FLEXSHARES^{^®}US QUALITY LOW VOLATILITY INDEX FUND

Ticker: QLV - NYSE Arca

Semi-Annual Shareholder Report | April 30, 2026

This semi-annual shareholder report contains important information about the FlexShares^{^®} US Quality Low Volatility Index Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*,}^{Footnote Reference1}
FlexShares^® US Quality Low Volatility Index Fund	$4	0.08%

Footnote	Description
Footnote^*	Reflects applicable expense reimbursements and fee waivers.
Footnote¹	Annualized

KEY FUND STATISTICS

Table Summary
Net Assets	$169,594,931
Number of Portfolio Holdings	118
Portfolio Turnover Rate	23%

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

Table Summary
Information Technology	28.2%
Health Care	12.6%
Financials	12.6%
Consumer Staples	8.5%
Communication Services	8.3%
Utilities	6.5%
Consumer Discretionary	6.1%
Industrials	6.0%
Energy	5.7%
Materials	3.1%
Other	1.7%

Footnote	Description
Footnote¹	Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

Scan the QR code or visit https://connect.rightprospectus.com/FlexSharesETFs, to find additional information about the Fund, including the Fund’s prospectus, financial information, holdings and proxy voting information.

An image of a QR code that, when scanned, navigates the user to the following URL: https://connect.rightprospectus.com/FlexSharesETFs/

You can also request this information by contacting us at 1-855-353-9383.

FLEXSHARES^{^®} US QUALITY LOW VOLATILITY INDEX FUND

FLEXSHARES^{^®}DEVELOPED MARKETS EX-US QUALITY LOW VOLATILITY INDEX FUND

Ticker: QLVD - NYSE Arca

Semi-Annual Shareholder Report | April 30, 2026

This semi-annual shareholder report contains important information about the FlexShares^{^®} Developed Markets ex-US Quality Low Volatility Index Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*,}^{Footnote Reference1}
FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund	$6	0.12%

Footnote	Description
Footnote^*	Reflects applicable expense reimbursements and fee waivers.
Footnote¹	Annualized

KEY FUND STATISTICS

Table Summary
Net Assets	$53,245,173
Number of Portfolio Holdings	188
Portfolio Turnover Rate	23%

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote
Reference1}

Table Summary
Japan	19.0%
Canada	15.8%
Switzerland	11.4%
France	9.8%
United Kingdom	9.2%
Hong Kong	5.8%
Singapore	5.5%
Germany	4.3%
Netherlands	3.9%
Spain	3.4%
Other	9.7%

Footnote	Description
Footnote¹	Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

FLEXSHARES^{^®} DEVELOPED MARKETS EX-US QUALITY LOW VOLATILITY INDEX FUND

FLEXSHARES^{^®}EMERGING MARKETS QUALITY LOW VOLATILITY INDEX FUND

Ticker: QLVE - NYSE Arca

Semi-Annual Shareholder Report | April 30, 2026

This semi-annual shareholder report contains important information about the FlexShares^{^®} Emerging Markets Quality Low Volatility Index Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*,}^{Footnote Reference1}
FlexShares^® Emerging Markets Quality Low Volatility Index Fund	$10	0.18%

Footnote	Description
Footnote^*	Reflects applicable expense reimbursements and fee waivers.
Footnote¹	Annualized

KEY FUND STATISTICS

Table Summary
Net Assets	$15,948,107
Number of Portfolio Holdings	155
Portfolio Turnover Rate	24%

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote
Reference1}

Table Summary
Taiwan	22.1%
China	16.8%
India	16.7%
South Korea	14.5%
United Arab Emirates	6.2%
Malaysia	4.8%
Brazil	4.1%
Saudi Arabia	3.2%
Philippines	2.7%
Qatar	2.1%
Other	6.0%

Footnote	Description
Footnote¹	Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

FLEXSHARES^{^®} EMERGING MARKETS QUALITY LOW VOLATILITY INDEX FUND

FLEXSHARES^{^®}MORNINGSTAR US MARKET FACTOR TILT INDEX FUND

Ticker: TILT - Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report | April 30, 2026

This semi-annual shareholder report contains important information about the FlexShares^{^®} Morningstar US Market Factor Tilt Index Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*,}^{Footnote Reference1}
FlexShares^® Morningstar US Market Factor Tilt Index Fund	$13	0.25%

Footnote	Description
Footnote^*	Reflects applicable expense reimbursements and fee waivers.
Footnote¹	Annualized

KEY FUND STATISTICS

Table Summary
Net Assets	$2,113,735,443
Number of Portfolio Holdings	1,966
Portfolio Turnover Rate	8%

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

Table Summary
Information Technology	26.1%
Financials	16.7%
Industrials	10.7%
Consumer Discretionary	10.4%
Health Care	9.3%
Communication Services	8.6%
Energy	4.8%
Consumer Staples	4.6%
Materials	3.2%
Utilities	2.5%
Other	2.5%

Footnote	Description
Footnote¹	Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

FLEXSHARES^{^®} MORNINGSTAR US MARKET FACTOR TILT INDEX FUND

FLEXSHARES^{^®}MORNINGSTAR DEVELOPED MARKETS EX-US FACTOR TILT INDEX FUND

Ticker: TLTD - NYSE Arca

Semi-Annual Shareholder Report | April 30, 2026

This semi-annual shareholder report contains important information about the FlexShares^{^®} Morningstar Developed Markets ex-US Factor Tilt Index Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*,}^{Footnote Reference1}
FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund	$21	0.39%

Footnote	Description
Footnote^*	Reflects applicable expense reimbursements and fee waivers.
Footnote¹	Annualized

KEY FUND STATISTICS

Table Summary
Net Assets	$633,604,041
Number of Portfolio Holdings	2,354
Portfolio Turnover Rate	10%

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote
Reference1}

Table Summary
Japan	26.5%
Canada	10.2%
United Kingdom	9.9%
France	6.9%
Germany	6.5%
United States	5.2%
Australia	5.1%
Switzerland	2.9%
Sweden	2.9%
Netherlands	2.9%
Other	18.7%

Footnote	Description
Footnote¹	Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

FLEXSHARES^{^®} MORNINGSTAR DEVELOPED MARKETS EX-US FACTOR TILT INDEX FUND

FLEXSHARES^{^®}MORNINGSTAR EMERGING MARKETS FACTOR TILT INDEX FUND

Ticker: TLTE - NYSE Arca

Semi-Annual Shareholder Report | April 30, 2026

This semi-annual shareholder report contains important information about the FlexShares^{^®} Morningstar Emerging Markets Factor Tilt Index Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*,}^{Footnote Reference1}
FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund	$31	0.57%

Footnote	Description
Footnote^*	Reflects applicable expense reimbursements and fee waivers.
Footnote¹	Annualized

KEY FUND STATISTICS

Table Summary
Net Assets	$347,037,066
Number of Portfolio Holdings	3,068
Portfolio Turnover Rate	14%

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote
Reference1}

Table Summary
South Korea	21.7%
Taiwan	20.1%
China	18.9%
India	10.0%
Brazil	5.7%
South Africa	4.0%
Saudi Arabia	2.0%
United Arab Emirates	1.9%
Mexico	1.9%
Malaysia	1.9%
Other	10.5%

Footnote	Description
Footnote¹	Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

FLEXSHARES^{^®} MORNINGSTAR EMERGING MARKETS FACTOR TILT INDEX FUND

FLEXSHARES^{^®}US QUALITY LARGE CAP INDEX FUND

Ticker: QLC - Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report | April 30, 2026

This semi-annual shareholder report contains important information about the FlexShares^{^®} US Quality Large Cap Index Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*,}^{Footnote Reference1}
FlexShares^® US Quality Large Cap Index Fund	$13	0.25%

Footnote	Description
Footnote^*	Reflects applicable expense reimbursements and fee waivers.
Footnote¹	Annualized

KEY FUND STATISTICS

Table Summary
Net Assets	$902,725,215
Number of Portfolio Holdings	178
Portfolio Turnover Rate	10%

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

Table Summary
Information Technology	33.6%
Financials	14.4%
Communication Services	13.5%
Health Care	10.0%
Consumer Discretionary	7.8%
Industrials	7.1%
Utilities	3.4%
Consumer Staples	3.2%
Real Estate	2.3%
Materials	2.2%
Other	2.0%

Footnote	Description
Footnote¹	Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

FLEXSHARES^{^®} US QUALITY LARGE CAP INDEX FUND

FLEXSHARES^{^®}STOXX^® US ESG SELECT INDEX FUND

Ticker: ESG - Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report | April 30, 2026

This semi-annual shareholder report contains important information about the FlexShares^{^®} STOXX^® US ESG Select Index Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*,}^{Footnote Reference1}
FlexShares^® STOXX^® US ESG Select Index Fund	$17	0.32%

Footnote	Description
Footnote^*	Reflects applicable expense reimbursements and fee waivers.
Footnote¹	Annualized

KEY FUND STATISTICS

Table Summary
Net Assets	$128,251,165
Number of Portfolio Holdings	253
Portfolio Turnover Rate	17%

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

Table Summary
Information Technology	32.1%
Financials	18.5%
Health Care	11.5%
Consumer Staples	10.2%
Consumer Discretionary	10.1%
Industrials	6.1%
Energy	3.6%
Materials	3.2%
Real Estate	3.0%
Communication Services	1.1%
Other	0.1%

Footnote	Description
Footnote¹	Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

FLEXSHARES^{^®} STOXX^® US ESG SELECT INDEX FUND

FLEXSHARES^{^®}STOXX^® GLOBAL ESG SELECT INDEX FUND

Ticker: ESGG - Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report | April 30, 2026

This semi-annual shareholder report contains important information about the FlexShares^{^®} STOXX^® Global ESG Select Index Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*,}^{Footnote Reference1}
FlexShares^® STOXX^® Global ESG Select Index Fund	$22	0.42%

Footnote	Description
Footnote^*	Reflects applicable expense reimbursements and fee waivers.
Footnote¹	Annualized

KEY FUND STATISTICS

Table Summary
Net Assets	$108,478,325
Number of Portfolio Holdings	707
Portfolio Turnover Rate	19%

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote
Reference1}

Table Summary
United States	70.2%
Japan	5.9%
United Kingdom	3.6%
France	2.9%
Australia	2.9%
Canada	2.2%
Spain	1.8%
Switzerland	1.5%
Germany	1.4%
Netherlands	1.3%
Other	4.3%

Footnote	Description
Footnote¹	Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

FLEXSHARES^{^®} STOXX^® GLOBAL ESG SELECT INDEX FUND

FLEXSHARES^{^®}ESG & CLIMATE US LARGE CAP CORE INDEX FUND

Ticker: FEUS - NYSE Arca

Semi-Annual Shareholder Report | April 30, 2026

This semi-annual shareholder report contains important information about the FlexShares^{^®} ESG & Climate US Large Cap Core Index Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*,}^{Footnote Reference1}
FlexShares^® ESG & Climate US Large Cap Core Index Fund	$5	0.09%

Footnote	Description
Footnote^*	Reflects applicable expense reimbursements and fee waivers.
Footnote¹	Annualized

KEY FUND STATISTICS

Table Summary
Net Assets	$110,667,930
Number of Portfolio Holdings	171
Portfolio Turnover Rate	19%

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

Table Summary
Information Technology	33.7%
Financials	12.2%
Communication Services	11.0%
Consumer Discretionary	10.4%
Industrials	9.2%
Health Care	8.5%
Consumer Staples	4.6%
Energy	3.6%
Real Estate	2.2%
Utilities	1.9%
Other	1.8%

Footnote	Description
Footnote¹	Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

FLEXSHARES^{^®} ESG & CLIMATE US LARGE CAP CORE INDEX FUND

FLEXSHARES^{^®}ESG & CLIMATE DEVELOPED MARKETS EX-US CORE INDEX FUND

Ticker: FEDM - NYSE Arca

Semi-Annual Shareholder Report | April 30, 2026

This semi-annual shareholder report contains important information about the FlexShares^{^®} ESG & Climate Developed Markets ex-US Core Index Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*,}^{Footnote Reference1}
FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund	$6	0.12%

Footnote	Description
Footnote^*	Reflects applicable expense reimbursements and fee waivers.
Footnote¹	Annualized

KEY FUND STATISTICS

Table Summary
Net Assets	$78,678,965
Number of Portfolio Holdings	236
Portfolio Turnover Rate	11%

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote
Reference1}

Table Summary
Japan	19.1%
United Kingdom	13.9%
Canada	11.9%
France	8.7%
Germany	8.5%
Switzerland	6.7%
Australia	6.3%
Netherlands	5.4%
Spain	5.1%
Denmark	2.6%
Other	10.5%

Footnote	Description
Footnote¹	Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

FLEXSHARES^{^®} ESG & CLIMATE DEVELOPED MARKETS EX-US CORE INDEX FUND

FLEXSHARES^{^®}MORNINGSTAR GLOBAL UPSTREAM NATURAL RESOURCES INDEX FUND

Ticker: GUNR - NYSE Arca

Semi-Annual Shareholder Report | April 30, 2026

This semi-annual shareholder report contains important information about the FlexShares^{^®} Morningstar Global Upstream Natural Resources Index Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*,}^{Footnote Reference1}
FlexShares^® Morningstar Global Upstream Natural Resources Index Fund	$26	0.46%

Footnote	Description
Footnote^*	Reflects applicable expense reimbursements and fee waivers.
Footnote¹	Annualized

KEY FUND STATISTICS

Table Summary
Net Assets	$7,493,670,646
Number of Portfolio Holdings	167
Portfolio Turnover Rate	14%

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote
Reference1}

Table Summary
United States	40.2%
Canada	16.4%
Australia	10.1%
Brazil	6.2%
France	2.9%
Norway	2.5%
South Africa	2.3%
Saudi Arabia	2.2%
China	2.1%
United Kingdom	1.9%
Other	12.4%

Footnote	Description
Footnote¹	Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

FLEXSHARES^{^®} MORNINGSTAR GLOBAL UPSTREAM NATURAL RESOURCES INDEX FUND

FLEXSHARES^{^®}STOXX^® GLOBAL BROAD INFRASTRUCTURE INDEX FUND

Ticker: NFRA - NYSE Arca

Semi-Annual Shareholder Report | April 30, 2026

This semi-annual shareholder report contains important information about the FlexShares^{^®} STOXX^® Global Broad Infrastructure Index Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*,}^{Footnote Reference1}
FlexShares^® STOXX^® Global Broad Infrastructure Index Fund	$25	0.47%

Footnote	Description
Footnote^*	Reflects applicable expense reimbursements and fee waivers.
Footnote¹	Annualized

KEY FUND STATISTICS

Table Summary
Net Assets	$3,065,476,780
Number of Portfolio Holdings	198
Portfolio Turnover Rate	7%

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote
Reference1}

Table Summary
United States	41.5%
Canada	11.4%
Japan	10.1%
Germany	8.3%
United Kingdom	4.0%
Spain	3.8%
India	3.4%
Australia	3.3%
France	2.6%
Italy	2.1%
Other	8.5%

Footnote	Description
Footnote¹	Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

FLEXSHARES^{^®} STOXX^® GLOBAL BROAD INFRASTRUCTURE INDEX FUND

FLEXSHARES^{^®}GLOBAL QUALITY REAL ESTATE INDEX FUND

Ticker: GQRE - NYSE Arca

Semi-Annual Shareholder Report | April 30, 2026

This semi-annual shareholder report contains important information about the FlexShares^{^®} Global Quality Real Estate Index Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*,}^{Footnote Reference1}
FlexShares^® Global Quality Real Estate Index Fund	$24	0.45%

Footnote	Description
Footnote^*	Reflects applicable expense reimbursements and fee waivers.
Footnote¹	Annualized

KEY FUND STATISTICS

Table Summary
Net Assets	$386,208,767
Number of Portfolio Holdings	156
Portfolio Turnover Rate	20%

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote
Reference1}

Table Summary
United States	63.2%
Japan	8.5%
Hong Kong	5.5%
France	3.5%
Canada	2.8%
Australia	2.7%
Singapore	2.7%
United Kingdom	2.5%
Switzerland	2.1%
Israel	2.0%
Other	2.0%

Footnote	Description
Footnote¹	Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

FLEXSHARES^{^®} GLOBAL QUALITY REAL ESTATE INDEX FUND

FLEXSHARES^{^®}QUALITY DIVIDEND INDEX FUND

Ticker: QDF - NYSE Arca

Semi-Annual Shareholder Report | April 30, 2026

This semi-annual shareholder report contains important information about the FlexShares^{^®} Quality Dividend Index Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*,}^{Footnote Reference1}
FlexShares^® Quality Dividend Index Fund	$19	0.37%

Footnote	Description
Footnote^*	Reflects applicable expense reimbursements and fee waivers.
Footnote¹	Annualized

KEY FUND STATISTICS

Table Summary
Net Assets	$2,126,669,391
Number of Portfolio Holdings	144
Portfolio Turnover Rate	13%

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

Table Summary
Information Technology	34.4%
Financials	13.3%
Industrials	10.3%
Health Care	9.9%
Communication Services	7.6%
Consumer Discretionary	6.4%
Consumer Staples	5.9%
Real Estate	5.1%
Energy	3.8%
Utilities	1.8%
Other	0.4%

Footnote	Description
Footnote¹	Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

FLEXSHARES^{^®} QUALITY DIVIDEND INDEX FUND

FLEXSHARES^{^®}QUALITY DIVIDEND DEFENSIVE INDEX FUND

Ticker: QDEF - NYSE Arca

Semi-Annual Shareholder Report | April 30, 2026

This semi-annual shareholder report contains important information about the FlexShares^{^®} Quality Dividend Defensive Index Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*,}^{Footnote Reference1}
FlexShares^® Quality Dividend Defensive Index Fund	$19	0.37%

Footnote	Description
Footnote^*	Reflects applicable expense reimbursements and fee waivers.
Footnote¹	Annualized

KEY FUND STATISTICS

Table Summary
Net Assets	$530,297,082
Number of Portfolio Holdings	138
Portfolio Turnover Rate	11%

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

Table Summary
Information Technology	31.0%
Financials	12.4%
Health Care	11.3%
Industrials	8.0%
Communication Services	7.6%
Consumer Staples	7.3%
Consumer Discretionary	6.6%
Real Estate	4.9%
Energy	3.9%
Materials	3.3%
Other	2.9%

Footnote	Description
Footnote¹	Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

FLEXSHARES^{^®} QUALITY DIVIDEND DEFENSIVE INDEX FUND

FLEXSHARES^{^®}INTERNATIONAL QUALITY DIVIDEND INDEX FUND

Ticker: IQDF - NYSE Arca

Semi-Annual Shareholder Report | April 30, 2026

This semi-annual shareholder report contains important information about the FlexShares^{^®} International Quality Dividend Index Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*,}^{Footnote Reference1}
FlexShares^® International Quality Dividend Index Fund	$25	0.47%

Footnote	Description
Footnote^*	Reflects applicable expense reimbursements and fee waivers.
Footnote¹	Annualized

KEY FUND STATISTICS

Table Summary
Net Assets	$1,097,265,554
Number of Portfolio Holdings	210
Portfolio Turnover Rate	27%

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote
Reference1}

Table Summary
Japan	11.7%
Taiwan	10.4%
United Kingdom	7.5%
China	6.9%
Switzerland	6.2%
Canada	5.8%
Italy	4.5%
Sweden	4.3%
France	3.6%
Australia	3.5%
Other	34.1%

Footnote	Description
Footnote¹	Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

FLEXSHARES^{^®} INTERNATIONAL QUALITY DIVIDEND INDEX FUND

FLEXSHARES^{^®}INTERNATIONAL QUALITY DIVIDEND DYNAMIC INDEX FUND

Ticker: IQDY - NYSE Arca

Semi-Annual Shareholder Report | April 30, 2026

This semi-annual shareholder report contains important information about the FlexShares^{^®} International Quality Dividend Dynamic Index Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*,}^{Footnote Reference1}
FlexShares^® International Quality Dividend Dynamic Index Fund	$26	0.47%

Footnote	Description
Footnote^*	Reflects applicable expense reimbursements and fee waivers.
Footnote¹	Annualized

KEY FUND STATISTICS

Table Summary
Net Assets	$101,546,015
Number of Portfolio Holdings	212
Portfolio Turnover Rate	30%

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote
Reference1}

Table Summary
Japan	13.0%
Taiwan	10.8%
United Kingdom	7.3%
China	7.3%
Canada	5.7%
Switzerland	5.3%
France	5.3%
Italy	4.8%
Sweden	4.0%
Hong Kong	3.1%
Other	31.3%

Footnote	Description
Footnote¹	Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

FLEXSHARES^{^®} INTERNATIONAL QUALITY DIVIDEND DYNAMIC INDEX FUND

FLEXSHARES^{^®}IBOXX^® 3-YEAR TARGET DURATION TIPS INDEX FUND

Ticker: TDTT - NYSE Arca

Semi-Annual Shareholder Report | April 30, 2026

This semi-annual shareholder report contains important information about the FlexShares^{^®} iBoxx^® 3-Year Target Duration TIPS Index Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*,}^{Footnote Reference1}
FlexShares^® iBoxx^® 3-Year Target Duration TIPS Index Fund	$9	0.18%

Footnote	Description
Footnote^*	Reflects applicable expense reimbursements and fee waivers.
Footnote¹	Annualized

KEY FUND STATISTICS

Table Summary
Net Assets	$2,584,501,347
Number of Portfolio Holdings	22
Portfolio Turnover Rate	39%

YEARS TO MATURITY (% of Net Assets)^{Footnote
Reference1}

Table Summary
1-3 years	67.6%
3-5 years	27.8%
5-10 years	4.4%
0-1 year	0.0%
Cash and/or Derivatives	0.2%

Footnote	Description
Footnote¹	Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

FLEXSHARES^{^®} IBOXX^® 3-YEAR TARGET DURATION TIPS INDEX FUND

FLEXSHARES^{^®}IBOXX^® 5-YEAR TARGET DURATION TIPS INDEX FUND

Ticker: TDTF - NYSE Arca

Semi-Annual Shareholder Report | April 30, 2026

This semi-annual shareholder report contains important information about the FlexShares^{^®} iBoxx^® 5-Year Target Duration TIPS Index Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*,}^{Footnote Reference1}
FlexShares^® iBoxx^® 5-Year Target Duration TIPS Index Fund	$9	0.18%

Footnote	Description
Footnote^*	Reflects applicable expense reimbursements and fee waivers.
Footnote¹	Annualized

KEY FUND STATISTICS

Table Summary
Net Assets	$1,027,952,231
Number of Portfolio Holdings	16
Portfolio Turnover Rate	52%

YEARS TO MATURITY (% of Net Assets)^{Footnote
Reference1}

Table Summary
3-5 years	56.5%
5-10 years	43.4%
0-1 year	0.0%
Cash and/or Derivatives	0.1%

Footnote	Description
Footnote¹	Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

FLEXSHARES^{^®} IBOXX^® 5-YEAR TARGET DURATION TIPS INDEX FUND

FLEXSHARES^{^®}DISCIPLINED DURATION MBS INDEX FUND

Ticker: MBSD - NYSE Arca

Semi-Annual Shareholder Report | April 30, 2026

This semi-annual shareholder report contains important information about the FlexShares^{^®} Disciplined Duration MBS Index Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*,}^{Footnote Reference1}
FlexShares^® Disciplined Duration MBS Index Fund	$10	0.20%

Footnote	Description
Footnote^*	Reflects applicable expense reimbursements and fee waivers.
Footnote¹	Annualized

KEY FUND STATISTICS

Table Summary
Net Assets	$94,025,759
Number of Portfolio Holdings	395
Portfolio Turnover Rate	53%

YEARS TO MATURITY (% of Net Assets)^{Footnote
Reference1}

Table Summary
20+ years	46.9%
10-20 years	35.2%
5-10 years	10.3%
3-5 years	4.2%
1-3 years	2.3%
0-1 year	0.4%
Cash and/or Derivatives	0.7%

Footnote	Description
Footnote¹	Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

FLEXSHARES^{^®} DISCIPLINED DURATION MBS INDEX FUND

FLEXSHARES^{^®}CREDIT-SCORED US CORPORATE BOND INDEX FUND

Ticker: SKOR - NASDAQ

Semi-Annual Shareholder Report | April 30, 2026

This semi-annual shareholder report contains important information about the FlexShares^{^®} Credit-Scored US Corporate Bond Index Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*,}^{Footnote Reference1}
FlexShares^® Credit-Scored US Corporate Bond Index Fund	$8	0.15%

Footnote	Description
Footnote^*	Reflects applicable expense reimbursements and fee waivers.
Footnote¹	Annualized

KEY FUND STATISTICS

Table Summary
Net Assets	$697,917,349
Number of Portfolio Holdings	1,653
Portfolio Turnover Rate	27%

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

Table Summary
Financials	37.9%
Information Technology	12.5%
Industrials	7.0%
Health Care	6.5%
Consumer Staples	6.3%
Real Estate	6.0%
Consumer Discretionary	5.7%
Energy	5.4%
Utilities	4.2%
Communication Services	3.9%
Other	3.1%

Footnote	Description
Footnote¹	Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

FLEXSHARES^{^®} CREDIT-SCORED US CORPORATE BOND INDEX FUND

FLEXSHARES^{^®}CREDIT-SCORED US LONG CORPORATE BOND INDEX FUND

Ticker: LKOR - Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report | April 30, 2026

This semi-annual shareholder report contains important information about the FlexShares^{^®} Credit-Scored US Long Corporate Bond Index Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*,}^{Footnote Reference1}
FlexShares^® Credit-Scored US Long Corporate Bond Index Fund	$8	0.15%

Footnote	Description
Footnote^*	Reflects applicable expense reimbursements and fee waivers.
Footnote¹	Annualized

KEY FUND STATISTICS

Table Summary
Net Assets	$35,337,550
Number of Portfolio Holdings	817
Portfolio Turnover Rate	31%

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

Table Summary
Financials	19.3%
Health Care	13.4%
Information Technology	11.3%
Utilities	11.1%
Communication Services	9.8%
Energy	9.5%
Consumer Staples	7.5%
Industrials	6.7%
Consumer Discretionary	6.4%
Materials	3.3%
Other	1.3%

Footnote	Description
Footnote¹	Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

FLEXSHARES^{^®} CREDIT-SCORED US LONG CORPORATE BOND INDEX FUND

FLEXSHARES^{^®}HIGH YIELD VALUE-SCORED BOND INDEX FUND

Ticker: HYGV - NYSE Arca

Semi-Annual Shareholder Report | April 30, 2026

This semi-annual shareholder report contains important information about the FlexShares^{^®} High Yield Value-Scored Bond Index Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*,}^{Footnote Reference1}
FlexShares^® High Yield Value-Scored Bond Index Fund	$19	0.37%

Footnote	Description
Footnote^*	Reflects applicable expense reimbursements and fee waivers.
Footnote¹	Annualized

KEY FUND STATISTICS

Table Summary
Net Assets	$1,100,490,809
Number of Portfolio Holdings	958
Portfolio Turnover Rate	54%

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

Table Summary
Consumer Discretionary	19.0%
Financials	12.6%
Communication Services	12.6%
Energy	11.6%
Industrials	9.8%
Materials	9.0%
Health Care	7.5%
Information Technology	5.6%
Real Estate	4.0%
Consumer Staples	3.3%
Other	2.9%

Footnote	Description
Footnote¹	Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

FLEXSHARES^{^®} HIGH YIELD VALUE-SCORED BOND INDEX FUND

FLEXSHARES^{^®}ESG & CLIMATE INVESTMENT GRADE CORPORATE CORE INDEX FUND

Ticker: FEIG - NYSE Arca

Semi-Annual Shareholder Report | April 30, 2026

This semi-annual shareholder report contains important information about the FlexShares^{^®} ESG & Climate Investment Grade Corporate Core Index Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*,}^{Footnote Reference1}
FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund	$6	0.12%

Footnote	Description
Footnote^*	Reflects applicable expense reimbursements and fee waivers.
Footnote¹	Annualized

KEY FUND STATISTICS

Table Summary
Net Assets	$42,867,571
Number of Portfolio Holdings	720
Portfolio Turnover Rate	39%

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

Table Summary
Financials	30.0%
Health Care	13.5%
Information Technology	10.6%
Communication Services	9.8%
Utilities	6.0%
Industrials	5.6%
Energy	5.3%
Consumer Discretionary	4.7%
Consumer Staples	4.1%
Real Estate	3.7%
Other	2.6%

Footnote	Description
Footnote¹	Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

FLEXSHARES^{^®} ESG & CLIMATE INVESTMENT GRADE CORPORATE CORE INDEX FUND

FLEXSHARES^{^®}ULTRA-SHORT INCOME FUND

Ticker: RAVI - NYSE Arca

Semi-Annual Shareholder Report | April 30, 2026

This semi-annual shareholder report contains important information about the FlexShares^{^®} Ultra-Short Income Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*,}^{Footnote Reference1}
FlexShares^® Ultra-Short Income Fund	$13	0.25%

Footnote	Description
Footnote^*	Reflects applicable expense reimbursements and fee waivers.
Footnote¹	Annualized

KEY FUND STATISTICS

Table Summary
Net Assets	$1,404,338,078
Number of Portfolio Holdings	248
Portfolio Turnover Rate	21%

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

Table Summary
Financials	47.5%
Health Care	11.3%
Asset-Backed Securities	7.3%
Communication Services	5.5%
Information Technology	5.2%
Industrials	4.6%
Consumer Staples	3.9%
Consumer Discretionary	2.7%
Utilities	2.4%
Materials	2.2%
Other	6.8%

Footnote	Description
Footnote¹	Figures in the above table may not sum to 100% due to the exclusions of other assets and liabilities.

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

FLEXSHARES^{^®} ULTRA-SHORT INCOME FUND

FLEXSHARES^{^®}CORE SELECT BOND FUND

Ticker: BNDC - NYSE Arca

Semi-Annual Shareholder Report | April 30, 2026

This semi-annual shareholder report contains important information about the FlexShares^{^®} Core Select Bond Fund (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://connect.rightprospectus.com/FlexSharesETFs. You can also request this information by contacting us at 1-855-353-9383 or by sending an email request to [email protected].

What were the Fund costs for the last six months?

(Based on a hypothetical $10,000 investment)

Table Summary
Fund	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*,}^{Footnote Reference1}
FlexShares^® Core Select Bond Fund	$10	0.21%

Footnote	Description
Footnote^*	Reflects applicable expense reimbursements and fee waivers.
Footnote¹	Annualized

KEY FUND STATISTICS

Table Summary
Net Assets	$168,905,407
Number of Portfolio Holdings	22
Portfolio Turnover Rate	73%

TOP HOLDINGS (% of Net Assets)

Table Summary
iShares U.S. Treasury Bond ETF	42.44%
U.S. Treasury 2 Year Note	30.29%
FlexShares^® Credit-Scored US Corporate Bond Index Fund	24.20%
FlexShares^® Disciplined Duration MBS Index Fund	12.51%
iShares MBS ETF	10.19%
FlexShares^® Ultra-Short Income Fund	5.29%
U.S. Treasury Ultra Bond	3.81%
U.S. Treasury Long Bond	3.27%
FlexShares^® iBoxx^® 3-Year Target Duration TIPS Index Fund	2.08%
FlexShares^® Credit-Scored US Long Corporate Bond Index Fund	1.90%

Where can I find more information?

You can also request this information by contacting us at 1-855-353-9383.

FLEXSHARES^{^®} CORE SELECT BOND FUND

What were the Fund costs for the last six months?

KEY FUND STATISTICS

ASSET MARKET SECTOR (% of Net Assets)Footnote Reference1

What were the Fund costs for the last six months?

KEY FUND STATISTICS

COUNTRY DIVERSIFICATION (% of Net Assets)Footnote Reference1

What were the Fund costs for the last six months?

KEY FUND STATISTICS

COUNTRY DIVERSIFICATION (% of Net Assets)Footnote Reference1

What were the Fund costs for the last six months?

KEY FUND STATISTICS

ASSET MARKET SECTOR (% of Net Assets)Footnote Reference1

What were the Fund costs for the last six months?

KEY FUND STATISTICS

COUNTRY DIVERSIFICATION (% of Net Assets)Footnote Reference1

What were the Fund costs for the last six months?

KEY FUND STATISTICS

COUNTRY DIVERSIFICATION (% of Net Assets)Footnote Reference1

What were the Fund costs for the last six months?

KEY FUND STATISTICS

ASSET MARKET SECTOR (% of Net Assets)Footnote Reference1

What were the Fund costs for the last six months?

KEY FUND STATISTICS

ASSET MARKET SECTOR (% of Net Assets)Footnote Reference1

What were the Fund costs for the last six months?

KEY FUND STATISTICS

COUNTRY DIVERSIFICATION (% of Net Assets)Footnote Reference1

What were the Fund costs for the last six months?

KEY FUND STATISTICS

ASSET MARKET SECTOR (% of Net Assets)Footnote Reference1

What were the Fund costs for the last six months?

KEY FUND STATISTICS

COUNTRY DIVERSIFICATION (% of Net Assets)Footnote Reference1

What were the Fund costs for the last six months?

KEY FUND STATISTICS

COUNTRY DIVERSIFICATION (% of Net Assets)Footnote Reference1

What were the Fund costs for the last six months?

KEY FUND STATISTICS

COUNTRY DIVERSIFICATION (% of Net Assets)Footnote Reference1

What were the Fund costs for the last six months?

KEY FUND STATISTICS

COUNTRY DIVERSIFICATION (% of Net Assets)Footnote Reference1

What were the Fund costs for the last six months?

KEY FUND STATISTICS

ASSET MARKET SECTOR (% of Net Assets)Footnote Reference1

What were the Fund costs for the last six months?

KEY FUND STATISTICS

ASSET MARKET SECTOR (% of Net Assets)Footnote Reference1

What were the Fund costs for the last six months?

KEY FUND STATISTICS

COUNTRY DIVERSIFICATION (% of Net Assets)Footnote Reference1

What were the Fund costs for the last six months?

KEY FUND STATISTICS

COUNTRY DIVERSIFICATION (% of Net Assets)Footnote Reference1

What were the Fund costs for the last six months?

KEY FUND STATISTICS

YEARS TO MATURITY (% of Net Assets)Footnote Reference1

What were the Fund costs for the last six months?

KEY FUND STATISTICS

YEARS TO MATURITY (% of Net Assets)Footnote Reference1

What were the Fund costs for the last six months?

KEY FUND STATISTICS

YEARS TO MATURITY (% of Net Assets)Footnote Reference1

What were the Fund costs for the last six months?

KEY FUND STATISTICS

ASSET MARKET SECTOR (% of Net Assets)Footnote Reference1

What were the Fund costs for the last six months?

KEY FUND STATISTICS

ASSET MARKET SECTOR (% of Net Assets)Footnote Reference1

What were the Fund costs for the last six months?

KEY FUND STATISTICS

ASSET MARKET SECTOR (% of Net Assets)Footnote Reference1

What were the Fund costs for the last six months?

KEY FUND STATISTICS

ASSET MARKET SECTOR (% of Net Assets)Footnote Reference1

What were the Fund costs for the last six months?

KEY FUND STATISTICS

ASSET MARKET SECTOR (% of Net Assets)Footnote Reference1

What were the Fund costs for the last six months?

KEY FUND STATISTICS

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote
Reference1}

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote
Reference1}

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote
Reference1}

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote
Reference1}

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote
Reference1}

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote
Reference1}

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote
Reference1}

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote
Reference1}

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote
Reference1}

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote
Reference1}

COUNTRY DIVERSIFICATION (% of Net Assets)^{Footnote
Reference1}

YEARS TO MATURITY (% of Net Assets)^{Footnote
Reference1}

YEARS TO MATURITY (% of Net Assets)^{Footnote
Reference1}

YEARS TO MATURITY (% of Net Assets)^{Footnote
Reference1}

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}

ASSET MARKET SECTOR (% of Net Assets)^{Footnote
Reference1}