0000916620 nf:S000109731Member nf:AUTHORIZEDPARTICIPANTCONCENTRATIONRISKMember 2026-03-31 2026-03-31 0000916620 nf:S000109731Member nf:DERIVATIVESRISKSMember 2026-03-31 2026-03-31 0000916620 nf:S000109731Member nf:DIVIDENDRISKMember 2026-03-31 2026-03-31 0000916620 nf:S000109731Member nf:EQUITYSECURITIESRISKMember 2026-03-31 2026-03-31 0000916620 nf:S000109731Member nf:MANAGEMENTRISKMember 2026-03-31 2026-03-31 0000916620 nf:S000109731Member nf:MARKETRISKSMember 2026-03-31 2026-03-31 0000916620 nf:S000109731Member nf:MARKETTRADINGRISKMember 2026-03-31 2026-03-31 0000916620 nf:S000109731Member nf:PREFERREDSECURITIESRISKMember 2026-03-31 2026-03-31 0000916620 nf:S000109731Member nf:QUALITYFACTORRISKMember 2026-03-31 2026-03-31 0000916620 nf:S000109731Member oef:RiskLoseMoneyMember 2026-03-31 2026-03-31 0000916620 nf:S000109731Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-31 2026-03-31 0000916620 nf:S000109731Member nf:SECTORRISKMember 2026-03-31 2026-03-31 0000916620 nf:S000109731Member nf:SECURITIESLENDINGRISKMember 2026-03-31 2026-03-31 0000916620 2026-03-31 2026-03-31 0000916620 nf:C000280856Member 2021-01-01 2025-12-31 0000916620 nf:C000280856Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000916620 nf:C000280856Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000916620 nf:SP500IndexMember 2021-01-01 2025-12-31 0000916620 nf:S000109731Member nf:C000280856Member 2016-01-01 2016-12-31 0000916620 nf:S000109731Member nf:C000280856Member 2017-01-01 2017-12-31 0000916620 nf:S000109731Member nf:C000280856Member 2018-01-01 2018-12-31 0000916620 nf:S000109731Member nf:C000280856Member 2019-01-01 2019-12-31 0000916620 nf:S000109731Member nf:C000280856Member 2020-01-01 2020-12-31 0000916620 nf:S000109731Member nf:C000280856Member 2021-01-01 2021-12-31 0000916620 nf:S000109731Member nf:C000280856Member 2022-01-01 2022-12-31 0000916620 nf:S000109731Member nf:C000280856Member 2023-01-01 2023-12-31 0000916620 nf:S000109731Member nf:C000280856Member 2024-01-01 2024-12-31 0000916620 nf:C000280856Member 2025-01-01 2025-12-31 0000916620 nf:C000280856Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000916620 nf:C000280856Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000916620 nf:S000109731Member nf:C000280856Member 2025-01-01 2025-12-31 0000916620 nf:SP500IndexMember 2025-01-01 2025-12-31 0000916620 nf:S000109731Member 2026-03-31 2026-03-31 0000916620 nf:S000109731Member nf:C000280856Member 2026-03-31 2026-03-31 0000916620 nf:C000280856Member 2016-01-01 2025-12-31 0000916620 nf:C000280856Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000916620 nf:C000280856Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000916620 nf:SP500IndexMember 2016-01-01 2025-12-31 iso4217:USD pure 0000916620 false 485BPOS 2026-03-31 0.2701 0.1875 0.2803 -0.1314 0.2446 0.1952 0.1137 0.1097 -0.0641 0.2021 N-1A NORTHERN FUNDS 2026-10-07 NORTHERN TRUST EQUITY INCOME ETF INVESTMENT OBJECTIVE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund seeks to provide a high level of current income and long-term capital appreciation.</div> FEES AND EXPENSES OF THE FUND <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <span style="font-weight: bold;">You may be required to pay commissions and/or other forms of compensation to a financial intermediary for transactions in shares of the Fund, which are not reflected in the table or the example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as apercentage of the value of your investment) 0.0046 0.0000 0.0046 “Other Expenses” are based on estimated amounts for the current fiscal year. EXAMPLE <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The following Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 47 148 258 579 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. During the most recent fiscal year, the predecessor mutual fund’s (defined below) portfolio turnover rate was 38.47% of the average value of its portfolio. 0.3847 PRINCIPAL INVESTMENT STRATEGIES <div style="margin-top: 14pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In seeking to achieve its investment objective, the Fund will, under normal circumstances, invest at least 80% of its net assets in income-producing equity securities, including dividend-paying common and preferred stocks. Income-producing securities are those that NTI believes will provide dividend yield, based on the security’s indicative yield. The Fund seeks to provide a high level of current income relative to its benchmark index.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In determining capital appreciation potential, NTI uses a proprietary quantitative ranking system that is designed to provide exposure to equity securities that exhibit quality characteristics. Beginning with a broad universe of highly liquid equity securities, NTI applies a proprietary quality score, which ranks each security based on its issuer’s profitability, management efficiency, and cash generation, to screen out the lowest quality securities based on their proprietary ranking. NTI then selects securities from the remaining universe that it believes will achieve the appropriate quality and yield exposures. NTI also performs a risk management analysis in which NTI seeks to measure and manage risk exposures at the security, sector and portfolio levels through portfolio diversification. Final purchase decisions are made based on the desired level of diversification and dividend yield.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund may use derivatives, such as stock index futures contracts, to equitize cash and enhance portfolio liquidity. Derivatives instruments that provide investment exposure to income-producing equity securities and derivatives instruments that provide investment exposure to one or more of the market risk factors associated with such securities may be counted towards the Fund’s 80% investment policy. NTI will normally sell a security that it believes is no longer attractive based upon the evaluation criteria described above.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">From time to time the Fund may have a focused investment (i.e., investment exposure comprising more than 15% of its total assets) in one or more particular sectors. As of the date of this Prospectus, the Fund had a focused investment in the information technology sector.</div> In seeking to achieve its investment objective, the Fund will, under normal circumstances, invest at least 80% of its net assets in income-producing equity securities, including dividend-paying common and preferred stocks. Income-producing securities are those that NTI believes will provide dividend yield, based on the security’s indicative yield. <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">In determining capital appreciation potential, NTI uses a proprietary quantitative ranking system that is designed to provide exposure to equity securities that exhibit quality characteristics. Beginning with a broad universe of highly liquid equity securities, NTI applies a proprietary quality score, which ranks each security based on its issuer’s profitability, management efficiency, and cash generation, to screen out the lowest quality securities based on their proprietary ranking. NTI then selects securities from the remaining universe that it believes will achieve the appropriate quality and yield exposures. NTI also performs a risk management analysis in which NTI seeks to measure and manage risk exposures at the security, sector and portfolio levels through portfolio diversification. Final purchase decisions are made based on the desired level of diversification and dividend yield.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">EQUITY SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the values of the equity securities owned by the Fund may be more volatile and underperform other asset classes and the general securities markets. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MARKET RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the value of the Fund’s investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, elevated levels of government debt, changes in interest rates, lack of liquidity in the bond or equity markets or volatility in the equity markets. Market disruptions caused by local or regional events such as financial institution failures, changes in trade regulation or economic sanctions, internal unrest and discord, war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, recessions, the threat or occurrence of a government shutdown or other events or adverse investor sentiment could have a significant impact on the Fund and its investments. During periods of market disruption or other abnormal market conditions, the Fund’s exposure to risks described elsewhere in this summary will likely increase. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">MANAGEMENT RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that a strategy used by the Fund’s investment adviser may fail to produce the intended results or that imperfections, errors or limitations in the tools and data used by the investment adviser may cause unintended results. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">QUALITY FACTOR RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the past performance of companies that have exhibited quality characteristics does not continue or the returns on securities issued by such companies may be less than returns from other styles of investing or the overall stock market. There may be periods when quality investing is out of favor and during which time the Fund’s performance may suffer. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SECTOR RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"><span style="font-weight: bold;"> </span>is the risk that companies in similar businesses may be similarly affected by particular economic or market events, which may, in certain circumstances, cause the value of securities of all companies in a particular sector of the market to decrease. </span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">INFORMATION TECHNOLOGY SECTOR RISK</span></span> 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 companies 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> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DERIVATIVES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that derivatives may pose risks in addition to and greater than those associated with investing directly in securities, currencies and other instruments, may be illiquid or less liquid, more volatile, more difficult to value and leveraged so that small changes in the value of the underlying instrument may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not perform its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. </span></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 9.5pt; border-spacing: 0px; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="width: 3%;"> </td> <td style="width: 1%; vertical-align: top; text-align: left;">∎</td> <td style="width: 1%; vertical-align: top;"> </td> <td style="vertical-align: top; text-align: left;"> <div style="margin-top: 0pt; margin-bottom: 0pt; font-family: times new roman; font-size: 9.5pt; text-align: left;"><span style="font-weight: bold;"><span style="font-family: arial; font-size: 7.5pt;">FUTURES CONTRACTS RISK</span></span> 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 the Fund’s investment adviser 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> </td> </tr> </table> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">PREFERRED SECURITIES RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that preferred securities may be subordinated to bonds or other debt instruments, subjecting them to a greater risk of non‑payment, may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer. Preferred securities also are subject to issuer-specific and market risks applicable generally to equity securities. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">DIVIDEND RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that as a group, securities that pay high dividends may fall out of favor with investors and underperform companies that do not pay high dividends. Also, </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">changes in the dividend policies of such companies and the capital resources available for such companies’ dividend payments may affect the Fund. There is the possibility that dividend-paying companies could reduce or eliminate the payment of dividends in the future or an anticipated acceleration of dividends may not occur. Depending on market conditions, dividend paying stocks that meet the Fund’s investment criteria may not be widely available for purchase by the Fund, which may increase the volatility of the Fund’s returns and limit its ability to produce current income while remaining fully diversified. High-dividend stocks may not experience high earnings growth or capital appreciation. The Fund’s performance during a broad market advance could suffer because dividend paying stocks may not experience the same capital appreciation as non‑dividend paying stocks.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-family: arial; font-size: 7.5pt;"><span style="font-weight: bold;">SECURITIES LENDING RISK</span></span><span style="font-family: times new roman; font-size: 9.5pt;"> is the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. </span></div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-family: arial; font-size: 7.5pt;">AUTHORIZED PARTICIPANT CONCENTRATION RISK</span></span><span style="font-weight: bold;"> </span>is the risk that the Fund may be adversely affected because it has a limited number of institutions that act as authorized participants (“Authorized Participants”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to create or redeem Creation Units (as defined below), Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;"><span style="font-weight: bold;"><span style="font-family: arial; font-size: 7.5pt;">MARKET TRADING RISK</span></span><span style="font-weight: bold;"> </span>is the risk that the Fund faces because its shares are listed on a securities exchange, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/redemption process of the Fund. ANY OF THESE FACTORS MAY LEAD TO THE FUND’S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of its listing exchange, make trading in the shares inadvisable. The market prices of Fund shares will generally fluctuate in accordance with changes in its NAV, changes in the relative supply of, and demand for, Fund shares, and changes in the liquidity, or the perceived liquidity, of the Fund’s holdings.</div> As with any fund, 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: 12pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund is adopting the performance of the Income Equity Fund series of the Trust (the “predecessor mutual fund”) as the result of a reorganization of the predecessor mutual fund into the Fund (the “Reorganization”). Prior to the Reorganization, the Fund had not yet commenced operations. The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the predecessor mutual fund’s performance from year to year (represented by the performance of the predecessor mutual fund’s Shares Class), and (B) how the average annual total returns of the predecessor mutual fund (represented by the performance of the predecessor mutual fund’s Shares Class) compare to those of a broad-based securities market index. Performance for the predecessor mutual fund’s Shares Class has not been adjusted to reflect the Fund’s current expenses, which are lower than those of the predecessor mutual fund’s Shares Class. Had the predecessor mutual fund been structured as an ETF, its performance may have differed.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">The Fund’s (and predecessor mutual fund’s) past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 9.5pt; font-family: times new roman;">Updated performance information for the Fund will be available and may be obtained on the Fund’s website at etfs.ntam.northerntrust.com or by calling 1‑855‑353‑9383.</div> The bar chart and table that follow provide an indication of the risks of investing in the Fund by showing (A) changes in the performance of the predecessor mutual fund’s performance from year to year (represented by the performance of the predecessor mutual fund’s Shares Class), and (B) how the average annual total returns of the predecessor mutual fund (represented by the performance of the predecessor mutual fund’s Shares Class) compare to those of a broad-based securities market index. The Fund’s (and predecessor mutual fund’s) past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. etfs.ntam.northerntrust.com 1‑855‑353‑9383 CALENDAR YEAR TOTAL RETURN* <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">* The predecessor mutual fund’s year to date total return for the nine months ended September 30, 2026 was <span style="text-decoration: underline;"></span>14.06%. For the periods shown in the bar chart above, the predecessor mutual fund’s highest </span></div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">quarterly return was 19.18% in the second quarter of 2020, and its lowest quarterly return was (22.67)% in the first quarter of 2020. </span></div> year to date total return 2026-09-30 0.1406 highestquarterly return 0.1918 2020-06-30 lowest quarterly return -0.2267 2020-03-31 AVERAGE ANNUAL TOTAL RETURNS for periods ended December 31, 2025 0.1875 0.1446 0.1324 0.1638 0.1221 0.1101 0.1234 0.1102 0.1023 0.1788 0.1442 0.1482 <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">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 their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts (“IRA”). </span></div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 7.5pt; font-family: arial;"><span style="font-style: italic;">In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes.</span><span style="font-weight: bold;"> </span><span style="font-style: italic;"> </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. 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 their shares through tax‑advantaged arrangements, such as 401(k) plans or individual retirement accounts (“IRA”). In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns after taxes on distributions and sale of fund shares to be greater than the Returns after taxes on distributions or even the Returns before taxes. The management fee is structured as a “unitary management fee,” out of which the Fund’s investment adviser, Northern Trust Investments, Inc. (“NTI”), pays all of the ordinary operating expenses of the Fund, except for the following expenses, each of which is paid by the Fund: (i) the Fund’s management fee; (ii) distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b‑1 under the 1940 Act; (iii) interest expenses; (iv) brokerage expenses and other expenses (such as stamp taxes) in connection with the execution of portfolio transactions or in connection with creation and redemption transactions; (v) tax expenses; and (vi) extraordinary expenses, as determined under generally accepted accounting principles. “Other Expenses” are based on estimated amounts for the current fiscal year.