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times new roman; font-size: 10.1pt;"> to the price and yield performance, before fees and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">expenses, of the Northern Trust Quality Low Volatility </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">SM</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> (the “Underlying Index”).</span></div> Fees and Expenses of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">This table describes the fees and expenses that you may pay </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">if you buy, hold and sell shares of the Fund. Under the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s Investment Advisory Agreement, the Fund is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">responsible for the following expenses: interest expenses, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">brokerage commissions and other trading expenses, fees </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and expenses of the independent trustees and their independent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> legal counsel, taxes and other extraordinary costs </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">such as litigation and other expenses not incurred in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ordinary course of business. You will also incur usual and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">customary brokerage commissions and fees to financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">intermediaries when buying or selling shares of the Fund in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the secondary market, which are not reflected in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">example that follows:</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0008 0.0000 0.0001 0.0009 -0.0001 0.0008 March 1, 2027 Example <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The following Example is intended to help you compare </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the cost of investing in the Fund with the cost of investing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in other funds. The Example assumes that you invest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">$10,000 in the Fund for the time periods indicated and </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">then sell all of your shares at the end of those periods. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Example also assumes that your investment has a 5% </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">return each year and that the Fund’s operating expenses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">remain the same (taking into account the expense reimbursement</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> arrangement for one year). Although your </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">actual costs may be higher or lower, based on these </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">assumptions your costs would be:</span></div> 8 28 50 114 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 46% of the average value of its portfolio. 0.46 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index is designed to construct a high quality</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> universe of companies, that in aggregate, possess lower </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">overall absolute volatility characteristics relative to the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Northern Trust 1250 Index (the “Parent Index”), a float-adjusted</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> market capitalization weighted index of U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">domiciled large- and mid-capitalization companies. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index places an emphasis on a company’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">income and capital growth, while also reducing overall </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">volatility of returns relative to the Parent Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">To derive the Underlying Index, NTI, acting in its capacity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">as the index provider (the “Index Provider”) ranks all constituents</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of the Parent Index using a Northern Trust proprietary</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> quality factor. This factor is a quantitative ranking </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">based on: (a) management efficiency (e.g., corporate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">finance activities); (b) profitability (e.g., reliability and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">sustainability of financial performance); and (c) cash flow </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(e.g., cash flow generation). The Index Provider then </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">excludes the lowest quintile of constituents ranked according</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to the quality factor and uses an optimization process </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to select and weight eligible securities in order to (a) seek </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to reduce overall portfolio volatility and (b) maximize the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">overall quality factor relative to the Parent Index. The optimization</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> also includes sector, industry group, style factor, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">single-security weight, historical beta (i.e., market sensitivity,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> relative to the Parent Index), liquidity and turnover </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">constraints so that these characteristics of the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index vary within acceptable bands relative to the Parent </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">As of December 31, 2025, the Underlying Index was comprised</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of 108 constituent securities with market capitalizations</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> ranging from $4.0 billion to $4.5 trillion. The Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index is reconstituted quarterly. The Fund generally </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitutes its portfolio in accordance with the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> NTI uses a “passive” or indexing approach to try to achieve </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s investment objective. Unlike many investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies, the Fund does not try to “beat” the index it </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">tracks and does not seek temporary defensive positions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when markets decline or appear overvalued.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses a representative sampling strategy to manage the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund. “Representative sampling” is investing in a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sample of securities that collectively has an investment</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> profile similar to the Underlying Index. The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may or may not hold all of the securities that are included </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in the Underlying Index. The Fund reserves the right to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invest in substantially all of the securities in its Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index in approximately the same proportions (i.e., replication)</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> if NTI determines that it is in the best interest of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Under normal circumstances, the Fund will invest at least</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> 80% of its total assets (exclusive of collateral held from</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> securities lending) in the securities of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index. The Fund may also invest up to 20% of its assets in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">cash and cash equivalents, including shares of money market</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> funds advised by NTI or its affiliates, futures contracts </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and options on futures contracts, as well as securities not </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">included in the Underlying Index, but which NTI believes </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">will help the Fund track its Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index is created and sponsored by NTI, as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Index Provider. NTI also serves as the investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adviser to the Fund. The Index Provider determines the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">composition and relative weightings of the securities in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index and publishes information regarding the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market value of the Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund may lend securities representing up to one-third </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the value of the Fund’s total assets (including the value </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the collateral received).</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Industry Concentration Policy</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">. The Fund will concentrate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its investments (i.e., hold 25% or more of its total assets) in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a particular industry or group of industries to approximately</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> the same extent that the Underlying Index is concentrated.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> As of December 31, 2025, the Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">was concentrated in the Information Technology sector. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The components of the Underlying Index, and the degree </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to which these components represent certain industries or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">sectors, may change over time.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> 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. Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. As of December 31, 2025, the Underlying Index was concentrated in the Information Technology sector. The components of the Underlying Index, and the degree to which these components represent certain industries or sectors, may change over time. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Equity Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the values of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">equity securities owned by the Fund may be more volatile </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and underperform other asset classes and the general securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> markets.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Low Volatility Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that although the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index is designed to have overall volatility that is lower </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">than that of the Parent Index, there is no guarantee it will </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">be successful. Securities or other assets in the Fund’s portfolio</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may be subject to price volatility and the prices may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">not be any less volatile than the market as a whole and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">could be more volatile. The market prices of the securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or other assets in the Fund’s portfolio may fluctuate, sometimes</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> rapidly and unpredictably. The Fund will continue to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">seek to track the Underlying Index even if the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index does not have lower overall volatility than the Parent </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index. There is also the risk that the Fund may experience </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">volatility greater than that of the Parent Index as a result of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">tracking error. A portfolio of securities with greater volatility</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is generally considered to have a higher risk profile than </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a portfolio with lower volatility.</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Quality Factor Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the past performance of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies that have exhibited quality characteristics does </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">not continue or the returns on securities issued by such </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies may be less than returns from other styles of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing or the overall stock market. There may be periods </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when quality investing is out of favor and during which </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">time the Fund's performance may suffer.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Concentration Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that, if the Fund is concentrated</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in a particular industry or group of industries, the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund is likely to present more risks than a fund that is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">broadly diversified over several industries or groups of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industries. Compared to the broad market, an individual </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industry may be more strongly affected by changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">economic climate, broad market shifts, moves in a particular</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> dominant stock or regulatory changes.</span></div> •Information Technology Sector Risk is the risk that securities of technology companies may be subject to greater price volatility than securities of companies in other sectors. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. Technology securities also may be affected adversely by changes in technology, consumer and business purchasing patterns, government scrutiny or regulation, legal action and/or obsolete products or services. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may increase or decrease in response to expected, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">real or perceived economic, political or financial events in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the U.S. or global markets. The frequency and magnitude </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of such changes in value cannot be predicted. Certain securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and other investments held by the Fund may experience</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> increased volatility, illiquidity, or other potentially </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adverse effects in response to changing market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">inflation, elevated levels of government debt, changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interest rates, lack of liquidity in the bond or equity markets,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or volatility in the equity markets. Market disruptions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">caused by local or regional events such as financial institution</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> failures, changes in trade regulation or economic sanctions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> internal unrest and discord, war, acts of terrorism, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the spread of infectious illness (including epidemics and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">pandemics) or other public health issues, recessions or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">other events or adverse investor sentiment could have a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">significant impact on the Fund and its investments. Such </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">events could result in the Fund’s shares trading at increased </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">premiums or discounts to the Fund’s NAV. During periods </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of market disruption or other abnormal market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s exposure to the risks described elsewhere in this </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">summary will likely increase.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Index Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund would not necessarily </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">buy or sell a security unless that security is added to or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">removed from, respectively, the Underlying Index, even if </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that security generally is underperforming, because unlike </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">many investment companies, the Fund does not utilize an </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing strategy that seeks returns in excess of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index. Additionally, the Fund rebalances and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitutes its portfolio in accordance with the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index, and, therefore, any changes to the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index’s rebalance and/or reconstitution schedule will result </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in corresponding changes to the Fund’s rebalance and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund’s performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may vary from the performance of the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index as a result of creation and redemption activity, transaction</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> costs, expenses and other factors. Market disruptions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> regulatory restrictions or other abnormal market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">conditions could have an adverse effect on the Fund's ability</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to adjust its exposure to required levels in order to track </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its Underlying Index or cause delays in the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index's rebalancing schedule. During any such delay, it is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">possible that the Underlying Index, and, in turn, the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">will deviate from the Underlying Index's stated methodology</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and therefore experience returns different than those </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that would have been achieved under a normal rebalancing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Sampling Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the Fund’s use of a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sampling approach may not work as intended and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">result in increased tracking error because the securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">selected for the Fund in the aggregate may vary from the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investment profile of the Underlying Index. Additionally, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the use of a representative sampling approach may result in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund holding a smaller number of securities than the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index, and, as a result, an adverse development </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to an issuer of securities that the Fund holds could result in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a greater decline in NAV than would be the case if the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">held all of the securities in the Underlying Index.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Authorized Participant Concentration Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund may be adversely affected because it has a limited </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">number of institutions that act as authorized participants </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(“Authorized Participants”). Only an Authorized </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Partici</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">pant</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may engage in creation or redemption transactions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">directly with the Fund and none of those Authorized Participants</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is obligated to engage in creation and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">redemption</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> transactions. To the extent that these institutions exit </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the business or are unable or unwilling to proceed with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">creation and/or redemption orders with respect to the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund and no other Authorized Participant is able or willing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to step forward to create or redeem Creation Units (as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">defined below), Fund shares may trade at a discount to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NAV and possibly face trading halts and/or delisting.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Calculation Methodology Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index’s calculation methodology or sources of information</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may not provide an accurate assessment of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">included issuers or correct valuation of securities, nor is the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">availability or timeliness of the production of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index guaranteed. A security included in the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index may not exhibit the characteristic or provide the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">specific exposure for which it was selected and consequently</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> a Fund’s holdings may not exhibit returns consistent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> with that characteristic or exposure.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund faces because </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its shares are listed on a securities exchange, including the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">potential lack of an active market for Fund shares, losses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from trading in secondary markets, periods of high volatility</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and disruption in the creation/redemption process of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund. ANY OF THESE FACTORS MAY LEAD TO THE </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> TO NAV.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Trading in Fund shares may be halted due to market conditions</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or for reasons that, in the view of its listing exchange, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">make trading in the shares inadvisable. The market prices </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of Fund shares will generally fluctuate in accordance with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes in its NAV, changes in the relative supply of, and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">demand for, Fund shares, and changes in the liquidity, or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the perceived liquidity, of the Fund’s holdings.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Derivatives Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that derivatives may pose risks </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in addition to and greater than those associated with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing directly in securities, currencies and other instruments,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may be illiquid or less liquid, more volatile, more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">difficult to value and leveraged so that small changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of the underlying instrument may produce disproportionate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> losses to the Fund. Derivatives are also subject </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to counterparty risk, which is the risk that the other party </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to the transaction will not perform its contractual obliga</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">tions. The use of derivatives is a highly specialized activity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that involves investment techniques and risks different </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from those associated with investments in more traditional </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities and instruments.</span></div> •Futures Contracts Risk is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.•Options Contracts Risk Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Mid Cap Stock Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that stocks of mid-sized </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies may be subject to more abrupt or erratic market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">movements than stocks of larger, more established companies,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and may lack sufficient market liquidity. Mid-sized </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies may have limited product lines or financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">resources, and may be dependent upon a particular niche </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the market, or may be dependent upon a small or inexperienced</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> management group. Securities of smaller companies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may trade less frequently and in lower volume than </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the securities of larger companies, which could lead to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">higher transaction costs. Generally the smaller the company</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> size, the greater the risk.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Securities Lending Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund may lose </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">money because the borrower of the loaned securities fails </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to return the securities in a timely manner or at all. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund could also lose money in the event of a decline in the </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of collateral provided for loaned securities or a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decline in the value of any investments made with cash </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">collateral.</span></div> It is possible to lose money on an investment in the Fund.  An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad-based securities market index and one or more style-specific indexes (reflecting the market segments in which the Fund invests), in that order. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting etfs.ntam.northerntrust.com.</span></div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad-based securities market index and one or more style-specific indexes (reflecting the market segments in which the Fund invests), in that order. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. etfs.ntam.northerntrust.com Calendar Year Total Returns <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">For the period shown in the bar chart above:</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Best Quarter (6/30/2020): 15.80%</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Worst Quarter (3/31/2020): -18.55%</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> Best Quarter 2020-06-30 0.1580 Worst Quarter 2020-03-31 -0.1855 Average Annual Total Returns (for the periods ended December 31, 2025)  0.1213 0.1135 0.1121 2019-07-15 0.1169 0.1093 0.1081 0.0747 0.0897 0.0897 0.1737 0.1359 0.1499 0.1225 0.1156 0.1144 Reflects no deduction for fees, expenses or taxes. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. Northern Trust Developed Markets ex-US Quality Low Volatility ETF (formerly, FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund) Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund seeks investment results that correspond generally</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to the price and yield performance, before fees and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">expenses, of the Northern Trust Developed Markets ex-US </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Quality Low Volatility Index</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">SM</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> (the “Underlying Index”).</span></div> Fees and Expenses of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">This table describes the fees and expenses that you may pay </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">if you buy, hold and sell shares of the Fund. Under the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s Investment Advisory Agreement, the Fund is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">responsible for the following expenses: interest expenses, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">brokerage commissions and other trading expenses, fees </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and expenses of the independent trustees and their independent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> legal counsel, taxes and other extraordinary costs </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">such as litigation and other expenses not incurred in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ordinary course of business. You will also incur usual and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">customary brokerage commissions and fees to financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">intermediaries when buying or selling shares of the Fund in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the secondary market, which are not reflected in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">example that follows:</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0012 0.0000 0.0003 0.0015 -0.0003 0.0012 March 1, 2027 Example <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The following Example is intended to help you compare </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the cost of investing in the Fund with the cost of investing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in other funds. The Example assumes that you invest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">$10,000 in the Fund for the time periods indicated and </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">then sell all of your shares at the end of those periods. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Example also assumes that your investment has a 5% </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">return each year and that the Fund’s operating expenses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">remain the same (taking into account the expense reimbursement</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> arrangement for one year). Although your </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">actual costs may be higher or lower, based on these </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">assumptions your costs would be:</span></div> 12 45 82 189 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 40% of the average value of its portfolio. 0.40 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying index is designed to construct a high quality</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> universe of companies, that in aggregate, possess lower </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">overall absolute volatility characteristics relative to an eligible</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> developed market universe, excluding the U.S. (the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">“Eligible Universe”). The Eligible Universe is a subset of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Northern Trust Global Index, where eligible securities are </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">limited to those domiciled in non-U.S. developed market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">countries and designated as large- and mid-capitalization </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies by NTI, acting in its capacity as the index provider</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> (the “Index Provider”). The Underlying Index places </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">an emphasis on a company’s income and capital growth, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">while also reducing overall volatility of returns relative to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Eligible Universe.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 12.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">To derive the Underlying Index, the Index Provider ranks </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">all constituents of the Eligible Universe using a Northern </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Trust proprietary quality factor. This factor is a quantitative </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ranking based on: (a) management efficiency (e.g., corporate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> finance activities); (b) profitability (e.g., reliability and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">sustainability of financial performance); and (c) cash flow </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(e.g., cash flow generation). The Index Provider then </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">excludes the lowest quintile of constituents ranked </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">accord</span></div> <div style="line-height: 12.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ing</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to the quality factor and uses an optimization process </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to select and weight eligible securities in order to (a) seek </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to reduce overall portfolio volatility and (b) maximize the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">overall quality factor relative to the Eligible Universe. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">optimization also includes sector, industry, country, region, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">region sector, style factor, single-security weight, historical </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">beta (i.e., market sensitivity, relative to the Eligible Universe),</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> liquidity and turnover constraints so that these </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">characteristics of the Underlying Index vary within acceptable</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> bands relative to the Eligible Universe.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 12.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">As of December 31, 2025, the Underlying Index was comprised</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of 169 constituent securities with market capitalizations</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> ranging from $6.8 billion to $421.6 billion. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index is reconstituted quarterly. The Fund generally</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> reconstitutes its portfolio in accordance with the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses a “passive” or indexing approach to try to achieve </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s investment objective. Unlike many investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies, the Fund does not try to “beat” the index it </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">tracks and does not seek temporary defensive positions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when markets decline or appear overvalued.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses a representative sampling strategy to manage the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund. “Representative sampling” is investing in a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sample of securities that collectively has an investment</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> profile similar to the Underlying Index. The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may or may not hold all of the securities that are included </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in the Underlying Index. The Fund reserves the right to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invest in substantially all of the securities in its Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index in approximately the same proportions (i.e., replication)</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> if NTI determines that it is in the best interest of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Under normal circumstances, the Fund will invest at least </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">80% of its total assets (exclusive of collateral held from </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities lending) in the securities of the Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and in American Depositary Receipts (“ADRs”) and Global </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Depositary Receipts (“GDRs”) (collectively “Depositary </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Receipts”) based on the securities in the Underlying Index. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund may also invest up to 20% of its assets in cash </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and cash equivalents, including shares of money market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">funds advised by NTI or its affiliates, futures contracts, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">options on futures contracts and forward currency contracts,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> as well as securities not included in the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index, but which NTI believes will help the Fund track its </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index is created and sponsored by NTI, as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Index Provider. NTI also serves as the investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adviser to the Fund. The Index Provider determines the </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">composition and relative weightings of the securities in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index and publishes information regarding the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market value of the Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund may lend securities representing up to one-third </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the value of the Fund’s total assets (including the value </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the collateral received).</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">From time to time the Fund may focus its investments (</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-style: italic;">i.e.,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invest more than 15% of its total assets) in one or more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">particular countries or geographic regions. As of December</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> 31, 2025, the Fund focused its investments in Japan and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Canada.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Industry Concentration Policy</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">. The Fund will concentrate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its investments (i.e., hold 25% or more of its total assets) in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a particular industry or group of industries to approximately</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> the same extent that the Underlying Index is concentrated.</span></div> Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index and in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) (collectively “Depositary Receipts”) based on the securities in the Underlying Index. Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Equity Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the values of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">equity securities owned by the Fund may be more volatile </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and underperform other asset classes and the general securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> markets.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Depositary Receipts Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Foreign securities may trade in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the form of depositary receipts. In addition to investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">risks associated with the underlying issuer, depositary </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">receipts may expose the Fund to additional risks associated </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">with non-uniform terms that apply to depositary receipt </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">programs, including credit exposure to the depository bank </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and to the sponsors and other parties with whom the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">depository bank establishes the programs, currency, political,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> economic, market risks and the risks of an illiquid market</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> for depositary receipts. Depositary receipts are generally </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">subject to the same risks as the foreign securities that they </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">evidence or into which they may be converted. Depositary </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">receipts may not track the price of the underlying foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities on which they are based, may have limited voting </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">rights, and may have a distribution subject to a fee charged </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">by the depository. As a result, equity shares of the underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> issuer may trade at a discount or premium to the market</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> price of the depositary receipts.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Low Volatility Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that although the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index is designed to have overall volatility that is lower </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">than that of the Eligible Universe, there is no guarantee it </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">will be successful. Securities or other assets in the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">portfolio may be subject to price volatility and the prices </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may not be any less volatile than the market as a whole and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">could be more volatile. The market prices of the securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or other assets in the Fund’s portfolio may fluctuate, sometimes</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> rapidly and unpredictably. The Fund will continue to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">seek to track the Underlying Index even if the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index does not have lower overall volatility than the Eligible</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Universe. There is also the risk that the Fund may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">experience volatility greater than that of the Eligible Universe</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> as a result of tracking error. A portfolio of securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">with greater volatility is generally considered to have a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">higher risk profile than a portfolio with lower volatility.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Quality Factor Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the past performance of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies that have exhibited quality characteristics does </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">not continue or the returns on securities issued by such </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies may be less than returns from other styles of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing or the overall stock market. There may be periods </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when quality investing is out of favor and during which </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">time the Fund's performance may suffer.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Foreign Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that investing in foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(non-U.S.) securities may result in the Fund experiencing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">more rapid and extreme changes in value than a fund that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invests exclusively in securities of U.S. companies, due to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">less liquid markets and adverse economic, political, diplomatic,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> financial, and regulatory factors. Foreign governments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may impose limitations on foreigners’ ownership of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interests in local issuers, restrictions on the ability to repatriate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> assets, and may also impose taxes. Any of these events </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">could cause the value of the Fund’s investments to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decline. Foreign banks, agents and securities depositories </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that hold the Fund’s foreign assets may be subject to little </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or no regulatory oversight over, or independent evaluation, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of their operations. Additional costs associated with invest</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ments in foreign securities may include higher custodial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">fees than those applicable to domestic custodial arrangements</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and transaction costs of foreign currency conversions.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Unless the Fund has hedged its foreign currency </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">exposure, foreign securities risk also involves the risk of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">negative foreign currency rate fluctuations, which may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">cause the value of securities denominated in such foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">currency (or other instruments through which the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">has exposure to foreign currencies) to decline in value. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Currency exchange rates may fluctuate significantly over </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">short periods of time. Currency hedging strategies, if used, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">are not always successful. For instance, forward foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">currency exchange contracts, if used by the Fund, could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reduce performance if there are unanticipated changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">currency exchange rates.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Geographic Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that if the Fund invests a significant</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> portion of its total assets in certain issuers within </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the same country or geographic region, an adverse economic,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> business or political development affecting that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">country or region may affect the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> more, and the Fund’s investments may be more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">volatile, than if the Fund’s investments were not so concentrated</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in such country or region.</span></div>•Japan Investment Risk is the risk of investing in securities of Japanese issuers. The Japanese economy may be subject to considerable degrees of economic, political and social instability, which could negatively impact Japanese issuers. In recent times, Japan’s economic growth rate has remained low, and it may remain low in the future. In addition, Japan is subject to the risk of natural disasters, such as earthquakes, volcanic eruptions, typhoons and tsunamis, which could negatively affect the securities of Japanese companies held by the Fund.•Canada Investment Risk is the risk that the Fund is particularly sensitive to political, economic and social conditions affecting Canada. The Canadian economy is especially dependent on the demand for, and supply of, natural resources, and the Canadian market is relatively concentrated in issuers involved in the production and distribution of natural resources, particularly the production of metals. Any adverse events that affect Canada’s major industries may have a negative impact on the overall Canadian economy and the Fund. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may increase or decrease in response to expected, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">real or perceived economic, political or financial events in </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the U.S. or global markets. The frequency and magnitude </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of such changes in value cannot be predicted. Certain securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and other investments held by the Fund may experience</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> increased volatility, illiquidity, or other potentially </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adverse effects in response to changing market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">inflation, elevated levels of government debt, changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interest rates, lack of liquidity in the bond or equity markets,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or volatility in the equity markets. Market disruptions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">caused by local or regional events such as financial institution</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> failures, changes in trade regulation or economic sanctions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> internal unrest and discord, war, acts of terrorism, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the spread of infectious illness (including epidemics and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">pandemics) or other public health issues, recessions or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">other events or adverse investor sentiment could have a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">significant impact on the Fund and its investments. Such </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">events could result in the Fund’s shares trading at increased </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">premiums or discounts to the Fund’s NAV. During periods </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of market disruption or other abnormal market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s exposure to the risks described elsewhere in this </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">summary will likely increase.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Index Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund would not necessarily </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">buy or sell a security unless that security is added to or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">removed from, respectively, the Underlying Index, even if </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that security generally is underperforming, because unlike </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">many investment companies, the Fund does not utilize an </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing strategy that seeks returns in excess of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index. Additionally, the Fund rebalances and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitutes its portfolio in accordance with the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index, and, therefore, any changes to the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index’s rebalance and/or reconstitution schedule will result </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in corresponding changes to the Fund’s rebalance and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund’s performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may vary from the performance of the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index as a result of creation and redemption activity, transaction</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> costs, expenses and other factors. Market disruptions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> regulatory restrictions or other abnormal market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">conditions could have an adverse effect on the Fund's ability</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to adjust its exposure to required levels in order to track </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its Underlying Index or cause delays in the Index's rebalancing</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> schedule. During any such delay, it is possible that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index, and, in turn, the Fund will deviate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from the Underlying Index's stated methodology and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">therefore experience returns different than those that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">would have been achieved under a normal rebalancing or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Sampling Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the Fund’s use of a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sampling approach may not work as intended and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">result in increased tracking error because the securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">selected for the Fund in the aggregate may vary from the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investment profile of the Underlying Index. Additionally, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the use of a representative sampling approach may result in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund holding a smaller number of securities than the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index, and, as a result, an adverse development </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to an issuer of securities that the Fund holds could result in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a greater decline in NAV than would be the case if the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">held all of the securities in the Underlying Index.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Authorized Participant Concentration Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund may be adversely affected because it has a limited </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">number of institutions that act as authorized participants </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(“Authorized Participants”). Only an Authorized Participant</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may engage in creation or redemption transactions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">directly with the Fund and none of those Authorized Participants</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is obligated to engage in creation and/or redemption</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> transactions. To the extent that these institutions exit </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the business or are unable or unwilling to proceed with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">creation and/or redemption orders with respect to the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund and no other Authorized Participant is able or willing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to step forward to create or redeem Creation Units (as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">defined below), Fund shares may trade at a discount to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NAV and possibly face trading halts and/or delisting. This </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">risk may be heightened because of its investments in non-U.S.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Calculation Methodology Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index’s calculation methodology or sources of information</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may not provide an accurate assessment of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">included issuers or correct valuation of securities, nor is the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">availability or timeliness of the production of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index guaranteed. A security included in the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index may not exhibit the characteristic or provide the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">specific exposure for which it was selected and consequently</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> a Fund’s holdings may not exhibit returns consistent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> with that characteristic or exposure.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund faces because </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its shares are listed on a securities exchange, including the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">potential lack of an active market for Fund shares, losses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from trading in secondary markets, periods of high volatility</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and disruption in the creation/redemption process of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund. ANY OF THESE FACTORS MAY LEAD TO THE </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> TO NAV.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Trading in Fund shares may be halted due to market conditions</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or for reasons that, in the view of its listing exchange, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">make trading in the shares inadvisable. The market prices </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of Fund shares will generally fluctuate in accordance with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes in its NAV, changes in the relative supply of, and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">demand for, Fund shares, and changes in the liquidity, or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the perceived liquidity, of the Fund’s holdings.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Derivatives Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that derivatives may pose risks </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in addition to and greater than those associated with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing directly in securities, currencies and other instruments,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may be illiquid or less liquid, more volatile, more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">difficult to value and leveraged so that small changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of the underlying instrument may produce disproportionate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> losses to the Fund. Derivatives are also subject </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to counterparty risk, which is the risk that the other party </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to the transaction will not perform its contractual obligations.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The use of derivatives is a highly specialized activity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that involves investment techniques and risks different </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from those associated with investments in more traditional </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities and instruments.</span></div>•Futures Contracts Risk is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.•Options Contracts Risk Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.•Forward Foreign Currency Contracts Risk is the risk that, if forward prices increase, a loss will occur to the extent that the agreed upon purchase price of the currency exceeds the price of the currency that was agreed to be sold. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Concentration Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that, if the Fund is concentrated</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in a particular industry or group of industries, the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund is likely to present more risks than a fund that is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">broadly diversified over several industries or groups of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industries. Compared to the broad market, an individual </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industry may be more strongly affected by changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">economic climate, broad market shifts, moves in a particular</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> dominant stock or regulatory changes.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Mid Cap Stock Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that stocks of mid-sized </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies may be subject to more abrupt or erratic market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">movements than stocks of larger, more established companies,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and may lack sufficient market liquidity. Mid-sized </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies may have limited product lines or financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">resources, and may be dependent upon a particular niche </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the market, or may be dependent upon a small or inexperienced</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> management group. Securities of smaller companies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may trade less frequently and in lower volume than </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the securities of larger companies, which could lead to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">higher transaction costs. Generally the smaller the company</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> size, the greater the risk.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Securities Lending Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund may lose </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">money because the borrower of the loaned securities fails </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to return the securities in a timely manner or at all. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund could also lose money in the event of a decline in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of collateral provided for loaned securities or a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decline in the value of any investments made with cash </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">collateral.</span></div> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">how the Fund’s average annual returns compare with those of a broad-based securities market index and one or more style-specific indexes (reflecting the market segments in which the Fund invests), in that order. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting etfs.ntam.northerntrust.com.</span></div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad-based securities market index and one or more style-specific indexes (reflecting the market segments in which the Fund invests), in that order. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. etfs.ntam.northerntrust.com Calendar Year Total Returns <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">For the period shown in the bar chart above:</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Best Quarter (12/31/2022): 11.68%</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Worst Quarter (3/31/2020): -17.11%</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> Best Quarter 2022-12-31 0.1168 Worst Quarter 2020-03-31 -0.1711 Average Annual Total Returns (for the periods ended December 31, 2025)  0.2356 0.0687 0.0674 2019-07-15 0.2259 0.0624 0.0615 0.1440 0.0538 0.0531 0.3185 0.0947 0.0955 0.2345 0.0698 0.0691 Reflects no deduction for fees, expenses or taxes. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not rel</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">evant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. Northern Trust Emerging Markets Quality Low Volatility ETF (formerly, FlexShares® Emerging Markets Quality Low Volatility Index Fund) Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund seeks investment results that correspond generally</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to the price and yield performance, before fees and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">expenses, of the Northern Trust Emerging Markets Quality </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Low Volatility Index</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">SM</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> (the “Underlying Index”).</span></div> Fees and Expenses of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">This table describes the fees and expenses that you may pay </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">if you buy, hold and sell shares of the Fund. Under the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s Investment Advisory Agreement, the Fund is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">responsible for the following expenses: interest expenses, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">brokerage commissions and other trading expenses, fees </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and expenses of the independent trustees and their independent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> legal counsel, taxes and other extraordinary costs </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">such as litigation and other expenses not incurred in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ordinary course of business. You will also incur usual and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">customary brokerage commissions and fees to financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">intermediaries when buying or selling shares of the Fund in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the secondary market, which are not reflected in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">example that follows:</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0018 0.0000 0.0001 0.0019 -0.0001 0.0018 March 1, 2027 Example <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The following Example is intended to help you compare </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the cost of investing in the Fund with the cost of investing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in other funds. The Example assumes that you invest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">$10,000 in the Fund for the time periods indicated and </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">then sell all of your shares at the end of those periods. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Example also assumes that your investment has a 5% </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">return each year and that the Fund’s operating expenses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">remain the same (taking into account the expense reimbursement</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> arrangement for one year). Although your </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">actual costs may be higher or lower, based on these </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">assumptions your costs would be:</span></div> 18 60 106 242 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 48% of the average value of its portfolio. 0.48 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index is designed to construct a high quality universe of companies, that in aggregate, possess lower overall absolute volatility characteristics relative to an eligible emerging market universe (the “Eligible Universe”). The Eligible Universe is a subset of the Northern Trust Global Index, limited to those securities domiciled in emerging markets and designated as large- and mid-capitalization companies by NTI, acting in its capacity as the index provider (the “Index Provider”). The Underlying Index places an emphasis on a company’s income and capital growth, while also reducing overall volatility of returns relative to the Eligible Universe.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">To derive the Underlying Index, the Index Provider ranks all constituents of the Eligible Universe using a Northern Trust proprietary quality factor. This factor is a quantitative ranking based on: (a) management efficiency (e.g., corporate finance activities); (b) profitability (e.g., reliability and sustainability of financial performance); and (c) cash flow (e.g., cash flow generation). The Index Provider then </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">excludes the lowest quintile of constituents ranked according</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to the quality factor and uses an optimization process </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to select and weight eligible securities in order to (a) seek </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to reduce overall portfolio volatility and (b) maximize the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">overall quality factor relative to the Eligible Universe. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">optimization also includes sector, industry, country, style </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">factor, single-security weight, historical beta (i.e., market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">sensitivity, relative to the Eligible Universe), liquidity and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">turnover constraints so that these characteristics of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index vary within acceptable bands relative to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Eligible Universe.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">As of December 31, 2025, the Underlying Index was comprised</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of 155 constituent securities with market capitalizations</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> ranging from $3.7 billion to $1.2 trillion. The Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index is reconstituted quarterly. The Fund generally </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitutes its portfolio in accordance with the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses a “passive” or indexing approach to try to achieve </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s investment objective. Unlike many investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies, the Fund does not try to “beat” the index it </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">tracks and does not seek temporary defensive positions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when markets decline or appear overvalued.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses a representative sampling strategy to manage the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund. “Representative sampling” is investing in a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sample of securities that collectively has an investment</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> profile similar to the Underlying Index. The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may or may not hold all of the securities that are included </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in the Underlying Index. The Fund reserves the right to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invest in substantially all of the securities in its Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index in approximately the same proportions (i.e., replication)</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> if NTI determines that it is in the best interest of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Under normal circumstances, the Fund will invest at least </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">80% of its total assets (exclusive of collateral held from </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities lending) in the securities of the Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and in American Depositary Receipts (“ADRs”) and Global </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Depositary Receipts (“GDRs”) (collectively “Depositary </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Receipts”) based on the securities in the Underlying Index. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund may also invest up to 20% of its assets in cash </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and cash equivalents, including shares of money market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">funds advised by NTI or its affiliates, futures contracts, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">options on futures contracts and forward currency contracts,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> as well as securities not included in the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index, but which NTI believes will help the Fund track its </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index is created and sponsored by NTI, as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Index Provider. NTI also serves as the investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adviser to the Fund. The Index Provider determines the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">composition and relative weightings of the securities in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index and publishes information regarding the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market value of the Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund may lend securities representing up to one-third </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the value of the Fund’s total assets (including the value </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the collateral received).</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">From time to time the Fund may focus its investments (</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-style: italic;">i.e.,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invest more than 15% of its total assets) in one or more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">particular countries or geographic regions. As of December</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> 31, 2025, the Fund focused its investments in India, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">China and Taiwan.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Industry Concentration Policy</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">. The Fund will concentrate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its investments (i.e., hold 25% or more of its total assets) in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a particular industry or group of industries to approximately</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> the same extent that the Underlying Index is concentrated.</span></div> Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index and in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) (collectively “Depositary Receipts”) based on the securities in the Underlying Index.  Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Equity Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the values of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">equity securities owned by the Fund may be more volatile </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and underperform other asset classes and the general securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> markets.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Mid Cap Stock Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that stocks of mid-sized </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies may be subject to more abrupt or erratic market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">movements than stocks of larger, more established companies,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and may lack sufficient market liquidity. Mid-sized </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies may have limited product lines or financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">resources, and may be dependent upon a particular niche </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the market, or may be dependent upon a small or inexperienced</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> management group. Securities of smaller </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">com</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">panies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may trade less frequently and in lower volume than </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the securities of larger companies, which could lead to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">higher transaction costs. Generally the smaller the company</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> size, the greater the risk.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Depositary Receipts Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Foreign securities may trade in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the form of depositary receipts. In addition to investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">risks associated with the underlying issuer, depositary </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">receipts may expose the Fund to additional risks associated </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">with non-uniform terms that apply to depositary receipt </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">programs, including credit exposure to the depository bank </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and to the sponsors and other parties with whom the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">depository bank establishes the programs, currency, political,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> economic, market risks and the risks of an illiquid market</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> for depositary receipts. Depositary receipts are generally </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">subject to the same risks as the foreign securities that they </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">evidence or into which they may be converted. Depositary </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">receipts may not track the price of the underlying foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities on which they are based, may have limited voting </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">rights, and may have a distribution subject to a fee charged </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">by the depository. As a result, equity shares of the underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> issuer may trade at a discount or premium to the market</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> price of the depositary receipts.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Low Volatility Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that although the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index is designed to have overall volatility that is lower </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">than that of the Eligible Universe, there is no guarantee it </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">will be successful. Securities or other assets in the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">portfolio may be subject to price volatility and the prices </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may not be any less volatile than the market as a whole and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">could be more volatile. The market prices of the securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or other assets in the Fund’s portfolio may fluctuate, sometimes</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> rapidly and unpredictably. The Fund will continue to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">seek to track the Underlying Index even if the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index does not have lower overall volatility than the Eligible</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Universe. There is also the risk that the Fund may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">experience volatility greater than that of the Eligible Universe</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> as a result of tracking error. A portfolio of securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">with greater volatility is generally considered to have a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">higher risk profile than a portfolio with lower volatility.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Quality Factor Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the past performance of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies that have exhibited quality characteristics does </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">not continue or the returns on securities issued by such </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies may be less than returns from other styles of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing or the overall stock market. There may be periods </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when quality investing is out of favor and during which </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">time the Fund's performance may suffer.</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Emerging Markets Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that emerging markets </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">are generally subject to greater market volatility, political, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">social and economic instability, uncertain trading markets </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and more governmental limitations on foreign investments </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">than more developed markets. In addition, companies </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">operating in emerging markets may be subject to lower </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">trading volumes and greater price volatility than companies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in more developed markets. Emerging market economies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may be based on only a few industries, may be highly </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">vulnerable to changes in local and global trade conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and may suffer from extreme and volatile debt burdens or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">inflation rates. Companies in emerging market countries </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">generally may be subject to less stringent regulatory, disclosure,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> financial reporting, accounting, auditing and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">recordkeeping standards than companies in more developed</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> countries. As a result, information, including financial</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> information, about such companies may be less available</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and reliable, which can impede the Fund’s ability to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">evaluate such companies. Securities law and the enforcement</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of systems of taxation in many emerging market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">countries may change quickly and unpredictably, and the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ability to bring and enforce actions (including bankruptcy, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">confiscatory taxation, expropriation, nationalization of a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">company’s assets, restrictions on foreign ownership of local </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies, restrictions on withdrawing assets from the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">country, protectionist measures and practices such as share </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">blocking), or to obtain information needed to pursue or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">enforce such actions, may be limited. Investments in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">emerging market securities may be subject to additional </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">transaction costs, delays in settlement procedures, unexpected</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> market closures, and lack of timely information.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Foreign Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that investing in foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(non-U.S.) securities may result in the Fund experiencing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">more rapid and extreme changes in value than a fund that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invests exclusively in securities of U.S. companies, due to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">less liquid markets and adverse economic, political, diplomatic,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> financial, and regulatory factors. Foreign governments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may impose limitations on foreigners’ ownership of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interests in local issuers, restrictions on the ability to repatriate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> assets, and may also impose taxes. Any of these events </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">could cause the value of the Fund’s investments to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decline. Foreign banks, agents and securities depositories </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that hold the Fund’s foreign assets may be subject to little </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or no regulatory oversight over, or independent evaluation, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of their operations. Additional costs associated with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invest</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in foreign securities may include higher custodial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">fees than those applicable to domestic custodial arrangements</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and transaction costs of foreign currency </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">conversions</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">. Unless the Fund has hedged its foreign currency </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">exposure, foreign securities risk also involves the risk of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">negative foreign currency rate fluctuations, which may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">cause the value of securities denominated in such foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">currency (or other instruments through which the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">has exposure to foreign currencies) to decline in value. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Currency exchange rates may fluctuate significantly over </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">short periods of time. Currency hedging strategies, if used, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">are not always successful. For instance, forward foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">currency exchange contracts, if used by the Fund, could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reduce performance if there are unanticipated changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">currency exchange rates.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Geographic Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that if the Fund invests a significant</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> portion of its total assets in certain issuers within </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the same country or geographic region, an adverse economic,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> business or political development affecting that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">country or region may affect the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> more, and the Fund’s investments may be more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">volatile, than if the Fund’s investments were not so concentrated</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in such country or region.</span></div> •China Investment Risk is the risk associated with investments in companies located or operating in China, such as nationalization, expropriation, or confiscation of property; lack of willingness or ability of the Chinese government to support the economies and markets of the Greater China region; and considerable degrees of economic, political and social instability. Despite prior economic and trade reforms and the prior expansion of private ownership of companies in certain sectors, the Chinese government still exercises substantial influence over many aspects of the private sector and may own or control many companies, including by embedding Chinese Communist Party or People's Armed Forces Department personnel in Chinese companies. In addition, the Chinese government continues to maintain a major role in economic policy making and may alter or discontinue economic or trade reforms at any time. Investors in Chinese markets generally experience difficulties in obtaining information necessary for audits of, investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgments due to a lack of publicly available information; and there are generally limited legal remedies for shareholders. Complex geopoliticaltensions, internal social unrest or confrontations with other neighboring countries, including military conflicts may disrupt economic development in China and result in a greater risk of currency fluctuations, currency convertibility, interest rate fluctuations and higher rates of inflation. Export growth continues to be a major driver of China's rapid economic growth. As a result, a reduction in spending on Chinese products and services, supply chain diversification or the institution of additional tariffs or other trade barriers, including as a result of heightened trade tensions between China and the U.S., or a downturn in any of the economies of China's key trading partners may have an adverse impact on the Chinese economy. Additionally, the Public Company Accounting Oversight Board ("PCAOB") has historically had difficulties inspecting audit work papers and practices of PCAOB-registered accounting firms in China with respect to their audit work of U.S. reporting companies. These difficulties may impose significant additional risks associated with investments in China, including with respect to the reliability of the audits and of the information about the Chinese securities or the potential delisting of a U.S.-listed Chinese issuer due to an inability to inspect the issuer's accounting firm. Certain securities issued by companies located or operating in China, such as China A-shares, are subject to trading restrictions and suspensions, quota limitations and sudden changes in those limitations, and operational, clearing and settlement risks. In addition, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by the Fund.•India Investment Risk is the risk associated with investments in companies located or operating in India, such as political and legal uncertainty, greater government control over the economy, currency fluctuations or blockage, and the risk of nationalization or expropriation of assets, which may result in higher potential for losses. Specifically, India’s strained relations with neighboring countries like Pakistan and China could result in geopolitical risk that has an adverse impact on the Indian economy and stock market. In addition, the Reserve Bank of India (“RBI”) has imposed limits on foreign ownership of Indian securities, which may limit the amount the Fund can invest in certain types of companies. Further, certain Indian regulatory approvals, including approvals from the Securities andExchange Board of India, the RBI, the central government and the tax authorities (to the extent that tax benefits need to be utilized), may be required before the Fund can make investments in the securities of Indian companies. Capital gains from Indian securities may be subject to local taxation. Indian regulatory or tax requirements may result in increased tracking error.•Taiwan Investment Risk is the risk of investing in securities of Taiwanese issuers. Specifically, Taiwan’s geographic proximity and history of political contention with China have resulted in ongoing tensions between the two countries, which may materially affect the Taiwanese economy and its securities market. Investments in securities of Taiwanese companies are subject to Taiwan’s heavy dependence on exports. Reductions in spending on Taiwanese products and services, labor shortages, institution of tariffs or other trade barriers, or a downturn in any of the economies of Taiwan’s key trading partners, including the United States, may have an adverse impact on the Taiwanese economy and the values of Taiwanese companies. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may increase or decrease in response to expected, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">real or perceived economic, political or financial events in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the U.S. or global markets. The frequency and magnitude </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of such changes in value cannot be predicted. Certain securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and other investments held by the Fund may experience</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> increased volatility, illiquidity, or other potentially </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adverse effects in response to changing market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">inflation, elevated levels of government debt, changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interest rates, lack of liquidity in the bond or equity markets,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or volatility in the equity markets. Market disruptions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">caused by local or regional events such as financial institution</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> failures, changes in trade regulation or economic sanctions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> internal unrest and discord, war, acts of terrorism, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the spread of infectious illness (including epidemics and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">pandemics) or other public health issues, recessions or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">other events or adverse investor sentiment could have a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">significant impact on the Fund and its investments. Such </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">events could result in the Fund’s shares trading at increased </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">premiums or discounts to the Fund’s NAV. During periods </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of market disruption or other abnormal market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s exposure to the risks described elsewhere in this </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">summary will likely increase.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Index Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund would not necessarily </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">buy or sell a security unless that security is added to or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">removed from, respectively, the Underlying Index, even if </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that security generally is underperforming, because unlike </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">many investment companies, the Fund does not utilize an </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing strategy that seeks returns in excess of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index. Additionally, the Fund rebalances and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitutes its portfolio in accordance with the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index, and, therefore, any changes to the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index’s rebalance and/or reconstitution schedule will result </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in corresponding changes to the Fund’s rebalance and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund’s performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may vary from the performance of the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index as a result of creation and redemption activity, transaction</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> costs, expenses and other factors. Market disruptions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> regulatory restrictions or other abnormal market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">conditions could have an adverse effect on the Fund's ability</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to adjust its exposure to required levels in order to track </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its Index or cause delays in the Underlying Index's rebalancing</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> schedule. During any such delay, it is possible that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index, and, in turn, the Fund will deviate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from the Underlying Index's stated methodology and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">therefore experience returns different than those that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">would have been achieved under a normal rebalancing or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Sampling Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the Fund’s use of a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sampling approach may not work as intended and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">result in increased tracking error because the securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">selected for the Fund in the aggregate may vary from the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investment profile of the Underlying Index. Additionally, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the use of a representative sampling approach may result in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund holding a smaller number of securities than the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index, and, as a result, an adverse development </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to an issuer of securities that the Fund holds could result in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a greater decline in NAV than would be the case if the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">held all of the securities in the Underlying Index.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Authorized Participant Concentration Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund may be adversely affected because it has a limited </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">number of institutions that act as authorized participants </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(“Authorized Participants”). Only an Authorized Participant</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may engage in creation or redemption transactions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">directly with the Fund and none of those Authorized Participants</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is obligated to engage in creation and/or redemption</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> transactions. To the extent that these institutions exit </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the business or are unable or unwilling to proceed with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">creation and/or redemption orders with respect to the </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund and no other Authorized Participant is able or willing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to step forward to create or redeem Creation Units (as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">defined below), Fund shares may trade at a discount to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NAV and possibly face trading halts and/or delisting. This </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">risk may be heightened because of its investments in non-U.S.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Calculation Methodology Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index’s calculation methodology or sources of information</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may not provide an accurate assessment of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">included issuers or correct valuation of securities, nor is the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">availability or timeliness of the production of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index guaranteed. A security included in the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index may not exhibit the characteristic or provide the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">specific exposure for which it was selected and consequently</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> a Fund’s holdings may not exhibit returns consistent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> with that characteristic or exposure.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund faces because </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its shares are listed on a securities exchange, including the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">potential lack of an active market for Fund shares, losses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from trading in secondary markets, periods of high volatility</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and disruption in the creation/redemption process of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund. ANY OF THESE FACTORS MAY LEAD TO THE </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> TO NAV.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Trading in Fund shares may be halted due to market conditions</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or for reasons that, in the view of its listing exchange, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">make trading in the shares inadvisable. The market prices </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of Fund shares will generally fluctuate in accordance with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes in its NAV, changes in the relative supply of, and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">demand for, Fund shares, and changes in the liquidity, or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the perceived liquidity, of the Fund’s holdings.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Derivatives Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that derivatives may pose risks </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in addition to and greater than those associated with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing directly in securities, currencies and other instruments,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may be illiquid or less liquid, more volatile, more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">difficult to value and leveraged so that small changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of the underlying instrument may produce disproportionate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> losses to the Fund. Derivatives are also subject </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to counterparty risk, which is the risk that the other party </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to the transaction will not perform its contractual obligations.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The use of derivatives is a highly specialized activity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that involves investment techniques and risks different </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from those associated with investments in more traditional </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities and instruments.</span></div> •Futures Contracts Risk is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.•Options Contracts Risk Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.•Forward Foreign Currency Contracts Risk is the risk that, if forward prices increase, a loss will occur to the extent that the agreed upon purchase price of the currency exceeds the price of the currency that was agreed to be sold. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Concentration Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that, if the Fund is concentrated</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in a particular industry or group of industries, the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund is likely to present more risks than a fund that is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">broadly diversified over several industries or groups of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industries. Compared to the broad market, an individual </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industry may be more strongly affected by changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">economic climate, broad market shifts, moves in a particular</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> dominant stock or regulatory changes.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Securities Lending Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund may lose </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">money because the borrower of the loaned securities fails </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to return the securities in a timely manner or at all. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund could also lose money in the event of a decline in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of collateral provided for loaned securities or a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decline in the value of any investments made with cash </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">collateral.</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Valuation Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the sale price the Fund could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">receive for a portfolio security may differ from the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">valuation of the security, particularly for securities that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">trade in low volume or volatile markets or that are valued </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">using a fair value methodology. In addition, the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the securities in the Fund’s portfolio may change on days </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when shareholders will not be able to purchase or sell the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s shares.</span></div> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad-based securities market index and one or more style-specific indexes (reflecting the market segments in which the Fund invests), in that order. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting etfs.ntam.northerntrust.com.</span></div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad-based securities market index and one or more style-specific indexes (reflecting the market segments in which the Fund invests), in that order. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. etfs.ntam.northerntrust.com Calendar Year Total Returns <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">For the period shown in the bar chart above:</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Best Quarter (6/30/2020): 12.19%</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Worst Quarter (3/31/2020): -21.67%</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> Best Quarter 2020-06-30 0.1219 Worst Quarter 2020-03-31 -0.2167 Average Annual Total Returns (for the periods ended December 31, 2025)  0.2172 0.0520 0.0544 2019-07-15 0.2076 0.0470 0.0496 0.1344 0.0414 0.0435 0.3357 0.0420 0.0699 0.2208 0.0610 0.0625 Reflects no deduction for fees, expenses or taxes. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. Northern Trust Morningstar US Market Factor Tilt ETF (formerly, FlexShares® Morningstar US Market Factor Tilt Index Fund) Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund seeks investment results that correspond generally</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to the price and yield performance, before fees and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">expenses, of the Morningstar® US Market Factor Tilt </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">SM</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> (the “Underlying Index”).</span></div> Fees and Expenses of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">This table describes the fees and expenses that you may pay </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">if you buy, hold and sell shares of the Fund. Under the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s Investment Advisory Agreement, the Fund is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">responsible for the following expenses: interest expenses, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">brokerage commissions and other trading expenses, fees </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and expenses of the independent trustees and their independent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> legal counsel, taxes and other extraordinary costs </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">such as litigation and other expenses not incurred in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ordinary course of business. You will also incur usual and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">customary brokerage commissions and fees to financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">intermediaries when buying or selling shares of the Fund in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the secondary market, which are not reflected in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">example that follows:</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0025 0.0000 0.0001 0.0026 -0.0001 0.0025 March 1, 2027 Example <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The following Example is intended to help you compare </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the cost of investing in the Fund with the cost of investing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in other funds. The Example assumes that you invest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">$10,000 in the Fund for the time periods indicated and </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">then sell all of your shares at the end of those periods. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Example also assumes that your investment has a 5% </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">return each year and that the Fund’s operating expenses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">remain the same (taking into account the expense reimbursement</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> arrangement for one year). Although your </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">actual costs may be higher or lower, based on these </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">assumptions your costs would be:</span></div> 26 83 145 330 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 13% of the average value of its portfolio. 0.13 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Morningstar</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> US Market Factor Tilt Index</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">SM</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> (the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">“Underlying Index”) is designed to reflect the performance </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the U.S. equity market with increased exposure to size </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and value factors relative to the Morningstar</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> US Market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Extended Index (the “Parent Index”), a float-adjusted </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market-capitalization weighted index of large-, mid- and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">small-capitalization companies in the U.S. A company is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">generally classified in the U.S. if its primary stock market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">activities are carried out in the U.S. and it is incorporated </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in the U.S. or certain U.S. territories. The Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">seeks to achieve increased exposures to size and value factors,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or a “factor tilt”, by adjusting the Parent Index’s constituent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> weights to achieve a slightly greater weight on </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies with smaller market capitalizations or lower </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">valuations, as determined by Morningstar, Inc. (the “Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Provider”) pursuant to its index methodology. The Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index is designed to measure the performance of U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">equity markets with increased exposure toward small-capitalization</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and value stocks. As of December 31, 2025, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index was comprised of 2,101 issues with </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market capitalizations ranging from $120.848 million to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">$4.548 trillion. The Underlying Index is reconstituted on a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">semi-annual basis and is rebalanced quarterly. The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">generally reconstitutes and rebalances its portfolio in accordance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> with the Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses a “passive” or indexing approach to try to achieve </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s investment objective. Unlike many investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies, the Fund does not try to “beat” the index it </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">tracks and does not seek temporary defensive positions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when markets decline or appear overvalued.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses a representative sampling strategy to manage the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund. “Representative sampling” is investing in a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sample of securities that collectively has an investment</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> profile similar to the Underlying Index. The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may or may not hold all of the securities that are included </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in the Underlying Index. The Fund reserves the right to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invest in substantially all of the securities in its Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index in approximately the same proportions (i.e., replication)</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> if NTI determines that it is in the best interest of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Under normal circumstances, the Fund will invest at least </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">80% of its total assets (exclusive of collateral held from </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities lending) in the securities of the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index. The Fund may also invest up to 20% of its assets in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">cash and cash equivalents, including shares of money market</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> funds advised by NTI or its affiliates, futures contracts </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and options on futures contracts, as well as securities not </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">included in the Underlying Index, but which NTI believes </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">will help the Fund track its Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index is sponsored by the Index Provider, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">an organization that is independent of the Fund and NTI. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Index Provider determines the composition and relative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> weightings of the securities in the Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and publishes information regarding the market value of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund may lend securities representing up to one-third </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the value of the Fund’s total assets (including the value </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the collateral received).</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The Fund will concentrate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its investments (i.e., hold 25% or more of its total assets) in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a particular industry or group of industries to approximately</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> the same extent that the Underlying Index is concentrated.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> As of December 31, 2025, the Underlying Index </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">was concentrated in the Information Technology sector. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The components of the Underlying Index, and the degree </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to which these components represent certain industries or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">sectors, may change over time.</span></div> 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. Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. As of December 31, 2025, the Underlying Index was concentrated in the Information Technology sector. The components of the Underlying Index, and the degree to which these components represent certain industries or sectors, may change over time. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Equity Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the values of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">equity securities owned by the Fund may be more volatile </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and underperform other asset classes and the general securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> markets.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Concentration Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that, if the Fund is concentrated</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in a particular industry or group of industries, the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund is likely to present more risks than a fund that is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">broadly diversified over several industries or groups of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industries. Compared to the broad market, an individual </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industry may be more strongly affected by changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">economic climate, broad market shifts, moves in a particular</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> dominant stock or regulatory changes.</span></div>•Information Technology Sector Risk is the risk that securities of technology companies may be subject to greater price volatility than securities of companies in other sectors. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. Technology securities also may be affected adversely by changes in technology, consumer and business purchasing patterns, government scrutiny or regulation, legal action and/or obsolete products or services. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may increase or decrease in response to expected, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">real or perceived economic, political or financial events in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the U.S. or global markets. The frequency and magnitude </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of such changes in value cannot be predicted. Certain securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and other investments held by the Fund may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">experi</span></div><div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ence</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> increased volatility, illiquidity, or other potentially </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adverse effects in response to changing market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">inflation, elevated levels of government debt, changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interest rates, lack of liquidity in the bond or equity markets,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or volatility in the equity markets. Market disruptions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">caused by local or regional events such as financial institution</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> failures, changes in trade regulation or economic sanctions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> internal unrest and discord, war, acts of terrorism, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the spread of infectious illness (including epidemics and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">pandemics) or other public health issues, recessions or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">other events or adverse investor sentiment could have a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">significant impact on the Fund and its investments. Such </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">events could result in the Fund’s shares trading at increased </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">premiums or discounts to the Fund’s NAV. During periods </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of market disruption or other abnormal market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s exposure to the risks described elsewhere in this </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">summary will likely increase.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Index Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund would not necessarily </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">buy or sell a security unless that security is added to or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">removed from, respectively, the Underlying Index, even if </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that security generally is underperforming, because unlike </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">many investment companies, the Fund does not utilize an </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing strategy that seeks returns in excess of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index. Additionally, the Fund rebalances and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitutes its portfolio in accordance with the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index, and, therefore, any changes to the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index’s rebalance and/or reconstitution schedule will result </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in corresponding changes to the Fund’s rebalance and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund’s performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may vary from the performance of the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index as a result of creation and redemption activity, transaction</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> costs, expenses and other factors. Market disruptions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> regulatory restrictions or other abnormal market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">conditions could have an adverse effect on the Fund's ability</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to adjust its exposure to required levels in order to track </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its Underlying Index or cause delays in the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index's rebalancing schedule. During any such delay, it is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">possible that the Underlying Index, and, in turn, the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">will deviate from the Underlying Index's stated methodology</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and therefore experience returns different than those </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that would have been achieved under a normal rebalancing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Sampling Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the Fund’s use of a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sampling approach may not work as intended and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">result in increased tracking error because the securities </span></div><div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">selected for the Fund in the aggregate may vary from the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investment profile of the Underlying Index. Additionally, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the use of a representative sampling approach may result in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund holding a smaller number of securities than the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index, and, as a result, an adverse development </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to an issuer of securities that the Fund holds could result in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a greater decline in NAV than would be the case if the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">held all of the securities in the Underlying Index.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Value Investing Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund’s investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in companies whose securities are believed to be undervalued,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> relative to their underlying profitability, will not </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">appreciate in value as anticipated.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Mid and Small Cap Stock Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that stocks of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">mid-sized and smaller companies may be more volatile </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">than stocks of larger, more established companies, and may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">lack sufficient market liquidity. Mid-sized and small companies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may have limited product lines or financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">resources, may be dependent upon a particular niche of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market, or may be dependent upon a small or inexperienced</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> management group. Smaller companies may also </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">include micro-capitalization companies. Securities of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">smaller companies may trade less frequently and in lower </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">volume than the securities of larger companies, which </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">could lead to higher transaction costs. Generally the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">smaller the company size, the greater the risk.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Authorized Participant Concentration Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund may be adversely affected because it has a limited </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">number of institutions that act as authorized participants </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(“Authorized Participants”). Only an Authorized Participant</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may engage in creation or redemption transactions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">directly with the Fund and none of those Authorized Participants</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is obligated to engage in creation and/or redemption</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> transactions. To the extent that these institutions exit </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the business or are unable or unwilling to proceed with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">creation and/or redemption orders with respect to the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund and no other Authorized Participant is able or willing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to step forward to create or redeem Creation Units (as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">defined below), Fund shares may trade at a discount to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NAV and possibly face trading halts and/or delisting.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Calculation Methodology Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index’s calculation methodology or sources of information</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may not provide an accurate assessment of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">included issuers or correct valuation of securities, nor is the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">availability or timeliness of the production of the Underly</span></div><div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ing Index guaranteed. A security included in the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index may not exhibit the characteristic or provide the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">specific exposure for which it was selected and consequently</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> a Fund's holdings may not exhibit returns consistent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> with that characteristic or exposure.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund faces because </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its shares are listed on a securities exchange, including the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">potential lack of an active market for Fund shares, losses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from trading in secondary markets, periods of high volatility</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and disruption in the creation/redemption process of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund. ANY OF THESE FACTORS MAY LEAD TO THE </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> TO NAV.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div><div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Trading in Fund shares may be halted due to market conditions</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or for reasons that, in the view of its listing exchange, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">make trading in the shares inadvisable. The market prices </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of Fund shares will generally fluctuate in accordance with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes in its NAV, changes in the relative supply of, and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">demand for, Fund shares, and changes in the liquidity, or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the perceived liquidity, of the Fund’s holdings.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Derivatives Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that derivatives may pose risks </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in addition to and greater than those associated with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing directly in securities, currencies and other instruments,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may be illiquid or less liquid, more volatile, more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">difficult to value and leveraged so that small changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of the underlying instrument may produce disproportionate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> losses to the Fund. Derivatives are also subject </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to counterparty risk, which is the risk that the other party </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to the transaction will not perform its contractual obligations.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The use of derivatives is a highly specialized activity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that involves investment techniques and risks different </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from those associated with investments in more traditional </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities and instruments.</span></div>•Futures Contracts Risk is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.•Options Contracts Risk Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Securities Lending Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund may lose </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">money because the borrower of the loaned securities fails </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to return the securities in a timely manner or at all. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund could also lose money in the event of a decline in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of collateral provided for loaned securities or a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decline in the value of any investments made with cash </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">collateral.</span></div> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad-based securities market index and one or more style-specific indexes (reflecting the market segments in which the Fund invests), in that order. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting etfs.ntam.northerntrust.com.</span></div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad-based securities market index and one or more style-specific indexes (reflecting the market segments in which the Fund invests), in that order. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. etfs.ntam.northerntrust.com Calendar Year Total Returns <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">For the periods in the bar chart above:</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Best Quarter (6/30/2020): 22.45%</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Worst Quarter (3/31/2020): -26.23%</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> Best Quarter 2020-06-30 0.2245 Worst Quarter 2020-03-31 -0.2623 Average Annual Total Returns (for the periods ended December 31, 2025)  0.1641 0.1295 0.1325 0.1600 0.1253 0.1278 0.0986 0.1024 0.1094 0.1715 0.1315 0.1428 0.1675 0.1319 0.1342 Reflects no deduction for fees, expenses or taxes. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. Northern Trust Morningstar Developed Markets ex-US Factor Tilt ETF (formerly, FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund) Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund seeks investment results that correspond generally</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to the price and yield performance, before fees and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">expenses, of the Morningstar® Developed Markets ex-US </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Factor Tilt Index</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">SM</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> (the “Underlying Index”).</span></div> Fees and Expenses of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">This table describes the fees and expenses that you may pay </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">if you buy, hold and sell shares of the Fund. Under the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s Investment Advisory Agreement, the Fund is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">responsible for the following expenses: interest expenses, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">brokerage commissions and other trading expenses, fees </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and expenses of the independent trustees and their independent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> legal counsel, taxes and other extraordinary costs </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">such as litigation and other expenses not incurred in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ordinary course of business. You will also incur usual and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">customary brokerage commissions and fees to financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">intermediaries when buying or selling shares of the Fund in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the secondary market, which are not reflected in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">example that follows:</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0039 0.0000 0.0002 0.0041 -0.0002 0.0039 March 1, 2027 Example <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The following Example is intended to help you compare </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the cost of investing in the Fund with the cost of investing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in other funds. The Example assumes that you invest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">$10,000 in the Fund for the time periods indicated and </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">then sell all of your shares at the end of those periods. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Example also assumes that your investment has a 5% </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">return each year and that the Fund’s operating expenses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">remain the same (taking into account the expense reimbursement</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> arrangement for one year). Although your </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">actual costs may be higher or lower, based on these </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">assumptions your costs would be:</span></div> 40 130 228 516 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 25% of the average value of its portfolio. 0.25 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Morningstar</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Developed Markets ex-US Factor Tilt </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">SM</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> (the “Underlying Index”) is designed to reflect the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">performance of developed equity markets excluding the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">U.S. with increased exposure to size and value factors relative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to the Morningstar</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Developed Markets ex-US Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(the “Parent Index”), a float-adjusted market-capitalization </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">weighted index of companies incorporated in developed </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market countries, excluding the U.S. The Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">seeks to achieve increased exposures to size and value factors,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or a “factor tilt”, by adjusting the Parent Index’s constituent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> weights to achieve a slightly greater weight on </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies with smaller market capitalizations or lower </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">valuations, as determined by Morningstar, Inc. (the “Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Provider”), pursuant to its index methodology. The Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index is designed to include companies with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">enhanced risk-return characteristics relative to the broader </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">developed international equity market by featuring size </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and value risk premiums, which NTI believes have been </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">historically demonstrated over a full market cycle. As of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">December 31, 2025, the Underlying Index was comprised </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of 2,759 issues with market capitalizations ranging from </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">$405.351 million to $420.029 billion. The Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is reconstituted on a semi-annual basis and is rebalanced </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">quarterly. The Fund generally reconstitutes and rebalances </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its portfolio in accordance with the Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses a “passive” or indexing approach to try to achieve </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s investment objective. Unlike many investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies, the Fund does not try to “beat” the index it </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">tracks and does not seek temporary defensive positions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when markets decline or appear overvalued.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses a representative sampling strategy to manage the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund. “Representative sampling” is investing in a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sample of securities that collectively has an investment</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> profile similar to the Underlying Index. The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may or may not hold all of the securities that are included </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in the Underlying Index. The Fund reserves the right to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invest in substantially all of the securities in its Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index in approximately the same proportions (i.e., replication)</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> if NTI determines that it is in the best interest of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Under normal circumstances, the Fund will invest at least </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">80% of its total assets (exclusive of collateral held from </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities lending) in the securities of the Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and in American Depositary Receipts (“ADRs”) and Global </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Depositary Receipts (“GDRs”) (collectively “Depositary </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Receipts”) based on the securities in the Underlying Index. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund may also invest up to 20% of its assets in cash </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and cash equivalents, including shares of money market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">funds advised by NTI or its affiliates, futures contracts, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">options on futures contracts and forward currency contracts,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> as well as securities not included in the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index, but which NTI believes will help the Fund track its </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index is sponsored by the Index Provider, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">an organization that is independent of the Fund and NTI. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Index Provider determines the composition and relative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> weightings of the securities in the Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and publishes information regarding the market value of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund may lend securities representing up to one-third </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the value of the Fund’s total assets (including the value </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the collateral received).</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">From time to time the Fund may focus its investments (</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-style: italic;">i.e.,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invest more than 15% of its total assets) in one or more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">particular countries or geographic regions. As of December</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> 31, 2025, the Fund focused its investments in Japan.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The Fund will concentrate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its investments (i.e., hold 25% or more of its total assets) in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a particular industry or group of industries to approximately</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> the same extent that the Underlying Index is concentrated.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> As of December 31, 2025, the Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">was concentrated in the Financial sector. The components </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the Underlying Index, and the degree to which these </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">components represent certain industries or sectors, may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">change over time.</span></div> Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index and in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) (collectively “Depositary Receipts”) based on the securities in the Underlying Index. Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. As of December 31, 2025, the Underlying Index was concentrated in the Financial sector. The components of the Underlying Index, and the degree to which these components represent certain industries or sectors, may change over time. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Equity Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the values of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">equity securities owned by the Fund may be more volatile </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and underperform other asset classes and the general securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> markets.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Mid and Small Cap Stock Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that stocks of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">mid-sized and smaller companies may be more volatile </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">than stocks of larger, more established companies, and may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">lack sufficient market liquidity. Mid-sized and small companies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may have limited product lines or financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">resources, may be dependent upon a particular niche of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market, or may be dependent upon a small or inexperienced</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> management group. Securities of smaller companies </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may trade less frequently and in lower volume than the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities of larger companies, which could lead to higher </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">transaction costs. Generally the smaller the company size, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the greater the risk.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Foreign Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that investing in foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(non-U.S.) securities may result in the Fund experiencing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">more rapid and extreme changes in value than a fund that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invests exclusively in securities of U.S. companies, due to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">less liquid markets and adverse economic, political, diplomatic,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> financial, and regulatory factors. Foreign govern</span></div><div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ments may impose limitations on foreigners’ ownership of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interests in local issuers, restrictions on the ability to repatriate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> assets, and may also impose taxes. Any of these events </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">could cause the value of the Fund’s investments to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decline. Foreign banks, agents and securities depositories </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that hold the Fund’s foreign assets may be subject to little </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or no regulatory oversight over, or independent evaluation, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of their operations. Additional costs associated with investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in foreign securities may include higher custodial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">fees than those applicable to domestic custodial arrangements</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and transaction costs of foreign currency conversions.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Unless the Fund has hedged its foreign currency </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">exposure, foreign securities risk also involves the risk of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">negative foreign currency rate fluctuations, which may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">cause the value of securities denominated in such foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">currency (or other instruments through which the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">has exposure to foreign currencies) to decline in value. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Currency exchange rates may fluctuate significantly over </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">short periods of time. Currency hedging strategies, if used, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">are not always successful. For instance, forward foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">currency exchange contracts, if used by the Fund, could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reduce performance if there are unanticipated changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">currency exchange rates.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Geographic Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that if the Fund invests a significant</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> portion of its total assets in certain issuers within </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the same country or geographic region, an adverse economic,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> business or political development affecting that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">country or region may affect the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> more, and the Fund’s investments may be more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">volatile, than if the Fund’s investments were not so concentrated</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in such country or region.</span></div>•Japan Investment Risk is the risk of investing in securities of Japanese issuers. The Japanese economy may be subject to considerable degrees of economic, political and social instability, which could negatively impact Japanese issuers. In recent times, Japan’s economic growth rate has remained low, and it may remain low in the future. In addition, Japan is subject to the risk of natural disasters, such as earthquakes, volcanic eruptions, typhoons and tsunamis, which could negatively affect the securities of Japanese companies held by the Fund. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Concentration Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that, if the Fund is concentrated</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in a particular industry or group of industries, the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund is likely to present more risks than a fund that is </span></div><div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">broadly diversified over several industries or groups of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industries. Compared to the broad market, an individual </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industry may be more strongly affected by changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">economic climate, broad market shifts, moves in a particular</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> dominant stock or regulatory changes.</span></div>•Financial Sector Risk is the risk that the financial sector can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competition, and the availability and cost of capital, among other factors. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Depositary Receipts Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Foreign securities may trade in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the form of depositary receipts. In addition to investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">risks associated with the underlying issuer, depositary </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">receipts may expose the Fund to additional risks associated </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">with non-uniform terms that apply to depositary receipt </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">programs, including credit exposure to the depository bank </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and to the sponsors and other parties with whom the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">depository bank establishes the programs, currency, political,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> economic, market risks and the risks of an illiquid market</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> for depositary receipts. Depositary receipts are generally </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">subject to the same risks as the foreign securities that they </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">evidence or into which they may be converted. Depositary </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">receipts may not track the price of the underlying foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities on which they are based, may have limited voting </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">rights, and may have a distribution subject to a fee charged </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">by the depository. As a result, equity shares of the underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> issuer may trade at a discount or premium to the market</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> price of the depositary receipts.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may increase or decrease in response to expected, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">real or perceived economic, political or financial events in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the U.S. or global markets. The frequency and magnitude </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of such changes in value cannot be predicted. Certain securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and other investments held by the Fund may experience</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> increased volatility, illiquidity, or other potentially </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adverse effects in response to changing market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">inflation, elevated levels of government debt, changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interest rates, lack of liquidity in the bond or equity markets,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or volatility in the equity markets. Market disruptions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">caused by local or regional events such as financial institution</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> failures, changes in trade regulation or economic sanctions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> internal unrest and discord, war, acts of terrorism, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the spread of infectious illness (including epidemics and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">pandemics) or other public health issues, recessions or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">other events or adverse investor sentiment could have a </span></div><div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">significant impact on the Fund and its investments. Such </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">events could result in the Fund’s shares trading at increased </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">premiums or discounts to the Fund’s NAV. During periods </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of market disruption or other abnormal market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s exposure to the risks described elsewhere in this </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">summary will likely increase.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Index Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund would not necessarily </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">buy or sell a security unless that security is added to or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">removed from, respectively, the Underlying Index, even if </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that security generally is underperforming, because unlike </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">many investment companies, the Fund does not utilize an </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing strategy that seeks returns in excess of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index. Additionally, the Fund rebalances and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitutes its portfolio in accordance with the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index, and, therefore, any changes to the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index’s rebalance and/or reconstitution schedule will result </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in corresponding changes to the Fund’s rebalance and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund’s performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may vary from the performance of the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index as a result of creation and redemption activity, transaction</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> costs, expenses and other factors. Market disruptions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> regulatory restrictions or other abnormal market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">conditions could have an adverse effect on the Fund's ability</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to adjust its exposure to required levels in order to track </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its Underlying Index or cause delays in the Index's rebalancing</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> schedule. During any such delay, it is possible that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index, and, in turn, the Fund will deviate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from the Underlying Index's stated methodology and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">therefore experience returns different than those that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">would have been achieved under a normal rebalancing or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Sampling Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the Fund’s use of a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sampling approach may not work as intended and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">result in increased tracking error because the securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">selected for the Fund in the aggregate may vary from the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investment profile of the Underlying Index. Additionally, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the use of a representative sampling approach may result in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund holding a smaller number of securities than the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index, and, as a result, an adverse development </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to an issuer of securities that the Fund holds could result in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a greater decline in NAV than would be the case if the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">held all of the securities in the Underlying Index.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Value Investing Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund’s investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in companies whose securities are believed to be undervalued,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> relative to their underlying profitability, will not </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">appreciate in value as anticipated.</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Authorized Participant Concentration Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund may be adversely affected because it has a limited </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">number of institutions that act as authorized participants </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(“Authorized Participants”). Only an Authorized Participant</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may engage in creation or redemption transactions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">directly with the Fund and none of those Authorized Participants</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is obligated to engage in creation and/or redemption</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> transactions. To the extent that these institutions exit </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the business or are unable or unwilling to proceed with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">creation and/or redemption orders with respect to the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund and no other Authorized Participant is able or willing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to step forward to create or redeem Creation Units (as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">defined below), Fund shares may trade at a discount to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NAV and possibly face trading halts and/or delisting. This </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">risk may be heightened because of its investments in non-U.S.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Calculation Methodology Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index’s calculation methodology or sources of information</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may not provide an accurate assessment of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">included issuers or correct valuation of securities, nor is the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">availability or timeliness of the production of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index guaranteed. A security included in the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index may not exhibit the characteristic or provide the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">specific exposure for which it was selected and consequently</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> a Fund's holdings may not exhibit returns consistent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> with that characteristic or exposure.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund faces because </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its shares are listed on a securities exchange, including the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">potential lack of an active market for Fund shares, losses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from trading in secondary markets, periods of high volatility</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and disruption in the creation/redemption process of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund. ANY OF THESE FACTORS MAY LEAD TO THE </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> TO NAV.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div><div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Trading in Fund shares may be halted due to market conditions</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or for reasons that, in the view of its listing exchange, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">make trading in the shares inadvisable. The market prices </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of Fund shares will generally fluctuate in accordance with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes in its NAV, changes in the relative supply of, and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">demand for, Fund shares, and changes in the liquidity, or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the perceived liquidity, of the Fund’s holdings.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Derivatives Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that derivatives may pose risks </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in addition to and greater than those associated with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing directly in securities, currencies and other instru</span></div><div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ments, may be illiquid or less liquid, more volatile, more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">difficult to value and leveraged so that small changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of the underlying instrument may produce disproportionate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> losses to the Fund. Derivatives are also subject </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to counterparty risk, which is the risk that the other party </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to the transaction will not perform its contractual obligations.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The use of derivatives is a highly specialized activity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that involves investment techniques and risks different </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from those associated with investments in more traditional </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities and instruments.</span></div>•Futures Contracts Risk is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.•Options Contracts Risk Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.•Forward Foreign Currency Contracts Risk is the risk that, if forward prices increase, a loss will occur to the extent that the agreed upon purchase price of the currency exceeds the price of the currency that was agreed to be sold. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Valuation Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the sale price the Fund could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">receive for a portfolio security may differ from the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">valuation of the security, particularly for securities that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">trade in low volume or volatile markets or that are valued </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">using a fair value methodology. In addition, the value of </span></div><div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the securities in the Fund’s portfolio may change on days </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when shareholders will not be able to purchase or sell the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s shares.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Securities Lending Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund may lose </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">money because the borrower of the loaned securities fails </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to return the securities in a timely manner or at all. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund could also lose money in the event of a decline in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of collateral provided for loaned securities or a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decline in the value of any investments made with cash </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">collateral.</span></div> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad-based securities market index and one or more style-specific indexes (reflecting the market segments in which the Fund invests), in that order. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting etfs.ntam.northerntrust.com.</span></div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad-based securities market index and one or more style-specific indexes (reflecting the market segments in which the Fund invests), in that order. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. etfs.ntam.northerntrust.com Calendar Year Total Returns <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">For the periods in the bar chart above:</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Best Quarter (12/31/2020): 18.86%</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Worst Quarter (3/31/2020): -27.56%</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> Best Quarter 2020-12-31 0.1886 Worst Quarter 2020-03-31 -0.2756 Average Annual Total Returns (for the periods ended December 31, 2025)  0.3859 0.1065 0.0873 0.3719 0.0969 0.0787 0.2340 0.0819 0.0685 0.3185 0.0947 0.0855 0.3218 0.0903 0.0847 0.3933 0.1084 0.0884 Reflects no deduction for fees, expenses or taxes. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. Northern Trust Morningstar Emerging Markets Factor Tilt ETF (formerly, FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund) Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund seeks investment results that correspond generally</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to the price and yield performance, before fees and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">expenses, of the Morningstar® Emerging Markets Factor </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Tilt Index</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">SM</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> (the “Underlying Index”).</span></div> Fees and Expenses of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">This table describes the fees and expenses that you may pay </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">if you buy, hold and sell shares of the Fund. Under the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s Investment Advisory Agreement, the Fund is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">responsible for the following expenses: interest expenses, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">brokerage commissions and other trading expenses, fees </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and expenses of the independent trustees and their independent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> legal counsel, taxes and other extraordinary costs </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">such as litigation and other expenses not incurred in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ordinary course of business. You will also incur usual and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">customary brokerage commissions and fees to financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">intermediaries when buying or selling shares of the Fund in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the secondary market, which are not reflected in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">example that follows:</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0057 0.0000 0.0001 0.0058 -0.0001 0.0057 March 1, 2027 Example <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The following Example is intended to help you compare </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the cost of investing in the Fund with the cost of investing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in other funds. The Example assumes that you invest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">$10,000 in the Fund for the time periods indicated and </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">then sell all of your shares at the end of those periods. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Example also assumes that your investment has a 5% </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">return each year and that the Fund’s operating expenses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">remain the same (taking into account the expense reimbursement</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> arrangement for one year). Although your </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">actual costs may be higher or lower, based on these </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">assumptions your costs would be:</span></div> 58 185 323 725 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 30% of the average value of its portfolio. 0.30 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Morningstar</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Emerging Markets Factor Tilt Index</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">SM</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(the “Underlying Index”) is designed to reflect the performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of emerging equity markets with increased exposure </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to size and value factors relative to the Morningstar</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Emerging Markets Index (the “Parent Index”), a float-adjusted</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> market-capitalization weighted index of companies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> incorporated in emerging-market countries. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index seeks to achieve increased exposures to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">size and value factors, or a “factor tilt”, by adjusting the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Parent Index’s constituent weights to achieve a slightly </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">greater weight on companies with smaller market capitalizations</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or lower valuations, as determined by Morningstar, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Inc. (the “Index Provider”), pursuant to its index methodology.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The Underlying Index is designed to include companies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> with enhanced risk-return characteristics relative to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the broader emerging equity market by featuring size and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value risk premiums, which NTI believes have been historically</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> demonstrated over a full market cycle. As of December</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> 31, 2025, the Underlying Index was comprised of 3,779 </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">issues with market capitalizations ranging from $133.6 </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">mil</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">lion</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to $1.5 trillion. The Underlying Index is reconstituted </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">on a semi-annual basis and is rebalanced quarterly. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund generally reconstitutes and rebalances its portfolio in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">accordance with the Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses a “passive” or indexing approach to try to achieve </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s investment objective. Unlike many investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies, the Fund does not try to “beat” the index it </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">tracks and does not seek temporary defensive positions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when markets decline or appear overvalued.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses a representative sampling strategy to manage the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund. “Representative sampling” is investing in a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sample of securities that collectively has an investment</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> profile similar to the Underlying Index. The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may or may not hold all of the securities that are included </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in the Underlying Index. The Fund reserves the right to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invest in substantially all of the securities in its Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index in approximately the same proportions (i.e., replication)</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> if NTI determines that it is in the best interest of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index and in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) (collectively “Depositary Receipts”) based on the securities in the Underlying Index. The Fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds advised by NTI or its affiliates, futures contracts, options on futures contracts and forward currency contracts, as well as securities not included in the Underlying Index, but which NTI believes will help the Fund track its Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index is sponsored by the Index Provider, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">an organization that is independent of the Fund and NTI. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Index Provider determines the composition and relative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> weightings of the securities in the Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and publishes information regarding the market value of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund may lend securities representing up to one-third </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the value of the Fund’s total assets (including the value </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the collateral received).</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">From time to time the Fund may focus its investments (</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-style: italic;">i.e.,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invest more than 15% of its total assets) in one or more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">particular countries or geographic regions. As of December</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> 31, 2025, the Fund focused its investments in China, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Taiwan and South Korea.</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Industry Concentration Policy</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">. The Fund will concentrate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its investments (i.e., hold 25% or more of its total assets) in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a particular industry or group of industries to approximately</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> the same extent that the Underlying Index is concentrated.</span></div> Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index and in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) (collectively “Depositary Receipts”) based on the securities in the Underlying Index. Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Equity Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the values of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">equity securities owned by the Fund may be more volatile </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and underperform other asset classes and the general securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> markets.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Mid and Small Cap Stock Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that stocks of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">mid-sized and smaller companies may be more volatile </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">than stocks of larger, more established companies, and may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">lack sufficient market liquidity. Mid-sized and small companies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may have limited product lines or financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">resources, may be dependent upon a particular niche of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market, or may be dependent upon a small or inexperienced</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> management group. Securities of smaller companies </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may trade less frequently and in lower volume than the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities of larger companies, which could lead to higher </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">transaction costs. Generally the smaller the company size, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the greater the risk.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Emerging Markets Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that emerging markets </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">are generally subject to greater market volatility, political, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">social and economic instability, uncertain trading markets </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and more governmental limitations on foreign investments </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">than more developed markets. In addition, companies </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">operating in emerging markets may be subject to lower </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">trading volumes and greater price volatility than companies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in more developed markets. Emerging market economies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may be based on only a few industries, may be highly </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">vulnerable to changes in local and global trade conditions, </span></div><div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and may suffer from extreme and volatile debt burdens or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">inflation rates. Companies in emerging market countries </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">generally may be subject to less stringent regulatory, disclosure,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> financial reporting, accounting, auditing and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">recordkeeping standards than companies in more developed</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> countries. As a result, information, including financial</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> information, about such companies may be less available</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and reliable, which can impede the Fund’s ability to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">evaluate such companies. Securities law and the enforcement</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of systems of taxation in many emerging market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">countries may change quickly and unpredictably, and the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ability to bring and enforce actions (including bankruptcy, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">confiscatory taxation, expropriation, nationalization of a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">company’s assets, restrictions on foreign ownership of local </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies, restrictions on withdrawing assets from the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">country, protectionist measures and practices such as share </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">blocking), or to obtain information needed to pursue or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">enforce such actions, may be limited. Investments in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">emerging market securities may be subject to additional </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">transaction costs, delays in settlement procedures, unexpected</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> market closures, and lack of timely information.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Foreign Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that investing in foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(non-U.S.) securities may result in the Fund experiencing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">more rapid and extreme changes in value than a fund that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invests exclusively in securities of U.S. companies, due to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">less liquid markets and adverse economic, political, diplomatic,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> financial, and regulatory factors. Foreign governments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may impose limitations on foreigners’ ownership of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interests in local issuers, restrictions on the ability to repatriate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> assets, and may also impose taxes. Any of these events </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">could cause the value of the Fund’s investments to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decline. Foreign banks, agents and securities depositories </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that hold the Fund’s foreign assets may be subject to little </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or no regulatory oversight over, or independent evaluation, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of their operations. Additional costs associated with investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in foreign securities may include higher custodial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">fees than those applicable to domestic custodial arrangements</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and transaction costs of foreign currency conversions.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Unless the Fund has hedged its foreign currency </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">exposure, foreign securities risk also involves the risk of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">negative foreign currency rate fluctuations, which may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">cause the value of securities denominated in such foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">currency (or other instruments through which the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">has exposure to foreign currencies) to decline in value. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Currency exchange rates may fluctuate significantly over </span></div><div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">short periods of time. Currency hedging strategies, if used, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">are not always successful. For instance, forward foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">currency exchange contracts, if used by the Fund, could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reduce performance if there are unanticipated changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">currency exchange rates.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Geographic Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that if the Fund invests a significant</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> portion of its total assets in certain issuers within </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the same country or geographic region, an adverse economic,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> business or political development affecting that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">country or region may affect the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> more, and the Fund’s investments may be more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">volatile, than if the Fund’s investments were not so concentrated</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in such country or region.</span></div>•China Investment Risk is the risk associated with investments in companies located or operating in China, such as nationalization, expropriation, or confiscation of property; lack of willingness or ability of the Chinese government to support the economies and markets of the Greater China region; and considerable degrees of economic, political and social instability. Despite prior economic and trade reforms and the prior expansion of private ownership of companies in certain sectors, the Chinese government still exercises substantial influence over many aspects of the private sector and may own or control many companies, including by embedding Chinese Communist Party or People's Armed Forces Department personnel in Chinese companies. In addition, the Chinese government continues to maintain a major role in economic policy making and may alter or discontinue economic or trade reforms at any time. Investors in Chinese markets generally experience difficulties in obtaining information necessary for audits of, investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgments due to a lack of publicly available information; and there are generally limited legal remedies for shareholders. Complex geopolitical tensions, internal social unrest or confrontations with other neighboring countries, including military conflicts may disrupt economic development in China and result in a greater risk of currency fluctuations, currency convertibility, interest rate fluctuations and higher rates of inflation. Export growth continues to be a major driver of China's rapid economic growth. As a result, a reduction in spending on Chinese products and services, supply chain diversification or the institution of additional tariffs or other trade barriers, includ<div style="line-height: 12.10pt; margin-left: 14.97pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; margin-left: 0.00pt;">ing as a result of heightened trade tensions between </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; margin-left: 0.00pt;">China and the U.S., or a downturn in any of the economies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; margin-left: 0.00pt;"> of China's key trading partners may have an </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; margin-left: 0.00pt;">adverse impact on the Chinese economy. Additionally, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; margin-left: 0.00pt;">the Public Company Accounting Oversight Board </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; margin-left: 0.00pt;">("PCAOB") has historically had difficulties inspecting </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; margin-left: 0.00pt;">audit work papers and practices of PCAOB-registered </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; margin-left: 0.00pt;">accounting firms in China with respect to their audit </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; margin-left: 0.00pt;">work of U.S. reporting companies. These difficulties </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; margin-left: 0.00pt;">may impose significant additional risks associated with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; margin-left: 0.00pt;">investments in China, including with respect to the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; margin-left: 0.00pt;">reliability of the audits and of the information about </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; margin-left: 0.00pt;">the Chinese securities or the potential delisting of a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; margin-left: 0.00pt;">U.S.-listed Chinese issuer due to an inability to inspect </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; margin-left: 0.00pt;">the issuer's accounting firm. Certain securities issued </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; margin-left: 0.00pt;">by companies located or operating in China, such as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; margin-left: 0.00pt;">China A-shares, are subject to trading restrictions and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; margin-left: 0.00pt;">suspensions, quota limitations and sudden changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; margin-left: 0.00pt;">those limitations, and operational, clearing and settlement</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; margin-left: 0.00pt;"> risks. In addition, actions by the U.S. government,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; margin-left: 0.00pt;"> such as delisting of certain Chinese companies </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; margin-left: 0.00pt;">from U.S. securities exchanges or otherwise restricting </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; margin-left: 0.00pt;">their operations in the U.S., may negatively impact the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; margin-left: 0.00pt;">value of such securities held by the Fund.</span></div>•Taiwan Investment Risk is the risk of investing in securities of Taiwanese issuers. Specifically, Taiwan’s geographic proximity and history of political contention with China have resulted in ongoing tensions between the two countries, which may materially affect the Taiwanese economy and its securities market. Investments in securities of Taiwanese companies are subject to Taiwan’s heavy dependence on exports. Reductions in spending on Taiwanese products and services, labor shortages, institution of tariffs or other trade barriers, or a downturn in any of the economies of Taiwan’s key trading partners, including the United States, may have an adverse impact on the Taiwanese economy and the values of Taiwanese companies.•South Korea Investment Risk is that risk that South Korean issuers in which the Fund invests may subject the Fund to legal, regulatory, political, currency, security, environmental and economic risks that are specific to South Korea. In addition, economic and political developments of South Korea's neighbors, including escalated tensions involving North Korea and any outbreak of hostilities involving North Korea, or even the threat of an outbreak of hostilities, may have a severe adverse effect on the South Korean economy. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Concentration Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that, if the Fund is concentrated</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in a particular industry or group of industries, the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund is likely to present more risks than a fund that is </span></div><div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">broadly diversified over several industries or groups of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industries. Compared to the broad market, an individual </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industry may be more strongly affected by changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">economic climate, broad market shifts, moves in a particular</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> dominant stock or regulatory changes.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Depositary Receipts Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Foreign securities may trade in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the form of depositary receipts. In addition to investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">risks associated with the underlying issuer, depositary </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">receipts may expose the Fund to additional risks associated </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">with non-uniform terms that apply to depositary receipt </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">programs, including credit exposure to the depository bank </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and to the sponsors and other parties with whom the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">depository bank establishes the programs, currency, political,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> economic, market risks and the risks of an illiquid market</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> for depositary receipts. Depositary receipts are generally </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">subject to the same risks as the foreign securities that they </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">evidence or into which they may be converted. Depositary </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">receipts may not track the price of the underlying foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities on which they are based, may have limited voting </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">rights, and may have a distribution subject to a fee charged </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">by the depository. As a result, equity shares of the underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> issuer may trade at a discount or premium to the market</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> price of the depositary receipts.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may increase or decrease in response to expected, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">real or perceived economic, political or financial events in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the U.S. or global markets. The frequency and magnitude </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of such changes in value cannot be predicted. Certain securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and other investments held by the Fund may experience</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> increased volatility, illiquidity, or other potentially </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adverse effects in response to changing market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">inflation, elevated levels of government debt, changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interest rates, lack of liquidity in the bond or equity markets,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or volatility in the equity markets. Market disruptions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">caused by local or regional events such as financial institution</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> failures, changes in trade regulation or economic sanctions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> internal unrest and discord, war, acts of terrorism, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the spread of infectious illness (including epidemics and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">pandemics) or other public health issues, recessions or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">other events or adverse investor sentiment could have a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">significant impact on the Fund and its investments. Such </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">events could result in the Fund’s shares trading at increased </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">premiums or discounts to the Fund’s NAV. During periods </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of market disruption or other abnormal market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s exposure to the risks described elsewhere in this </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">summary will likely increase.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Index Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund would not necessarily </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">buy or sell a security unless that security is added to or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">removed from, respectively, the Underlying Index, even if </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that security generally is underperforming, because unlike </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">many investment companies, the Fund does not utilize an </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing strategy that seeks returns in excess of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index. Additionally, the Fund rebalances and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitutes its portfolio in accordance with the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index, and, therefore, any changes to the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index’s rebalance and/or reconstitution schedule will result </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in corresponding changes to the Fund’s rebalance and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund’s performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may vary from the performance of the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index as a result of creation and redemption activity, transaction</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> costs, expenses and other factors. Market disruptions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> regulatory restrictions or other abnormal market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">conditions could have an adverse effect on the Fund's ability</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to adjust its exposure to required levels in order to track </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its Index or cause delays in the Underlying Index's rebalancing</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> schedule. During any such delay, it is possible that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index, and, in turn, the Fund will deviate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from the Underlying Index's stated methodology and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">therefore experience returns different than those that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">would have been achieved under a normal rebalancing or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Sampling Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the Fund’s use of a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sampling approach may not work as intended and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">result in increased tracking error because the securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">selected for the Fund in the aggregate may vary from the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investment profile of the Underlying Index. Additionally, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the use of a representative sampling approach may result in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund holding a smaller number of securities than the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index, and, as a result, an adverse development </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to an issuer of securities that the Fund holds could result in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a greater decline in NAV than would be the case if the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">held all of the securities in the Underlying Index.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Value Investing Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund’s investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in companies whose securities are believed to be undervalued,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> relative to their underlying profitability, will not </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">appreciate in value as anticipated.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Authorized Participant Concentration Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund may be adversely affected because it has a limited </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">number of institutions that act as authorized participants </span></div><div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(“Authorized Participants”). Only an Authorized Participant</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may engage in creation or redemption transactions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">directly with the Fund and none of those Authorized Participants</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is obligated to engage in creation and/or redemption</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> transactions. To the extent that these institutions exit </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the business or are unable or unwilling to proceed with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">creation and/or redemption orders with respect to the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund and no other Authorized Participant is able or willing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to step forward to create or redeem Creation Units (as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">defined below), Fund shares may trade at a discount to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NAV and possibly face trading halts and/or delisting. This </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">risk may be heightened because of its investments in non-U.S.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Calculation Methodology Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index’s calculation methodology or sources of information</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may not provide an accurate assessment of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">included issuers or correct valuation of securities, nor is the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">availability or timeliness of the production of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index guaranteed. A security included in the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index may not exhibit the characteristic or provide the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">specific exposure for which it was selected and consequently</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> a Fund's holdings may not exhibit returns consistent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> with that characteristic or exposure.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund faces because </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its shares are listed on a securities exchange, including the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">potential lack of an active market for Fund shares, losses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from trading in secondary markets, periods of high volatility</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and disruption in the creation/redemption process of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund. ANY OF THESE FACTORS MAY LEAD TO THE </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> TO NAV.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div><div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Trading in Fund shares may be halted due to market conditions</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or for reasons that, in the view of its listing exchange, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">make trading in the shares inadvisable. The market prices </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of Fund shares will generally fluctuate in accordance with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes in its NAV, changes in the relative supply of, and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">demand for, Fund shares, and changes in the liquidity, or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the perceived liquidity, of the Fund’s holdings.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Derivatives Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that derivatives may pose risks </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in addition to and greater than those associated with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing directly in securities, currencies and other instruments,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may be illiquid or less liquid, more volatile, more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">difficult to value and leveraged so that small changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of the underlying instrument may produce dispro</span></div><div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">portionate losses to the Fund. Derivatives are also subject </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to counterparty risk, which is the risk that the other party </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to the transaction will not perform its contractual obligations.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The use of derivatives is a highly specialized activity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that involves investment techniques and risks different </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from those associated with investments in more traditional </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities and instruments.</span></div>•Futures Contracts Risk is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.•Options Contracts Risk Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.•Forward Foreign Currency Contracts Risk is the risk that, if forward prices increase, a loss will occur to the extent that the agreed upon purchase price of the currency exceeds the price of the currency that was agreed to be sold. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Securities Lending Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund may lose </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">money because the borrower of the loaned securities fails </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to return the securities in a timely manner or at all. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund could also lose money in the event of a decline in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of collateral provided for loaned securities or a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decline in the value of any investments made with cash </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">collateral.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Valuation Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the sale price the Fund could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">receive for a portfolio security may differ from the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">valuation of the security, particularly for securities that </span></div><div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">trade in low volume or volatile markets or that are valued </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">using a fair value methodology. In addition, the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the securities in the Fund’s portfolio may change on days </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when shareholders will not be able to purchase or sell the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s shares.</span></div> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad-based securities market index and one or more style-specific indexes (reflecting the market segments in which the Fund invests), in that order. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting etfs.ntam.northerntrust.com.</span></div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad-based securities market index and one or more style-specific indexes (reflecting the market segments in which the Fund invests), in that order. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. etfs.ntam.northerntrust.com Calendar Year Total Returns <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">For the periods in the bar chart above:</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Best Quarter (12/31/2020): 22.97%</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Worst Quarter (3/31/2020): -27.43%</span></div> Best Quarter 2020-12-31 0.2297 Worst Quarter 2020-03-31 -0.2743 Average Annual Total Returns (for the periods ended December 31, 2025)  0.2957 0.0596 0.0777 0.2837 0.0503 0.0699 0.1824 0.0450 0.0617 0.3357 0.0420 0.0842 0.3138 0.0467 0.0837 0.2982 0.0688 0.0862 Reflects no deduction for fees, expenses or taxes. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. Northern Trust US Quality Large Cap ETF (formerly, FlexShares® US Quality Large Cap Index Fund) Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund seeks investment results that correspond generally</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to the price and yield performance, before fees and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">expenses, of the Northern Trust Quality Large Cap Index</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">SM</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(the “Underlying Index”).</span></div> Fees and Expenses of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">This table describes the fees and expenses that you may pay </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">if you buy, hold and sell shares of the Fund. Under the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s Investment Advisory Agreement, the Fund is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">responsible for the following expenses: interest expenses, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">brokerage commissions and other trading expenses, fees </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and expenses of the independent trustees and their independent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> legal counsel, taxes and other extraordinary costs </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">such as litigation and other expenses not incurred in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ordinary course of business. You will also incur usual and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">customary brokerage commissions and fees to financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">intermediaries when buying or selling shares of the Fund in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the secondary market, which are not reflected in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">example that follows:</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0025 0.0000 0.0001 0.0026 -0.0001 0.0025 March 1, 2027 Example <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The following Example is intended to help you compare </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the cost of investing in the Fund with the cost of investing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in other funds. The Example assumes that you invest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">$10,000 in the Fund for the time periods indicated and </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">then sell all of your shares at the end of those periods. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Example also assumes that your investment has a 5% </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">return each year and that the Fund’s operating expenses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">remain the same (taking into account the expense reimbursement</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> arrangement for one year). Although your </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">actual costs may be higher or lower, based on these </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">assumptions your costs would be:</span></div> 26 83 145 330 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 19% of the average value of its portfolio. 0.19 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index is designed to reflect the performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of a selection of companies that, in aggregate, possess</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> greater exposure to quality, value and momentum factors</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> relative to a universe of publicly-traded U.S. large-capitalization</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> equity securities. This universe (the “Eligible </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Universe”) is comprised of the 600 largest companies in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Northern Trust 1250 Index, a float-adjusted market-capitalization</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> weighted index of U.S. companies, as determined</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> by the Index Provider, at the time of reconstitution. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index is designed to maximize exposure to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the composite of factors (quality, value, and momentum) </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">while minimizing the overall risk of the Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">relative to the Eligible Universe.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">To derive the Underlying Index, NTI, acting in its capacity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">as index provider (the “Index Provider”), ranks all constituents</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of the Eligible Universe using a Northern Trust </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">proprietary blended multi-factor score. This score is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">designed to measure companies based on the quantitative </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">assessment of their respective (a) quality (i.e., a factor that </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">seeks to identify companies that exhibit financial strength </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and stability relative to the Eligible Universe); (b) value </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(i.e., a factor reflecting the current worth a company relative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to its own historical value, book value or valuation </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">versus peers); and (c) momentum (i.e., a factor that reflects </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market sentiment and changes in security price over a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">given time period). The Index Provider then uses an optimization</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> process to select and weight eligible securities in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">order to maximize the overall blended multi-factor score </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">relative to the Eligible Universe and to manage systematic </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">risk utilizing several constraints. The optimization also </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">includes sector, industry, single-security weight, beta (i.e. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market sensitivity, relative to the Eligible Universe), liquidity,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> constituent and turnover constraints so that these index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">characteristics vary within acceptable bands relative to the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Eligible Universe. The Underlying Index is reconstituted on </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a quarterly basis. The Fund generally reconstitutes its portfolio</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in accordance with the Underlying Index. As of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">December 31, 2025, the Underlying Index was comprised </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of 170 securities with a market capitalization ranging from </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">$12.4 billion to $4.5 trillion.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses a “passive” or indexing approach to try to achieve </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s investment objective. Unlike many investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies, the Fund does not try to “beat” the index it </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">tracks and does not seek temporary defensive positions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when markets decline or appear overvalued.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses a representative sampling strategy to manage the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund. “Representative sampling” is investing in a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sample of securities that collectively has an investment</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> profile similar to the Underlying Index. The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may or may not hold all of the securities that are included </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in the Underlying Index. The Fund reserves the right to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invest in substantially all of the securities in its Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index in approximately the same proportions (i.e., replication)</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> if NTI determines that it is in the best interest of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund generally will invest under normal circumstances</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> at least 80% of its total assets (exclusive of collateral held</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> from securities lending) in the securities of its Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index. The Fund may also invest up to 20% of its assets in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">cash and cash equivalents, including shares of money market</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> funds advised by NTI or its affiliates, futures contracts </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and options on futures, as well as securities not included in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index, but which NTI believes will help the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund track its Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index is created and sponsored by NTI, as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Index Provider. NTI also serves as the investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adviser to the Fund. The Index Provider determines the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">composition and relative weightings of the securities in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index and publishes information regarding the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market value of the Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund may lend securities representing up to one-third </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the value of the Fund’s total assets (including the value </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the collateral received).</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The Fund will concentrate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its investments (i.e., hold 25% or more of its total assets) in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a particular industry or group of industries to approximately</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> the same extent that the Underlying Index is concentrated.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> As of December 31, 2025, the Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">was concentrated in the Information Technology sector. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The components of the Underlying Index, and the degree </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to which these components represent certain industries or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">sectors, may change over time.</span></div> The Fund generally will invest under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of its Underlying Index. Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. As of December 31, 2025, the Underlying Index was concentrated in the Information Technology sector. The components of the Underlying Index, and the degree to which these components represent certain industries or sectors, may change over time. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Equity Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the values of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">equity securities owned by the Fund may be more volatile </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and underperform other asset classes and the general securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> markets.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Concentration Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that, if the Fund is concentrated</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in a particular industry or group of industries, the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund is likely to present more risks than a fund that is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">broadly diversified over several industries or groups of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industries. Compared to the broad market, an individual </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industry may be more strongly affected by changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">economic climate, broad market shifts, moves in a particular</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> dominant stock or regulatory changes.</span></div> •Information Technology Sector Risk is the risk that securities of technology companies may be subject to greater price volatility than securities of companies inother sectors. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. Technology securities also may be affected adversely by changes in technology, consumer and business purchasing patterns, government scrutiny or regulation, legal action and/or obsolete products or services. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may increase or decrease in response to expected, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">real or perceived economic, political or financial events in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the U.S. or global markets. The frequency and magnitude </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of such changes in value cannot be predicted. Certain securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and other investments held by the Fund may experience</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> increased volatility, illiquidity, or other potentially </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adverse effects in response to changing market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">inflation, elevated levels of government debt, changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interest rates, lack of liquidity in the bond or equity markets,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or volatility in the equity markets. Market disruptions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">caused by local or regional events such as financial institution</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> failures, changes in trade regulation or economic sanctions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> internal unrest and discord, war, acts of terrorism, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the spread of infectious illness (including epidemics and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">pandemics) or other public health issues, recessions or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">other events or adverse investor sentiment could have a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">significant impact on the Fund and its investments. Such </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">events could result in the Fund’s shares trading at increased </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">premiums or discounts to the Fund’s NAV. During periods </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of market disruption or other abnormal market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s exposure to the risks described elsewhere in this </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">summary will likely increase.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Index Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund would not necessarily </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">buy or sell a security unless that security is added to or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">removed from, respectively, the Underlying Index, even if </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that security generally is underperforming, because unlike </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">many investment companies, the Fund does not utilize an </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing strategy that seeks returns in excess of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index. Additionally, the Fund rebalances and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitutes its portfolio in accordance with the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index, and, therefore, any changes to the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index’s rebalance and/or reconstitution schedule will result </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in corresponding changes to the Fund’s rebalance and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund’s performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may vary from the performance of the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index as a result of creation and redemption activity, trans</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">action costs, expenses and other factors. Market disruptions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> regulatory restrictions or other abnormal market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">conditions could have an adverse effect on the Fund's ability</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to adjust its exposure to required levels in order to track </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its Underlying Index or cause delays in the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index's rebalancing schedule. During any such delay, it is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">possible that the Underlying Index, and, in turn, the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">will deviate from the Underlying Index's stated methodology</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and therefore experience returns different than those </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that would have been achieved under a normal rebalancing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Sampling Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the Fund’s use of a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sampling approach may not work as intended and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">result in increased tracking error because the securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">selected for the Fund in the aggregate may vary from the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investment profile of the Underlying Index. Additionally, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the use of a representative sampling approach may result in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund holding a smaller number of securities than the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index, and, as a result, an adverse development </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to an issuer of securities that the Fund holds could result in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a greater decline in NAV than would be the case if the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">held all of the securities in the Underlying Index.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Momentum Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that securities that have had </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">positive momentum compared to other securities may be </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">more volatile than a broad cross-section of securities or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that returns on securities that have previously exhibited </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">positive momentum are less than returns on other securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or the overall stock market. Momentum can turn </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">quickly and cause significant variation from other types of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investments.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Value Investing Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund’s investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in companies whose securities are believed to be undervalued,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> relative to their underlying profitability, will not </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">appreciate in value as anticipated.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Quality Factor Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the past performance of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies that have exhibited quality characteristics does </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">not continue or the returns on securities issued by such </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies may be less than returns from other styles of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing or the overall stock market. There may be periods </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when quality investing is out of favor and during which </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">time the Fund's performance may suffer.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Authorized Participant Concentration Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund may be adversely affected because it has a limited </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">number of institutions that act as authorized participants </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(“Authorized Participants”). Only an Authorized </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Participant</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may engage in creation or redemption transactions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">directly with the Fund and none of those Authorized Participants</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is obligated to engage in creation and/or redemption</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> transactions. To the extent that these institutions exit </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the business or are unable or unwilling to proceed with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">creation and/or redemption orders with respect to the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund and no other Authorized Participant is able or willing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to step forward to create or redeem Creation Units (as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">defined below), Fund shares may trade at a discount to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NAV and possibly face trading halts and/or delisting.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Calculation Methodology Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index’s calculation methodology or sources of information</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may not provide an accurate assessment of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">included issuers or correct valuation of securities, nor is the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">availability or timeliness of the production of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index guaranteed. A security included in the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index may not exhibit the characteristic or provide the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">specific exposure for which it was selected and consequently</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> a Fund's holdings may not exhibit returns consistent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> with that characteristic or exposure.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund faces because </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its shares are listed on a securities exchange, including the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">potential lack of an active market for Fund shares, losses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from trading in secondary markets, periods of high volatility</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and disruption in the creation/redemption process of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund. ANY OF THESE FACTORS MAY LEAD TO THE </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> TO NAV.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Trading in Fund shares may be halted due to market conditions</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or for reasons that, in the view of its listing exchange, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">make trading in the shares inadvisable. The market prices </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of Fund shares will generally fluctuate in accordance with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes in its NAV, changes in the relative supply of, and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">demand for, Fund shares, and changes in the liquidity, or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the perceived liquidity, of the Fund’s holdings.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Derivatives Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that derivatives may pose risks </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in addition to and greater than those associated with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing directly in securities, currencies and other instruments,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may be illiquid or less liquid, more volatile, more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">difficult to value and leveraged so that small changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of the underlying instrument may produce disproportionate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> losses to the Fund. Derivatives are also subject </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to counterparty risk, which is the risk that the other party </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to the transaction will not perform its contractual obligations.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The use of derivatives is a highly specialized activity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that involves investment techniques and risks different </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from those associated with investments in more traditional </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities and instruments.</span></div> •Futures Contracts Risk is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.•Options Contracts Risk Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Securities Lending Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund may lose </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">money because the borrower of the loaned securities fails </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to return the securities in a timely manner or at all. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund could also lose money in the event of a decline in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of collateral provided for loaned securities or a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decline in the value of any investments made with cash </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">collateral.</span></div> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indica</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">tion of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad-based securities market index and one or more style-specific indexes (reflecting the market segments in which the Fund invests), in that order. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting etfs.ntam.northerntrust.com.</span></div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad-based securities market index and one or more style-specific indexes (reflecting the market segments in which the Fund invests), in that order. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. etfs.ntam.northerntrust.com Calendar Year Total Returns <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">For the periods in the bar chart above:</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Best Quarter (6/30/2020): 20.80%</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Worst Quarter (3/31/2020): -21.73%</span></div> Best Quarter 2020-06-30 0.2080 Worst Quarter 2020-03-31 -0.2173 Average Annual Total Returns (for the periods ended December 31, 2025)  0.2327 0.1591 0.1371 0.2296 0.1558 0.1332 0.1395 0.1278 0.1140 0.1788 0.1443 0.1482 0.2366 0.1628 0.1405 Reflects no deduction for fees, expenses or taxes. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retire</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ment plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. Northern Trust STOXX® US ESG Select ETF (formerly, FlexShares® STOXX® US ESG Select Index Fund) Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund seeks investment results that correspond generally</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to the price and yield performance, before fees and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">expenses, of the STOXX</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> USA ESG Select KPIs Index</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">SM</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(the “Underlying Index”).</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> Fees and Expenses of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">This table describes the fees and expenses that you may pay </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">if you buy, hold and sell shares of the Fund. Under the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s Investment Advisory Agreement, the Fund is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">responsible for the following expenses: interest expenses, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">brokerage commissions and other trading expenses, fees </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and expenses of the independent trustees and their independent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> legal counsel, taxes and other extraordinary costs </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">such as litigation and other expenses not incurred in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ordinary course of business. You will also incur usual and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">customary brokerage commissions and fees to financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">intermediaries when buying or selling shares of the Fund in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the secondary market, which are not reflected in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">example that follows:</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0032 0.0000 0.0001 0.0033 -0.0001 0.0032 March 1, 2027 Example <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The following Example is intended to help you compare </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the cost of investing in the Fund with the cost of investing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in other funds. The Example assumes that you invest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">$10,000 in the Fund for the time periods indicated and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">then sell all of your shares at the end of those periods. The </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Example also assumes that your investment has a 5% </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">return each year and that the Fund’s operating expenses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">remain the same (taking into account the expense reimbursement</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> arrangement for one year). Although your </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">actual costs may be higher or lower, based on these </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">assumptions your costs would be:</span></div> 33 105 184 417 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 25% of the average value of its portfolio. 0.25 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index is designed to reflect the performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of a selection of companies that, in aggregate, score </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">better with respect to a set of environmental, social and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">governance (“ESG”) key performance indicators (“KPIs”) </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">relative to the U.S. companies in the STOXX</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Global 1800 </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index (the “Parent Index”), a float-adjusted market-capitalization</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> weighted index of companies incorporated in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the U.S. and in developed international markets. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index seeks to display enhanced ESG and risk-return</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> characteristics relative to the broad U.S. large-cap </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">equity market by featuring ESG-related KPIs as determined </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">by STOXX Ltd. (the “Index Provider”).</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">To derive the Underlying Index, the Index Provider eliminates</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> all non-U.S. companies from the Parent Index. From </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Parent Index, the Index Provider also eliminates companies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> that are non-compliant based on Sustainalytics </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Global Standards Screening assessment or have certain levels</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of involvement with the following products, services, or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industries: (i) controversial weapons, (ii) small arms, (iii) </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">military contracting, (iv) unconventional oil &amp; gas, (v) </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">thermal coal, (vi) tobacco, and (vii) private prisons. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index Provider also eliminates companies based on </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">customer</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> incidents controversy ratings. For each remaining </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">company, the KPIs are determined and standardized by </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industry, and an aggregate ESG score is calculated. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies with an ESG score lower than the median ESG </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">score within each industry are then dropped from the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index. The weights of the remaining constituents</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> are then adjusted so that higher scoring ESG companies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> are assigned greater weights compared to the Parent </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index. The maximum weight that can be assigned to a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">single company is limited to 5% at the time of each index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">rebalancing or reconstitution. As of December 31, 2025, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index consisted of 255 U.S. companies with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market capitalizations ranging from $11.2 billion to $4.5 </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">trillion. The Underlying Index is reviewed on a quarterly </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">basis. The Fund generally reconstitutes or rebalances its </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">portfolio in accordance with the Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses a “passive” or indexing approach to try to achieve </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s investment objective. Unlike many investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies, the Fund does not try to “beat” the index it </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">tracks and does not seek temporary defensive positions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when markets decline or appear overvalued.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses a representative sampling strategy to manage the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund. “Representative sampling” is investing in a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sample of securities that collectively has an investment</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> profile similar to the Underlying Index. The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may or may not hold all of the securities that are included </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in the Underlying Index. The Fund reserves the right to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invest in substantially all of the securities in its Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index in approximately the same proportions (i.e., replication)</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> if NTI determines that it is in the best interest of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Under normal circumstances, the Fund will invest at least </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">80% of its total assets (exclusive of collateral held from </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities lending) in the securities of the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index. The Fund may also invest up to 20% of its assets in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">cash and cash equivalents, including shares of money market</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> funds advised by NTI or its affiliates, futures contracts </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and options on futures contracts, as well as securities not </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">included in the Underlying Index, but which NTI believes </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">will help the Fund track its Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index is sponsored by the Index Provider, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">an organization that is independent of the Fund and NTI. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Index Provider determines the composition and rela</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">tive weightings of the securities in the Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and publishes information regarding the market value of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund may lend securities representing up to one-third </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the value of the Fund’s total assets (including the value </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the collateral received).</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The Fund will concentrate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its investments (i.e., hold 25% or more of its total assets) in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a particular industry or group of industries to approximately</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> the same extent that the Underlying Index is concentrated.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> As of December 31, 2025, the Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">was concentrated in the Information Technology sector. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The components of the Underlying Index, and the degree </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to which these components represent certain industries or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">sectors, may change over time.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> 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. Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. As of December 31, 2025, the Underlying Index was concentrated in the Information Technology sector. The components of the Underlying Index, and the degree to which these components represent certain industries or sectors, may change over time. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">ESG Investment Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that because the Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Provider includes and excludes issuers and assigns weights </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to issuers in the Underlying Index by applying nonfinancial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">factors, the Fund may underperform the broader equity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market or other funds that do or do not use ESG factors, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">scores, or screens in their securities selection process, or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">use a different ESG methodology. The ESG methodology of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index will affect the Fund’s exposure to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">certain companies and sectors and may adversely affect the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s performance depending on whether such companies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and sectors are in or out of favor. Although the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index is designed to measure a portfolio of companies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> with certain ESG characteristics, there is no assurance </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that every security in the Underlying Index or Fund will </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">have ESG characteristics or that companies that have historically</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> exhibited such characteristics will continue to </span></div><div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">exhibit such characteristics. There is also the risk that the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund may have indirect exposure to companies that have </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">been excluded from the Underlying Index through its use </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of certain derivative instruments.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div><div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Currently, there is a lack of common industry standards </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">relating to the development and application of ESG criteria,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> which may make it difficult to compare the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">principal investment strategies with the investment strategies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of other funds that integrate certain ESG criteria. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">subjective value that investors may assign to certain types </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of ESG characteristics may differ substantially from that of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the assessment by the Index Provider or a data provider. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Investors can differ in their views of what constitutes positive</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or negative ESG characteristics. As a result, the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may invest in companies that do not reflect the beliefs and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">values of any particular investor. A company included in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index may not exhibit positive or favorable </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ESG characteristics. The companies selected by the Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Provider as demonstrating certain ESG characteristics may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">not be the same companies selected by other index providers</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or investment managers as exhibiting those characteristics.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div><div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Index Provider relies on various sources of information</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> regarding an issuer, including information that may be </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">based on assumptions and estimates. ESG information </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from third-party data providers may be incomplete, inaccurate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or unavailable. Neither the Fund nor NTI can offer </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">assurances that the Underlying Index’s methodology or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">sources of information will provide an accurate assessment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the issuers of the securities included in the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index. The Index Provider uses third-party </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">data that it believes to be reliable, but it does not guarantee </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the accuracy of such third-party data. Data can vary across </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">providers or within industries. ESG standards differ by </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">region and industry, and a company’s ESG practices or the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index Provider’s or data providers’ assessment of a company’s</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> ESG practices may change over time. Regulatory </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes or interpretations regarding the definitions and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">use of ESG criteria could have a material adverse effect on </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s ability to invest in accordance with its investment</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> policies and/or achieve its investment objective.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Equity Securities Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the values of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">equity securities owned by the Fund may be more volatile </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and underperform other asset classes and the general securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> markets.</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Mid Cap Stock Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that stocks of mid-sized </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies may be subject to more abrupt or erratic market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">movements than stocks of larger, more established companies,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and may lack sufficient market liquidity. Mid-sized </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies may have limited product lines or financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">resources, and may be dependent upon a particular niche </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the market, or may be dependent upon a small or inexperienced</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> management group. Securities of smaller companies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may trade less frequently and in lower volume than </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the securities of larger companies, which could lead to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">higher transaction costs. Generally the smaller the company</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> size, the greater the risk.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Concentration Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that, if the Fund is concentrated</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in a particular industry or group of industries, the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund is likely to present more risks than a fund that is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">broadly diversified over several industries or groups of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industries. Compared to the broad market, an individual </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industry may be more strongly affected by changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">economic climate, broad market shifts, moves in a particular</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> dominant stock or regulatory changes.</span></div>•Information Technology Sector Risk is the risk that securities of technology companies may be subject to greater price volatility than securities of companies in other sectors. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. Technology securities also may be affected adversely by changes in technology, consumer and business purchasing patterns, government scrutiny or regulation, legal action and/or obsolete products or services. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may increase or decrease in response to expected, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">real or perceived economic, political or financial events in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the U.S. or global markets. The frequency and magnitude </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of such changes in value cannot be predicted. Certain securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and other investments held by the Fund may experience</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> increased volatility, illiquidity, or other potentially </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adverse effects in response to changing market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">inflation, elevated levels of government debt, changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interest rates, lack of liquidity in the bond or equity markets,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or volatility in the equity markets. Market disruptions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">caused by local or regional events such as financial institution</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> failures, changes in trade regulation or economic sanctions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> internal unrest and discord, war, acts of terrorism, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the spread of infectious illness (including epidemics and </span></div><div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">pandemics) or other public health issues, recessions or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">other events or adverse investor sentiment could have a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">significant impact on the Fund and its investments. Such </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">events could result in the Fund’s shares trading at increased </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">premiums or discounts to the Fund’s NAV. During periods </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of market disruption or other abnormal market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s exposure to the risks described elsewhere in this </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">summary will likely increase.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Index Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund would not necessarily </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">buy or sell a security unless that security is added to or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">removed from, respectively, the Underlying Index, even if </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that security generally is underperforming, because unlike </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">many investment companies, the Fund does not utilize an </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing strategy that seeks returns in excess of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index. Additionally, the Fund rebalances and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitutes its portfolio in accordance with the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index, and, therefore, any changes to the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index’s rebalance and/or reconstitution schedule will result </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in corresponding changes to the Fund’s rebalance and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund’s performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may vary from the performance of the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index as a result of creation and redemption activity, transaction</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> costs, expenses and other factors. Market disruptions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> regulatory restrictions or other abnormal market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">conditions could have an adverse effect on the Fund's ability</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to adjust its exposure to required levels in order to track </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its Index or cause delays in the Underlying Index's rebalancing</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> schedule. During any such delay, it is possible that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index, and, in turn, the Fund will deviate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from the Underlying Index's stated methodology and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">therefore experience returns different than those that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">would have been achieved under a normal rebalancing or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Sampling Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the Fund’s use of a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sampling approach may not work as intended and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">result in increased tracking error because the securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">selected for the Fund in the aggregate may vary from the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investment profile of the Underlying Index. Additionally, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the use of a representative sampling approach may result in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund holding a smaller number of securities than the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index, and, as a result, an adverse development </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to an issuer of securities that the Fund holds could result in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a greater decline in NAV than would be the case if the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">held all of the securities in the Underlying Index.</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Authorized Participant Concentration Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund may be adversely affected because it has a limited </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">number of institutions that act as authorized participants </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(“Authorized Participants”). Only an Authorized Participant</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may engage in creation or redemption transactions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">directly with the Fund and none of those Authorized Participants</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is obligated to engage in creation and/or redemption</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> transactions. To the extent that these institutions exit </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the business or are unable or unwilling to proceed with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">creation and/or redemption orders with respect to the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund and no other Authorized Participant is able or willing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to step forward to create or redeem Creation Units (as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">defined below), Fund shares may trade at a discount to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NAV and possibly face trading halts and/or delisting.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Calculation Methodology Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index’s calculation methodology or sources of information</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may not provide an accurate assessment of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">included issuers or correct valuation of securities, nor is the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">availability or timeliness of the production of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index guaranteed. A security included in the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index may not exhibit the characteristic or provide the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">specific exposure for which it was selected and consequently</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> a Fund's holdings may not exhibit returns consistent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> with that characteristic or exposure.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund faces because </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its shares are listed on a securities exchange, including the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">potential lack of an active market for Fund shares, losses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from trading in secondary markets, periods of high volatility</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and disruption in the creation/redemption process of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund. ANY OF THESE FACTORS MAY LEAD TO THE </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> TO NAV.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div><div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Trading in Fund shares may be halted due to market conditions</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or for reasons that, in the view of its listing exchange, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">make trading in the shares inadvisable. The market prices </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of Fund shares will generally fluctuate in accordance with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes in its NAV, changes in the relative supply of, and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">demand for, Fund shares, and changes in the liquidity, or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the perceived liquidity, of the Fund’s holdings.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Derivatives Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that derivatives may pose risks </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in addition to and greater than those associated with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing directly in securities, currencies and other instruments,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may be illiquid or less liquid, more volatile, more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">difficult to value and leveraged so that small changes in the </span></div><div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of the underlying instrument may produce disproportionate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> losses to the Fund. Derivatives are also subject </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to counterparty risk, which is the risk that the other party </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to the transaction will not perform its contractual obligations.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The use of derivatives is a highly specialized activity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that involves investment techniques and risks different </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from those associated with investments in more traditional </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities and instruments.</span></div>•Futures Contracts Risk is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.•Options Contracts Risk Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Securities Lending Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund may lose </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">money because the borrower of the loaned securities fails </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to return the securities in a timely manner or at all. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund could also lose money in the event of a decline in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of collateral provided for loaned securities or a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decline in the value of any investments made with cash </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">collateral.</span></div> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad-based securities market index and one or more style-specific indexes (reflecting the market segments in which the Fund invests), in that order. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting etfs.ntam.northerntrust.com.</span></div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad-based securities market index and one or more style-specific indexes (reflecting the market segments in which the Fund invests), in that order. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. etfs.ntam.northerntrust.com Calendar Year Total Returns <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">For the periods in the bar chart above:</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Best Quarter (6/30/2020): 21.11%</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Worst Quarter (3/31/2020): -19.00%</span></div> Best Quarter 2020-06-30 0.2111 Worst Quarter 2020-03-31 -0.1900 Average Annual Total Returns (for the periods ended December 31, 2025)  0.1588 0.1292 0.1454 2016-07-13 0.1560 0.1260 0.1415 0.0958 0.1028 0.1211 0.1580 0.1281 0.1416 0.1737 0.1359 0.1470 Reflects no deduction for fees, expenses or taxes. <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. Northern Trust STOXX® Global ESG Select ETF (formerly, FlexShares® STOXX® Global ESG Select Index Fund) Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund seeks investment results that correspond generally</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to the price and yield performance, before fees and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">expenses, of the STOXX</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Global ESG Select KPIs Index</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">SM</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(the “Underlying Index”).</span></div> Fees and Expenses of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">This table describes the fees and expenses that you may pay </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">if you buy, hold and sell shares of the Fund. Under the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s Investment Advisory Agreement, the Fund is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">responsible for the following expenses: interest expenses, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">brokerage commissions and other trading expenses, fees </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and expenses of the independent trustees and their independent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> legal counsel, taxes and other extraordinary costs </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">such as litigation and other expenses not incurred in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ordinary course of business. You will also incur usual and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">customary brokerage commissions and fees to financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">intermediaries when buying or selling shares of the Fund in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the secondary market, which are not reflected in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">example that follows:</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0042 0.0000 0.0003 0.0045 -0.0003 0.0042 March 1, 2027 Example <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The following Example is intended to help you compare </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the cost of investing in the Fund with the cost of investing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in other funds. The Example assumes that you invest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">$10,000 in the Fund for the time periods indicated and </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">then sell all of your shares at the end of those periods. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Example also assumes that your investment has a 5% </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">return each year and that the Fund’s operating expenses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">remain the same (taking into account the expense reimbursement</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> arrangement for one year). Although your </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">actual costs may be higher or lower, based on these </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">assumptions your costs would be:</span></div> 43 141 249 564 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 47% of the average value of its portfolio. 0.47 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index is designed to reflect the performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of a selection of companies that, in aggregate, score </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">better with respect to a set of environmental, social and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">governance (“ESG”) key performance indicators (“KPIs”) </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">relative to the STOXX</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Global 1800 Index (the “Parent </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index”), a float-adjusted market-capitalization weighted </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">index of companies incorporated in the U.S. and in developed</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> international markets. The Underlying Index seeks to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">display enhanced ESG and risk-return characteristics relative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to the Parent Index by featuring ESG-related KPIs, as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">determined by STOXX Ltd. (the “Index Provider”).</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">To derive the Underlying Index, the Index Provider eliminates</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> companies that are non-compliant based on </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Sustainalytics Global Standards Screening assessment or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">have certain levels of involvement with the following products,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> services, or industries: (i) controversial weapons, (ii) </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">small arms, (iii) military contracting, (iv) unconventional </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">oil &amp; gas, (v) thermal coal, (vi) tobacco, and (vii) private </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">prisons. The Index Provider also eliminates companies </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">based on customer incidents controversy ratings. For each </span></div> <div style="line-height: 12.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">remaining company, the KPIs are determined and standardized</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> by industry, and an aggregate ESG score is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">calculated</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">. The companies with an ESG score lower than the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">median ESG score within each industry are then dropped </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from the Underlying Index. The weights of the remaining </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">constituents are then adjusted so that higher scoring ESG </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies are assigned greater weights compared to the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Parent Index. Component weightings may also be adjusted </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to ensure that the weight representation of each country in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index does not vary from that in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">STOXX</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Global 1800 Index by more than +/-1 percentage </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">point and that the weight of a single company is limited to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">5% at the time of each index rebalancing or reconstitution. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">As of December 31, 2025, the Underlying Index consisted </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of 856 companies with market capitalizations ranging from </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">$1.9 billion to $4.5 trillion. The Underlying Index is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reviewed on a quarterly basis. The Fund generally reconstitutes</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or rebalances its portfolio in accordance with the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 12.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses a “passive” or indexing approach to try to achieve </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s investment objective. Unlike many investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies, the Fund does not try to “beat” the index it </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">tracks and does not seek temporary defensive positions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when markets decline or appear overvalued.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses a representative sampling strategy to manage the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund. “Representative sampling” is investing in a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sample of securities that collectively has an investment</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> profile similar to the Underlying Index. The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may or may not hold all of the securities that are included </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in the Underlying Index. The Fund reserves the right to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invest in substantially all of the securities in its Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index in approximately the same proportions (i.e., replication)</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> if NTI determines that it is in the best interest of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Under normal circumstances, the Fund will invest at least</span> <span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">80% of its total assets (exclusive of collateral held from </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities lending) in the securities of the Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and in American Depositary Receipts (“ADRs”) and Global </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Depositary Receipts (“GDRs”) (collectively “Depositary </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Receipts”) based on the securities in the Underlying Index. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund may also invest up to 20% of its assets in cash </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and cash equivalents, including shares of money market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">funds advised by NTI or its affiliates, futures contracts, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">options on futures contracts and forward currency contracts,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> as well as securities not included in the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index, but which NTI believes will help the Fund track its </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index. The Fund may enter into forward foreign</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> currency exchange contracts in order to facilitate local </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">settlements or to protect against currency exposure in connection</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> with their distributions to shareholders. The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">does not expect to engage in currency transactions for </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">speculative purposes or for purposes of hedging against </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">declines in the value of its assets that are denominated in a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">foreign currency.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index is sponsored by the Index Provider, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">an organization that is independent of the Fund and NTI. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Index Provider determines the composition and relative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> weightings of the securities in the Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and publishes information regarding the market value of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund may lend securities representing up to one-third </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the value of the Fund’s total assets (including the value </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the collateral received).</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">From time to time the Fund may focus its investments (</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-style: italic;">i.e.,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invest more than 15% of its total assets) in one or more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">particular countries or geographic regions. As of December</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> 31, 2025, the Fund focused its investments in the U.S.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The Fund will concentrate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its investments (i.e., hold 25% or more of its total assets) in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a particular industry or group of industries to approximately</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> the same extent that the Underlying Index is concentrated.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> As of December 31, 2025, the Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">was concentrated in the Information Technology sector. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The components of the Underlying Index, and the degree </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to which these components represent certain industries or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">sectors, may change over time.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> Under normal circumstances, the Fund will invest at least80% of its total assets (exclusive of collateral held fromsecurities lending) in the securities of the Underlying Indexand in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) (collectively “Depositary Receipts”) based on the securities in the Underlying Index. Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. As of December 31, 2025, the Underlying Index was concentrated in the Information Technology sector. The components of the Underlying Index, and the degree to which these components represent certain industries or sectors, may change over time. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">ESG Investment Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that because the Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Provider includes and excludes issuers and assigns weights </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to issuers in the Underlying Index by applying nonfinancial </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">factors, the Fund may underperform the broader equity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market or other funds that do or do not use ESG factors, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">scores, or screens in their securities selection process, or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">use a different ESG methodology. The ESG methodology of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index will affect the Fund’s exposure to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">certain companies and sectors and may adversely affect the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s performance depending on whether such companies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and sectors are in or out of favor. Although the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index is designed to measure a portfolio of companies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> with certain ESG characteristics, there is no assurance </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that every security in the Underlying Index or Fund will </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">have ESG characteristics or that companies that have historically</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> exhibited such characteristics will continue to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">exhibit such characteristics. There is also the risk that the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund may have indirect exposure to companies that have </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">been excluded from the Underlying Index through its use </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of certain derivative instruments.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Currently, there is a lack of common industry standards </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">relating to the development and application of ESG criteria,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> which may make it difficult to compare the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">principal investment strategies with the investment strategies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of other funds that integrate certain ESG criteria. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">subjective value that investors may assign to certain types </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of ESG characteristics may differ substantially from that of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the assessment by the Index Provider or a data provider. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Investors can differ in their views of what constitutes positive</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or negative ESG characteristics. As a result, the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may invest in companies that do not reflect the beliefs and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">values of any particular investor. A company included in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index may not exhibit positive or favorable </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ESG characteristics. The companies selected by the Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Provider as demonstrating certain ESG characteristics may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">not be the same companies selected by other index providers</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or investment managers as exhibiting those characteristics.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Index Provider relies on various sources of information</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> regarding an issuer, including information that may be </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">based on assumptions and estimates. ESG information </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from third-party data providers may be incomplete, inaccurate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or unavailable. Neither the Fund nor NTI can offer </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">assurances that the Underlying Index’s methodology or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">sources of information will provide an accurate assessment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the issuers of the securities included in the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index. The Index Provider uses third-party </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">data that it believes to be reliable, but it does not guarantee </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the accuracy of such third-party data. Data can vary across </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">providers or within industries. ESG standards differ by </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">region and industry, and a company’s ESG practices or the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index Provider’s or data providers’ assessment of a company’s</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> ESG practices may change over time. Regulatory </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes or interpretations regarding the definitions and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">use of ESG criteria could have a material adverse effect on </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s ability to invest in accordance with its investment</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> policies and/or achieve its investment objective.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Equity Securities Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the values of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">equity securities owned by the Fund may be more volatile </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and underperform other asset classes and the general securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> markets.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Mid Cap Stock Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that stocks of mid-sized </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies may be subject to more abrupt or erratic market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">movements than stocks of larger, more established companies,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and may lack sufficient market liquidity. Mid-sized </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies may have limited product lines or financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">resources, and may be dependent upon a particular niche </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the market, or may be dependent upon a small or inexperienced</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> management group. Securities of smaller companies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may trade less frequently and in lower volume than </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the securities of larger companies, which could lead to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">higher transaction costs. Generally the smaller the company</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> size, the greater the risk.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Depositary Receipts Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Foreign securities may trade in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the form of depositary receipts. In addition to investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">risks associated with the underlying issuer, depositary </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">receipts may expose the Fund to additional risks associated </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">with non-uniform terms that apply to depositary receipt </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">programs, including credit exposure to the depository bank </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and to the sponsors and other parties with whom the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">depository bank establishes the programs, currency, political,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> economic, market risks and the risks of an illiquid market</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> for depositary receipts. Depositary receipts are generally </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">subject to the same risks as the foreign securities that they </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">evidence or into which they may be converted. Depositary </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">receipts may not track the price of the underlying foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities on which they are based, may have limited voting </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">rights, and may have a distribution subject to a fee charged </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">by the depository. As a result, equity shares of the underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> issuer may trade at a discount or premium to the market</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> price of the depositary receipts.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Foreign Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that investing in foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(non-U.S.) securities may result in the Fund experiencing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">more rapid and extreme changes in value than a fund that </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invests exclusively in securities of U.S. companies, due to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">less liquid markets and adverse economic, political, diplomatic,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> financial, and regulatory factors. Foreign governments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may impose limitations on foreigners’ ownership of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interests in local issuers, restrictions on the ability to repatriate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> assets, and may also impose taxes. Any of these events </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">could cause the value of the Fund’s investments to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decline. Foreign banks, agents and securities depositories </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that hold the Fund’s foreign assets may be subject to little </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or no regulatory oversight over, or independent evaluation, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of their operations. Additional costs associated with investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in foreign securities may include higher custodial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">fees than those applicable to domestic custodial arrangements</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and transaction costs of foreign currency conversions.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Unless the Fund has hedged its foreign currency </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">exposure, foreign securities risk also involves the risk of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">negative foreign currency rate fluctuations, which may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">cause the value of securities denominated in such foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">currency (or other instruments through which the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">has exposure to foreign currencies) to decline in value. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Currency exchange rates may fluctuate significantly over </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">short periods of time. Currency hedging strategies, if used, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">are not always successful. For instance, forward foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">currency exchange contracts, if used by the Fund, could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reduce performance if there are unanticipated changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">currency exchange rates.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Concentration Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that, if the Fund is concentrated</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in a particular industry or group of industries, the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund is likely to present more risks than a fund that is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">broadly diversified over several industries or groups of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industries. Compared to the broad market, an individual </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industry may be more strongly affected by changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">economic climate, broad market shifts, moves in a particular</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> dominant stock or regulatory changes.</span></div> •Information Technology Sector Risk is the risk that securities of technology companies may be subject to greater price volatility than securities of companies in other sectors. These securities may fall in and out of favor with investors rapidly, which may cause suddenselling and dramatically lower market prices. Technology securities also may be affected adversely by changes in technology, consumer and business purchasing patterns, government scrutiny or regulation, legal action and/or obsolete products or services. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may increase or decrease in response to expected, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">real or perceived economic, political or financial events in </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the U.S. or global markets. The frequency and magnitude </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of such changes in value cannot be predicted. Certain securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and other investments held by the Fund may experience</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> increased volatility, illiquidity, or other potentially </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adverse effects in response to changing market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">inflation, elevated levels of government debt, changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interest rates, lack of liquidity in the bond or equity markets,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or volatility in the equity markets. Market disruptions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">caused by local or regional events such as financial institution</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> failures, changes in trade regulation or economic sanctions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> internal unrest and discord, war, acts of terrorism, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the spread of infectious illness (including epidemics and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">pandemics) or other public health issues, recessions or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">other events or adverse investor sentiment could have a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">significant impact on the Fund and its investments. Such </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">events could result in the Fund’s shares trading at increased </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">premiums or discounts to the Fund’s NAV. During periods </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of market disruption or other abnormal market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s exposure to the risks described elsewhere in this </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">summary will likely increase.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Index Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund would not necessarily </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">buy or sell a security unless that security is added to or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">removed from, respectively, the Underlying Index, even if </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that security generally is underperforming, because unlike </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">many investment companies, the Fund does not utilize an </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing strategy that seeks returns in excess of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index. Additionally, the Fund rebalances and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitutes its portfolio in accordance with the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index, and, therefore, any changes to the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index’s rebalance and/or reconstitution schedule will result </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in corresponding changes to the Fund’s rebalance and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund’s performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may vary from the performance of the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index as a result of creation and redemption activity, transaction</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> costs, expenses and other factors. Market disruptions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> regulatory restrictions or other abnormal market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">conditions could have an adverse effect on the Fund's ability</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to adjust its exposure to required levels in order to track </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its Index or cause delays in the Underlying Index's rebalancing</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> schedule. During any such delay, it is possible that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index, and, in turn, the Fund will deviate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from the Underlying Index's stated methodology and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">therefore experience returns different than those that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">would have been achieved under a normal rebalancing or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Sampling Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the Fund’s use of a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sampling approach may not work as intended and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">result in increased tracking error because the securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">selected for the Fund in the aggregate may vary from the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investment profile of the Underlying Index. Additionally, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the use of a representative sampling approach may result in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund holding a smaller number of securities than the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index, and, as a result, an adverse development </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to an issuer of securities that the Fund holds could result in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a greater decline in NAV than would be the case if the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">held all of the securities in the Underlying Index.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Authorized Participant Concentration Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund may be adversely affected because it has a limited </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">number of institutions that act as authorized participants </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(“Authorized Participants”). Only an Authorized Participant</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may engage in creation or redemption transactions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">directly with the Fund and none of those Authorized Participants</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is obligated to engage in creation and/or redemption</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> transactions. To the extent that these institutions exit </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the business or are unable or unwilling to proceed with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">creation and/or redemption orders with respect to the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund and no other Authorized Participant is able or willing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to step forward to create or redeem Creation Units (as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">defined below), Fund shares may trade at a discount to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NAV and possibly face trading halts and/or delisting. This </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">risk may be heightened because of its investments in non-U.S.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Calculation Methodology Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index’s calculation methodology or sources of information</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may not provide an accurate assessment of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">included issuers or correct valuation of securities, nor is the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">availability or timeliness of the production of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index guaranteed. A security included in the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index may not exhibit the characteristic or provide the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">specific exposure for which it was selected and consequently</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> a Fund's holdings may not exhibit returns consistent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> with that characteristic or exposure.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund faces because </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its shares are listed on a securities exchange, including the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">potential lack of an active market for Fund shares, losses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from trading in secondary markets, periods of high volatility</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and disruption in the creation/redemption process of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund. ANY OF THESE FACTORS MAY LEAD TO THE </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> TO NAV.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Trading in Fund shares may be halted due to market conditions</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or for reasons that, in the view of its listing exchange, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">make trading in the shares inadvisable. The market prices </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of Fund shares will generally fluctuate in accordance with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes in its NAV, changes in the relative supply of, and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">demand for, Fund shares, and changes in the liquidity, or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the perceived liquidity, of the Fund’s holdings.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Geographic Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that if the Fund invests a significant</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> portion of its total assets in certain issuers within </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the same country or geographic region, an adverse economic,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> business or political development affecting that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">country or region may affect the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> more, and the Fund’s investments may be more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">volatile, than if the Fund’s investments were not so concentrated</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in such country or region.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Derivatives Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that derivatives may pose risks </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in addition to and greater than those associated with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing directly in securities, currencies and other instruments,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may be illiquid or less liquid, more volatile, more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">difficult to value and leveraged so that small changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of the underlying instrument may produce disproportionate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> losses to the Fund. Derivatives are also subject </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to counterparty risk, which is the risk that the other party </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to the transaction will not perform its contractual obligations.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The use of derivatives is a highly specialized activity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that involves investment techniques and risks different </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from those associated with investments in more traditional </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities and instruments.</span></div> •Futures Contracts Risk is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.•Options Contracts Risk Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlationbetween the options and the securities markets that cause a given transaction to fail to achieve its objectives.The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.•Forward Foreign Currency Contracts Risk is the risk that, if forward prices increase, a loss will occur to the extent that the agreed upon purchase price of the currency exceeds the price of the currency that was agreed to be sold. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Securities Lending Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund may lose </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">money because the borrower of the loaned securities fails </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to return the securities in a timely manner or at all. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund could also lose money in the event of a decline in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of collateral provided for loaned securities or a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decline in the value of any investments made with cash </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">collateral.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Valuation Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the sale price the Fund could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">receive for a portfolio security may differ from the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">valuation of the security, particularly for securities that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">trade in low volume or volatile markets or that are valued </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">using a fair value methodology. In addition, the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the securities in the Fund’s portfolio may change on days </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when shareholders will not be able to purchase or sell the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s shares.</span></div> It is possible to lose money on an investment in the Fund.  An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad-based securities market index and one or more style-specific indexes (reflecting the market segments in which the Fund invests), in that order. Past performance </span></div><div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting etfs.ntam.northerntrust.com.</span></div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad-based securities market index and one or more style-specific indexes (reflecting the market segments in which the Fund invests), in that order. Past performance(before and after taxes) does not necessarily indicate how the Fund will perform in the future. etfs.ntam.northerntrust.com Calendar Year Total Returns <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">For the periods in the bar chart above:</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Best Quarter (6/30/2020): 18.93%</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Worst Quarter (3/31/2020): -19.31%</span></div> Best Quarter 2020-06-30 0.1893 Worst Quarter 2020-03-31 -0.1931 Average Annual Total Returns (for the periods ended December 31, 2025)  0.2358 0.1242 0.1322 2016-07-13 0.2314 0.1196 0.1274 0.1422 0.0982 0.1090 0.2364 0.1248 0.1327 0.2109 0.1215 0.1252 Reflects no deduction for fees, expenses or taxes. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">After-tax returns are calculated using the historical highest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">individual federal marginal income tax rates and do not </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reflect the impact of state and local taxes. Actual after-tax </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">returns depend on an investor’s tax situation and may differ</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> from those shown. After-tax returns shown are not relevant </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to investors who hold shares through tax-advantaged </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">arrangements, such as 401(k) plans or individual retirement </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">plans. After-tax returns may exceed the return before </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">taxes due to an assumed tax benefit from realizing a capital </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">loss on a sale of Fund shares.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans.  After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. Northern Trust ESG & Climate US Large Cap Core ETF (formerly, FlexShares® ESG & Climate US Large Cap Core Index Fund) Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund seeks investment results that correspond generally</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to the price and yield performance, before fees and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">expenses, of the Northern Trust ESG &amp; Climate US Large </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Cap Core Index</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">SM</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> (the “Underlying Index”).</span></div> Fees and Expenses of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">This table describes the fees and expenses that you may pay </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">if you buy, hold and sell shares of the Fund. Under the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s Investment Advisory Agreement, the Fund is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">responsible for the following expenses: interest expenses, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">brokerage commissions and other trading expenses, fees </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and expenses of the independent trustees and their independent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> legal counsel, taxes and other extraordinary costs </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">such as litigation and other expenses not incurred in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ordinary course of business. You will also incur usual and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">customary brokerage commissions and fees to financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">intermediaries when buying or selling shares of the Fund in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the secondary market, which are not reflected in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">example that follows:</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0009 0.0000 0.0001 0.0010 -0.0001 0.0009 March 1, 2027 Example <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The following Example is intended to help you compare </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the cost of investing in the Fund with the cost of investing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in other funds. The Example assumes that you invest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">$10,000 in the Fund for the time periods indicated and </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">then sell all of your shares at the end of those periods. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Example also assumes that your investment has a 5% </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">return each year and that the Fund’s operating expenses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">remain the same (taking into account the expense reimbursement</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> arrangement for one year). Although your </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">actual costs may be higher or lower, based on these </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">assumptions your costs would be:</span></div> 9 31 55 127 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 32% of the average value of its portfolio. 0.32 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index, administered by NTI in its capacity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">as index provider (the “Index Provider”), is designed to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reflect the performance of a selection of companies that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">exhibit certain environmental, social and governance </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(“ESG”) characteristics in the aggregate, while also seeking </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to provide broad-market, core exposure to publicly-traded </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">U.S. large capitalization equity securities, i.e., the constituents</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in the Northern Trust 600 Index</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">SM</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> (the “Eligible Universe”),</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> as measured by their float adjusted market capitalization.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The Northern Trust 600 Index</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">SM</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is a float-adjusted </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market-capitalization weighted index of US domiciled </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index starts by excluding certain companies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> from the Eligible Universe that, based on third-party </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">data, are determined to have certain levels of controversial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">business involvement or behavior, including in tobacco, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">weaponry, thermal coal, unconventional oil and gas, and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">for-profit prisons, or to have caused, contributed to or are </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">linked to certain violations of international norms and </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">standards. Such exclusions are based on percentage of revenue</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> thresholds for certain categories (e.g., those that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">receive significant revenue from production, retail and distribution</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of civilian weapons) and categorical exclusions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">for others (e.g., tobacco producers). The above-described </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">exclusionary screens are applied with each reconstitution of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index. The Index Provider may modify this </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">list of excluded companies at any time, at its own discretion.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index next applies an optimization process </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to minimize variance to the Eligible Universe while also </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">targeting certain ESG characteristics, which is designed to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">produce an index that, relative to the Eligible Universe: (a) </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">has an aggregate higher scoring of certain ESG characteristics,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> as measured by the Northern Trust ESG Vector Score </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(“ESG Vector Score”) described below, (b) improves the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">carbon risk rating, as measured by certain carbon-related </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">risk metrics, and (c) decreases the weighted average carbon </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">intensity and potential emissions.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The ESG Vector Score is designed to rank companies based </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">on their management of and exposure to material ESG </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">metrics as defined by the Sustainability Accounting Standards</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Board (“SASB”) Standards. In addition, the Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Provider uses available data from Institutional Shareholder </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Services ESG Solutions to assess carbon emissions intensity, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">carbon reserves and a carbon risk rating. Carbon emissions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">intensity measures (i) direct greenhouse gas emissions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from sources controlled or owned by the company (e.g., </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">emissions associated with fuel combustion in boilers, furnaces,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or vehicles); and (ii) indirect greenhouse gas emissions</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> associated with the purchase of electricity, steam, heat </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or cooling against sales by the company. Carbon reserves </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">measure the total estimated greenhouse gas emissions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">attributable to a company’s fossil fuel reserve assets. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">carbon risk rating provides an assessment of a company’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ability to mitigate the risks of transition to a lower carbon </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">economy based on its specific baseline carbon risk exposure.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">In the event that metrics or other data used to construct </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the ESG Vector Score as well as carbon emissions intensity, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">carbon reserves and/or the carbon risk rating are not available</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or otherwise deemed unreliable, NTI may make reasonable</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> estimates or otherwise exercise its discretion to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">implement the optimization process.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Notwithstanding the optimization process, it is possible </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that the Underlying Index will include (and therefore the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund could invest in) securities that, individually, have a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">lower ESG Vector Score, lower carbon risk rating, or higher </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">emissions relative to the weighted average of the Eligible </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Universe. The optimization process also includes constituent,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> liquidity, turnover, sector, industry group and weight </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">constraints so that these characteristics in the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index vary within acceptable bands relative to the Eligible </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Universe.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">As of December 31, 2025, the Underlying Index was comprised</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of 134 constituents with market capitalizations </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ranging from $9.4 billion to $4.5 trillion. The Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index will be reconstituted quarterly under normal market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">conditions. The Fund generally reconstitutes its portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in accordance with the Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses a “passive” or indexing approach to try to achieve </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s investment objective. Unlike many investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies, the Fund does not try to “beat” the index it </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">tracks and does not seek temporary defensive positions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when markets decline or appear overvalued.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses a representative sampling strategy to manage the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund. “Representative sampling” is investing in a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sample of securities that collectively has an investment</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> profile similar to the Underlying Index. The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may or may not hold all of the securities that are included </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in the Underlying Index. The Fund reserves the right to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invest in substantially all of the securities in its Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index in approximately the same proportions (i.e., replication)</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> if NTI determines that it is in the best interest of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Under normal circumstances, the Fund will invest at least </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">80% of its total assets (exclusive of collateral held from </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities lending) in the securities of the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index. The Fund may also invest up to 20% of its assets in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">cash and cash equivalents, including shares of money market</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> funds advised by NTI or its affiliates, futures contracts </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and options on futures contracts, as well as securities not </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">included in the Underlying Index, but which NTI believes </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">will help the Fund track its Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index is created and sponsored by NTI, as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Index Provider. NTI also serves as the investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adviser to the Fund. The Index Provider determines the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">composition and relative weightings of the securities in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index and publishes information regarding the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market value of the Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund may lend securities representing up to one-third </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the value of the Fund’s total assets (including the value </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the collateral received).</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund is “non-diversified” under the Investment Company</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Act of 1940 (“1940 Act”), as amended, and may invest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">more of its assets in fewer issuers than “diversified” funds.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Industry Concentration Policy</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">. The Fund will concentrate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its investments (i.e., hold 25% or more of its total assets) in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a particular industry or group of industries to approximately</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> the same extent that the Underlying Index is concentrated.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> As of December 31, 2025, the Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">was concentrated in the Information Technology sector. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The components of the Underlying Index, and the degree </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to which these components represent certain industries or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">sectors, may change over time.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> 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. Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. As of December 31, 2025, the Underlying Index was concentrated in the Information Technology sector. The components of the Underlying Index, and the degree to which these components represent certain industries or sectors, may change over time. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">ESG Investment Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that because the Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Provider includes and excludes issuers and assigns weights </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to issuers in the Underlying Index by applying non-financial</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> factors, the Fund may underperform the broader </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">equity market or other funds that do or do not use ESG </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">factors, scores, or screens in their securities selection process,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or use a different ESG methodology. The ESG methodology</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of the Underlying Index will affect the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">exposure to certain companies and sectors and may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adversely affect the Fund’s performance depending on </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">whether such companies and sectors are in or out of favor. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Although the Underlying Index is designed to measure a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">portfolio of companies with certain ESG characteristics, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">there is no assurance that every security in the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index or Fund will have ESG characteristics or that companies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> that have historically exhibited such characteristics will </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">continue to exhibit such characteristics. There is also the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">risk that the Fund may have indirect exposure to companies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> that have been excluded from the Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">through its use of certain derivative instruments.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Currently, there is a lack of common industry standards </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">relating to the development and application of ESG criteria,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> which may make it difficult to compare the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">principal investment strategies with the investment strategies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of other funds that integrate certain ESG criteria. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">subjective value that investors may assign to certain types </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of ESG characteristics may differ substantially from that of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the assessment by the Index Provider or a data provider. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Investors can differ in their views of what constitutes positive</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or negative ESG characteristics. As a result, the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may invest in companies that do not reflect the beliefs and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">values of any particular investor. A company included in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index may not exhibit positive or favorable </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ESG characteristics. The companies selected by the Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Provider as demonstrating certain ESG characteristics may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">not be the same companies selected by other index providers</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or investment managers as exhibiting those characteristics.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Index Provider relies on various sources of information</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> regarding an issuer, including information that may be </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">based on assumptions and estimates. ESG information </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from third-party data providers may be incomplete, inaccurate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or unavailable. Neither the Fund nor NTI can offer </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">assurances that the Underlying Index’s methodology or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">sources of information will provide an accurate assessment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the issuers of the securities included in the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index. The Index Provider uses third-party </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">data that it believes to be reliable, but it does not guarantee </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the accuracy of such third-party data. Data can vary across </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">providers or within industries. ESG standards differ by </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">region and industry, and a company’s ESG practices or the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index Provider’s or data providers’ assessment of a company’s</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> ESG practices may change over time. Regulatory </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes or interpretations regarding the definitions and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">use of ESG criteria could have a material adverse effect on </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s ability to invest in accordance with its investment</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> policies and/or achieve its investment objective.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Equity Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the values of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">equity securities owned by the Fund may be more volatile </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and underperform other asset classes and the general securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> markets.</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Concentration Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that, if the Fund is concentrated</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in a particular industry or group of industries, the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund is likely to present more risks than a fund that is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">broadly diversified over several industries or groups of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industries. Compared to the broad market, an individual </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industry may be more strongly affected by changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">economic climate, broad market shifts, moves in a particular</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> dominant stock or regulatory changes.</span></div> •Information Technology Sector Risk is the risk that securities of technology companies may be subject to greater price volatility than securities of companies in other sectors. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. Technology securities also may be affected adversely by changes in technology, consumer and business purchasing patterns, government scrutiny or regulation, legal action and/or obsolete products or services. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may increase or decrease in response to expected, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">real or perceived economic, political or financial events in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the U.S. or global markets. The frequency and magnitude </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of such changes in value cannot be predicted. Certain securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and other investments held by the Fund may experience</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> increased volatility, illiquidity, or other potentially </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adverse effects in response to changing market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">inflation, elevated levels of government debt, changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interest rates, lack of liquidity in the bond or equity markets,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or volatility in the equity markets. Market disruptions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">caused by local or regional events such as financial institution</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> failures, changes in trade regulation or economic sanctions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> internal unrest and discord, war, acts of terrorism, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the spread of infectious illness (including epidemics and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">pandemics) or other public health issues, recessions or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">other events or adverse investor sentiment could have a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">significant impact on the Fund and its investments. Such </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">events could result in the Fund’s shares trading at increased </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">premiums or discounts to the Fund’s NAV. During periods </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of market disruption or other abnormal market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s exposure to the risks described elsewhere in this </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">summary will likely increase.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Index Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund would not necessarily </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">buy or sell a security unless that security is added to or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">removed from, respectively, the Underlying Index, even if </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that security generally is underperforming, because unlike </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">many investment companies, the Fund does not utilize an </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing strategy that seeks returns in excess of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index. Additionally, the Fund rebalances and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitutes its portfolio in accordance with the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index, and, therefore, any changes to the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index’s rebalance and/or reconstitution schedule will result </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in corresponding changes to the Fund’s rebalance and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund’s performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may vary from the performance of the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index as a result of creation and redemption activity, transaction</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> costs, expenses and other factors. Market disruptions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> regulatory restrictions or other abnormal market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">conditions could have an adverse effect on the Fund's ability</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to adjust its exposure to required levels in order to track </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its Underlying Index or cause delays in the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index's rebalancing schedule. During any such delay, it is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">possible that the Underlying Index, and, in turn, the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">will deviate from the Underlying Index's stated methodology</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and therefore experience returns different than those </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that would have been achieved under a normal rebalancing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Sampling Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the Fund’s use of a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sampling approach may not work as intended and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">result in increased tracking error because the securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">selected for the Fund in the aggregate may vary from the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investment profile of the Underlying Index. Additionally, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the use of a representative sampling approach may result in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund holding a smaller number of securities than the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index, and, as a result, an adverse development </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to an issuer of securities that the Fund holds could result in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a greater decline in NAV than would be the case if the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">held all of the securities in the Underlying Index.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Authorized Participant Concentration Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund may be adversely affected because it has a limited </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">number of institutions that act as authorized participants </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(“Authorized Participants”). Only an Authorized Participant</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may engage in creation or redemption transactions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">directly with the Fund and none of those Authorized Participants</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is obligated to engage in creation and/or redemption</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> transactions. To the extent that these institutions exit </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the business or are unable or unwilling to proceed with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">creation and/or redemption orders with respect to the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund and no other Authorized Participant is able or willing </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to step forward to create or redeem Creation Units (as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">defined below), Fund shares may trade at a discount to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NAV and possibly face trading halts and/or delisting.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Calculation Methodology Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index’s calculation methodology or sources of information</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may not provide an accurate assessment of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">included issuers or correct valuation of securities, nor is the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">availability or timeliness of the production of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index guaranteed. A security included in the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index may not exhibit the characteristic or provide the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">specific exposure for which it was selected and consequently</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> a Fund's holdings may not exhibit returns consistent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> with that characteristic or exposure.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund faces because </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its shares are listed on a securities exchange, including the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">potential lack of an active market for Fund shares, losses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from trading in secondary markets, periods of high volatility</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and disruption in the creation/redemption process of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund. ANY OF THESE FACTORS MAY LEAD TO THE </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> TO NAV.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Trading in Fund shares may be halted due to market conditions</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or for reasons that, in the view of its listing exchange, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">make trading in the shares inadvisable. The market prices </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of Fund shares will generally fluctuate in accordance with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes in its NAV, changes in the relative supply of, and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">demand for, Fund shares, and changes in the liquidity, or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the perceived liquidity, of the Fund’s holdings.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Derivatives Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that derivatives may pose risks </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in addition to and greater than those associated with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing directly in securities, currencies and other instruments,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may be illiquid or less liquid, more volatile, more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">difficult to value and leveraged so that small changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of the underlying instrument may produce disproportionate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> losses to the Fund. Derivatives are also subject </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to counterparty risk, which is the risk that the other party </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to the transaction will not perform its contractual obligations.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The use of derivatives is a highly specialized activity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that involves investment techniques and risks different </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from those associated with investments in more traditional </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities and instruments.</span></div> •Futures Contracts Risk is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not workingas intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.•Options Contracts Risk Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Non-Diversification Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that because the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is non</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">-</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">diversified and may invest a larger percentage of its </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">assets in the securities of fewer issuers than a diversified </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">fund, the Fund’s performance will be more vulnerable to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes in the market value of a single issuer or group of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">issuers, and more susceptible to risks associated with a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">single economic, political or regulatory occurrence.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Securities Lending Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund may lose </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">money because the borrower of the loaned securities fails </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to return the securities in a timely manner or at all. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund could also lose money in the event of a decline in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of collateral provided for loaned securities or a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decline in the value of any investments made with cash </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">collateral.</span></div> It is possible to lose money on an investment in the Fund.  An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The bar chart and table that follow show how the Fund has </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">performed on a calendar year basis and provide an indication </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the risks of investing in the Fund by showing (A) </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes in the Fund’s performance from year to year, (B)</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">how the Fund’s average annual returns compare with those </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of a broad-based securities market index and one or more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">style-specific indexes (reflecting the market segments in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">which the Fund invests), in that order. Past performance </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(before and after taxes) does not necessarily indicate how </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting etfs.ntam.northerntrust.com.</span></div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B)how the Fund’s average annual returns compare with those of a broad-based securities market index and one or more style-specific indexes (reflecting the market segments in which the Fund invests), in that order. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. etfs.ntam.northerntrust.com Calendar Year Total Returns <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">For the period shown in the bar chart above:</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Best Quarter (12/31/2023): 11.66%</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Worst Quarter (6/30/2022): -16.14%</span></div> Best Quarter 2023-12-31 0.1166 Worst Quarter 2022-06-30 -0.1614 Average Annual Total Returns (for the periods ended December 31, 2025)  0.1449 0.1120 2021-09-20 0.1416 0.1084 0.0875 0.0877 0.1737 0.1197 0.1788 0.1278 0.1462 0.1129 Reflects no deduction for fees, expenses or taxes. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">After-tax returns are calculated using the historical highest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">individual federal marginal income tax rates and do not </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reflect the impact of state and local taxes. Actual after-tax </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">returns depend on an investor’s tax situation and may differ</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> from those shown. After-tax returns shown are not relevant </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to investors who hold shares through tax-advantaged</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">arrangements, such as 401(k) plans or individual retirement </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">plans. After-tax returns may exceed the return before </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">taxes due to an assumed tax benefit from realizing a capital </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">loss on a sale of Fund shares.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantagedarrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. Northern Trust ESG & Climate Developed Markets ex-US Core ETF (formerly, FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund) Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund seeks investment results that correspond generally</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to the price and yield performance, before fees and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">expenses, of the Northern Trust ESG &amp; Climate Developed </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Markets ex-US Core Index</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">SM</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> (the “Underlying Index”).</span></div> Fees and Expenses of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">This table describes the fees and expenses that you may pay </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">if you buy, hold and sell shares of the Fund. Under the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s Investment Advisory Agreement, the Fund is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">responsible for the following expenses: interest expenses, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">brokerage commissions and other trading expenses, fees </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and expenses of the independent trustees and their independent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> legal counsel, taxes and other extraordinary costs </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">such as litigation and other expenses not incurred in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ordinary course of business. You will also incur usual and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">customary brokerage commissions and fees to financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">intermediaries when buying or selling shares of the Fund in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the secondary market, which are not reflected in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">example that follows:</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0012 0.0000 0.0004 0.0016 -0.0004 0.0012 March 1, 2027 Example <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The following Example is intended to help you compare </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the cost of investing in the Fund with the cost of investing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in other funds. The Example assumes that you invest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">$10,000 in the Fund for the time periods indicated and </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">then sell all of your shares at the end of those periods. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Example also assumes that your investment has a 5% </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">return each year and that the Fund’s operating expenses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">remain the same (taking into account the expense reimbursement</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> arrangement for one year). Although your </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">actual costs may be higher or lower, based on these </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">assumptions your costs would be:</span></div> 12 47 86 201 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 20% of the average value of its portfolio. 0.20 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index, administered by NTI in its capacity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">as index provider (the “Index Provider”), is designed to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reflect the performance of a selection of companies that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">exhibit certain environmental, social and governance </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(“ESG”) characteristics in the aggregate, while also seeking </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to provide broad-market, core exposure to publicly traded </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">equity securities issued by companies domiciled in developed</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> market countries, excluding the U.S., i.e., the constituents</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in the Northern Trust Developed Markets ex-US </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Large Cap Index</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">SM</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> (the “Eligible Universe”). The Northern </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Trust Developed Markets ex-US Large Cap Index</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">SM</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">sub-index of the Northern Trust Global Index</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">SM</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">, where </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">eligible securities are limited to those of companies that are </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">domiciled in non-U.S. developed market countries and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">designated as large- or mid-capitalization companies by </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI. As of December 31, 2025, the Index Provider classifies </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the following as developed market countries outside of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">U.S.: Australia, Austria, Belgium, Canada, Denmark, Finland,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> France, Germany, Hong Kong, Ireland, Israel, Italy, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Japan, Netherlands, New Zealand, Norway, Portugal, Singapore,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Spain, Sweden, Switzerland and United Kingdom.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index starts by excluding certain companies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> from the Eligible Universe that, based on third-party </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">data, are determined to have certain levels of controversial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">business involvement or behavior, including in tobacco, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">weaponry, thermal coal, unconventional oil and gas, and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">for-profit prisons, or to have caused, contributed to or are </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">linked to certain violations of international norms and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">standards. Such exclusions are based on percentage of revenue</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> thresholds for certain categories (e.g., those that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">receive significant revenue from production, retail and distribution</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of civilian weapons) and categorical exclusions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">for others (e.g., tobacco producers). The above-described </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">exclusionary screens are applied with each reconstitution of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index. The Index Provider may modify this </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">list of excluded companies at any time, at its own discretion.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index next applies an optimization process </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to minimize variance to the Eligible Universe while also </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">targeting certain ESG characteristics, which is designed to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">produce an index that, relative to the Eligible Universe: (a) </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">has an aggregate higher scoring of certain ESG characteristics,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> as measured by the Northern Trust ESG Vector Score </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(“ESG Vector Score”) described below, (b) improves the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">carbon risk rating, as measured by certain carbon-related </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">risk metrics, and (c) decreases the weighted average carbon </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">intensity and potential emissions.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The ESG Vector Score is designed to rank companies based </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">on their management of and exposure to material ESG </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">metrics as defined by the Sustainability Accounting Standards</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Board (“SASB”) Standards. In addition, the Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Provider uses available data from Institutional Shareholder </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Services ESG Solutions to assess carbon emissions intensity, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">carbon reserves and a carbon risk rating. Carbon emissions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">intensity measures (i) direct greenhouse gas emissions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from sources controlled or owned by the company (e.g., </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">emissions associated with fuel combustion in boilers, furnaces,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or vehicles); and (ii) indirect greenhouse gas emissions</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> associated with the purchase of electricity, steam, heat </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or cooling against sales by the company. Carbon reserves </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">measure the total estimated greenhouse gas emissions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">attributable to a company’s fossil fuel reserve assets. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">carbon risk rating provides an assessment of a company’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ability to mitigate the risks of transition to a lower carbon </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">economy based on its specific baseline carbon risk exposure.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">In the event that metrics or other data used to construct </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the ESG Vector Score as well as carbon emissions intensity, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">carbon reserves and/or the carbon risk rating are not available</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or otherwise deemed unreliable, NTI may make reasonable</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> estimates or otherwise exercise its discretion to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">implement the optimization process.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Notwithstanding the optimization process, it is possible </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that the Underlying Index will include (and therefore the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund could invest in) securities that, individually, have a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">lower ESG Vector Score, lower carbon risk rating, or higher </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">emissions relative to the weighted average of the Eligible </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Universe. The optimization process also includes constituent,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> liquidity, turnover, country, region, sector, industry </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">group and weight constraints so that these characteristics </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in the Underlying Index vary within acceptable bands relative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to the Eligible Universe.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">As of December 31, 2025, the Underlying Index was comprised</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of 219 constituents with market capitalizations </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ranging from $7.2 billion to $421.6 billion. The Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index is reconstituted quarterly under normal market conditions.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The Fund generally reconstitutes its portfolio in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">accordance with the Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses a “passive” or indexing approach to try to achieve </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s investment objective. Unlike many investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies, the Fund does not try to “beat” the index it </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">tracks and does not seek temporary defensive positions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when markets decline or appear overvalued.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses a representative sampling strategy to manage the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund. “Representative sampling” is investing in a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sample of securities that collectively has an investment</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> profile similar to the Underlying Index. The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may or may not hold all of the securities that are included </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in the Underlying Index. The Fund reserves the right to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invest in substantially all of the securities in its Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index in approximately the same proportions (i.e., replication)</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> if NTI determines that it is in the best interest of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Under normal circumstances, the Fund will invest at least</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> 80% of its total assets (exclusive of collateral held from</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> securities lending) in the securities of the Underlying Index</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and in American Depositary Receipts (“ADRs”) and Global</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Depositary Receipts (“GDRs”) (collectively “Depositary</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Receipts”) based on the securities in the Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The Fund may also invest up to 20% of its assets in cash </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and cash equivalents, including shares of money market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">funds advised by NTI or its affiliates, futures contracts, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">options on futures contracts and forward currency contracts,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> as well as securities not included in the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index, but which NTI believes will help the Fund track its </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index. The Fund usually, but not always, pursues</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> a strategy of being fully invested by exposing all or a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">portion of its cash to the performance of certain markets </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">by purchasing index futures contracts (also known as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">“equitization”). This is intended to cause the Fund to perform</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> as though its cash were actually invested in those </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">markets. This futures exposure may or may not match the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s Underlying Index and create indirect exposure to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies that have been excluded from the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index. The Fund will not invest directly in securities that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">have been excluded from the Fund’s Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index is created and sponsored by NTI, as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Index Provider. NTI also serves as the investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adviser to the Fund. The Index Provider determines the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">composition and relative weightings of the securities in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index and publishes information regarding the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market value of the Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund may lend securities representing up to one-third </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the value of the Fund’s total assets (including the value </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the collateral received).</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">From time to time the Fund may focus its investments (</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-style: italic;">i.e.,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invest more than 15% of its total) in one or more particular </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">countries or geographic regions. As of December 31, 2025, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund focused its investments in Japan.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The Fund will concentrate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its investments (i.e., hold 25% or more of its total assets) in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a particular industry or group of industries to approximately</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> the same extent that the Underlying Index is concentrated.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> As of December 31, 2025, the Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">was concentrated in the Financial sector. The components </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the Underlying Index, and the degree to which these </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">components represent certain industries or sectors, may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">change over time.</span></div> Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index and in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) (collectively “Depositary Receipts”) based on the securities in the Underlying Index. Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. As of December 31, 2025, the Underlying Index was concentrated in the Financial sector. The components of the Underlying Index, and the degree to which these components represent certain industries or sectors, may change over time. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">ESG Investment Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that because the Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Provider includes and excludes issuers and assigns weights </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to issuers in the Underlying Index by applying non-financial</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> factors, the Fund may underperform the broader </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">equity market or other funds that do or do not use ESG </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">factors, scores, or screens in their securities selection process,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or use a different ESG methodology. The ESG methodology</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of the Underlying Index will affect the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">exposure to certain companies and sectors and may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adversely affect the Fund’s performance depending on </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">whether such companies and sectors are in or out of favor. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Although the Underlying Index is designed to measure a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">portfolio of companies with certain ESG characteristics, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">there is no assurance that every security in the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index or Fund will have ESG characteristics or that companies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> that have historically exhibited such characteristics will </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">continue to exhibit such characteristics. There is also the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">risk that the Fund may have indirect exposure to companies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> that have been excluded from the Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">through its use of certain derivative instruments.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Currently, there is a lack of common industry standards </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">relating to the development and application of ESG criteria,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> which may make it difficult to compare the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">principal investment strategies with the investment strategies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of other funds that integrate certain ESG criteria. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">subjective value that investors may assign to certain types </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of ESG characteristics may differ substantially from that of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the assessment by the Index Provider or a data provider. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Investors can differ in their views of what constitutes positive</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or negative ESG characteristics. As a result, the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may invest in companies that do not reflect the beliefs and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">values of any particular investor. A company included in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index may not exhibit positive or favorable </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ESG characteristics. The companies selected by the Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Provider as demonstrating certain ESG characteristics may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">not be the same companies selected by other index providers</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or investment managers as exhibiting those characteristics.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Index Provider relies on various sources of information</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> regarding an issuer, including information that may be </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">based on assumptions and estimates. ESG information </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from third-party data providers may be incomplete, inaccurate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or unavailable. Neither the Fund nor NTI can offer </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">assurances that the Underlying Index’s methodology or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">sources of information will provide an accurate assessment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the issuers of the securities included in the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index. The Index Provider uses third-party </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">data that it believes to be reliable, but it does not guarantee </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the accuracy of such third-party data. Data can vary across </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">providers or within industries. ESG standards differ by </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">region and industry, and a company’s ESG practices or the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index Provider’s or data providers’ assessment of a company’s</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> ESG practices may change over time. Regulatory </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes or interpretations regarding the definitions and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">use of ESG criteria could have a material adverse effect on </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s ability to invest in accordance with its investment</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> policies and/or achieve its investment objective.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Foreign Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that investing in foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(non-U.S.) securities may result in the Fund experiencing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">more rapid and extreme changes in value than a fund that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invests exclusively in securities of U.S. companies, due to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">less liquid markets and adverse economic, political, diplomatic,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> financial, and regulatory factors. Foreign governments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may impose limitations on foreigners’ ownership of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interests in local issuers, restrictions on the ability to repatriate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> assets, and may also impose taxes. Any of these events </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">could cause the value of the Fund’s investments to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decline. Foreign banks, agents and securities depositories </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that hold the Fund’s foreign assets may be subject to little </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or no regulatory oversight over, or independent evaluation, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of their operations. Additional costs associated with investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in foreign securities may include higher custodial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">fees than those applicable to domestic custodial arrangements</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and transaction costs of foreign currency conversions.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Unless the Fund has hedged its foreign currency </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">exposure, foreign securities risk also involves the risk of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">negative foreign currency rate fluctuations, which may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">cause the value of securities denominated in such foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">currency (or other instruments through which the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">has exposure to foreign currencies) to decline in value. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Currency exchange rates may fluctuate significantly over </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">short periods of time. Currency hedging strategies, if used, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">are not always successful. For instance, forward foreign </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">currency exchange contracts, if used by the Fund, could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reduce performance if there are unanticipated changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">currency exchange rates.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Geographic Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that if the Fund invests a significant</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> portion of its total assets in certain issuers within </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the same country or geographic region, an adverse economic,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> business or political development affecting that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">country or region may affect the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> more, and the Fund’s investments may be more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">volatile, than if the Fund’s investments were not so concentrated</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in such country or region.</span></div> •Japan Investment Risk is the risk of investing in securities of Japanese issuers. The Japanese economy may be subject to considerable degrees of economic, political and social instability, which could negatively impact Japanese issuers. In recent times, Japan’s economic growth rate has remained low, and it may remain low in the future. In addition, Japan is subject to the risk of natural disasters, such as earthquakes, volcanic eruptions, typhoons and tsunamis, which could negatively affect the securities of Japanese companies held by the Fund. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Depositary Receipts Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Foreign securities may trade in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the form of depositary receipts. In addition to investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">risks associated with the underlying issuer, depositary </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">receipts may expose the Fund to additional risks associated </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">with non-uniform terms that apply to depositary receipt </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">programs, including credit exposure to the depository bank </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and to the sponsors and other parties with whom the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">depository bank establishes the programs, currency, political,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> economic, market risks and the risks of an illiquid market</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> for depositary receipts. Depositary receipts are generally </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">subject to the same risks as the foreign securities that they </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">evidence or into which they may be converted. Depositary </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">receipts may not track the price of the underlying foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities on which they are based, may have limited voting </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">rights, and may have a distribution subject to a fee charged </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">by the depository. As a result, equity shares of the underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> issuer may trade at a discount or premium to the market</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> price of the depositary receipts.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Equity Securities Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the values of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">equity securities owned by the Fund may be more volatile </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and underperform other asset classes and the general securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> markets.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Mid Cap Stock Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that stocks of mid-sized </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies may be subject to more abrupt or erratic market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">movements than stocks of larger, more established compa</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">nies, and may lack sufficient market liquidity. Mid-sized </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies may have limited product lines or financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">resources, and may be dependent upon a particular niche </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the market, or may be dependent upon a small or inexperienced</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> management group. Securities of smaller companies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may trade less frequently and in lower volume than </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the securities of larger companies, which could lead to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">higher transaction costs. Generally the smaller the company</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> size, the greater the risk.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Concentration Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that, if the Fund is concentrated</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in a particular industry or group of industries, the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund is likely to present more risks than a fund that is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">broadly diversified over several industries or groups of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industries. Compared to the broad market, an individual </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industry may be more strongly affected by changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">economic climate, broad market shifts, moves in a particular</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> dominant stock or regulatory changes.</span></div> •Financial Sector Risk is the risk that the financial sector can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competition, and the availability and cost of capital, among other factors. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may increase or decrease in response to expected, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">real or perceived economic, political or financial events in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the U.S. or global markets. The frequency and magnitude </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of such changes in value cannot be predicted. Certain securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and other investments held by the Fund may experience</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> increased volatility, illiquidity, or other potentially </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adverse effects in response to changing market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">inflation, elevated levels of government debt, changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interest rates, lack of liquidity in the bond or equity markets,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or volatility in the equity markets. Market disruptions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">caused by local or regional events such as financial institution</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> failures, changes in trade regulation or economic sanctions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> internal unrest and discord, war, acts of terrorism, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the spread of infectious illness (including epidemics and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">pandemics) or other public health issues, recessions or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">other events or adverse investor sentiment could have a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">significant impact on the Fund and its investments. Such </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">events could result in the Fund’s shares trading at increased </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">premiums or discounts to the Fund’s NAV. During periods </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of market disruption or other abnormal market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s exposure to the risks described elsewhere in this </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">summary will likely increase.</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Index Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund would not necessarily </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">buy or sell a security unless that security is added to or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">removed from, respectively, the Underlying Index, even if </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that security generally is underperforming, because unlike </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">many investment companies, the Fund does not utilize an </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing strategy that seeks returns in excess of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index. Additionally, the Fund rebalances and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitutes its portfolio in accordance with the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index, and, therefore, any changes to the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index’s rebalance and/or reconstitution schedule will result </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in corresponding changes to the Fund’s rebalance and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund’s performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may vary from the performance of the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index as a result of creation and redemption activity, transaction</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> costs, expenses and other factors. Market disruptions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> regulatory restrictions or other abnormal market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">conditions could have an adverse effect on the Fund's ability</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to adjust its exposure to required levels in order to track </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its Underlying Index or cause delays in the Index's rebalancing</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> schedule. During any such delay, it is possible that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index, and, in turn, the Fund will deviate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from the Underlying Index's stated methodology and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">therefore experience returns different than those that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">would have been achieved under a normal rebalancing or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Sampling Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the Fund’s use of a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sampling approach may not work as intended and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">result in increased tracking error because the securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">selected for the Fund in the aggregate may vary from the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investment profile of the Underlying Index. Additionally, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the use of a representative sampling approach may result in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund holding a smaller number of securities than the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index, and, as a result, an adverse development </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to an issuer of securities that the Fund holds could result in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a greater decline in NAV than would be the case if the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">held all of the securities in the Underlying Index.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Authorized Participant Concentration Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund may be adversely affected because it has a limited </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">number of institutions that act as authorized participants </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(“Authorized Participants”). Only an Authorized Participant</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may engage in creation or redemption transactions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">directly with the Fund and none of those Authorized Participants</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is obligated to engage in creation and/or redemp</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">tion transactions. To the extent that these institutions exit </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the business or are unable or unwilling to proceed with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">creation and/or redemption orders with respect to the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund and no other Authorized Participant is able or willing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to step forward to create or redeem Creation Units (as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">defined below), Fund shares may trade at a discount to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NAV and possibly face trading halts and/or delisting. This </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">risk may be heightened because of its investments in non-U.S.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Calculation Methodology Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index’s calculation methodology or sources of information</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may not provide an accurate assessment of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">included issuers or correct valuation of securities, nor is the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">availability or timeliness of the production of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index guaranteed. A security included in the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index may not exhibit the characteristic or provide the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">specific exposure for which it was selected and consequently</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> a Fund’s holdings may not exhibit returns consistent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> with that characteristic or exposure.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund faces because </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its shares are listed on a securities exchange, including the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">potential lack of an active market for Fund shares, losses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from trading in secondary markets, periods of high volatility</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and disruption in the creation/redemption process of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund. ANY OF THESE FACTORS MAY LEAD TO THE </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> TO NAV.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Trading in Fund shares may be halted due to market conditions</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or for reasons that, in the view of its listing exchange, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">make trading in the shares inadvisable. The market prices </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of Fund shares will generally fluctuate in accordance with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes in its NAV, changes in the relative supply of, and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">demand for, Fund shares, and changes in the liquidity, or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the perceived liquidity, of the Fund’s holdings.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Derivatives Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that derivatives may pose risks </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in addition to and greater than those associated with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing directly in securities, currencies and other instruments,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may be illiquid or less liquid, more volatile, more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">difficult to value and leveraged so that small changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of the underlying instrument may produce disproportionate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> losses to the Fund. Derivatives are also subject </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to counterparty risk, which is the risk that the other party </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to the transaction will not perform its contractual obligations.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The use of derivatives is a highly specialized activity </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that involves investment techniques and risks different </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from those associated with investments in more traditional </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities and instruments.</span></div> •Forward Foreign Currency Contracts Risk is the risk that, if forward prices increase, a loss will occur to the extent that the agreed upon purchase price of the currency exceeds the price of the currency that was agreed to be sold.•Futures Contracts Risk is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.•Options Contracts Risk Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Securities Lending Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund may lose </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">money because the borrower of the loaned securities fails </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to return the securities in a timely manner or at all. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund could also lose money in the event of a decline in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of collateral provided for loaned securities or a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decline in the value of any investments made with cash </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">collateral.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Valuation Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the sale price the Fund could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">receive for a portfolio security may differ from the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">valuation of the security, particularly for securities that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">trade in low volume or volatile markets or that are valued </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">using a fair value methodology. In addition, the value of </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the securities in the Fund’s portfolio may change on days </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when shareholders will not be able to purchase or sell the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s shares.</span></div> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad-based securities market index and one or more style-specific indexes (reflecting the market segments in which the Fund invests), in that order. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting etfs.ntam.northerntrust.com.</span></div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad-based securities market index and one or more style-specific indexes (reflecting the market segments in which the Fund invests), in that order. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. etfs.ntam.northerntrust.com Calendar Year Total Returns <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">For the period shown in the bar chart above:</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Best Quarter (12/31/2022): 15.92%</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Worst Quarter (6/30/2022): -14.17%</span></div> Best Quarter 2022-12-31 0.1592 Worst Quarter 2022-06-30 -0.1417 Average Annual Total Returns (for the periods ended December 31, 2025)  0.2727 0.0706 2021-09-20 0.2626 0.0647 0.1666 0.0550 0.3185 0.0858 0.2720 0.0703 Reflects no deduction for fees, expenses or taxes. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. Northern Trust Morningstar Global Upstream Natural Resources ETF (formerly, FlexShares® Morningstar Global Upstream Natural Resources Index Fund) Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund seeks investment results that correspond generally</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to the price and yield performance, before fees and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">expenses, of the Morningstar® Global Upstream Natural </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Resources Index</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">SM</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> (the “Underlying Index”).</span></div> Fees And Expenses Of The Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">This table describes the fees and expenses that you may pay </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">if you buy, hold and sell shares of the Fund. Under the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s Investment Advisory Agreement, the Fund is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">responsible for the following expenses: interest expenses, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">brokerage commissions and other trading expenses, fees </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and expenses of the independent trustees and their independent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> legal counsel, taxes and other extraordinary costs </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">such as litigation and other expenses not incurred in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ordinary course of business. You will also incur usual and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">customary brokerage commissions and fees to financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">intermediaries when buying or selling shares of the Fund in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the secondary market, which are not reflected in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">example that follows:</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0046 0.0000 0.0001 0.0047 -0.0001 0.0046 March 1, 2027 Example <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The following Example is intended to help you compare </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the cost of investing in the Fund with the cost of investing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in other funds. The Example assumes that you invest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">$10,000 in the Fund for the time periods indicated and </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">then sell all of your shares at the end of those periods. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Example also assumes that your investment has a 5% </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">return each year and that the Fund’s operating expenses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">remain the same (taking into account the expense reimbursement</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> arrangement for one year). Although your </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">actual costs may be higher or lower, based on these </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">assumptions your costs would be:</span></div> 47 150 262 590 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 28% of the average value of its portfolio. 0.28 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index is designed to reflect the performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of a selection of equity securities that are traded in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or are issued by companies classified as developed or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">emerging markets (including the U.S.), as determined by </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Morningstar, Inc. (the “Index Provider”) pursuant to its </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">index methodology. To be eligible for inclusion in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index, a security must be issued by a company </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that has significant economic interests in one of the following</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> natural resource categories: energy, agriculture, precious</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or industrial metals, timber or water, as determined </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">by the Index Provider pursuant to its index methodology </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(collectively, the “Natural Resources sector”). Securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">determined to be within the Natural Resources sector are </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">then excluded from the Underlying Index if (i) they have </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">an average daily traded value (three-month) of less than </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">$1 million or (ii) for securities within the energy, agriculture</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or precious or industrial metals categories of the Natural</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Resources sector, they have a float market capitalization </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of less than $1 billion, or for securities within the timber or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">water categories of the Natural Resources sector, they have </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a float market capitalization of less than $500 million. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">largest stocks within each category are targeted for inclusion.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Securities within the Underlying Index are then </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">weighted based on their float adjusted market capitalization</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> within each category of the Natural Resources sector, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and weight caps are applied to limit exposure to any particular</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> category within the Natural Resources sector, any </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">individual security, the U.S. and emerging markets.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">As of December 31, 2025, the Underlying Index was comprised</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of 120 issues with market capitalizations ranging </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from $1.777 billion to $1.536 trillion. The Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index is reconstituted on a semi-annual basis and is rebalanced</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> quarterly. The Fund generally rebalances and reconstitutes</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> its portfolio in accordance with the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses a “passive” or indexing approach to try to achieve </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s investment objective. Unlike many investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies, the Fund does not try to “beat” the index it </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">tracks and does not seek temporary defensive positions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when markets decline or appear overvalued.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses a representative sampling strategy to manage the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund. “Representative sampling” is investing in a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sample of securities that collectively has an investment</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> profile similar to the Underlying Index. The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may or may not hold all of the securities that are included </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in the Underlying Index. The Fund reserves the right to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invest in substantially all of the securities in its Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index in approximately the same proportions (i.e., replication)</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> if NTI determines that it is in the best interest of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Under normal circumstances, the Fund will invest at least </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">80% of its total assets (exclusive of collateral held from </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities lending) in the securities of the Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and in American Depositary Receipts (“ADRs”) and Global </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Depositary Receipts (“GDRs”) (collectively “Depositary </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Receipts”) based on the securities in the Underlying Index. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund may also invest up to 20% of its assets in cash </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and cash equivalents, including shares of money market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">funds advised by NTI or its affiliates, futures contracts, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">options on futures contracts and forward currency contracts,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> as well as securities not included in the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index, but which NTI believes will help the Fund track its </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index is sponsored by the Index Provider, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">an organization that is independent of the Fund and NTI. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Index Provider determines the composition and rela</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">tive weightings of the securities in the Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and publishes information regarding the market value of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund may lend securities representing up to one-third </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the value of the Fund’s total assets (including the value </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the collateral received).</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">From time to time the Fund may focus its investments (</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-style: italic;">i.e.,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invest more than 15% of its total assets) in one or more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">particular countries or geographic regions. As of December</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> 31, 2025, the Fund focused its investments in the U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and Canada.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The Fund will concentrate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its investments (i.e., hold 25% or more of its total assets) in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a particular industry or group of industries to approximately</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> the same extent that the Underlying Index is concentrated.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> As of December 31, 2025, the Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">was concentrated in the Natural Resources sector. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">components of the Underlying Index, and the degree to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">which these components represent certain industries or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">sectors, may change over time.</span></div> Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index and in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) (collectively “Depositary Receipts”) based on the securities in the Underlying Index. Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. As of December 31, 2025, the Underlying Index was concentrated in the Natural Resources sector. The components of the Underlying Index, and the degree to which these components represent certain industries or sectors, may change over time. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Concentration Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that, if the Fund is concentrated</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in a particular industry or group of industries, the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund is likely to present more risks than a fund that is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">broadly diversified over several industries or groups of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industries. Compared to the broad market, an individual </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industry may be more strongly affected by changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">economic climate, broad market shifts, moves in a particular</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> dominant stock or regulatory changes.</span></div>•Natural Resources Sector Risk is the risk that the Fund is subject to the risks associated with investment in companies within the Natural Resources sector in addition to the general risk of the stock market. Companies within the Natural Resources sector can be significantly affected by events relating to U.S. and foreign political and economic developments and environmental and other government regulations, as well as other factors including, but not limited to: commodity price volatility, technological developments and natural or man-made disasters. Declines in the demand for, or prices of, natural resources generally would be expected to contribute to declines in the value of the Fund’s equity securities. Such declines may occur quickly and without warning and may negatively impact the value of the Fund and your investment. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Equity Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the values of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">equity securities owned by the Fund may be more volatile </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and underperform other asset classes and the general securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> markets.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Foreign Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that investing in foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(non-U.S.) securities may result in the Fund experiencing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">more rapid and extreme changes in value than a fund that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invests exclusively in securities of U.S. companies, due to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">less liquid markets and adverse economic, political, diplomatic,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> financial, and regulatory factors. Foreign governments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may impose limitations on foreigners’ ownership of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interests in local issuers, restrictions on the ability to repatriate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> assets, and may also impose taxes. Any of these events </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">could cause the value of the Fund’s investments to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decline. Foreign banks, agents and securities depositories </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that hold the Fund’s foreign assets may be subject to little </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or no regulatory oversight over, or independent evaluation, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of their operations. Additional costs associated with investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in foreign securities may include higher custodial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">fees than those applicable to domestic custodial arrangements</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and transaction costs of foreign currency conversions.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Unless the Fund has hedged its foreign currency </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">exposure, foreign securities risk also involves the risk of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">negative foreign currency rate fluctuations, which may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">cause the value of securities denominated in such foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">currency (or other instruments through which the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">has exposure to foreign currencies) to decline in value. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Currency exchange rates may fluctuate significantly over </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">short periods of time. Currency hedging strategies, if used, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">are not always successful. For instance, forward foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">currency exchange contracts, if used by the Fund, could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reduce performance if there are unanticipated changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">currency exchange rates.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Depositary Receipts Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Foreign securities may trade in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the form of depositary receipts. In addition to investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">risks associated with the underlying issuer, depositary </span></div><div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">receipts may expose the Fund to additional risks associated </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">with non-uniform terms that apply to depositary receipt </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">programs, including credit exposure to the depository bank </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and to the sponsors and other parties with whom the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">depository bank establishes the programs, currency, political,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> economic, market risks and the risks of an illiquid market</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> for depositary receipts. Depositary receipts are generally </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">subject to the same risks as the foreign securities that they </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">evidence or into which they may be converted. Depositary </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">receipts may not track the price of the underlying foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities on which they are based, may have limited voting </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">rights, and may have a distribution subject to a fee charged </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">by the depository. As a result, equity shares of the underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> issuer may trade at a discount or premium to the market</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> price of the depositary receipts.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Emerging Markets Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that emerging markets </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">are generally subject to greater market volatility, political, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">social and economic instability, uncertain trading markets </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and more governmental limitations on foreign investments </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">than more developed markets. In addition, companies </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">operating in emerging markets may be subject to lower </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">trading volumes and greater price volatility than companies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in more developed markets. Emerging market economies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may be based on only a few industries, may be highly </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">vulnerable to changes in local and global trade conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and may suffer from extreme and volatile debt burdens or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">inflation rates. Companies in emerging market countries </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">generally may be subject to less stringent regulatory, disclosure,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> financial reporting, accounting, auditing and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">recordkeeping standards than companies in more developed</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> countries. As a result, information, including financial</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> information, about such companies may be less available</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and reliable, which can impede the Fund’s ability to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">evaluate such companies. Securities law and the enforcement</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of systems of taxation in many emerging market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">countries may change quickly and unpredictably, and the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ability to bring and enforce actions (including bankruptcy, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">confiscatory taxation, expropriation, nationalization of a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">company’s assets, restrictions on foreign ownership of local </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies, restrictions on withdrawing assets from the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">country, protectionist measures and practices such as share </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">blocking), or to obtain information needed to pursue or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">enforce such actions, may be limited. Investments in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">emerging market securities may be subject to additional </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">transaction costs, delays in settlement procedures, unexpected</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> market closures, and lack of timely information.</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Geographic Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that if the Fund invests a significant</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> portion of its total assets in certain issuers within </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the same country or geographic region, an adverse economic,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> business or political development affecting that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">country or region may affect the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> more, and the Fund’s investments may be more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">volatile, than if the Fund’s investments were not so concentrated</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in such country or region.</span></div>•Canada Investment Risk is the risk that the Fund is particularly sensitive to political, economic and social conditions affecting Canada. The Canadian economy is especially dependent on the demand for, and supply of, natural resources, and the Canadian market is relatively concentrated in issuers involved in the production and distribution of natural resources, particularly the production of metals. Any adverse events that affect Canada’s major industries may have a negative impact on the overall Canadian economy and the Fund. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may increase or decrease in response to expected, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">real or perceived economic, political or financial events in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the U.S. or global markets. The frequency and magnitude </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of such changes in value cannot be predicted. Certain securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and other investments held by the Fund may experience</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> increased volatility, illiquidity, or other potentially </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adverse effects in response to changing market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">inflation, elevated levels of government debt, changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interest rates, lack of liquidity in the bond or equity markets,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or volatility in the equity markets. Market disruptions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">caused by local or regional events such as financial institution</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> failures, changes in trade regulation or economic sanctions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> internal unrest and discord, war, acts of terrorism, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the spread of infectious illness (including epidemics and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">pandemics) or other public health issues, recessions or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">other events or adverse investor sentiment could have a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">significant impact on the Fund and its investments. Such </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">events could result in the Fund’s shares trading at increased </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">premiums or discounts to the Fund’s NAV. During periods </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of market disruption or other abnormal market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s exposure to the risks described elsewhere in this </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">summary will likely increase.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Index Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund would not necessarily </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">buy or sell a security unless that security is added to or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">removed from, respectively, the Underlying Index, even if </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that security generally is underperforming, because unlike </span></div><div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">many investment companies, the Fund does not utilize an </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing strategy that seeks returns in excess of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index. Additionally, the Fund rebalances and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitutes its portfolio in accordance with the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index, and, therefore, any changes to the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index’s rebalance and/or reconstitution schedule will result </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in corresponding changes to the Fund’s rebalance and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund’s performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may vary from the performance of the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index as a result of creation and redemption activity, transaction</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> costs, expenses and other factors. Market disruptions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> regulatory restrictions or other abnormal market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">conditions could have an adverse effect on the Fund's ability</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to adjust its exposure to required levels in order to track </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its Index or cause delays in the Underlying Index's rebalancing</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> schedule. During any such delay, it is possible that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index, and, in turn, the Fund will deviate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from the Underlying Index's stated methodology and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">therefore experience returns different than those that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">would have been achieved under a normal rebalancing or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Sampling Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the Fund’s use of a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sampling approach may not work as intended and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">result in increased tracking error because the securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">selected for the Fund in the aggregate may vary from the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investment profile of the Underlying Index. Additionally, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the use of a representative sampling approach may result in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund holding a smaller number of securities than the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index, and, as a result, an adverse development </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to an issuer of securities that the Fund holds could result in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a greater decline in NAV than would be the case if the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">held all of the securities in the Underlying Index.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Authorized Participant Concentration Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund may be adversely affected because it has a limited </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">number of institutions that act as authorized participants </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(“Authorized Participants”). Only an Authorized Participant</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may engage in creation or redemption transactions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">directly with the Fund and none of those Authorized Participants</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is obligated to engage in creation and/or redemption</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> transactions. To the extent that these institutions exit </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the business or are unable or unwilling to proceed with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">creation and/or redemption orders with respect to the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund and no other Authorized Participant is able or willing </span></div><div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to step forward to create or redeem Creation Units (as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">defined below), Fund shares may trade at a discount to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NAV and possibly face trading halts and/or delisting. This </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">risk may be heightened because of its investments in non-U.S.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Calculation Methodology Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index’s calculation methodology or sources of information</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may not provide an accurate assessment of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">included issuers or correct valuation of securities, nor is the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">availability or timeliness of the production of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index guaranteed. A security included in the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index may not exhibit the characteristic or provide the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">specific exposure for which it was selected and consequently</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> a Fund's holdings may not exhibit returns consistent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> with that characteristic or exposure.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund faces because </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its shares are listed on a securities exchange, including the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">potential lack of an active market for Fund shares, losses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from trading in secondary markets, periods of high volatility</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and disruption in the creation/redemption process of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund. ANY OF THESE FACTORS MAY LEAD TO THE </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> TO NAV.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div><div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Trading in Fund shares may be halted due to market conditions</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or for reasons that, in the view of its listing exchange, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">make trading in the shares inadvisable. The market prices </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of Fund shares will generally fluctuate in accordance with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes in its NAV, changes in the relative supply of, and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">demand for, Fund shares, and changes in the liquidity, or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the perceived liquidity, of the Fund’s holdings.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Derivatives Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that derivatives may pose risks </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in addition to and greater than those associated with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing directly in securities, currencies and other instruments,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may be illiquid or less liquid, more volatile, more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">difficult to value and leveraged so that small changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of the underlying instrument may produce disproportionate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> losses to the Fund. Derivatives are also subject </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to counterparty risk, which is the risk that the other party </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to the transaction will not perform its contractual obligations.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The use of derivatives is a highly specialized activity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that involves investment techniques and risks different </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from those associated with investments in more traditional </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities and instruments.</span></div>•Forward Foreign Currency Contracts Risk is the risk that, if forward prices increase, a loss will occur to the extent that the agreed upon purchase price of the currency exceeds the price of the currency that was agreed to be sold.•Futures Contracts Risk is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.•Options Contracts Risk Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Mid and Small Cap Stock Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that stocks of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">mid-sized and smaller companies may be more volatile </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">than stocks of larger, more established companies, and may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">lack sufficient market liquidity. Mid-sized and small companies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may have limited product lines or financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">resources, may be dependent upon a particular niche of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market, or may be dependent upon a small or inexperienced</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> management group. Securities of smaller companies </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may trade less frequently and in lower volume than the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities of larger companies, which could lead to higher </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">transaction costs. Generally the smaller the company size, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the greater the risk.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Securities Lending Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund may lose </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">money because the borrower of the loaned securities fails </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to return the securities in a timely manner or at all. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund could also lose money in the event of a decline in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of collateral provided for loaned securities or a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decline in the value of any investments made with cash </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">collateral.</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Valuation Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the sale price the Fund could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">receive for a portfolio security may differ from the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">valuation of the security, particularly for securities that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">trade in low volume or volatile markets or that are valued </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">using a fair value methodology. In addition, the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the securities in the Fund’s portfolio may change on days </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when shareholders will not be able to purchase or sell the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s shares.</span></div> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad-based securities market index and one or more style-specific indexes (reflecting the market segments in which the Fund invests), in that order. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting etfs.ntam.northerntrust.com.</span></div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad-based securities market index and one or more style-specific indexes (reflecting the market segments in which the Fund invests), in that order. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. etfs.ntam.northerntrust.com Calendar Year Total Returns <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">For the periods shown in the bar chart above:</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Best Quarter (6/30/2020): 21.62%</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Worst Quarter (3/31/2020): -31.00%</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> Best Quarter 2020-06-30 0.2162 Worst Quarter 2020-03-31 -0.3100 Average Annual Total Returns (for the periods ended December 31, 2025) 0.2994 0.1098 0.1092 0.2896 0.1003 0.1008 0.1824 0.0858 0.0884 0.2234 0.1119 0.1172 0.2886 0.1061 0.1038 0.3078 0.1152 0.1145 Reflects no deduction for fees, expenses or taxes. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. Northern Trust STOXX® Global Broad Infrastructure ETF (formerly, FlexShares® STOXX® Global Broad Infrastructure Index Fund) Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund seeks investment results that correspond generally</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to the price and yield performance, before fees and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">expenses, of the STOXX</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Global Broad Infrastructure </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index (the “Underlying Index”).</span></div> Fees And Expenses Of The Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">This table describes the fees and expenses that you may pay </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">if you buy, hold and sell shares of the Fund. Under the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s Investment Advisory Agreement, the Fund is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">responsible for the following expenses: interest expenses, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">brokerage commissions and other trading expenses, fees </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and expenses of the independent trustees and their independent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> legal counsel, taxes and other extraordinary costs </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">such as litigation and other expenses not incurred in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ordinary course of business. You will also incur usual and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">customary brokerage commissions and fees to financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">intermediaries when buying or selling shares of the Fund in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the secondary market, which are not reflected in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">example that follows:</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0047 0.0000 0.0001 0.0048 -0.0001 0.0047 March 1, 2027 Example <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The following Example is intended to help you compare </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the cost of investing in the Fund with the cost of investing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in other funds. The Example assumes that you invest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">$10,000 in the Fund for the time periods indicated and </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">then sell all of your shares at the end of those periods. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Example also assumes that your investment has a 5% </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">return each year and that the Fund’s operating expenses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">remain the same (taking into account the expense reimbursement</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> arrangement for one year). Although your </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">actual costs may be higher or lower, based on these </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">assumptions your costs would be:</span></div> 48 153 268 603 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 13% of the average value of its portfolio. 0.13 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index is designed to reflect the performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of a selection of companies that, in aggregate, offer </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">broad exposure to publicly traded developed- and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">emerging-market infrastructure companies, including U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies, as defined by STOXX Ltd. (the “Index Provider”)</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> pursuant to its index methodology. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI believes that the companies in the Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">have the potential to generate income through dividend </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and other payments received.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">To be eligible for inclusion in the Underlying Index, companies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> must generate at least 50% of their respective revenues</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> from the ownership, development, construction, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">financing or operation of infrastructure-related assets in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the following five supersector groups (the “Infrastructure </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Sectors”): (i) communication (i.e., cable and satellite, data </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">centers, wireless, wireless towers and wireline); (ii) energy </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(i.e., energy utilities and mid-stream energy); (iii) government</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> outsourcing/social (i.e., correctional facilities, hospitals</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and postal services); (iv) transportation (i.e., air </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">trans</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">portation</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">, passenger transportation, rail transportation, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">road transportation and water transportation); and (v) </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">utilities (i.e., waste management and water utilities). Securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> must also meet a certain minimum liquidity criteria:</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> 3-month average daily trading volume (ADTV) greater </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">than one million USD. Eligible securities are then selected </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">based on largest free-float adjusted market capitalization, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">with a maximum of 40 securities from each supersector </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">group and with a cap on the number of constituent securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> among the sector groups of each supersector group. To </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">prevent companies, supersectors and countries from dominating</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> the portfolio, the Underlying Index also includes </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">constituent, supersector and country weight caps (“Weight </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Caps”). Constituents of the Underlying Index may include </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">common and preferred stocks, publicly-traded units of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">master limited partnerships (“MLPs”) and real estate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investment trusts (“REITs”).</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">As of December 31, 2025, the Underlying Index was comprised</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of 170 issues with market capitalizations ranging </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from $178.5 million to $176.1 billion. The Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index is reconstituted on an annual basis and the Weight </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Caps are applied on a quarterly basis. The Fund generally </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitutes or otherwise modifies its portfolio in accordance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> with the Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses a “passive” or indexing approach to try to achieve </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s investment objective. Unlike many investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies, the Fund does not try to “beat” the index it </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">tracks and does not seek temporary defensive positions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when markets decline or appear overvalued.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses a representative sampling strategy to manage the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund. “Representative sampling” is investing in a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sample of securities that collectively has an investment</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> profile similar to the Underlying Index. The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may or may not hold all of the securities that are included </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in the Underlying Index. The Fund reserves the right to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invest in substantially all of the securities in its Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index in approximately the same proportions (i.e., replication)</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> if NTI determines that it is in the best interest of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Under normal circumstances, the Fund will invest at least </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">80% of its total assets (exclusive of collateral held from </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities lending) in the securities of the Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and in American Depositary Receipts (“ADRs”) and Global </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Depositary Receipts (“GDRs”) (collectively “Depositary </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Receipts”) based on the securities in the Underlying Index. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund may also invest up to 20% of its assets in cash </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and cash equivalents, including shares of money market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">funds advised by NTI or its affiliates, futures contracts, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">options on futures contracts and forward currency contracts,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> as well as securities not included in the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index, but which NTI believes will help the Fund track its </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index is sponsored by the Index Provider, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">an organization that is independent of the Fund and NTI. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Index Provider determines the composition and relative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> weightings of the securities in the Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and publishes information regarding the market value of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund may lend securities representing up to one-third </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the value of the Fund’s total assets (including the value </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the collateral received).</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">From time to time the Fund may focus its investments (</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-style: italic;">i.e.,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invest more than 15% of its total assets) in one or more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">particular countries or geographic regions. As of December</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> 31, 2025, the Fund focused its investments in the U.S.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Industry Concentration Policy</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">. The Fund will concentrate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its investments (i.e., hold 25% or more of its total assets) in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a particular industry or group of industries to approximately</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> the same extent that the Underlying Index is concentrated.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> As of December 31, 2025, the Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">was concentrated in the Infrastructure Sectors. The components</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of the Underlying Index, and the degree to which </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">these components represent certain industries or sectors, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may change over time.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Under normal circumstances, the Fund will invest at least </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">80% of its total assets (exclusive of collateral held from </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities lending) in the securities of the Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and in American Depositary Receipts (“ADRs”) and Global </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Depositary Receipts (“GDRs”) (collectively “Depositary </span></div>Receipts”) based on the securities in the Underlying Index. Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. As of December 31, 2025, the Underlying Index was concentrated in the Infrastructure Sectors. The components of the Underlying Index, and the degree to which these components represent certain industries or sectors, may change over time. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Equity Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the values of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">equity securities owned by the Fund may be more volatile </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and underperform other asset classes and the general securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> markets.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Mid Cap Stock Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that stocks of mid-sized </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies may be subject to more abrupt or erratic market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">movements than stocks of larger, more established companies,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and may lack sufficient market liquidity. Mid-sized </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies may have limited product lines or financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">resources, and may be dependent upon a particular niche </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the market, or may be dependent upon a small or inexperienced</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> management group. Securities of smaller companies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may trade less frequently and in lower volume than </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the securities of larger companies, which could lead to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">higher transaction costs. Generally the smaller the company</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> size, the greater the risk.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">REIT Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund’s investments may be </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">affected by factors affecting REITs and the real estate sector </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">generally. Investing in REITs involves certain unique risks </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in addition to those risks associated with investing in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">real estate industry in general. REITs whose underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">properties are concentrated in a particular industry or geographic</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> region are also subject to risks affecting such </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industries and regions. REITs may have limited financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">resources, may trade less frequently and in lower volume, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">engage in dilutive offerings or become more volatile than </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">other securities. By investing in REITs through the Fund, a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">shareholder will bear expenses of the REITs in addition to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">expenses of the Fund. In addition, REITs could possibly fail </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to (i) qualify for favorable tax treatment under applicable </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">tax law, or (ii) maintain their exemption from registration </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">under the Investment Company Act of 1940.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">MLP Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that accompanies an investment in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">MLP units. The risks of investing in an MLP are similar to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">those of investing in a partnership, including more flexible </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">governance structures, which could result in less protection </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">for investors, such as the Fund, than investments in a corporation.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> An investor in an MLP normally would not be </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">liable for the debts of the MLP beyond the amount that the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investor has contributed but may not be shielded from </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">liability to the same extent that a shareholder of a corporation</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> would be. MLPs are also subject to risks related to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">potential conflicts of interest between the MLP and the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">MLP’s general partner and cash flow risks. MLPs that concentrate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in a particular industry or a particular geographic </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">region are subject to risks associated with such industry or </span></div><div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">region. MLPs may also be sensitive to changes in interest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">rates and during periods of interest rate volatility, limited </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">capital markets access and/or low commodities pricing and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may not provide attractive returns.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">MLP Tax Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">. An MLP is a public limited partnership or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">limited liability company taxed as a partnership under the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Internal Revenue Code of 1986. MLPs taxed as partnerships</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> do not pay U.S. federal income tax at the partnership </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">level, subject to the application of certain partnership audit </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">rules. A change in current tax law, or a change in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">underlying business mix of a given MLP, however, could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">result in an MLP being classified as a corporation for U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">federal income tax purposes, which would have the effect </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of reducing the amount of cash available for distribution </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">by the MLP and, as a result, could result in a reduction of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the value of the Fund’s investment (and the Fund), and, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">consequently, lower income.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Foreign Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that investing in foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(non-U.S.) securities may result in the Fund experiencing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">more rapid and extreme changes in value than a fund that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invests exclusively in securities of U.S. companies, due to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">less liquid markets and adverse economic, political, diplomatic,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> financial, and regulatory factors. Foreign governments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may impose limitations on foreigners’ ownership of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interests in local issuers, restrictions on the ability to repatriate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> assets, and may also impose taxes. Any of these events </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">could cause the value of the Fund’s investments to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decline. Foreign banks, agents and securities depositories </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that hold the Fund’s foreign assets may be subject to little </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or no regulatory oversight over, or independent evaluation, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of their operations. Additional costs associated with investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in foreign securities may include higher custodial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">fees than those applicable to domestic custodial arrangements</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and transaction costs of foreign currency conversions.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Unless the Fund has hedged its foreign currency </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">exposure, foreign securities risk also involves the risk of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">negative foreign currency rate fluctuations, which may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">cause the value of securities denominated in such foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">currency (or other instruments through which the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">has exposure to foreign currencies) to decline in value. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Currency exchange rates may fluctuate significantly over </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">short periods of time. Currency hedging strategies, if used, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">are not always successful. For instance, forward foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">currency exchange contracts, if used by the Fund, could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reduce performance if there are unanticipated changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">currency exchange rates.</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Emerging Markets Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that emerging markets </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">are generally subject to greater market volatility, political, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">social and economic instability, uncertain trading markets </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and more governmental limitations on foreign investments </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">than more developed markets. In addition, companies </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">operating in emerging markets may be subject to lower </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">trading volumes and greater price volatility than companies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in more developed markets. Emerging market economies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may be based on only a few industries, may be highly </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">vulnerable to changes in local and global trade conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and may suffer from extreme and volatile debt burdens or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">inflation rates. Companies in emerging market countries </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">generally may be subject to less stringent regulatory, disclosure,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> financial reporting, accounting, auditing and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">recordkeeping standards than companies in more developed</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> countries. As a result, information, including financial</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> information, about such companies may be less available</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and reliable, which can impede the Fund’s ability to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">evaluate such companies. Securities law and the enforcement</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of systems of taxation in many emerging market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">countries may change quickly and unpredictably, and the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ability to bring and enforce actions (including bankruptcy, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">confiscatory taxation, expropriation, nationalization of a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">company’s assets, restrictions on foreign ownership of local </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies, restrictions on withdrawing assets from the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">country, protectionist measures and practices such as share </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">blocking), or to obtain information needed to pursue or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">enforce such actions, may be limited. Investments in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">emerging market securities may be subject to additional </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">transaction costs, delays in settlement procedures, unexpected</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> market closures, and lack of timely information.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Depositary Receipts Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">. Foreign securities may trade in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the form of depositary receipts. In addition to investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">risks associated with the underlying issuer, depositary </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">receipts may expose the Fund to additional risks associated </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">with non-uniform terms that apply to depositary receipt </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">programs, including credit exposure to the depository bank </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and to the sponsors and other parties with whom the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">depository bank establishes the programs, currency, political,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> economic, market risks and the risks of an illiquid market</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> for depositary receipts. Depositary receipts are generally </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">subject to the same risks as the foreign securities that they </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">evidence or into which they may be converted. Depositary </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">receipts may not track the price of the underlying foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities on which they are based, may have limited voting </span></div><div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">rights, and may have a distribution subject to a fee charged </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">by the depository. As a result, equity shares of the underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> issuer may trade at a discount or premium to the market</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> price of the depositary receipts.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Geographic Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that if the Fund invests a significant</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> portion of its total assets in certain issuers within </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the same country or geographic region, an adverse economic,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> business or political development affecting that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">country or region may affect the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> more, and the Fund’s investments may be more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">volatile, than if the Fund’s investments were not so concentrated</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in such country or region.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may increase or decrease in response to expected, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">real or perceived economic, political or financial events in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the U.S. or global markets. The frequency and magnitude </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of such changes in value cannot be predicted. Certain securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and other investments held by the Fund may experience</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> increased volatility, illiquidity, or other potentially </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adverse effects in response to changing market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">inflation, elevated levels of government debt, changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interest rates, lack of liquidity in the bond or equity markets,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or volatility in the equity markets. Market disruptions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">caused by local or regional events such as financial institution</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> failures, changes in trade regulation or economic sanctions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> internal unrest and discord, war, acts of terrorism, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the spread of infectious illness (including epidemics and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">pandemics) or other public health issues, recessions or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">other events or adverse investor sentiment could have a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">significant impact on the Fund and its investments. Such </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">events could result in the Fund’s shares trading at increased </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">premiums or discounts to the Fund’s NAV. During periods </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of market disruption or other abnormal market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s exposure to the risks described elsewhere in this </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">summary will likely increase.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Index Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund would not necessarily </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">buy or sell a security unless that security is added to or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">removed from, respectively, the Underlying Index, even if </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that security generally is underperforming, because unlike </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">many investment companies, the Fund does not utilize an </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing strategy that seeks returns in excess of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index. Additionally, the Fund rebalances and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitutes its portfolio in accordance with the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index, and, therefore, any changes to the Underlying </span></div><div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index’s rebalance and/or reconstitution schedule will result </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in corresponding changes to the Fund’s rebalance and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund’s performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may vary from the performance of the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index as a result of creation and redemption activity, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">transaction</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> costs, expenses and other factors. Market disruptions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> regulatory restrictions or other abnormal market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">conditions could have an adverse effect on the Fund's ability</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to adjust its exposure to required levels in order to track </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its Index or cause delays in the Underlying Index's rebalancing</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> schedule. During any such delay, it is possible that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index, and, in turn, the Fund will deviate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from the Underlying Index's stated methodology and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">therefore experience returns different than those that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">would have been achieved under a normal rebalancing or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Sampling Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the Fund’s use of a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sampling approach may not work as intended and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">result in increased tracking error because the securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">selected for the Fund in the aggregate may vary from the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investment profile of the Underlying Index. Additionally, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the use of a representative sampling approach may result in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund holding a smaller number of securities than the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index, and, as a result, an adverse development </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to an issuer of securities that the Fund holds could result in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a greater decline in NAV than would be the case if the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">held all of the securities in the Underlying Index.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Authorized Participant Concentration Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund may be adversely affected because it has a limited </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">number of institutions that act as authorized participants </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(“Authorized Participants”). Only an Authorized Participant</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may engage in creation or redemption transactions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">directly with the Fund and none of those Authorized Participants</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is obligated to engage in creation and/or redemption</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> transactions. To the extent that these institutions exit </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the business or are unable or unwilling to proceed with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">creation and/or redemption orders with respect to the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund and no other Authorized Participant is able or willing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to step forward to create or redeem Creation Units (as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">defined below), Fund shares may trade at a discount to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NAV and possibly face trading halts and/or delisting. This </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">risk may be heightened because of its investments in non-U.S.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> securities.</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Calculation Methodology Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index’s calculation methodology or sources of information</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may not provide an accurate assessment of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">included issuers or correct valuation of securities, nor is the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">availability or timeliness of the production of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index guaranteed. A security included in the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index may not exhibit the characteristic or provide the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">specific exposure for which it was selected and consequently</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> a Fund's holdings may not exhibit returns consistent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> with that characteristic or exposure.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund faces because </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its shares are listed on a securities exchange, including the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">potential lack of an active market for Fund shares, losses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from trading in secondary markets, periods of high volatility</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and disruption in the creation/redemption process of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund. ANY OF THESE FACTORS MAY LEAD TO THE </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> TO NAV.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div><div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Trading in Fund shares may be halted due to market conditions</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or for reasons that, in the view of its listing exchange, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">make trading in the shares inadvisable. The market prices </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of Fund shares will generally fluctuate in accordance with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes in its NAV, changes in the relative supply of, and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">demand for, Fund shares, and changes in the liquidity, or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the perceived liquidity, of the Fund’s holdings.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Concentration Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that, if the Fund is concentrated</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in a particular industry or group of industries, the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund is likely to present more risks than a fund that is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">broadly diversified over several industries or groups of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industries. Compared to the broad market, an individual </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industry may be more strongly affected by changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">economic climate, broad market shifts, moves in a particular</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> dominant stock or regulatory changes.</span></div>•Infrastructure-Related CompaniesRisk is the risk that the Fund is subject to the risks associated with investment in infrastructure-related companies in addition to the general risk of the stock market. Risks associated with infrastructure-related companies include: (a) realized revenue volume may be significantly lower than projected and/or there will be cost overruns; (b) infrastructure project sponsors will alter their terms making a project no longer economical; (c) macroeconomic factors such as low gross domestic product (“GDP”) growth or high nominal interest rates will raise the average cost of infrastructure funding; (d) government <div style="line-height: 12.10pt; margin-left: 14.97pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; margin-left: 0.00pt;">regulation may affect rates charged to infrastructure </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; margin-left: 0.00pt;">customers; (e) government budgetary constraints will </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; margin-left: 0.00pt;">impact infrastructure projects; (f) special tariffs will be </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; margin-left: 0.00pt;">imposed; and (g) changes in tax laws, regulatory policies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; margin-left: 0.00pt;"> or accounting standards could be unfavorable. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; margin-left: 0.00pt;">Other risks include environmental damage due to a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; margin-left: 0.00pt;">company’s operations or an accident, a natural disaster, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; margin-left: 0.00pt;">changes in market sentiment towards infrastructure </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; margin-left: 0.00pt;">and terrorist acts. Any of these events could cause the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; margin-left: 0.00pt;">value of the Fund’s or Underlying Fund’s investments </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; margin-left: 0.00pt;">in infrastructure-related companies to decline.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Derivatives Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that derivatives may pose risks </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in addition to and greater than those associated with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing directly in securities, currencies and other instruments,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may be illiquid or less liquid, more volatile, more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">difficult to value and leveraged so that small changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of the underlying instrument may produce disproportionate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> losses to the Fund. Derivatives are also subject </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to counterparty risk, which is the risk that the other party </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to the transaction will not perform its contractual obligations.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The use of derivatives is a highly specialized activity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that involves investment techniques and risks different </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from those associated with investments in more traditional </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities and instruments.</span></div>•Forward Foreign Currency Contracts Risk is the risk that, if forward prices increase, a loss will occur to the extent that the agreed upon purchase price of the currency exceeds the price of the currency that was agreed to be sold.•Options Contracts Risk Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.•Futures Contracts Risk is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working <div style="line-height: 12.10pt; margin-left: 14.97pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; margin-left: 0.00pt;">as intended; the possible inability of the Fund to sell or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; margin-left: 0.00pt;">close out a futures contract at the desired time or price; </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; margin-left: 0.00pt;">losses due to unanticipated market movements, which </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; margin-left: 0.00pt;">potentially are unlimited; and the possible inability of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; margin-left: 0.00pt;">NTI to correctly predict the direction of securities’ </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; margin-left: 0.00pt;">prices, interest rates, currency exchange rates and other </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; margin-left: 0.00pt;">economic factors, which may make the Fund’s returns </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; margin-left: 0.00pt;">more volatile or increase the risk of loss.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Interest Rate Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that during periods of rising </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interest rates, the Fund’s yield (and the market value of its </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities) will tend to be lower than prevailing market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">rates; in periods of falling interest rates, the Fund’s yield </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(and the market value of its securities) will tend to be </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">higher. Increases in interest rates typically lower the present </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of a REIT’s future earnings stream, and may make </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">financing property purchases and improvements more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">costly. Because the market price of REIT stocks may change </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">based upon investors’ collective perceptions of future earnings,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> the value of the Fund may decline when investors </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">anticipate or experience rising interest rates.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div><div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">In general, securities with longer maturities or durations </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">are more sensitive to interest rate changes. Changing interest</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> rates, including rates that fall below zero, may have </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">unpredictable effects on the markets and the Fund’s investments,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may result in heightened market volatility, may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">impact the liquidity of fixed-income securities and of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund, and may detract from Fund performance. A low or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">negative interest rate environment could cause the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">earnings to fall below the Fund’s expense ratio, resulting in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a low or negative yield and a decline in the Fund’s NAV. A </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">general rise in interest rates may cause investors to move </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">out of fixed income securities on a large scale, which could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adversely affect the price and liquidity of fixed income </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities and could also result in increased redemptions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">for the Fund. During periods when inflation rates are high </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or rising, or during periods of low interest rates, the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may be subject to a greater risk of rising interest rates.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Securities Lending Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund may lose </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">money because the borrower of the loaned securities fails </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to return the securities in a timely manner or at all. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund could also lose money in the event of a decline in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of collateral provided for loaned securities or a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decline in the value of any investments made with cash </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">collateral.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Valuation Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the sale price the Fund could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">receive for a portfolio security may differ from the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">valuation of the security, particularly for securities that </span></div><div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">trade in low volume or volatile markets or that are valued </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">using a fair value methodology. In addition, the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the securities in the Fund’s portfolio may change on days </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when shareholders will not be able to purchase or sell the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s shares.</span></div> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad-based securities market index and one or more style-specific indexes (reflecting the market segments in which the Fund invests), in that order. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting etfs.ntam.northerntrust.com.</span></div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad-based securities market index and one or more style-specific indexes (reflecting the market segments in which the Fund invests), in that order. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. etfs.ntam.northerntrust.com Calendar Year Total Returns <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">For the period shown in the bar chart above:</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Best Quarter (3/31/2019): 13.57%</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Worst Quarter (3/31/2020): -19.69%</span></div> Best Quarter 2019-03-31 0.1357 Worst Quarter 2020-03-31 -0.1969 Average Annual Total Returns (for the periods ended December 31, 2025)  0.1812 0.0585 0.0713 0.1578 0.0487 0.0627 0.1116 0.0434 0.0553 0.2234 0.1119 0.1172 0.2154 0.1002 0.0847 0.1811 0.0576 0.0702 Reflects no deduction for fees, expenses or taxes. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. Northern Trust Global Quality Real EstateETF (formerly, FlexShares® Global Quality Real Estate Index Fund) Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund seeks investment results that correspond generally</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to the price and yield performance, before fees and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">expenses, of the Northern Trust Global Quality Real </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Estate Index</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">SM</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> (the “Underlying Index”).</span></div> Fees And Expenses Of The Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">This table describes the fees and expenses that you may pay </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">if you buy, hold and sell shares of the Fund. Under the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s Investment Advisory Agreement, the Fund is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">responsible for the following expenses: interest expenses, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">brokerage commissions and other trading expenses, fees </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and expenses of the independent trustees and their independent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> legal counsel, taxes and other extraordinary costs </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">such as litigation and other expenses not incurred in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ordinary course of business. You will also incur usual and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">customary brokerage commissions and fees to financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">intermediaries when buying or selling shares of the Fund in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the secondary market, which are not reflected in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">example that follows:</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0045 0.0000 0.0001 0.0046 -0.0001 0.0045 March 1, 2027 Example <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The following Example is intended to help you compare </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the cost of investing in the Fund with the cost of investing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in other funds. The Example assumes that you invest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">$10,000 in the Fund for the time periods indicated and </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">then sell all of your shares at the end of those periods. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Example also assumes that your investment has a 5% </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">return each year and that the Fund’s operating expenses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">remain the same (taking into account the expense reimbursement</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> arrangement for one year). Although your </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">actual costs may be higher or lower, based on these </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">assumptions your costs would be:</span></div> 46 147 257 578 Portfolio Turnover. The Fund pays transaction costs, suchas commissions, when it buys and sells securities (or “turnsover” its portfolio). A higher portfolio turnover rate mayindicate higher transaction costs and may result in highertaxes when Fund shares are held in a taxable account. Thesecosts, which are not reflected in annual fund operatingexpenses or in the Example, affect the Fund’s performance.Portfolio turnover may vary from year to year, as well aswithin a year. During the most recent fiscal year, the Fund’sportfolio turnover rate was 49% of the average value of itsportfolio. 0.49 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index is designed to reflect the performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of a selection of companies that, in aggregate, maximize</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> exposure to quality, value and momentum factors, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">within a universe of companies operating in the real estate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">sector. In order to be eligible for inclusion in the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index, a security must be a constituent of the Northern </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Trust Global Real Estate Index (the “Parent Index”), a float-adjusted</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> market-capitalization weighted index of publicly-traded</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> equity securities of U.S. and non-U.S. real estate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investment trusts (REITs) and real estate operating companies.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> In addition, the Underlying Index utilizes the proprietary</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Northern Trust quality factor to identify companies </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that exhibit strength in profitability, management expertise </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and cash flow, while value and momentum factors are </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">included to help provide long term capital appreciation </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and also mitigate risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">To derive the Underlying Index, NTI, acting in its capacity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">as index provider (the “Index Provider”), ranks all constituents</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of the Parent Index using a Northern Trust </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">pro</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">prietary</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> blended multi-factor score. This score is designed </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to measure companies based on the quantitative </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">assessment</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of their respective (a) quality (i.e., a factor that seeks </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to identify companies that exhibit financial strength and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">stability relative to the Parent Index); (b) value (i.e., a factor</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> reflecting the current worth a company relative to its </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">own historical value, book value or valuation versus peers); </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and (c) momentum (i.e., a factor that reflects market sentiment</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and changes in security price over a given time </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">period). The Index Provider then uses an optimization </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">process to select and weight eligible securities in order to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">maximize the overall blended multi-factor score relative to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Parent Index. The optimization also includes industry </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">group, region, country, style factor, single-security weight, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">liquidity and turnover constraints so that these index characteristics</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> vary within acceptable bands relative to the Parent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index. A company must meet the following criteria to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">be eligible for inclusion in the Underlying Index: (a) a constituent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of the Parent Index; and (b) it must be classified </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">under the business sector of “Real Estate” by Reference </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Data Business Classification or have registered as a real </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">estate investment trust under its applicable local tax code. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Companies classified under the business activities of Mortgage</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> REITs and Real Estate Services (NEC) by Reference </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Data Business Classification are excluded from the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index. The Underlying Index is reconstituted on a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">quarterly basis. The Fund generally reconstitutes its portfolio</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in accordance with the Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">As of December 31, 2025, the Underlying Index was comprised</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of 131 issues with market capitalizations ranging </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from $937.3 million to $128.2 billion.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses a “passive” or indexing approach to try to achieve </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s investment objective. Unlike many investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies, the Fund does not try to “beat” the index it </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">tracks and does not seek temporary defensive positions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when markets decline or appear overvalued.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses a representative sampling strategy to manage the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund. “Representative sampling” is investing in a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sample of securities that collectively has an investment</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> profile similar to the Underlying Index. The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may or may not hold all of the securities that are included </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in the Underlying Index. The Fund reserves the right to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invest in substantially all of the securities in its Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index in approximately the same proportions (i.e., replication)</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> if NTI determines that it is in the best interest of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Under normal circumstances, the Fund will invest at least </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">80% of its total assets (exclusive of collateral held from </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities lending) in the securities of the Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and in American Depositary Receipts (“ADRs”) and Global </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Depositary Receipts (“GDRs”) (collectively “Depositary </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Receipts”) based on the securities in the Underlying Index. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund may also invest up to 20% of its assets in cash </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and cash equivalents, including shares of money market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">funds advised by NTI or its affiliates, futures contracts, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">options on futures contracts and forward currency contracts,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> as well as securities not included in the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index, but which NTI believes will help the Fund track its </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index is created and sponsored by NTI, as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Index Provider. NTI also serves as the investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adviser to the Fund. The Index Provider determines the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">composition and relative weightings of the securities in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index and publishes information regarding the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market value of the Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund may lend securities representing up to one-third </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the value of the Fund’s total assets (including the value </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the collateral received).</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">From time to time the Fund may focus its investments (</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-style: italic;">i.e.,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invest more than 15% of its total assets) in one or more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">particular countries or geographic regions. As of December</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> 31, 2025, the Fund focused its investments in the U.S.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The Fund will concentrate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its investments (i.e</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-style: italic;">.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">, hold 25% or more of its total assets) in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a particular industry or group of industries to approximately</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> the same extent that the Underlying Index is concentrated.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> As of December 31, 2025, the Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">was concentrated in the Real Estate sector. The components </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the Underlying Index, and the degree to which these </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">components represent certain industries or sectors, may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">change over time.</span></div> Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index and in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) (collectively “Depositary Receipts”) based on the securities in the Underlying Index.  Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. As of December 31, 2025, the Underlying Index was concentrated in the Real Estate sector. The components of the Underlying Index, and the degree to which these components represent certain industries or sectors, may change over time. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Real Estate Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund is subject</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to the risks associated with investment in the real estate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">sector in addition to the general risk of the stock market. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Investing in securities of real estate companies will make </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund more susceptible to risks associated with the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ownership of real estate and with the real estate industry in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">general, as well as risks that relate specifically to the way in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">which real estate companies are organized and operated. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Real estate companies may have lower trading volumes and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may be subject to more abrupt or erratic price movements </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">than the overall securities markets. The value of real estate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities may underperform other sectors of the economy </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or broader equity markets. To the extent that the Fund concentrates</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> its investments in the real estate sector, it may be </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">subject to greater risk of loss than if it were diversified </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">across different industry sectors.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">REIT Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund’s investments may be </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">affected by factors affecting REITs and the real estate sector </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">generally. Investing in REITs involves certain unique risks </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in addition to those risks associated with investing in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">real estate industry in general. REITs whose underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">properties are concentrated in a particular industry or geographic</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> region are also subject to risks affecting such </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industries and regions. REITs may have limited financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">resources, may trade less frequently and in lower volume, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">engage in dilutive offerings or become more volatile than </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">other securities. By investing in REITs through the Fund, a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">shareholder will bear expenses of the REITs in addition to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">expenses of the Fund. In addition, REITs could possibly fail </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to (i) qualify for favorable tax treatment under applicable </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">tax law, or (ii) maintain their exemption from registration </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">under the Investment Company Act of 1940.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Equity Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the values of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">equity securities owned by the Fund may be more volatile </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and underperform other asset classes and the general securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> markets.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Mid and Small Cap Stock Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that stocks of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">mid-sized and smaller companies may be more volatile </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">than stocks of larger, more established companies, and may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">lack sufficient market liquidity. Mid-sized and small com</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">panies may have limited product lines or financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">resources, may be dependent upon a particular niche of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market, or may be dependent upon a small or inexperienced</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> management group. Securities of smaller companies </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may trade less frequently and in lower volume than the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities of larger companies, which could lead to higher </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">transaction costs. Generally the smaller the company size, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the greater the risk.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Foreign Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that investing in foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(non-U.S.) securities may result in the Fund experiencing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">more rapid and extreme changes in value than a fund that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invests exclusively in securities of U.S. companies, due to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">less liquid markets and adverse economic, political, diplomatic,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> financial, and regulatory factors. Foreign governments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may impose limitations on foreigners’ ownership of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interests in local issuers, restrictions on the ability to repatriate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> assets, and may also impose taxes. Any of these events </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">could cause the value of the Fund’s investments to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decline. Foreign banks, agents and securities depositories </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that hold the Fund’s foreign assets may be subject to little </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or no regulatory oversight over, or independent evaluation, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of their operations. Additional costs associated with investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in foreign securities may include higher custodial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">fees than those applicable to domestic custodial arrangements</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and transaction costs of foreign currency conversions.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Unless the Fund has hedged its foreign currency </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">exposure, foreign securities risk also involves the risk of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">negative foreign currency rate fluctuations, which may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">cause the value of securities denominated in such foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">currency (or other instruments through which the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">has exposure to foreign currencies) to decline in value. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Currency exchange rates may fluctuate significantly over </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">short periods of time. Currency hedging strategies, if used, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">are not always successful. For instance, forward foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">currency exchange contracts, if used by the Fund, could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reduce performance if there are unanticipated changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">currency exchange rates.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Geographic Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that if the Fund invests a significant</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> portion of its total assets in certain issuers within </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the same country or geographic region, an adverse economic,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> business or political development affecting that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">country or region may affect the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> more, and the Fund’s investments may be more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">volatile, than if the Fund’s investments were not so concentrated</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in such country or region.</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may increase or decrease in response to expected, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">real or perceived economic, political or financial events in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the U.S. or global markets. The frequency and magnitude </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of such changes in value cannot be predicted. Certain securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and other investments held by the Fund may experience</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> increased volatility, illiquidity, or other potentially </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adverse effects in response to changing market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">inflation, elevated levels of government debt, changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interest rates, lack of liquidity in the bond or equity markets,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or volatility in the equity markets. Market disruptions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">caused by local or regional events such as financial institution</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> failures, changes in trade regulation or economic sanctions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> internal unrest and discord, war, acts of terrorism, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the spread of infectious illness (including epidemics and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">pandemics) or other public health issues, recessions or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">other events or adverse investor sentiment could have a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">significant impact on the Fund and its investments. Such </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">events could result in the Fund’s shares trading at increased </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">premiums or discounts to the Fund’s NAV. During periods </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of market disruption or other abnormal market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s exposure to the risks described elsewhere in this </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">summary will likely increase.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Index Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund would not necessarily </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">buy or sell a security unless that security is added to or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">removed from, respectively, the Underlying Index, even if </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that security generally is underperforming, because unlike </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">many investment companies, the Fund does not utilize an </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing strategy that seeks returns in excess of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index. Additionally, the Fund rebalances and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitutes its portfolio in accordance with the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index, and, therefore, any changes to the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index’s rebalance and/or reconstitution schedule will result </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in corresponding changes to the Fund’s rebalance and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund’s performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may vary from the performance of the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index as a result of creation and redemption activity, transaction</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> costs, expenses and other factors. Market disruptions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> regulatory restrictions or other abnormal market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">conditions could have an adverse effect on the Fund's ability</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to adjust its exposure to required levels in order to track </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its Index or cause delays in the Underlying Index's rebalancing</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> schedule. During any such delay, it is possible that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index, and, in turn, the Fund will deviate </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from the Underlying Index's stated methodology and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">therefore experience returns different than those that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">would have been achieved under a normal rebalancing or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Sampling Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the Fund’s use of a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sampling approach may not work as intended and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">result in increased tracking error because the securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">selected for the Fund in the aggregate may vary from the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investment profile of the Underlying Index. Additionally, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the use of a representative sampling approach may result in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund holding a smaller number of securities than the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index, and, as a result, an adverse development </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to an issuer of securities that the Fund holds could result in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a greater decline in NAV than would be the case if the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">held all of the securities in the Underlying Index.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Momentum Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that securities that have had </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">higher recent price performance compared to other securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may be more volatile than a broad cross-section of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities or that returns on securities that have previously </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">exhibited price momentum are less than returns on other </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities or the overall stock market. Momentum can turn </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">quickly and cause significant variation from other types of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investments.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Value Investing Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund’s investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in companies whose securities are believed to be undervalued,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> relative to their underlying profitability, will not </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">appreciate in value as anticipated.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Quality Factor Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the past performance of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies that have exhibited quality characteristics does </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">not continue or the returns on securities issued by such </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies may be less than returns from other styles of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing or the overall stock market. There may be periods </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when quality investing is out of favor and during which </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">time the Fund's performance may suffer.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Authorized Participant Concentration Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund may be adversely affected because it has a limited </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">number of institutions that act as authorized participants </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(“Authorized Participants”). Only an Authorized Participant</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may engage in creation or redemption transactions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">directly with the Fund and none of those Authorized Participants</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is obligated to engage in creation and/or redemption</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> transactions. To the extent that these institutions exit </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the business or are unable or unwilling to proceed with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">creation and/or redemption orders with respect to the </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund and no other Authorized Participant is able or willing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to step forward to create or redeem Creation Units (as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">defined below), Fund shares may trade at a discount to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NAV and possibly face trading halts and/or delisting. This </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">risk may be heightened because of its investments in non-U.S.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Calculation Methodology Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index’s calculation methodology or sources of information</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may not provide an accurate assessment of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">included issuers or correct valuation of securities, nor is the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">availability or timeliness of the production of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index guaranteed. A security included in the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index may not exhibit the characteristic or provide the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">specific exposure for which it was selected and consequently</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> a Fund's holdings may not exhibit returns consistent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> with that characteristic or exposure.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund faces because </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its shares are listed on a securities exchange, including the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">potential lack of an active market for Fund shares, losses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from trading in secondary markets, periods of high volatility</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and disruption in the creation/redemption process of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund. ANY OF THESE FACTORS MAY LEAD TO THE </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> TO NAV.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Trading in Fund shares may be halted due to market conditions</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or for reasons that, in the view of its listing exchange, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">make trading in the shares inadvisable. The market prices </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of Fund shares will generally fluctuate in accordance with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes in its NAV, changes in the relative supply of, and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">demand for, Fund shares, and changes in the liquidity, or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the perceived liquidity, of the Fund’s holdings.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Concentration Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that, if the Fund is concentrated</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in a particular industry or group of industries, the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund is likely to present more risks than a fund that is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">broadly diversified over several industries or groups of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industries. Compared to the broad market, an individual </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industry may be more strongly affected by changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">economic climate, broad market shifts, moves in a particular</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> dominant stock or regulatory changes.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Derivatives Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that derivatives may pose risks </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in addition to and greater than those associated with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing directly in securities, currencies and other instruments,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may be illiquid or less liquid, more volatile, more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">difficult to value and leveraged so that small changes in the </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of the underlying instrument may produce disproportionate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> losses to the Fund. Derivatives are also subject </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to counterparty risk, which is the risk that the other party </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to the transaction will not perform its contractual obligations.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The use of derivatives is a highly specialized activity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that involves investment techniques and risks different </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from those associated with investments in more traditional </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities and instruments.</span></div> •Forward Foreign Currency Contracts Riskis the riskthat, if forward prices increase, a loss will occur to theextent that the agreed upon purchase price of the currencyexceeds the price of the currency that was agreedto be sold.•Options Contracts RiskOptions contracts give theholder of the option the right to buy (or to sell) a positionin a security or in a contract to the writer of theoption, at a certain price. They are subject to correlationrisk because there may be an imperfect correlationbetween the options and the securities markets thatcause a given transaction to fail to achieve its objectives.The successful use of options depends on the investmentadviser’s ability to predict correctly future pricefluctuations and the degree of correlation between theoptions and securities markets. Exchanges can limit thenumber of positions that can be held or controlled bythe Fund or the investment adviser, thus limiting theability to implement the Fund’s strategies.•Futures Contracts Riskis the risk that there will beimperfect correlation between the change in marketvalue of the Fund’s securities and the price of futurescontracts, which may result in the strategy not workingas intended; the possible inability of the Fund to sell orclose out a futures contract at the desired time or price;losses due to unanticipated market movements, whichpotentially are unlimited; and the possible inability ofNTI to correctly predict the direction of securities’prices, interest rates, currency exchange rates and othereconomic factors, which may make the Fund’s returnsmore volatile or increase the risk of loss. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Depositary Receipts Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">. Foreign securities may trade in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the form of depositary receipts. In addition to investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">risks associated with the underlying issuer, depositary </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">receipts may expose the Fund to additional risks associated </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">with non-uniform terms that apply to depositary receipt </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">programs, including credit exposure to the depository bank </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and to the sponsors and other parties with whom the </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">depository bank establishes the programs, currency, political,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> economic, market risks and the risks of an illiquid market</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> for depositary receipts. Depositary receipts are generally </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">subject to the same risks as the foreign securities that they </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">evidence or into which they may be converted. Depositary </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">receipts may not track the price of the underlying foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities on which they are based, may have limited voting </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">rights, and may have a distribution subject to a fee charged </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">by the depository. As a result, equity shares of the underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> issuer may trade at a discount or premium to the market</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> price of the depositary receipts.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Interest Rate Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that during periods of rising </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interest rates, the Fund’s yield (and the market value of its </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities) will tend to be lower than prevailing market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">rates; in periods of falling interest rates, the Fund’s yield </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(and the market value of its securities) will tend to be </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">higher. Increases in interest rates typically lower the present </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of a REIT’s future earnings stream, and may make </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">financing property purchases and improvements more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">costly. Because the market price of REIT stocks may change </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">based upon investors’ collective perceptions of future earnings,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> the value of the Fund may decline when investors </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">anticipate or experience rising interest rates.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">In general, securities with longer maturities or durations </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">are more sensitive to interest rate changes. Changing interest</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> rates, including rates that fall below zero, may have </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">unpredictable effects on the markets and the Fund’s investments,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may result in heightened market volatility, may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">impact the liquidity of fixed-income securities and of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund, and may detract from Fund performance. A low or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">negative interest rate environment could cause the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">earnings to fall below the Fund’s expense ratio, resulting in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a low or negative yield and a decline in the Fund’s NAV. A </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">general rise in interest rates may cause investors to move </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">out of fixed income securities on a large scale, which could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adversely affect the price and liquidity of fixed income </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities and could also result in increased redemptions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">for the Fund. During periods when inflation rates are high </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or rising, or during periods of low interest rates, the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may be subject to a greater risk of rising interest rates.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Securities Lending Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund may lose </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">money because the borrower of the loaned securities fails </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to return the securities in a timely manner or at all. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund could also lose money in the event of a decline in the </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of collateral provided for loaned securities or a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decline in the value of any investments made with cash </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">collateral.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Valuation Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the sale price the Fund could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">receive for a portfolio security may differ from the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">valuation of the security, particularly for securities that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">trade in low volume or volatile markets or that are valued </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">using a fair value methodology. In addition, the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the securities in the Fund’s portfolio may change on days </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when shareholders will not be able to purchase or sell the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s shares.</span></div> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bankand is not insured or guaranteed by the Federal DepositInsurance Corporation, any other government agency, orThe Northern Trust Company, its affiliates, subsidiariesor any other bank. Fund Performance <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad-based securities market index and one or more style-specific indexes (reflecting the market segments in which the Fund invests), in that order. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting etfs.ntam.northerntrust.com. </span></div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad-based securities market index and one or more style-specific indexes (reflecting the market segments in which the Fund invests), in that order. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. etfs.ntam.northerntrust.com Calendar Year Total Returns <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">For the period shown in the bar chart above:</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Best Quarter (3/31/2019): 15.40%</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Worst Quarter (3/31/2020): -26.72%</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> Best Quarter 2019-03-31 0.1540 Worst Quarter 2020-03-31 -0.2672 Average Annual Total Returns (for the periods ended December 31, 2025) 0.0858 0.0380 0.0368 0.0672 0.0260 0.0249 0.0526 0.0250 0.0241 0.2109 0.1215 0.1217 0.0958 0.0276 0.0325 0.0846 0.0361 0.0357 Reflects no deduction for fees, expenses or taxes. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. Northern Trust Quality Dividend ETF (formerly, FlexShares® Quality Dividend Index Fund) Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund seeks investment results that correspond generally</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to the price and yield performance, before fees and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">expenses, of the Northern Trust Quality Dividend Index</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">SM</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(the “Underlying Index”).</span></div> Fees and Expenses of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">This table describes the fees and expenses that you may pay </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">if you buy, hold and sell shares of the Fund. Under the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s Investment Advisory Agreement, the Fund is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">responsible for the following expenses: interest expenses, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">brokerage commissions and other trading expenses, fees </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and expenses of the independent trustees and their independent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> legal counsel, taxes and other extraordinary costs </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">such as litigation and other expenses not incurred in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ordinary course of business. You will also incur usual and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">customary brokerage commissions and fees to financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">intermediaries when buying or selling shares of the Fund in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the secondary market, which are not reflected in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">example that follows:</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0037 0.0000 0.0001 0.0002 0.0040 -0.0001 0.0039 The "Total Annual Fund Operating Expenses" may not correlate to the ratio of expenses to average net assets as reported in the "Financial Highlights" section of the Prospectus, which reflects the operating expenses of the Fund and does not include "Acquired Fund Fees and Expenses." March 1, 2027 Example <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The following Example is intended to help you compare </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the cost of investing in the Fund with the cost of investing </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in other funds. The Example assumes that you invest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">$10,000 in the Fund for the time periods indicated and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">then sell all of your shares at the end of those periods. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Example also assumes that your investment has a 5% </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">return each year and that the Fund’s operating expenses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">remain the same (taking into account the expense reimbursement</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> arrangement for one year). Although your </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">actual costs may be higher or lower, based on these </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">assumptions your costs would be:</span></div> 40 127 223 504 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 41% of the average value of its portfolio. 0.41 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index is designed to reflect the performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of a selection of companies that, in aggregate, provide</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> exposure to a high-quality income-oriented universe </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of long-only U.S. equity securities, with an emphasis on </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">long-term capital growth and a targeted overall beta that is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">similar to that of the Northern Trust 1250 Index (the “Parent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index”), a float-adjusted market-capitalization </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">weighted index of U.S. domiciled large- and mid-capitalization</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> companies. Beta represents the market sensitivity,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> relative to a given market index and time period, and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is one measure of volatility.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">To derive the Underlying Index, NTI, acting in its capacity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">as the index provider (the “Index Provider”), begins with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">all securities in the Parent Index and then removes those </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities that rank in the lowest quintile of quality based </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">on a proprietary scoring model, as well as those which do </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">not pay a dividend. The core components of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">propri</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">etary</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> quality scoring model are based on quantitative </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ranking</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of various metrics obtained from company filings. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">These scores have three components: (i) management efficiency</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> (e.g., corporate finance activities); (ii) profitability </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(e.g., reliability and sustainability of financial performance);</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and (iii) cash flow (e.g., cash flow generation). The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index Provider then uses an optimization process to select </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and weight eligible securities in order to (a) maximize the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">overall quality score relative to the Parent Index; (b) attain </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">an aggregate dividend yield in excess of the Parent Index; </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and (c) achieve the desired beta target. The optimization </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">process also includes sector, industry group, single-security </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">weight, liquidity and turnover constraints to assist in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reducing the Underlying Index’s overall active risk exposure</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to any one single factor. As of December 31, 2025, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">there were 120 issues in the Underlying Index. The Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index is reconstituted quarterly. The Fund generally </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitutes its portfolio in accordance with the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses a “passive” or indexing approach to try to achieve </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s investment objective. Unlike many investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies, the Fund does not try to “beat” its Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index and does not seek temporary defensive positions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when markets decline or appear overvalued.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses a representative sampling strategy to manage the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund. “Representative sampling” is investing in a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sample of securities that collectively has an investment</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> profile similar to the Underlying Index. The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may or may not hold all of the securities that are included </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in the Underlying Index. The Fund reserves the right to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invest in substantially all of the securities in its Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index in approximately the same proportions (i.e., replication)</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> if NTI determines that it is in the best interest of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index. The Fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds advised by NTI or its affiliates, futures contracts and options on futures contracts, as well as securities not included in the Underlying Index, but which NTI believes will help the Fund track its Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index is created and sponsored by NTI, as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Index Provider. NTI also serves as the investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adviser to the Fund. The Index Provider determines the </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">composition and relative weightings of the securities in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index and publishes information regarding the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market value of the Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund may lend securities representing up to one-third </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the value of the Fund’s total assets (including the value </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the collateral received).</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Industry Concentration Policy</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">. The Fund will concentrate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its investments (i.e., hold 25% or more of its total assets) in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a particular industry or group of industries to approximately</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> the same extent that the Underlying Index is concentrated.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> As of December 31, 2025, the Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">was concentrated in the Information Technology sector. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The components of the Underlying Index, and the degree </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to which these components represent certain industries or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">sectors, may change over time.</span></div> 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. Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. As of December 31, 2025, the Underlying Index was concentrated in the Information Technology sector. The components of the Underlying Index, and the degree to which these components represent certain industries or sectors, may change over time. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Equity Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the values of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">equity securities owned by the Fund may be more volatile </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and underperform other asset classes and the general securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> markets.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Mid Cap Stock Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that stocks of mid-sized </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies may be subject to more abrupt or erratic market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">movements than stocks of larger, more established companies,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and may lack sufficient market liquidity. Mid-sized </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies may have limited product lines or financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">resources, and may be dependent upon a particular niche </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the market, or may be dependent upon a small or inexperienced</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> management group. Securities of smaller companies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may trade less frequently and in lower volume than </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the securities of larger companies, which could lead to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">higher transaction costs. Generally the smaller the company</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> size, the greater the risk.</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Concentration Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that, if the Fund is concentrated</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in a particular industry or group of industries, the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund is likely to present more risks than a fund that is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">broadly diversified over several industries or groups of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industries. Compared to the broad market, an individual </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industry may be more strongly affected by changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">economic climate, broad market shifts, moves in a particular</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> dominant stock or regulatory changes.</span></div>•Information Technology Sector Risk is the risk that securities of technology companies may be subject to greater price volatility than securities of companies in other sectors. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. Technology securities also may be affected adversely by changes in technology, consumer and business purchasing patterns, government scrutiny or regulation, legal action and/or obsolete products or services. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Dividend Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that an issuer of stock held by the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund may choose not to declare a dividend or the dividend </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">rate might not remain at current levels. Dividend paying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">stocks might not experience the same level of earnings </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">growth or capital appreciation as non-dividend paying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">stocks. The Fund’s performance during a broad market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">advance could suffer because dividend paying stocks may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">not experience the same capital appreciation as non-dividend</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> paying stocks.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Volatility Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the actual level of volatility </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">experienced by the Fund may be greater or lower than the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">targeted overall volatility of the Underlying Index. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Although the Underlying Index is designed to have a targeted</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> overall volatility that is similar to that of the Parent </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index, there is no guarantee that it will have the targeted </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">overall volatility. The Fund will continue to seek to track </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index even if the Underlying Index does </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">not have the targeted overall volatility. There is also the risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that the Fund may experience volatility greater or lower </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">than that of the Underlying Index as a result of tracking </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">error. A portfolio of securities with greater volatility is generally</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> considered to have a higher risk profile than a portfolio</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> with lower volatility.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Quality Factor Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the past performance of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies that have exhibited quality characteristics does </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">not continue or the returns on securities issued by such </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies may be less than returns from other styles of </span></div><div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing or the overall stock market. There may be periods </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when quality investing is out of favor and during which </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">time the Fund's performance may suffer.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may increase or decrease in response to expected, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">real or perceived economic, political or financial events in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the U.S. or global markets. The frequency and magnitude </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of such changes in value cannot be predicted. Certain securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and other investments held by the Fund may experience</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> increased volatility, illiquidity, or other potentially </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adverse effects in response to changing market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">inflation, elevated levels of government debt, changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interest rates, lack of liquidity in the bond or equity markets,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or volatility in the equity markets. Market disruptions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">caused by local or regional events such as financial institution</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> failures, changes in trade regulation or economic sanctions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> internal unrest and discord, war, acts of terrorism, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the spread of infectious illness (including epidemics and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">pandemics) or other public health issues, recessions or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">other events or adverse investor sentiment could have a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">significant impact on the Fund and its investments. Such </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">events could result in the Fund’s shares trading at increased </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">premiums or discounts to the Fund’s NAV. During periods </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of market disruption or other abnormal market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s exposure to the risks described elsewhere in this </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">summary will likely increase.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Index Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund would not necessarily </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">buy or sell a security unless that security is added to or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">removed from, respectively, the Underlying Index, even if </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that security generally is underperforming, because unlike </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">many investment companies, the Fund does not utilize an </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing strategy that seeks returns in excess of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index. Additionally, the Fund rebalances and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitutes its portfolio in accordance with the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index, and, therefore, any changes to the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index’s rebalance and/or reconstitution schedule will result </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in corresponding changes to the Fund’s rebalance and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund’s performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may vary from the performance of the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index as a result of creation and redemption activity, transaction</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> costs, expenses and other factors. Market disruptions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> regulatory restrictions or other abnormal market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">conditions could have an adverse effect on the Fund's abil</span></div><div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ity to adjust its exposure to required levels in order to track </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its Index or cause delays in the Underlying Index's rebalancing</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> schedule. During any such delay, it is possible that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index, and, in turn, the Fund will deviate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from the Underlying Index's stated methodology and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">therefore experience returns different than those that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">would have been achieved under a normal rebalancing or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Sampling Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund’s use of a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sampling approach may not work as intended and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">result in increased tracking error because the securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">selected for the Fund in the aggregate may vary from the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investment profile of the Underlying Index. Additionally, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the use of a representative sampling approach may result in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund holding a smaller number of securities than the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index, and, as a result, an adverse development </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to an issuer of securities that the Fund holds could result in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a greater decline in NAV than would be the case if the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">held all of the securities in the Underlying Index.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Authorized Participant Concentration Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund may be adversely affected because it has a limited </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">number of institutions that act as authorized participants </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(“Authorized Participants”). Only an Authorized Participant</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may engage in creation or redemption transactions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">directly with the Fund and none of those Authorized Participants</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is obligated to engage in creation and/or redemption</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> transactions. To the extent that these institutions exit </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the business or are unable or unwilling to proceed with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">creation and/or redemption orders with respect to the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund and no other Authorized Participant is able or willing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to step forward to create or redeem Creation Units (as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">defined below), Fund shares may trade at a discount to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NAV and possibly face trading halts and/or delisting.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Calculation Methodology Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index’s calculation methodology or sources of information</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may not provide an accurate assessment of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">included issuers or correct valuation of securities, nor is the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">availability or timeliness of the production of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index guaranteed. A security included in the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index may not exhibit the characteristic or provide the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">specific exposure for which it was selected and consequently</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> a Fund's holdings may not exhibit returns consistent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> with that characteristic or exposure.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund faces because </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its shares are listed on a securities exchange, including the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">potential lack of an active market for Fund shares, losses </span></div><div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from trading in secondary markets, periods of high volatility</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and disruption in the creation/redemption process of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund. ANY OF THESE FACTORS MAY LEAD TO THE </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> TO NAV.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div><div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Trading in Fund shares may be halted due to market conditions</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or for reasons that, in the view of its listing exchange, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">make trading in the shares inadvisable. The market prices </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of Fund shares will generally fluctuate in accordance with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes in its NAV, changes in the relative supply of, and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">demand for, Fund shares, and changes in the liquidity, or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the perceived liquidity, of the Fund’s holdings.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Derivatives Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that derivatives may pose risks </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in addition to and greater than those associated with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing directly in securities, currencies and other instruments,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may be illiquid or less liquid, more volatile, more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">difficult to value and leveraged so that small changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of the underlying instrument may produce disproportionate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> losses to the Fund. Derivatives are also subject </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to counterparty risk, which is the risk that the other party </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to the transaction will not perform its contractual obligations.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The use of derivatives is a highly specialized activity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that involves investment techniques and risks different </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from those associated with investments in more traditional </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities and instruments.</span></div>•Futures Contracts Risk is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.•Options Contracts Risk Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Securities Lending Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund may lose </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">money because the borrower of the loaned securities fails </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to return the securities in a timely manner or at all. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund could also lose money in the event of a decline in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of collateral provided for loaned securities or a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decline in the value of any investments made with cash </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">collateral.</span></div> It is possible to lose money on an investment in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad-based securities market index and one or more style-specific indexes (reflecting the market segments in which the Fund invests), in that order. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated information on the Fund’s performance results can be obtained by visiting etfs.ntam.northerntrust.com.</span></div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad-based securities market index and one or more style-specific indexes (reflecting the market segments in which the Fund invests), in that order. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. etfs.ntam.northerntrust.com Calendar Year Total Returns <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">For the periods in the bar chart above:</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Best Quarter (6/30/2020): 18.51%</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Worst Quarter (3/31/2020): -25.18%</span></div> Best Quarter 2020-06-30 0.1851 Worst Quarter 2020-03-31 -0.2518 Average Annual Total Returns (for the periods ended December 31, 2025)  0.1665 0.1267 0.1173 0.1607 0.1203 0.1092 0.1007 0.0994 0.0942 0.1737 0.1359 0.1459 0.1711 0.1309 0.1225 Reflects no deduction for fees, expenses or taxes. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. Northern Trust Quality Dividend Defensive ETF (formerly, FlexShares® Quality Dividend Defensive Index Fund) Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund seeks investment results that correspond generally</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to the price and yield performance, before fees and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">expenses, of the Northern Trust Quality Dividend Defensive</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">SM</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> (the “Underlying Index”).</span></div> Fees and Expenses of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">This table describes the fees and expenses that you may pay </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">if you buy, hold and sell shares of the Fund. Under the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s Investment Advisory Agreement, the Fund is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">responsible for the following expenses: interest expenses, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">brokerage commissions and other trading expenses, fees </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and expenses of the independent trustees and their independent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> legal counsel, taxes and other extraordinary costs </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">such as litigation and other expenses not incurred in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ordinary course of business. You will also incur usual and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">customary brokerage commissions and fees to financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">intermediaries when buying or selling shares of the Fund in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the secondary market, which are not reflected in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">example that follows:</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0037 0.0000 0.0001 0.0002 0.0040 -0.0001 0.0039 The "Total Annual Fund Operating Expenses" may not correlate to the ratio of expenses to average net assets as reported in the "Financial Highlights" section of the Prospectus, which reflects the operating expenses of the Fund and does not include "Acquired Fund Fees and Expenses." March 1, 2027 Example <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The following Example is intended to help you compare </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the cost of investing in the Fund with the cost of investing </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in other funds. The Example assumes that you invest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">$10,000 in the Fund for the time periods indicated and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">then sell all of your shares at the end of those periods. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Example also assumes that your investment has a 5% </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">return each year and that the Fund’s operating expenses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">remain the same (taking into account the expense reimbursement</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> arrangement for one year). Although your </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">actual costs may be higher or lower, based on these </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">assumptions your costs would be:</span></div> 40 127 223 504 Portfolio Turnover.  The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 41% of the average value of its portfolio. 0.41 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index is designed to reflect the performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of a selection of companies that, in aggregate, provide</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> exposure to a high</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">-</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">quality income-oriented universe </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of long-only U.S. equity securities, with an emphasis on </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">long-term capital growth and a targeted overall beta that is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">generally between 0.5 to 1.0 times that of the Northern </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Trust 1250 Index (the “Parent Index”), a float-adjusted </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market-capitalization weighted index of U.S. domiciled </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">large- and mid-capitalization companies. Beta represents </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the market sensitivity, relative to a given market index and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">time period, and is one measure of volatility.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">To derive the Underlying Index, NTI, acting in its capacity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">as the index provider (the “Index Provider”), begins with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">all securities in the Parent Index and then removes those </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities that rank in the lowest quintile of quality based </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">on a proprietary scoring model, as well as those which do </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">not pay a dividend. The core components of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">propri</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">etary</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> quality scoring model are based on quantitative </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ranking</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of various metrics obtained from company filings. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">These scores have three components: (i) management efficiency</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> (e.g., corporate finance activities); (ii) profitability </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(e.g., reliability and sustainability of financial performance);</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and (iii) cash flow (e.g., cash flow generation). The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index Provider then uses an optimization process to select </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and weight eligible securities in order to (a) maximize the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">overall quality score relative to the Parent Index, (b) attain </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">an aggregate dividend yield in excess of the Parent Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and (c) achieve the desired beta target. The optimization </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">process also includes sector, industry group, single-security </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">weight, liquidity and turnover constraints to assist in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reducing the Underlying Index’s overall active risk exposure</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to any one single factor. As of December 31, 2025, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">there were 128 issues in the Underlying Index. The Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index is reconstituted quarterly. The Fund generally </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitutes its portfolio in accordance with the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses a “passive” or indexing approach to try to achieve </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s investment objective. Unlike many investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies, the Fund does not try to “beat” its Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index and does not seek temporary defensive positions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when markets decline or appear overvalued.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses a representative sampling strategy to manage the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund. “Representative sampling” is investing in a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sample of securities that collectively has an investment</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> profile similar to the Underlying Index. The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may or may not hold all of the securities that are included </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in the Underlying Index. The Fund reserves the right to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invest in substantially all of the securities in its Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index in approximately the same proportions (i.e., replication)</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> if NTI determines that it is in the best interest of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Under normal circumstances, the Fund will invest at least </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">80% of its total assets (exclusive of collateral held from </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities lending) in the securities of the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index. The Fund may also invest up to 20% of its assets in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">cash and cash equivalents, including shares of money market</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> funds advised by NTI or its affiliates, futures contracts </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and options on futures contracts, as well as securities not </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">included in the Underlying Index, but which NTI believes </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">will help the Fund track its Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index is created and sponsored by NTI, as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Index Provider. NTI also serves as the investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adviser to the Fund. The Index Provider determines the </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">composition and relative weightings of the securities in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index and publishes information regarding the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market value of the Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund may lend securities representing up to one-third </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the value of the Fund’s total assets (including the value </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the collateral received).</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Industry Concentration Policy</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">. The Fund will concentrate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its investments (i.e., hold 25% or more of its total assets) in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a particular industry or group of industries to approximately</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> the same extent that the Underlying Index is concentrated.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> As of December 31, 2025, the Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">was concentrated in the Information Technology sector. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The components of the Underlying Index, and the degree </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to which these components represent certain industries or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">sectors, may change over time.</span></div> 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. Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. As of December 31, 2025, the Underlying Index was concentrated in the Information Technology sector. The components of the Underlying Index, and the degree to which these components represent certain industries or sectors, may change over time. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Equity Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the values of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">equity securities owned by the Fund may be more volatile </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and underperform other asset classes and the general securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> markets.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Mid Cap Stock Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that stocks of mid-sized </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies may be subject to more abrupt or erratic market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">movements than stocks of larger, more established companies,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and may lack sufficient market liquidity. Mid-sized </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies may have limited product lines or financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">resources, and may be dependent upon a particular niche </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the market, or may be dependent upon a small or inexperienced</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> management group. Securities of smaller companies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may trade less frequently and in lower volume than </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the securities of larger companies, which could lead to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">higher transaction costs. Generally the smaller the company</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> size, the greater the risk.</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Concentration Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that, if the Fund is concentrated</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in a particular industry or group of industries, the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund is likely to present more risks than a fund that is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">broadly diversified over several industries or groups of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industries. Compared to the broad market, an individual </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industry may be more strongly affected by changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">economic climate, broad market shifts, moves in a particular</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> dominant stock or regulatory changes.</span></div> •Information Technology Sector Risk is the risk that securities of technology companies may be subject to greater price volatility than securities of companies in other sectors. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. Technology securities also may be affected adversely by changes in technology, consumer and business purchasing patterns, government scrutiny or regulation, legal action and/or obsolete products or services. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Dividend Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that an issuer of stock held by the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund may choose not to declare a dividend or the dividend </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">rate might not remain at current levels. Dividend paying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">stocks might not experience the same level of earnings </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">growth or capital appreciation as non-dividend paying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">stocks. The Fund’s performance during a broad market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">advance could suffer because dividend paying stocks may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">not experience the same capital appreciation as non-dividend</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> paying stocks.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Volatility Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the actual level of volatility </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">experienced by the Fund may be greater or lower than the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">targeted overall volatility of the Underlying Index. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Although the Underlying Index is designed to have a targeted</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> overall volatility that is lower than that of the Parent </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index, there is no guarantee that it will have the targeted </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">overall volatility. The Fund will continue to seek to track </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index even if the Underlying Index does </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">not have the targeted overall volatility. There is also the risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that the Fund may experience volatility greater or lower </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">than that of the Underlying Index as a result of tracking </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">error. A portfolio of securities with greater volatility is generally</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> considered to have a higher risk profile than a portfolio</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> with lower volatility.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Quality Factor Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the past performance of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies that have exhibited quality characteristics does </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">not continue or the returns on securities issued by such </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies may be less than returns from other styles of </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing or the overall stock market. There may be periods </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when quality investing is out of favor and during which </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">time the Fund's performance may suffer.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may increase or decrease in response to expected, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">real or perceived economic, political or financial events in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the U.S. or global markets. The frequency and magnitude </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of such changes in value cannot be predicted. Certain securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and other investments held by the Fund may experience</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> increased volatility, illiquidity, or other potentially </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adverse effects in response to changing market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">inflation, elevated levels of government debt, changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interest rates, lack of liquidity in the bond or equity markets,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or volatility in the equity markets. Market disruptions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">caused by local or regional events such as financial institution</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> failures, changes in trade regulation or economic sanctions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> internal unrest and discord, war, acts of terrorism, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the spread of infectious illness (including epidemics and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">pandemics) or other public health issues, recessions or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">other events or adverse investor sentiment could have a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">significant impact on the Fund and its investments. Such </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">events could result in the Fund’s shares trading at increased </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">premiums or discounts to the Fund’s NAV. During periods </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of market disruption or other abnormal market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s exposure to the risks described elsewhere in this </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">summary will likely increase.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Index Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund would not necessarily </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">buy or sell a security unless that security is added to or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">removed from, respectively, the Underlying Index, even if </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that security generally is underperforming, because unlike </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">many investment companies, the Fund does not utilize an </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing strategy that seeks returns in excess of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index. Additionally, the Fund rebalances and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitutes its portfolio in accordance with the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index, and, therefore, any changes to the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index’s rebalance and/or reconstitution schedule will result </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in corresponding changes to the Fund’s rebalance and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund’s performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may vary from the performance of the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index as a result of creation and redemption activity, transaction</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> costs, expenses and other factors. Market disruptions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> regulatory restrictions or other abnormal market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">conditions could have an adverse effect on the Fund's abil</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ity to adjust its exposure to required levels in order to track </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its Index or cause delays in the Underlying Index's rebalancing</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> schedule. During any such delay, it is possible that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index, and, in turn, the Fund will deviate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from the Underlying Index's stated methodology and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">therefore experience returns different than those that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">would have been achieved under a normal rebalancing or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Sampling Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the Fund’s use of a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sampling approach may not work as intended and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">result in increased tracking error because the securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">selected for the Fund in the aggregate may vary from the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investment profile of the Underlying Index. Additionally, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the use of a representative sampling approach may result in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund holding a smaller number of securities than the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index, and, as a result, an adverse development </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to an issuer of securities that the Fund holds could result in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a greater decline in NAV than would be the case if the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">held all of the securities in the Underlying Index.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Authorized Participant Concentration Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund may be adversely affected because it has a limited </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">number of institutions that act as authorized participants </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(“Authorized Participants”). Only an Authorized Participant</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may engage in creation or redemption transactions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">directly with the Fund and none of those Authorized Participants</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is obligated to engage in creation and/or redemption</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> transactions. To the extent that these institutions exit </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the business or are unable or unwilling to proceed with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">creation and/or redemption orders with respect to the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund and no other Authorized Participant is able or willing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to step forward to create or redeem Creation Units (as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">defined below), Fund shares may trade at a discount to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NAV and possibly face trading halts and/or delisting.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Calculation Methodology Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index’s calculation methodology or sources of information</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may not provide an accurate assessment of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">included issuers or correct valuation of securities, nor is the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">availability or timeliness of the production of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index guaranteed. A security included in the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index may not exhibit the characteristic or provide the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">specific exposure for which it was selected and consequently</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> a Fund's holdings may not exhibit returns consistent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> with that characteristic or exposure.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund faces because </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its shares are listed on a securities exchange, including the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">potential lack of an active market for Fund shares, losses </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from trading in secondary markets, periods of high volatility</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and disruption in the creation/redemption process of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund. ANY OF THESE FACTORS MAY LEAD TO THE </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> TO NAV.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Trading in Fund shares may be halted due to market conditions</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or for reasons that, in the view of its listing exchange, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">make trading in the shares inadvisable. The market prices </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of Fund shares will generally fluctuate in accordance with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes in its NAV, changes in the relative supply of, and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">demand for, Fund shares, and changes in the liquidity, or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the perceived liquidity, of the Fund’s holdings.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Derivatives Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that derivatives may pose risks </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in addition to and greater than those associated with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing directly in securities, currencies and other instruments,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may be illiquid or less liquid, more volatile, more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">difficult to value and leveraged so that small changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of the underlying instrument may produce disproportionate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> losses to the Fund. Derivatives are also subject </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to counterparty risk, which is the risk that the other party </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to the transaction will not perform its contractual obligations.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The use of derivatives is a highly specialized activity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that involves investment techniques and risks different </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from those associated with investments in more traditional </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities and instruments.</span></div> •Futures Contracts Risk is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.•Options Contracts Risk Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Securities Lending Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund may lose </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">money because the borrower of the loaned securities fails </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to return the securities in a timely manner or at all. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund could also lose money in the event of a decline in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of collateral provided for loaned securities or a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decline in the value of any investments made with cash </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">collateral.</span></div> It is possible to lose money on an investment in the Fund.  An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The bar chart and table that follow show how the Fund has </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">performed on a calendar year basis and provide an indication </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the risks of investing in the Fund by showing (A) </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes in the Fund’s performance from year to year, (B)</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> how the Fund’s average annual returns compare with those </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of a broad-based securities market index and one or more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">style-specific indexes (reflecting the market segments in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">which the Fund invests), in that order. Past performance </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(before and after taxes) does not necessarily indicate how </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund will perform in the future. Updated information </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">on the Fund’s performance results can be obtained by visiting</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">etfs</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ntam.northerntrust.com</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">.</span></div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad-based securities market index and one or more style-specific indexes (reflecting the market segments in which the Fund invests), in that order. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. etfs.ntam.northerntrust.com Calendar Year Total Returns <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">For the periods in the bar chart above:</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Best Quarter (6/30/2020): 15.95%</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Worst Quarter (3/31/2020): -23.37%</span></div> Best Quarter 2020-06-30 0.1595 Worst Quarter 2020-03-31 -0.2337 Average Annual Total Returns (for the periods ended December 31, 2025)  0.1728 0.1339 0.1211 0.1669 0.1277 0.1127 0.1048 0.1056 0.0975 0.1737 0.1359 0.1459 0.1771 0.1380 0.1262 Reflects no deduction for fees, expenses or taxes. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">After-tax returns are calculated using the historical highest</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> individual federal marginal income tax rates and do not </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reflect the impact of state and local taxes. Actual after-tax </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">returns depend on an investor’s tax situation and may differ</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> from those shown. After-tax returns shown are not relevant </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to investors who hold shares through tax-advantaged </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">arrangements, such as 401(k) plans or individual retirement </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">plans. After-tax returns may exceed the return before </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">taxes due to an assumed tax benefit from realizing a capital </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">loss on a sale of Fund shares.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. Northern Trust International Quality Dividend ETF (formerly, FlexShares® International Quality Dividend Index Fund) Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund seeks investment results that correspond generally</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to the price and yield performance, before fees and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">expenses, of the Northern Trust International Quality Dividend Index</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">SM</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> (the “Underlying Index”).</span></div> Fees and Expenses of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">This table describes the fees and expenses that you may pay </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">if you buy, hold and sell shares of the Fund. Under the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s Investment Advisory Agreement, the Fund is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">responsible for the following expenses: interest expenses, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">brokerage commissions and other trading expenses, fees </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and expenses of the independent trustees and their independent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> legal counsel, taxes and other extraordinary costs </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">such as litigation and other expenses not incurred in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ordinary course of business. You will also incur usual and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">customary brokerage commissions and fees to financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">intermediaries when buying or selling shares of the Fund in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the secondary market, which are not reflected in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">example that follows:</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0047 0.0000 0.0002 0.0049 -0.0002 0.0047 March 1, 2027 Example <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The following Example is intended to help you compare </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the cost of investing in the Fund with the cost of investing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in other funds. The Example assumes that you invest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">$10,000 in the Fund for the time periods indicated and </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">then sell all of your shares at the end of those periods. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Example also assumes that your investment has a 5% </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">return each year and that the Fund’s operating expenses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">remain the same (taking into account the expense reimbursement</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> arrangement for one year). Although your </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">actual costs may be higher or lower, based on these </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">assumptions your costs would be:</span></div> 48 155 272 614 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 61% of the average value of its portfolio. 0.61 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index is designed to reflect the performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of a selection of companies that, in aggregate, provide</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> exposure to a high-quality income-oriented universe </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of long-only international securities issued by non-U.S.- </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">based companies, with an emphasis on long-term capital </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">growth and a targeted overall beta that is similar to that of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Northern Trust International Large Cap Index (the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">“Parent Index”), a float-adjusted market-capitalization </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">weighted index of non-US domiciled large- and mid-capitalization</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> companies. Beta represents the market sensitivity,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> relative to a given market index and time period, and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is one measure of volatility.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">To derive the Underlying Index, NTI, acting in its capacity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">as the index provider (the “Index Provider”), begins with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">all securities in the Parent Index that have an average daily </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">traded value of at least $125,000 in the 90 days prior to a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution, and then removes those securities that rank </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in the lowest quintile of quality based on a proprietary </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">scoring model, as well as those which do not pay a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">divi</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">dend</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">. The core components of the proprietary quality scoring</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> model are based on quantitative ranking of various </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">metrics obtained from company filings. These scores have </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">three components: (i) management efficiency (e.g., corporate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> finance activities); (ii) profitability (e.g., reliability and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">sustainability of financial performance); and (iii) cash flow </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(e.g., cash flow generation). The Index Provider then uses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">an optimization process to select and weight eligible securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in order to (a) maximize the overall quality score relative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to the Parent Index; (b) attain an aggregate dividend </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">yield in excess of the Parent Index; and (c) achieve the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">desired beta target. The optimization process also includes </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">sector, industry group, region, country, single-security </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">weight, liquidity and turnover constraints to assist in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reducing the Underlying Index’s overall active risk exposure</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to any one single factor. As of December 31, 2025, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">there were 199 issues in the Underlying Index. The Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index is reconstituted quarterly. The Fund generally </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitutes its portfolio in accordance with the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses a “passive” or indexing approach to try to achieve </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s investment objective. Unlike many investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies, the Fund does not try to “beat” its Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index and does not seek temporary defensive positions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when markets decline or appear overvalued.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses a representative sampling strategy to manage the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund. “Representative sampling” is investing in a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sample of securities that collectively has an investment</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> profile similar to the Underlying Index. The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may or may not hold all of the securities that are included </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in the Underlying Index. The Fund reserves the right to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invest in substantially all of the securities in its Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index in approximately the same proportions (i.e., replication)</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> if NTI determines that it is in the best interest of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Under normal circumstances, the Fund will invest at least </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">80% of its total assets (exclusive of collateral held from </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities lending) in the securities of the Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and in American Depositary Receipts (“ADRs”) and Global </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Depositary Receipts (“GDRs”) (collectively “Depositary </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Receipts”) based on the securities in the Underlying Index. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund may also invest up to 20% of its assets in cash </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and cash equivalents, including shares of money market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">funds advised by NTI or its affiliates, futures contracts, </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">options on futures contracts and foreign currency contracts,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> as well as securities not included in the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index, but which NTI believes will help the Fund track its </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index is created and sponsored by NTI, as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Index Provider. NTI also serves as the investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adviser to the Fund. The Index Provider determines the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">composition and relative weightings of the securities in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index and publishes information regarding the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market value of the Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund may lend securities representing up to one-third </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the value of the Fund’s total assets (including the value </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the collateral received).</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">From time to time the Fund may focus its investments (</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-style: italic;">i.e.,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invest more than 15% of its total) in one or more particular </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">countries or geographic regions.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Industry Concentration Policy</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">. The Fund will concentrate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its investments (i.e., hold 25% or more of its total assets) in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a particular industry or group of industries to approximately</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> the same extent that the Underlying Index is concentrated.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> As of December 31, 2025, the Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">was concentrated in the Financial sector. The components </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the Underlying Index, and the degree to which these </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">components represent certain industries or sectors, may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">change over time.</span></div> Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index and in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) (collectively “Depositary Receipts”) based on the securities in the Underlying Index.  Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. As of December 31, 2025, the Underlying Index was concentrated in the Financial sector. The components of the Underlying Index, and the degree to which these components represent certain industries or sectors, may change over time. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Equity Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the values of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">equity securities owned by the Fund may be more volatile </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and underperform other asset classes and the general securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> markets.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Mid Cap Stock Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that stocks of mid-sized </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies may be subject to more abrupt or erratic market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">movements than stocks of larger, more established </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">compa</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">nies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">, and may lack sufficient market liquidity. Mid-sized </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies may have limited product lines or financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">resources, and may be dependent upon a particular niche </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the market, or may be dependent upon a small or inexperienced</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> management group. Securities of smaller companies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may trade less frequently and in lower volume than </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the securities of larger companies, which could lead to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">higher transaction costs. Generally the smaller the company</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> size, the greater the risk.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Foreign Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that investing in foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(non-U.S.) securities may result in the Fund experiencing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">more rapid and extreme changes in value than a fund that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invests exclusively in securities of U.S. companies, due to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">less liquid markets and adverse economic, political, diplomatic,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> financial, and regulatory factors. Foreign governments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may impose limitations on foreigners’ ownership of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interests in local issuers, restrictions on the ability to repatriate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> assets, and may also impose taxes. Any of these events </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">could cause the value of the Fund’s investments to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decline. Foreign banks, agents and securities depositories </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that hold the Fund’s foreign assets may be subject to little </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or no regulatory oversight over, or independent evaluation, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of their operations. Additional costs associated with investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in foreign securities may include higher custodial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">fees than those applicable to domestic custodial arrangements</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and transaction costs of foreign currency conversions.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Unless the Fund has hedged its foreign currency </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">exposure, foreign securities risk also involves the risk of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">negative foreign currency rate fluctuations, which may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">cause the value of securities denominated in such foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">currency (or other instruments through which the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">has exposure to foreign currencies) to decline in value. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Currency exchange rates may fluctuate significantly over </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">short periods of time. Currency hedging strategies, if used, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">are not always successful. For instance, forward foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">currency exchange contracts, if used by the Fund, could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reduce performance if there are unanticipated changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">currency exchange rates.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Emerging Markets Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that emerging markets </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">are generally subject to greater market volatility, political, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">social and economic instability, uncertain trading markets </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and more governmental limitations on foreign investments </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">than more developed markets. In addition, companies </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">operating in emerging markets may be subject to lower </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">trading volumes and greater price volatility than compa</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">nies in more developed markets. Emerging market economies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may be based on only a few industries, may be highly </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">vulnerable to changes in local and global trade conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and may suffer from extreme and volatile debt burdens or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">inflation rates. Companies in emerging market countries </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">generally may be subject to less stringent regulatory, disclosure,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> financial reporting, accounting, auditing and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">recordkeeping standards than companies in more developed</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> countries. As a result, information, including financial</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> information, about such companies may be less available</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and reliable, which can impede the Fund’s ability to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">evaluate such companies. Securities law and the enforcement</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of systems of taxation in many emerging market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">countries may change quickly and unpredictably, and the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ability to bring and enforce actions (including bankruptcy, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">confiscatory taxation, expropriation, nationalization of a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">company’s assets, restrictions on foreign ownership of local </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies, restrictions on withdrawing assets from the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">country, protectionist measures and practices such as share </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">blocking), or to obtain information needed to pursue or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">enforce such actions, may be limited. Investments in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">emerging market securities may be subject to additional </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">transaction costs, delays in settlement procedures, unexpected</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> market closures, and lack of timely information.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Geographic Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that if the Fund invests a significant</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> portion of its total assets in certain issuers within </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the same country or geographic region, an adverse economic,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> business or political development affecting that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">country or region may affect the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> more, and the Fund’s investments may be more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">volatile, than if the Fund’s investments were not so concentrated</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in such country or region.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Concentration Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that, if the Fund is concentrated</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in a particular industry or group of industries, the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund is likely to present more risks than a fund that is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">broadly diversified over several industries or groups of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industries. Compared to the broad market, an individual </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industry may be more strongly affected by changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">economic climate, broad market shifts, moves in a particular</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> dominant stock or regulatory changes.</span></div> •Financial Sector Risk is the risk that the financial sector can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competition, and the availability and cost of capital, among other factors. <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Dividend Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that an issuer of stock held by the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund may choose not to declare a dividend or the dividend </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">rate might not remain at current levels. Dividend paying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">stocks might not experience the same level of earnings </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">growth or capital appreciation as non-dividend paying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">stocks. The Fund’s performance during a broad market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">advance could suffer because dividend paying stocks may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">not experience the same capital appreciation as non-dividend</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> paying stocks.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Volatility Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the actual level of volatility </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">experienced by the Fund may be greater or lower than the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">targeted overall volatility of the Underlying Index. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Although the Underlying Index is designed to have a targeted</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> overall volatility that is similar to that of the Parent </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index, there is no guarantee that it will have the targeted </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">overall volatility. The Fund will continue to seek to track </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index even if the Underlying Index does </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">not have the targeted overall volatility. There is also the risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that the Fund may experience volatility greater or lower </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">than that of the Underlying Index as a result of tracking </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">error. A portfolio of securities with greater volatility is generally</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> considered to have a higher risk profile than a portfolio</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> with lower volatility.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Quality Factor Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the past performance of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies that have exhibited quality characteristics does </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">not continue or the returns on securities issued by such </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies may be less than returns from other styles of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing or the overall stock market. There may be periods </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when quality investing is out of favor and during which </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">time the Fund's performance may suffer.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Depositary Receipts Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Foreign securities may trade in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the form of depositary receipts. In addition to investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">risks associated with the underlying issuer, depositary </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">receipts may expose the Fund to additional risks associated </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">with non-uniform terms that apply to depositary receipt </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">programs, including credit exposure to the depository bank </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and to the sponsors and other parties with whom the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">depository bank establishes the programs, currency, political,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> economic, market risks and the risks of an illiquid market</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> for depositary receipts. Depositary receipts are generally </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">subject to the same risks as the foreign securities that they </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">evidence or into which they may be converted. Depositary </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">receipts may not track the price of the underlying foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities on which they are based, may have limited voting </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">rights, and may have a distribution subject to a fee charged </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">by the depository. As a result, equity shares of the underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> issuer may trade at a discount or premium to the market</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> price of the depositary receipts.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may increase or decrease in response to expected, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">real or perceived economic, political or financial events in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the U.S. or global markets. The frequency and magnitude </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of such changes in value cannot be predicted. Certain securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and other investments held by the Fund may experience</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> increased volatility, illiquidity, or other potentially </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adverse effects in response to changing market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">inflation, elevated levels of government debt, changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interest rates, lack of liquidity in the bond or equity markets,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or volatility in the equity markets. Market disruptions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">caused by local or regional events such as financial institution</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> failures, changes in trade regulation or economic sanctions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> internal unrest and discord, war, acts of terrorism, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the spread of infectious illness (including epidemics and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">pandemics) or other public health issues, recessions or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">other events or adverse investor sentiment could have a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">significant impact on the Fund and its investments. Such </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">events could result in the Fund’s shares trading at increased </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">premiums or discounts to the Fund’s NAV. During periods </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of market disruption or other abnormal market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s exposure to the risks described elsewhere in this </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">summary will likely increase.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Index Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund would not necessarily </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">buy or sell a security unless that security is added to or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">removed from, respectively, the Underlying Index, even if </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that security generally is underperforming, because unlike </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">many investment companies, the Fund does not utilize an </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing strategy that seeks returns in excess of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index. Additionally, the Fund rebalances and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitutes its portfolio in accordance with the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index, and, therefore, any changes to the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index’s rebalance and/or reconstitution schedule will result </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in corresponding changes to the Fund’s rebalance and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund’s performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may vary from the performance of the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index as a result of creation and redemption activity, transaction</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> costs, expenses and other factors. Market disruptions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> regulatory restrictions or other abnormal market </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">conditions could have an adverse effect on the Fund's ability</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to adjust its exposure to required levels in order to track </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its Index or cause delays in the Underlying Index's rebalancing</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> schedule. During any such delay, it is possible that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index, and, in turn, the Fund will deviate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from the Underlying Index's stated methodology and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">therefore experience returns different than those that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">would have been achieved under a normal rebalancing or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Sampling Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the Fund’s use of a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sampling approach may not work as intended and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">result in increased tracking error because the securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">selected for the Fund in the aggregate may vary from the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investment profile of the Underlying Index. Additionally, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the use of a representative sampling approach may result in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund holding a smaller number of securities than the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index, and, as a result, an adverse development </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to an issuer of securities that the Fund holds could result in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a greater decline in NAV than would be the case if the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">held all of the securities in the Underlying Index.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Authorized Participant Concentration Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund may be adversely affected because it has a limited </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">number of institutions that act as authorized participants </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(“Authorized Participants”). Only an Authorized Participant</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may engage in creation or redemption transactions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">directly with the Fund and none of those Authorized Participants</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is obligated to engage in creation and/or redemption</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> transactions. To the extent that these institutions exit </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the business or are unable or unwilling to proceed with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">creation and/or redemption orders with respect to the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund and no other Authorized Participant is able or willing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to step forward to create or redeem Creation Units (as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">defined below), Fund shares may trade at a discount to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NAV and possibly face trading halts and/or delisting. This </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">risk may be heightened because of its investments in non-U.S.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Calculation Methodology Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index’s calculation methodology or sources of information</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may not provide an accurate assessment of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">included issuers or correct valuation of securities, nor is the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">availability or timeliness of the production of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index guaranteed. A security included in the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index may not exhibit the characteristic or provide the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">specific exposure for which it was selected and consequently</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> a Fund's holdings may not exhibit returns consistent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> with that characteristic or exposure.</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund faces because </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its shares are listed on a securities exchange, including the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">potential lack of an active market for Fund shares, losses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from trading in secondary markets, periods of high volatility</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and disruption in the creation/redemption process of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund. ANY OF THESE FACTORS MAY LEAD TO THE </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> TO NAV.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Trading in Fund shares may be halted due to market conditions</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or for reasons that, in the view of its listing exchange, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">make trading in the shares inadvisable. The market prices </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of Fund shares will generally fluctuate in accordance with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes in its NAV, changes in the relative supply of, and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">demand for, Fund shares, and changes in the liquidity, or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the perceived liquidity, of the Fund’s holdings.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Derivatives Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that derivatives may pose risks </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in addition to and greater than those associated with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing directly in securities, currencies and other instruments,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may be illiquid or less liquid, more volatile, more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">difficult to value and leveraged so that small changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of the underlying instrument may produce disproportionate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> losses to the Fund. Derivatives are also subject </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to counterparty risk, which is the risk that the other party </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to the transaction will not perform its contractual obligations.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The use of derivatives is a highly specialized activity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that involves investment techniques and risks different </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from those associated with investments in more traditional </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities and instruments.</span></div> •Futures Contracts Risk is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.•Options Contracts Risk Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlationbetween the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.•Forward Foreign Currency Contracts Risk is the risk that, if forward prices increase, a loss will occur to the extent that the agreed upon purchase price of the currency exceeds the price of the currency that was agreed to be sold. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Securities Lending Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund may lose </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">money because the borrower of the loaned securities fails </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to return the securities in a timely manner or at all. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund could also lose money in the event of a decline in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of collateral provided for loaned securities or a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decline in the value of any investments made with cash </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">collateral.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Valuation Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the sale price the Fund could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">receive for a portfolio security may differ from the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">valuation of the security, particularly for securities that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">trade in low volume or volatile markets or that are valued </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">using a fair value methodology. In addition, the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the securities in the Fund’s portfolio may change on days </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when shareholders will not be able to purchase or sell the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s shares.</span></div> It is possible to lose money on an investment in the Fund.  An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The bar chart and table that follow show how the Fund has </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">performed on a calendar year basis and provide an indication </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the risks of investing in the Fund by showing (A) </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes in the Fund’s performance from year to year, (B) </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">how the Fund’s average annual returns compare with those </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of a broad-based securities market index and one or more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">style-specific indexes (reflecting the market segments in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">which the Fund invests), in that order. Past performance </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(before and after taxes) does not necessarily indicate how </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund will perform in the future. Updated information </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">on the Fund’s performance results can be obtained by visiting</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">etfs</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ntam.northerntrust.com</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">.</span></div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad-based securities market index and one or more style-specific indexes (reflecting the market segments in which the Fund invests), in that order. Past performance(before and after taxes) does not necessarily indicate how the Fund will perform in the future. etfs.ntam.northerntrust.com Calendar Year Total Returns <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">For the period shown in the bar chart above:</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Best Quarter (12/31/2020): 18.20%</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Worst Quarter (3/31/2020): -26.07%</span></div> Best Quarter 2020-12-31 0.1820 Worst Quarter 2020-03-31 -0.2607 Average Annual Total Returns (for the periods ended December 31, 2025)  0.3524 0.1016 0.0843 0.3417 0.0876 0.0719 0.2159 0.0767 0.0647 0.3239 0.0791 0.0841 0.3565 0.1058 0.0875 Reflects no deduction for fees, expenses or taxes. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">After-tax returns are calculated using the historical highest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">individual federal marginal income tax rates and do not </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reflect the impact of state and local taxes. Actual after-tax </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">returns depend on an investor’s tax situation and may differ</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> from those shown. After-tax returns shown are not relevant </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to investors who hold shares through tax-advantaged </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">arrangements, such as 401(k) plans or individual retirement </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">plans. After-tax returns may exceed the return before </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">taxes due to an assumed tax benefit from realizing a capital </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">loss on a sale of Fund shares.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. Northern Trust International Quality Dividend Dynamic ETF (formerly, FlexShares® International Quality Dividend Dynamic Index Fund) Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund seeks investment results that correspond generally</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to the price and yield performance, before fees and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">expenses, of the Northern Trust International Quality Dividend Dynamic</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">SM</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> (the “Underlying Index”).</span></div> Fees and Expenses of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">This table describes the fees and expenses that you may pay </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">if you buy, hold and sell shares of the Fund. Under the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s Investment Advisory Agreement, the Fund is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">responsible for the following expenses: interest expenses, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">brokerage commissions and other trading expenses, fees </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and expenses of the independent trustees and their independent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> legal counsel, taxes and other extraordinary costs </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">such as litigation and other expenses not incurred in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ordinary course of business. You will also incur usual and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">customary brokerage commissions and fees to financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">intermediaries when buying or selling shares of the Fund in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the secondary market, which are not reflected in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">example that follows:</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0047 0.0000 0.0004 0.0051 -0.0004 0.0047 March 1, 2027 Example <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The following Example is intended to help you compare </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the cost of investing in the Fund with the cost of investing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in other funds. The Example assumes that you invest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">$10,000 in the Fund for the time periods indicated and </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">then sell all of your shares at the end of those periods. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Example also assumes that your investment has a 5% </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">return each year and that the Fund’s operating expenses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">remain the same (taking into account the expense reimbursement</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> arrangement for one year). Although your </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">actual costs may be higher or lower, based on these </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">assumptions your costs would be:</span></div> 48 160 281 637 Portfolio Turnover.  The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 65% of the average value of its portfolio. 0.65 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index is designed to reflect the performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of a selection of companies that, in aggregate, provide</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> exposure to a high-quality income-oriented universe </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of long-only international securities issued by non-U.S.-based</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> companies, with an emphasis on long-term capital </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">growth and a targeted overall beta that is generally between </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">1.0 to 1.5 times that of the Northern Trust International </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Large Cap Index (the “Parent Index”), a float-adjusted </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market-capitalization weighted index of non-US domiciled </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">large- and mid-capitalization companies. Beta represents </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the market sensitivity, relative to a given market index and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">time period, and is one measure of volatility.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">To derive the Underlying Index, NTI, acting in its capacity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">as the index provider (the “Index Provider”), begins with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">all securities in the Parent Index that have an average daily </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">traded value of at least $125,000 in the 90 days prior to a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution, and then removes those securities that rank </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in the lowest quintile of quality based on a proprietary </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">scoring model, as well as those which do not pay a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">divi</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">dend</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">. The core components of the proprietary quality scoring</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> model are based on quantitative ranking of various </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">metrics obtained from company filings. These scores have </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">three components: (i) management efficiency (e.g., corporate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> finance activities); (ii) profitability (e.g., reliability and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">sustainability of financial performance); and (iii) cash flow </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(e.g., cash flow generation). The Index Provider then uses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">an optimization process to select and weight eligible securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in order to (a) maximize the overall quality score relative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to the Parent Index, (b) attain an aggregate dividend </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">yield in excess of the Parent Index and (c) achieve the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">desired beta target. The optimization process also includes </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">sector, industry group, region, country, single-security </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">weight, liquidity and turnover constraints to assist in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reducing the Underlying Index’s overall active risk exposure</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to any one single factor. As of December 31, 2025, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">there were 187 issues in the Underlying Index. The Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index is reconstituted quarterly. The Fund generally </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitutes its portfolio in accordance with the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses a “passive” or indexing approach to try to achieve </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s investment objective. Unlike many investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies, the Fund does not try to “beat” its Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index and does not seek temporary defensive positions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when markets decline or appear overvalued.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses a representative sampling strategy to manage the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund. “Representative sampling” is investing in a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sample of securities that collectively has an investment</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> profile similar to the Underlying Index. The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may or may not hold all of the securities that are included </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in the Underlying Index. The Fund reserves the right to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invest in substantially all of the securities in its Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index in approximately the same proportions (i.e., replication)</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> if NTI determines that it is in the best interest of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Under normal circumstances, the Fund will invest at least </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">80% of its total assets (exclusive of collateral held from </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities lending) in the securities of the Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and in American Depositary Receipts (“ADRs”) and Global </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Depositary Receipts (“GDRs”) (collectively “Depositary </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Receipts”) based on the securities in the Underlying Index. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund may also invest up to 20% of its assets in cash </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and cash equivalents, including shares of money market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">funds advised by NTI or its affiliates, futures contracts, </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">options on futures contracts and foreign currency contracts,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> as well as securities not included in the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index, but which NTI believes will help the Fund track its </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index is created and sponsored by NTI, as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Index Provider. NTI also serves as the investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adviser to the Fund. The Index Provider determines the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">composition and relative weightings of the securities in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index and publishes information regarding the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market value of the Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund may lend securities representing up to one-third </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the value of the Fund’s total assets (including the value </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the collateral received).</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">From time to time the Fund may focus its investments (</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-style: italic;">i.e.,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invest more than 15% of its total assets) in one or more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">particular countries or geographic regions.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Industry Concentration Policy</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">. The Fund will concentrate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its investments (i.e., hold 25% or more of its total assets) in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a particular industry or group of industries to approximately</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> the same extent that the Underlying Index is concentrated. As</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of December 31, 2025, the Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">was concentrated in the Financial sector. The components </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the Underlying Index, and the degree to which these </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">components represent certain industries or sectors, may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">change over time.</span></div> Under normal circumstances, the Fund will invest at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index and in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) (collectively “Depositary Receipts”) based on the securities in the Underlying Index.  Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. As of December 31, 2025, the Underlying Index was concentrated in the Financial sector. The components of the Underlying Index, and the degree to which these components represent certain industries or sectors, may change over time. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Equity Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the values of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">equity securities owned by the Fund may be more volatile </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and underperform other asset classes and the general securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> markets.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Mid Cap Stock Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that stocks of mid-sized </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies may be subject to more abrupt or erratic market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">movements than stocks of larger, more established </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">compa</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">nies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">, and may lack sufficient market liquidity. Mid-sized </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies may have limited product lines or financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">resources, and may be dependent upon a particular niche </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the market, or may be dependent upon a small or inexperienced</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> management group. Securities of smaller companies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may trade less frequently and in lower volume than </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the securities of larger companies, which could lead to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">higher transaction costs. Generally the smaller the company</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> size, the greater the risk.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Foreign Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that investing in foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(non-U.S.) securities may result in the Fund experiencing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">more rapid and extreme changes in value than a fund that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invests exclusively in securities of U.S. companies, due to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">less liquid markets and adverse economic, political, diplomatic,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> financial, and regulatory factors. Foreign governments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may impose limitations on foreigners’ ownership of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interests in local issuers, restrictions on the ability to repatriate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> assets, and may also impose taxes. Any of these events </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">could cause the value of the Fund’s investments to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decline. Foreign banks, agents and securities depositories </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that hold the Fund’s foreign assets may be subject to little </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or no regulatory oversight over, or independent evaluation, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of their operations. Additional costs associated with investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in foreign securities may include higher custodial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">fees than those applicable to domestic custodial arrangements</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and transaction costs of foreign currency conversions.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Unless the Fund has hedged its foreign currency </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">exposure, foreign securities risk also involves the risk of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">negative foreign currency rate fluctuations, which may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">cause the value of securities denominated in such foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">currency (or other instruments through which the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">has exposure to foreign currencies) to decline in value. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Currency exchange rates may fluctuate significantly over </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">short periods of time. Currency hedging strategies, if used, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">are not always successful. For instance, forward foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">currency exchange contracts, if used by the Fund, could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reduce performance if there are unanticipated changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">currency exchange rates.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Emerging Markets Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that emerging markets </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">are generally subject to greater market volatility, political, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">social and economic instability, uncertain trading markets </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and more governmental limitations on foreign investments </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">than more developed markets. In addition, companies </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">operating in emerging markets may be subject to lower </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">trading volumes and greater price volatility than compa</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">nies in more developed markets. Emerging market economies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may be based on only a few industries, may be highly </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">vulnerable to changes in local and global trade conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and may suffer from extreme and volatile debt burdens or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">inflation rates. Companies in emerging market countries </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">generally may be subject to less stringent regulatory, disclosure,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> financial reporting, accounting, auditing and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">recordkeeping standards than companies in more developed</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> countries. As a result, information, including financial</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> information, about such companies may be less available</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and reliable, which can impede the Fund’s ability to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">evaluate such companies. Securities law and the enforcement</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of systems of taxation in many emerging market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">countries may change quickly and unpredictably, and the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ability to bring and enforce actions (including bankruptcy, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">confiscatory taxation, expropriation, nationalization of a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">company’s assets, restrictions on foreign ownership of local </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies, restrictions on withdrawing assets from the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">country, protectionist measures and practices such as share </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">blocking), or to obtain information needed to pursue or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">enforce such actions, may be limited. Investments in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">emerging market securities may be subject to additional </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">transaction costs, delays in settlement procedures, unexpected</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> market closures, and lack of timely information.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Geographic Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that if the Fund invests a significant</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> portion of its total assets in certain issuers within </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the same country or geographic region, an adverse economic,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> business or political development affecting that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">country or region may affect the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> more, and the Fund’s investments may be more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">volatile, than if the Fund’s investments were not so concentrated</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in such country or region.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Concentration Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that, if the Fund is concentrated</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in a particular industry or group of industries, the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund is likely to present more risks than a fund that is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">broadly diversified over several industries or groups of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industries. Compared to the broad market, an individual </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industry may be more strongly affected by changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">economic climate, broad market shifts, moves in a particular</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> dominant stock or regulatory changes.</span></div> •Financial Sector Risk is the risk that the financial sector can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competition, and the availability and cost of capital, among other factors. <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Dividend Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that an issuer of stock held by the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund may choose not to declare a dividend or the dividend </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">rate might not remain at current levels. Dividend paying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">stocks might not experience the same level of earnings </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">growth or capital appreciation as non-dividend paying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">stocks. The Fund’s performance during a broad market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">advance could suffer because dividend paying stocks may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">not experience the same capital appreciation as non-dividend</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> paying stocks.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Volatility Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the actual level of volatility </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">experienced by the Fund may be greater or lower than the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">targeted overall volatility of the Underlying Index. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Although the Underlying Index is designed to have a targeted</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> overall volatility that is greater than that of the Parent </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index, there is no guarantee that it will have the targeted </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">overall volatility. The Fund will continue to seek to track </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index even if the Underlying Index does </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">not have the targeted overall volatility. There is also the risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that the Fund may experience volatility greater or lower </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">than that of the Underlying Index as a result of tracking </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">error. A portfolio of securities with greater volatility is generally</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> considered to have a higher risk profile than a portfolio</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> with lower volatility.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Quality Factor Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the past performance of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies that have exhibited quality characteristics does </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">not continue or the returns on securities issued by such </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies may be less than returns from other styles of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing or the overall stock market. There may be periods </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when quality investing is out of favor and during which </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">time the Fund's performance may suffer.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Depositary Receipts Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Foreign securities may trade in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the form of depositary receipts. In addition to investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">risks associated with the underlying issuer, depositary </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">receipts may expose the Fund to additional risks associated </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">with non-uniform terms that apply to depositary receipt </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">programs, including credit exposure to the depository bank </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and to the sponsors and other parties with whom the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">depository bank establishes the programs, currency, political,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> economic, market risks and the risks of an illiquid market</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> for depositary receipts. Depositary receipts are generally </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">subject to the same risks as the foreign securities that they </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">evidence or into which they may be converted. Depositary </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">receipts may not track the price of the underlying foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities on which they are based, may have limited voting </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">rights, and may have a distribution subject to a fee charged </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">by the depository. As a result, equity shares of the underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> issuer may trade at a discount or premium to the market</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> price of the depositary receipts.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may increase or decrease in response to expected, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">real or perceived economic, political or financial events in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the U.S. or global markets. The frequency and magnitude </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of such changes in value cannot be predicted. Certain securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and other investments held by the Fund may experience</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> increased volatility, illiquidity, or other potentially </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adverse effects in response to changing market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">inflation, elevated levels of government debt, changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interest rates, lack of liquidity in the bond or equity markets,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or volatility in the equity markets. Market disruptions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">caused by local or regional events such as financial institution</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> failures, changes in trade regulation or economic sanctions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> internal unrest and discord, war, acts of terrorism, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the spread of infectious illness (including epidemics and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">pandemics) or other public health issues, recessions or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">other events or adverse investor sentiment could have a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">significant impact on the Fund and its investments. Such </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">events could result in the Fund’s shares trading at increased </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">premiums or discounts to the Fund’s NAV. During periods </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of market disruption or other abnormal market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s exposure to the risks described elsewhere in this </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">summary will likely increase.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Index Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund would not necessarily </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">buy or sell a security unless that security is added to or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">removed from, respectively, the Underlying Index, even if </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that security generally is underperforming, because unlike </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">many investment companies, the Fund does not utilize an </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing strategy that seeks returns in excess of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index. Additionally, the Fund rebalances and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitutes its portfolio in accordance with the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index, and, therefore, any changes to the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index’s rebalance and/or reconstitution schedule will result </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in corresponding changes to the Fund’s rebalance and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund’s performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may vary from the performance of the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index as a result of creation and redemption activity, transaction</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> costs, expenses and other factors. Market disruptions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> regulatory restrictions or other abnormal market </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">conditions could have an adverse effect on the Fund's ability</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to adjust its exposure to required levels in order to track </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its Index or cause delays in the Underlying Index's rebalancing</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> schedule. During any such delay, it is possible that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index, and, in turn, the Fund will deviate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from the Underlying Index's stated methodology and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">therefore experience returns different than those that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">would have been achieved under a normal rebalancing or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Sampling Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the Fund’s use of a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sampling approach may not work as intended and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">result in increased tracking error because the securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">selected for the Fund in the aggregate may vary from the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investment profile of the Underlying Index. Additionally, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the use of a representative sampling approach may result in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund holding a smaller number of securities than the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index, and, as a result, an adverse development </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to an issuer of securities that the Fund holds could result in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a greater decline in NAV than would be the case if the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">held all of the securities in the Underlying Index.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Authorized Participant Concentration Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund may be adversely affected because it has a limited </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">number of institutions that act as authorized participants </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(“Authorized Participants”). Only an Authorized Participant</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may engage in creation or redemption transactions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">directly with the Fund and none of those Authorized Participants</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is obligated to engage in creation and/or redemption</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> transactions. To the extent that these institutions exit </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the business or are unable or unwilling to proceed with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">creation and/or redemption orders with respect to the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund and no other Authorized Participant is able or willing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to step forward to create or redeem Creation Units (as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">defined below), Fund shares may trade at a discount to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NAV and possibly face trading halts and/or delisting. This </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">risk may be heightened because of its investments in non-U.S.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Calculation Methodology Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index’s calculation methodology or sources of information</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may not provide an accurate assessment of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">included issuers or correct valuation of securities, nor is the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">availability or timeliness of the production of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index guaranteed. A security included in the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index may not exhibit the characteristic or provide the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">specific exposure for which it was selected and consequently</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> a Fund's holdings may not exhibit returns consistent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> with that characteristic or exposure.</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund faces because </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its shares are listed on a securities exchange, including the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">potential lack of an active market for Fund shares, losses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from trading in secondary markets, periods of high volatility</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and disruption in the creation/redemption process of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund. ANY OF THESE FACTORS MAY LEAD TO THE </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> TO NAV.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Trading in Fund shares may be halted due to market conditions</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or for reasons that, in the view of its listing exchange, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">make trading in the shares inadvisable. The market prices </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of Fund shares will generally fluctuate in accordance with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes in its NAV, changes in the relative supply of, and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">demand for, Fund shares, and changes in the liquidity, or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the perceived liquidity, of the Fund’s holdings.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Derivatives Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that derivatives may pose risks </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in addition to and greater than those associated with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing directly in securities, currencies and other instruments,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may be illiquid or less liquid, more volatile, more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">difficult to value and leveraged so that small changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of the underlying instrument may produce disproportionate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> losses to the Fund. Derivatives are also subject </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to counterparty risk, which is the risk that the other party </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to the transaction will not perform its contractual obligations.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The use of derivatives is a highly specialized activity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that involves investment techniques and risks different </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from those associated with investments in more traditional </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities and instruments.</span></div> •Futures Contracts Risk is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.•Options Contracts Risk Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlationbetween the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies.•Forward Foreign Currency Contracts Risk is the risk that, if forward prices increase, a loss will occur to the extent that the agreed upon purchase price of the currency exceeds the price of the currency that was agreed to be sold. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Securities Lending Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund may lose </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">money because the borrower of the loaned securities fails </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to return the securities in a timely manner or at all. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund could also lose money in the event of a decline in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of collateral provided for loaned securities or a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decline in the value of any investments made with cash </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">collateral.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Valuation Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the sale price the Fund could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">receive for a portfolio security may differ from the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">valuation of the security, particularly for securities that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">trade in low volume or volatile markets or that are valued </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">using a fair value methodology. In addition, the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the securities in the Fund’s portfolio may change on days </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when shareholders will not be able to purchase or sell the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s shares.</span></div> It is possible to lose money on an investment in the Fund.  An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The bar chart and table that follow show how the Fund has </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">performed on a calendar year basis and provide an indication </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the risks of investing in the Fund by showing (A) </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes in the Fund’s performance from year to year, (B) </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">how the Fund’s average annual returns compare with those </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of a broad-based securities market index and one or more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">style-specific indexes (reflecting the market segments in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">which the Fund invests), in that order. Past performance </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(before and after taxes) does not necessarily indicate how </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund will perform in the future. Updated information </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">on the Fund’s performance results can be obtained by visiting</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">etfs</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ntam.northerntrust.com</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">.</span></div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad-based securities market index and one or more style-specific indexes (reflecting the market segments in which the Fund invests), in that order. Past performance(before and after taxes) does not necessarily indicate how the Fund will perform in the future. etfs.ntam.northerntrust.com Calendar Year Total Returns <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">For the period shown in the bar chart above:</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Best Quarter (12/31/2020): 22.83%</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Worst Quarter (3/31/2020): -26.51%</span></div> Best Quarter 2020-12-31 0.2283 Worst Quarter 2020-03-31 -0.2651 Average Annual Total Returns (for the periods ended December 31, 2025)  0.3711 0.1107 0.1001 0.3602 0.0969 0.0884 0.2271 0.0845 0.0788 0.3239 0.0791 0.0841 0.3756 0.1151 0.1041 Reflects no deduction for fees, expenses or taxes. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">After-tax returns are calculated using the historical highest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">individual federal marginal income tax rates and do not </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reflect the impact of state and local taxes. Actual after-tax </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">returns depend on an investor’s tax situation and may differ</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> from those shown. After-tax returns shown are not relevant </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to investors who hold shares through tax-advantaged </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">arrangements, such as 401(k) plans or individual retirement </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">plans. After-tax returns may exceed the return before </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">taxes due to an assumed tax benefit from realizing a capital </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">loss on a sale of Fund shares.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. Northern Trust iBoxx® 3-Year Target Duration TIPS ETF (formerly, FlexShares® iBoxx® 3-Year Target Duration TIPS Index Fund) Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund seeks to provide investment results that, before </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">fees and expenses, correspond generally to the price and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">yield performance of the iBoxx 3-Year Target Duration </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">TIPS Index (the “Underlying Index”).</span></div> Fees and Expenses of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">This table describes the fees and expenses that you may pay </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">if you buy, hold and sell shares of the Fund. Under the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s Investment Advisory Agreement, the Fund is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">responsible for the following expenses: interest expenses, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">brokerage commissions and other trading expenses, fees </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and expenses of the independent trustees and their independent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> legal counsel, taxes and other extraordinary costs </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">such as litigation and other expenses not incurred in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ordinary course of business. You will also incur usual and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">customary brokerage commissions and fees to financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">intermediaries when buying or selling shares of the Fund in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the secondary market, which are not reflected in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">example that follows:</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0018 0.0000 0.0001 0.0019 -0.0001 0.0018 March 1, 2027 Example <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The following Example is intended to help you compare </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the cost of investing in the Fund with the cost of investing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in other funds. The Example assumes that you invest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">$10,000 in the Fund for the time periods indicated and </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">then sell all of your shares at the end of those periods. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Example also assumes that your investment has a 5% </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">return each year and that the Fund’s operating expenses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">remain the same (taking into account the expense reimbursement</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> arrangement for one year). Although your </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">actual costs may be higher or lower, based on these </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">assumptions your costs would be:</span></div> 18 60 106 242 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 86% of the average value of its portfolio. 0.86 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index is designed to reflect the performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of a selection of inflation protected public obligations</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of the U.S. Treasury, commonly known as “TIPS,” </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">with a targeted average modified adjusted duration, as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">defined by S&amp;P Dow Jones Indices LLC as the Index Provider</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> (“Index Provider” or “SPDJI”), of approximately </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">three years. The Underlying Index includes publicly issued </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">TIPS that have maturity dates of at least or equal to one </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">year and less than ten years from an index rebalancing date. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">TIPS are securities issued by the U.S. Treasury that are </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">designed to provide inflation protection to investors. TIPS’ </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">principal and interest payments are linked to an official </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">inflation measure (as measured by the Consumer Price </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index for All Urban Consumers, or CPI-U) and the payments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> are supported by the full faith and credit of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">United States. As of December 31, 2025, there were 23 TIPS </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in the Underlying Index. The components of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index are weighted by the Index Provider to achieve the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">targeted average modified adjusted duration and its composition</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is rebalanced monthly. The Fund generally rebalances</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> its portfolio in accordance with the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses a “passive” or indexing approach to try to achieve </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s investment objective. Unlike many investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies, the Fund does not try to “beat” the index it </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">tracks and does not seek temporary defensive positions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when markets decline or appear overvalued. NTI generally </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">intends to replicate the constituent securities of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index. “Replication” is an indexing strategy in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">which a fund invests in substantially all of the securities in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its underlying index in approximately the same proportions</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> as in the underlying index. NTI may use a “representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sampling” strategy in certain circumstances, such as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when it may not be possible or practicable to fully implement</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> a replication strategy. Representative sampling is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing in a representative sample of securities that collectively</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> has an investment profile similar to the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index. When the Fund uses representative sampling, it </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may or may not hold all of the securities that are included </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in the Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Under normal circumstances, the Fund will invest at least </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">80% of its total assets (exclusive of collateral held from </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities lending) in the securities of the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index. The Fund may also invest up to 20% of its assets in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">cash and cash equivalents, including shares of money market</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> funds advised by NTI or its affiliates, futures contracts </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and options on futures contracts, to-be-announced </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(“TBA”) transactions, as well as securities not included in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index, but which NTI believes will help the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund track its Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index is sponsored by the Index Provider, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">an organization that is independent of the Fund and NTI. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Index Provider determines the composition and relative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> weightings of the securities in the Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and publishes information regarding the market value of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund may lend securities representing up to one-third </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the value of the Fund’s total assets (including the value </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the collateral received).</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The Fund will concentrate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its investments (i.e., hold 25% or more of its total assets) in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a particular industry or group of industries to approximately</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> the same extent that the Underlying Index is concentrated.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> For purposes of this limitation, securities of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">U.S. government (including its agencies and instrumentalities)</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> are not considered to be issued by members of any </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industry.</span></div> 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. Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) are not considered to be issued by members of any industry. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Inflation Protected Security Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the value </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of inflation protected securities, such as TIPS, generally </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">will fluctuate in response to changes in real interest rates, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">generally decreasing when real interest rates rise and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">increasing when real interest rates fall. In addition, interest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">payments on inflation-protected securities will generally </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">vary up or down along with the rate of inflation. Real interest</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> rates are generally measured as a nominal interest less </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">an inflation rate. As such, investors should be aware that an </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investment in TIPS over a particular timeframe may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decrease in value even in an inflationary environment. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">There can be no assurance that the inflation index used will </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">accurately measure the real rate of inflation in the prices of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">goods and services. Because of their inflation adjustment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">feature, inflation-protected bonds typically have lower </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">yields than conventional fixed-rate bonds. In addition, the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market for inflation-indexed securities may be less developed</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or liquid, and more volatile, than certain other securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> markets. In addition, positive adjustments to principal</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> generally will result in taxable income to the Fund at </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the time of such adjustments (which generally would be </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">distributed by the Fund as part of its taxable dividends), </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">even though the principal amount is not paid until maturity.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Income Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund's income may decline </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">due to a decline in inflation (or deflation) or due to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes in inflation expectations.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Interest Rate/Maturity Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the value of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s fixed-income assets will decline because of rising </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interest rates. In general, securities with longer maturities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or durations are more sensitive to interest rate changes. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Changing interest rates, including rates that fall below zero, </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may have unpredictable effects on the markets and the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s investments, may result in heightened market volatility,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may impact the liquidity of fixed-income securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and of the Fund, and may detract from Fund performance. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">A low or negative interest rate environment could cause the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s earnings to fall below the Fund’s expense ratio, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">resulting in a negative yield and a decline in the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">share price. An increase in interest rates may cause investors</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to move out of fixed incomes securities on a large </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">scale, which could adversely affect the price of fixed income </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities, lead to heightened volatility in the fixed-income </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">markets and may adversely affect the liquidity of certain </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">fixed-income investments.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may increase or decrease in response to expected, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">real or perceived economic, political or financial events in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the U.S. or global markets. The frequency and magnitude </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of such changes in value cannot be predicted. Certain securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and other investments held by the Fund may experience</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> increased volatility, illiquidity, or other potentially </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adverse effects in response to changing market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">inflation, elevated levels of government debt, changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interest rates, lack of liquidity in the bond or equity markets,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or volatility in the equity markets. Market disruptions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">caused by local or regional events such as financial institution</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> failures, changes in trade regulation or economic sanctions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> internal unrest and discord, war, acts of terrorism, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the spread of infectious illness (including epidemics and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">pandemics) or other public health issues, recessions or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">other events or adverse investor sentiment could have a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">significant impact on the Fund and its investments. Such </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">events could result in the Fund’s shares trading at increased </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">premiums or discounts to the Fund’s NAV. During periods </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of market disruption or other abnormal market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s exposure to the risks described elsewhere in this </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">summary will likely increase.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Index Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund would not necessarily </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">buy or sell a security unless that security is added to or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">removed from, respectively, the Underlying Index, even if </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that security generally is underperforming, because unlike </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">many investment companies, the Fund does not utilize an </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing strategy that seeks returns in excess of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index. Additionally, the Fund rebalances and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitutes its portfolio in accordance with the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index, and, therefore, any changes to the Underlying </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index’s rebalance and/or reconstitution schedule will result </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in corresponding changes to the Fund’s rebalance and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund’s performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may vary from the performance of the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index as a result of creation and redemption activity, transaction</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> costs, expenses and other factors. Market disruptions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> regulatory restrictions or other abnormal market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">conditions could have an adverse effect on the Fund's ability</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to adjust its exposure to required levels in order to track </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its Index or cause delays in the Underlying Index's rebalancing</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> schedule. During any such delay, it is possible that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index, and, in turn, the Fund will deviate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from the Underlying Index's stated methodology and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">therefore experience returns different than those that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">would have been achieved under a normal rebalancing or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Authorized Participant Concentration Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund may be adversely affected because it has a limited </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">number of institutions that act as authorized participants </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(“Authorized Participants”). Only an Authorized Participant</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may engage in creation or redemption transactions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">directly with the Fund and none of those Authorized Participants</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is obligated to engage in creation and/or redemption</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> transactions. To the extent that these institutions exit </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the business or are unable or unwilling to proceed with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">creation and/or redemption orders with respect to the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund and no other Authorized Participant is able or willing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to step forward to create or redeem Creation Units (as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">defined below), Fund shares may trade at a discount to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NAV and possibly face trading halts and/or delisting.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Concentration Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that, if the Fund is concentrated</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in a particular industry or group of industries, the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund is likely to present more risks than a fund that is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">broadly diversified over several industries or groups of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industries. Compared to the broad market, an individual </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industry may be more strongly affected by changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">economic climate, broad market shifts, moves in a particular</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> dominant stock or regulatory changes.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Calculation Methodology Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index’s calculation methodology or sources of information</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may not provide an accurate assessment of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">included issuers or correct valuation of securities, nor is the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">availability or timeliness of the production of the Underly</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ing Index guaranteed. A security included in the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index may not exhibit the characteristic or provide the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">specific exposure for which it was selected and consequently</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> a Fund's holdings may not exhibit returns consistent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> with that characteristic or exposure.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund faces because </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its shares are listed on a securities exchange, including the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">potential lack of an active market for Fund shares, losses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from trading in secondary markets, periods of high volatility</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and disruption in the creation/redemption process of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund. ANY OF THESE FACTORS MAY LEAD TO THE </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> TO NAV.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Trading in Fund shares may be halted due to market conditions</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or for reasons that, in the view of its listing exchange, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">make trading in the shares inadvisable. The market prices </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of Fund shares will generally fluctuate in accordance with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes in its NAV, changes in the relative supply of, and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">demand for, Fund shares, and changes in the liquidity, or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the perceived liquidity, of the Fund’s holdings.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Derivatives Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that derivatives may pose risks </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in addition to and greater than those associated with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing directly in securities, currencies and other instruments,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may be illiquid or less liquid, more volatile, more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">difficult to value and leveraged so that small changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of the underlying instrument may produce disproportionate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> losses to the Fund. Derivatives are also subject </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to counterparty risk, which is the risk that the other party </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to the transaction will not perform its contractual obligations.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The use of derivatives is a highly specialized activity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that involves investment techniques and risks different </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from those associated with investments in more traditional </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities and instruments.</span></div> •Futures Contracts Risk is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.•Options Contracts Risk Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">TBA Transactions Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk of loss if the securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">received are less favorable than what was anticipated by the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund when entering into the TBA transaction. TBA transactions</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> also involve the risk that the counterparty will fail </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to deliver the securities, exposing the Fund to further </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">losses. Default or bankruptcy of a counterparty to a TBA </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">transaction would expose the Fund to possible losses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">because of adverse market action, expenses or delays in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">connection with the purchase or sale of the pools of mortgage</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> pass-through securities specified in the TBA transaction.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Whether or not the Fund takes delivery of the securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> at the termination date of a TBA transaction, the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">will nonetheless be exposed to changes in the value of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">underlying investments during the term of the agreement.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Credit (or Default) Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the inability or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">unwillingness of an issuer or guarantor of a fixed-income </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">security, or a counterparty to a TBA, repurchase or other </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">transaction, to meet its payment or other financial obligations</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> will adversely affect the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and its returns. The credit quality of a debt security </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or of the issuer of a debt security held by the Fund could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">deteriorate rapidly, which may impair the Fund’s liquidity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or cause a deterioration in the Fund’s NAV. The Fund could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">also be delayed or hindered in its enforcement of rights </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">against an issuer, guarantor or counterparty. The degree of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">credit risk depends on the issuer’s or counterparty’s financial</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> condition and on the terms of the securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Prepayment (or Call) Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that an issuer could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">exercise its right to pay principal on callable debt securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">held by the Fund earlier than expected. Issuers may be </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">more likely to prepay when interest rates fall, when credit </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">spreads change, or when an issuer’s credit quality improves. </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">If this happens, the Fund will not benefit from the rise in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the market price of the securities that normally accompanies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> a decline in interest rates, and will be forced to reinvest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">prepayment proceeds in lower yielding securities, which </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may reduce the Fund’s returns. The Fund may also lose any </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">premium it paid to purchase the securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Securities Lending Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund may lose </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">money because the borrower of the loaned securities fails </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to return the securities in a timely manner or at all. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund could also lose money in the event of a decline in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of collateral provided for loaned securities or a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decline in the value of any investments made with cash </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">collateral.</span></div> It is possible to lose money on an investment in the Fund.  An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The bar chart and table that follow show how the Fund has </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">performed on a calendar year basis and provide an indication </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the risks of investing in the Fund by showing (A)</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> changes in the Fund’s performance from year to year, (B)</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> how the Fund’s average annual returns compare with those </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of a broad-based securities market index and one or more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">style-specific indexes (reflecting the market segments in</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> which the Fund invests), in that order. Past performance </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(before and after taxes) does not necessarily indicate how </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund will perform in the future. Updated information </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">on the Fund’s performance results can be obtained by visiting</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">etfs</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ntam.northerntrust.com</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">.</span></div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad-based securities market index and one or more style-specific indexes (reflecting the market segments in which the Fund invests), in that order. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. etfs.ntam.northerntrust.com Calendar Year Total Returns <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">For the periods shown in the bar chart above:</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Best Quarter (3/31/2025): 3.54%</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Worst Quarter (9/30/2022): -3.28%</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> Best Quarter 2025-03-31 0.0354 Worst Quarter 2022-09-30 -0.0328 Average Annual Total Returns (for the periods ended December 31, 2025)  0.0650 0.0309 0.0314 0.0457 0.0115 0.0181 0.0383 0.0151 0.0184 0.0730 -0.0036 0.0201 0.0737 0.0252 0.0335 0.0665 0.0325 0.0330 Reflects no deduction for fees, expenses or taxes. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">After-tax returns are calculated using the historical highest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">individual federal marginal income tax rates and do not</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> reflect the impact of state and local taxes. Actual after-tax </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">returns depend on an investor’s tax situation and may differ</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> from those shown. After-tax returns shown are not relevant </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to investors who hold shares through tax-advantaged </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">arrangements, such as 401(k) plans or individual retirement </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">plans. After-tax returns may exceed the return before</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> taxes due to an assumed tax benefit from realizing a capital</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> loss on a sale of Fund shares.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. Northern Trust iBoxx® 5-Year Target Duration TIPS ETF (formerly, FlexShares® iBoxx® 5-Year Target Duration TIPS Index Fund) Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund seeks to provide investment results that, before </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">fees and expenses, correspond generally to the price and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">yield performance of the iBoxx 5-Year Target Duration </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">TIPS Index (the “Underlying Index”).</span></div> Fees and Expenses of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">This table describes the fees and expenses that you may pay </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">if you buy, hold and sell shares of the Fund. Under the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s Investment Advisory Agreement, the Fund is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">responsible for the following expenses: interest expenses, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">brokerage commissions and other trading expenses, fees </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and expenses of the independent trustees and their independent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> legal counsel, taxes and other extraordinary costs </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">such as litigation and other expenses not incurred in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ordinary course of business. You will also incur usual and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">customary brokerage commissions and fees to financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">intermediaries when buying or selling shares of the Fund in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the secondary market, which are not reflected in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">example that follows:</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0018 0.0000 0.0001 0.0019 -0.0001 0.0018 March 1, 2027 Example <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The following Example is intended to help you compare </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the cost of investing in the Fund with the cost of investing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in other funds. The Example assumes that you invest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">$10,000 in the Fund for the time periods indicated and </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">then sell all of your shares at the end of those periods. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Example also assumes that your investment has a 5% </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">return each year and that the Fund’s operating expenses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">remain the same (taking into account the expense reimbursement</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> arrangement for one year). Although your </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">actual costs may be higher or lower, based on these </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">assumptions your costs would be:</span></div> 18 60 106 242 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 59% of the average value of its portfolio. 0.59 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index is designed to reflect the performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of a selection of inflation protected public obligations</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of the U.S. Treasury, commonly known as “TIPS,” </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">with a targeted average modified adjusted duration, as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">defined by S&amp;P Dow Jones Indices LLC as the Index Provider</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> (“Index Provider” or “SPDJI”), of approximately five </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">years. The Underlying Index includes publicly issued TIPS </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that have maturity dates of at least or equal to three years </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and less than twenty years from an index rebalancing date. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">TIPS are securities issued by the U.S. Treasury that are </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">designed to provide inflation protection to investors. TIPS’ </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">principal and interest payments are linked to an official </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">inflation measure (as measured by the Consumer Price </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index for All Urban Consumers, or CPI-U) and the payments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> are supported by the full faith and credit of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">United States. As of December 31, 2025, there were 19 TIPS </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in the Underlying Index. The components of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index are weighted by the Index Provider to achieve the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">targeted average modified adjusted duration and its composition</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is rebalanced monthly. The Fund generally rebalances</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> its portfolio in accordance with the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses a “passive” or indexing approach to try to achieve </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s investment objective. Unlike many investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies, the Fund does not try to “beat” the index it </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">tracks and does not seek temporary defensive positions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when markets decline or appear overvalued. NTI generally </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">intends to replicate the constituent securities of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index. “Replication” is an indexing strategy in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">which a fund invests in substantially all of the securities in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its underlying index in approximately the same proportions</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> as in the underlying index. NTI may use a “representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sampling” strategy in certain circumstances, such as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when it may not be possible or practicable to fully implement</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> a replication strategy. Representative sampling is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing in a representative sample of securities that collectively</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> has an investment profile similar to the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index. When the Fund uses representative sampling, it </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may or may not hold all of the securities that are included </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in the Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Under normal circumstances, the Fund will invest at least </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">80% of its total assets (exclusive of collateral held from </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities lending) in the securities of the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index. The Fund may also invest up to 20% of its assets in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">cash and cash equivalents, including shares of money market</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> funds advised by NTI or its affiliates, futures contracts </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and options on futures contracts, to-be-announced </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(“TBA”) transactions, as well as securities not included in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index, but which NTI believes will help the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund track its Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index is sponsored by the Index Provider, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">an organization that is independent of the Fund and NTI. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Index Provider determines the composition and relative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> weightings of the securities in the Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and publishes information regarding the market value of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund may lend securities representing up to one-third </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the value of the Fund’s total assets (including the value </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the collateral received).</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The Fund will concentrate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its investments (i.e., hold 25% or more of its total assets) in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a particular industry or group of industries to approximately</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> the same extent that the Underlying Index is concentrated.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> For purposes of this limitation, securities of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">U.S. government (including its agencies and instrumentalities)</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> are not considered to be issued by members of any </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industry.</span></div> 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. Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) are not considered to be issued by members of any industry. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Inflation Protected Security Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the value </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of inflation protected securities, such as TIPS, generally </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">will fluctuate in response to changes in real interest rates, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">generally decreasing when real interest rates rise and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">increasing when real interest rates fall. In addition, interest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">payments on inflation-protected securities will generally </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">vary up or down along with the rate of inflation. Real interest</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> rates are generally measured as a nominal interest less </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">an inflation rate. As such, investors should be aware that an </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investment in TIPS over a particular timeframe may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decrease in value even in an inflationary environment. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">There can be no assurance that the inflation index used will </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">accurately measure the real rate of inflation in the prices of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">goods and services. Because of their inflation adjustment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">feature, inflation-protected bonds typically have lower </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">yields than conventional fixed-rate bonds. In addition, the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market for inflation-indexed securities may be less developed</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or liquid, and more volatile, than certain other securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> markets. In addition, positive adjustments to principal</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> generally will result in taxable income to the Fund at </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the time of such adjustments (which generally would be </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">distributed by the Fund as part of its taxable dividends), </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">even though the principal amount is not paid until maturity.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Income Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund's income may decline </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">due to a decline in inflation (or deflation) or due to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes in inflation expectations.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Interest Rate/Maturity Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the value of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s fixed-income assets will decline because of rising </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interest rates. In general, securities with longer maturities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or durations are more sensitive to interest rate changes. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Changing interest rates, including rates that fall below zero, </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may have unpredictable effects on the markets and the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s investments, may result in heightened market volatility,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may impact the liquidity of fixed-income securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and of the Fund, and may detract from Fund performance. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">A low or negative interest rate environment could cause the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s earnings to fall below the Fund’s expense ratio, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">resulting in a negative yield and a decline in the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">share price. An increase in interest rates may cause investors</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to move out of fixed incomes securities on a large </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">scale, which could adversely affect the price of fixed income </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities, lead to heightened volatility in the fixed-income </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">markets and may adversely affect the liquidity of certain </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">fixed-income investments.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may increase or decrease in response to expected, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">real or perceived economic, political or financial events in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the U.S. or global markets. The frequency and magnitude </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of such changes in value cannot be predicted. Certain securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and other investments held by the Fund may experience</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> increased volatility, illiquidity, or other potentially </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adverse effects in response to changing market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">inflation, elevated levels of government debt, changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interest rates, lack of liquidity in the bond or equity markets,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or volatility in the equity markets. Market disruptions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">caused by local or regional events such as financial institution</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> failures, changes in trade regulation or economic sanctions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> internal unrest and discord, war, acts of terrorism, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the spread of infectious illness (including epidemics and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">pandemics) or other public health issues, recessions or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">other events or adverse investor sentiment could have a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">significant impact on the Fund and its investments. Such </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">events could result in the Fund’s shares trading at increased </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">premiums or discounts to the Fund’s NAV. During periods </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of market disruption or other abnormal market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s exposure to the risks described elsewhere in this </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">summary will likely increase.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Index Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund would not necessarily </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">buy or sell a security unless that security is added to or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">removed from, respectively, the Underlying Index, even if </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that security generally is underperforming, because unlike </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">many investment companies, the Fund does not utilize an </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing strategy that seeks returns in excess of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index. Additionally, the Fund rebalances and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitutes its portfolio in accordance with the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index, and, therefore, any changes to the Underlying </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index’s rebalance and/or reconstitution schedule will result </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in corresponding changes to the Fund’s rebalance and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund’s performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may vary from the performance of the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index as a result of creation and redemption activity, transaction</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> costs, expenses and other factors. Market disruptions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> regulatory restrictions or other abnormal market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">conditions could have an adverse effect on the Fund's ability</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to adjust its exposure to required levels in order to track </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its Index or cause delays in the Underlying Index's rebalancing</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> schedule. During any such delay, it is possible that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index, and, in turn, the Fund will deviate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from the Underlying Index's stated methodology and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">therefore experience returns different than those that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">would have been achieved under a normal rebalancing or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Authorized Participant Concentration Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund may be adversely affected because it has a limited </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">number of institutions that act as authorized participants </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(“Authorized Participants”). Only an Authorized Participant</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may engage in creation or redemption transactions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">directly with the Fund and none of those Authorized Participants</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is obligated to engage in creation and/or redemption</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> transactions. To the extent that these institutions exit </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the business or are unable or unwilling to proceed with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">creation and/or redemption orders with respect to the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund and no other Authorized Participant is able or willing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to step forward to create or redeem Creation Units (as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">defined below), Fund shares may trade at a discount to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NAV and possibly face trading halts and/or delisting.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Concentration Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that, if the Fund is concentrated</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in a particular industry or group of industries, the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund is likely to present more risks than a fund that is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">broadly diversified over several industries or groups of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industries. Compared to the broad market, an individual </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industry may be more strongly affected by changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">economic climate, broad market shifts, moves in a particular</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> dominant stock or regulatory changes.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Calculation Methodology Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index’s calculation methodology or sources of information</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may not provide an accurate assessment of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">included issuers or correct valuation of securities, nor is the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">availability or timeliness of the production of the Underly</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ing Index guaranteed. A security included in the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index may not exhibit the characteristic or provide the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">specific exposure for which it was selected and consequently</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> a Fund's holdings may not exhibit returns consistent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> with that characteristic or exposure.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund faces because </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its shares are listed on a securities exchange, including the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">potential lack of an active market for Fund shares, losses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from trading in secondary markets, periods of high volatility</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and disruption in the creation/redemption process of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund. ANY OF THESE FACTORS MAY LEAD TO THE </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> TO NAV.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Trading in Fund shares may be halted due to market conditions</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or for reasons that, in the view of its listing exchange, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">make trading in the shares inadvisable. The market prices </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of Fund shares will generally fluctuate in accordance with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes in its NAV, changes in the relative supply of, and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">demand for, Fund shares, and changes in the liquidity, or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the perceived liquidity, of the Fund’s holdings.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Derivatives Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that derivatives may pose risks </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in addition to and greater than those associated with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing directly in securities, currencies and other instruments,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may be illiquid or less liquid, more volatile, more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">difficult to value and leveraged so that small changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of the underlying instrument may produce disproportionate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> losses to the Fund. Derivatives are also subject </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to counterparty risk, which is the risk that the other party </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to the transaction will not perform its contractual obligations.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The use of derivatives is a highly specialized activity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that involves investment techniques and risks different </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from those associated with investments in more traditional </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities and instruments.</span></div> •Futures Contracts Risk is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.•Options Contracts Risk Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">TBA Transactions Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk of loss if the securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">received are less favorable than what was anticipated by the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund when entering into the TBA transaction. TBA transactions</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> also involve the risk that the counterparty will fail </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to deliver the securities, exposing the Fund to further </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">losses. Default or bankruptcy of a counterparty to a TBA </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">transaction would expose the Fund to possible losses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">because of adverse market action, expenses or delays in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">connection with the purchase or sale of the pools of mortgage</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> pass-through securities specified in the TBA transaction.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Whether or not the Fund takes delivery of the securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> at the termination date of a TBA transaction, the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">will nonetheless be exposed to changes in the value of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">underlying investments during the term of the agreement.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Credit (or Default) Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the inability or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">unwillingness of an issuer or guarantor of a fixed-income </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">security, or a counterparty to a TBA, repurchase or other </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">transaction, to meet its payment or other financial obligations</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> will adversely affect the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and its returns. The credit quality of a debt security </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or of the issuer of a debt security held by the Fund could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">deteriorate rapidly, which may impair the Fund’s liquidity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or cause a deterioration in the Fund’s NAV. The Fund could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">also be delayed or hindered in its enforcement of rights </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">against an issuer, guarantor or counterparty. The degree of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">credit risk depends on the issuer’s or counterparty’s financial</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> condition and on the terms of the securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Prepayment (or Call) Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that an issuer could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">exercise its right to pay principal on callable debt securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">held by the Fund earlier than expected. Issuers may be </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">more likely to prepay when interest rates fall, when credit </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">spreads change, or when an issuer’s credit quality improves. </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">If this happens, the Fund will not benefit from the rise in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the market price of the securities that normally accompanies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> a decline in interest rates, and will be forced to reinvest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">prepayment proceeds in lower yielding securities, which </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may reduce the Fund’s returns. The Fund may also lose any </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">premium it paid to purchase the securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Securities Lending Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund may lose </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">money because the borrower of the loaned securities fails </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to return the securities in a timely manner or at all. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund could also lose money in the event of a decline in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of collateral provided for loaned securities or a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decline in the value of any investments made with cash </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">collateral.</span></div> It is possible to lose money on an investment in the Fund.  An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The bar chart and table that follow show how the Fund has </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">performed on a calendar year basis and provide an indication</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of the risks of investing in the Fund by showing (A)</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> changes in the Fund’s performance from year to year, (B)</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> how the Fund’s average annual returns compare with those </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of a broad-based securities market index and one or more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">style-specific indexes (reflecting the market segments in</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> which the Fund invests), in that order. Past performance </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(before and after taxes) does not necessarily indicate how</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> the Fund will perform in the future. Updated information </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">on the Fund’s performance results can be obtained by visiting</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">etfs</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ntam.northerntrust.com</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">.</span></div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad-based securities market index and one or more style-specific indexes (reflecting the market segments in which the Fund invests), in that order. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. etfs.ntam.northerntrust.com Calendar Year Total Returns <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">For the periods shown in the bar chart above</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">:</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Best Quarter (12/31/2023): 4.53%</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Worst Quarter (6/30/2022): -4.68%</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> Best Quarter 2023-12-31 0.0453 Worst Quarter 2022-06-30 -0.0468 Average Annual Total Returns (for the periods ended December 31, 2025)  0.0786 0.0183 0.0321 0.0588 -0.0014 0.0182 0.0463 0.0054 0.0187 0.0730 -0.0036 0.0201 0.0701 0.0113 0.0308 0.0794 0.0201 0.0338 Reflects no deduction for fees, expenses or taxes. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">After-tax returns are calculated using the historical highest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">individual federal marginal income tax rates and do not</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> reflect the impact of state and local taxes. Actual after-tax </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">returns depend on an investor’s tax situation and may differ</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> from those shown. After-tax returns shown are not relevant </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to investors who hold shares through tax-advantaged</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> arrangements, such as 401(k) plans or individual retirement </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">plans. After-tax returns may exceed the return before</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> taxes due to an assumed tax benefit from realizing a capital</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> loss on a sale of Fund shares.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. Northern Trust Disciplined Duration MBS ETF (formerly, FlexShares® Disciplined Duration MBS Index Fund) Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund seeks investment results that correspond generally</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to the price and yield performance, before fees and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">expenses, of The ICE BofA® Constrained Duration US </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Mortgage Backed Securities Index</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">SM</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> (the “Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index”).</span></div> Fees and Expenses of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">This table describes the fees and expenses that you may pay </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">if you buy, hold and sell shares of the Fund. Under the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s Investment Advisory Agreement, the Fund is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">responsible for the following expenses: interest expenses, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">brokerage commissions and other trading expenses, fees </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and expenses of the independent trustees and their independent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> legal counsel, taxes and other extraordinary costs </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">such as litigation and other expenses not incurred in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ordinary course of business. You will also incur usual and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">customary brokerage commissions and fees to financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">intermediaries when buying or selling shares of the Fund in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the secondary market, which are not reflected in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">example that follows:</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0020 0.0000 0.0001 0.0021 -0.0001 0.0020 March 1, 2027 Example <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The following Example is intended to help you compare </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the cost of investing in the Fund with the cost of investing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in other funds. The Example assumes that you invest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">$10,000 in the Fund for the time periods indicated and </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">then sell all of your shares at the end of those periods. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Example also assumes that your investment has a 5% </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">return each year and that the Fund’s operating expenses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">remain the same (taking into account the expense reimbursement</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> arrangement for one year). Although your </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">actual costs may be higher or lower, based on these </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">assumptions your costs would be:</span></div> 20 67 117 267 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 38% of the average value of its portfolio. 0.38 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index is designed to reflect the performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of a selection of investment-grade US agency residential</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> mortgage backed pass-through securities. The term </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">“US agency mortgage-backed pass-through security” </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(“MBS”) refers to a category of pass-through securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">backed by pools of mortgages and issued by one of the following</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> US government agencies: the Federal National </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Mortgage Association (FNMA or Fannie Mae), the Federal </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Home Loan Mortgage Corporation (FHLMC or Freddie </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Mac) or the Government National Mortgage Association </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(GNMA or Ginnie Mae) (each a “US Agency”). The Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index is formed by grouping the universe of individual</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> fixed-rate MBS pools into generic cohorts. These </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">generic cohorts are then assessed based on certain criteria, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">as determined by ICE Data Indices, LLC as the Index Provider</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> (“Index Provider” or “ICE”), to determine eligibility </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">for inclusion in the Underlying Index. The constituent </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities of the Underlying Index are MBS pools that represent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> generic cohorts included in the Underlying Index. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">MBS that are eligible for inclusion in the Underlying Index </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">must (a) be publicly issued by a US Agency, (b) have a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">weighted average remaining time to final stated maturity of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">at least one year, (c) have at least $5 billion or more of outstanding</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> face value in the coupon for a given agency program,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> (d) have at least $1 billion or more of outstanding </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">face value at the time of inclusion in the Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and at least $250 million to remain in the Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and (e) are characterized by one or more of the following </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">fixed-rate mortgage programs: 30-year, 20-year, and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">15-year maturities. The Underlying Index constituents are </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">capitalization-weighted, based on their outstanding face </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value times price plus accrued interest, adjusted by the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index Provider, to achieve an effective duration that is generally</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> between 3.25 and 4.25 years. Balloon, mobile home, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">graduated payment and quarter coupon fixed rate mortgages</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> are excluded from the Underlying Index, as are all </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">collateralized mortgage obligations.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses a “passive” or indexing approach to try to achieve </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s investment objective. Unlike many investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies, the Fund does not try to “beat” the index it </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">tracks and does not seek temporary defensive positions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when markets decline or appear overvalued.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses a representative sampling strategy to manage the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund. “Representative sampling” is investing in a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sample of securities that collectively has an investment</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> profile similar to the Underlying Index. The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may or may not hold all of the securities that are included </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in the Underlying Index. The Fund reserves the right to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invest in substantially all of the securities in its Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index in approximately the same proportions (i.e., replication)</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> if NTI determines that it is in the best interest of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund generally will invest under normal circumstances </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">at least 80% of its total assets (exclusive of collateral held </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from securities lending) in the securities of the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index and in “TBA Transactions” (defined below) that represent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> securities in the Underlying Index. The Fund may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">also invest up to 20% of its assets in cash and cash equivalents,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> including shares of money market funds advised by </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI or its affiliates, futures contracts and options on </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">futures contracts, as well as securities not included in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index, but which NTI believes will help the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund track its Underlying Index. Most transactions in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">mortgage pass-through securities occur through standard</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ized contracts for future delivery in which the exact mortgage</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> pools to be delivered are not specified until a few days </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">prior to settlement, referred to as a “to-be announced </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">transaction” or “TBA Transaction.” In a TBA Transaction, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the buyer and seller agree upon general trade parameters </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">such as agency, coupon rate, settlement date, par amount </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and price. The actual pools delivered generally are determined</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> two days prior to the settlement date. The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">expects to enter into such contracts on a regular basis, and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">pending settlement of such contracts, the Fund will invest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its assets in liquid, short-term instruments, which may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">include shares of money market funds advised by NTI or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its affiliates. The Fund will assume its pro rata share of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">fees and expenses of any money market fund, in which it </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may invest, in addition to the Fund’s own fees and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">expenses.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index is sponsored by the Index Provider. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Index Provider is not affiliated with the Fund or NTI. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Index Provider determines the composition and relative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> weightings of the securities in the Underlying Index in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">accordance with a published methodology and disseminates</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> information regarding the market value of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index. The Underlying Index is rebalanced on </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the last calendar day of each month. The Fund generally </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">rebalances its portfolio in accordance with the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index. As of December 31, 2025, there were 554 MBS in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund may lend securities representing up to one-third </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the value of the Fund’s total assets (including the value </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the collateral received).</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Industry Concentration Policy</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">. The Fund will concentrate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its investments (i.e., hold 25% or more of its total assets) in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a particular industry or group of industries to approximately</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> the same extent that the Underlying Index is concentrated.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> For purposes of this limitation, securities of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">U.S. government (including its agencies and instrumentalities)</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> are not considered to be issued by members of any </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industry.</span></div> The Fund generally will invest under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of the Underlying Index and in “TBA Transactions” (defined below) that represent securities in the Underlying Index. Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) are not considered to be issued by members of any industry. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Mortgage-Backed Pass-Through Securities Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of investing in mortgage-backed securities issued by a US </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Agency. Mortgage-backed securities may be less liquid than </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">other bonds, and may be more sensitive than other bonds </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to the market’s perception of issuers and creditworthiness </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of payees, particularly in declining general economic conditions</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> when concern regarding mortgagees’ ability to pay </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(e.g., the ability of homeowners, commercial mortgagees, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">consumers with student loans, automobile loans or credit </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">card debtholders to make payments on the underlying loan </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">pools) rises, which may result in the Fund experiencing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">difficulty selling or valuing these securities. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">these securities may not be backed by the full faith and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">credit of the U.S. government, have experienced extraordinary</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> weakness and volatility at various times in recent </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">years, and may decline quickly in the event of a substantial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">economic or market downturn. Mortgage-backed securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> are subject to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Credit (or Default) Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Interest Rate/Maturity</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;"> Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Debt Extension Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Prepayment (or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Call) Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">. Because of these risks, mortgage-backed securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> react differently to changes in interest rates than other </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">bonds. Small movements in interest rates (both increases </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and decreases) may quickly and significantly reduce the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of certain mortgage-backed securities. While agency </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">mortgage-backed securities are guaranteed as to the timely </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">payment of interest and principal by a government entity, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">they are not guaranteed as to market price, which will fluctuate.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">U.S. Government Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">government will not provide financial support to its agencies,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> instrumentalities or sponsored enterprises if it is not </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">obligated to do so by law. Many U.S. government securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that may be purchased by the Fund are not backed by the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">full faith and credit of the United States. The maximum </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">potential liability of the issuers of some U.S. government </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities may greatly exceed their current resources, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">including any legal right to support from the U.S. Treasury. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">It is possible that the issuers of such securities will not have </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the funds to meet their payment obligations in the future.</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Income Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund’s income may decline </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when interest rates fall. This decline can occur because the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund must invest in lower-yielding bonds as bonds in its </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">portfolio mature, bonds in the Underlying Index are substituted</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or the Fund otherwise needs to purchase additional </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">bonds.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may increase or decrease in response to expected, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">real or perceived economic, political or financial events in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the U.S. or global markets. The frequency and magnitude </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of such changes in value cannot be predicted. Certain securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and other investments held by the Fund may experience</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> increased volatility, illiquidity, or other potentially </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adverse effects in response to changing market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">inflation, elevated levels of government debt, changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interest rates, lack of liquidity in the bond or equity markets,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or volatility in the equity markets. Market disruptions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">caused by local or regional events such as financial institution</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> failures, changes in trade regulation or economic sanctions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> internal unrest and discord, war, acts of terrorism, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the spread of infectious illness (including epidemics and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">pandemics) or other public health issues, recessions or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">other events or adverse investor sentiment could have a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">significant impact on the Fund and its investments. Such </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">events could result in the Fund’s shares trading at increased </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">premiums or discounts to the Fund’s NAV. During periods </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of market disruption or other abnormal market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s exposure to the risks described elsewhere in this </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">summary will likely increase.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Cash Transactions Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk from the Fund effecting </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">creation and redemption orders of its shares entirely for </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">cash, rather than for in-kind securities. The Fund may have </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to sell portfolio securities at inopportune times in order to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">obtain the cash needed to meet redemption orders. This </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may cause the Fund to sell a security or other financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">instrument and recognize a capital gain or loss that might </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">not have been incurred if it had not effected a redemption </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">order entirely for cash. As such, investments in Fund shares </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may be less tax-efficient than an investment in an ETF that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">meets redemption orders entirely in-kind with portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities. The use of all cash creation and redemption </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">orders may also cause the Fund’s shares to trade in the secondary</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> market at wider bid-ask spreads and/or greater premiums</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or discounts to the Fund’s NAV. To the extent that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the maximum additional variable charge for cash creation </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or cash redemption transactions is insufficient to cover the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">transaction costs of purchasing or selling portfolio securities,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> the Fund’s performance could be negatively impacted.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Index Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund would not necessarily </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">buy or sell a security unless that security is added to or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">removed from, respectively, the Underlying Index, even if </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that security generally is underperforming, because unlike </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">many investment companies, the Fund does not utilize an </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing strategy that seeks returns in excess of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index. Additionally, the Fund rebalances and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitutes its portfolio in accordance with the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index, and, therefore, any changes to the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index’s rebalance and/or reconstitution schedule will result </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in corresponding changes to the Fund’s rebalance and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund’s performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may vary from the performance of the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index as a result of creation and redemption activity, transaction</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> costs, expenses and other factors. Market disruptions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> regulatory restrictions or other abnormal market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">conditions could have an adverse effect on the Fund's ability</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to adjust its exposure to required levels in order to track </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its Index or cause delays in the Underlying Index's rebalancing</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> schedule. During any such delay, it is possible that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index, and, in turn, the Fund will deviate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from the Underlying Index's stated methodology and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">therefore experience returns different than those that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">would have been achieved under a normal rebalancing or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Sampling Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the Fund’s use of a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sampling approach may not work as intended and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">result in increased tracking error because the securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">selected for the Fund in the aggregate may vary from the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investment profile of the Underlying Index. Additionally, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the use of a representative sampling approach may result in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund holding a smaller number of securities than the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index, and, as a result, an adverse development </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to an issuer of securities that the Fund holds could result in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a greater decline in NAV than would be the case if the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">held all of the securities in the Underlying Index.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Authorized Participant Concentration Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund may be adversely affected because it has a limited </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">number of institutions that act as authorized participants </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(“Authorized Participants”). Only an Authorized Partici</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">pant may engage in creation or redemption transactions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">directly with the Fund and none of those Authorized Participants</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is obligated to engage in creation and/or redemption</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> transactions. To the extent that these institutions exit </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the business or are unable or unwilling to proceed with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">creation and/or redemption orders with respect to the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund and no other Authorized Participant is able or willing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to step forward to create or redeem Creation Units (as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">defined below), Fund shares may trade at a discount to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NAV and possibly face trading halts and/or delisting.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Calculation Methodology Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index’s calculation methodology or sources of information</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may not provide an accurate assessment of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">included issuers or correct valuation of securities, nor is the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">availability or timeliness of the production of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index guaranteed. A security included in the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index may not exhibit the characteristic or provide the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">specific exposure for which it was selected and consequently</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> a Fund's holdings may not exhibit returns consistent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> with that characteristic or exposure.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund faces because </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its shares are listed on a securities exchange, including the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">potential lack of an active market for Fund shares, losses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from trading in secondary markets, periods of high volatility</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and disruption in the creation/redemption process of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund. ANY OF THESE FACTORS MAY LEAD TO THE </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> TO NAV.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Trading in Fund shares may be halted due to market conditions</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or for reasons that, in the view of its listing exchange, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">make trading in the shares inadvisable. The market prices </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of Fund shares will generally fluctuate in accordance with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes in its NAV, changes in the relative supply of, and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">demand for, Fund shares, and changes in the liquidity, or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the perceived liquidity, of the Fund’s holdings.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Concentration Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that, if the Fund is concentrated</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in a particular industry or group of industries, the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund is likely to present more risks than a fund that is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">broadly diversified over several industries or groups of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industries. Compared to the broad market, an individual </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industry may be more strongly affected by changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">economic climate, broad market shifts, moves in a particular</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> dominant stock or regulatory changes.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Credit (or Default) Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the inability or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">unwillingness of an issuer or guarantor of a fixed-income </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">security, or a counterparty to a TBA, repurchase or other </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">transaction, to meet its payment or other financial obligations</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> will adversely affect the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and its returns. The credit quality of a debt security </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or of the issuer of a debt security held by the Fund could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">deteriorate rapidly, which may impair the Fund’s liquidity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or cause a deterioration in the Fund’s NAV. The Fund could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">also be delayed or hindered in its enforcement of rights </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">against an issuer, guarantor or counterparty. The degree of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">credit risk depends on the issuer’s or counterparty’s financial</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> condition and on the terms of the securities.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Debt Extension Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that when interest rates rise </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">an issuer will exercise its right to pay principal on certain </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">debt securities held by the Fund later than expected. This </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">will cause the value of the security, and the Fund’s NAV, to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decrease, and the Fund may lose opportunities to invest in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">higher yielding securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Derivatives Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that derivatives may pose risks </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in addition to and greater than those associated with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing directly in securities, currencies and other instruments,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may be illiquid or less liquid, more volatile, more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">difficult to value and leveraged so that small changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of the underlying instrument may produce disproportionate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> losses to the Fund. Derivatives are also subject </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to counterparty risk, which is the risk that the other party </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to the transaction will not perform its contractual obligations.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The use of derivatives is a highly specialized activity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that involves investment techniques and risks different </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from those associated with investments in more traditional </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities and instruments.</span></div> •Futures Contracts Risk is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.•Options Contracts Risk Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Interest Rate/Maturity Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the value of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s fixed-income assets will decline because of rising </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interest rates. In general, securities with longer maturities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or durations are more sensitive to interest rate changes. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Changing interest rates, including rates that fall below zero, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may have unpredictable effects on the markets and the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s investments, may result in heightened market volatility,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may impact the liquidity of fixed-income securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and of the Fund, and may detract from Fund performance. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">A low or negative interest rate environment could cause the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s earnings to fall below the Fund’s expense ratio, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">resulting in a negative yield and a decline in the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">share price. An increase in interest rates may cause investors</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to move out of fixed incomes securities on a large </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">scale, which could adversely affect the price of fixed income </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities, lead to heightened volatility in the fixed-income </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">markets and may adversely affect the liquidity of certain </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">fixed-income investments. The average effective duration </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the Fund’s portfolio securities may be longer or shorter </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">than the average effective duration of the MBS of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index. Although the Underlying Index is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">designed so that the average effective duration of the MBS </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">represented in the Index generally will range between 3.25 </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and 4.25 years, there is no guarantee that it will do so. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund will continue to seek to track the Underlying Index. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">There is also the risk that the Fund may have a longer or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">shorter average effective duration than that of the MBS in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index as a result of tracking error. A portfolio</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of securities with a longer average effective duration is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">generally considered to have a higher risk profile than a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">portfolio with a shorter average effective duration.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Liquidity Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that certain portfolio securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may be less liquid than others, which may make them difficult</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or impossible to sell at the time and the price that the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund would like, adversely affecting the value of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investments and its returns. Illiquid investments may be </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">harder to value, especially in changing markets, and if the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund is forced to sell these investments to meet redemption </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">requests or for other cash needs, the Fund may suffer a loss. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Liquidity risk may result from the lack of an active market, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reduced number and capacity of traditional market participants</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to make a market in fixed income securities, and may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">be magnified in a rising interest rate environment or other </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">circumstances where investor redemptions from fixed </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">income funds may be higher than normal, causing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">increased supply in the market due to selling activity. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market for certain investments may become illiquid under </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adverse market or economic conditions independent of any </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">specific adverse changes in the conditions of a particular </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">issuer. In such cases, the Fund, due to limitations on investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in illiquid securities and/or purchasing and selling </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">such investments, may be unable to achieve a high degree </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of correlation with the Underlying Index. Additionally, in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adverse market conditions, the Fund’s market price may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">begin to reflect illiquidity or pricing uncertainty of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s portfolio securities. This could lead to the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">shares trading at a price that is higher or lower than the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s NAV. At times, such differences may be significant.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Prepayment (or Call) Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that an issuer could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">exercise its right to pay principal on callable debt securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">held by the Fund earlier than expected. Issuers may be </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">more likely to prepay when interest rates fall, when credit </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">spreads change, or when an issuer’s credit quality improves. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">If this happens, the Fund will not benefit from the rise in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the market price of the securities that normally accompanies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> a decline in interest rates, and will be forced to reinvest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">prepayment proceeds in lower yielding securities, which </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may reduce the Fund’s returns. The Fund may also lose any </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">premium it paid to purchase the securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Securities Lending Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund may lose </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">money because the borrower of the loaned securities fails </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to return the securities in a timely manner or at all. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund could also lose money in the event of a decline in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of collateral provided for loaned securities or a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decline in the value of any investments made with cash </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">collateral.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">TBA Transactions Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk of loss if the securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">received are less favorable than what was anticipated by the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund when entering into the TBA transaction. TBA transactions</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> also involve the risk that the counterparty will fail </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to deliver the securities, exposing the Fund to further </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">losses. Default or bankruptcy of a counterparty to a TBA </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">transaction would expose the Fund to possible losses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">because of adverse market action, expenses or delays in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">connection with the purchase or sale of the pools of mortgage</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> pass-through securities specified in the TBA transaction.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Whether or not the Fund takes delivery of the securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> at the termination date of a TBA transaction, the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">will nonetheless be exposed to changes in the value of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">underlying investments during the term of the agreement.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Valuation Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the sale price the Fund could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">receive for a portfolio security may differ from the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">valuation of the security, particularly for securities that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">trade in low volume or volatile markets or that are valued </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">using a fair value methodology. In addition, the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the securities in the Fund’s portfolio may change on days </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when shareholders will not be able to purchase or sell the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s shares.</span></div> It is possible to lose money on an investment in the Fund.  An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The bar chart and table that follow show how the Fund has </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">performed on a calendar year basis and provide an indication </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the risks of investing in the Fund by showing (A)</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> changes in the Fund’s performance from year to year, (B)</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> how the Fund’s average annual returns compare with those </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of a broad-based securities market index and one or more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">style-specific indexes (reflecting the market segments in</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> which the Fund invests), in that order. Past performance </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(before and after taxes) does not necessarily indicate how</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> the Fund will perform in the future. Updated information </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">on the Fund’s performance results can be obtained by visiting</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">etfs</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ntam.northerntrust.com</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">.</span></div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad-based securities market index and one or more style-specific indexes (reflecting the market segments in which the Fund invests), in that order.  Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. etfs.ntam.northerntrust.com Calendar Year Total Returns <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">For the period shown in the bar chart above:</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Best Quarter (12/31/2023): 5.35%</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Worst Quarter (3/31/2022): -4.53%</span></div> Best Quarter 2023-12-31 0.0535 Worst Quarter 2022-03-31 -0.0453 Average Annual Total Returns (for the periods ended December 31, 2025)  0.0713 0.0048 0.0159 0.0529 -0.0089 0.0024 0.0419 -0.0023 0.0062 0.0730 -0.0036 0.0201 0.0858 0.0015 0.0159 0.0746 0.0109 0.0208 <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">After-tax returns are calculated using the historical highest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">individual federal marginal income tax rates and do not</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> reflect the impact of state and local taxes. Actual after-tax </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">returns depend on an investor’s tax situation and may differ</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> from those shown. After-tax returns shown are not relevant </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to investors who hold shares through tax-advantaged</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> arrangements, such as 401(k) plans or individual retirement </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">plans. After-tax returns may exceed the return before</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> taxes due to an assumed tax benefit from realizing a capital</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> loss on a sale of Fund shares.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans.  After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. Northern Trust Credit-Scored US Corporate Bond ETF (formerly, FlexShares® Credit-Scored US Corporate Bond Index Fund) Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund seeks investment results that correspond generally</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to the price and yield performance, before fees and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">expenses, of the Northern Trust US Corporate Bond Quality</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Value Index</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">SM</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> (the “Underlying Index”).</span></div> Fees and Expenses of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">This table describes the fees and expenses that you may pay </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">if you buy, hold and sell shares of the Fund. Under the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s Investment Advisory Agreement, the Fund is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">responsible for the following expenses: interest expenses, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">brokerage commissions and other trading expenses, fees </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and expenses of the independent trustees and their independent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> legal counsel, taxes and other extraordinary costs </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">such as litigation and other expenses not incurred in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ordinary course of business. You will also incur usual and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">customary brokerage commissions and fees to financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">intermediaries when buying or selling shares of the Fund in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the secondary market, which are not reflected in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">example that follows:</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0015 0.0000 0.0001 0.0016 -0.0001 0.0015 March 1, 2027 Example <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The following Example is intended to help you compare </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the cost of investing in the Fund with the cost of investing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in other funds. The Example assumes that you invest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">$10,000 in the Fund for the time periods indicated and </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">then sell all of your shares at the end of those periods. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Example also assumes that your investment has a 5% </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">return each year and that the Fund’s operating expenses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">remain the same (taking into account the expense reimbursement</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> arrangement for one year). Although your </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">actual costs may be higher or lower, based on these </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">assumptions your costs would be:</span></div> 15 51 89 204 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 65% of the average value of its portfolio. 0.65 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index is designed to reflect the performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of a diversified universe of intermediate maturity, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">US-dollar denominated bonds of companies with investment</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> grade credit quality, favorable valuations, and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">enhanced short-term and long-term solvency. Securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">eligible for inclusion in the Underlying Index must meet </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the following criteria at each reconstitution of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index: (a) they are issued in U.S. dollars; (b) they are </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">publicly issued in the U.S. and registered with the SEC or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">eligible for resale under Rule 144A under the Securities Act </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of 1933; (c) they fall within a specified list of eligible security</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> types; (d) they are either senior or subordinated debts; </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(e) they have a minimum credit rating of Baa3 or BBB-; (f) </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">they have a final maturity of at least one year and up to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(but not including) 10 years; and (g) they have $250 million</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or more in outstanding principal.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Once all eligible securities have been identified, the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index then follows a rules-based methodology to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">select and weight securities, subject to certain constraints </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">as described below, to optimize the Underlying Index’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">exposure to a combined proprietary value score and a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">proprietary</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> quality score, as determined by NTI acting in its </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">capacity as index provider (“Index Provider”). Each of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value score and the quality score are based on various metrics</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> obtained from company filings and recent price activity.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The value score has multiple components, including:</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> (a) valuation (e.g., to assess the relative value of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">security versus other similar securities); (b) spread analysis </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(e.g., to assess the risk/return trade-off associated with each </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">security versus other similar securities); and (c) solvency </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(e.g., to assess the corporation’s short term and long term </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">solvency and also its risk of default). The quality score has </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">three components: (i) management efficiency (e.g., corporate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> finance activities); (ii) profitability (e.g., reliability and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">sustainability of financial performance); and (iii) solvency. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The primary objective of the optimization process is to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">maximize exposure to securities with the highest value and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">quality scores and to maintain a similar effective duration </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">profile relative to the Underlying Index's eligible universe. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">In addition, the optimization process also includes security </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">level, sector, issuer level, low value and quality, duration </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">band, and turnover constraints to seek to manage systematic</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">As of December 31, 2025, there were 2,581 issues in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index. The Underlying Index is reconstituted </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">monthly. The Fund generally reconstitutes its portfolio in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">accordance with the Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses a “passive” or indexing approach to try to achieve </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s investment objective. Unlike many investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies, the Fund does not try to “beat” the index it </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">tracks and does not seek temporary defensive positions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when markets decline or appear overvalued.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses representative sampling strategy to manage the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund. “Representative sampling” is investing in a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sample of securities that collectively has an investment</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> profile similar to the Underlying Index. The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may or may not hold all of the securities that are included </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in the Underlying Index. The Fund reserves the right to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invest in substantially all of the securities in its Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index in approximately the same proportions (i.e., replication)</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> if NTI determines that it is in the best interest of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund generally will invest under normal circumstances </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">at least 80% of its total assets (exclusive of collateral held </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from securities lending) in the securities of its Underlying </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index. The Fund may also invest up to 20% of its assets in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">cash and cash equivalents, including shares of money market</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> funds advised by NTI or its affiliates, futures contracts </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and options on futures, to-be-announced (“TBA”) transactions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> as well as securities not included in the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index, but which NTI believes will help the Fund track its </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index is created and sponsored by NTI, as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Index Provider. NTI also serves as the investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adviser to the Fund. The Index Provider determines the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">composition and relative weightings of the securities in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index and publishes information regarding the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market value of the Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund may lend securities representing up to one-third </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the value of the Fund’s total assets (including the value </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the collateral received).</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The Fund will concentrate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its investments (i.e., hold 25% or more of its total assets) in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a particular industry or group of industries to approximately</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> the same extent that the Underlying Index is concentrated.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> As of December 31, 2025, the Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">was concentrated in the Financial sector. The components </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the Underlying Index, and the degree to which these </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">components represent certain industries or sectors, may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">change over time.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund generally will invest under normal circumstances </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">at least 80% of its total assets (exclusive of collateral held </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from securities lending) in the securities of its Underlying </span></div> Index. Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. As of December 31, 2025, the Underlying Index was concentrated in the Financial sector. The components of the Underlying Index, and the degree to which these components represent certain industries or sectors, may change over time. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Corporate Bond Risk. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Corporate debt securities are subject</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to the risk of the issuer’s inability to meet principal and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interest payments on the obligation and may also be subject</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to price volatility due to such factors as interest rate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">sensitivity, market perception of the creditworthiness of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the issuer and general market liquidity. When interest rates </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">rise, the value of corporate debt can be expected to decline. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Debt securities with longer maturities tend to be more sensitive</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to interest rate movements than those with shorter </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">maturities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Quality-Value Score Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the Fund’s investment</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in companies whose securities are believed to be </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">undervalued will not appreciate in value as anticipated or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the past performance of companies that have exhibited </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">quality characteristics does not continue. Although the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index is designed to measure the performance </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of a portfolio of bonds with certain characteristics, there is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">no assurance that the Underlying Index or Fund will be </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">comprised of such securities or that the Underlying Index's </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">optimization process will achieve the intended results.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Concentration Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that, if the Fund is concentrated</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in a particular industry or group of industries, the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund is likely to present more risks than a fund that is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">broadly diversified over several industries or groups of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industries. Compared to the broad market, an individual </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industry may be more strongly affected by changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">economic climate, broad market shifts, moves in a particular</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> dominant stock or regulatory changes.</span></div> •Financial Sector Risk is the risk that the financial sector can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competition, and the availability and cost of capital, among other factors. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Income Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund’s income may decline </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when interest rates fall. This decline can occur because the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund must invest in lower-yielding bonds as bonds in its </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">portfolio mature, bonds in the Underlying Index are substituted</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or the Fund otherwise needs to purchase additional </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">bonds.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may increase or decrease in response to expected, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">real or perceived economic, political or financial events in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the U.S. or global markets. The frequency and magnitude </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of such changes in value cannot be predicted. Certain securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and other investments held by the Fund may experience</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> increased volatility, illiquidity, or other potentially </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adverse effects in response to changing market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">inflation, elevated levels of government debt, changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interest rates, lack of liquidity in the bond or equity markets,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or volatility in the equity markets. Market disruptions </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">caused by local or regional events such as financial institution</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> failures, changes in trade regulation or economic sanctions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> internal unrest and discord, war, acts of terrorism, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the spread of infectious illness (including epidemics and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">pandemics) or other public health issues, recessions or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">other events or adverse investor sentiment could have a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">significant impact on the Fund and its investments. Such </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">events could result in the Fund’s shares trading at increased </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">premiums or discounts to the Fund’s NAV. During periods </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of market disruption or other abnormal market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s exposure to the risks described elsewhere in this </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">summary will likely increase.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Index Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund would not necessarily </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">buy or sell a security unless that security is added to or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">removed from, respectively, the Underlying Index, even if </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that security generally is underperforming, because unlike </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">many investment companies, the Fund does not utilize an </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing strategy that seeks returns in excess of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index. Additionally, the Fund rebalances and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitutes its portfolio in accordance with the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index, and, therefore, any changes to the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index’s rebalance and/or reconstitution schedule will result </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in corresponding changes to the Fund’s rebalance and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund’s performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may vary from the performance of the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index as a result of creation and redemption activity, transaction</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> costs, expenses and other factors. Market disruptions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> regulatory restrictions or other abnormal market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">conditions could have an adverse effect on the Fund's ability</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to adjust its exposure to required levels in order to track </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its Index or cause delays in the Underlying Index's rebalancing</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> schedule. During any such delay, it is possible that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index, and, in turn, the Fund will deviate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from the Underlying Index's stated methodology and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">therefore experience returns different than those that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">would have been achieved under a normal rebalancing or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Sampling Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the Fund’s use of a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sampling approach may not work as intended and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">result in increased tracking error because the securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">selected for the Fund in the aggregate may vary from the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investment profile of the Underlying Index. Additionally, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the use of a representative sampling approach may result in </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund holding a smaller number of securities than the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index, and, as a result, an adverse development </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to an issuer of securities that the Fund holds could result in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a greater decline in NAV than would be the case if the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">held all of the securities in the Underlying Index.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Authorized Participant Concentration Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund may be adversely affected because it has a limited </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">number of institutions that act as authorized participants </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(“Authorized Participants”). Only an Authorized Participant</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may engage in creation or redemption transactions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">directly with the Fund and none of those Authorized Participants</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is obligated to engage in creation and/or redemption</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> transactions. To the extent that these institutions exit </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the business or are unable or unwilling to proceed with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">creation and/or redemption orders with respect to the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund and no other Authorized Participant is able or willing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to step forward to create or redeem Creation Units (as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">defined below), Fund shares may trade at a discount to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NAV and possibly face trading halts and/or delisting.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Calculation Methodology Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index’s calculation methodology or sources of information</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may not provide an accurate assessment of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">included issuers or correct valuation of securities, nor is the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">availability or timeliness of the production of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index guaranteed. A security included in the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index may not exhibit the characteristic or provide the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">specific exposure for which it was selected and consequently</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> a Fund's holdings may not exhibit returns consistent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> with that characteristic or exposure.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund faces because </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its shares are listed on a securities exchange, including the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">potential lack of an active market for Fund shares, losses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from trading in secondary markets, periods of high volatility</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and disruption in the creation/redemption process of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund. ANY OF THESE FACTORS MAY LEAD TO THE </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> TO NAV.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Trading in Fund shares may be halted due to market conditions</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or for reasons that, in the view of its listing exchange, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">make trading in the shares inadvisable. The market prices </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of Fund shares will generally fluctuate in accordance with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes in its NAV, changes in the relative supply of, and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">demand for, Fund shares, and changes in the liquidity, or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the perceived liquidity, of the Fund’s holdings.</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Credit (or Default) Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the inability or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">unwillingness of an issuer or guarantor of a fixed-income </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">security, or a counterparty to a TBA, repurchase or other </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">transaction, to meet its payment or other financial obligations</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> will adversely affect the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and its returns. The credit quality of a debt security </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or of the issuer of a debt security held by the Fund could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">deteriorate rapidly, which may impair the Fund’s liquidity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or cause a deterioration in the Fund’s NAV. The Fund could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">also be delayed or hindered in its enforcement of rights </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">against an issuer, guarantor or counterparty. The degree of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">credit risk depends on the issuer’s or counterparty’s financial</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> condition and on the terms of the securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Debt Extension Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that when interest rates rise </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">an issuer will exercise its right to pay principal on certain </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">debt securities held by the Fund later than expected. This </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">will cause the value of the security, and the Fund’s NAV, to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decrease, and the Fund may lose opportunities to invest in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">higher yielding securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Derivatives Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that derivatives may pose risks </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in addition to and greater than those associated with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing directly in securities, currencies and other instruments,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may be illiquid or less liquid, more volatile, more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">difficult to value and leveraged so that small changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of the underlying instrument may produce disproportionate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> losses to the Fund. Derivatives are also subject </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to counterparty risk, which is the risk that the other party </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to the transaction will not perform its contractual obligations.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The use of derivatives is a highly specialized activity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that involves investment techniques and risks different </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from those associated with investments in more traditional </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities and instruments.</span></div> •Futures Contracts Risk is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.•Options Contracts Risk Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Interest Rate/Maturity Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the value of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s fixed-income assets will decline because of rising </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interest rates. In general, securities with longer maturities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or durations are more sensitive to interest rate changes. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Changing interest rates, including rates that fall below zero, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may have unpredictable effects on the markets and the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s investments, may result in heightened market volatility,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may impact the liquidity of fixed-income securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and of the Fund, and may detract from Fund performance. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">A low or negative interest rate environment could cause the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s earnings to fall below the Fund’s expense ratio, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">resulting in a negative yield and a decline in the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">share price. An increase in interest rates may cause investors</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to move out of fixed incomes securities on a large </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">scale, which could adversely affect the price of fixed income </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities, lead to heightened volatility in the fixed-income </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">markets and may adversely affect the liquidity of certain </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">fixed-income investments.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Liquidity Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that certain portfolio securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may be less liquid than others, which may make them difficult</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or impossible to sell at the time and the price that the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund would like, adversely affecting the value of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investments and its returns. Illiquid investments may be </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">harder to value, especially in changing markets, and if the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund is forced to sell these investments to meet redemption </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">requests or for other cash needs, the Fund may suffer a loss. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Liquidity Risk may result from the lack of an active market, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reduced number and capacity of traditional market participants</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to make a market in fixed income securities, and may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">be magnified in a rising interest rate environment or other </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">circumstances where investor redemptions from fixed </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">income funds may be higher than normal, causing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">increased supply in the market due to selling activity. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market for certain investments may become illiquid under </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adverse market or economic conditions independent of any </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">specific adverse changes in the conditions of a particular </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">issuer. In such cases, the Fund, due to limitations on investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in illiquid securities and/or purchasing and selling </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">such investments, may be unable to achieve a high degree </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of correlation with the Underlying Index. Additionally, in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adverse market conditions, the Fund’s market price may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">begin to reflect illiquidity or pricing uncertainty of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s portfolio securities. This could lead to the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">shares trading at a price that is higher or lower than the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s NAV. At times, such differences may be significant.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Rule 144A Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that limitations on the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">resale of Rule 144A securities may have an adverse effect on </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">their marketability and may prevent the Fund from disposing</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of them promptly at reasonable prices. There can be no </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">assurance that an active trading market will exist at any </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">time for such securities. Transaction costs may be higher </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">for Rule 144A securities, and such securities may be difficult</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to value and may have significant volatility.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Foreign Issuer Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that U.S. dollar-denominated</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> securities of foreign issuers or U.S. affiliates </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of foreign issuers may be subject to additional risks not </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">faced by domestic issuers. These risks include political and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">economic risks, civil conflicts and war, greater volatility, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">expropriation and nationalization risks, sanctions or other </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">measures by the United States or other governments and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">regulatory issues facing issuers in such foreign countries. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Events and evolving conditions in certain economies or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">markets may alter the risks associated with investments tied </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to countries or regions that historically were perceived as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">comparatively stable, becoming riskier and more volatile. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Foreign issuers may not be subject to uniform accounting, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">auditing and financial reporting standards and there may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">be less reliable and publicly available financial and other </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">information about such issuers as compared to domestic </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">issuers.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Prepayment (or Call) Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that an issuer could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">exercise its right to pay principal on callable debt securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">held by the Fund earlier than expected. Issuers may be </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">more likely to prepay when interest rates fall, when credit </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">spreads change, or when an issuer’s credit quality improves. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">If this happens, the Fund will not benefit from the rise in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the market price of the securities that normally accompanies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> a decline in interest rates, and will be forced to reinvest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">prepayment proceeds in lower yielding securities, which </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may reduce the Fund’s returns. The Fund may also lose any </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">premium it paid to purchase the securities.</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">TBA Transactions Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk of loss if the securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">received are less favorable than what was anticipated by the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund when entering into the TBA transaction. TBA transactions</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> also involve the risk that the counterparty will fail </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to deliver the securities, exposing the Fund to further </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">losses. Default or bankruptcy of a counterparty to a TBA </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">transaction would expose the Fund to possible losses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">because of adverse market action, expenses or delays in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">connection with the purchase or sale of the pools of mortgage</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> pass-through securities specified in the TBA transaction.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Whether or not the Fund takes delivery of the securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> at the termination date of a TBA transaction, the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">will nonetheless be exposed to changes in the value of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">underlying investments during the term of the agreement.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Securities Lending Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund may lose </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">money because the borrower of the loaned securities fails </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to return the securities in a timely manner or at all. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund could also lose money in the event of a decline in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of collateral provided for loaned securities or a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decline in the value of any investments made with cash </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">collateral.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Valuation Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the sale price the Fund could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">receive for a portfolio security may differ from the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">valuation of the security, particularly for securities that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">trade in low volume or volatile markets or that are valued </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">using a fair value methodology. In addition, the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the securities in the Fund’s portfolio may change on days </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when shareholders will not be able to purchase or sell the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s shares.</span></div> It is possible to lose money on an investment in the Fund.  An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance* *  Effective May 1, 2020, the Fund’s principal investment strategies were revised. The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad-based securities market index and one or more style-specific indexes (reflecting the market segments in which the Fund invests), in that order. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The bar chart and table that follow show how the Fund has </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">performed on a calendar year basis and provide an indication</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of the risks of investing in the Fund by showing (A) </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes in the Fund’s performance from year to year, (B) </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">how the Fund’s average annual returns compare with those </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of a broad-based securities market index and one or more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">style-specific indexes (reflecting the market segments in </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">which the Fund invests), in that order. Past performance </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(before and after taxes) does not necessarily indicate how </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund will perform in the future. Updated information </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">on the Fund’s performance results can be obtained by visiting</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">etfs</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ntam.northerntrust.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">com.</span></div> Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. etfs.ntam.northerntrust.com Calendar Year Total Returns <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">For the period shown in the bar chart above:</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Best Quarter (6/30/2020): 8.08%</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Worst Quarter (3/31/2022): -5.31%</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> Best Quarter 2020-06-30 0.0808 Worst Quarter 2022-03-31 -0.0531 Average Annual Total Returns (for the periods ended December 31, 2025)  0.0800 0.0155 0.0328 0.0594 0.0004 0.0189 0.0470 0.0052 0.0192 0.0730 -0.0036 0.0201 0.0795 0.0160 0.0329 0.0799 0.0192 0.0369 Reflects no deduction for fees, expenses or taxes. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">After-tax returns are calculated using the historical highest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">individual federal marginal income tax rates and do not </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reflect the impact of state and local taxes. Actual after-tax </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">returns depend on an investor’s tax situation and may differ</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> from those shown. After-tax returns shown are not relevant </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to investors who hold shares through tax-advantaged </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">arrangements, such as 401(k) plans or individual retirement </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">plans. After-tax returns may exceed the return before </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">taxes due to an assumed tax benefit from realizing a capital </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">loss on a sale of Fund shares.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. Northern Trust Credit-Scored US Long Corporate Bond ETF (formerly, FlexShares® Credit-Scored US Long Corporate Bond Index Fund) Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund seeks investment results that correspond generally</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to the price and yield performance, before fees and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">expenses, of the Northern Trust US Long Corporate Bond </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Quality Value Index</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">SM</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> (the “Underlying Index”).</span></div> Fees and Expenses of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">This table describes the fees and expenses that you may pay </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">if you buy, hold and sell shares of the Fund. Under the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s Investment Advisory Agreement, the Fund is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">responsible for the following expenses: interest expenses, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">brokerage commissions and other trading expenses, fees </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and expenses of the independent trustees and their independent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> legal counsel, taxes and other extraordinary costs </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">such as litigation and other expenses not incurred in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ordinary course of business. You will also incur usual and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">customary brokerage commissions and fees to financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">intermediaries when buying or selling shares of the Fund in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the secondary market, which are not reflected in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">example that follows:</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0015 0.0000 0.0001 0.0016 -0.0001 0.0015 March 1, 2027 Example <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The following Example is intended to help you compare </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the cost of investing in the Fund with the cost of investing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in other funds. The Example assumes that you invest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">$10,000 in the Fund for the time periods indicated and </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">then sell all of your shares at the end of those periods. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Example also assumes that your investment has a 5% </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">return each year and that the Fund’s operating expenses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">remain the same (taking into account the expense reimbursement</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> arrangement for one year). Although your </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">actual costs may be higher or lower, based on these </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">assumptions your costs would be:</span></div> 15 51 89 204 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 88% of the average value of its portfolio. 0.88 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index is designed to reflect the performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of a diversified universe of longer term maturity, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">US-dollar denominated bonds of companies with investment</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> grade credit quality, favorable valuations, and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">enhanced short-term and long-term solvency. Securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">eligible for inclusion in the Underlying Index must meet </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the following criteria at each reconstitution of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index: (a) they are issued in U.S. dollars; (b) they are </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">publicly issued in the U.S. and registered with the SEC or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">eligible for resale under Rule 144A under the Securities Act </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of 1933; (c) they fall within a specified list of eligible security</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> types; (d) they are either senior or subordinated debts; </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(e) they have a minimum credit rating of Baa3 or BBB-; (f) </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">they have a final maturity of 10 years or greater; and (g) </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">they have $250 million or more in outstanding principal.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Once all eligible securities have been identified, the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index then follows a rules-based methodology to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">select and weight securities, subject to certain constraints </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">as described below, to optimize the Underlying Index’s </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">exposure to a combined proprietary value score and a proprietary</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> quality score, as determined by NTI acting in its </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">capacity as index provider (“Index Provider”). Each of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value score and the quality score are based on various metrics</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> obtained from company filings and recent price activity.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The value score has multiple components, including:</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> (a) valuation (e.g., to assess the relative value of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">security versus other similar securities); (b) spread analysis </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(e.g., to assess the risk/return trade-off associated with each </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">security versus other similar securities); and (c) solvency </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(e.g., to assess the corporation’s short term and long term </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">solvency and also its risk of default). The quality score has </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">three components: (i) management efficiency (e.g., corporate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> finance activities); (ii) profitability (e.g., reliability and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">sustainability of financial performance); and (iii) solvency. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The primary objective of the optimization process is to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">maximize exposure to securities with the highest value and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">quality scores and to maintain a similar effective duration </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">profile relative to the Underlying Index’s eligible universe. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">In addition, the optimization process also includes security </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">level, sector, issuer level, low value and quality, duration </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">band, and turnover constraints to seek to manage systematic</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">As of December 31, 2025, there were 1,515 issues in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index. The Underlying Index is reconstituted </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">monthly. The Fund generally reconstitutes its portfolio in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">accordance with the Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses a “passive” or indexing approach to try to achieve </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s investment objective. Unlike many investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies, the Fund does not try to “beat” the index it </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">tracks and does not seek temporary defensive positions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when markets decline or appear overvalued.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses representative sampling strategy to manage the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund. “Representative sampling” is investing in a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sample of securities that collectively has an investment</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> profile similar to the Underlying Index. The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may or may not hold all of the securities that are included </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in the Underlying Index. The Fund reserves the right to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invest in substantially all of the securities in its Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index in approximately the same proportions (i.e., replication)</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> if NTI determines that it is in the best interest of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund generally will invest under normal circumstances </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">at least 80% of its total assets (exclusive of collateral held </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from securities lending) in the securities of its Underlying </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index. The Fund may also invest up to 20% of its assets in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">cash and cash equivalents, including shares of money market</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> funds advised by NTI or its affiliates, futures contracts </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and options on futures, to-be-announced (“TBA”) transactions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> as well as securities not included in the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index, but which NTI believes will help the Fund track its </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index is created and sponsored by NTI, as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Index Provider. NTI also serves as the investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adviser to the Fund. The Index Provider determines the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">composition and relative weightings of the securities in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index and publishes information regarding the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market value of the Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund may lend securities representing up to one-third </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the value of the Fund’s total assets (including the value </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the collateral received).</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Industry Concentration Policy</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">. The Fund will concentrate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its investments (i.e., hold 25% or more of its total assets) in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a particular industry or group of industries to approximately</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> the same extent that the Underlying Index is concentrated.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund generally will invest under normal circumstances </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">at least 80% of its total assets (exclusive of collateral held </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from securities lending) in the securities of its Underlying </span></div> Index. Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Corporate Bond Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk the Fund faces because it </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invests primarily in bonds issued by corporations. Corporate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> debt securities are subject to the risk of the issuer’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">inability to meet principal and interest payments on the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">obligation and may also be subject to price volatility due to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">such factors as interest rate sensitivity, market perception </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the creditworthiness of the issuer and general market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">liquidity. When interest rates rise, the value of corporate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">debt can be expected to decline. Debt securities with longer </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">maturities tend to be more sensitive to interest rate movements</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> than those with shorter maturities.</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Quality-Value Score Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the Fund’s investment</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in companies whose securities are believed to be </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">undervalued will not appreciate in value as anticipated or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the past performance of companies that have exhibited </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">quality characteristics does not continue. Although the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index is designed to measure the performance </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of a portfolio of bonds with certain characteristics, there is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">no assurance that the Underlying Index or Fund will be </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">comprised of such securities or that the Underlying Index's </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">optimization process will achieve the intended results.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Income Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund’s income may decline </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when interest rates fall. This decline can occur because the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund must invest in lower-yielding bonds as bonds in its </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">portfolio mature, bonds in the Underlying Index are substituted</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or the Fund otherwise needs to purchase additional </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">bonds.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may increase or decrease in response to expected, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">real or perceived economic, political or financial events in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the U.S. or global markets. The frequency and magnitude </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of such changes in value cannot be predicted. Certain securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and other investments held by the Fund may experience</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> increased volatility, illiquidity, or other potentially </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adverse effects in response to changing market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">inflation, elevated levels of government debt, changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interest rates, lack of liquidity in the bond or equity markets,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or volatility in the equity markets. Market disruptions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">caused by local or regional events such as financial institution</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> failures, changes in trade regulation or economic sanctions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> internal unrest and discord, war, acts of terrorism, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the spread of infectious illness (including epidemics and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">pandemics) or other public health issues, recessions or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">other events or adverse investor sentiment could have a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">significant impact on the Fund and its investments. Such </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">events could result in the Fund’s shares trading at increased </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">premiums or discounts to the Fund’s NAV. During periods </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of market disruption or other abnormal market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s exposure to the risks described elsewhere in this </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">summary will likely increase.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Index Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund would not necessarily </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">buy or sell a security unless that security is added to or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">removed from, respectively, the Underlying Index, even if </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that security generally is underperforming, because unlike </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">many investment companies, the Fund does not utilize an </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing strategy that seeks returns in excess of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index. Additionally, the Fund rebalances and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitutes its portfolio in accordance with the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index, and, therefore, any changes to the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index’s rebalance and/or reconstitution schedule will result </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in corresponding changes to the Fund’s rebalance and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund’s performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may vary from the performance of the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index as a result of creation and redemption activity, transaction</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> costs, expenses and other factors. Market disruptions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> regulatory restrictions or other abnormal market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">conditions could have an adverse effect on the Fund's ability</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to adjust its exposure to required levels in order to track </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its Index or cause delays in the Underlying Index's rebalancing</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> schedule. During any such delay, it is possible that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index, and, in turn, the Fund will deviate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from the Underlying Index's stated methodology and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">therefore experience returns different than those that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">would have been achieved under a normal rebalancing or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Sampling Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the Fund’s use of a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sampling approach may not work as intended and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">result in increased tracking error because the securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">selected for the Fund in the aggregate may vary from the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investment profile of the Underlying Index. Additionally, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the use of a representative sampling approach may result in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund holding a smaller number of securities than the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index, and, as a result, an adverse development </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to an issuer of securities that the Fund holds could result in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a greater decline in NAV than would be the case if the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">held all of the securities in the Underlying Index.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Authorized Participant Concentration Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund may be adversely affected because it has a limited </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">number of institutions that act as authorized participants </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(“Authorized Participants”). Only an Authorized Participant</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may engage in creation or redemption transactions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">directly with the Fund and none of those Authorized Participants</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is obligated to engage in creation and/or redemption</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> transactions. To the extent that these institutions exit </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the business or are unable or unwilling to proceed with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">creation and/or redemption orders with respect to the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund and no other Authorized Participant is able or willing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to step forward to create or redeem Creation Units (as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">defined below), Fund shares may trade at a discount to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NAV and possibly face trading halts and/or delisting.</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Calculation Methodology Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index’s calculation methodology or sources of information</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may not provide an accurate assessment of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">included issuers or correct valuation of securities, nor is the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">availability or timeliness of the production of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index guaranteed. A security included in the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index may not exhibit the characteristic or provide the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">specific exposure for which it was selected and consequently</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> a Fund's holdings may not exhibit returns consistent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> with that characteristic or exposure.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund faces because </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its shares are listed on a securities exchange, including the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">potential lack of an active market for Fund shares, losses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from trading in secondary markets, periods of high volatility</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and disruption in the creation/redemption process of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund. ANY OF THESE FACTORS MAY LEAD TO THE </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> TO NAV.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Trading in Fund shares may be halted due to market conditions</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or for reasons that, in the view of its listing exchange, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">make trading in the shares inadvisable. The market prices </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of Fund shares will generally fluctuate in accordance with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes in its NAV, changes in the relative supply of, and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">demand for, Fund shares, and changes in the liquidity, or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the perceived liquidity, of the Fund’s holdings.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Credit (or Default) Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the inability or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">unwillingness of an issuer or guarantor of a fixed-income </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">security, or a counterparty to a TBA, repurchase or other </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">transaction, to meet its payment or other financial obligations</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> will adversely affect the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and its returns. The credit quality of a debt security </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or of the issuer of a debt security held by the Fund could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">deteriorate rapidly, which may impair the Fund’s liquidity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or cause a deterioration in the Fund’s NAV. The Fund could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">also be delayed or hindered in its enforcement of rights </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">against an issuer, guarantor or counterparty. The degree of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">credit risk depends on the issuer’s or counterparty’s financial</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> condition and on the terms of the securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Debt Extension Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that when interest rates rise </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">an issuer will exercise its right to pay principal on certain </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">debt securities held by the Fund later than expected. This </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">will cause the value of the security, and the Fund’s NAV, to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decrease, and the Fund may lose opportunities to invest in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">higher yielding securities.</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Derivatives Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that derivatives may pose risks </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in addition to and greater than those associated with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing directly in securities, currencies and other instruments,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may be illiquid or less liquid, more volatile, more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">difficult to value and leveraged so that small changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of the underlying instrument may produce disproportionate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> losses to the Fund. Derivatives are also subject </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to counterparty risk, which is the risk that the other party </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to the transaction will not perform its contractual obligations.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The use of derivatives is a highly specialized activity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that involves investment techniques and risks different </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from those associated with investments in more traditional </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities and instruments.</span></div> •Futures Contracts Risk is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.•Options Contracts Risk Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Concentration Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that, if the Fund is concentrated</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in a particular industry or group of industries, the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund is likely to present more risks than a fund that is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">broadly diversified over several industries or groups of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industries. Compared to the broad market, an individual </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industry may be more strongly affected by changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">economic climate, broad market shifts, moves in a particular</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> dominant stock or regulatory changes.</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Interest Rate/Maturity Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the value of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s fixed-income assets will decline because of rising </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interest rates. In general, securities with longer maturities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or durations are more sensitive to interest rate changes. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Changing interest rates, including rates that fall below zero, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may have unpredictable effects on the markets and the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s investments, may result in heightened market volatility,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may impact the liquidity of fixed-income securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and of the Fund, and may detract from Fund performance. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">A low or negative interest rate environment could cause the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s earnings to fall below the Fund’s expense ratio, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">resulting in a negative yield and a decline in the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">share price. An increase in interest rates may cause investors</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to move out of fixed incomes securities on a large </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">scale, which could adversely affect the price of fixed income </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities, lead to heightened volatility in the fixed-income </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">markets and may adversely affect the liquidity of certain </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">fixed-income investments.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Liquidity Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that certain portfolio securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may be less liquid than others, which may make them difficult</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or impossible to sell at the time and the price that the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund would like, adversely affecting the value of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investments and its returns. Illiquid investments may be </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">harder to value, especially in changing markets, and if the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund is forced to sell these investments to meet redemption </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">requests or for other cash needs, the Fund may suffer a loss. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Liquidity Risk may result from the lack of an active market, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reduced number and capacity of traditional market participants</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to make a market in fixed income securities, and may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">be magnified in a rising interest rate environment or other </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">circumstances where investor redemptions from fixed </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">income funds may be higher than normal, causing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">increased supply in the market due to selling activity. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market for certain investments may become illiquid under </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adverse market or economic conditions independent of any </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">specific adverse changes in the conditions of a particular </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">issuer. In such cases, the Fund, due to limitations on investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in illiquid securities and/or purchasing and selling </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">such investments, may be unable to achieve a high degree </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of correlation with the Underlying Index. Additionally, in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adverse market conditions, the Fund’s market price may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">begin to reflect illiquidity or pricing uncertainty of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s portfolio securities. This could lead to the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">shares trading at a price that is higher or lower than the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s NAV. At times, such differences may be significant.</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Rule 144A Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that limitations on the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">resale of Rule 144A securities may have an adverse effect on </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">their marketability and may prevent the Fund from disposing</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of them promptly at reasonable prices. There can be no </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">assurance that an active trading market will exist at any </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">time for such securities. Transaction costs may be higher </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">for Rule 144A securities, and such securities may be difficult</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to value and may have significant volatility.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Foreign Issuer Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that U.S. dollar-denominated</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> securities of foreign issuers or U.S. affiliates </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of foreign issuers may be subject to additional risks not </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">faced by domestic issuers. These risks include political and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">economic risks, civil conflicts and war, greater volatility, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">expropriation and nationalization risks, sanctions or other </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">measures by the United States or other governments and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">regulatory issues facing issuers in such foreign countries. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Events and evolving conditions in certain economies or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">markets may alter the risks associated with investments tied </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to countries or regions that historically were perceived as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">comparatively stable, becoming riskier and more volatile. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Foreign issuers may not be subject to uniform accounting, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">auditing and financial reporting standards and there may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">be less reliable and publicly available financial and other </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">information about such issuers as compared to domestic </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">issuers.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Prepayment (or Call) Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that an issuer could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">exercise its right to pay principal on callable debt securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">held by the Fund earlier than expected. Issuers may be </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">more likely to prepay when interest rates fall, when credit </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">spreads change, or when an issuer’s credit quality improves. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">If this happens, the Fund will not benefit from the rise in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the market price of the securities that normally accompanies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> a decline in interest rates, and will be forced to reinvest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">prepayment proceeds in lower yielding securities, which </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may reduce the Fund’s returns. The Fund may also lose any </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">premium it paid to purchase the securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">TBA Transactions Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk of loss if the securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">received are less favorable than what was anticipated by the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund when entering into the TBA transaction. TBA transactions</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> also involve the risk that the counterparty will fail </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to deliver the securities, exposing the Fund to further </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">losses. Default or bankruptcy of a counterparty to a TBA </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">transaction would expose the Fund to possible losses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">because of adverse market action, expenses or delays in </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">connection with the purchase or sale of the pools of mortgage</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> pass-through securities specified in the TBA transaction.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Whether or not the Fund takes delivery of the securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> at the termination date of a TBA transaction, the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">will nonetheless be exposed to changes in the value of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">underlying investments during the term of the agreement.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Securities Lending Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund may lose </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">money because the borrower of the loaned securities fails </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to return the securities in a timely manner or at all. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund could also lose money in the event of a decline in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of collateral provided for loaned securities or a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decline in the value of any investments made with cash </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">collateral.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Valuation Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the sale price the Fund could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">receive for a portfolio security may differ from the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">valuation of the security, particularly for securities that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">trade in low volume or volatile markets or that are valued </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">using a fair value methodology. In addition, the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the securities in the Fund’s portfolio may change on days </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when shareholders will not be able to purchase or sell the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s shares.</span></div> It is possible to lose money on an investment in the Fund.  An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance* *  Effective May 1, 2020, the Fund’s principal investment strategies were revised. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The bar chart and table that follow show how the Fund has </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">performed on a calendar year basis and provide an indication </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the risks of investing in the Fund by showing (A) </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes in the Fund’s performance from year to year, (B) </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">how the Fund’s average annual returns compare with those </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of a broad-based securities market index and one or more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">style-specific indexes (reflecting the market segments in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">which the Fund invests), in that order. Past performance </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(before and after taxes) does not necessarily indicate how </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund will perform in the future. Updated information </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">on the Fund’s performance results can be obtained by visiting</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">etfs</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ntam.northerntrust.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">com.</span></div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad-based securities market index and one or more style-specific indexes (reflecting the market segments in which the Fund invests), in that order. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. etfs.ntam.northerntrust.com Calendar Year Total Returns <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">For the periods in the bar chart above:</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Best Quarter (12/31/2023): 13.91%</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Worst Quarter (6/30/2022): -12.95%</span></div> Best Quarter 2023-12-31 0.1391 Worst Quarter 2022-06-30 -0.1295 Average Annual Total Returns (for the periods ended December 31, 2025)  0.0727 -0.0275 0.0360 0.0486 -0.0468 0.0160 0.0426 -0.0283 0.0197 0.0730 -0.0036 0.0201 0.0744 -0.0298 0.0342 0.0701 -0.0236 0.0416 Reflects no deduction for fees, expenses or taxes. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">After-tax returns are calculated using the historical highest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">individual federal marginal income tax rates and do not </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reflect the impact of state and local taxes. Actual after-tax </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">returns depend on an investor’s tax situation and may differ</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> from those shown. After-tax returns shown are not relevant </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to investors who hold shares through tax-advantaged </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">arrangements, such as 401(k) plans or individual retirement </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">plans. After-tax returns may exceed the return before </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">taxes due to an assumed tax benefit from realizing a capital </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">loss on a sale of Fund shares.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. Northern Trust High Yield Value-Scored Bond ETF (formerly, FlexShares® High Yield Value-Scored Bond Index Fund) Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund seeks investment results that correspond generally</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to the price and yield performance, before fees and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">expenses, of the Northern Trust High Yield Value-Scored </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">US Corporate Bond Index</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">SM</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> (the “Underlying Index”).</span></div> Fees and Expenses of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">This table describes the fees and expenses that you may pay </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">if you buy, hold and sell shares of the Fund. Under the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s Investment Advisory Agreement, the Fund is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">responsible for the following expenses: interest expenses, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">brokerage commissions and other trading expenses, fees </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and expenses of the independent trustees and their independent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> legal counsel, taxes and other extraordinary costs </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">such as litigation and other expenses not incurred in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ordinary course of business. You will also incur usual and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">customary brokerage commissions and fees to financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">intermediaries when buying or selling shares of the Fund in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the secondary market, which are not reflected in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">example that follows:</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0037 0.0000 0.0001 0.0038 -0.0001 0.0037 March 1, 2027 Example <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The following Example is intended to help you compare </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the cost of investing in the Fund with the cost of investing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in other funds. The Example assumes that you invest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">$10,000 in the Fund for the time periods indicated and </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">then sell all of your shares at the end of those periods. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Example also assumes that your investment has a 5% </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">return each year and that the Fund’s operating expenses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">remain the same (taking into account the expense reimbursement</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> arrangement for one year). Although your </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">actual costs may be higher or lower, based on these </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">assumptions your costs would be:</span></div> 38 121 212 479 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 100% of the average value of its portfolio. 1 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index is designed to reflect the performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of a diversified universe of high yield, U.S.-dollar </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">denominated bonds of companies exhibiting favorable </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">fundamental qualities, market valuations and liquidity, as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">defined by NTI’s proprietary scoring models. The securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">included in the Underlying Index are a subset of the securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> included in the Northern Trust High Yield US Corporate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Bond Index</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">SM</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> (the “Parent Index”), which is a market-capitalization</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> weighted index comprised of U.S. dollar-denominated</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> high yield corporate bonds.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index begins with the Parent Index and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">then follows a rules-based methodology to select and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">weight securities, subject to certain constraints, to optimize </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">exposure to a proprietary value score, credit score, and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">liquidity score, each as determined by NTI acting in its </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">capacity as index provider (“Index Provider”).</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The core components of the proprietary value score and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">proprietary credit score are based on quantitative rankings </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of various metrics obtained from company filings and </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">recent price activity. The value score has multiple components,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> including: (a) valuation (e.g., to assess the relative </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of the security versus other similar securities); (b) </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">spread analysis (e.g., to assess the risk/return trade-off </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">associated with each security versus other similar securities);</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and (c) solvency (e.g., to assess the corporation’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">short term and long term solvency and also its risk of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">default). The credit score has three components: (i) management</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> expertise (e.g., corporate finance activities); (ii) </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">profitability (e.g., reliability and sustainability of financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">performance); and (iii) solvency. The core components of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the proprietary liquidity score are based on a quantitative </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ranking of security characteristics obtained from company </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">filings. Examples of data sets utilized to determine the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">liquidity score include: (x) time to maturity (e.g., time </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">until the security reaches its maturity date as measured in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in years); (y) total issuer debt outstanding (e.g., the sum of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">all debt outstanding for a single corporate issuer); and (z) </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">time since original issuance (e.g., the time that has elapsed </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">since the security was originally issued as measured in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">years). The primary objective of the optimization process is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to maximize exposure to the value score relative to the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index's eligible universe. In addition, the optimization</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> process also includes issuer level, sector, effective </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">duration, low credit and liquidity score, duration band, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and turnover constraints to seek to manage systematic risk.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The inception date of the Underlying Index was April 30, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">2018. As of December 31, 2025, there were 1,132 issues in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index. The Underlying Index is reconstituted</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> monthly. The Fund generally reconstitutes its portfolio</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in accordance with the Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses a “passive” or indexing approach to try to achieve </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s investment objective. Unlike many investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies, the Fund does not try to “beat” the index it </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">tracks and does not seek temporary defensive positions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when markets decline or appear overvalued.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI intends to use representative sampling strategy to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">manage the Fund. “Representative sampling” is investing in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a representative sample of securities that collectively has an </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investment profile similar to the Underlying Index. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund may or may not hold all of the securities that are </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">included in the Underlying Index. The Fund reserves the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">right to invest in substantially all of the securities in its </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index in approximately the same proportions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(i.e., replication) if NTI determines that it is in the best </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interest of the Fund.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund generally will invest under normal circumstances </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">at least 80% of its total assets (exclusive of collateral held </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from securities lending) in the securities of its Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index. The Fund may also invest up to 20% of its assets in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">cash and cash equivalents, including shares of money market</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> funds advised by NTI or its affiliates, futures contracts </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and options on futures, to-be-announced (“TBA”) transactions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> as well as securities not included in the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index, but which NTI believes will help the Fund track its </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index is created and sponsored by NTI, as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Index Provider. NTI also serves as the investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adviser to the Fund. The Index Provider determines the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">composition and relative weightings of the securities in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index and publishes information regarding the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market value of the Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund may lend securities representing up to one-third </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the value of the Fund’s total assets (including the value </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the collateral received).</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Industry Concentration Policy</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">. The Fund will concentrate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its investments (i.e., hold 25% or more of its total assets) in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a particular industry or group of industries to approximately</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> the same extent that the Underlying Index is concentrated.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> As of December 31, 2025, the Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">was concentrated in the Industrials sector. The components </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the Underlying Index, and the degree to which these </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">components represent certain industries or sectors, may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">change over time.</span></div> The Fund generally will invest under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the securities of its Underlying Index. Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. As of December 31, 2025, the Underlying Index was concentrated in the Industrials sector. The components of the Underlying Index, and the degree to which these components represent certain industries or sectors, may change over time. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">High Yield Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund will be </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">subject to greater credit risk, price volatility and risk of loss </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">than if it invested primarily in investment grade securities, </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">which can adversely impact the Fund’s return and NAV. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">High yield securities are considered highly speculative and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">are subject to increased risk of an issuer’s inability to make </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">principal and interest payments. The Underlying Index is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">designed to be comprised of securities with the potential </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">for higher yields as compared to the overall high yield corporate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> bond market. As such, the Fund is expected to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">exhibit greater sensitivity to market fluctuations.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Distressed Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the substantial risk of investing</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in distressed securities that is in addition to the risks of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing in non-investment grade securities generally. NTI </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">defines securities issued by companies whose financial condition</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is troubled or uncertain and that may be involved in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">bankruptcy proceedings, reorganizations or financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">restructurings as “distressed securities.” Distressed securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> are speculative and involve a substantial risk that principal</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> will not be paid. In addition, the Fund will generally </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">not receive interest payments on the distressed securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and may incur costs to protect its investment. These securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may present a substantial risk of default. The Fund may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">incur additional expenses to the extent it is required to seek </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">recovery upon a default in the payment of principal of or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interest on its portfolio holdings. In any reorganization or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">liquidation proceeding relating to a portfolio company, the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund may lose its entire investment or may be required to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">accept cash or securities with a value less than its original </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investment. Distressed securities and any securities received </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in an exchange for such securities may be subject to restrictions</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> on resale.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Substantial Volatility Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the value of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities in the Fund’s portfolio may fluctuate, sometimes </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">rapidly and unpredictably at a greater level than the overall </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market. There is a risk that the Fund could have substantial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">volatility.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Value Score Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the Fund’s investment in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies whose securities are believed to be undervalued </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">will not appreciate in value as anticipated. Although the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index is designed to measure a portfolio of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">bonds of companies with the potential for higher yields </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and less risk of insolvency relative to the Parent Index, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">there is no assurance that the Underlying Index or Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">will be comprised of such securities. Accordingly, the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may be subject to greater credit risk, price volatility and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">risk of loss relative to the Parent Index.</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Concentration Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that, if the Fund is concentrated</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in a particular industry or group of industries, the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund is likely to present more risks than a fund that is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">broadly diversified over several industries or groups of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industries. Compared to the broad market, an individual </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industry may be more strongly affected by changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">economic climate, broad market shifts, moves in a particular</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> dominant stock or regulatory changes.</span></div> •Industrials Sector Risk is the risk that companies in the industrials sector may be significantly affected by, among other things, worldwide economic growth, supply and demand for specific products and services, rapid technological developments, international political and economic developments, environmental issues, and tax and governmental regulatory policies. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Income Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund’s income may decline </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when interest rates fall. This decline can occur because the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund must invest in lower-yielding bonds as bonds in its </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">portfolio mature, bonds in the Underlying Index are substituted</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or the Fund otherwise needs to purchase additional </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">bonds.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Credit (or Default) Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the inability or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">unwillingness of an issuer or guarantor of a fixed-income </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">security, or a counterparty to a TBA, repurchase or other </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">transaction, to meet its payment or other financial obligations</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> will adversely affect the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and its returns. The credit quality of a debt security </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or of the issuer of a debt security held by the Fund could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">deteriorate rapidly, which may impair the Fund’s liquidity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or cause a deterioration in the Fund’s NAV. The Fund could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">also be delayed or hindered in its enforcement of rights </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">against an issuer, guarantor or counterparty. The degree of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">credit risk depends on the issuer’s or counterparty’s financial</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> condition and on the terms of the securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may increase or decrease in response to expected, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">real or perceived economic, political or financial events in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the U.S. or global markets. The frequency and magnitude </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of such changes in value cannot be predicted. Certain securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and other investments held by the Fund may experience</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> increased volatility, illiquidity, or other potentially </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adverse effects in response to changing market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">inflation, elevated levels of government debt, changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interest rates, lack of liquidity in the bond or equity markets,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or volatility in the equity markets. Market disruptions </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">caused by local or regional events such as financial institution</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> failures, changes in trade regulation or economic sanctions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> internal unrest and discord, war, acts of terrorism, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the spread of infectious illness (including epidemics and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">pandemics) or other public health issues, recessions or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">other events or adverse investor sentiment could have a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">significant impact on the Fund and its investments. Such </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">events could result in the Fund’s shares trading at increased </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">premiums or discounts to the Fund’s NAV. During periods </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of market disruption or other abnormal market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s exposure to the risks described elsewhere in this </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">summary will likely increase.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Index Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund would not necessarily </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">buy or sell a security unless that security is added to or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">removed from, respectively, the Underlying Index, even if </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that security generally is underperforming, because unlike </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">many investment companies, the Fund does not utilize an </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing strategy that seeks returns in excess of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index. Additionally, the Fund rebalances and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitutes its portfolio in accordance with the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index, and, therefore, any changes to the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index’s rebalance and/or reconstitution schedule will result </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in corresponding changes to the Fund’s rebalance and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund’s performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may vary from the performance of the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index as a result of creation and redemption activity, transaction</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> costs, expenses and other factors. Market disruptions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> regulatory restrictions or other abnormal market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">conditions could have an adverse effect on the Fund's ability</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to adjust its exposure to required levels in order to track </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its Index or cause delays in the Underlying Index's rebalancing</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> schedule. During any such delay, it is possible that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index, and, in turn, the Fund will deviate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from the Underlying Index's stated methodology and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">therefore experience returns different than those that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">would have been achieved under a normal rebalancing or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Sampling Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the Fund’s use of a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sampling approach may not work as intended and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">result in increased tracking error because the securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">selected for the Fund in the aggregate may vary from the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investment profile of the Underlying Index. Additionally, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the use of a representative sampling approach may result in </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund holding a smaller number of securities than the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index, and, as a result, an adverse development </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to an issuer of securities that the Fund holds could result in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a greater decline in NAV than would be the case if the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">held all of the securities in the Underlying Index.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Authorized Participant Concentration Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund may be adversely affected because it has a limited </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">number of institutions that act as authorized participants </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(“Authorized Participants”). Only an Authorized Participant</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may engage in creation or redemption transactions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">directly with the Fund and none of those Authorized Participants</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is obligated to engage in creation and/or redemption</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> transactions. To the extent that these institutions exit </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the business or are unable or unwilling to proceed with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">creation and/or redemption orders with respect to the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund and no other Authorized Participant is able or willing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to step forward to create or redeem Creation Units (as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">defined below), Fund shares may trade at a discount to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NAV and possibly face trading halts and/or delisting.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Calculation Methodology Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index’s calculation methodology or sources of information</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may not provide an accurate assessment of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">included issuers or correct valuation of securities, nor is the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">availability or timeliness of the production of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index guaranteed. A security included in the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index may not exhibit the characteristic or provide the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">specific exposure for which it was selected and consequently</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> a Fund's holdings may not exhibit returns consistent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> with that characteristic or exposure.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund faces because </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its shares are listed on a securities exchange, including the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">potential lack of an active market for Fund shares, losses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from trading in secondary markets, periods of high volatility</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and disruption in the creation/redemption process of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund. ANY OF THESE FACTORS MAY LEAD TO THE </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> TO NAV.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Trading in Fund shares may be halted due to market conditions</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or for reasons that, in the view of its listing exchange, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">make trading in the shares inadvisable. The market prices </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of Fund shares will generally fluctuate in accordance with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes in its NAV, changes in the relative supply of, and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">demand for, Fund shares, and changes in the liquidity, or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the perceived liquidity, of the Fund’s holdings.</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Debt Extension Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that when interest rates rise </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">an issuer will exercise its right to pay principal on certain </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">debt securities held by the Fund later than expected. This </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">will cause the value of the security, and the Fund’s NAV, to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decrease, and the Fund may lose opportunities to invest in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">higher yielding securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Derivatives Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that derivatives may pose risks </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in addition to and greater than those associated with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing directly in securities, currencies and other instruments,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may be illiquid or less liquid, more volatile, more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">difficult to value and leveraged so that small changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of the underlying instrument may produce disproportionate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> losses to the Fund. Derivatives are also subject </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to counterparty risk, which is the risk that the other party </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to the transaction will not perform its contractual obligations.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The use of derivatives is a highly specialized activity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that involves investment techniques and risks different </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from those associated with investments in more traditional </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities and instruments.</span></div> •Futures Contracts Risk is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.•Options Contracts Risk Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">High Portfolio Turnover Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that active and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">frequent trading of the Fund’s portfolio securities may </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">result in increased transaction costs to the Fund, including </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">brokerage commissions, dealer mark-ups and other transaction</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> costs, which could reduce the Fund’s return.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Interest Rate/Maturity Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the value of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s fixed-income assets will decline because of rising </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interest rates. In general, securities with longer maturities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or durations are more sensitive to interest rate changes. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Changing interest rates, including rates that fall below zero, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may have unpredictable effects on the markets and the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s investments, may result in heightened market volatility,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may impact the liquidity of fixed-income securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and of the Fund, and may detract from Fund performance. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">A low or negative interest rate environment could cause the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s earnings to fall below the Fund’s expense ratio, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">resulting in a negative yield and a decline in the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">share price. An increase in interest rates may cause investors</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to move out of fixed incomes securities on a large </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">scale, which could adversely affect the price of fixed income </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities, lead to heightened volatility in the fixed-income </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">markets and may adversely affect the liquidity of certain </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">fixed-income investments.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Liquidity Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that certain portfolio securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may be less liquid than others, which may make them difficult</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or impossible to sell at the time and the price that the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund would like, adversely affecting the value of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investments and its returns. Illiquid investments may be </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">harder to value, especially in changing markets, and if the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund is forced to sell these investments to meet redemption </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">requests or for other cash needs, the Fund may suffer a loss. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Liquidity Risk may result from the lack of an active market, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reduced number and capacity of traditional market participants</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to make a market in fixed income securities, and may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">be magnified in a rising interest rate environment or other </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">circumstances where investor redemptions from fixed </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">income funds may be higher than normal, causing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">increased supply in the market due to selling activity. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market for certain investments may become illiquid under </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adverse market or economic conditions independent of any </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">specific adverse changes in the conditions of a particular </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">issuer. In such cases, the Fund, due to limitations on investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in illiquid securities and/or purchasing and selling </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">such investments, may be unable to achieve a high degree </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of correlation with the Underlying Index. Additionally, in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adverse market conditions, the Fund’s market price may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">begin to reflect illiquidity or pricing uncertainty of the </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s portfolio securities. This could lead to the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">shares trading at a price that is higher or lower than the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s NAV. At times, such differences may be significant.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Foreign Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that investing in foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(non-U.S.) securities may result in the Fund experiencing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">more rapid and extreme changes in value than a fund that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invests exclusively in securities of U.S. companies, due to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">less liquid markets and adverse economic, political, diplomatic,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> financial, and regulatory factors. Foreign governments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may impose limitations on foreigners’ ownership of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interests in local issuers, restrictions on the ability to repatriate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> assets, and may also impose taxes. Any of these events </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">could cause the value of the Fund’s investments to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decline. Foreign banks, agents and securities depositories </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that hold the Fund’s foreign assets may be subject to little </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or no regulatory oversight over, or independent evaluation, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of their operations. Additional costs associated with investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in foreign securities may include higher custodial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">fees than those applicable to domestic custodial arrangements</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and transaction costs of foreign currency conversions.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Unless the Fund has hedged its foreign currency </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">exposure, foreign securities risk also involves the risk of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">negative foreign currency rate fluctuations, which may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">cause the value of securities denominated in such foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">currency (or other instruments through which the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">has exposure to foreign currencies) to decline in value. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Currency exchange rates may fluctuate significantly over </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">short periods of time. Currency hedging strategies, if used, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">are not always successful. For instance, forward foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">currency exchange contracts, if used by the Fund, could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reduce performance if there are unanticipated changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">currency exchange rates.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Prepayment (or Call) Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that an issuer could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">exercise its right to pay principal on callable debt securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">held by the Fund earlier than expected. Issuers may be </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">more likely to prepay when interest rates fall, when credit </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">spreads change, or when an issuer’s credit quality improves. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">If this happens, the Fund will not benefit from the rise in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the market price of the securities that normally accompanies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> a decline in interest rates, and will be forced to reinvest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">prepayment proceeds in lower yielding securities, which </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may reduce the Fund’s returns. The Fund may also lose any </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">premium it paid to purchase the securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">TBA Transactions Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk of loss if the securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">received are less favorable than what was anticipated by the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund when entering into the TBA transaction. TBA trans</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">actions also involve the risk that the counterparty will fail </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to deliver the securities, exposing the Fund to further </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">losses. Default or bankruptcy of a counterparty to a TBA </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">transaction would expose the Fund to possible losses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">because of adverse market action, expenses or delays in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">connection with the purchase or sale of the pools of mortgage</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> pass-through securities specified in the TBA transaction.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Whether or not the Fund takes delivery of the securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> at the termination date of a TBA transaction, the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">will nonetheless be exposed to changes in the value of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">underlying investments during the term of the agreement.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Securities Lending Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund may lose </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">money because the borrower of the loaned securities fails </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to return the securities in a timely manner or at all. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund could also lose money in the event of a decline in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of collateral provided for loaned securities or a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decline in the value of any investments made with cash </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">collateral.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Valuation Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the sale price the Fund could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">receive for a portfolio security may differ from the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">valuation of the security, particularly for securities that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">trade in low volume or volatile markets or that are valued </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">using a fair value methodology. In addition, the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the securities in the Fund’s portfolio may change on days </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when shareholders will not be able to purchase or sell the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s shares.</span></div> It is possible to lose money on an investment in the Fund.  An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The bar chart and table that follow show how the Fund has </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">performed on a calendar year basis and provide an indication </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the risks of investing in the Fund by showing (A) </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes in the Fund’s performance from year to year, (B) </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">how the Fund’s average annual returns compare with those </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of a broad-based securities market index and one or more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">style-specific indexes (reflecting the market segments in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">which the Fund invests), in that order. Past performance </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(before and after taxes) does not necessarily indicate how </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund will perform in the future. Updated information </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">on the Fund’s performance results can be obtained by visiting</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">etfs</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ntam.northerntrust.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">com.</span></div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad-based securities market index and one or more style-specific indexes (reflecting the market segments in which the Fund invests), in that order. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. etfs.ntam.northerntrust.com Calendar Year Total Returns <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">For the periods in the bar chart above:</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Best Quarter (6/30/2020): 11.06%</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Worst Quarter (3/31/2020): -14.42%</span></div> Best Quarter 2020-06-30 0.1106 Worst Quarter 2020-03-31 -0.1442 Average Annual Total Returns (for the periods ended December 31, 2025)  0.0789 0.0392 0.0511 2018-07-17 0.0465 0.0077 0.0196 0.0460 0.0158 0.0249 0.0758 0.0006 0.0238 0.0850 0.0450 0.0530 0.0831 0.0502 0.0636 Reflects no deduction for fees, expenses or taxes. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">After-tax returns are calculated using the historical highest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">individual federal marginal income tax rates and do not </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reflect the impact of state and local taxes. Actual after-tax </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">returns depend on an investor’s tax situation and may differ</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> from those shown. After-tax returns shown are not relevant </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to investors who hold shares through tax-advantaged </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">arrangements, such as 401(k) plans or individual retirement </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">plans. After-tax returns may exceed the return before </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">taxes due to an assumed tax benefit from realizing a capital </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">loss on a sale of Fund shares.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. Northern Trust ESG & Climate Investment Grade Corporate Core ETF (formerly, FlexShares® ESG & Climate Investment Grade Corporate Core Index Fund) Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund seeks investment results that correspond generally</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to the price and yield performance, before fees and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">expenses, of the Northern Trust ESG &amp; Climate Investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Grade U.S. Corporate Core Index</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">SM</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> (the “Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index”).</span></div> Fees and Expenses of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">This table describes the fees and expenses that you may pay </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">if you buy, hold and sell shares of the Fund. Under the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s Investment Advisory Agreement, the Fund is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">responsible for the following expenses: interest expenses, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">brokerage commissions and other trading expenses, fees </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and expenses of the independent trustees and their independent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> legal counsel, taxes and other extraordinary costs </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">such as litigation and other expenses not incurred in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ordinary course of business. You will also incur usual and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">customary brokerage commissions and fees to financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">intermediaries when buying or selling shares of the Fund in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the secondary market, which are not reflected in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">example that follows:</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0012 0.0000 0.0001 0.0013 -0.0001 0.0012 March 1, 2027 Example <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The following Example is intended to help you compare </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the cost of investing in the Fund with the cost of investing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in other funds. The Example assumes that you invest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">$10,000 in the Fund for the time periods indicated and </span></div> <div style="line-height: 12.80pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">then sell all of your shares at the end of those periods. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Example also assumes that your investment has a 5% </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">return each year and that the Fund’s operating expenses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">remain the same (taking into account the expense reimbursement</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> arrangement for one year). Although your </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">actual costs may be higher or lower, based on these </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">assumptions your costs would be:</span></div> 12 41 72 165 Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 39% of the average value of its portfolio. 0.39 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index, administered by NTI in its capacity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">as index provider (the “Index Provider”), is designed to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reflect the performance of a selection of U.S.-dollar-denominated</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> corporate bonds issued by companies that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">exhibit certain environmental, social and governance </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(“ESG”) characteristics in the aggregate, while also seeking </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to provide exposure to US dollar-denominated corporate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">bonds, i.e., the constituents in the Northern Trust Investment</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Grade U.S. Corporate Bond Index</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">SM</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> (the “Eligible </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Universe”). The Northern Trust Investment Grade </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">U.S. Corporate Bond Index</span><span style="color: #000000; font-family: times new roman; font-size: 6.5pt; position: relative; top: -4.25pt;">SM</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is a market-capitalization </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">weighted index comprised of US dollar-denominated corporate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> bonds that (a) are publicly issued in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">United States and registered with the SEC or eligible for </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">resale under Rule 144A under the Securities Act of 1933, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">with or without registration rights, (b) are rated investment</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> grade (i.e., rated at the time of inclusion in the Eligible</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Universe within the top four ratings categories by a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Nationally Recognized Statistical Rating Organization </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(“NRSRO”)), and (c) have, at each rebalance, (i) a final </span></div> <div style="line-height: 12.80pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">time to stated maturity of at least one year and (ii) an outstanding</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> principal balance of at least $250 million. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund does not have any portfolio maturity limitation and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may invest its assets from time to time in instruments with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">varying maturities.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 12.80pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index starts by excluding certain companies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> from the Eligible Universe that, based on third-party </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">data, are determined to have certain levels of controversial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">business involvement or behavior, including in tobacco, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">weaponry, thermal coal, unconventional oil and gas, and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">for-profit prisons, or to have caused, contributed to or are </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">linked to certain violations of international norms and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">standards. Such exclusions are based on percentage of revenue</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> thresholds for certain categories (e.g., those that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">receive significant revenue from production, retail and distribution</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of civilian weapons) and categorical exclusions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">for others (e.g., tobacco producers). The above-described </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">exclusionary screens are applied with each reconstitution of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index. The Index Provider may modify this </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">list of excluded companies at any time, at its own discretion.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 12.80pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index next applies an optimization process </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to minimize variance to the Eligible Universe while also </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">targeting certain ESG characteristics, which is designed to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">produce an index that, relative to the Eligible Universe: (a) </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">has an aggregate higher scoring of certain ESG characteristics,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> as measured by the Northern Trust ESG Vector Score </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(“ESG Vector Score”) described below, (b) improves the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">carbon risk rating, as measured by certain carbon-related </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">risk metrics, and (c) decreases the weighted average carbon </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">intensity and potential emissions.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 12.80pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The ESG Vector Score is designed to rank companies based </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">on their management of and exposure to material ESG </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">metrics as defined by the Sustainability Accounting Standards</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Board (“SASB”) Standards. In addition, the Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Provider uses available data from Institutional Shareholder </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Services ESG Solutions to assess carbon emissions intensity, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">carbon reserves and a carbon risk rating. Carbon emissions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">intensity measures (i) direct greenhouse gas emissions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from sources controlled or owned by the company (e.g., </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">emissions associated with fuel combustion in boilers, furnaces,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or vehicles); and (ii) indirect greenhouse gas emissions</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> associated with the purchase of electricity, steam, heat </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or cooling against the company. Carbon reserves measure </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the total estimated greenhouse gas emissions attributable to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a company’s fossil fuel reserve assets. The carbon risk rat</span></div> <div style="line-height: 12.80pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ing provides an assessment of a company’s ability to mitigate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> the risks of transition to a lower carbon economy </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">based on its specific baseline carbon risk exposure.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 12.80pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">In the event that metrics or other data used to construct </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the ESG Vector Score as well as carbon emissions intensity, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">carbon reserves and/or the carbon risk rating are not available</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or otherwise deemed unreliable, NTI may make reasonable</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> estimates or otherwise exercise its discretion to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">implement the optimization process.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 12.80pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Notwithstanding the optimization process, it is possible </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that the Underlying Index will include (and therefore the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund could invest in) securities that, individually, have a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">lower ESG Vector Score, lower carbon risk rating, or higher </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">emissions relative to the weighted average of the Eligible </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Universe. The optimization process also includes sector, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">country, turnover, issuer and constituent constraints so </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that these characteristics in the Underlying Index vary </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">within acceptable bands relative to the Eligible Universe.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 12.80pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">As of December 31, 2025, there were 4,138 issues in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index. The Underlying Index is reconstituted </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">monthly under normal market conditions. The Fund generally</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> reconstitutes its portfolio in accordance with the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 12.80pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses a “passive” or indexing approach to try to achieve </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s investment objective. Unlike many investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies, the Fund does not try to “beat” the index it </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">tracks and does not seek temporary defensive positions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when markets decline or appear overvalued.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 12.80pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI uses a representative sampling strategy to manage the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund. “Representative sampling” is investing in a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sample of securities that collectively has an investment</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> profile similar to the Underlying Index. The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may or may not hold all of the securities that are included </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in the Underlying Index. The Fund reserves the right to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invest in substantially all of the securities in its Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index in approximately the same proportions (i.e., replication)</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> if NTI determines that it is in the best interest of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 12.80pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Under normal circumstances, the Fund will invest at least </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">80% of its total assets (exclusive of collateral held from </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities lending) in the securities of the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index. The Fund may also invest up to 20% of its assets in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">cash and cash equivalents, including shares of money market</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> funds advised by NTI or its affiliates, futures contracts </span></div> <div style="line-height: 12.80pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and options on futures contracts, to-be-announced </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(“TBA”) transactions, as well as securities not included in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index, but which NTI believes will help the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund track its Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 12.80pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Index is created and sponsored by NTI, as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Index Provider. NTI also serves as the investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adviser to the Fund. The Index Provider determines the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">composition and relative weightings of the securities in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index and publishes information regarding the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market value of the Underlying Index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 12.80pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund may lend securities representing up to one-third </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the value of the Fund’s total assets (including the value </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the collateral received).</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 12.80pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The Fund will concentrate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its investments (i.e., hold 25% or more of its total assets) in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a particular industry or group of industries to approximately</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> the same extent that the Underlying Index is concentrated.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> As of December 31, 2025, the Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">was concentrated in the Financial sector. The components </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the Underlying Index, and the degree to which these </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">components represent certain industries or sectors, may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">change over time.</span></div> 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. Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. As of December 31, 2025, the Underlying Index was concentrated in the Financial sector. The components of the Underlying Index, and the degree to which these components represent certain industries or sectors, may change over time. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">ESG Investment Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that because the Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Provider includes and excludes issuers and assigns weights </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to issuers in the Underlying Index by applying non-financial</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> factors, the Fund may underperform the broader </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">equity market or other funds that do or do not use ESG </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">factors, scores, or screens in their securities selection process,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or use a different ESG methodology. The ESG methodology</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of the Underlying Index will affect the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">exposure to certain companies and sectors and may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adversely affect the Fund’s performance depending on </span></div> <div style="line-height: 12.80pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">whether such companies and sectors are in or out of favor. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Although the Underlying Index is designed to measure a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">portfolio of companies with certain ESG characteristics, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">there is no assurance that every security in the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index or Fund will have ESG characteristics or that companies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> that have historically exhibited such characteristics will </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">continue to exhibit such characteristics. There is also the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">risk that the Fund may have indirect exposure to companies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> that have been excluded from the Underlying Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">through its use of certain derivative instruments.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 12.80pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Currently, there is a lack of common industry standards </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">relating to the development and application of ESG criteria,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> which may make it difficult to compare the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">principal investment strategies with the investment strategies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of other funds that integrate certain ESG criteria. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">subjective value that investors may assign to certain types </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of ESG characteristics may differ substantially from that of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the assessment by the Index Provider or a data provider. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Investors can differ in their views of what constitutes positive</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or negative ESG characteristics. As a result, the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may invest in companies that do not reflect the beliefs and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">values of any particular investor. A company included in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index may not exhibit positive or favorable </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ESG characteristics. The companies selected by the Index </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Provider as demonstrating certain ESG characteristics may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">not be the same companies selected by other index providers</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or investment managers as exhibiting those characteristics.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 12.80pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Index Provider relies on various sources of information</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> regarding an issuer, including information that may be </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">based on assumptions and estimates. ESG information </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from third-party data providers may be incomplete, inaccurate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or unavailable. Neither the Fund nor NTI can offer </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">assurances that the Underlying Index’s methodology or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">sources of information will provide an accurate assessment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the issuers of the securities included in the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index. The Index Provider uses third-party </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">data that it believes to be reliable, but it does not guarantee </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the accuracy of such third-party data. Data can vary across </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">providers or within industries. ESG standards differ by </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">region and industry, and a company’s ESG practices or the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index Provider’s or data providers’ assessment of a company’s</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> ESG practices may change over time. Regulatory </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes or interpretations regarding the definitions and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">use of ESG criteria could have a material adverse effect on </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s ability to invest in accordance with its investment</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> policies and/or achieve its investment objective.</span></div> <div style="line-height: 12.80pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Corporate Bond Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk the Fund faces because it </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invests primarily in bonds issued by corporations. Corporate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> debt securities are subject to the risk of the issuer’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">inability to meet principal and interest payments on the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">obligation and may also be subject to price volatility due to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">such factors as interest rate sensitivity, market perception </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the creditworthiness of the issuer and general market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">liquidity. When interest rates rise, the value of corporate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">debt can be expected to decline. Debt securities with longer </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">maturities tend to be more sensitive to interest rate movements</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> than those with shorter maturities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Credit (or Default) Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the inability or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">unwillingness of an issuer or guarantor of a fixed-income </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">security, or a counterparty to a TBA, repurchase or other </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">transaction, to meet its payment or other financial obligations</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> will adversely affect the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and its returns. The credit quality of a debt security </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or of the issuer of a debt security held by the Fund could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">deteriorate rapidly, which may impair the Fund’s liquidity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or cause a deterioration in the Fund’s NAV. The Fund could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">also be delayed or hindered in its enforcement of rights </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">against an issuer, guarantor or counterparty. The degree of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">credit risk depends on the issuer’s or counterparty’s financial</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> condition and on the terms of the securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Interest Rate/Maturity Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the value of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s fixed-income assets will decline because of rising </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interest rates. In general, securities with longer maturities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or durations are more sensitive to interest rate changes. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Changing interest rates, including rates that fall below zero, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may have unpredictable effects on the markets and the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s investments, may result in heightened market volatility,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may impact the liquidity of fixed-income securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and of the Fund, and may detract from Fund performance. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">A low or negative interest rate environment could cause the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s earnings to fall below the Fund’s expense ratio, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">resulting in a negative yield and a decline in the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">share price. An increase in interest rates may cause investors</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to move out of fixed incomes securities on a large </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">scale, which could adversely affect the price of fixed income </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities, lead to heightened volatility in the fixed-income </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">markets and may adversely affect the liquidity of certain </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">fixed-income investments.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Debt Extension Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that when interest rates rise </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">an issuer will exercise its right to pay principal on certain </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">debt securities held by the Fund later than expected. This </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">will cause the value of the security, and the Fund’s NAV, to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decrease, and the Fund may lose opportunities to invest in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">higher yielding securities.</span></div> <div style="line-height: 12.80pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Prepayment (or Call) Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that an issuer could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">exercise its right to pay principal on callable debt securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">held by the Fund earlier than expected. Issuers may be </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">more likely to prepay when interest rates fall, when credit </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">spreads change, or when an issuer’s credit quality improves. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">If this happens, the Fund will not benefit from the rise in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the market price of the securities that normally accompanies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> a decline in interest rates, and will be forced to reinvest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">prepayment proceeds in lower yielding securities, which </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may reduce the Fund’s returns. The Fund may also lose any </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">premium it paid to purchase the securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Income Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund’s income may decline </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when interest rates fall. This decline can occur because the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund must invest in lower-yielding bonds as bonds in its </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">portfolio mature, bonds in the Underlying Index are substituted</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or the Fund otherwise needs to purchase additional </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">bonds.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Foreign Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that investing in foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(non-U.S.) securities may result in the Fund experiencing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">more rapid and extreme changes in value than a fund that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invests exclusively in securities of U.S. companies, due to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">less liquid markets and adverse economic, political, diplomatic,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> financial, and regulatory factors. Foreign governments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may impose limitations on foreigners’ ownership of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interests in local issuers, restrictions on the ability to repatriate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> assets, and may also impose taxes. Any of these events </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">could cause the value of the Fund’s investments to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decline. Foreign banks, agents and securities depositories </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that hold the Fund’s foreign assets may be subject to little </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or no regulatory oversight over, or independent evaluation, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of their operations. Additional costs associated with investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in foreign securities may include higher custodial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">fees than those applicable to domestic custodial arrangements</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and transaction costs of foreign currency conversions.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Unless the Fund has hedged its foreign currency </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">exposure, foreign securities risk also involves the risk of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">negative foreign currency rate fluctuations, which may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">cause the value of securities denominated in such foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">currency (or other instruments through which the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">has exposure to foreign currencies) to decline in value. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Currency exchange rates may fluctuate significantly over </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">short periods of time. Currency hedging strategies, if used, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">are not always successful. For instance, forward foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">currency exchange contracts, if used by the Fund, could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reduce performance if there are unanticipated changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">currency exchange rates.</span></div> <div style="line-height: 12.80pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may increase or decrease in response to expected, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">real or perceived economic, political or financial events in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the U.S. or global markets. The frequency and magnitude </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of such changes in value cannot be predicted. Certain securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and other investments held by the Fund may experience</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> increased volatility, illiquidity, or other potentially </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adverse effects in response to changing market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">inflation, elevated levels of government debt, changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interest rates, lack of liquidity in the bond or equity markets,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or volatility in the equity markets. Market disruptions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">caused by local or regional events such as financial institution</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> failures, changes in trade regulation or economic sanctions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> internal unrest and discord, war, acts of terrorism, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the spread of infectious illness (including epidemics and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">pandemics) or other public health issues, recessions or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">other events or adverse investor sentiment could have a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">significant impact on the Fund and its investments. Such </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">events could result in the Fund’s shares trading at increased </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">premiums or discounts to the Fund’s NAV. During periods </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of market disruption or other abnormal market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s exposure to the risks described elsewhere in this </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">summary will likely increase.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Liquidity Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that certain portfolio securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may be less liquid than others, which may make them difficult</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or impossible to sell at the time and the price that the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund would like, adversely affecting the value of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investments and its returns. Illiquid investments may be </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">harder to value, especially in changing markets, and if the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund is forced to sell these investments to meet redemption </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">requests or for other cash needs, the Fund may suffer a loss. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Liquidity Risk may result from the lack of an active market, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reduced number and capacity of traditional market participants</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to make a market in fixed income securities, and may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">be magnified in a rising interest rate environment or other </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">circumstances where investor redemptions from fixed </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">income funds may be higher than normal, causing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">increased supply in the market due to selling activity. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market for certain investments may become illiquid under </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adverse market or economic conditions independent of any </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">specific adverse changes in the conditions of a particular </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">issuer. In such cases, the Fund, due to limitations on investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in illiquid securities and/or purchasing and selling </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">such investments, may be unable to achieve a high degree </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of correlation with the Underlying Index. Additionally, in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adverse market conditions, the Fund’s market price may </span></div> <div style="line-height: 12.80pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">begin to reflect illiquidity or pricing uncertainty of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s portfolio securities. This could lead to the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">shares trading at a price that is higher or lower than the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s NAV. At times, such differences may be significant.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Rule 144A Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that limitations on the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">resale of Rule 144A securities may have an adverse effect on </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">their marketability and may prevent the Fund from disposing</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of them promptly at reasonable prices. There can be no </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">assurance that an active trading market will exist at any </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">time for such securities. Transaction costs may be higher </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">for Rule 144A securities, and such securities may be difficult</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to value and may have significant volatility.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Index Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund would not necessarily </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">buy or sell a security unless that security is added to or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">removed from, respectively, the Underlying Index, even if </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that security generally is underperforming, because unlike </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">many investment companies, the Fund does not utilize an </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing strategy that seeks returns in excess of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index. Additionally, the Fund rebalances and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitutes its portfolio in accordance with the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index, and, therefore, any changes to the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index’s rebalance and/or reconstitution schedule will result </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in corresponding changes to the Fund’s rebalance and/or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund’s performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may vary from the performance of the Underlying </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Index as a result of creation and redemption activity, transaction</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> costs, expenses and other factors. Market disruptions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> regulatory restrictions or other abnormal market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">conditions could have an adverse effect on the Fund's ability</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to adjust its exposure to required levels in order to track </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its Index or cause delays in the Underlying Index's rebalancing</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> schedule. During any such delay, it is possible that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Underlying Index, and, in turn, the Fund will deviate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from the Underlying Index's stated methodology and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">therefore experience returns different than those that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">would have been achieved under a normal rebalancing or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reconstitution schedule.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Sampling Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the Fund’s use of a representative</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> sampling approach may not work as intended and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">result in increased tracking error because the securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">selected for the Fund in the aggregate may vary from the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investment profile of the Underlying Index. Additionally, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the use of a representative sampling approach may result in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund holding a smaller number of securities than the </span></div> <div style="line-height: 12.80pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Index, and, as a result, an adverse development </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to an issuer of securities that the Fund holds could result in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a greater decline in NAV than would be the case if the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">held all of the securities in the Underlying Index.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Authorized Participant Concentration Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund may be adversely affected because it has a limited </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">number of institutions that act as authorized participants </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(“Authorized Participants”). Only an Authorized Participant</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may engage in creation or redemption transactions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">directly with the Fund and none of those Authorized Participants</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is obligated to engage in creation and/or redemption</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> transactions. To the extent that these institutions exit </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the business or are unable or unwilling to proceed with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">creation and/or redemption orders with respect to the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund and no other Authorized Participant is able or willing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to step forward to create or redeem Creation Units (as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">defined below), Fund shares may trade at a discount to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NAV and possibly face trading halts and/or delisting.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Calculation Methodology Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index’s calculation methodology or sources of information</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may not provide an accurate assessment of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">included issuers or correct valuation of securities, nor is the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">availability or timeliness of the production of the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index guaranteed. A security included in the Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Index may not exhibit the characteristic or provide the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">specific exposure for which it was selected and consequently</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> a Fund’s holdings may not exhibit returns consistent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> with that characteristic or exposure.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund faces because </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its shares are listed on a securities exchange, including the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">potential lack of an active market for Fund shares, losses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from trading in secondary markets, periods of high volatility</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and disruption in the creation/redemption process of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund. ANY OF THESE FACTORS MAY LEAD TO THE </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> TO NAV.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 12.80pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Trading in Fund shares may be halted due to market conditions</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or for reasons that, in the view of its listing exchange, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">make trading in the shares inadvisable. The market prices </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of Fund shares will generally fluctuate in accordance with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes in its NAV, changes in the relative supply of, and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">demand for, Fund shares, and changes in the liquidity, or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the perceived liquidity, of the Fund’s holdings.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Concentration Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that, if the Fund is concentrated</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in a particular industry or group of industries, the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund is likely to present more risks than a fund that is </span></div> <div style="line-height: 12.80pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">broadly diversified over several industries or groups of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industries. Compared to the broad market, an individual </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">industry may be more strongly affected by changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">economic climate, broad market shifts, moves in a particular</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> dominant stock or regulatory changes.</span></div> •Financial Sector Risk is the risk that the financial sector can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competition, and the availability and cost of capital, among other factors. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Derivatives Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that derivatives may pose risks </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in addition to and greater than those associated with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing directly in securities, currencies and other instruments,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may be illiquid or less liquid, more volatile, more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">difficult to value and leveraged so that small changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of the underlying instrument may produce disproportionate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> losses to the Fund. Derivatives are also subject </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to counterparty risk, which is the risk that the other party </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to the transaction will not perform its contractual obligations.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The use of derivatives is a highly specialized activity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that involves investment techniques and risks different </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from those associated with investments in more traditional </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities and instruments.</span></div> •Futures Contracts Risk is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.•Options Contracts Risk Options contracts give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the investment adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled bythe Fund or the investment adviser, thus limiting the ability to implement the Fund’s strategies. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">TBA Transactions Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk of loss if the securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">received are less favorable than what was anticipated by the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund when entering into the TBA transaction. TBA transactions</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> also involve the risk that the counterparty will fail </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to deliver the securities, exposing the Fund to further </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">losses. Default or bankruptcy of a counterparty to a TBA </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">transaction would expose the Fund to possible losses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">because of adverse market action, expenses or delays in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">connection with the purchase or sale of the pools of mortgage</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> pass-through securities specified in the TBA transaction.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Whether or not the Fund takes delivery of the securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> at the termination date of a TBA transaction, the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">will nonetheless be exposed to changes in the value of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">underlying investments during the term of the agreement.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Securities Lending Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund may lose </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">money because the borrower of the loaned securities fails </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to return the securities in a timely manner or at all. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund could also lose money in the event of a decline in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of collateral provided for loaned securities or a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decline in the value of any investments made with cash </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">collateral.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Valuation Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the sale price the Fund could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">receive for a portfolio security may differ from the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">valuation of the security, particularly for securities that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">trade in low volume or volatile markets or that are valued </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">using a fair value methodology. In addition, the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the securities in the Fund’s portfolio may change on days </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when shareholders will not be able to purchase or sell the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s shares.</span></div> It is possible to lose money on an investment in the Fund.  An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The bar chart and table that follow show how the Fund has </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">performed on a calendar year basis and provide an indication</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of the risks of investing in the Fund by showing (A) </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes in the Fund’s performance from year to year, (B) </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">how the Fund’s average annual returns compare with those </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of a broad-based securities market index and one or more </span></div> <div style="line-height: 12.80pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">style-specific indexes (reflecting the market segments in</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> which the Fund invests), in that order. Past performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> (before and after taxes) does not necessarily indicate how</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> the Fund will perform in the future. Updated information </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">on the Fund’s performance results can be obtained by visiting</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 12.80pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">etfs</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ntam.northerntrust.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">com.</span></div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad-based securities market index and one or more style-specific indexes (reflecting the market segments in which the Fund invests), in that order. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. etfs.ntam.northerntrust.com Calendar Year Total Returns <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">For the periods shown in the bar chart above:</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 12.80pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Best Quarter (12/31/2023): 8.32%</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 12.80pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Worst Quarter (3/31/2022): -7.45%</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 12.80pt;"> </span></div> Best Quarter 2023-12-31 0.0832 Worst Quarter 2022-03-31 -0.0745 Average Annual Total Returns (for the periods ended December 31, 2025)  0.0743 -0.0041 2021-09-20 0.0532 -0.0203 0.0436 -0.0102 0.0730 -0.0031 0.0777 -0.0015 0.0754 -0.0016 Reflects no deduction for fees, expenses or taxes. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">After-tax returns are calculated using the historical highest</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> individual federal marginal income tax rates and do not</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> reflect the impact of state and local taxes. Actual after-tax </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">returns depend on an investor’s tax situation and may differ</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> from those shown. After-tax returns shown are not relevant</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to investors who hold shares through tax-advantaged</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> arrangements, such as 401(k) plans or individual</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> retire</span></div> <div style="line-height: 12.80pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ment</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> plans. After-tax returns may exceed the return before</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> taxes due to an assumed tax benefit from realizing a capital</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> loss on a sale of Fund shares.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. Fund Summaries Northern Trust Ultra-Short Fixed Income ETF (formerly, FlexShares® Ultra-Short Income Fund) Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund seeks maximum current income consistent with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the preservation of capital and liquidity.</span></div> Fees and Expenses of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">This table describes the fees and expenses that you may pay </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">if you buy, hold and sell shares of the Fund. Under the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s Investment Advisory Agreement, the Fund is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">responsible for the following expenses: interest expenses, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">brokerage commissions and other trading expenses, fees </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and expenses of the independent trustees and their independent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> legal counsel, taxes and other extraordinary costs </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">such as litigation and other expenses not incurred in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ordinary course of business. You will also incur usual and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">customary brokerage commissions and fees to financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">intermediaries when buying or selling shares of the Fund in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the secondary market, which are not reflected in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">example that follows:</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0025 0.0000 0.0001 0.0026 -0.0001 0.0025 March 1, 2027 Example <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The following Example is intended to help you compare </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the cost of investing in the Fund with the cost of investing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in other funds. The Example assumes that you invest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">$10,000 in the Fund for the time periods indicated and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">then sell all of your shares at the end of those periods. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Example also assumes that your investment has a 5% </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">return each year and that the Fund’s operating expenses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">remain the same (taking into account the expense reimbursement</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> arrangement for one year). Although your </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">actual costs may be higher or lower, based on these </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">assumptions your costs would be:</span></div> 26 83 145 330 Portfolio Turnover.  The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year, the Fund’s portfolio turnover rate was 68% of the average value of its portfolio. 0.68 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund seeks to achieve its investment objective by</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> investing under normal circumstances at least 80% of its</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> total assets in a portfolio of fixed-income instruments,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> including bonds, debt securities and other similar instruments </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">issued by U.S. and non-U.S. public and private sector</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> entities. Such issuers include, without limitation, U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and non-U.S. governments and their agencies, instrumentalities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or sponsored enterprises, U.S. state and local governments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and municipalities, and U.S. and non-U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">private-sector entities, such as corporations and banks. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">average portfolio duration of this Fund will vary based on </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Northern Trust Company Investment Policy Committee’s</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> forecast for interest rates and will normally not exceed </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">one year. Duration measures the price sensitivity of a fixed-income</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> security to changes in interest rates. Interest rate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes have a greater effect on the price of fixed-income </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities with longer durations. The dollar-weighted average</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> portfolio maturity of the Fund is normally not </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">expected to exceed two years.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund invests in investment grade debt securities (i.e., </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities that are, at the time of investment, rated within </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the top four rating categories by a Nationally Recognized </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Statistical Rating Organization (“NRSRO”) or of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">comparable</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> quality as determined by NTI). The Fund may invest, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">without limitation, in fixed-income securities and instruments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of foreign issuers in developed markets, including </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">debt securities of foreign governments, and may invest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">more than 25% of its total assets in securities and instruments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of issuers in a single developed market country. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund may invest up to 20% of its total assets in fixed-income</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> securities and instruments of issuers in emerging </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">markets.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund may invest, without limitation, in mortgage- or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">asset-backed securities, including to-be-announced </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(“TBAs”) transactions, and purchase and sell securities on </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a when-issued, delayed delivery or forward commitment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">basis. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund also may, without limitation, seek to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">obtain market exposure to the securities in which it primarily</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> invests by entering into a series of purchase and sale </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">contracts (such as buy backs or mortgage dollar rolls). The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund may engage in forward foreign currency transactions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">for hedging purposes in order to protect against uncertainty</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in the level of future foreign currency exchange rates, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to facilitate local settlements or to protect against currency </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">exposure in connection with its distributions to shareholders.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The Fund, however, does not expect to engage in currency</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> transactions for speculative purposes (e.g., for potential</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> income or capital gain). In seeking to achieve its </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investment objective, the Fund may invest in U.S. Treasury </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">futures contracts, which are considered to be derivative </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">instruments, for various purposes, including to manage </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">duration, credit and interest rate risks, and for cash management.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund is an actively managed ETF that does not seek to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">replicate the performance of a specified index. The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may have a higher degree of portfolio turnover than funds </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that seek to replicate the performance of an index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund may lend securities representing up to one-third </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the value of the Fund’s total assets (including the value </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the collateral received).</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">From time to time the Fund may focus its investments (</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invest more than 15% of its total assets) in one or more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">particular sectors. As of December 31, 2025, the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">focused its investments in the Financial sector.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its total assets in a portfolio of fixed-income instruments, including bonds, debt securities and other similar instruments issued by U.S. and non-U.S. public and private sector entities. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Management Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that a strategy used by NTI </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may fail to produce the intended results or that imperfections,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> errors or limitations in the tools and data used by </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI may cause unintended results.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may increase or decrease in response to expected, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">real or perceived economic, political or financial events in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the U.S. or global markets. The frequency and magnitude </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of such changes in value cannot be predicted. Certain securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and other investments held by the Fund may experience</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> increased volatility, illiquidity, or other potentially </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adverse effects in response to changing market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">inflation, changes in interest rates, lack of liquidity in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">bond or equity markets, or volatility in the equity markets. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Market disruptions caused by local or regional events such </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">as financial institution failures, war, acts of terrorism, the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">spread of infectious illness (including epidemics and pandemics)</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or other public health issues, recessions or other </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">events or adverse investor sentiment could have a significant</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> impact on the Fund and its investments. Such events </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">could result in the Fund’s shares trading at increased premiums</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or discounts to the Fund’s NAV. During periods of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market disruption or other abnormal market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s exposure to the risks described elsewhere in this </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">summary will likely increase.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Cash Transactions Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk from the Fund effecting </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">creation and redemption orders of its shares entirely for </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">cash, rather than for in-kind securities. The Fund may have </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to sell portfolio securities at inopportune times in order to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">obtain the cash needed to meet redemption orders. This </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may cause the Fund to sell a security or other financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">instrument and recognize a capital gain or loss that might </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">not have been incurred if it had not effected a redemption </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">order entirely for cash. As such, investments in Fund shares </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may be less tax-efficient than an investment in an ETF that </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">meets redemption orders entirely in-kind with portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities. The use of all cash creation and redemption </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">orders may also cause the Fund’s shares to trade in the secondary</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> market at wider bid-ask spreads and/or greater premiums</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or discounts to the Fund’s NAV. To the extent that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the maximum additional variable charge for cash creation </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or cash redemption transactions is insufficient to cover the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">transaction costs of purchasing or selling portfolio securities,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> the Fund’s performance could be negatively impacted.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Foreign Issuer Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that U.S. dollar-denominated</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> securities of foreign issuers or U.S. affiliates </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of foreign issuers may be subject to additional risks not </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">faced by domestic issuers. These risks include political and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">economic risks, civil conflicts and war, greater volatility, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">expropriation and nationalization risks, sanctions or other </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">measures by the United States or other governments and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">regulatory issues facing issuers in such foreign countries. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Events and evolving conditions in certain economies or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">markets may alter the risks associated with investments tied </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to countries or regions that historically were perceived as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">comparatively stable, becoming riskier and more volatile. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Foreign issuers may not be subject to uniform accounting, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">auditing and financial reporting standards and there may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">be less reliable and publicly available financial and other </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">information about such issuers as compared to domestic </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">issuers.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Emerging Markets Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that emerging markets </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">are generally subject to greater market volatility, political, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">social and economic instability, uncertain trading markets </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and more governmental limitations on foreign investments </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">than more developed markets. In addition, companies </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">operating in emerging markets may be subject to lower </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">trading volumes and greater price volatility than companies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in more developed markets. Emerging market economies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may be based on only a few industries, may be highly </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">vulnerable to changes in local and global trade conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and may suffer from extreme and volatile debt burdens or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">inflation rates. Companies in emerging market countries </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">generally may be subject to less stringent regulatory, disclosure,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> financial reporting, accounting, auditing and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">recordkeeping standards than companies in more developed</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> countries. As a result, information, including financial</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> information, about such companies may be less available</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and reliable, which can impede the Fund’s ability to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">evaluate such companies. Securities law and the enforce</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ment of systems of taxation in many emerging market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">countries may change quickly and unpredictably, and the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ability to bring and enforce actions (including bankruptcy, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">confiscatory taxation, expropriation, nationalization of a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">company’s assets, restrictions on foreign ownership of local </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">companies, restrictions on withdrawing assets from the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">country, protectionist measures and practices such as share </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">blocking), or to obtain information needed to pursue or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">enforce such actions, may be limited. Investments in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">emerging market securities may be subject to additional </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">transaction costs, delays in settlement procedures, unexpected</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> market closures, and lack of timely information.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Geographic Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that if the Fund invests a significant</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> portion of its total assets in certain issuers within </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the same country or geographic region, an adverse economic,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> business or political development affecting that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">country or region may affect the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> more, and the Fund's investments may be more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">volatile than if the Fund’s investments were not so concentrated</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in such country or region.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Income Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund’s income may decline </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when interest rates fall. This decline can occur because the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund must invest in lower-yielding bonds as bonds in its </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">portfolio mature or the Fund otherwise needs to purchase </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">additional bonds.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Sector Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that companies in similar businesses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may be similarly affected by particular economic or market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">events, which may, in certain circumstances, cause the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of securities of all companies in a particular sector of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the market to decrease.</span></div> •Financial Sector Risk is the risk that the financial sector can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competition, and the availability and cost of capital, among other factors. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Authorized Participant Concentration Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund may be adversely affected because it has a limited </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">number of institutions that act as authorized participants </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(“Authorized Participants”). Only an Authorized Participant</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may engage in creation or redemption transactions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">directly with the Fund and none of those Authorized Participants</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is obligated to engage in creation and/or redemption</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> transactions. To the extent that these institutions exit </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the business or are unable or unwilling to proceed with </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">creation and/or redemption orders with respect to the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund and no other Authorized Participant is able or willing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to step forward to create or redeem Creation Units (as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">defined below), Fund shares may trade at a discount to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NAV and possibly face trading halts and/or delisting. This </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">risk may be heightened because of its investments in non-U.S.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund faces because </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its shares are listed on a securities exchange, including the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">potential lack of an active market for Fund shares, losses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from trading in secondary markets, periods of high volatility</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and disruption in the creation/redemption process of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund. ANY OF THESE FACTORS MAY LEAD TO THE </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> TO NAV.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Trading in Fund shares may be halted due to market conditions</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or for reasons that, in the view of its listing exchange, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">make trading in the shares inadvisable. The market price of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund shares will generally fluctuate in accordance with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes in its NAV, changes in the relative supply of, and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">demand for, Fund shares, and changes in the liquidity or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">perceived liquidity, of the Fund’s holdings.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Credit (or Default) Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the inability or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">unwillingness of an issuer or guarantor of a fixed-income </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">security, or a counterparty to a TBA, repurchase or other </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">transaction, to meet its payment or other financial obligations</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> will adversely affect the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and its returns. The credit quality of a debt security </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or of the issuer of a debt security held by the Fund could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">deteriorate rapidly, which may impair the Fund's liquidity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or cause a deterioration in the Fund's NAV. The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">could also be delayed or hindered in its enforcement of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">rights against an issuer, guarantor or counterparty. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">degree of credit risk depends on the issuer’s or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">counterparty’s financial condition and on the terms of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Debt Extension Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that when interest rates rise </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">an issuer will exercise its right to pay principal on certain </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">debt securities held by the Fund later than expected. This </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">will cause the value of the security, and the Fund’s NAV, to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decrease, and the Fund may lose opportunities to invest in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">higher yielding securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Derivatives Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that derivatives may pose risks </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in addition to and greater than those associated with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing directly in securities, currencies and other instru</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ments, may be illiquid or less liquid, more volatile, more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">difficult to value and leveraged so that small changes in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of the underlying instrument may produce disproportionate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> losses to the Fund. Derivatives are also subject </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to counterparty risk, which is the risk that the other party </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to the transaction will not perform its contractual obligations.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The use of derivatives is a highly specialized activity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that involves investment techniques and risks different </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from those associated with investments in more traditional </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities and instruments.</span></div> •Forward Foreign Currency Contracts Risk is the risk that, if forward prices increase, a loss will occur to the extent that the agreed upon purchase price of the currency exceeds the price of the currency that was agreed to be sold.•Futures Contracts Risk is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Interest Rate/Maturity Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the value of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s fixed-income assets will decline because of rising </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interest rates. In general, securities with longer maturities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or durations are more sensitive to interest rate changes. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Changing interest rates, including rates that fall below zero, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may have unpredictable effects on the markets and the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s investments, may result in heightened market volatility,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may impact the liquidity of fixed-income securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and of the Fund, and may detract from Fund performance. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">A low or negative interest rate environment could cause the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s earnings to fall below the Fund’s expense ratio, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">resulting in a negative yield and a decline in the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">share price. An increase in interest rates may cause investors</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to move out of fixed income securities on a large scale, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">which could adversely affect the price of fixed income securities,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> lead to heightened volatility in the fixed-income </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">markets and may adversely affect the liquidity of certain </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">fixed-income investments. During periods when inflation </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">rates are high or rising, or during periods of low interest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">rates, the Fund may be subject to a greater risk of rising </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interest rates.</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Leveraging Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that certain transactions of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund, such as the use of when-issued, delayed delivery or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">forward commitment transactions and investments in forward</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> foreign currency contracts, may give rise to leverage, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">causing the Fund to be more volatile than if it had not been </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">leveraged.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Liquidity Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that certain portfolio securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may be less liquid or may become less liquid than others, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">which may make them difficult or impossible to sell at the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">time and the price that the Fund would like, adversely </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">affecting the value of the Fund’s investments and its </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">returns. Illiquid investments may be harder to value, especially</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in changing markets, and if the Fund is forced to sell </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">these investments to meet redemption requests or for other </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">cash needs, the Fund may suffer a loss. Liquidity risk may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">result from the lack of an active market, reduced number </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and capacity of traditional market participants to make a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market in fixed income securities, and may be magnified in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a rising interest rate environment or other circumstances </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">where investor redemptions from fixed income funds may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">be higher than normal, causing increased supply in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market due to selling activity. The market for certain </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investments may become illiquid under adverse market or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">economic conditions independent of any specific adverse </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes in the conditions of a particular issuer. Additionally,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in adverse market conditions, the Fund’s market price </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may begin to reflect illiquidity or pricing uncertainty of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s portfolio securities. This could lead to the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">shares trading at a price that is higher or lower than the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s NAV. At times, such differences may be significant.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Asset-Backed and Mortgage-Backed Securities Risk. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Asset-backed and mortgage-backed securities may be less </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">liquid than other bonds, and may be more sensitive than </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">other bonds to the market’s perception of issuers and creditworthiness</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of payees, particularly in declining general </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">economic conditions when concern regarding mortgagees’ </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ability to pay (e.g., the ability of homeowners, commercial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">mortgagees, consumers with student loans, automobile </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">loans or credit card debtholders to make payments on the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">underlying loan pools) rises, which may result in the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">experiencing difficulty selling or valuing these securities. In </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">addition, these securities may not be backed by the full </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">faith and credit of the U.S. government, have experienced </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">extraordinary weakness and volatility at various times in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">recent years, and may decline quickly in the event of a sub</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">stantial economic or market downturn. Those asset-backed </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and mortgage-backed securities that are guaranteed as to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the timely payment of interest and principal by a government</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> entity, are not guaranteed as to market price, which </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">will fluctuate. Small movements in interest rates (both </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">increases and decreases) may quickly and significantly </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reduce the value of certain asset-backed and mortgage-backed</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Municipal Market Volatility Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may be adversely affected by volatility in the municipal </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market. The municipal market can be significantly affected </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">by adverse tax, legislative, political or public health changes </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and the financial condition of the issuers of municipal </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Prepayment (or Call) Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that an issuer could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">exercise its right to pay principal on callable debt securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">held by the Fund earlier than expected. Issuers may be </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">more likely to prepay when interest rates fall, when credit </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">spreads change, or when an issuer’s credit quality improves. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">If this happens, the Fund will not benefit from the rise in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the market price of the securities that normally accompanies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> a decline in interest rates, and will be forced to reinvest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">prepayment proceeds in lower yielding securities, which </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may reduce the Fund’s returns. The Fund may also lose any </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">premium it paid to purchase the securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">TBA Transactions Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk of loss if the securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">received are less favorable than what was anticipated by the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund when entering into the TBA transaction. TBA transactions</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> also involve the risk that the counterparty will fail </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to deliver the securities, exposing the Fund to further </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">losses. Default or bankruptcy of a counterparty to a TBA </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">transaction would expose the Fund to possible losses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">because of adverse market action, expenses or delays in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">connection with the purchase or sale of the pools of mortgage</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> pass-through securities specified in the TBA transaction.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Whether or not the Fund takes delivery of the securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> at the termination date of a TBA transaction, the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">will nonetheless be exposed to changes in the value of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">underlying investments during the term of the agreement.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Securities Lending Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund may lose </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">money because the borrower of the loaned securities fails </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to return the securities in a timely manner or at all. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund could also lose money in the event of a decline in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of collateral provided for loaned securities or a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decline in the value of any investments made with cash </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">collateral.</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">U.S. Government Securities Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">government will not provide financial support to its agencies,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> instrumentalities or sponsored enterprises if it is not </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">obligated to do so by law. Many U.S. government securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that may be purchased by the Fund are not backed by the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">full faith and credit of the United States. The maximum </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">potential liability of the issuers of some U.S. government </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities may greatly exceed their current resources, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">including any legal right to support from the U.S. Treasury. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">It is possible that the issuers of such securities will not have </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the funds to meet their payment obligations in the future.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Valuation Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the sale price the Fund could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">receive for a portfolio security may differ from the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">valuation of the security, particularly for securities that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">trade in low volume or volatile markets or that are valued </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">using a fair value methodology. In addition, the value of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the securities in the Fund’s portfolio may change on days </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when shareholders will not be able to purchase or sell the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s shares.</span></div> It is possible to lose money on an investment in the Fund.  An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The bar chart and table that follow show how the Fund has</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> performed on a calendar year basis and provide an indication</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of the risks of investing in the Fund by showing (A)</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> changes in the Fund’s performance from year to year, (B)</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> how the Fund’s average annual returns compare with those</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of a broad-based securities market index and one or more</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> style-specific indexes (reflecting the market segments in</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> which the Fund invests), in that order. Past performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> (before and after taxes) does not necessarily indicate how</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> the Fund will perform in the future. Updated information </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">on the Fund’s performance results can be obtained by visiting</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">etfs</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ntam.northerntrust.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">com.</span></div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year, (B) how the Fund’s average annual returns compare with those of a broad-based securities market index and one or more style-specific indexes (reflecting the market segments in which the Fund invests), in that order. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. etfs.ntam.northerntrust.com Calendar Year Total Returns <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">For the periods in the bar chart above:</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Best Quarter (6/30/2020): 2.84%</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Worst Quarter (3/31/2020): -1.32%</span></div> Best Quarter 2020-06-30 0.0284 Worst Quarter 2020-03-31 -0.0132 Average Annual Total Returns (for the periods ended December 31, 2025)  0.0495 0.0322 0.0259 0.0300 0.0180 0.0153 0.0290 0.0185 0.0153 0.0817 -0.0215 0.0126 0.0429 0.0324 0.0218 Reflects no deduction for fees, expenses or taxes. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">After-tax returns are calculated using the historical highest</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> individual federal marginal income tax rates and do not</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> reflect the impact of state and local taxes. Actual after-tax </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">returns depend on an investor’s tax situation and may differ</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> from those shown. After-tax returns shown are not relevant</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to investors who hold shares through tax-advantaged</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> arrangements, such as 401(k) plans or individual retirement</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> plans. After-tax returns may exceed the return before</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> taxes due to an assumed tax benefit from realizing a capital</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> loss on a sale of Fund shares.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. Northern Trust Core Bond ETF (formerly, FlexShares® Core Select Bond Fund) Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund seeks total return and preservation of capital.</span></div> Fees and Expenses of the Fund <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">This table describes the fees and expenses that you may pay </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">if you buy, hold and sell shares of the Fund. Under the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s Investment Advisory Agreement, the Fund is </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">responsible for the following expenses: interest expenses, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">brokerage commissions and other trading expenses, fees </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and expenses of the independent trustees and their independent</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> legal counsel, taxes and other extraordinary costs </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">such as litigation and other expenses not incurred in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ordinary course of business. You will also incur usual and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">customary brokerage commissions and fees to financial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">intermediaries when buying or selling shares of the Fund in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the secondary market, which are not reflected in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">example that follows:</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0035 0.0000 0.0001 0.0013 0.0049 -0.0014 0.0035 The "Total Annual Fund Operating Expenses" may not correlate to the ratio of expenses to average net assets as reported in the "Financial Highlights" section of the Prospectus, which reflects the operating expenses of the Fund and does not include "Acquired Fund Fees and Expenses." March 1, 2027 Example <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The following Example is intended to help you compare </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the cost of investing in the Fund with the cost of investing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in other funds. The Example assumes that you invest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">$10,000 in the Fund for the time periods indicated and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">then sell all of your shares at the end of those periods. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Example also assumes that your investment has a 5% </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">return each year and that the Fund’s operating expenses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">remain the same (taking into account the expense reimbursement</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> arrangement for one year). Although your </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">actual costs may be higher or lower, based on these </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">assumptions your costs would be:</span></div> 36 143 260 602 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 23% of the average value of its portfolio. 0.23 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund seeks to achieve its investment objective by</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> investing, under normal circumstances, at least 80% of its</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> net assets in U.S. dollar-denominated investment-grade</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> fixed-income securities either directly or indirectly through</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> exchange-traded funds ("ETFs") and other registered</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> investment companies (together with ETFs, “Underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Funds”). The Fund primarily invests in fixed-income securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of varying maturities, including bonds, debt securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and other similar instruments issued by U.S. public and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">U.S and non-U.S. private sector entities. Such issuers </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">include, without limitation, U.S. governments and their </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">agencies, instrumentalities or sponsored enterprises, and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">U.S. and non-U.S. private-sector entities, such as corporations</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and banks. The Fund may invest in fixed income </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities of any maturity.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund seeks to provide attractive risk-adjusted performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> by investing in a portfolio of fixed-income securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and Underlying Funds. The Fund generally adjusts its allocations</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to securities based on NTI’s assessment of potential </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes in interest rate levels, the shape of the yield curve </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and credit spread relationships. The Fund also seeks to balance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> the potential for return and risk while emphasizing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">liquidity and diversification across a spectrum of U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">dollar-denominated investment-grade fixed income securities.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund may invest, without limitation, in mortgage- or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">asset-backed securities, including to-be-announced </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(“TBA”) transactions, and purchase and sell securities on a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when-issued, delayed delivery or forward commitment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">basis. The Fund also may, without limitation, seek to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">obtain market exposure to the securities in which it primarily</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> invests by entering into a series of purchase and sale </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">contracts (such as buy backs or mortgage dollar rolls).</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">In seeking to achieve its investment objective, the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may invest in U.S. Treasury futures contracts, which are </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">considered to be derivative instruments, for various purposes,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> including to manage duration, credit and interest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">rate risks, and for cash management. The Fund may take </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">short or long positions in U.S. Treasury futures or transact </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in interest rate swaps. The Fund's short positions in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">U.S. Treasury futures are not intended to mitigate credit </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">spread risk or other factors influencing the price of non-government</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> bonds, which may have a greater impact than </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interest rates. The Fund may also invest in other interest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">rate futures contracts, including, but not limited to, Eurodollar</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and Federal Funds futures.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund may invest in short-term paper, cash and cash </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">equivalents, including shares of affiliated and unaffiliated </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">money market funds, in order to achieve its investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">objective.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund may make the foregoing investments either </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">directly or indirectly by investing in Underlying Funds, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">such as indexed or actively managed ETFs or other registered</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> investment companies that invest in such securities. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Underlying Funds in which the Fund may invest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">include funds managed by NTI or its affiliates.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund is an actively managed ETF that does not seek to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">replicate the performance of a specified index. The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may have a higher degree of portfolio turnover than funds </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that seek to replicate the performance of an index.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The Fund may lend securities representing up to one-third </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the value of the Fund’s total assets (including the value </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of the collateral received).</span></div> 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”). <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Management Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that a strategy used by NTI </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may fail to produce the intended results or that imperfections,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> errors or limitations in the tools and data used by </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NTI may cause unintended results.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Underlying Fund Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund’s investment</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> performance and its ability to achieve its investment </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">objective may be directly related to the performance of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Funds in which it invests. There can be no </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">assurance that the Underlying Funds will achieve their </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">respective investment objectives. The Fund is subject to the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">risks of the Underlying Funds in direct proportion to the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">allocation of its assets among the Underlying Funds. By </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing in the Underlying Funds indirectly through the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund, you will incur not only a proportionate share of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">expenses of the Underlying Fund held by the Fund (including</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> operating costs and investment management fees), but </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">also expenses of the Fund. NTI may be subject to potential </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">conflicts of interest with respect to investments in affiliated </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Underlying Funds, which are Underlying Funds managed </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">by NTI or its affiliates, because the fees paid to NTI by </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">some affiliated Underlying Funds may be higher than the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">fees paid by other Underlying Funds.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-style: italic;">Sampling Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the index-based ETFs in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">which the Fund invests may utilize a representative sampling</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> approach to track their respective underlying indices. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ETFs that utilize a representative sampling approach are </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">subject to an increased risk of tracking error because the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities selected for the ETF in the aggregate may vary </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from the investment profile of the underlying index. Additionally,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> if using a representative sampling approach, an </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ETF will typically hold a smaller number of securities than </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the underlying index, and as a result, an adverse development</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to an issuer of securities that the ETF holds could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">result in a greater decline in NAV than would be the case if </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the ETF held all of the securities in the underlying index.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-style: italic;">Tracking Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the index-based ETFs and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">other investment companies in which the Fund invests may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">not be able to replicate exactly the performance of the indices</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> they track as a result of share purchases and redemptions,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> transaction costs, expenses and other factors. In </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">addition, index-based ETFs and other investment companies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in which the Fund invests may incur expenses not </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">incurred by their applicable indices. Certain securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">comprising the indices may, from time to time, temporarily </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">be unavailable, which may further impede an ETF’s or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">other investment company’s ability to track its applicable </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">index or match its performance.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may increase or decrease in response to expected, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">real or perceived economic, political or financial events in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the U.S. or global markets. The frequency and magnitude </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of such changes in value cannot be predicted. Certain securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and other investments held by the Fund may experience</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> increased volatility, illiquidity, or other potentially </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">adverse effects in response to changing market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">inflation, changes in interest rates, lack of liquidity in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">bond or equity markets, or volatility in the equity markets. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Market disruptions caused by local or regional events such </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">as financial institution failures, war, acts of terrorism, the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">spread of infectious illness (including epidemics and pandemics)</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or other public health issues, recessions or other </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">events or adverse investor sentiment could have a significant</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> impact on the Fund and its investments. Such events </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">could result in the Fund’s shares trading at increased premiums</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or discounts to the Fund’s NAV. During periods of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market disruption or other abnormal market conditions, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund’s exposure to the risks described elsewhere in this </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">summary will likely increase.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Income Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund’s income may decline </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">when interest rates fall. This decline can occur because the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund must invest in lower-yielding bonds as bonds in its </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">portfolio mature, bonds in an Underlying Fund’s underlying</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> index are substituted or the Fund otherwise needs to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">purchase additional bonds.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Asset-Backed and Mortgage-Backed Securities Risk. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Asset-backed and mortgage-backed securities may be less </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">liquid than other bonds, and may be more sensitive than </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">other bonds to the market’s perception of issuers and creditworthiness</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of payees, particularly in declining general </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">economic conditions when concern regarding mortgagees’ </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ability to pay (e.g., the ability of homeowners, commercial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">mortgagees, consumers with student loans, automobile </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">loans or credit card debtholders to make payments on the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">underlying loan pools) rises, which may result in the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">experiencing difficulty selling or valuing these securities. In </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">addition, these securities may not be backed by the full </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">faith and credit of the U.S. government, have experienced </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">extraordinary weakness and volatility at various times in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">recent years, and may decline quickly in the event of a substantial</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> economic or market downturn. Those asset-backed </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and mortgage-backed securities that are guaranteed as to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the timely payment of interest and principal by a government</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> entity, are not guaranteed as to market price, which </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">will fluctuate. Small movements in interest rates (both </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">increases and decreases) may quickly and significantly </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reduce the value of certain asset-backed and mortgage-backed</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Authorized Participant Concentration Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund may be adversely affected because it has a limited </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">number of institutions that act as authorized participants </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(“Authorized Participants”). Only an Authorized Participant</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may engage in creation or redemption transactions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">directly with the Fund and none of those Authorized Participants</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is obligated to engage in creation and/or redemption</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> transactions. To the extent that these institutions exit </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the business or are unable or unwilling to proceed with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">creation and/or redemption orders with respect to the </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund and no other Authorized Participant is able or willing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to step forward to create or redeem Creation Units (as </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">defined below), Fund shares may trade at a discount to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">NAV and possibly face trading halts and/or delisting.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund faces because </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">its shares are listed on a securities exchange, including the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">potential lack of an active market for Fund shares, losses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from trading in secondary markets, periods of high volatility</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and disruption in the creation/redemption process of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the Fund. ANY OF THESE FACTORS MAY LEAD TO THE </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> TO NAV.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Trading in Fund shares may be halted due to market conditions</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> or for reasons that, in the view of its listing exchange, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">make trading in the shares inadvisable. The market price of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund shares will generally fluctuate in accordance with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes in its NAV, changes in the relative supply of, and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">demand for, Fund shares, and changes in the liquidity or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">perceived liquidity, of the Fund’s holdings.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Credit (or Default) Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the inability or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">unwillingness of an issuer or guarantor of a fixed-income </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">security, or a counterparty to a TBA, repurchase or other </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">transaction, to meet its payment or other financial obligations</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> will adversely affect the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and its returns. The credit quality of a debt security </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or of the issuer of a debt security held by the Fund could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">deteriorate rapidly, which may impair the Fund's liquidity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or cause a deterioration in the Fund's NAV. The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">could also be delayed or hindered in its enforcement of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">rights against an issuer, guarantor or counterparty. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">degree of credit risk depends on the issuer’s or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">counterparty’s financial condition and on the terms of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Debt Extension Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that when interest rates rise </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">an issuer will exercise its right to pay principal on certain </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">debt securities held by the Fund later than expected. This </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">will cause the value of the security, and the Fund’s NAV, to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decrease, and the Fund may lose opportunities to invest in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">higher yielding securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Derivatives Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that derivatives may pose risks </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in addition to and greater than those associated with </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investing directly in securities, currencies and other instruments,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may be illiquid or less liquid, more volatile, more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">difficult to value and leveraged so that small changes in the </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of the underlying instrument may produce disproportionate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> losses to the Fund. Derivatives are also subject </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to counterparty risk, which is the risk that the other party </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to the transaction will not perform its contractual obligations.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> The use of derivatives is a highly specialized activity </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that involves investment techniques and risks different </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">from those associated with investments in more traditional </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities and instruments.</span></div> •Futures Contracts Risk is the risk that there will be imperfect correlation between the change in market value of the Fund’s securities and the price of futures contracts, which may result in the strategy not working as intended; the possible inability of the Fund to sell or close out a futures contract at the desired time or price; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities’ prices, interest rates, currency exchange rates and other economic factors, which may make the Fund’s returns more volatile or increase the risk of loss.•Swap Contracts Risk Swap contracts involve the risk that the counterparty with whom the Fund has entered into the agreement will default on its obligation to pay the Fund. While certain swaps are subject to mandatory central clearing, which is intended to reduce counterparty risk, these swaps are subject to the risk that a central clearinghouse will go into bankruptcy or become non-operational, and sometimes involve increased transaction costs. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Sector Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that companies in similar businesses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may be similarly affected by particular economic or market </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">events, which may, in certain circumstances, cause the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of securities of all companies in a particular sector of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the market to decrease.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Hedging Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund’s short positions in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">U.S. Treasury futures and transactions in interest rate </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">swaps will not completely eliminate interest rate risk of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">long positions in bonds. The Fund seeks to mitigate the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">potential impact of interest rates on the performance of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">bonds by entering into short positions in U.S. Treasury </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">futures or transact in interest rate swaps. The Fund’s short </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">positions in U.S. Treasury futures and interest rate swaps </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">are not intended to mitigate credit spread risk or other factors</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> influencing the price of bonds, which may have a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">greater impact than interest rates. In addition, when interest</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> rates fall, long-only bond investments will perform bet</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ter than the Fund’s investments. In certain falling interest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">rate environments, the Fund’s hedging strategy could result </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">in disproportionately larger losses in the short U.S. Treasury</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> futures and interest rate swaps positions as compared </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to gains in the long bond positions attributable to interest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">rate changes. There is no guarantee the Fund will have </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">positive returns, even in environments of sharply rising </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Treasury interest rates in which the Fund’s short positions </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">might be expected to mitigate the effects of such rises. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund will incur expenses when entering into short positions.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">High Portfolio Turnover Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that active and </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">frequent trading of the Fund’s portfolio securities may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">result in increased transaction costs to the Fund, including </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">brokerage commissions, dealer mark-ups and other transaction</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> costs, which could reduce the Fund’s return.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Interest Rate/Maturity Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the value of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s fixed-income assets will decline because of rising </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interest rates. In general, securities with longer maturities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or durations are more sensitive to interest rate changes. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Changing interest rates, including rates that fall below zero, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may have unpredictable effects on the markets and the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s investments, may result in heightened market volatility,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may impact the liquidity of fixed-income securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and of the Fund, and may detract from Fund performance. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">A low or negative interest rate environment could cause the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s earnings to fall below the Fund’s expense ratio, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">resulting in a negative yield and a decline in the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">share price. An increase in interest rates may cause investors</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to move out of fixed income securities on a large scale, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">which could adversely affect the price of fixed income securities,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> lead to heightened volatility in the fixed-income </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">markets and may adversely affect the liquidity of certain </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">fixed-income investments. During periods when inflation </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">rates are high or rising, or during periods of low interest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">rates, the Fund may be subject to a greater risk of rising </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interest rates.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Leveraging Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that certain transactions of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund, such as the use of when-issued, delayed delivery or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">forward commitment transactions and investments in forward</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> foreign currency contracts, may give rise to leverage, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">causing the Fund to be more volatile than if it had not been </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">leveraged.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Liquidity Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that certain portfolio securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may be less liquid or may become less liquid than others, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">which may make them difficult or impossible to sell at the </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">time and the price that the Fund would like, adversely </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">affecting the value of the Fund’s investments and its </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">returns. Illiquid investments may be harder to value, especially</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in changing markets, and if the Fund is forced to sell </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">these investments to meet redemption requests or for other </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">cash needs, the Fund may suffer a loss. Liquidity risk may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">result from the lack of an active market, reduced number </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">and capacity of traditional market participants to make a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market in fixed income securities, and may be magnified in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">a rising interest rate environment or other circumstances </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">where investor redemptions from fixed income funds may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">be higher than normal, causing increased supply in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">market due to selling activity. The market for certain </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">investments may become illiquid under adverse market or </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">economic conditions independent of any specific adverse </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">changes in the conditions of a particular issuer. Additionally,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in adverse market conditions, the Fund’s market price </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may begin to reflect illiquidity or pricing uncertainty of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s portfolio securities. This could lead to the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">shares trading at a price that is higher or lower than the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund’s NAV. At times, such differences may be significant.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Foreign Securities Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that investing in foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">(non-U.S.) securities may result in the Fund experiencing </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">more rapid and extreme changes in value than a fund that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">invests exclusively in securities of U.S. companies, due to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">less liquid markets and adverse economic, political, diplomatic,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> financial, and regulatory factors. Foreign governments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> may impose limitations on foreigners’ ownership of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">interests in local issuers, restrictions on the ability to repatriate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> assets, and may also impose taxes. Any of these events </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">could cause the value of the Fund’s investments to </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decline. Foreign banks, agents and securities depositories </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that hold the Fund’s foreign assets may be subject to little </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">or no regulatory oversight over, or independent evaluation, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">of their operations. Additional costs associated with investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in foreign securities may include higher custodial </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">fees than those applicable to domestic custodial arrangements</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> and transaction costs of foreign currency conversions.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Unless the Fund has hedged its foreign currency </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">exposure, foreign securities risk also involves the risk of </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">negative foreign currency rate fluctuations, which may </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">cause the value of securities denominated in such foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">currency (or other instruments through which the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">has exposure to foreign currencies) to decline in value. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Currency exchange rates may fluctuate significantly over </span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">short periods of time. Currency hedging strategies, if used, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">are not always successful. For instance, forward foreign </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">currency exchange contracts, if used by the Fund, could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">reduce performance if there are unanticipated changes in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">currency exchange rates.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Geographic Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that if the Fund invests a significant</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> portion of its total assets in certain issuers within </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the same country or geographic region, an adverse economic,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> business or political development affecting that </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">country or region may affect the value of the Fund’s investments</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> more, and the Fund's investments may be more </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">volatile than if the Fund’s investments were not so concentrated</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> in such country or region.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Prepayment (or Call) Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that an issuer could </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">exercise its right to pay principal on callable debt securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">held by the Fund earlier than expected. Issuers may be </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">more likely to prepay when interest rates fall, when credit </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">spreads change, or when an issuer’s credit quality improves. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">If this happens, the Fund will not benefit from the rise in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the market price of the securities that normally accompanies</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> a decline in interest rates, and will be forced to reinvest </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">prepayment proceeds in lower yielding securities, which </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">may reduce the Fund’s returns. The Fund may also lose any </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">premium it paid to purchase the securities.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">TBA Transactions Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk of loss if the securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">received are less favorable than what was anticipated by the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund when entering into the TBA transaction. TBA transactions</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> also involve the risk that the counterparty will fail </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to deliver the securities, exposing the Fund to further </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">losses. Default or bankruptcy of a counterparty to a TBA </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">transaction would expose the Fund to possible losses </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">because of adverse market action, expenses or delays in </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">connection with the purchase or sale of the pools of mortgage</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> pass-through securities specified in the TBA transaction.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> Whether or not the Fund takes delivery of the securities</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> at the termination date of a TBA transaction, the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">will nonetheless be exposed to changes in the value of the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">underlying investments during the term of the agreement.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">Securities Lending Risk</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> is the risk that the Fund may lose </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">money because the borrower of the loaned securities fails </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">to return the securities in a timely manner or at all. The </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Fund could also lose money in the event of a decline in the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">value of collateral provided for loaned securities or a </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">decline in the value of any investments made with cash </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">collateral.</span></div> <div style="line-height: 13.10pt; margin-top: 0.00pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">U.S. Government Securities Risk </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">is the risk that the U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">government will not provide financial support to its agencies,</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> instrumentalities or sponsored enterprises if it is not </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">obligated to do so by law. Many U.S. government securities </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">that may be purchased by the Fund are not backed by the </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">full faith and credit of the United States. The maximum </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">potential liability of the issuers of some U.S. government </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">securities may greatly exceed their current resources, </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">including any legal right to support from the U.S. Treasury. </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">It is possible that the issuers of such securities will not have </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">the funds to meet their payment obligations in the future.</span></div> It is possible to lose money on an investment in the Fund.  An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. Fund Performance <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">The bar chart and table that follow show how the Fund has</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> performed on a calendar year basis and provide an indication</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> of the risks of investing in the Fund by showing (A)</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> changes in the Fund’s performance from year to year and</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> (B) how the Fund’s average annual returns compare with</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> those of a broad-based securities market index. Past performance</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> (before and after taxes) does not necessarily indicate</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> how the Fund will perform in the future. Updated information</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> on the Fund’s performance results can be obtained </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">by visiting </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">etfs</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">ntam.northerntrust.</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">com.</span></div> The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Fund by showing (A) changes in the Fund’s performance from year to year and (B) how the Fund’s average annual returns compare with those of a broad-based securities market index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. etfs.ntam.northerntrust.com Calendar Year Total Returns <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; font-weight: bold;">For the periods in the bar chart above:</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Best Quarter (12/31/2023): 6.89%</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt; line-height: 13.10pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">Worst Quarter (3/31/2022): -6.21%</span></div> Best Quarter 2023-12-31 0.0689 Worst Quarter 2022-03-31 -0.0621 Average Annual Total Returns (for the periods ended December 31, 2025)  0.0720 -0.0066 0.0175 2016-11-18 0.0538 -0.0190 0.0052 0.0423 -0.0104 0.0080 0.0730 -0.0036 0.0192 Reflects no deduction for fees, expenses or taxes. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">After-tax returns are calculated using the historical highest</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> individual federal marginal income tax rates and do not</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> reflect the impact of state and local taxes. Actual after-tax </span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;">returns depend on an investor’s tax situation and may differ</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> from those shown. After-tax returns shown are not relevant</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> to investors who hold shares through tax-advantaged</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> arrangements, such as 401(k) plans or individual retirement</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> plans. After-tax returns may exceed the return before</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> taxes due to an assumed tax benefit from realizing a capital</span><span style="color: #000000; font-family: times new roman; font-size: 10.1pt;"> loss on a sale of Fund shares.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement plans. After-tax returns may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of Fund shares. Reflects no deduction for fees, expenses or taxes. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.39%. This contractual limitation may not be terminated before March 1, 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. Reflects no deduction for fees, expenses or taxes. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.57%. 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. Reflects no deduction for fees, expenses or taxes. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.25%. This contractual limitation may not be terminated before March 1, 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. Reflects no deduction for fees, expenses or taxes. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.32%. This contractual limitation may not be terminated before March 1, 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. Formerly known as STOXX® USA ESG Impact Index℠. Reflects no deduction for fees, expenses or taxes. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.42%. This contractual limitation may not be terminated before March 1, 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. Reflects no deduction for fees, expenses or taxes. Formerly known as STOXX® Global ESG Impact IndexSM. Reflects no deduction for fees, expenses or taxes. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.09%. This contractual limitation may not be terminated before March 1, 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. Reflects no deduction for fees, expenses or taxes. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.12%. This contractual limitation may not be terminated before March 1, 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. Reflects no deduction for fees, expenses or taxes. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.46%. 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. Reflects no deduction for fees, expenses or taxes. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.47%. This contractual limitation may not be terminated before March 1, 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. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.12%. This contractual limitation may not be terminated before March 1, 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. Reflects no deduction for fees, expenses or taxes. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.45%. This contractual limitation may not be terminated before March 1, 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. Reflects no deduction for fees, expenses or taxes. The "Total Annual Fund Operating Expenses" may not correlate to the ratio of expenses to average net assets as reported in the "Financial Highlights" section of the Prospectus, which reflects the operating expenses of the Fund and does not include "Acquired Fund Fees and Expenses." Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.37%. 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. Reflects no deduction for fees, expenses or taxes. The "Total Annual Fund Operating Expenses" may not correlate to the ratio of expenses to average net assets as reported in the "Financial Highlights" section of the Prospectus, which reflects the operating expenses of the Fund and does not include "Acquired Fund Fees and Expenses." Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.37%. 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. Reflects no deduction for fees, expenses or taxes. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.47%. This contractual limitation may not be terminated before March 1, 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. Reflects no deduction for fees, expenses or taxes. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.47%. This contractual limitation may not be terminated before March 1, 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. 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 0.08%. 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. Reflects no deduction for fees, expenses or taxes. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.18%. This contractual limitation may not be terminated before March 1, 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. Reflects no deduction for fees, expenses or taxes. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.18%. This contractual limitation may not be terminated before March 1, 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. Reflects no deduction for fees, expenses or taxes. Reflects no deduction for fees, expenses or taxes. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.20%. 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. Prior to July 1, 2022, index returns reflect no deduction for fees, expenses or taxes. Effective July 1, 2022, index returns reflect no deduction for taxes, but include transaction costs, which may be higher or lower than the actual transaction costs incurred by the Fund. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.15%. 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. Reflects no deduction for fees, expenses or taxes. The hybrid index performance information reflects the performance of the Northern Trust Credit-Scored US Corporate Bond IndexSM (Previous Index) through April 30, 2020 and the Northern Trust US Corporate Bond Quality Value IndexSM thereafter. The Previous Index terminated as of May 1, 2020. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.15%. 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. Reflects no deduction for fees, expenses or taxes. The hybrid index performance information reflects the performance of the Northern Trust Credit-Scored US Long Corporate Bond IndexSM (Previous Index) through April 30, 2020 and the Northern Trust US Long Corporate Bond Quality Value IndexSM thereafter. The Previous Index terminated as of May 1, 2020. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.37%. This contractual limitation may not be terminated before March 1, 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. 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. Prior to July 1, 2022, index returns reflect no deduction for fees, expenses or taxes. Effective July 1, 2022, index returns reflect no deduction for taxes, but include transaction costs, which may be higher or lower than the actual transaction costs incurred by the Fund. Reflects no deduction for fees, expenses or taxes. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.12%. This contractual limitation may not be terminated before March 1, 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. Reflects no deduction for fees, expenses or taxes. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.25%. This contractual limitation may not be terminated before March 1, 2027 without the approval of the Fund’s Board of Trustees. The Fund’s Board of Trustees may terminate the contractual arrangement at any time if it determines that it is in the best interest of the Fund and its shareholders. Reflects no deduction for fees, expenses or taxes. The "Total Annual Fund Operating Expenses" may not correlate to the ratio of expenses to average net assets as reported in the "Financial Highlights" section of the Prospectus, which reflects the operating expenses of the Fund and does not include "Acquired Fund Fees and Expenses." Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.35%. This contractual limitation may not be terminated before March 1, 2027 without the approval of the Fund’s Board of Trustees. NTI has also contractually agreed to waive Management Fees or reimburse certain expenses in an amount equal to the sum of (a) any Acquired Fund Fees and Expenses, if any, incurred by the Fund that are attributable to the Fund’s investment in Acquired Funds managed by NTI or an investment adviser controlling, controlled by, or under common control with NTI (“Affiliated Funds”); and (b) 0.05% or such lesser amount in Acquired Fund Fees and Expenses incurred by the Fund that are attributable to the Fund’s investment in Acquired Funds that are not Affiliated Funds, until March 1, 2027. The Trust’s Board of Trustees may terminate the contractual arrangements at any time if it determines that it is in the best interest of the Fund and its shareholders. Reflects no deduction for fees, expenses or taxes. Reflects no deduction for fees, expenses or taxes. Northern Trust Investments, Inc. (“NTI”) has contractually agreed to reimburse a portion of the operating expenses of the Fund (other than 12b-1 Fees, Tax Expenses, Extraordinary Expenses, and Acquired Fund Fees and Expenses) to the extent the “Total Annual Fund Operating Expenses” exceed 0.25%. 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.