The fund seeks total return and preservation of capital by investing in companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly 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).

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund primarily invests in fixed-rate securities of varying maturities, including bonds, debt securities and other similar instruments issued by U.S. public and U.S. and non-U.S. private sector entities.

Also, the fund may invest, without limitation, in mortgage- or asset-backed securities, including to-be-announced transactions.

The Fund may also invest in other interest rate futures contracts, including, but not limited to, Eurodollar and Federal Funds futures.

In addition, the fund may invest in short-term paper, cash and cash equivalents, including shares of affiliated and unaffiliated money market funds.

The fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the securities of its Underlying Index.

The Underlying Index reflects the performance of a broad universe of US-dollar denominated investment grade corporate bonds that can potentially deliver a higher total return than the overall investment grade corporate bond market.

Additionally, the research team employs a representative sampling strategy to invest in a representative sample of securities that collectively has an investment profile similar to the Underlying Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

The fund may or may not hold all of the securities that are included in the Underlying Index.

The fund may invest in U.S. dollar denominated bonds of non-U.S. corporations to the extent such bonds are included in the Underlying Index.

In addition, the fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds.

The fund may lend securities representing up to one-third of the value of its net assets.

Also, the fund is non-diversified and may invest more of its assets in fewer issuers than diversified funds.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the securities of its Underlying Index.

The Underlying Index reflects the performance of a broad universe of US-dollar denominated investment grade corporate bonds that can potentially deliver a higher total return than the overall investment grade corporate bond market.

Additionally, the research team employs a representative sampling strategy to invest in a representative sample of securities that collectively has an investment profile similar to the Underlying Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

The fund may or may not hold all of the securities that are included in the Underlying Index.

The fund may invest in U.S. dollar denominated bonds of non-U.S. corporations to the extent such bonds are included in the Underlying Index.

In addition, the fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds.

The fund may lend securities representing up to one-third of the value of its net assets.

Also, the fund is non-diversified and may invest more of its assets in fewer issuers than diversified funds.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the securities of its Underlying Index and in TBA Transactions that represent securities in the Underlying Index.

The Underlying Index reflects the performance of a selection of investment-grade US agency residential mortgage backed pass-through securities.

Additionally, the research team employs a representative sampling strategy to invest in a representative sample of securities that collectively has an investment profile similar to the Underlying Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

The fund may or may not hold all of the securities that are included in the Underlying Index.

In addition, the fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds.

The fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the securities of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

The Underlying Index is designed to reflect the performance of a selection of companies that, in aggregate, possess greater exposure to quality, value and momentum factors.

Additionally, the research team employs a representative sampling strategy to invest in a representative sample of securities that collectively has an investment profile similar to the Underlying Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may or may not hold all of the securities that are included in the Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

In addition, the fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds.

The fund may lend securities representing up to one-third of the value of its net assets.

Additionally, the fund is non-diversified and may invest more of its assets in fewer issuers than diversified funds.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the securities of its Underlying Index.

The Underlying Index reflects the performance of a broad universe of US-dollar denominated high yield corporate bonds that seeks a higher total return than the overall high yield corporate bond market.

Additionally, the research team employs a representative sampling strategy to invest in a representative sample of securities that collectively has an investment profile similar to the Underlying Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

The fund may or may not hold all of the securities that are included in the Underlying Index.

In addition, the fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds.

The fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the securities of its Underlying Index.

The Underlying Index reflects the performance of a broad universe of US-dollar denominated investment grade corporate bonds that can potentially deliver a higher total return than the overall investment grade corporate bond market.

Additionally, the research team employs a representative sampling strategy to invest in a representative sample of securities that collectively has an investment profile similar to the Underlying Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

When the fund utilizes representative sampling, it may or may not hold all of the securities that are included in the Underlying Index.

In addition, the fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds.

The fund may lend securities representing up to one-third of the value of its net assets.

Also, the fund is non-diversified and may invest more of its assets in fewer issuers than diversified funds.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the securities of its Underlying Index.

The Underlying Index reflects the performance of a selection of inflation protected public obligations of the U.S. Treasury with a targeted average modified adjusted duration.

The Underlying Index includes publicly issued TIPS that have maturity dates of at least three years but not more than twenty years from an index rebalancing date.

Additionally, the research team employs a representative sampling strategy to invest in a representative sample of securities that collectively has an investment profile similar to the Underlying Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

When the fund utilizes representative sampling, it may or may not hold all of the securities that are included in the Underlying Index.

In addition, the fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds.

The fund may lend securities representing up to one-third of the value of its net assets.

Also, the fund is non-diversified and may invest more of its assets in fewer issuers than diversified funds.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the securities of the Underlying Index and in American Depositary Receipts and Global Depositary Receiptss based on the securities in the Underlying Index.

The Underlying Index is designed to reflect the performance of a selection of companies that, in aggregate, possess greater financial strength and stability characteristics.

Additionally, the research team employs a representative sampling strategy to invest in a representative sample of securities that collectively has an investment profile similar to the Underlying Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may or may not hold all of the securities that are included in the Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

In addition, the fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds.

The fund may lend securities representing up to one-third of the value of its net assets.
 

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the securities of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

The Underlying Index is designed to reflect the performance of a selection of companies that, in aggregate, possess greater financial strength and stability characteristics.

Additionally, the research team employs a representative sampling strategy to invest in a representative sample of securities that collectively has an investment profile similar to the Underlying Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may or may not hold all of the securities that are included in the Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

In addition, the fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds.

The fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the securities of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

The Underlying Index is designed to reflect the performance of a selection of companies that, in aggregate, possess greater financial strength and stability characteristics.

Additionally, the research team employs a representative sampling strategy to invest in a representative sample of securities that collectively has an investment profile similar to the Underlying Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may or may not hold all of the securities that are included in the Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

In addition, the fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds.

The fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the securities of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

The Underlying Index is designed to reflect the performance of a selection of companies that, in aggregate, possess greater exposure to size and value factors.

Additionally, the research team employs a representative sampling strategy to invest in a representative sample of securities that collectively has an investment profile similar to the Underlying Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may or may not hold all of the securities that are included in the Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

In addition, the fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds.

The fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

As part of its strategy, the fund employs a passive or indexing approach.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in the securities of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

The Underlying Index is designed to reflect the performance of a selection of companies that, in aggregate, possess greater exposure to size and value factors relative to the Morningstar Emerging Markets Index.

Additionally, the research team employs a representative sampling strategy to invest in a representative sample of securities that collectively has an investment profile similar to the Underlying Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

The fund may or may not hold all of the securities that are included in the Underlying Index.

The fund may also invest up to 20% of its net 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.

Additionally, the fund may lend securities representing up to one-third of the value of its net assets.
 

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the securities of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

The Underlying Index reflects the performance of a selection of equity securities that are traded in or are issued by companies domiciled in global developed or emerging markets (including the U.S.).

The companies included in the Underlying Index have significant business operations in the ownership, management and/or production of natural resources in energy, agriculture, precious or industrial metals, timber and water resources sectors.

Additionally, the research team employs a representative sampling strategy to invest in a representative sample of securities that collectively has an investment profile similar to the Underlying Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may or may not hold all of the securities that are included in the Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

In addition, the fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds.

The fund may lend securities representing up to one-third of the value of its net assets.

Additionally, the fund is non-diversified and may invest more of its assets in fewer issuers than diversified funds.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in the securities of the Underlying Index.

The Underlying Index is designed to reflect the performance of a selection of companies that, in aggregate, possess greater exposure to size and value factors relative to the Morningstar US Market Index (the Parent Index).

The Underlying Index seeks to achieve increased exposures to size and value factors, or a factor tilt, by adjusting the Parent Index’s constituent weights to achieve a slightly greater weight on companies with smaller market capitalizations or lower valuations.

Additionally, the research team employs a representative sampling strategy to invest in a representative sample of securities that collectively has an investment profile similar to the Underlying Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may or may not hold all of the securities that are included in the Underlying Index.

Also, the fund will concentrate its investments (i.e., hold 25% or more of its net assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

The fund may invest up to 20% of its net assets in cash and cash equivalents, including shares of money market funds.

In addition, the fund may lend securities representing up to one-third of the value of its net assets.
 

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in the securities of the Underlying Index.

The Underlying Index is designed to reflect the performance of a selection of companies that, in aggregate, possess greater financial strength and stability characteristics relative to the Northern Trust 1250 Index (the Parent Index).

In addition, the Underlying Index is designed to select companies from the Parent Index that in the aggregate have the potential to generate income in excess of the income generated by securities in the Parent Index with a beta that is lower in relation to the Parent Index.

Additionally, the research team employs a representative sampling strategy to invest in a representative sample of securities that collectively has an investment profile similar to the Underlying Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may or may not hold all of the securities that are included in the Underlying Index.

Also, the fund will concentrate its investments (i.e., hold 25% or more of its net assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

The fund may invest up to 20% of its net assets in cash and cash equivalents, including shares of money market funds.

In addition, the fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in the securities of the Underlying Index.

The Underlying Index is designed to reflect the performance of a selection of companies that, in aggregate, possess greater financial strength and stability characteristics relative to the Northern Trust 1250 Index (the Parent Index).

In addition, the Underlying Index is designed to select companies from the Parent Index that have enhanced risk return characteristics and that in the aggregate have the potential to generate income in excess of the income generated by securities in the Parent Index with a beta that is higher in relation to the Parent Index.

Additionally, the research team employs a representative sampling strategy to invest in a representative sample of securities that collectively has an investment profile similar to the Underlying Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may or may not hold all of the securities that are included in the Underlying Index.

Also, the fund will concentrate its investments (i.e., hold 25% or more of its net assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

The fund may invest up to 20% of its net assets in cash and cash equivalents, including shares of money market funds.

In addition, the fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in the securities of the Underlying Index.

The Underlying Index is designed to reflect the performance of a selection of companies that, in aggregate, possess greater financial strength and stability characteristics relative to the Northern Trust 1250 Index (the Parent Index).

In addition, the Underlying Index is designed to select companies from the Parent Index that in the aggregate have the potential to generate income in excess of the income generated by securities in the Parent Index with a beta that is similar to that of the Parent Index.

Additionally, the research team employs a representative sampling strategy to invest in a representative sample of securities that collectively has an investment profile similar to the Underlying Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may or may not hold all of the securities that are included in the Underlying Index.

Also, the fund will concentrate its investments (i.e., hold 25% or more of its net assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

The fund may invest up to 20% of its net assets in cash and cash equivalents, including shares of money market funds.

In addition, the fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks maximum current income consistent with the preservation of capital and liquidity by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in a non-diversified 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.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund invests in investment grade debt securities.

In addition, the fund may invest without limitation, in fixed-income securities and instruments of foreign issuers in developed and emerging markets, including debt securities of foreign governments.

Also, the fund may invest more than 25% of its net assets in securities and instruments of issuers in a single developed market country.

The fund may invest up to 20% of its net assets in fixed-income securities and instruments of issuers in emerging markets.

The fund may invest, without limitation, in mortgage- or asset-backed securities, including to-be-announced transactions.

However, the fund will not invest more than 10% of its net assets in non-agency mortgage or asset-backed securities.

Additionally, the fund may lend securities representing up to one-third of the value of its net assets.

The fund is non-diversified, and may invest more of its assets in fewer issuers than diversified funds.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The fund is a fund of funds and invests primarily in the shares of other FlexShares ETFs (each an Underlying Fund and together, the Underlying Funds).

The Underlying Funds invest primarily in separate sets of securities representing or providing exposures to global real assets.

Examples of real assets include but are not limited to commodities, precious metals, oil, and real estate.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the securities of the Underlying Index.

Additionally, the research team employs a representative sampling strategy to invest in a representative sample of securities that collectively has an investment profile similar to the Underlying Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

In addition, the fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds.

The fund may lend securities representing up to one-third of the value of its net assets.

Additionally, the fund is non-diversified and may invest more of its assets in fewer issuers than diversified funds.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the securities of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

The Underlying Index is designed to reflect the performance of a selection of companies that, in aggregate, offer broad exposure to publicly-traded developed- and emerging-market infrastructure companies, including U.S. companies.

Additionally, the research team employs a representative sampling strategy to invest in a representative sample of securities that collectively has an investment profile similar to the Underlying Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may or may not hold all of the securities that are included in the Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

In addition, the fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds.

The fund may lend securities representing up to one-third of the value of its net assets.

Additionally, the fund is non-diversified and may invest more of its assets in fewer issuers than diversified funds.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

As part of its strategy, the fund employs a passive or indexing approach.

Next, the research team invests significantly in the securities of the Underlying Index and in American Depositary Receipts and Global Depositary Receipts based on the securities in the Underlying Index.

The Underlying Index is designed to reflect the performance of a selection of companies that, in aggregate, possess greater exposure to environmental, social and governance characteristics.

Additionally, the research team employs a representative sampling strategy to invest in a representative sample of securities that collectively has an investment profile similar to the Underlying Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may or may not hold all of the securities that are included in the Underlying Index.

The fund will concentrate its investments in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

In addition, the fund may also invest up to 20% of its assets in cash and cash equivalents, including shares of money market funds.

The fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in the securities of the Underlying Index.

The Underlying Index is designed to reflect the performance of a selection of companies that, in aggregate, possess greater exposure to environmental, social and governance (ESG) characteristics.

Additionally, the research team employs a representative sampling strategy to invest in a representative sample of securities that collectively has an investment profile similar to the Underlying Index.

Also, the research team integrates environmental, social and governance factors as part of its process.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may or may not hold all of the securities that are included in the Underlying Index.

Also, the fund will concentrate its investments (i.e., hold 25% or more of its net assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

The fund may invest up to 20% of its net assets in cash and cash equivalents, including shares of money market funds.

In addition, the fund may lend securities representing up to one-third of the value of its net assets.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in large-and mega-size companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in the securities of the Underlying Index.

The Underlying Index is designed to reflect the performance of a selection of companies that, in aggregate, possess greater exposure to quality, value and momentum factors.

Additionally, the research team employs a representative sampling strategy to invest in a representative sample of securities that collectively has an investment profile similar to the Underlying Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may or may not hold all of the securities that are included in the Underlying Index.

Also, the fund will concentrate its investments (i.e., hold 25% or more of its net assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated.

The fund may invest up to 20% of its net assets in cash and cash equivalents, including shares of money market funds.

In addition, the fund may lend securities representing up to one-third of the value of its net assets.