequently and drastically. The Fund’s investments may not keep pace with inflation, which may result in losses to the Fund’s investors. Deflation risk is the risk that prices throughout the economy decline over time - the opposite of inflation. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund’s portfolio. </div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Investments in Other Investment Companies Risk: The Fund will indirectly bear the management, service and other fees of any other investment companies, including exchange-traded funds, in which it invests in addition to its own expenses.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Leverage Risk: Leverage is the risk associated with securities or investment practices (e.g., borrowing and the use of certain derivatives) that multiply small index, market or asset-price movements into larger changes in value. The use of leverage increases the impact of gains and losses on the Fund’s returns, and may lead to significant losses if investments are not successful.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: justify; margin-top: 3pt; margin-bottom: 0px; text-align: justify; padding: 4px 2pt 0px 2pt;">Liquidity Risk: Liquidity risk is the risk that the Fund may be unable to find a buyer for its investments when it seeks to sell them or to receive the price it expects. Decreases in the number of financial institutions willing to make markets in the Fund’s investments or in their capacity or willingness to transact may increase the Fund’s exposure to this risk. Events that may lead to increased redemptions, such as market disruptions or increases in interest rates, may also negatively impact the liquidity of the Fund’s investments when it needs to dispose of them. Markets may become illiquid quickly. If the Fund is forced to sell its investments at an unfavorable time and/or under adverse conditions in order to meet redemption requests, such sales could negatively affect the Fund. During times of market turmoil, there may be no buyers or sellers for securities in certain asset classes and dealers may be unwilling or unable to make a market for certain securities. Securities acquired in a private placement, such as Rule 144A securities and privately negotiated credit and other investments, are generally subject to significant liquidity risk because they are subject to strict restrictions on resale and there may be no liquid secondary market or ready purchaser for such securities. In other circumstances, liquid investments may become illiquid. Derivatives, and particularly OTC derivatives, are generally subject to liquidity risk as well. Liquidity issues may also make it difficult to value the Fund’s investments. The Fund may invest in liquid investments that become illiquid due to financial distress, or geopolitical events such as sanctions, trading halts or wars.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Management Risk: A strategy used by the Fund’s portfolio managers may fail to produce the intended result. </div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Market/Issuer Risk: The market value of the Fund’s investments will move up and down, sometimes rapidly and unpredictably, based upon overall market and economic conditions, as well as a number of reasons that directly relate to the issuers of the Fund’s investments, such as management performance, financial condition and demand for the issuers’ goods and services. </div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Market Trading Risk: The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares or the Fund’s underlying portfolio securities, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. Any of these factors, among others, may lead to the Fund’s shares trading at a premium or discount to NAV. Accordingly, if a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV, or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">New and Smaller Sized Fund Risk: The Fund is relatively new and has a limited operating history for investors to evaluate and may not be successful in implementing its investment strategies. The Fund may fail to attract sufficient assets to achieve or maintain economies of scale, which could result in the Fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Smaller ETFs will have a lower public float and lower trading volumes, which can lead to wider bid/ask spreads.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Premium/Discount Risk: Shares of the Fund are listed for trading on the NYSE Arca, Inc. (the “NYSE Arca”) and are bought and sold in the secondary market at market prices that may differ from their most recent NAV. The market value of the Fund’s shares will fluctuate, in some cases materially, in </div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 4pt; margin-bottom: 0px; text-align: left; padding: 1pt 2pt 0px 2pt;">response to changes in the Fund’s NAV, the intraday value of the Fund’s holdings, and the relative supply and demand for the Fund’s shares on the exchange. Disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for shares may result in shares trading at a significant premium or discount to NAV and/or in a reduced liquidity of your investment. During such periods, you may be unable to sell your shares or may incur significant losses if you sell your shares. There are various methods by which investors can purchase and sell shares and various types of orders that may be placed. Investors should consult their financial intermediary before purchasing or selling shares of the Fund. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Secondary Market Trading Risk: Investors buying or selling shares of the Fund in the secondary market will pay brokerage commissions or other charges imposed by broker-dealers as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of shares.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Trading Issues Risk: Trading in Fund shares on the NYSE Arca may be halted in certain circumstances due to market conditions or for reasons that, in the view of the NYSE Arca, make trading in shares inadvisable. In addition, trading in shares on the NYSE Arca is subject to trading halts caused by extraordinary market volatility pursuant to the NYSE Arca’s “circuit breaker” rules (rules that require a halt in trading in a specific period of time when market prices decline by a specified percentage during the course of a trading day). There can be no assurance that the requirements of the NYSE Arca necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. </div> Risk/Return Bar Chart and Table <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 1.5 2pt 0px 2pt;">Because the Fund has not yet completed a full calendar year, information related to Fund performance, including a bar chart showing annual returns, has not been included in this Prospectus. The performance information provided by the Fund in the future will give some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns compare to those of a broad-based securities market index that reflects the performance of the overall market applicable to the Fund. The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available online at im.natixis.com and/or by calling the Fund toll-free at 800-862-4863.</div> Because the Fund has not yet completed a full calendar year, information related to Fund performance, including a bar chart showing annual returns, has notbeen included in this Prospectus. The performance information provided by the Fund in the future will give some indication of the risks of investing in the Fundby showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns compare to those of a broad-basedsecurities market index that reflects the performance of the overall market applicable to the Fund. The Fund’s past performance (before and after taxes) doesnot necessarily indicate how the Fund will perform in the future. im.natixis.com 800-862-4863 Natixis Loomis Sayles Total Return Bond ETF Investment Goal <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 4pt; margin-bottom: 0px; text-align: left; padding: 2pt 2pt 0px 2pt;">The Fund seeks high total investment return through a combination of current income and capital appreciation.</div> Fund Fees & Expenses <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 4pt; margin-bottom: 0px; text-align: left; padding: 2pt 2pt 0px 2pt;">The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in this table. If such expenses were reflected, the expenses set forth below would be higher.</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0038 0.0000 0.0051 0.0089 0.0050 0.0039 Other expenses are estimated for the current fiscal year. April 30, 2029 Example <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 1.5 2pt 0px 2pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated (whether or not shares are redeemed), and also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the example is based on the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement assuming that such waiver and/or reimbursement will only be in place through the date noted above and on the Total Annual Fund Operating Expenses for the remaining periods. The example does not take into account brokerage commissions and other fees to financial intermediaries that you may pay on your purchases and sales of shares of the Fund. It also does not include the transaction fees on purchases and redemptions of creation units (“Creation Units”), because those fees will not be imposed on retail investors. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</div> If shares are redeemed: 40 133 Portfolio Turnover <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 1.5 2pt 0px 2pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Because the Fund has not commenced operations as of the date of this prospectus, there is no portfolio turnover to report.</div> Investments, Risks and Performance Principal Investment Strategies <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 1.5 2pt 0px 2pt;">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in fixed-income securities (for example, bonds and other investments that Loomis, Sayles & Company, L.P. (“Loomis Sayles” or the “Subadviser”) believes have similar economic characteristics, such as notes, debentures and loans). The Fund may invest up to 25% of its assets in below investment grade fixed-income securities (also known as “junk bonds”). Below investment-grade fixed-income securities are rated below investment-grade quality (i.e., none of the three </div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 4pt; margin-bottom: 0px; text-align: left; padding: 1pt 2pt 0px 2pt;">major rating agencies (Moody’s Investors Service, Inc. (“Moody’s”), Fitch Ratings, Inc. (“Fitch”) or S&P Global Ratings (“S&P”) have rated the securities in one of their respective top four rating categories), or, if unrated, are determined by the Subadviser to be of comparable quality. There is no minimum rating for the securities in which the Fund may invest. The Fund may invest in fixed-income securities of any maturity.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">In deciding which securities to buy and sell, the Subadviser will consider, among other things, the financial strength of the issuer, current interest rates, current valuations, the Subadviser’s expectations regarding future changes in interest rates and comparisons of the level of risk associated with particular investments with the Subadviser’s expectations concerning the potential return of those investments.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Three themes typically drive the Fund’s investment approach. First, the Subadviser generally seeks fixed-income securities of issuers whose credit profiles it believes are improving. Second, the Fund may invest significantly in securities the prices of which the Subadviser believes are more sensitive to events related to the underlying issuer than to changes in general interest rates or overall market default rates. The Subadviser believes that the Fund may generate positive returns by having a portion of the Fund’s assets invested in non-market-related securities, rather than by relying primarily on changes in interest rates to produce returns for the Fund. Third, the Subadviser analyzes different sectors of the economy and differences in the yields (“spreads”) of various fixed-income securities in an effort to find securities that it believes may produce attractive returns for the Fund in comparison to their risk. The Subadviser generally prefers securities that are protected against calls (early redemption by the issuer). While the Subadviser’s investment process is fundamentally driven, it may utilize proprietary quantitative tools to help with risk management and assessing economic and credit environments.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">In connection with its principal investment strategies, the Fund may invest up to 35% of its assets in U.S. dollar-denominated foreign securities, including emerging markets securities. The Fund may also invest without limit in U.S. dollar-denominated obligations of supranational entities (e.g., the World Bank). Although certain securities purchased by the Fund may be issued by domestic companies incorporated outside of the United States, the Subadviser does not consider these securities to be foreign if the issuer is included in the U.S. fixed-income indices published by Bloomberg. The Fund may also invest in corporate securities, U.S. government securities, commercial paper, zero-coupon securities, collateralized loan obligations, bank loans, mortgage-backed securities, including mortgage dollar rolls, stripped mortgage-backed securities and collateralized mortgage obligations and other asset-backed securities, when-issued securities, convertible securities, securities issued pursuant to Rule 144A under the Securities Act of 1933 (“Rule 144A securities”), other privately placed investments such as private credit investments, and structured notes. The Fund may also invest in futures, forward contracts, options (such as options on futures contracts, options on securities, interest rate/bond options, currency options, options on swaps and over-the-counter (“OTC”) options) and swaps (such as interest rate swaps, total return swaps and index swaps) for hedging and investment purposes. Except as provided above or as required by applicable law, the Fund is not limited in the percentage of its assets that it may invest in these instruments.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 1.5 2pt 0px 2pt;">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in fixed-income securities (for example, bonds and other investments that Loomis, Sayles & Company, L.P. (“Loomis Sayles” or the “Subadviser”) believes have similar economic characteristics, such as notes, debentures and loans). The Fund may invest up to 25% of its assets in below investment grade fixed-income securities (also known as “junk bonds”). Below investment-grade fixed-income securities are rated below investment-grade quality (i.e., none of the three </div><div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 4pt; margin-bottom: 0px; text-align: left; padding: 1pt 2pt 0px 2pt;">major rating agencies (Moody’s Investors Service, Inc. (“Moody’s”), Fitch Ratings, Inc. (“Fitch”) or S&P Global Ratings (“S&P”) have rated the securities in one of their respective top four rating categories), or, if unrated, are determined by the Subadviser to be of comparable quality. There is no minimum rating for the securities in which the Fund may invest. The Fund may invest in fixed-income securities of any maturity.</div> Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings made for investment purposes) in fixed-income securities (for example, bonds and other investments that Loomis, Sayles & Company, L.P. (“Loomis Sayles” or the “Subadviser”) believes have similar economic characteristics, such as notes, debentures and loans). <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">In deciding which securities to buy and sell, the Subadviser will consider, among other things, the financial strength of the issuer, current interest rates, current valuations, the Subadviser’s expectations regarding future changes in interest rates and comparisons of the level of risk associated with particular investments with the Subadviser’s expectations concerning the potential return of those investments.</div><div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Three themes typically drive the Fund’s investment approach. First, the Subadviser generally seeks fixed-income securities of issuers whose credit profiles it believes are improving. Second, the Fund may invest significantly in securities the prices of which the Subadviser believes are more sensitive to events related to the underlying issuer than to changes in general interest rates or overall market default rates. The Subadviser believes that the Fund may generate positive returns by having a portion of the Fund’s assets invested in non-market-related securities, rather than by relying primarily on changes in interest rates to produce returns for the Fund. Third, the Subadviser analyzes different sectors of the economy and differences in the yields (“spreads”) of various fixed-income securities in an effort to find securities that it believes may produce attractive returns for the Fund in comparison to their risk. The Subadviser generally prefers securities that are protected against calls (early redemption by the issuer). While the Subadviser’s investment process is fundamentally driven, it may utilize proprietary quantitative tools to help with risk management and assessing economic and credit environments.</div> You may lose money by investing in the Fund. <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Fund shares are not bank deposits and are not guaranteed, endorsed or insured by the Federal Deposit Insurance Corporation or any other government agency, and are subject to investment risks, including possible loss of the principal invested.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Bank Loans Risk: Bank loans risk is the risk that the Fund’s investments in bank loans are subject to credit risk and may not be adequately collateralized. Indebtedness of borrowers whose creditworthiness is poor involves substantially greater risks and may be highly speculative. The interest rates on many bank loans reset frequently, and thus bank loans are subject to interest rate risk. Transactions in bank loans may settle on a delayed basis, such that the Fund may not receive the proceeds from the sale of a loan for a substantial period of time after the sale. There may also be less public information available about bank loans as compared to other debt securities.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Credit/Counterparty Risk: Credit/counterparty risk is the risk that the issuer or guarantor of a fixed-income security, or the counterparty to a derivative or other transaction, will be unable or unwilling to make timely payments of interest or principal or to otherwise honor its obligations. As a result, the Fund may sustain losses or be unable or delayed in its ability to realize gains. The Fund will be subject to credit/counterparty risk with respect to the counterparties to its derivatives transactions. This risk will be heightened to the extent the Fund enters into derivatives transactions with a single counterparty (or affiliated counterparties that are part of the same organization), causing the Fund to have significant exposure to such counterparty. Many of the protections afforded to participants on organized exchanges and clearing houses, such as the performance guarantee given by a central clearing house, are not available in connection with OTC derivatives transactions, such as foreign currency transactions. For centrally cleared derivatives, such as cleared swaps, futures and many options, the primary credit/counterparty risk is the creditworthiness of the Fund’s clearing broker and the central clearing house itself. </div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Interest Rate Risk: Interest rate risk is the risk that the value of the Fund’s investments will fall if interest rates rise. Generally, the value of fixed-income securities rises when prevailing interest rates fall and falls when interest rates rise. Interest rate risk generally is greater for funds that invest in fixed-income securities with relatively longer durations than for funds that invest in fixed-income securities with shorter durations. Duration is a measure of the expected life of a fixed-income security that is used to determine the sensitivity of a security’s price to changes in interest rates. A fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. In addition, an economic downturn or period of rising interest rates could adversely affect the market for these securities and reduce the Fund’s ability to sell them, negatively impacting the performance </div><div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 4pt; margin-bottom: 0px; text-align: left; padding: 1pt 2pt 0px 2pt;">of the Fund. Fiscal, economic, monetary or other governmental or central bank policies, actions or measures have in the past, and may in the future, cause or exacerbate risks associated with interest rates, including fluctuations in interest rates.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Below Investment Grade Fixed-Income Securities Risk: The Fund’s investments in below investment grade fixed-income securities, also known as “junk bonds,” may be subject to greater risks than other fixed-income securities, including being subject to greater levels of interest rate risk, credit/counterparty risk (including a greater risk of default) and liquidity risk. The ability of the issuer to make principal and interest payments is predominantly speculative for below investment grade fixed-income securities.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Cash Transactions Risk: The Fund may effect some or all of its creations and redemptions for cash, rather than in-kind securities. As a result, the Fund may have to sell portfolio securities at inopportune times in order to obtain the cash needed to meet redemption orders. This may cause the Fund to sell a security and recognize a capital gain or loss that might not have been incurred if it had made a redemption in-kind. The use of cash creations and redemptions may also cause the Fund’s shares to trade in the market at wider bid-ask spreads or greater premiums or discounts to the Fund’s NAV.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Market/Issuer Risk: The market value of the Fund’s investments will move up and down, sometimes rapidly and unpredictably, based upon overall market and economic conditions, as well as a number of reasons that directly relate to the issuers of the Fund’s investments, such as management performance, financial condition and demand for the issuers’ goods and services. </div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Operational Risk: The Fund is exposed to operational risk arising from a number of factors, including but not limited to human error, processing and communication errors, errors of the Fund’s service providers, market makers, listing exchange, Authorized Participants or the issuers of securities in which the Fund invests or with which they do business, failed or inadequate processes and technology or systems failures.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: justify; margin-top: 3pt; margin-bottom: 0px; text-align: justify; padding: 4px 2pt 0px 2pt;">Liquidity Risk: Liquidity risk is the risk that the Fund may be unable to find a buyer for its investments when it seeks to sell them or to receive the price it expects. Decreases in the number of financial institutions willing to make markets in the Fund’s investments or in their capacity or willingness to transact may increase the Fund’s exposure to this risk. Events that may lead to increased redemptions, such as market disruptions or increases in interest rates, may also negatively impact the liquidity of the Fund’s investments when it needs to dispose of them. Markets may become illiquid quickly. If the Fund is forced to sell its investments at an unfavorable time and/or under adverse conditions in order to meet redemption requests, such sales could negatively affect the Fund. During times of market turmoil, there may be no buyers or sellers for securities in certain asset classes and dealers may be unwilling or unable to make a market for certain securities. Securities acquired in a private placement, such as Rule 144A securities and privately negotiated credit and other investments, are generally subject to significant liquidity risk because they are subject to strict restrictions on resale and there may be no liquid secondary market or ready purchaser for such securities. In other circumstances, liquid investments may become illiquid. Derivatives, and particularly OTC derivatives, are generally subject to liquidity risk as well. Liquidity issues may also make it difficult to value the Fund’s investments. The Fund may invest in liquid investments that become illiquid due to financial distress, or geopolitical events such as sanctions, trading halts or wars.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Authorized Participant Concentration Risk: Only an authorized participant (“Authorized Participant”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that act as Authorized Participants, none of which are or will be obligated to engage in creation or redemption transactions. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, the Fund’s shares may trade at a discount to net asset value (“NAV”) and possibly face trading halts and/or delisting.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Cybersecurity and Technology Risk: The Fund, its service providers, market makers, listing exchange, Authorized Participants and other market participants increasingly depend on complex information technology and communications systems, which are subject to a number of different threats and risks that could adversely affect the Fund and its shareholders. Cybersecurity and other operational and technology issues may result in financial losses to the Fund and its shareholders.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Derivatives Risk: Derivative instruments (such as those in which the Fund may invest, such as forward currency contracts, structured notes and swap transactions (including credit default swaps) are subject to changes in the value of the underlying assets or indices on which such instruments are based. There is no guarantee that the use of derivatives will be effective or that suitable transactions will be available. Even a small investment in derivatives may give rise to leverage risk and can have a significant impact on the Fund’s exposure to securities market values, interest rates or currency exchange rates. It is possible that the Fund’s liquid assets may be insufficient to support its obligations under its derivatives positions. The use of derivatives for other than hedging purposes may be considered a speculative activity, and involves greater risks than are involved in hedging. The use of derivatives may cause the Fund to incur losses greater than those that would have occurred had derivatives not been used. The Fund’s use of derivatives involves other risks, such as credit/counterparty risk relating to the other party to a derivative contract (which is greater for forward currency contracts, uncleared swaps and other OTC derivatives), the risk of difficulties in pricing and valuation, the risk that changes in the value of a derivative may not correlate as expected with changes in the value of relevant assets, rates or indices, liquidity risk, allocation risk and the risk of losing more than any amounts paid or margin transferred to initiate derivatives positions. There is also the risk that the Fund may be unable to terminate or sell a derivative position at an advantageous time or price. The Fund’s derivative counterparties may experience financial difficulties or otherwise be unwilling or unable to honor their obligations, possibly resulting in losses to the Fund. </div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Emerging Markets Risk: In addition to the risks of investing in foreign investments generally, emerging markets investments are subject to greater risks arising from political or economic instability, war, nationalization or confiscatory taxation, currency exchange or repatriation restrictions, sanctions by other countries (such as the United States or the European Union), new or inconsistent government treatment of or restrictions on issuers and instruments, and an </div><div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 4pt; margin-bottom: 0px; text-align: left; padding: 1pt 2pt 0px 2pt;">issuer’s unwillingness or inability to make dividend, principal or interest payments on its securities. Emerging markets companies may be smaller and have shorter operating histories than companies in developed markets.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Foreign Securities Risk: Investments in foreign securities may be subject to greater political, economic, environmental, credit/counterparty and information risks. The Fund’s investments in foreign securities also are subject to foreign currency fluctuations and other foreign currency-related risks. Foreign securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Leverage Risk: Leverage is the risk associated with securities or investment practices (e.g., borrowing and the use of certain derivatives) that multiply small index, market or asset-price movements into larger changes in value. The use of leverage increases the impact of gains and losses on the Fund’s returns, and may lead to significant losses if investments are not successful.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Management Risk: A strategy used by the Fund’s portfolio managers may fail to produce the intended result. </div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Market Trading Risk: The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares or the Fund’s underlying portfolio securities, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. Any of these factors, among others, may lead to the Fund’s shares trading at a premium or discount to NAV. Accordingly, if a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV, or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Mortgage-Related and Asset-Backed Securities Risk: In addition to the risks associated with investments in fixed-income securities generally (for example, credit, liquidity, inflation and valuation risk), mortgage-related and asset-backed securities are subject to the risks of the mortgages and assets underlying the securities as well as prepayment risk, the risk that the securities may be prepaid and result in the reinvestment of the prepaid amounts in securities with lower yields than the prepaid obligations. Conversely, there is a risk that a rise in interest rates will extend the life of a mortgage-related or asset-backed security beyond the expected prepayment time, typically reducing the security’s value, which is called extension risk. The Fund also may incur a loss when there is a prepayment of securities that were purchased at a premium. The Fund’s investments in other asset-backed securities are subject to risks similar to those associated with mortgage-related securities, as well as additional risks associated with the nature of the assets and the servicing of those assets.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">New and Smaller Sized Fund Risk: The Fund is relatively new and has a limited operating history for investors to evaluate and may not be successful in implementing its investment strategies. The Fund may fail to attract sufficient assets to achieve or maintain economies of scale, which could result in the Fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Smaller ETFs will have a lower public float and lower trading volumes, which can lead to wider bid/ask spreads.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Premium/Discount Risk: Shares of the Fund are listed for trading on the NYSE Arca, Inc. (the “NYSE Arca”) and are bought and sold in the secondary market at market prices that may differ from their most recent NAV. The market value of the Fund’s shares will fluctuate, in some cases materially, in response to changes in the Fund’s NAV, the intraday value of the Fund’s holdings, and the relative supply and demand for the Fund’s shares on the exchange. Disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for shares may result in shares trading at a significant premium or discount to NAV and/or in a reduced liquidity of your investment. During such periods, you may be unable to sell your shares or may incur significant losses if you sell your shares. There are various methods by which investors can purchase and sell shares and various types of orders that may be placed. Investors should consult their financial intermediary before purchasing or selling shares of the Fund. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Secondary Market Trading Risk: Investors buying or selling shares of the Fund in the secondary market will pay brokerage commissions or other charges imposed by broker-dealers as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of shares.</div> <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 4px 2pt 0px 2pt;">Trading Issues Risk: Trading in Fund shares on the NYSE Arca may be halted in certain circumstances due to market conditions or for reasons that, in the view of the NYSE Arca, make trading in shares inadvisable. In addition, trading in shares on the NYSE Arca is subject to trading halts caused by extraordinary market volatility pursuant to the NYSE Arca’s “circuit breaker” rules (rules that require a halt in trading in a specific period of time when market prices decline by a specified percentage during the course of a trading day). There can be no assurance that the requirements of the NYSE Arca necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. </div> Risk/Return Bar Chart and Table <div style="font-family: arial, helvetica, sans-serif; font-size: 10pt; background-color: #ffffff; align: left; margin-top: 3pt; margin-bottom: 0px; text-align: left; padding: 1.5 2pt 0px 2pt;">Because the Fund has not yet completed a full calendar year, information related to Fund performance, including a bar chart showing annual returns, has not been included in this Prospectus. The performance information provided by the Fund in the future will give some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns compare to those of a broad-based securities market index that reflects the performance of the overall market applicable to the Fund. The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available online at im.natixis.com and/or by calling the Fund toll-free at 800-862-4863.</div> Because the Fund has not yet completed a full calendar year, information related to Fund performance, including a bar chart showing annual returns, has not been included in this Prospectus. The performance information provided by the Fund in the future will give some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns compare to those of a broad-based securities market index that reflects the performance of the overall market applicable to the Fund. The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. im.natixis.com 800-862-4863 Other expenses are estimated for the current fiscal year. Natixis Advisors, LLC (“Natixis Advisors” or the “Adviser”) has given a binding contractual undertaking to the Fund to limit the amount of the Fund’s total annual fund operating expenses to 0.39% of the Fund’s average daily net assets, exclusive of brokerage expenses, interest expense, taxes, acquired fund fees and expenses, and organizational and extraordinary expenses, such as litigation and indemnification expenses. This undertaking is in effect through April 30, 2029, and may be terminated before then only with the consent of the Fund’s Board of Trustees. The Adviser will be permitted to recover management fees waived and/or expenses reimbursed to the extent that expenses in later periods fall below both (1) the expense limitation ratio in place at the time such amounts were waived/reimbursed and (2) the Fund’s current applicable expense limitation ratio. The Fund will not be obligated to repay any such waived/reimbursed fees and expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed. Other expenses are estimated for the current fiscal year. Natixis Advisors, LLC (“Natixis Advisors” or the “Adviser”) has given a binding contractual undertaking to the Fund to limit the amount of the Fund’s total annual fund operating expenses to 0.39% of the Fund’s average daily net assets, exclusive of brokerage expenses, interest expense, taxes, acquired fund fees and expenses, and organizational and extraordinary expenses, such as litigation and indemnification expenses. This undertaking is in effect through January 31, 2029, and may be terminated before then only with the consent of the Fund’s Board of Trustees. The Adviser will be permitted to recover management fees waived and/or expenses reimbursed to the extent that expenses in later periods fall below both (1) the expense limitation ratio in place at the time such amounts were waived/reimbursed and (2) the Fund’s current applicable expense limitation ratio. The Fund will not be obligated to repay any such waived/reimbursed fees and expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed.