Summary Prospectus
Northern Trust iBoxx® 5-Year
Target Duration TIPS ETF
(formerly, FlexShares®
iBoxx® 5-Year Target Duration TIPS Index Fund)
| March 1, 2026, As Amended August 17, 2026
|
Ticker: TDTF |
Stock Exchange: NYSE Arca, Inc. |
Before you invest, you may want to review the Fund’s statutory Prospectus, which contains more information about the Fund and
its risks. You can find the Fund’s statutory Prospectus, reports to shareholders, and other information about the Fund online at
https://connect.rightprospectus.com/NorthernTrust. You can also get this information at no cost by calling 1-855-353-9383 or by sending an e-mail request to NorthernTrustETF@acaglobal.com. The Fund’s statutory Prospectus and Statement of Additional Information, both dated March 1, 2026, as amended August 17, 2026, and as supplemented, are incorporated by reference into this summary prospectus and may be obtained, free of charge, at the website, phone number or e-mail address noted above.
https://connect.rightprospectus.com/NorthernTrust. You can also get this information at no cost by calling 1-855-353-9383 or by sending an e-mail request to NorthernTrustETF@acaglobal.com. The Fund’s statutory Prospectus and Statement of Additional Information, both dated March 1, 2026, as amended August 17, 2026, and as supplemented, are incorporated by reference into this summary prospectus and may be obtained, free of charge, at the website, phone number or e-mail address noted above.
Investment Objective
The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the iBoxx 5-Year
Target Duration TIPS Index (the “Underlying Index”).
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if
you buy, hold and sell shares of the Fund. Under the Fund’s Investment Advisory Agreement, the Fund is responsible for the following expenses: interest expenses, brokerage commissions and other trading
expenses, fees and expenses of the independent trustees and their independent legal
counsel, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business. You will also incur usual and customary brokerage commissions and fees
to financial intermediaries when buying or selling shares of the Fund in the secondary
market, which are not reflected in the example that follows:
| Annual Fund Operating Expenses (expenses that you pay each
year as a percentage of the value of your investment) | |
| Management Fees |
0.18% |
| Distribution (12b-1) Fees |
0.00% |
| Other Expenses |
0.01% |
| Total Annual Fund Operating Expenses |
0.19% |
| Expense Reimbursement(1) |
-0.01% |
| Total Annual Fund Operating Expenses After Expense
Reimbursement |
0.18% |
(1)
Northern Trust Investments, Inc. (“NTI”) has
contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and
Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.18%. This contractual limitation may not be terminated before March 1, 2027
without the approval of the Fund’s Board of Trustees. The Fund’s Board of Trustees may terminate the contractual agreement at any time if it determines that it is in the best interest
of the Fund and its shareholders.
Example
The following Example is intended to help you compare the cost of
investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of
those periods. The Example also assumes that your investment has a 5% return each year
and that the Fund’s operating expenses remain the same (taking into account the expense reimbursement arrangement for one year). Although your actual costs may be higher or lower, based on these
assumptions your costs would be:
| 1 Year |
$18 |
| 3 Years |
$60 |
| 5 Years |
$106 |
| 10 Years |
$242 |
Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A
higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual
fund operating expenses or in the Example, affect the Fund’s performance.
Portfolio turnover may vary from year to year, as well as within a year. During the
most recent fiscal year, the Fund’s portfolio turnover rate was 59% of the average value of its portfolio.
Principal Investment Strategies
The Underlying Index is designed to reflect the performance of a selection of inflation protected
public obligations of the U.S. Treasury, commonly known as “TIPS,” with a
targeted average modified adjusted duration, as defined by S&P Dow Jones Indices LLC as the Index Provider (“Index Provider” or “SPDJI”), of approximately five years. The Underlying
Index includes publicly issued TIPS that have maturity dates of at least or equal to three years and less than twenty years from an index rebalancing date. TIPS are securities issued by the U.S.
Treasury that are
etfs.ntam.northerntrust.com
