# EDGAR Filing Document

**Accession Number:** 0002060280
**File Stem:** 0001104659-26-005878
**Filing Date:** 2026-1
**Character Count:** 1500502
**Document Hash:** e98de5ad8e29b30a1351d0ee1c79c8a3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-005878.hdr.sgml**: 20260123

**ACCESSION NUMBER**: 0001104659-26-005878

**CONFORMED SUBMISSION TYPE**: N-1A/A

**PUBLIC DOCUMENT COUNT**: 27

**FILED AS OF DATE**: 20260123

**DATE AS OF CHANGE**: 20260122

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Baillie Gifford ETF Trust
- **CENTRAL INDEX KEY:** 0002060280

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-1A/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24127
- **FILM NUMBER:** 26552760

**BUSINESS ADDRESS:**
- **STREET 1:** 780 THIRD AVENUE
- **STREET 2:** 43RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 011-44-131-275-2000

**MAIL ADDRESS:**
- **STREET 1:** 780 THIRD AVENUE
- **STREET 2:** 43RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Baillie Gifford ETF Trust
- **CENTRAL INDEX KEY:** 0002060280

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-1A/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290830
- **FILM NUMBER:** 26552759

**BUSINESS ADDRESS:**
- **STREET 1:** 780 THIRD AVENUE
- **STREET 2:** 43RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 011-44-131-275-2000

**MAIL ADDRESS:**
- **STREET 1:** 780 THIRD AVENUE
- **STREET 2:** 43RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

## Series and Classes Contracts Data

### Baillie Gifford Emerging Markets ETF (Series ID: S000099724)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000269507 | Baillie Gifford Emerging Markets ETF | BGEG            |

### Baillie Gifford International Alpha ETF (Series ID: S000099725)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000269508 | Baillie Gifford International Alpha ETF | BGIA            |

### Baillie Gifford International Concentrated Growth ETF (Series ID: S000099726)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000269509 | Baillie Gifford International Concentrated Growth ETF | BGCG            |

### Baillie Gifford Long Term Global Growth ETF (Series ID: S000099727)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000269510 | Baillie Gifford Long Term Global Growth ETF | BGGG            |

### Baillie Gifford U.S. Equity Growth ETF (Series ID: S000099728)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000269511 | Baillie Gifford U.S. Equity Growth ETF | BGUS            |

**As filed with the Securities and Exchange Commission on January 22, 2026**

**Securities Act File No. 333-290830**

**Investment Company Act File No. 811-24127**

**U.S. SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM N-1A** 

**(CHECK APPROPRIATE BOX OR BOXES)**

**REGISTRATION STATEMENT** 

***UNDER***

---

| | |
|:---|:---|
| ***THE SECURITIES ACT OF 1933*** | ☒ |
| **Pre-Effective Amendment No. 1** | ☒ |
| **Post-Effective Amendment No.** | ☐ |

---

**and/or**

**REGISTRATION STATEMENT** 

***UNDER***

---

| | |
|:---|:---|
| ***THE INVESTMENT COMPANY ACT OF 1940*** | ☒ |
| **Amendment No. 1** | ☒ |

---

**BAILLIE GIFFORD ETF TRUST** 

**(Exact Name of Registrant as Specified in Charter)**

**780 Third Avenue**

**43<sup>rd</sup> Floor**

**New York, NY 10017** 

**(Address of Principal Executive Offices)** 

**Registrant's Telephone Number, including Area Code: (011-44-131-275-2000)** 

**Gareth Griffiths**

**Calton Square** 

**1 Greenside Row** 

**Edinburgh, Scotland** 

**United Kingdom EH1 3AN** 

**(Name and Address of Agent for Service)** 

***COPY TO:***

**George Raine, Esq.** 

**Ropes & Gray LLP** 

**Prudential Tower** 

**800 Boylston Street** 

**Boston, MA 02199-3600** 

**Approximate Date of proposed public offering**: June 1, 2026.

Pursuant to the provisions of Rule 24f-2 under the Investment Company Act of 1940, Registrant declares that an indefinite number of its shares of beneficial interest are being registered under the Securities Act of 1933 by this Registration Statement.

Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until this Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.

The Funds covered by this Registration Statement (the **"Funds"**) are newly organized. Baillie Gifford International Concentrated Growth ETF, Baillie Gifford Long Term Global Growth ETF, and Baillie Gifford U.S. Equity Growth ETF (the **"Reorganized Funds"**) have been organized, and are being registered, in order to serve as the surviving funds in "shell reorganizations" with series of another registered investment company, subject to approval by the board of trustees of Baillie Gifford Funds and the shareholders of Baillie Gifford International Concentrated Growth Equities Fund, Baillie Gifford Long Term Global Growth Fund, and Baillie Gifford U.S. Equity Growth Fund. With the exception of shares to be issued in connection with the reorganizations (which the Reorganized Funds intend to register under a separate registration statement on Form N-14), the Funds do not expect to make a public offering of their shares until the reorganizations have been completed or, in the event required approvals are not obtained, efforts to effect the reorganizations have been discontinued.

SUBJECT TO COMPLETION – PRELIMINARY PROSPECTUS DATED JANUARY 22, 2026

THE INFORMATION IN THIS PROSPECTUS IS NOT COMPLETE AND MAY BE CHANGED. WE MAY NOT SELL THESE SECURITIES UNTIL THE REGISTRATION STATEMENT FILED WITH THE SECURITIES AND EXCHANGE COMMISSION IS EFFECTIVE. THIS PROSPECTUS IS NOT AN OFFER TO SELL THESE SECURITIES AND IS NOT SOLICITING AN OFFER TO BUY THESE SECURITIES IN ANY STATE WHERE THE OFFER OR SALE IS NOT PERMITTED.

---

| | |
|:---|:---|
| <u>Prospectus</u> | ![](tm2525881d3_pros-01img01.jpg) |

---

[DATE]

**Baillie Gifford ETF Trust**

**Funds**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Exchange<br> Ticker<br> Symbol** | &nbsp;&nbsp; **Principal U.S. Trading Market** <br>|
| &nbsp;&nbsp; **Baillie Gifford Emerging Markets ETF** | &nbsp;&nbsp; BGEG | &nbsp;&nbsp; The Nasdaq Stock Market LLC |
| &nbsp;&nbsp; **Baillie Gifford International Alpha ETF** | &nbsp;&nbsp; BGIA | &nbsp;&nbsp; The Nasdaq Stock Market LLC |
| &nbsp;&nbsp; **Baillie Gifford International Concentrated Growth ETF** | &nbsp;&nbsp; BGCG | &nbsp;&nbsp; The Nasdaq Stock Market LLC |
| &nbsp;&nbsp; **Baillie Gifford Long Term Global Growth ETF** | &nbsp;&nbsp; BGGG | &nbsp;&nbsp; The Nasdaq Stock Market LLC |
| &nbsp;&nbsp; **Baillie Gifford U.S. Equity Growth ETF** | &nbsp;&nbsp; BGUS | &nbsp;&nbsp; The Nasdaq Stock Market LLC |

---

*The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.*

 *Each fund listed above (each, a **"Fund"**) is a series of Baillie Gifford ETF Trust (the **"Trust"**). Each Fund is newly organized. Baillie Gifford International Concentrated Growth ETF, Baillie Gifford Long Term Global Growth ETF, and Baillie Gifford U.S. Equity Growth ETF (each, a "**Reorganized Fund**") have been organized, and are being registered, in order to serve as the surviving funds in "shell reorganizations" with series of another registered investment company (the "**Reorganizations**"), subject to approval by the shareholders of Baillie Gifford International Concentrated Growth Equities Fund, Baillie Gifford Long Term Global Growth Fund, and Baillie Gifford U.S. Equity Growth Fund (each, a "**Predecessor Mutual Fund**"), respectively. With the exception of shares to be issued in connection with the Reorganizations (which the Reorganized Funds are in the process of registering under a separate registration statement on Form N-14), the Funds do not expect to make a public offering of their shares until the Reorganizations have been completed or, in the event required approvals are not obtained, efforts to effect the Reorganizations have been discontinued.* 

 

<u>**Table of Contents**</u>

---

| | |
|:---|:---|
| **[FUND SUMMARIES](#pro-sp1_001)** | **[1](#pro-sp1_001)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Baillie Gifford Emerging Markets ETF](#pro-sp1_002) | [1](#pro-sp1_002) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Baillie Gifford International Alpha ETF](#pro-sp1_003) | [8](#pro-sp1_003) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Baillie Gifford International Concentrated Growth ETF](#pro-sp1_004) | [15](#pro-sp1_004) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Baillie Gifford Long Term Global Growth ETF](#pro-sp1_005) | [23](#pro-sp1_005) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Baillie Gifford U.S. Equity Growth ETF](#pro-sp1_006) | [31](#pro-sp1_006) |
| **[ADDITIONAL INFORMATION ABOUT PRINCIPAL STRATEGIES AND RISKS](#pro-sp1_007)** | **[38](#pro-sp1_007)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Principal Investment Strategies](#pro-sp1_008) | [38](#pro-sp1_008) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Selected Investment Techniques and Topics](#pro-sp2_001) | [47](#pro-sp2_001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Principal Investment Risks](#pro-sp2_002) | [52](#pro-sp2_002) |
| **[FUND MANAGEMENT](#pro-sp2_003)** | **[76](#pro-sp2_003)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Investment Manager](#pro-sp2_004) | [76](#pro-sp2_004) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Investment Teams](#pro-sp2_005) | [78](#pro-sp2_005) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Other Service Providers](#pro-sp3_000) | [85](#pro-sp3_000) |
| **[SHARES](#pro-sp3_001)** | **[85](#pro-sp3_001)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Calculation of NAV](#pro-sp3_002) | [85](#pro-sp3_002) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[How to Buy and Sell Shares](#pro-sp3_003) | [86](#pro-sp3_003) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Additional Information](#pro-sp3_004) | [87](#pro-sp3_004) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Share Dividends and Distributions](#pro-sp3_005) | [88](#pro-sp3_005) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Tax](#pro-sp3_006) | [89](#pro-sp3_006) |
| **[FINANCIAL HIGHLIGHTS](#pro-sp3_007)** | **[92](#pro-sp3_007)** |
| **[ADDITIONAL PERFORMANCE INFORMATION](#pro-sp3_008)** | **[100](#pro-sp3_008)** |
| **[HISTORICAL PERFORMANCE INFORMATION FOR SIMILAR ACCOUNTS](#pro-sp3_009)** | **[101](#pro-sp3_009)** |
| **[CONTACTS AND FURTHER INFORMATION](#pro-sp3_010)** | **[103](#pro-sp3_010)** |

---

i

Baillie Gifford ETF Trust – Prospectus

**<u>FUND SUMMARIES</u>**

**Baillie Gifford Emerging Markets ETF**

**Investment Objective**

Baillie Gifford Emerging Markets ETF seeks capital appreciation.

**Fees and Expenses**

The tables below describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp; Management Fee | &nbsp;&nbsp; 0.79% |
| &nbsp;&nbsp; Other Expenses<sup>(a)</sup> | &nbsp;&nbsp; 0% |
| &nbsp;&nbsp; **Total Annual Fund Operating Expenses** | &nbsp;&nbsp; 0.79% |

---

*<sup>(a)</sup>* *Estimated for the current fiscal year.*

 

Example of Expenses

The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other exchange-traded funds ("**ETFs**"). It assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you sell your shares at the end of such periods. It also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.

Although your actual costs may be higher or lower, based on these assumptions, your expenses would be:

---

| | |
|:---|:---|
| &nbsp;&nbsp; 1 Year | &nbsp;&nbsp; $81 |
| &nbsp;&nbsp; 3 Years | &nbsp;&nbsp; $252 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs, which are not reflected in "*Annual Fund Operating Expenses*" or in the "*Example of Expenses*" above, affect the Fund's performance. Because the Fund had not commenced operations prior to the date of this Prospectus, the Fund's portfolio

turnover rate for the most recent fiscal year end is not yet available.

**Principal Investment Strategies** 

The Fund is an actively managed ETF. The Fund seeks to meet its objective by investing in a portfolio of common stocks and other equity securities of issuers located in countries of emerging and frontier markets.

Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of companies located in countries represented in the MSCI Emerging Markets Index. The countries represented in the MSCI Emerging Markets Index include markets that may be less sophisticated than more developed markets in terms of participation by investors, analyst coverage, liquidity, and regulation. The Fund invests in equity securities either directly or indirectly, such as through depositary receipts or participatory notes, and may invest in preferred stocks, convertible securities, rights and warrants. The Fund is expected to invest to a significant extent (up to 30% of the Fund's net assets) in American Depositary Receipts (**"ADRs"**), European Depositary Receipts (**"EDRs"**) and Global Depositary Receipts (**"GDRs"**). The portfolio managers also have flexibility to implement the Fund's investment strategy through investing in active ETFs and ETFs that track relevant equity indices. The Fund is not constrained with respect to market capitalization and may participate in initial public offerings ("**IPOs**") and in securities offerings that are not registered in the U.S.

The portfolio managers primarily employ a bottom-up approach to stock selection, seeking to identify companies they believe have attractive long-term growth prospects, and select companies without being constrained by the MSCI Emerging Markets benchmark. The portfolio managers may reference the benchmark to set limits on the relative weighting of countries in the portfolio. The portfolio managers can also consider macro-economic factors when identifying potential investments. The portfolio managers focus on company research and the long-term outlook of companies and industries. Ideas can come from a wide variety of sources, including, but not limited to, research trips, company meetings, and relationships with industry thought leaders and academic institutions. Stock ideas are normally researched to assess a range of factors, including: long-term growth potential, geographic and industry positioning, competitive advantage, management, financial strength and valuation. Under normal circumstances, the intended outcome is a diversified portfolio typically consisting of between 60 and 100 growth companies with the potential to outperform the Fund's benchmark over the long term. The process can result in significant exposure to a single country or a small number of countries. The Fund

Baillie Gifford ETF Trust – Prospectus

expects to invest significantly in Chinese companies including through China A shares, which are common stocks and other equity securities that are listed or traded on a Chinese stock exchange and which are quoted in renminbi, the official currency of China. The Fund aims to hold securities for long periods (typically at least 5 years), which generally results in relatively low portfolio turnover and is in line with the portfolio managers' long-term investment outlook. When assessing a company's long-term growth prospects, the portfolio managers seek to identify and to incorporate a range of factors that are material to managing the Fund's investment risks and maximizing capital appreciation. Such factors potentially include the environmental, social, and/or governance characteristics of the company, such as stewardship, sustainable business practices, and/or corporate culture.

The Fund may invest without limitation in securities quoted or denominated in currencies other than the U.S. dollar and may hold such currencies. The Fund does not expect to engage in currency hedging and thus expects to be fully exposed to currency fluctuations relative to the U.S. dollar.

**Principal Risks**

The Fund's net asset value ("**NAV**"), trading price and returns will be impacted by the performance of the underlying investments of the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the Fund.

The principal risks of investing in the Fund (in alphabetical order after the first five risks) are:

*Investment Style Risk* – Baillie Gifford Overseas Limited (the "**Manager**") actively makes investment decisions for the Fund through bottom-up stock selection. Accordingly, the Fund will have risk characteristics that differ from its benchmark index. The Manager's judgments about the attractiveness, relative value, or potential appreciation of a particular stock may prove to be incorrect and cause the Fund to lose money or underperform compared to its benchmark index. There can be no assurance that the Manager's investment decisions will produce the desired results.

*Growth Stock Risk* – The prices of growth stocks may be based largely on expectations of future earnings, and their prices can decline rapidly and significantly in reaction to negative news. Growth stocks may underperform stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favor

with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors.

*Emerging Markets Risk* – Because the Fund invests in emerging market securities, the Fund may be exposed to greater market, credit, currency, liquidity, legal, political, technical and other risks different from, or greater than, the risks of investing in developed markets.

*Market Disruption and Geopolitical Risk* – The value of the Fund's investments could be adversely affected by events that disrupt securities markets and adversely affect global markets such as war, terrorism, public health crises, and geopolitical events and by changes in non-U.S. and U.S. economic and political conditions. These disruptions could prevent the Fund from implementing its investment strategies and achieving its investment objective, and increase the Fund's exposure to other risks detailed in this Prospectus. As a result, the Fund could lose money, experience significant redemptions, encounter operational difficulties, and suffer other negative impacts. Certain locations and industries may be particularly susceptible to this risk, and other risks may be heightened by such events.

*Government and Regulatory Risk* – Governmental and regulatory authorities in the United States and other countries, have taken, and may in the future take, actions intervening in the markets in which the Fund invests and in the economy more generally. Governmental and regulatory authorities may also act to increase the scope or burden of regulations applicable to the Fund or to the companies in which the Fund invests. The effects of these actions on the markets generally, and Fund's investment program in particular, can be uncertain and could restrict the ability of the Fund to fully implement its investment strategies, either generally, or with respect to certain securities, industries, or countries. By contrast, markets in some non-U.S. countries historically have been subject to little regulation or oversight by governmental or regulatory authorities, which could heighten the risk of loss due to fraud or market failures in those countries. Governments, agencies, or other regulatory bodies in any country may adopt or change laws or regulations that could adversely affect the Fund or the market value of an instrument held by the Fund.

*Asia Risk* – Investing in securities of companies located in or with exposure to Asian countries involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including different financial reporting standards, currency exchange rate fluctuations, and

Baillie Gifford ETF Trust – Prospectus

highly regulated markets with the potential for government interference. The economies of many Asian countries are heavily dependent on international trade and on only a few industries or commodities and, as a result, can be adversely affected by trade barriers, exchange controls and other measures imposed or negotiated by the countries with which they trade. Some Asian securities may be less liquid than U.S. or other foreign securities. See "*China Risk*" for additional details regarding the risks of investing in that country.

Additionally, many of the economies of countries in Asia are considered emerging market or frontier market economies. These Asian economies are often characterized by high inflation, undeveloped financial service sectors, frequent currency fluctuations, devaluations, or restrictions, political and social instability, and less efficient markets. See *"Emerging Markets Risk*" and "*Frontier Markets Risk*" for additional details regarding the risks of investing in such countries.

*China Risk* – Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others, more frequent trading suspensions and government interventions (including by nationalization of assets), currency exchange rate fluctuations or blockages, limits on the use of brokers and on foreign ownership, different financial reporting standards, higher dependence on exports and international trade, potential for increased trade tariffs, sanctions, embargoes and other trade limitations, custody risks, risks associated with investments in variable interest entities, and potential adverse tax consequences. U.S. sanctions or other investment restrictions could preclude the Fund from investing in certain Chinese issuers or cause the Fund to sell investments at a disadvantageous time. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events.

*Conflicts of Interest Risk* – The Manager serves as investment adviser to various clients other than the Fund, some of whom may pursue strategies that are substantially similar or nearly identical to investment strategies pursued by the Fund. This "side-by-side" management may give rise to various conflicts of interest, including, for example, in connection with the fair allocation of trades among the Manager's clients or the sharing of different, more, or more

timely information regarding investment performance, portfolio holdings, strategy developments and/or the Manager's general market outlook. Although the Fund's investment objective and strategies are substantially similar to those of other accounts and funds managed by the Manager, differences in purchase and redemption structure, investment restrictions and legal requirements and the public nature of the Fund's positions lead to the use of different trading practices and portfolio decisions. See "*Periodic Rebalancing Risk*" for additional details regarding the differences in trading approaches taken by the Manager. Furthermore, if investment personnel of the Manager hold board or other positions at outside companies, they could be exposed to material non-public information potentially impeding or delaying a Fund's ability to buy or sell certain investments, or they could otherwise be restricted in their ability to participate in a Fund's investment process.

*Currency Risk* – The Fund may realize a loss if it has exposure to a non-U.S. currency, and this non-U.S. currency declines in value, relative to the U.S. dollar. The Fund does not expect to engage in currency hedging and thus expects to be fully exposed to currency fluctuations relative to the U.S. dollar.

*Equity Securities Risk* – Equity securities may react more strongly to changes in an issuer's financial condition or prospects than other securities of the same issuer. Investing in equity securities indirectly, such as through participatory notes or depositary receipts, may involve other risks such as the risk that the counterparty may default or that the investment does not track the underlying security as expected.

*ESG Risk* – To the extent that the Fund's portfolio managers incorporate environmental, social and/or governance considerations ("**ESG Factors**") into the Fund's investment process as a part of the Fund's long-term investment approach, the Fund is subject to the risk that it may underperform funds that do not take ESG Factors into account. The consideration of ESG Factors may prioritize long-term rather than short-term returns, and therefore may negatively impact the relative performance of the Fund over the short, medium or even long term depending on how successfully those ESG Factors are incorporated and whether such investments are in or out of favor. In considering ESG Factors, the portfolio managers may be dependent upon information and data obtained through voluntary reporting by issuers or third-party research that may be incomplete, inaccurate or unavailable, which could impact the portfolio managers' assessment of relative risks and opportunities. See also "*Long-Term Investment*

Baillie Gifford ETF Trust – Prospectus

*Strategy Risk*" and "*Selected Investment Techniques and Topics* – *Our Stewardship Approach*."

- *ETF Structure Risk* – The Fund is structured as an ETF and is subject to special risks, including:

Although the Fund's shares will be listed for trading on the Nasdaq Stock Market LLC (the "**Exchange**"), an active trading market for the Fund's shares may not be developed or maintained by market makers or authorized participants ("**Authorized Participants**").

As an ETF, the Fund issues and redeems shares on a continuous basis at NAV only in a large, specified number of shares called a "**Creation Unit**." Only Authorized Participants may engage in creation or redemption transactions directly with the Fund, and no Authorized Participant is obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (*i.e.*, on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts and/or delisting.

- Trading in Fund shares may be halted due to market conditions or for other reasons that, in the view of the Exchange, make trading in shares of the Fund inadvisable.

- ETF shares trade at market prices rather than at NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount).

When buying or selling shares of the Fund, investors typically will pay brokerage commissions or other charges imposed by financial intermediaries and will incur the cost of the difference between the price that a buyer is willing to pay for shares (the "**bid**" price) and the price at which a seller is willing to sell shares (the "**ask**" price), known as the "**spread**" or "**bid-ask spread**."

- Shares of the Fund, similar to shares of other issuers listed on a stock exchange, may be sold short and are therefore subject to the risk of increased volatility and price decreases associated with short selling activity.

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| |
|:---|
| Daily publication of the Fund's portfolio holdings information could permit other market participants to trade in the securities identified in the Fund's public disclosure, and to the extent the Fund was trading in those securities over multiple days, trading by such other market participants could disadvantage the Fund and its shareholders by negatively impacting the prices at which the Fund may be able to buy investments for its portfolio or sell its holdings and Fund returns. |
| The NAV of the Fund's shares may change on days when, or during times at which, Authorized Participants will not be able to purchase or redeem shares of the Fund. This is because the Fund may invest in securities that are primarily traded on foreign exchanges which may trade at times or on days when the Fund does not price its shares. In such situations, there may be changes between the last quote of the underlying securities' value in the closed foreign market and the value of such underlying securities during the Fund's domestic trading day, which could lead to differences between the market price of the Fund's shares and the shares' underlying value. |

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- *Focused Investment Risk* – Should the Fund focus its investments in related, or a limited number of, countries, regions, sectors, or companies, this would create more risk and greater volatility than if the Fund's investments were less focused.

*Frontier Markets Risk* – Frontier markets are those emerging markets that are considered to be among the smallest, least mature and least liquid and, as a result, may be more volatile and less liquid than investments in more developed markets or in other emerging market countries. Emerging markets risk may be especially heightened in frontier markets.

*Geographic Focus Risk* – The Fund expects to focus its investments in a limited number of countries or geographic regions, and as a result may not offer the same level of diversification of risks as a more broadly global fund because the Fund will be exposed to a smaller geographic area. The performance of a fund that is less diversified across countries or geographic regions will be closely tied to market, currency, economic, political, environmental, or regulatory conditions and developments in the countries or regions in which the Fund invests, and may be more volatile than the performance of a more geographically-diversified portfolio.

*Information Technology Risk* – Cyber-attacks, disruptions, or failures that affect the Fund's service providers, counterparties, the securities markets generally, other market participants, or issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.

*IPO Risk* – The Fund may purchase securities in IPOs. These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile.

Baillie Gifford ETF Trust – Prospectus

*Large-Capitalization Securities Risk* – Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and medium-sized companies. Larger companies may be unable to respond as quickly as smaller and medium-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to achieve or maintain growth at the high rates that may be achieved by well-managed smaller and medium-sized companies.

*Liquidity Risk* – The Fund's investments may be subject to low trading volume, lack of a market maker, contractual lock-in periods or regulatory restrictions, and the Fund may hold large positions in particular securities. As a result, it may not be possible to sell an investment at a particular time or at an acceptable price. Liquidity risk may be magnified during periods of changing interest rates, significant redemptions from Authorized Participants that include a substantial cash component or market turmoil. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. Increased levels of illiquidity can lead to wider bid-ask spreads.

*Long-Term Investment Strategy Risk* – The Fund pursues a long-term investment approach, typically seeking returns over a period of several years. This investment style may cause the Fund to lose money or underperform compared to its benchmark index or other funds over extended periods of time, and the Fund may not perform as expected in the long term. An investment in the Fund may be more suitable for long-term investors who can bear the risk of short- or medium-term fluctuations in the value of the Fund's portfolio. See also "*Selected Investment Techniques and Topics* – *Our Stewardship Approach*."

*Market Risk* – The value of the Fund's investments will be affected by fluctuations in the stock markets in which the Fund is invested, factors affecting a particular industry or industries, real or perceived adverse economic conditions, changes in interest or currency rates or adverse investor sentiment generally. Declines in securities market prices may reduce the value of your investment in the Fund.

*New and Smaller-Sized ETF Risk* – New funds and smaller-sized funds, such as the Fund, will be subject to greater liquidity risk due to their smaller asset bases and may be required to sell securities at disadvantageous times or prices due to significant redemptions from Authorized Participants that include a substantial cash component. A fund that has been

recently formed will have limited or no performance history for investors to evaluate (except in circumstances where a predecessor fund's performance history is adopted) and may not reach or maintain a sufficient asset size to effectively implement its investment strategy. Smaller ETFs will have a lower public float and lower trading volumes, leading to wider bid-ask spreads. Further, the Manager is new to managing ETFs and will be reliant on the successful implementation of relationships with key counterparties, such as Authorized Participants.

*Non-U.S. Investment Risk* – Non-U.S. securities are subject to additional risks, including less liquidity, increased volatility, less transparency, withholding or other taxes, increased vulnerability to adverse changes in local and global economic conditions, less regulation, and possible fluctuation in value due to adverse political conditions. Foreign portfolio transactions generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in the U.S.

*Periodic Rebalancing Risk* – Because the Fund discloses its full portfolio holdings each business day, the Manager expects to execute portfolio transactions for the Fund on a periodic schedule, generally after the Manager executes transactions in the same securities for other client accounts managed according to investment strategies similar to those pursued by the Fund. As a result, the Fund's portfolio is expected to be rebalanced less frequently than other accounts and funds managed by the Manager, and the Fund's portfolio trades will often occur after an accumulation of multiple trades that were executed for the Manager's other accounts and funds. Less frequent rebalancing could harm the Fund by causing it to suffer losses if positions it would have sold earlier (if it were rebalanced more frequently) decline in value before a rebalancing date, or positions it would have purchased earlier (if it were rebalanced more frequently) increase in value before a rebalancing date. In addition, when the Manager implements a portfolio decision for an account or fund ahead of, or contemporaneously with, a portfolio decision for the Fund, market impact, liquidity constraints, or other factors could result in the Fund receiving less favorable pricing or trading results, paying higher transaction costs, or otherwise being disadvantaged.

*Risk Model Risk* – A risk model is used to assist in the portfolio construction process. In developing and maintaining the risk model, the Manager expects to make use of one or more vendors or data sources for inputs. If the model or the data used in the model is incorrect or incomplete, or if there are business or operational disruptions affecting a vendor providing

Baillie Gifford ETF Trust – Prospectus

significant inputs to the model, then (in the absence of mitigating measures by the Manager) the Manager may be temporarily unable to appropriately implement the risk model or, when implemented, investment decisions made with reference to the model may not produce the desired results, and the Fund may realize losses.

*Service Provider Risk* – The Fund will be affected by the Manager's investment techniques, analyses, assessments and employee retention. Similarly, adverse events or performance failures at a service provider, such as human error, inadequate controls or insolvency, have the ability to adversely affect the Fund.

*Settlement Risk* – The Fund may experience delays in settlement due to the different clearance and settlement procedures in non-U.S. countries. Such delays may increase credit risk to the Fund, limit the ability of the Fund to reinvest the proceeds of a sale of securities, or prevent the Fund from selling securities at times and prices it considers desirable.

*Small- and Medium-Capitalization Securities Risk* – Securities of small- and medium-capitalization companies can be more volatile due to various factors including more limited product lines, financial and management resources and market distribution channels, as well as shorter operating histories and potentially reduced liquidity, especially during market declines, than the securities of larger, more established companies.

*Underlying Funds Risk* - Investments in other pooled investment vehicles may indirectly expose the Fund to all of the risks applicable to an investment in such other pooled vehicle. The Fund must pay its pro rata portion of the other pooled vehicle's fees and expenses. If such pooled vehicle is an ETF or other product traded on a securities exchange or otherwise actively traded, its shares may trade at a premium or discount to their NAV, an effect that might be more pronounced in less liquid markets. Investments in ETFs will be subject to parallel risks to those described under "*ETF Structure Risk*" above. Further, the Manager or an affiliate may serve as investment adviser to some pooled vehicles in which the Fund invests, leading to potential conflicts of interest.

*Valuation Risk* – In certain circumstances, some of the Fund's portfolio holdings may be valued on the basis of factors other than market quotations by employing fair value procedures. This may occur more often in times of market turmoil or reduced liquidity. Portfolio holdings that are valued using techniques other than market quotations, including

"fair valued" securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. There is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.

**Performance**

The Fund is new and therefore has no performance history. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by comparing the Fund's performance with broad measure of market performance. Information on the Fund's investment performance after the Fund has commenced investment operations can be obtained by visiting www.bailliegifford.com/ETFs. Past performance (before and after taxes) is not an indication of future performance.

**Management**

Investment Manager

Baillie Gifford Overseas Limited

Portfolio Managers

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Name** | &nbsp;&nbsp; **Title** | &nbsp;&nbsp; **Year <br> Commenced<br> Service with<br> the Fund** |
| &nbsp;&nbsp; Ben Durrant | &nbsp;&nbsp; Portfolio Manager | &nbsp;&nbsp; 2026 |
| &nbsp;&nbsp; Mike Gush | &nbsp;&nbsp; Portfolio Manager | &nbsp;&nbsp; 2026 |
| &nbsp;&nbsp; Andrew Stobart | &nbsp;&nbsp; Portfolio Manager | &nbsp;&nbsp; 2026 |

---

**Purchasing and Selling Fund Shares**

The Fund is an ETF. Individual shares of the Fund may only be bought and sold in the secondary market through a broker-dealer at a market price. Because ETF shares trade at market prices rather than at NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market (the **"bid-ask spread"**).

The Fund will issue and redeem shares at NAV only in Creation Units. These transactions are usually in exchange for a basket of securities and/or an amount of cash. As a practical matter, only Authorized Participants purchase or redeem Creation Units. Except when

Baillie Gifford ETF Trust – Prospectus

aggregated in Creation Units, shares are not redeemable securities of the Fund.

Purchases and redemptions of Creation Units that include a substantial cash component, rather than through in-kind delivery of portfolio securities, may cause the Fund to incur certain costs. These costs could include brokerage costs or taxable gains or losses that the Fund might not have incurred if an Authorized Participant had made purchases and redemptions in kind. These costs could be imposed on the Fund, and thus decrease the Fund's NAV, to the extent that the costs are not offset by a transaction fee payable by an Authorized Participant.

Once the Fund commences operations, recent information, including information on the Fund's NAV, market price, premiums and discounts, and bid-ask spreads, will be available on the Fund's website at www.bailliegifford.com/ETFs.

**Tax**

The Fund intends to make distributions that will be taxable to you as ordinary income or capital gains, unless you are a tax-exempt investor or otherwise investing through a tax-advantaged account, such as an IRA or 401(k) plan. If you are investing through such a tax-advantaged account, you may be taxed later upon withdrawal of monies from that account.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase Fund shares through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for services the intermediary provides to Fund shareholders. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. In addition to the fees and expenses described in the *"Fees and Expenses"* section above, your broker-dealer or financial intermediary may charge commissions or other fees on purchases and sales of shares of the Fund. Ask your salesperson or visit your financial intermediary's web site for more information.

Baillie Gifford ETF Trust – Prospectus

**Baillie Gifford International Alpha ETF**

**Investment Objective**

Baillie Gifford International Alpha ETF seeks capital appreciation.

**Fees and Expenses**

The tables below describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp; Management Fee | &nbsp;&nbsp; 0.59% |
| &nbsp;&nbsp; Other Expenses<sup>(a)</sup> | &nbsp;&nbsp; 0% |
| &nbsp;&nbsp; **Total Annual Fund Operating Expenses** | &nbsp;&nbsp; 0.59% |

---

*<sup>(a)</sup>* *Estimated for the current fiscal year.* 

 

Example of Expenses

The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other exchange-traded funds ("**ETFs**"). It assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you sell your shares at the end of such periods. It also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.

Although your actual costs may be higher or lower, based on these assumptions, your expenses would be:

---

| | |
|:---|:---|
| &nbsp;&nbsp; 1 Year | &nbsp;&nbsp; $60 |
| &nbsp;&nbsp; 3 Years | &nbsp;&nbsp; $189 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs, which are not reflected in "*Annual Fund Operating Expenses*" or in the "*Example of Expenses*" above, affect the Fund's performance. Because the Fund had not commenced operations prior to the date of this Prospectus, the Fund's portfolio turnover rate for the most recent fiscal year end is not yet available.

**Principal Investment Strategies** 

The Fund is an actively managed ETF. The Fund seeks to meet its objective by investing in an international portfolio of equities, which include common stock and other equity securities, of issuers located in countries of developed and emerging markets.

The Fund invests predominantly in securities issued by companies located in countries represented in the MSCI ACWI ex USA Index which includes issuers from a range of developed and emerging market countries. The Fund may invest to a lesser extent in frontier markets. The Fund ordinarily invests in securities of issuers located in at least three countries outside the U.S. The Fund invests in equity securities either directly or indirectly, such as through depositary receipts, and may invest in preferred stocks, convertible securities, rights and warrants. The Fund may invest to a significant extent (up to 30% of the Fund's net assets) in American Depositary Receipts (**"ADRs"**), European Depositary Receipts (**"EDRs"**) and Global Depositary Receipts (**"GDRs"**). The portfolio managers also have flexibility to implement the Fund's investment strategy through investing in active ETFs and ETFs that track relevant equity indices. The Fund is not constrained with respect to market capitalization and may participate in initial public offerings ("**IPOs**") and in securities offerings that are not registered in the U.S.

The portfolio managers employ a bottom-up approach to stock selection, seeking to identify companies they believe have attractive long-term growth prospects, and principally select companies without being constrained by the MSCI ACWI ex USA benchmark. The portfolio managers focus on company research and the long-term outlook of companies and industries. Ideas can come from a wide variety of sources, including, but not limited to, research trips, company meetings, and relationships with industry thought leaders and academic institutions. Stock ideas are normally researched to assess a range of factors, including: long-term growth potential, geographic and industry positioning, competitive advantage, management, financial strength and valuation. Under normal circumstances, the intended outcome is a diversified portfolio typically consisting of between 60 and 90 growth companies with the potential to outperform the Fund's benchmark over the long term. The process can result in significant exposure to a single country or a small number of countries. The Fund expects to invest in Chinese companies, among other means, through China A shares, which are common stocks and other equity securities that are listed or traded on a Chinese stock exchange and which are quoted in renminbi, the official currency of China. The Fund aims to hold securities for long periods (typically at least 5 years), which generally results in relatively low portfolio turnover and is in line with the portfolio

Baillie Gifford ETF Trust – Prospectus

managers' long-term investment outlook. When assessing a company's long-term growth prospects, the portfolio managers seek to identify and to incorporate a range of factors that are material to managing the Fund's investment risks and maximizing capital appreciation. Such factors potentially include the environmental, social, and/or governance characteristics of the company, such as stewardship, sustainable business practices, and/or corporate culture.

The Fund may invest without limitation in securities quoted or denominated in currencies other than the U.S. dollar and may hold such currencies. The Fund does not expect to engage in currency hedging and thus expects to be fully exposed to currency fluctuations relative to the U.S. dollar.

**Principal Risks**

The Fund's net asset value ("**NAV**"), trading price and returns will be impacted by the performance of the underlying investments of the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the Fund.

The principal risks of investing in the Fund (in alphabetical order after the first four risks) are:

*Investment Style Risk* – Baillie Gifford Overseas Limited (the "**Manager**") actively makes investment decisions for the Fund through bottom-up stock selection. Accordingly, the Fund will have risk characteristics that differ from its benchmark index. The Manager's judgments about the attractiveness, relative value, or potential appreciation of a particular stock may prove to be incorrect and cause the Fund to lose money or underperform compared to its benchmark index. There can be no assurance that the Manager's investment decisions will produce the desired results.

*Growth Stock Risk* – The prices of growth stocks may be based largely on expectations of future earnings, and their prices can decline rapidly and significantly in reaction to negative news. Growth stocks may underperform stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors.

*Long-Term Investment Strategy Risk* – The Fund pursues a long-term investment approach, typically seeking returns over a period of several years. This investment style may cause the Fund to lose money

or underperform compared to its benchmark index or other funds over extended periods of time, and the Fund may not perform as expected in the long term. An investment in the Fund may be more suitable for long-term investors who can bear the risk of short- or medium-term fluctuations in the value of the Fund's portfolio. See also "*Selected Investment Techniques and Topics* – *Our Stewardship Approach*."

*Non-U.S. Investment Risk* – Non-U.S. securities are subject to additional risks, including less liquidity, increased volatility, less transparency, withholding or other taxes, increased vulnerability to adverse changes in local and global economic conditions, less regulation, and possible fluctuation in value due to adverse political conditions. Foreign portfolio transactions generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in the U.S.

*Asia Risk* – Investing in securities of companies located in or with exposure to Asian countries involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including different financial reporting standards, currency exchange rate fluctuations, and highly regulated markets with the potential for government interference. The economies of many Asian countries are heavily dependent on international trade and on only a few industries or commodities and, as a result, can be adversely affected by trade barriers, exchange controls and other measures imposed or negotiated by the countries with which they trade. Some Asian securities may be less liquid than U.S. or other foreign securities. See "*China Risk*" for additional details regarding the risks of investing in that country.

Additionally, many of the economies of countries in Asia are considered emerging market or frontier market economies. These Asian economies are often characterized by high inflation, undeveloped financial service sectors, frequent currency fluctuations, devaluations, or restrictions, political and social instability, and less efficient markets. See *"Emerging Markets Risk*" for additional details regarding the risks of investing in such countries.

*China Risk* – Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others, more frequent trading suspensions and government interventions (including by nationalization of assets), currency exchange rate fluctuations or blockages, limits on the use of brokers and on foreign ownership,

Baillie Gifford ETF Trust – Prospectus

different financial reporting standards, higher dependence on exports and international trade, potential for increased trade tariffs, sanctions, embargoes and other trade limitations, custody risks, risks associated with investments in variable interest entities, and potential adverse tax consequences. U.S. sanctions or other investment restrictions could preclude the Fund from investing in certain Chinese issuers or cause the Fund to sell investments at a disadvantageous time. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events.

*Conflicts of Interest Risk* – The Manager serves as investment adviser to various clients other than the Fund, some of whom may pursue strategies that are substantially similar or nearly identical to investment strategies pursued by the Fund. This "side-by-side" management may give rise to various conflicts of interest, including, for example, in connection with the fair allocation of trades among the Manager's clients or the sharing of different, more, or more timely information regarding investment performance, portfolio holdings, strategy developments and/or the Manager's general market outlook. Although the Fund's investment objective and strategies are substantially similar to those of other accounts and funds managed by the Manager, differences in purchase and redemption structure, investment restrictions and legal requirements and the public nature of the Fund's positions lead to the use of different trading practices and portfolio decisions. See "*Periodic Rebalancing Risk*" for additional details regarding the differences in trading approaches taken by the Manager. Furthermore, if investment personnel of the Manager hold board or other positions at outside companies, they could be exposed to material non-public information potentially impeding or delaying a Fund's ability to buy or sell certain investments, or they could otherwise be restricted in their ability to participate in a Fund's investment process.

*Currency Risk* – The Fund may realize a loss if it has exposure to a non-U.S. currency, and this non-U.S. currency declines in value, relative to the U.S. dollar. The Fund does not expect to engage in currency hedging and thus expects to be fully exposed to currency fluctuations relative to the U.S. dollar.

- *Developed Markets Risk* – Investing in securities of companies located in, or with exposure to, developed countries will subject the Fund to the regulatory, political, currency, security, economic

and other risks associated with such countries. In recent periods, countries with developed markets have generally experienced slower economic growth than some less developed countries. Services sectors (e.g., the financial services sector) generally tend to represent the primary source of economic growth in developed markets, which can make them susceptible to the risks of individual service sectors. In addition, developed countries will be impacted by changes to the economic conditions of certain key trading partners, regulatory burdens, and the price or availability of certain commodities, among other things.

*Emerging Markets Risk* – To the extent the Fund invests in emerging market securities, the Fund may be exposed to greater market, credit, currency, liquidity, legal, political, technical and other risks different from, or greater than, the risks of investing in developed markets.

*Equity Securities Risk* – Equity securities may react more strongly to changes in an issuer's financial condition or prospects than other securities of the same issuer. Investing in equity securities indirectly, such as through participatory notes or depositary receipts, may involve other risks such as the risk that the counterparty may default or that the investment does not track the underlying security as expected.

*ESG Risk* – To the extent that the Fund's portfolio managers incorporate environmental, social and/or governance considerations ("**ESG Factors**") into the Fund's investment process as a part of the Fund's long-term investment approach, the Fund is subject to the risk that it may underperform funds that do not take ESG Factors into account. The consideration of ESG Factors may prioritize long-term rather than short-term returns, and therefore may negatively impact the relative performance of the Fund over the short, medium or even long term depending on how successfully those ESG Factors are incorporated and whether such investments are in or out of favor. In considering ESG Factors, the portfolio managers may be dependent upon information and data obtained through voluntary reporting by issuers or third-party research that may be incomplete, inaccurate or unavailable, which could impact the portfolio managers' assessment of relative risks and opportunities. See also "*Long-Term Investment Strategy Risk*" and "*Selected Investment Techniques and Topics* – *Our Stewardship Approach*."

- *ETF Structure Risk* – The Fund is structured as an ETF and is subject to special risks, including:

- Although the Fund's shares will be listed for trading on the Nasdaq Stock Market LLC (the

Baillie Gifford ETF Trust – Prospectus

"**Exchange**"), an active trading market for the Fund's shares may not be developed or maintained by market makers or authorized participants ("**Authorized Participants**").

As an ETF, the Fund issues and redeems shares on a continuous basis at NAV only in a large, specified number of shares called a "**Creation Unit**." Only Authorized Participants may engage in creation or redemption transactions directly with the Fund, and no Authorized Participant is obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (*i.e.*, on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts and/or delisting.

- Trading in Fund shares may be halted due to market conditions or for other reasons that, in the view of the Exchange, make trading in shares of the Fund inadvisable.

- ETF shares trade at market prices rather than at NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount).

When buying or selling shares of the Fund, investors typically will pay brokerage commissions or other charges imposed by financial intermediaries and will incur the cost of the difference between the price that a buyer is willing to pay for shares (the "**bid**" price) and the price at which a seller is willing to sell shares (the "**ask**" price), known as the "**spread**" or "**bid-ask spread**."

- Shares of the Fund, similar to shares of other issuers listed on a stock exchange, may be sold short and are therefore subject to the risk of increased volatility and price decreases associated with short selling activity.

Daily publication of the Fund's portfolio holdings information could permit other market participants to trade in the securities identified in the Fund's public disclosure, and to the extent the Fund was trading in those securities over multiple days, trading by such other market participants could disadvantage the Fund and its shareholders by negatively

impacting the prices at which the Fund may be able to buy investments for its portfolio or sell its holdings and Fund returns.

The NAV of the Fund's shares may change on days when, or during times at which, Authorized Participants will not be able to purchase or redeem shares of the Fund. This is because the Fund may invest in securities that are primarily traded on foreign exchanges which may trade at times or on days when the Fund does not price its shares. In such situations, there may be changes between the last quote of the underlying securities' value in the closed foreign market and the value of such underlying securities during the Fund's domestic trading day, which could lead to differences between the market price of the Fund's shares and the shares' underlying value.

- *Focused Investment Risk* – Should the Fund focus its investments in related, or a limited number of, countries, regions, sectors, or companies, this would create more risk and greater volatility than if the Fund's investments were less focused.

*Geographic Focus Risk* – The Fund expects to focus its investments in a limited number of countries or geographic regions, and as a result may not offer the same level of diversification of risks as a more broadly global fund because the Fund will be exposed to a smaller geographic area. The performance of a fund that is less diversified across countries or geographic regions will be closely tied to market, currency, economic, political, environmental, or regulatory conditions and developments in the countries or regions in which the Fund invests, and may be more volatile than the performance of a more geographically-diversified portfolio.

*Government and Regulatory Risk* – Governmental and regulatory authorities in the United States and other countries, have taken, and may in the future take, actions intervening in the markets in which the Fund invests and in the economy more generally. Governmental and regulatory authorities may also act to increase the scope or burden of regulations applicable to the Fund or to the companies in which the Fund invests. The effects of these actions on the markets generally, and Fund's investment program in particular, can be uncertain and could restrict the ability of the Fund to fully implement its investment strategies, either generally, or with respect to certain securities, industries, or countries. By contrast, markets in some non-U.S. countries historically have been subject to little regulation or oversight by governmental or regulatory authorities, which could heighten the risk of loss due to fraud or market failures in those countries. Governments, agencies, or other regulatory bodies in any country may adopt or change laws or regulations that could adversely affect the Fund or the market value of an instrument held by the Fund.

*Information Technology Risk* – Cyber-attacks, disruptions, or failures that affect the Fund's service providers, counterparties, the securities markets generally, other market participants, or issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.

Baillie Gifford ETF Trust – Prospectus

*IPO Risk* – The Fund may purchase securities in IPOs. These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile.

*Large-Capitalization Securities Risk* – Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and medium-sized companies. Larger companies may be unable to respond as quickly as smaller and medium-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to achieve or maintain growth at the high rates that may be achieved by well-managed smaller and medium-sized companies.

*Liquidity Risk* – The Fund's investments may be subject to low trading volume, lack of a market maker, contractual lock-in periods or regulatory restrictions, and the Fund may hold large positions in particular securities. As a result, it may not be possible to sell an investment at a particular time or at an acceptable price. Liquidity risk may be magnified during periods of changing interest rates, significant redemptions from Authorized Participants that include a substantial cash component or market turmoil. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. Increased levels of illiquidity can lead to wider bid-ask spreads.

*Market Disruption and Geopolitical Risk* – The value of the Fund's investments could be adversely affected by events that disrupt securities markets and adversely affect global markets such as war, terrorism, public health crises, and geopolitical events and by changes in non-U.S. and U.S. economic and political conditions. These disruptions could prevent the Fund from implementing its investment strategies and achieving its investment objective, and increase the Fund's exposure to other risks detailed in this Prospectus. As a result, the Fund could lose money, experience significant redemptions, encounter operational difficulties, and suffer other negative impacts. Certain locations and industries may be particularly susceptible to this risk, and other risks may be heightened by such events.

- *Market Risk* – The value of the Fund's investments will be affected by fluctuations in the stock markets in which the Fund is invested, factors affecting a

particular industry or industries, real or perceived adverse economic conditions, changes in interest or currency rates or adverse investor sentiment generally. Declines in securities market prices may reduce the value of your investment in the Fund.

*New and Smaller-Sized ETF Risk* – New funds and smaller-sized funds, such as the Fund, will be subject to greater liquidity risk due to their smaller asset bases and may be required to sell securities at disadvantageous times or prices due to significant redemptions from Authorized Participants that include a substantial cash component. A fund that has been recently formed will have limited or no performance history for investors to evaluate (except in circumstances where a predecessor fund's performance history is adopted) and may not reach or maintain a sufficient asset size to effectively implement its investment strategy. Smaller ETFs will have a lower public float and lower trading volumes, leading to wider bid-ask spreads. Further, the Manager is new to managing ETFs and will be reliant on the successful implementation of relationships with key counterparties, such as Authorized Participants.

*Periodic Rebalancing Risk* – Because the Fund discloses its full portfolio holdings each business day, the Manager expects to execute portfolio transactions for the Fund on a periodic schedule, generally after the Manager executes transactions in the same securities for other client accounts managed according to investment strategies similar to those pursued by the Fund. As a result, the Fund's portfolio is expected to be rebalanced less frequently than other accounts and funds managed by the Manager, and the Fund's portfolio trades will often occur after an accumulation of multiple trades that were executed for the Manager's other accounts and funds. Less frequent rebalancing could harm the Fund by causing it to suffer losses if positions it would have sold earlier (if it were rebalanced more frequently) decline in value before a rebalancing date, or positions it would have purchased earlier (if it were rebalanced more frequently) increase in value before a rebalancing date. In addition, when the Manager implements a portfolio decision for an account or fund ahead of, or contemporaneously with, a portfolio decision for the Fund, market impact, liquidity constraints, or other factors could result in the Fund receiving less favorable pricing or trading results, paying higher transaction costs, or otherwise being disadvantaged.

*Risk Model Risk* – A risk model is used to assist in the portfolio construction process. In developing and maintaining the risk model, the Manager expects to make use of one or more vendors or data sources for inputs. If the model or the data used in the model is incorrect or incomplete, or if there are business or

Baillie Gifford ETF Trust – Prospectus

operational disruptions affecting a vendor providing significant inputs to the model, then (in the absence of mitigating measures by the Manager) the Manager may be temporarily unable to appropriately implement the risk model or, when implemented, investment decisions made with reference to the model may not produce the desired results, and the Fund may realize losses.

*Service Provider Risk* – The Fund will be affected by the Manager's investment techniques, analyses, assessments and employee retention. Similarly, adverse events or performance failures at a service provider, such as human error, inadequate controls or insolvency, have the ability to adversely affect the Fund.

*Settlement Risk* – The Fund may experience delays in settlement due to the different clearance and settlement procedures in non-U.S. countries. Such delays may increase credit risk to the Fund, limit the ability of the Fund to reinvest the proceeds of a sale of securities, or prevent the Fund from selling securities at times and prices it considers desirable.

*Small - and Medium-Capitalization Securities Risk* – Securities of small- and medium-capitalization companies can be more volatile due to various factors including more limited product lines, financial and management resources and market distribution channels, as well as shorter operating histories and potentially reduced liquidity, especially during market declines, than the securities of larger, more established companies.

*Valuation Risk* – In certain circumstances, some of the Fund's portfolio holdings may be valued on the basis of factors other than market quotations by employing fair value procedures. This may occur more often in times of market turmoil or reduced liquidity. Portfolio holdings that are valued using techniques other than market quotations, including "fair valued" securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. There is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.

**Performance**

The Fund is new and therefore has no performance history. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing

in the Fund by comparing the Fund's performance with broad measure of market performance. Information on the Fund's investment performance after the Fund has commenced investment operations can be obtained by visiting www.bailliegifford.com/ETFs**.** Past performance (before and after taxes) is not an indication of future performance.

**Management**

Investment Manager

Baillie Gifford Overseas Limited

Portfolio Managers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Name** | &nbsp;&nbsp; **Title** | &nbsp;&nbsp; **Year<br> Commenced<br> Service with<br> the Fund** |
| &nbsp;&nbsp; Chris Davies | &nbsp;&nbsp; Portfolio Manager | &nbsp;&nbsp; 2026 |
| &nbsp;&nbsp; Jenny Davis | &nbsp;&nbsp; Portfolio Manager | &nbsp;&nbsp; 2026 |
| &nbsp;&nbsp; Donald Farquharson | &nbsp;&nbsp; Portfolio Manager | &nbsp;&nbsp; 2026 |
| &nbsp;&nbsp; Roderick Snell | &nbsp;&nbsp; Portfolio Manager | &nbsp;&nbsp; 2026 |
| &nbsp;&nbsp; Steve Vaughan | &nbsp;&nbsp; Portfolio Manager | &nbsp;&nbsp; 2026 |
| &nbsp;&nbsp; Tom Walsh | &nbsp;&nbsp; Portfolio Manager | &nbsp;&nbsp; 2026 |

---

 

**Purchasing and Selling Fund Shares**

The Fund is an ETF. Individual shares of the Fund may only be bought and sold in the secondary market through a broker-dealer at a market price. Because ETF shares trade at market prices rather than at NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market (the **"bid-ask spread"**).

The Fund will issue and redeem shares at NAV only in Creation Units. These transactions are usually in exchange for a basket of securities and/or an amount of cash. As a practical matter, only Authorized Participants purchase or redeem Creation Units. Except when aggregated in Creation Units, shares are not redeemable securities of the Fund.

Purchases and redemptions of Creation Units that include a substantial cash component, rather than through in-kind delivery of portfolio securities, may cause the Fund to incur certain costs. These costs could include brokerage costs or taxable gains or losses that the Fund might not have incurred if an Authorized Participant had made purchases and redemptions in kind. These costs could be imposed on the Fund, and thus decrease the Fund's NAV, to the extent that the costs are not offset by a transaction fee payable by an Authorized Participant.

Baillie Gifford ETF Trust – Prospectus

Once the Fund commences operations, recent information, including information on the Fund's NAV, market price, premiums and discounts, and bid-ask spreads, will be available on the Fund's website at www.bailliegifford.com/ETFs.

**Tax**

The Fund intends to make distributions that will be taxable to you as ordinary income or capital gains, unless you are a tax-exempt investor or otherwise investing through a tax-advantaged account, such as an IRA or 401(k) plan. If you are investing through such a tax-advantaged account, you may be taxed later upon withdrawal of monies from that account.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

If you purchase Fund shares through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for services the intermediary provides to Fund shareholders. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. In addition to the fees and expenses described in the "Fees and Expenses" section above, your broker-dealer or financial intermediary may charge commissions or other fees on purchases and sales of shares of the Fund. Ask your salesperson or visit your financial intermediary's web site for more information.

Baillie Gifford ETF Trust – Prospectus

**Baillie Gifford** **International Concentrated Growth ETF**

**Investment Objective**

Baillie Gifford International Concentrated Growth ETF seeks capital appreciation.

**Fees and Expenses**

The tables below describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp; Management Fee | &nbsp;&nbsp; 0.72% |
| &nbsp;&nbsp; Other Expenses<sup>(a)</sup> | &nbsp;&nbsp; 0% |
| &nbsp;&nbsp; **Total Annual Fund Operating Expenses** | &nbsp;&nbsp; 0.72% |

---

*<sup>(a)</sup>* *Estimated for the current fiscal year.*

 

Example of Expenses

The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other exchange-traded funds ("**ETFs**"). It assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you sell your shares at the end of such periods. It also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The example below also applies any contractual expense waivers and/or expense reimbursements to the first year of each period listed in the table.

Although your actual costs may be higher or lower, based on these assumptions, your expenses would be:

---

| | |
|:---|:---|
| &nbsp;&nbsp; 1 Year | &nbsp;&nbsp; $74 |
| &nbsp;&nbsp; 3 Years | &nbsp;&nbsp; $230 |
| &nbsp;&nbsp; 5 Years | &nbsp;&nbsp; $401 |
| &nbsp;&nbsp; 10 Years | &nbsp;&nbsp; $894 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs, which are not reflected in "*Annual*

 *Fund Operating Expenses*" or in the "*Example of Expenses*" above, affect the Fund's performance. The Fund has not commenced operations as of the date of this prospectus, but it is expected that Baillie Gifford International Concentrated Growth Equities Fund (the "**Predecessor Mutual Fund**"), a series of Baillie Gifford Funds, will be reorganized into the Fund. For its fiscal year ended December 31, 2024, the Predecessor Mutual Fund's portfolio turnover rate was 26%. Because the Predecessor Mutual Fund operated as a mutual fund rather than as an ETF, the portfolio turnover rate for the Fund may be different from that of the Predecessor Mutual Fund.

**Principal Investment Strategies** 

The Fund is an actively managed ETF. The Fund seeks to meet its objective by investing in an international portfolio of common stocks and other equity securities of issuers located in countries of developed and emerging markets.

The Fund may invest up to 20% of its net assets in common stocks and other equities of companies located in the U.S. The Fund invests in equity securities either directly or indirectly, such as through depositary receipts, and may invest in preferred stocks, convertible securities, rights and warrants. The Fund may invest to a significant extent (up to 30% of the Fund's net assets) in American Depositary Receipts (**"ADRs"**), European Depositary Receipts (**"EDRs"**) and Global Depositary Receipts (**"GDRs"**). The portfolio managers also have flexibility to implement the Fund's investment strategy through investing in active ETFs and ETFs that track relevant equity indices. The Fund is not constrained with respect to market capitalization and may participate in initial public offerings ("**IPOs**") and in securities offerings that are not registered in the U.S.

The portfolio managers employ a bottom-up approach to stock selection, seeking to identify companies they believe have attractive long-term growth prospects, and principally select companies without being constrained by the MSCI ACWI ex USA benchmark. The portfolio managers focus on company research and the long-term outlook of companies and industries. Ideas can come from a wide variety of sources, including, but not limited to, research trips, company meetings, and relationships with industry thought leaders and academic institutions. Stock ideas are normally researched to assess a range of factors, including: long-term growth potential, geographic and industry positioning, competitive advantage, management, financial strength and valuation. Under normal circumstances, the intended outcome is a portfolio typically consisting of between 20 and 35 growth companies with the potential to outperform the Fund's benchmark over the long term. The process can result in significant exposure to a single country or a small number of countries. The Fund is a

Baillie Gifford ETF Trust – Prospectus

non-diversified fund, which means that it may invest a relatively large percentage of its assets in a small number of issuers, industries, or sectors. The Fund aims to hold securities for long periods (typically at least 5 years) which generally results in relatively low portfolio turnover and is in line with the portfolio managers' long-term investment outlook. When assessing a company's long-term growth prospects, the portfolio managers seek to identify and to incorporate a range of factors that are material to managing the Fund's investment risks and maximizing capital appreciation. Such factors potentially include the environmental, social, and/or governance characteristics of the company, such as stewardship, sustainable business practices, and/or corporate culture.

The Fund may invest without limitation in securities quoted or denominated in currencies other than the U.S. dollar and may hold such currencies. The Fund does not expect to engage in currency hedging and thus expects to be fully exposed to currency fluctuations relative to the U.S. dollar.

**Principal Risks**

The Fund's net asset value ("**NAV**"), trading price and returns will be impacted by the performance of the underlying investments of the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the Fund.

The principal risks of investing in the Fund (in alphabetical order after the first five risks) are:

*Investment Style Risk* – Baillie Gifford Overseas Limited (the "**Manager**") actively makes investment decisions for the Fund through bottom-up stock selection. Accordingly, the Fund will have risk characteristics that differ from its benchmark index. The Manager's judgments about the attractiveness, relative value, or potential appreciation of a particular stock may prove to be incorrect and cause the Fund to lose money or underperform compared to its benchmark index. There can be no assurance that the Manager's investment decisions will produce the desired results.

*Growth Stock Risk* – The prices of growth stocks may be based largely on expectations of future earnings, and their prices can decline rapidly and significantly in reaction to negative news. Growth stocks may underperform stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors.

*Long-Term Investment Strategy Risk* – The Fund pursues a long-term investment approach, typically seeking returns over a period of several years. This investment style may cause the Fund to lose money or underperform compared to its benchmark index or other funds over extended periods of time, and the Fund may not perform as expected in the long term. An investment in the Fund may be more suitable for long-term investors who can bear the risk of short- or medium-term fluctuations in the value of the Fund's portfolio. See also "*Selected Investment Techniques and Topics* – *Our Stewardship Approach*."

*Non-U.S. Investment Risk* – Non-U.S. securities are subject to additional risks, including less liquidity, increased volatility, less transparency, withholding or other taxes, increased vulnerability to adverse changes in local and global economic conditions, less regulation, and possible fluctuation in value due to adverse political conditions. Foreign portfolio transactions generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in the U.S.

*Non-Diversification Risk* – The Fund is classified as a "non-diversified" fund. Because the Fund may invest a relatively large percentage of its assets in a single issuer or small number of issuers, its performance could be closely tied to the value of that one issuer or those few issuers, and could be more volatile than the performance of diversified funds.

*Asia Risk* – Investing in securities of companies located in or with exposure to Asian countries involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including different financial reporting standards, currency exchange rate fluctuations, and highly regulated markets with the potential for government interference. The economies of many Asian countries are heavily dependent on international trade and on only a few industries or commodities and, as a result, can be adversely affected by trade barriers, exchange controls and other measures imposed or negotiated by the countries with which they trade. Some Asian securities may be less liquid than U.S. or other foreign securities. See "*China Risk*" for additional details regarding the risks of investing in that country.

Additionally, many of the economies of countries in Asia are considered emerging market or frontier market economies. These Asian economies are often characterized by high inflation, undeveloped financial service sectors, frequent currency

Baillie Gifford ETF Trust – Prospectus

fluctuations, devaluations, or restrictions, political and social instability, and less efficient markets. See "*Emerging Markets Risk*" for additional details regarding the risks of investing in such countries.

*China Risk* – Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others, more frequent trading suspensions and government interventions (including by nationalization of assets), currency exchange rate fluctuations or blockages, limits on the use of brokers and on foreign ownership, different financial reporting standards, higher dependence on exports and international trade, potential for increased trade tariffs, sanctions, embargoes and other trade limitations, custody risks, risks associated with investments in variable interest entities, and potential adverse tax consequences. U.S. sanctions or other investment restrictions could preclude the Fund from investing in certain Chinese issuers or cause the Fund to sell investments at a disadvantageous time. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events.

*Conflicts of Interest Risk* – The Manager serves as investment adviser to various clients other than the Fund, some of whom may pursue strategies that are substantially similar or nearly identical to investment strategies pursued by the Fund. This "side-by-side" management may give rise to various conflicts of interest, including, for example, in connection with the fair allocation of trades among the Manager's clients or the sharing of different, more, or more timely information regarding investment performance, portfolio holdings, strategy developments and/or the Manager's general market outlook. Although the Fund's investment objective and strategies are substantially similar to those of other accounts and funds managed by the Manager, differences in purchase and redemption structure, investment restrictions and legal requirements and the public nature of the Fund's positions lead to the use of different trading practices and portfolio decisions. See "*Periodic Rebalancing Risk*" for additional details regarding the differences in trading approaches taken by the Manager. Furthermore, if investment personnel of the Manager hold board or other positions at outside companies, they could be exposed to material non-public information potentially impeding or delaying a Fund's ability to buy or sell certain investments, or they could

otherwise be restricted in their ability to participate in a Fund's investment process.

*Currency Risk* – The Fund may realize a loss if it has exposure to a non-U.S. currency, and this non-U.S. currency declines in value, relative to the U.S. dollar. The Fund does not expect to engage in currency hedging and thus expects to be fully exposed to currency fluctuations relative to the U.S. dollar.

*Developed Markets Risk* – Investing in securities of companies located in, or with exposure to, developed countries will subject the Fund to the regulatory, political, currency, security, economic and other risks associated with such countries. In recent periods, countries with developed markets have generally experienced slower economic growth than some less developed countries. Services sectors (e.g., the financial services sector) generally tend to represent the primary source of economic growth in developed markets, which can make them susceptible to the risks of individual service sectors. In addition, developed countries will be impacted by changes to the economic conditions of certain key trading partners, regulatory burdens, and the price or availability of certain commodities, among other things.

*Emerging Markets Risk* – To the extent the Fund invests in emerging market securities, the Fund may be exposed to greater market, credit, currency, liquidity, legal, political, technical and other risks different from, or greater than, the risks of investing in developed markets.

*Equity Securities Risk* – Equity securities may react more strongly to changes in an issuer's financial condition or prospects than other securities of the same issuer. Investing in equity securities indirectly, such as through participatory notes or depositary receipts, may involve other risks such as the risk that the counterparty may default or that the investment does not track the underlying security as expected.

*ESG Risk* – To the extent that the Fund's portfolio managers incorporate environmental, social and/or governance considerations ("**ESG Factors**") into the Fund's investment process as a part of the Fund's long-term investment approach, the Fund is subject to the risk that it may underperform funds that do not take ESG Factors into account. The consideration of ESG Factors may prioritize long-term rather than short-term returns, and therefore may negatively impact the relative performance of the Fund over the short, medium or even long term depending on how successfully those ESG Factors are incorporated and whether such investments are in or out of favor. In considering ESG Factors, the portfolio managers

Baillie Gifford ETF Trust – Prospectus

may be dependent upon information and data obtained through voluntary reporting by issuers or third-party research that may be incomplete, inaccurate or unavailable, which could impact the portfolio managers' assessment of relative risks and opportunities. See also "*Long-Term Investment Strategy Risk*" and "*Selected Investment Techniques and Topics* – *Our Stewardship Approach*."

- *ETF Structure Risk* – The Fund is structured as an ETF and is subject to special risks, including:

Although the Fund's shares will be listed for trading on the Nasdaq Stock Market LLC (the "**Exchange**"), an active trading market for the Fund's shares may not be developed or maintained by market makers or authorized participants ("**Authorized Participants**").

As an ETF, the Fund issues and redeems shares on a continuous basis at NAV only in a large, specified number of shares called a "**Creation Unit**." Only Authorized Participants may engage in creation or redemption transactions directly with the Fund, and no Authorized Participant is obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (*i.e.*, on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts and/or delisting.

- Trading in Fund shares may be halted due to market conditions or for other reasons that, in the view of the Exchange, make trading in shares of the Fund inadvisable.

- ETF shares trade at market prices rather than at NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount).

When buying or selling shares of the Fund, investors typically will pay brokerage commissions or other charges imposed by financial intermediaries and will incur the cost of the difference between the price that a buyer is willing to pay for shares (the "**bid**" price) and the price at which a seller is willing to sell shares (the "**ask**" price), known as the "**spread**" or "**bid-ask spread**."

- Shares of the Fund, similar to shares of other issuers listed on a stock exchange, may be sold short and are therefore subject to the risk of increased volatility and price decreases associated with short selling activity.

Daily publication of the Fund's portfolio holdings information could permit other market participants to trade in the securities identified in the Fund's public disclosure, and to the extent the Fund was trading in those securities over multiple days, trading by such other market participants could disadvantage the Fund and its shareholders by negatively impacting the prices at which the Fund may be able to buy investments for its portfolio or sell its holdings and Fund returns.

The NAV of the Fund's shares may change on days when, or during times at which, Authorized Participants will not be able to purchase or redeem shares of the Fund. This is because the Fund may invest in securities that are primarily traded on foreign exchanges which may trade at times or on days when the Fund does not price its shares. In such situations, there may be changes between the last quote of the underlying securities' value in the closed foreign market and the value of such underlying securities during the Fund's domestic trading day, which could lead to differences between the market price of the Fund's shares and the shares' underlying value.

- *Focused Investment Risk* – Because the Fund focuses its investments in a limited number of companies, its investment strategy could result in more risk or greater volatility in returns than if the Fund's investments were less focused.

*Geographic Focus Risk* – The Fund expects to focus its investments in a limited number of countries or geographic regions, and as a result may not offer the same level of diversification of risks as a more broadly global fund because the Fund will be exposed to a smaller geographic area. The performance of a fund that is less diversified across countries or geographic regions will be closely tied to market, currency, economic, political, environmental, or regulatory conditions and developments in the countries or regions in which the Fund invests, and may be more volatile than the performance of a more geographically-diversified portfolio.

*Government and Regulatory Risk* – Governmental and regulatory authorities in the United States and other countries, have taken, and may in the future take, actions intervening in the markets in which the Fund invests and in the economy more generally. Governmental and regulatory authorities may also act to increase the scope or burden of regulations applicable to the Fund or to the companies in which the Fund invests. The effects of these actions on the markets generally, and Fund's investment program in particular, can be uncertain and could restrict the ability of the Fund to fully implement its investment strategies, either generally, or with respect to certain securities, industries, or countries. By contrast, markets in some non-U.S. countries historically have been subject to little regulation or oversight by governmental or regulatory authorities, which could heighten the risk of loss due to fraud or market failures in those countries. Governments, agencies,

Baillie Gifford ETF Trust – Prospectus

or other regulatory bodies in any country may adopt or change laws or regulations that could adversely affect the Fund or the market value of an instrument held by the Fund.

*Information Technology Risk* – Cyber-attacks, disruptions, or failures that affect the Fund's service providers, counterparties, the securities markets generally, other market participants, or issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.

*IPO Risk* – The Fund may purchase securities in IPOs. These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile.

*Large-Capitalization Securities Risk* – Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and medium-sized companies. Larger companies may be unable to respond as quickly as smaller and medium-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to achieve or maintain growth at the high rates that may be achieved by well-managed smaller and medium-sized companies.

*Liquidity Risk* – The Fund's investments may be subject to low trading volume, lack of a market maker, contractual lock-in periods or regulatory restrictions, and the Fund may hold large positions in particular securities. As a result, it may not be possible to sell an investment at a particular time or at an acceptable price. Liquidity risk may be magnified during periods of changing interest rates, significant redemptions from Authorized Participants that include a substantial cash component or market turmoil. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. Increased levels of illiquidity can lead to wider bid-ask spreads.

*Market Disruption and Geopolitical Risk* – The value of the Fund's investments could be adversely affected by events that disrupt securities markets and adversely affect global markets such as war, terrorism, public health crises, and geopolitical events and by changes in non-U.S. and U.S. economic and political conditions. These disruptions could prevent the Fund from implementing its

investment strategies and achieving its investment objective, and increase the Fund's exposure to other risks detailed in this Prospectus. As a result, the Fund could lose money, experience significant redemptions, encounter operational difficulties, and suffer other negative impacts. Certain locations and industries may be particularly susceptible to this risk, and other risks may be heightened by such events.

*Market Risk* – The value of the Fund's investments will be affected by fluctuations in the stock markets in which the Fund is invested, factors affecting a particular industry or industries, real or perceived adverse economic conditions, changes in interest or currency rates or adverse investor sentiment generally. Declines in securities market prices may reduce the value of your investment in the Fund.

*New and Smaller-Sized ETF Risk* – New funds and smaller-sized funds, such as the Fund, will be subject to greater liquidity risk due to their smaller asset bases and may be required to sell securities at disadvantageous times or prices due to significant redemptions from Authorized Participants that include a substantial cash component. A fund that has been recently formed will have limited or no performance history for investors to evaluate (except in circumstances where a predecessor fund's performance history is adopted) and may not reach or maintain a sufficient asset size to effectively implement its investment strategy. Smaller ETFs will have a lower public float and lower trading volumes, leading to wider bid-ask spreads. Further, the Manager is new to managing ETFs and will be reliant on the successful implementation of relationships with key counterparties, such as Authorized Participants.

*Periodic Rebalancing Risk* – Because the Fund discloses its full portfolio holdings each business day, the Manager expects to execute portfolio transactions for the Fund on a periodic schedule, generally after the Manager executes transactions in the same securities for other client accounts managed according to investment strategies similar to those pursued by the Fund. As a result, the Fund's portfolio is expected to be rebalanced less frequently than other accounts and funds managed by the Manager, and the Fund's portfolio trades will often occur after an accumulation of multiple trades that were executed for the Manager's other accounts and funds. Less frequent rebalancing could harm the Fund by causing it to suffer losses if positions it would have sold earlier (if it were rebalanced more frequently) decline in value before a rebalancing date, or positions it would have purchased earlier (if it were rebalanced more frequently) increase in value before a rebalancing date. In addition, when the Manager implements a portfolio decision for an account or fund ahead of, or contemporaneously

Baillie Gifford ETF Trust – Prospectus

with, a portfolio decision for the Fund, market impact, liquidity constraints, or other factors could result in the Fund receiving less favorable pricing or trading results, paying higher transaction costs, or otherwise being disadvantaged.

*Risk Model Risk* – A risk model is used to assist in the portfolio construction process. In developing and maintaining the risk model, the Manager expects to make use of one or more vendors or data sources for inputs. If the model or the data used in the model is incorrect or incomplete, or if there are business or operational disruptions affecting a vendor providing significant inputs to the model, then (in the absence of mitigating measures by the Manager) the Manager may be temporarily unable to appropriately implement the risk model or, when implemented, investment decisions made with reference to the model may not produce the desired results, and the Fund may realize losses.

*Service Provider Risk* – The Fund will be affected by the Manager's investment techniques, analyses, assessments and employee retention. Similarly, adverse events or performance failures at a service provider, such as human error, inadequate controls or insolvency, have the ability to adversely affect the Fund.

*Settlement Risk* – The Fund may experience delays in settlement due to the different clearance and settlement procedures in non-U.S. countries. Such delays may increase credit risk to the Fund, limit the ability of the Fund to reinvest the proceeds of a sale of securities, or prevent the Fund from selling securities at times and prices it considers desirable.

*Small - and Medium-Capitalization Securities Risk* – Securities of small- and medium-capitalization companies can be more volatile due to various factors including more limited product lines, financial and management resources and market distribution channels, as well as shorter operating histories and potentially reduced liquidity, especially during market declines, than the securities of larger, more established companies.

*Valuation Risk* – In certain circumstances, some of the Fund's portfolio holdings may be valued on the basis of factors other than market quotations by employing fair value procedures. This may occur more often in times of market turmoil or reduced liquidity. Portfolio holdings that are valued using techniques other than market quotations, including "fair valued" securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. There is no assurance that the Fund could sell or close out a

portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.

**Performance**

The Fund has not commenced operations as of the date of this prospectus. The returns presented for the Fund reflect the performance of the Predecessor Mutual Fund. It is anticipated that on or about June 1, 2026, the Fund will acquire all of the assets, subject to certain stated liabilities, of the Predecessor Mutual Fund through a tax-free reorganization for U.S. federal income tax purposes (the "**Reorganization**"). As a result of the Reorganization, the Fund will adopt the performance and financial history of the Predecessor Mutual Fund. Performance shown below is based on the investment objective and investment strategies utilized by the Predecessor Mutual Fund, which are substantially similar to those of the Fund, and the Predecessor Mutual Fund has the same portfolio management team as that of the Fund.

The bar chart and table below provide some indication of the risks of investing in the Fund. The bar chart shows the performance of the Predecessor Mutual Fund's Institutional Class shares for each full calendar year since the Predecessor Mutual Fund's inception. The table below shows how the average annual total returns of the Predecessor Mutual Fund's Institutional Class shares for the periods shown compare to those of the Predecessor Mutual Fund's benchmark (a broad-based securities market index). The Fund's (and the Predecessor Mutual Fund's) past performance (before and after taxes) is not an indication of future performance. Absent any applicable fee waivers and/or expense limitations (which had applied to the Predecessor Mutual Fund since inception), performance would have been lower for the Predecessor Mutual Fund. Had the Predecessor Mutual Fund been structured as an ETF, its performance may have differed.

Baillie Gifford ETF Trust – Prospectus

Annual Total Returns – Predecessor Mutual Fund's Institutional Class Shares

![](tm2525881d3_pros-01img02.jpg)

Highest Quarterly Return: 44.43% (Q2, 2020)

Lowest Quarterly Return: -24.10% (Q2, 2022)

In the table below, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for the Predecessor Mutual Fund's Institutional Class shares only, and after-tax returns for other share classes of the Predecessor Mutual Fund vary and will vary for the Fund. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through a tax-advantaged account. A description of the Fund's (and Predecessor Mutual Fund's) comparative index is provided in the section of the Prospectus entitled "*Additional Performance Information*."

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Average<br> Annual Total<br> Returns for<br> Periods<br> Ended <br> December 31,<br> 2024** | &nbsp;&nbsp; **1 Year** | &nbsp;&nbsp; **5 Years** | &nbsp;&nbsp; **Since<br> Predecessor<br> Mutual Fund<br> Inception<br> (12/14/2017)** |
| &nbsp;&nbsp; Institutional Class Returns Before Taxes | &nbsp;&nbsp; 18.34% | &nbsp;&nbsp; 10.24% | &nbsp;&nbsp; 10.83% |
| &nbsp;&nbsp; Institutional Class Returns After Taxes on Distributions | &nbsp;&nbsp; 18.37% | &nbsp;&nbsp; 5.60% | &nbsp;&nbsp; 7.50% |
| &nbsp;&nbsp; Institutional Class Returns After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp; 10.89% | &nbsp;&nbsp; 8.20% | &nbsp;&nbsp; 8.84% |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Average<br> Annual Total<br> Returns for<br> Periods<br> Ended <br> December 31,<br> 2024** | &nbsp;&nbsp; **1 Year** | &nbsp;&nbsp; **5 Years** | &nbsp;&nbsp; **Since<br> Predecessor<br> Mutual Fund<br> Inception<br> (12/14/2017)** |
| &nbsp;&nbsp; **Comparative Index** <br> (reflects no deductions for fees, expenses, or taxes)  | &nbsp;&nbsp; **Comparative Index** <br> (reflects no deductions for fees, expenses, or taxes)  | &nbsp;&nbsp; **Comparative Index** <br> (reflects no deductions for fees, expenses, or taxes)  | &nbsp;&nbsp; **Comparative Index** <br> (reflects no deductions for fees, expenses, or taxes)  |
| &nbsp;&nbsp; MSCI ACWI ex USA Index<sup>(1)</sup> | &nbsp;&nbsp; 6.09% | &nbsp;&nbsp; 4.60% | &nbsp;&nbsp; 5.30% |

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*<sup>(1)</sup>* *The source of the index data is MSCI Inc. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This Prospectus is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.* 

 

Updated information on the Fund's investment performance can be obtained by visiting www.bailliegifford.com/ETFs.

**Management**

Investment Manager

Baillie Gifford Overseas Limited

Portfolio Managers

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| | |
|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Title** |
| &nbsp;&nbsp;Spencer Adair<sup>(1)</sup> | &nbsp;&nbsp;Portfolio Manager&nbsp;&nbsp;2021<sup>(2)</sup> |
| &nbsp;&nbsp;Lawrence Burns | &nbsp;&nbsp;Portfolio Manager&nbsp;&nbsp;2017<sup>(2)</sup> |
| &nbsp;&nbsp;Kirsty Gibson | &nbsp;&nbsp;Portfolio Manager&nbsp;&nbsp;2026<sup>(3)</sup> |
| &nbsp;&nbsp;Paulina McPadden | &nbsp;&nbsp;Portfolio Manager&nbsp;&nbsp;2017<sup>(2)</sup> |

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*<sup>(1)</sup>* *Effective on or about March 31, 2026, Mr. Adair will no longer be a Portfolio Manager for the Fund.*

*<sup>(2)</sup>* *The year reflected above reflects the year in which the Portfolio Manager commenced service with the Predecessor Mutual Fund.* 

*<sup>(3)</sup>* *Effective on or about April 1, 2026, Ms. Gibson will become a Portfolio Manager for the Fund.*

**Purchasing and Selling Fund Shares**

The Fund is an ETF. Individual shares of the Fund may only be bought and sold in the secondary market through a broker-dealer at a market price. Because ETF shares trade at market prices rather than at NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for

Baillie Gifford ETF Trust – Prospectus

shares of the Fund (ask) when buying or selling shares in the secondary market (the **"bid-ask spread"**).

The Fund will issue and redeem shares at NAV only in Creation Units. These transactions are usually in exchange for a basket of securities and/or an amount of cash. As a practical matter, only Authorized Participants purchase or redeem Creation Units. Except when aggregated in Creation Units, shares are not redeemable securities of the Fund.

Purchases and redemptions of Creation Units that include a substantial cash component, rather than through in-kind delivery of portfolio securities, may cause the Fund to incur certain costs. These costs could include brokerage costs or taxable gains or losses that the Fund might not have incurred if an Authorized Participant had made purchases and redemptions in kind. These costs could be imposed on the Fund, and thus decrease the Fund's NAV, to the extent that the costs are not offset by a transaction fee payable by an Authorized Participant.

Once the Fund commences operations, recent information, including information on the Fund's NAV, market price, premiums and discounts, and bid-ask spreads, will be available on the Fund's website at www.bailliegifford.com/ETFs.

**Tax**

The Fund intends to make distributions that will be taxable to you as ordinary income or capital gains, unless you are a tax-exempt investor or otherwise investing through a tax-advantaged account, such as an IRA or 401(k) plan. If you are investing through such a tax-advantaged account, you may be taxed later upon withdrawal of monies from that account.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase Fund shares through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for services the intermediary provides to Fund shareholders. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. In addition to the fees and expenses described in the "Fees and Expenses" section above, your broker-dealer or financial intermediary may charge commissions or other fees on purchases and sales of shares of the Fund. Ask your salesperson or visit your financial intermediary's web site for more information.

Baillie Gifford ETF Trust – Prospectus

**Baillie Gifford Long Term Global Growth ETF**

**Investment Objective**

Baillie Gifford Long Term Global Growth ETF seeks to provide long-term capital appreciation.

**Fees and Expenses**

The tables below describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)

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| | |
|:---|:---|
| &nbsp;&nbsp; Management Fee | &nbsp;&nbsp; 0.70% |
| &nbsp;&nbsp; Other Expenses<sup>(a)</sup> | &nbsp;&nbsp; 0% |
| &nbsp;&nbsp; **Total Annual Fund Operating Expenses** | &nbsp;&nbsp; 0.70% |

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*<sup>(a)</sup>* *Estimated for the current fiscal year.*

 

Example of Expenses

The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other exchange-traded funds ("**ETFs**"). It assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you sell your shares at the end of such periods. It also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.

Although your actual costs may be higher or lower, based on these assumptions, your expenses would be:

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| | |
|:---|:---|
| &nbsp;&nbsp; 1 Year | &nbsp;&nbsp; $72 |
| &nbsp;&nbsp; 3 Years | &nbsp;&nbsp; $224 |
| &nbsp;&nbsp; 5 Years | &nbsp;&nbsp; $390 |
| &nbsp;&nbsp; 10 Years | &nbsp;&nbsp; $871 |

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**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs, which are not reflected in "*Annual Fund Operating Expenses*" or in the "*Example of Expenses*" above, affect the Fund's performance. The Fund has not commenced operations as of the date of this prospectus, but it is expected that Baillie Gifford Long Term Global Growth Fund (the "**Predecessor**

 **Mutual Fund**"), a series of Baillie Gifford Funds, will be reorganized into the Fund. For its fiscal year ended December 31, 2024, the Predecessor Mutual Fund's portfolio turnover rate was 27%. Because the Predecessor Mutual Fund operated as a mutual fund rather than as an ETF, the portfolio turnover rate for the Fund may be different from that of the Predecessor Mutual Fund.

**Principal Investment Strategies** 

The Fund is an actively managed ETF. The Fund seeks to meet its objective by investing in a portfolio of global common stocks and other equity securities without reference to benchmark constraints.

While the portfolio managers are not constrained by geographic limitations, the Fund ordinarily invests in securities of issuers located in at least six different countries. In addition, under normal circumstances, the Fund invests at least 40% of its total assets in securities of companies located outside the U.S. when market conditions are favorable, but, when market conditions are not favorable, invests at least 30% of its total assets in companies located outside the U.S. The Fund may invest in issuers located in emerging markets.

The Fund does not apply specific constraints with respect to market capitalization and may participate in initial public offerings (**"IPOs"**) and in securities offerings that are not registered in the U.S.

The portfolio managers employ a bottom-up approach to stock selection, seeking to identify companies they believe have attractive long-term growth prospects, and select investments without regard to the geographic, industry, sector, or individual company weightings on any index. The portfolio managers focus on company research and the long-term outlook of companies and industries. Ideas can come from a wide variety of sources, including, but not limited to, research trips, company meetings, and relationships with industry thought leaders and academic institutions. Stock ideas are normally researched to assess a range of factors, including: long-term growth potential, geographic and industry positioning, competitive advantage, management, financial strength and valuation. Under normal circumstances, the intended outcome is a portfolio typically consisting of between 30 and 60 growth companies with the potential to outperform the Fund's benchmark over the long term. The process can result in significant exposure to a single country or a small number of countries, and the Fund expects to have considerable exposure to Chinese companies including through China A shares, which are common stocks and other equity securities that are listed or traded on a Chinese stock exchange and which are quoted in renminbi, the official currency of China. The Fund is a

Baillie Gifford ETF Trust – Prospectus

non-diversified fund, which means that it may invest a relatively large percentage of its assets in a small number of issuers, industries or sectors. The Fund aims to hold securities for long periods (typically at least 5 years), which generally results in relatively low portfolio turnover and is in line with the portfolio managers' long-term investment outlook.

When assessing a company's long-term growth prospects, the portfolio managers seek to identify and to incorporate a range of factors that they believe are material to managing the Fund's investment risks and maximizing capital appreciation. The Manager believes that a company selected for the Fund's portfolio is unlikely to be financially sustainable in the long run if the portfolio managers believe that its approach to business is fundamentally out of line with changing societal expectations. The portfolio managers employ an investment process designed to identify companies with practices they believe are aligned with sustainable financial growth over the long-term, including environmental, social, and/or governance characteristics, such as stewardship, sustainable business practices, and/or corporate culture. With respect to the consideration of a company's environmental characteristics, the portfolio managers believe that the possibility of climate-related disruptions and the related transition to a low-carbon economy present opportunities for, and specific risks relevant to, the Fund's holdings. As a result, the portfolio managers generally seek to invest the Fund's assets in companies that they believe are "climate-fit" for the future, which are companies that take appropriate steps (in the view of and as determined by the portfolio managers) to (i) reduce their direct and indirect greenhouse gas emissions (i.e., pursue "net zero" carbon emission ambitions or targets), (ii) integrate the related challenges into business strategies (i.e., the company undertakes steps to understand and manage the related technological, market and environmental changes confronting its business), and/or (iii) provide robust disclosure on climate change and other significant environmental issues so that investors can better assess the related investment risks and opportunities to such company. However, the portfolio managers do not employ categorical restrictions or exclusions in assessing a company's climate-fitness. The portfolio managers expect that companies that they assess as climate-fit under the Fund's investment process will ultimately correlate with companies that themselves are aligned with a broader global transition toward net zero carbon emissions.

The portfolio managers may sell a holding if they determine there has been a material deterioration in the investment case or as appropriate to make other investments or meet redemptions.

The Fund invests in equity securities either directly or indirectly, such as through depositary receipts, and may invest in preferred stocks, convertible securities, rights and warrants. The Fund may invest to a significant extent (up to 30% of the Fund's net assets) in American Depositary Receipts (**"ADRs"**), European Depositary Receipts (**"EDRs"**) and Global Depositary Receipts (**"GDRs"**). The portfolio managers also have flexibility to implement the Fund's investment strategy through investing in active ETFs and ETFs that track relevant equity indices. The Fund may invest without limitation in securities quoted or denominated in currencies other than the U.S. dollar and may hold such currencies. The Fund does not expect to engage in currency hedging and thus expects to be fully exposed to currency fluctuations relative to the U.S. dollar.

**Principal Risks**

The Fund's net asset value ("**NAV**"), trading price and returns will be impacted by the performance of the underlying investments of the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the Fund.

The principal risks of investing in the Fund (in alphabetical order after the first five risks) are:

*Investment Style Risk* – Baillie Gifford Overseas Limited (the "**Manager**") actively makes investment decisions for the Fund through bottom-up stock selection. Accordingly, the Fund will have risk characteristics that differ from its benchmark index. The Manager's judgments about the attractiveness, relative value, or potential appreciation of a particular stock may prove to be incorrect and cause the Fund to lose money or underperform compared to its benchmark index. There can be no assurance that the Manager's investment decisions will produce the desired results.

*Growth Stock Risk* – The prices of growth stocks may be based largely on expectations of future earnings, and their prices can decline rapidly and significantly in reaction to negative news. Growth stocks may underperform stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors.

*Long-Term Investment Strategy Risk* – The Fund pursues a long-term investment approach, typically seeking returns over a period of several years. This investment style may cause the Fund to lose money or underperform compared to its benchmark index or other funds over extended periods of time,

Baillie Gifford ETF Trust – Prospectus

and the Fund may not perform as expected in the long term. An investment in the Fund may be more suitable for long-term investors who can bear the risk of short- or medium-term fluctuations in the value of the Fund's portfolio. See also "*Selected Investment Techniques and Topics* – *Our Stewardship Approach*."

*Non-Diversification Risk* – The Fund is classified as a "non-diversified" fund. A non-diversified fund may hold a smaller number of portfolio securities, with larger positions in each security it holds, than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of the Fund's shares may be more volatile than the values of shares of more diversified funds. See also "*Focused Investment Risk*."

*Non-U.S. Investment Risk* – Non-U.S. securities are subject to additional risks, including less liquidity, increased volatility, less transparency, withholding or other taxes, increased vulnerability to adverse changes in local and global economic conditions, less regulation, and possible fluctuation in value due to adverse political conditions. Foreign portfolio transactions generally involve higher commission rates, transfer taxes, and custodial costs than similar transactions in the U.S.

*Asia Risk* – Investing in securities of companies located in or with exposure to Asian countries involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including different financial reporting standards, currency exchange rate fluctuations, and highly regulated markets with the potential for government interference. The economies of many Asian countries are heavily dependent on international trade and on only a few industries or commodities and, as a result, can be adversely affected by trade barriers, exchange controls and other measures imposed or negotiated by the countries with which they trade. Some Asian securities may be less liquid than U.S. or other foreign securities. See "*China Risk*" for additional details regarding the risks of investing in that country.

Additionally, many of the economies of countries in Asia are considered emerging market or frontier market economies. These Asian economies are often characterized by high inflation, undeveloped financial service sectors, frequent currency fluctuations, devaluations, or restrictions, political and social instability, and less efficient markets. See

*"Emerging Markets Risk*" for additional details regarding the risks of investing in such countries.

*China Risk* – Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others, more frequent trading suspensions and government interventions (including by nationalization of assets), currency exchange rate fluctuations or blockages, limits on the use of brokers and on foreign ownership, different financial reporting standards, higher dependence on exports and international trade, potential for increased trade tariffs, sanctions, embargoes and other trade limitations, custody risks, risks associated with investments in variable interest entities, and potential adverse tax consequences. U.S. sanctions or other investment restrictions could preclude the Fund from investing in certain Chinese issuers or cause the Fund to sell investments at a disadvantageous time. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events.

*Conflicts of Interest Risk* – The Manager serves as investment adviser to various clients other than the Fund, some of whom may pursue strategies that are substantially similar or nearly identical to investment strategies pursued by the Fund. This "side-by-side" management may give rise to various conflicts of interest, including, for example, in connection with the fair allocation of trades among the Manager's clients or the sharing of different, more, or more timely information regarding investment performance, portfolio holdings, strategy developments and/or the Manager's general market outlook. Although the Fund's investment objective and strategies are substantially similar to those of other accounts and funds managed by the Manager, differences in purchase and redemption structure, investment restrictions and legal requirements and the public nature of the Fund's positions lead to the use of different trading practices and portfolio decisions. See "*Periodic Rebalancing Risk*" for additional details regarding the differences in trading approaches taken by the Manager. Furthermore, if investment personnel of the Manager hold board or other positions at outside companies, they could be exposed to material non-public information potentially impeding or delaying a Fund's ability to buy or sell certain investments, or they could otherwise be restricted in their ability to participate in a Fund's investment process.

Baillie Gifford ETF Trust – Prospectus

*Currency Risk* – The Fund may realize a loss if it has exposure to a non-U.S. currency, and this non-U.S. currency declines in value, relative to the U.S. dollar. The Fund does not expect to engage in currency hedging and thus expects to be fully exposed to currency fluctuations relative to the U.S. dollar.

*Developed Markets Risk* – Investing in securities of companies located in, or with exposure to, developed countries will subject the Fund to the regulatory, political, currency, security, economic and other risks associated with such countries. In recent periods, countries with developed markets have generally experienced slower economic growth than some less developed countries. Services sectors (e.g., the financial services sector) generally tend to represent the primary source of economic growth in developed markets, which can make them susceptible to the risks of individual service sectors. In addition, developed countries will be impacted by changes to the economic conditions of certain key trading partners, regulatory burdens, and the price or availability of certain commodities, among other things.

*Emerging Markets Risk* – To the extent the Fund invests in emerging market securities, the Fund may be exposed to greater market, credit, currency, liquidity, legal, political, technical and other risks different from, or greater than, the risks of investing in developed markets.

*Equity Securities Risk* – Equity securities may react more strongly to changes in an issuer's financial condition or prospects than other securities of the same issuer. Investing in equity securities indirectly, such as through participatory notes or depositary receipts, may involve other risks such as the risk that the counterparty may default or that the investment does not track the underlying security as expected.

*ESG Risk* – To the extent that the Fund's portfolio managers incorporate environmental, social and/or governance considerations ("**ESG Factors**") into the Fund's investment process as a part of the Fund's long-term investment approach, the Fund is subject to the risk that it may underperform funds that do not take ESG Factors into account. The consideration of ESG Factors may prioritize long-term rather than short-term returns, and therefore may negatively impact the relative performance of the Fund over the short, medium or even long term depending on how successfully those ESG Factors are incorporated and whether such investments are in or out of favor. In considering ESG Factors, the portfolio managers may be dependent upon information and data obtained through voluntary reporting by issuers or

third-party research that may be incomplete, inaccurate or unavailable, which could impact the portfolio managers' assessment of relative risks and opportunities. See also "*Long-Term Investment Strategy Risk*" and "*Selected Investment Techniques and Topics* – *Our Stewardship Approach*."

- *ETF Structure Risk* – The Fund is structured as an ETF and is subject to special risks, including:

Although the Fund's shares will be listed for trading on the Nasdaq Stock Market LLC (the "**Exchange**"), an active trading market for the Fund's shares may not be developed or maintained by market makers or authorized participants ("**Authorized Participants**").

As an ETF, the Fund issues and redeems shares on a continuous basis at NAV only in a large, specified number of shares called a "**Creation Unit**." Only Authorized Participants may engage in creation or redemption transactions directly with the Fund, and no Authorized Participant is obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (*i.e.*, on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts and/or delisting.

- Trading in Fund shares may be halted due to market conditions or for other reasons that, in the view of the Exchange, make trading in shares of the Fund inadvisable.

- ETF shares trade at market prices rather than at NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount).

When buying or selling shares of the Fund, investors typically will pay brokerage commissions or other charges imposed by financial intermediaries and will incur the cost of the difference between the price that a buyer is willing to pay for shares (the "**bid**" price) and the price at which a seller is willing to sell shares (the "**ask**" price), known as the "**spread**" or "**bid-ask spread**."

- Shares of the Fund, similar to shares of other issuers listed on a stock exchange, may be sold

Baillie Gifford ETF Trust – Prospectus

short and are therefore subject to the risk of increased volatility and price decreases associated with short selling activity.

Daily publication of the Fund's portfolio holdings information could permit other market participants to trade in the securities identified in the Fund's public disclosure, and to the extent the Fund was trading in those securities over multiple days, trading by such other market participants could disadvantage the Fund and its shareholders by negatively impacting the prices at which the Fund may be able to buy investments for its portfolio or sell its holdings and Fund returns.

The NAV of the Fund's shares may change on days when, or during times at which, Authorized Participants will not be able to purchase or redeem shares of the Fund. This is because the Fund may invest in securities that are primarily traded on foreign exchanges which may trade at times or on days when the Fund does not price its shares. In such situations, there may be changes between the last quote of the underlying securities' value in the closed foreign market and the value of such underlying securities during the Fund's domestic trading day, which could lead to differences between the market price of the Fund's shares and the shares' underlying value.

- *Focused Investment Risk* – Because the Fund focuses its investments in a limited number of companies, its investment strategy could result in more risk or greater volatility in returns than if the Fund's investments were less focused.

*Government and Regulatory Risk* – Governmental and regulatory authorities in the United States and other countries, have taken, and may in the future take, actions intervening in the markets in which the Fund invests and in the economy more generally. Governmental and regulatory authorities may also act to increase the scope or burden of regulations applicable to the Fund or to the companies in which the Fund invests. The effects of these actions on the markets generally, and Fund's investment program in particular, can be uncertain and could restrict the ability of the Fund to fully implement its investment strategies, either generally, or with respect to certain securities, industries, or countries. By contrast, markets in some non-U.S. countries historically have been subject to little regulation or oversight by governmental or regulatory authorities, which could heighten the risk of loss due to fraud or market failures in those countries. Governments, agencies, or other regulatory bodies in any country may adopt or change laws or regulations that could adversely affect the Fund or the market value of an instrument held by the Fund.

*Information Technology Risk* – Cyber-attacks, disruptions, or failures that affect the Fund's service providers, counterparties, the securities markets generally, other market participants, or issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.

- *IPO Risk* – The Fund may purchase securities in IPOs. These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs

have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile.

*Large-Capitalization Securities Risk* – Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and medium-sized companies. Larger companies may be unable to respond as quickly as smaller and medium-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to achieve or maintain growth at the high rates that may be achieved by well-managed smaller and medium-sized companies.

*Liquidity Risk* – The Fund's investments may be subject to low trading volume, lack of a market maker, contractual lock-in periods or regulatory restrictions, and the Fund may hold large positions in particular securities. As a result, it may not be possible to sell an investment at a particular time or at an acceptable price. Liquidity risk may be magnified during periods of changing interest rates, significant redemptions from Authorized Participants that include a substantial cash component or market turmoil. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. Increased levels of illiquidity can lead to wider bid-ask spreads.

*Market Disruption and Geopolitical Risk* – The value of the Fund's investments could be adversely affected by events that disrupt securities markets and adversely affect global markets such as war, terrorism, public health crises, and geopolitical events and by changes in non-U.S. and U.S. economic and political conditions. These disruptions could prevent the Fund from implementing its investment strategies and achieving its investment objective, and increase the Fund's exposure to other risks detailed in this Prospectus. As a result, the Fund could lose money, experience significant redemptions, encounter operational difficulties, and suffer other negative impacts. Certain locations and industries may be particularly susceptible to this risk, and other risks may be heightened by such events.

*Market Risk* – The value of the Fund's investments will be affected by fluctuations in the stock markets in which the Fund is invested, factors affecting a particular industry or industries, real or perceived adverse economic conditions, changes in interest or currency rates or adverse investor sentiment generally. Declines in securities market prices may reduce the value of your investment in the Fund.

Baillie Gifford ETF Trust – Prospectus

*New and Smaller-Sized ETF Risk* – New funds and smaller-sized funds, such as the Fund, will be subject to greater liquidity risk due to their smaller asset bases and may be required to sell securities at disadvantageous times or prices due to significant redemptions from Authorized Participants that include a substantial cash component. A fund that has been recently formed will have limited or no performance history for investors to evaluate (except in circumstances where a predecessor fund's performance history is adopted) and may not reach or maintain a sufficient asset size to effectively implement its investment strategy. Smaller ETFs will have a lower public float and lower trading volumes, leading to wider bid-ask spreads. Further, the Manager is new to managing ETFs and will be reliant on the successful implementation of relationships with key counterparties, such as Authorized Participants.

*Periodic Rebalancing Risk* – Because the Fund discloses its full portfolio holdings each business day, the Manager expects to execute portfolio transactions for the Fund on a periodic schedule, generally after the Manager executes transactions in the same securities for other client accounts managed according to investment strategies similar to those pursued by the Fund. As a result, the Fund's portfolio is expected to be rebalanced less frequently than other accounts and funds managed by the Manager, and the Fund's portfolio trades will often occur after an accumulation of multiple trades that were executed for the Manager's other accounts and funds. Less frequent rebalancing could harm the Fund by causing it to suffer losses if positions it would have sold earlier (if it were rebalanced more frequently) decline in value before a rebalancing date, or positions it would have purchased earlier (if it were rebalanced more frequently) increase in value before a rebalancing date. In addition, when the Manager implements a portfolio decision for an account or fund ahead of, or contemporaneously with, a portfolio decision for the Fund, market impact, liquidity constraints, or other factors could result in the Fund receiving less favorable pricing or trading results, paying higher transaction costs, or otherwise being disadvantaged.

*Risk Model Risk* – A risk model is used to assist in the portfolio construction process. In developing and maintaining the risk model, the Manager expects to make use of one or more vendors or data sources for inputs. If the model or the data used in the model is incorrect or incomplete, or if there are business or operational disruptions affecting a vendor providing significant inputs to the model, then (in the absence of mitigating measures by the Manager) the Manager may be temporarily unable to appropriately implement the risk model or, when implemented, investment decisions made with reference to the

model may not produce the desired results, and the Fund may realize losses.

*Service Provider Risk* – The Fund will be affected by the Manager's investment techniques, analyses, assessments and employee retention. Similarly, adverse events or performance failures at a service provider, such as human error, inadequate controls or insolvency, have the ability to adversely affect the Fund.

*Settlement Risk* – The Fund may experience delays in settlement due to the different clearance and settlement procedures in non-U.S. countries. Such delays may increase credit risk to the Fund, limit the ability of the Fund to reinvest the proceeds of a sale of securities, or prevent the Fund from selling securities at times and prices it considers desirable.

*Small - and Medium-Capitalization Securities Risk* – Securities of small- and medium-capitalization companies can be more volatile due to various factors including more limited product lines, financial and management resources and market distribution channels, as well as shorter operating histories and potentially reduced liquidity, especially during market declines, than the securities of larger, more established companies.

*Valuation Risk* – In certain circumstances, some of the Fund's portfolio holdings may be valued on the basis of factors other than market quotations by employing fair value procedures. This may occur more often in times of market turmoil or reduced liquidity. Portfolio holdings that are valued using techniques other than market quotations, including "fair valued" securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. There is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.

**Performance**

The Fund has not commenced operations as of the date of this prospectus. The returns presented for the Fund reflect the performance of the Predecessor Mutual Fund. It is anticipated that on or about June 1, 2026, the Fund will acquire all of the assets, subject to certain stated liabilities, of the Predecessor Mutual Fund through a tax-free reorganization for U.S. federal income tax purposes (the "**Reorganization**"). As a result of the Reorganization, the Fund will adopt the performance and financial history of the Predecessor Mutual Fund.

Baillie Gifford ETF Trust – Prospectus

Performance shown below is based on the investment objective and investment strategies utilized by the Predecessor Mutual Fund, which are substantially similar to those of the Fund, and the Predecessor Mutual Fund has the same portfolio management team as that of the Fund.

The bar chart and table below provide some indication of the risks of investing in the Fund. The bar chart shows the performance of the Predecessor Mutual Fund's Class 2 shares for each full calendar year since the Predecessor Mutual Fund's inception. The table below shows how the average annual total returns of the Predecessor Mutual Fund's Class 2 shares for the periods shown compare to those of the Predecessor Mutual Fund's benchmark (a broad-based securities market index). The Fund's (and the Predecessor Mutual Fund's) past performance (before and after taxes) is not an indication of future performance. Had the Predecessor Mutual Fund been structured as an ETF, its performance may have differed.

Annual Total Returns – Predecessor Mutual Fund's Class 2 Shares

![](tm2525881d3_pros-01img03.jpg)

Highest Quarterly Return: 44.24% (Q2, 2020)

Lowest Quarterly Return: -28.24% (Q2, 2022)

In the table below, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for the Predecessor Mutual Fund's Class 2 shares only, and after-tax returns for other share classes of the Predecessor Mutual Fund vary and will vary for the Fund. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through a tax-advantaged account. A description of the Fund's (and Predecessor Mutual Fund's) comparative index is provided in the section of the Prospectus entitled "*Additional Performance Information*."

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Average<br> Annual Total <br> Returns for<br> Periods<br> Ended<br> December<br> 31, 2024** | &nbsp;&nbsp; **1 Year** | &nbsp;&nbsp; **5 Years** | &nbsp;&nbsp; **10 Years** |
| &nbsp;&nbsp; Class 2 Returns Before Taxes | &nbsp;&nbsp; 25.01% | &nbsp;&nbsp; 13.77% | &nbsp;&nbsp; 15.53% |
| &nbsp;&nbsp; Class 2 Returns After Taxes on Distributions | &nbsp;&nbsp; 25.01% | &nbsp;&nbsp; 12.87% | &nbsp;&nbsp; 14.77% |
| &nbsp;&nbsp; Class 2 Returns After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp; 14.80% | &nbsp;&nbsp; 11.03% | &nbsp;&nbsp; 13.04% |
| &nbsp;&nbsp; **Comparative Index** <br> (reflects no deductions for fees, expenses, or taxes)  | &nbsp;&nbsp; **Comparative Index** <br> (reflects no deductions for fees, expenses, or taxes)  | &nbsp;&nbsp; **Comparative Index** <br> (reflects no deductions for fees, expenses, or taxes)  | &nbsp;&nbsp; **Comparative Index** <br> (reflects no deductions for fees, expenses, or taxes)  |
| &nbsp;&nbsp; MSCI ACWI Index<sup>(1)</sup> | &nbsp;&nbsp; 18.02% | &nbsp;&nbsp; 10.57% | &nbsp;&nbsp; 9.78% |

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*<sup>(1)</sup>* *The source of the index data is MSCI Inc. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This Prospectus is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.*

 

Updated information on the Fund's investment performance can be obtained by visiting www.bailliegifford.com/ETFs.

**Management**

Investment Manager

Baillie Gifford Overseas Limited

Portfolio Managers

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Name** | &nbsp;&nbsp; **Title** | &nbsp;&nbsp; **Year<br> Commenced<br> Service with<br> the Fund<sup>(1)</sup>** |
| &nbsp;&nbsp; Gemma Barkhuizen | &nbsp;&nbsp; Portfolio Manager | &nbsp;&nbsp; 2022 |
| &nbsp;&nbsp; John MacDougall | &nbsp;&nbsp; Portfolio Manager | &nbsp;&nbsp; 2022 |
| &nbsp;&nbsp; Mark Urquhart | &nbsp;&nbsp; Portfolio Manager | &nbsp;&nbsp; 2014 |

---

*<sup>(1)</sup>* *The years reflected in the table above reflect the year in which the relevant Portfolio Manager commenced service with the Predecessor Mutual Fund.*

 

Baillie Gifford ETF Trust – Prospectus

 

**Purchasing and Selling Fund Shares**

The Fund is an ETF. Individual shares of the Fund may only be bought and sold in the secondary market through a broker-dealer at a market price. Because ETF shares trade at market prices rather than at NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market (the **"bid-ask spread"**).

The Fund will issue and redeem shares at NAV only in Creation Units. These transactions are usually in exchange for a basket of securities and/or an amount of cash. As a practical matter, only Authorized Participants purchase or redeem Creation Units. Except when aggregated in Creation Units, shares are not redeemable securities of the Fund.

Purchases and redemptions of Creation Units that include a substantial cash component, rather than through in-kind delivery of portfolio securities, may cause the Fund to incur certain costs. These costs could include brokerage costs or taxable gains or losses that the Fund might not have incurred if an Authorized Participant had made purchases and redemptions in kind. These costs could be imposed on the Fund, and thus decrease the Fund's NAV, to the extent that the costs are not offset by a transaction fee payable by an Authorized Participant.

Once the Fund commences operations, recent information, including information on the Fund's NAV, market price, premiums and discounts, and bid-ask spreads, will be available on the Fund's website at www.bailliegifford.com/ETFs.

**Tax**

The Fund intends to make distributions that will be taxable to you as ordinary income or capital gains, unless you are a tax-exempt investor or otherwise investing through a tax-advantaged account, such as an IRA or 401(k) plan. If you are investing through such a tax-advantaged account, you may be taxed later upon withdrawal of monies from that account.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

If you purchase Fund shares through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for services the intermediary provides to Fund shareholders. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. In addition to the fees and expenses

described in the "Fees and Expenses" section above, your broker-dealer or financial intermediary may charge commissions or other fees on purchases and sales of shares of the Fund. Ask your salesperson or visit your financial intermediary's web site for more information.

Baillie Gifford ETF Trust – Prospectus

**Baillie Gifford U.S. Equity Growth ETF**

**Investment Objective**

Baillie Gifford U.S. Equity Growth ETF seeks capital appreciation.

**Fees and Expenses**

The tables below describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp; Management Fee | &nbsp;&nbsp; 0.65% |
| &nbsp;&nbsp; Other Expenses<sup>(a)</sup> | &nbsp;&nbsp; 0% |
| &nbsp;&nbsp; **Total Annual Fund Operating Expenses** | &nbsp;&nbsp; 0.65% |

---

*<sup>(a)</sup>* *Estimated for the current fiscal year.*

 

Example of Expenses

The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other exchange-traded funds ("**ETFs**"). It assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you sell your shares at the end of such periods. It also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The example below also applies any contractual expense waivers and/or expense reimbursements to the first year of each period listed in the table.

Although your actual costs may be higher or lower, based on these assumptions, your expenses would be:

---

| | |
|:---|:---|
| &nbsp;&nbsp; 1 Year | &nbsp;&nbsp; $66 |
| &nbsp;&nbsp; 3 Years | &nbsp;&nbsp; $208 |
| &nbsp;&nbsp; 5 Years | &nbsp;&nbsp; $362 |
| &nbsp;&nbsp; 10 Years | &nbsp;&nbsp; $810 |

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**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs, which are not reflected in "*Annual Fund Operating Expenses*" or in the "*Example of Expenses*" above, affect the Fund's performance. The

Fund has not commenced operations as of the date of this prospectus, but it is expected that Baillie Gifford U.S. Equity Growth Fund (the "**Predecessor Mutual Fund**"), a series of Baillie Gifford Funds, will be reorganized into the Fund. For its fiscal year ended December 31, 2024, the Predecessor Mutual Fund's portfolio turnover rate was 19%. Because the Predecessor Mutual Fund operated as a mutual fund rather than as an ETF, the portfolio turnover rate for the Fund may be different from that of the Predecessor Mutual Fund.

**Principal Investment Strategies** 

The Fund is an actively managed ETF. The Fund seeks to meet its objective by investing in a portfolio of equities, which include common stock and other equity securities, of issuers located in the U.S.

The portfolio managers seek to identify exceptional growth businesses in the U.S. and to own them for long enough that the advantages of their business models and the strength of their cultures support positive relative performance over the long term.

Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in common stocks and other equity securities of companies whose principal activities are in the U.S. The Fund invests in equity securities either directly or indirectly, such as through depositary receipts, and may invest in preferred stocks, convertible securities, rights and warrants. The portfolio managers also have flexibility to implement the Fund's investment strategy through investing in active ETFs and ETFs that track relevant equity indices. The Fund typically invests primarily in issuers with a market capitalization of more than $1.5 billion at the time of purchase and may participate in initial public offerings (**"IPOs"**).

The portfolio managers employ a bottom-up approach to stock selection, seeking to identify companies they believe have attractive long-term growth prospects, and select companies without being constrained by a benchmark. Under normal circumstances, the intended outcome is a portfolio typically consisting of between 30 and 50 growth companies with the potential to outperform the Fund's benchmarks over the long term. The portfolio managers focus on company research and the long-term outlook of companies and industries. Ideas can come from a wide variety of sources, including, but not limited to, research trips, company meetings, and relationships with industry thought leaders and academic institutions. Stock ideas are normally researched to assess a range of factors, including: long-term growth potential, geographic and industry positioning, competitive advantage, management, financial strength and valuation. The Fund is a non-diversified fund, which means that it may invest a relatively large percentage of

Baillie Gifford ETF Trust – Prospectus

its assets in a small number of issuers, industries or sectors The Fund aims to hold securities for long periods (typically at least 5 years) which generally results in relatively low portfolio turnover and is in line with the portfolio managers' long-term investment outlook. When assessing a company's long-term growth prospects, the portfolio managers seek to identify and to incorporate a range of factors that are material to managing the Fund's investment risks and maximizing capital appreciation. Such factors potentially include the environmental, social, and/or governance characteristics of the company, such as stewardship, sustainable business practices, and/or corporate culture.

**Principal Risks**

The Fund's net asset value ("**NAV**"), trading price and returns will be impacted by the performance of the underlying investments of the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the Fund.

The principal risks of investing in the Fund (in alphabetical order after the first five risks) are:

*Investment Style Risk* – Baillie Gifford Overseas Limited (the "**Manager**") actively makes investment decisions for the Fund through bottom-up stock selection. Accordingly, the Fund will have risk characteristics that differ from its benchmark index. The Manager's judgments about the attractiveness, relative value, or potential appreciation of a particular stock may prove to be incorrect and cause the Fund to lose money or underperform compared to its benchmark index. There can be no assurance that the Manager's investment decisions will produce the desired results.

*Growth Stock Risk* – The prices of growth stocks may be based largely on expectations of future earnings, and their prices can decline rapidly and significantly in reaction to negative news. Growth stocks may underperform stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors.

*Long-Term Investment Strategy Risk* – The Fund pursues a long-term investment approach, typically seeking returns over a period of several years. This investment style may cause the Fund to lose money or underperform compared to its benchmark index or other funds over extended periods of time, and the Fund may not perform as expected in the

long term. An investment in the Fund may be more suitable for long-term investors who can bear the risk of short- or medium-term fluctuations in the value of the Fund's portfolio. See also "*Selected Investment Techniques and Topics* – *Our Stewardship Approach*."

*Geographic Focus Risk* – The Fund expects to focus its investments in a limited number of countries or geographic regions, and as a result may not offer the same level of diversification of risks as a more broadly global fund because the Fund will be exposed to a smaller geographic area. The performance of a fund that is less diversified across countries or geographic regions will be closely tied to market, currency, economic, political, environmental, or regulatory conditions and developments in the countries or regions in which the Fund invests, and may be more volatile than the performance of a more geographically-diversified portfolio.

*Non-Diversification Risk* – The Fund is classified as a "non-diversified" fund. A non-diversified fund may hold a smaller number of portfolio securities, with larger positions in each security it holds, than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of the Fund's shares may be more volatile than the values of shares of more diversified funds. See also "*Focused Investment Risk*."

*Conflicts of Interest Risk* – The Manager serves as investment adviser to various clients other than the Fund, some of whom may pursue strategies that are substantially similar or nearly identical to investment strategies pursued by the Fund. This "side-by-side" management may give rise to various conflicts of interest, including, for example, in connection with the fair allocation of trades among the Manager's clients or the sharing of different, more, or more timely information regarding investment performance, portfolio holdings, strategy developments and/or the Manager's general market outlook. Although the Fund's investment objective and strategies are substantially similar to those of other accounts and funds managed by the Manager, differences in purchase and redemption structure, investment restrictions and legal requirements and the public nature of the Fund's positions lead to the use of different trading practices and portfolio decisions. See "*Periodic Rebalancing Risk*" for additional details regarding the differences in trading approaches taken by the Manager. Furthermore, if

Baillie Gifford ETF Trust – Prospectus

investment personnel of the Manager hold board or other positions at outside companies, they could be exposed to material non-public information potentially impeding or delaying a Fund's ability to buy or sell certain investments, or they could otherwise be restricted in their ability to participate in a Fund's investment process.

*Developed Markets Risk* – Investing in securities of companies located in, or with exposure to, developed countries will subject the Fund to the regulatory, political, currency, security, economic and other risks associated with such countries. In recent periods, countries with developed markets have generally experienced slower economic growth than some less developed countries. Services sectors (e.g., the financial services sector) generally tend to represent the primary source of economic growth in developed markets, which can make them susceptible to the risks of individual service sectors. In addition, developed countries will be impacted by changes to the economic conditions of certain key trading partners, regulatory burdens, and the price or availability of certain commodities, among other things.

*Equity Securities Risk* – Equity securities may react more strongly to changes in an issuer's financial condition or prospects than other securities of the same issuer. Investing in equity securities indirectly, such as through participatory notes or depositary receipts, may involve other risks such as the risk that the counterparty may default or that the investment does not track the underlying security as expected.

*ESG Risk* – To the extent that the Fund's portfolio managers incorporate environmental, social and/or governance considerations ("**ESG Factors**") into the Fund's investment process as a part of the Fund's long-term investment approach, the Fund is subject to the risk that it may underperform funds that do not take ESG Factors into account. The consideration of ESG Factors may prioritize long-term rather than short-term returns, and therefore may negatively impact the relative performance of the Fund over the short, medium or even long term depending on how successfully those ESG Factors are incorporated and whether such investments are in or out of favor. In considering ESG Factors, the portfolio managers may be dependent upon information and data obtained through voluntary reporting by issuers or third-party research that may be incomplete, inaccurate or unavailable, which could impact the portfolio managers' assessment of relative risks and opportunities. See also "*Long-Term Investment Strategy Risk*" and "*Selected Investment Techniques and Topics* – *Our Stewardship Approach*."

- *ETF Structure Risk* – The Fund is structured as an ETF and is subject to special risks, including:

Although the Fund's shares will be listed for trading on the Nasdaq Stock Market LLC (the "**Exchange**"), an active trading market for the Fund's shares may not be developed or maintained by market makers or authorized participants ("**Authorized Participants**").

As an ETF, the Fund issues and redeems shares on a continuous basis at NAV only in a large, specified number of shares called a "**Creation Unit**." Only Authorized Participants may engage in creation or redemption transactions directly with the Fund, and no Authorized Participant is obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (*i.e.*, on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts and/or delisting.

- Trading in Fund shares may be halted due to market conditions or for other reasons that, in the view of the Exchange, make trading in shares of the Fund inadvisable.

- ETF shares trade at market prices rather than at NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount).

When buying or selling shares of the Fund, investors typically will pay brokerage commissions or other charges imposed by financial intermediaries and will incur the cost of the difference between the price that a buyer is willing to pay for shares (the "**bid**" price) and the price at which a seller is willing to sell shares (the "**ask**" price), known as the "**spread**" or "**bid-ask spread**."

- Shares of the Fund, similar to shares of other issuers listed on a stock exchange, may be sold short and are therefore subject to the risk of increased volatility and price decreases associated with short selling activity.

- Daily publication of the Fund's portfolio holdings information could permit other market participants to trade in the securities identified in

Baillie Gifford ETF Trust – Prospectus

the Fund's public disclosure, and to the extent the Fund was trading in those securities over multiple days, trading by such other market participants could disadvantage the Fund and its shareholders by negatively impacting the prices at which the Fund may be able to buy investments for its portfolio or sell its holdings and Fund returns.

The NAV of the Fund's shares may change on days when, or during times at which, Authorized Participants will not be able to purchase or redeem shares of the Fund. This is because the Fund may invest in securities that are primarily traded on foreign exchanges which may trade at times or on days when the Fund does not price its shares. In such situations, there may be changes between the last quote of the underlying securities' value in the closed foreign market and the value of such underlying securities during the Fund's domestic trading day, which could lead to differences between the market price of the Fund's shares and the shares' underlying value.

- *Focused Investment Risk* – Because the Fund focuses its investments in a limited number of companies, its investment strategy could result in more risk or greater volatility in returns than if the Fund's investments were less focused.

*Government and Regulatory Risk* – Governmental and regulatory authorities in the United States and other countries, have taken, and may in the future take, actions intervening in the markets in which the Fund invests and in the economy more generally. Governmental and regulatory authorities may also act to increase the scope or burden of regulations applicable to the Fund or to the companies in which the Fund invests. The effects of these actions on the markets generally, and Fund's investment program in particular, can be uncertain and could restrict the ability of the Fund to fully implement its investment strategies, either generally, or with respect to certain securities, industries, or countries. By contrast, markets in some non-U.S. countries historically have been subject to little regulation or oversight by governmental or regulatory authorities, which could heighten the risk of loss due to fraud or market failures in those countries. Governments, agencies, or other regulatory bodies in any country may adopt or change laws or regulations that could adversely affect the Fund or the market value of an instrument held by the Fund.

*Information Technology Risk* – Cyber-attacks, disruptions, or failures that affect the Fund's service providers, counterparties, the securities markets generally, other market participants, or issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.

*IPO Risk* – The Fund may purchase securities in IPOs. These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile.

- *Large-Capitalization Securities Risk* – Returns on investments in securities of large companies could

trail the returns on investments in securities of smaller and medium-sized companies. Larger companies may be unable to respond as quickly as smaller and medium-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to achieve or maintain growth at the high rates that may be achieved by well-managed smaller and medium-sized companies.

*Liquidity Risk* – The Fund's investments may be subject to low trading volume, lack of a market maker, contractual lock-in periods or regulatory restrictions, and the Fund may hold large positions in particular securities. As a result, it may not be possible to sell an investment at a particular time or at an acceptable price. Liquidity risk may be magnified during periods of changing interest rates, significant redemptions from Authorized Participants that include a substantial cash component or market turmoil. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. Increased levels of illiquidity can lead to wider bid-ask spreads.

*Market Disruption and Geopolitical Risk* – The value of the Fund's investments could be adversely affected by events that disrupt securities markets and adversely affect global markets such as war, terrorism, public health crises, and geopolitical events and by changes in non-U.S. and U.S. economic and political conditions. These disruptions could prevent the Fund from implementing its investment strategies and achieving its investment objective, and increase the Fund's exposure to other risks detailed in this Prospectus. As a result, the Fund could lose money, experience significant redemptions, encounter operational difficulties, and suffer other negative impacts. Certain locations and industries may be particularly susceptible to this risk, and other risks may be heightened by such events.

*Market Risk* – The value of the Fund's investments will be affected by fluctuations in the stock markets in which the Fund is invested, factors affecting a particular industry or industries, real or perceived adverse economic conditions, changes in interest or currency rates or adverse investor sentiment generally. Declines in securities market prices may reduce the value of your investment in the Fund.

*New and Smaller-Sized ETF Risk* – New funds and smaller-sized funds, such as the Fund, will be subject to greater liquidity risk due to their smaller asset bases and may be required to sell securities at disadvantageous times or prices due to significant redemptions from Authorized Participants that include a substantial cash component. A fund that has been

Baillie Gifford ETF Trust – Prospectus

recently formed will have limited or no performance history for investors to evaluate (except in circumstances where a predecessor fund's performance history is adopted) and may not reach or maintain a sufficient asset size to effectively implement its investment strategy. Smaller ETFs will have a lower public float and lower trading volumes, leading to wider bid-ask spreads. Further, the Manager is new to managing ETFs and will be reliant on the successful implementation of relationships with key counterparties, such as Authorized Participants.

*Periodic Rebalancing Risk* – Because the Fund discloses its full portfolio holdings each business day, the Manager expects to execute portfolio transactions for the Fund on a periodic schedule, generally after the Manager executes transactions in the same securities for other client accounts managed according to investment strategies similar to those pursued by the Fund. As a result, the Fund's portfolio is expected to be rebalanced less frequently than other accounts and funds managed by the Manager, and the Fund's portfolio trades will often occur after an accumulation of multiple trades that were executed for the Manager's other accounts and funds. Less frequent rebalancing could harm the Fund by causing it to suffer losses if positions it would have sold earlier (if it were rebalanced more frequently) decline in value before a rebalancing date, or positions it would have purchased earlier (if it were rebalanced more frequently) increase in value before a rebalancing date. In addition, when the Manager implements a portfolio decision for an account or fund ahead of, or contemporaneously with, a portfolio decision for the Fund, market impact, liquidity constraints, or other factors could result in the Fund receiving less favorable pricing or trading results, paying higher transaction costs, or otherwise being disadvantaged.

*Risk Model Risk* – A risk model is used to assist in the portfolio construction process. In developing and maintaining the risk model, the Manager expects to make use of one or more vendors or data sources for inputs. If the model or the data used in the model is incorrect or incomplete, or if there are business or operational disruptions affecting a vendor providing significant inputs to the model, then (in the absence of mitigating measures by the Manager) the Manager may be temporarily unable to appropriately implement the risk model or, when implemented, investment decisions made with reference to the model may not produce the desired results, and the Fund may realize losses.

- *Service Provider Risk* – The Fund will be affected by the Manager's investment techniques, analyses, assessments and employee retention. Similarly,

adverse events or performance failures at a service provider, such as human error, inadequate controls or insolvency, have the ability to adversely affect the Fund.

*Small- and Medium-Capitalization Securities Risk* – Securities of small- and medium-capitalization companies can be more volatile due to various factors including more limited product lines, financial and management resources and market distribution channels, as well as shorter operating histories and potentially reduced liquidity, especially during market declines, than the securities of larger, more established companies.

*Valuation Risk* – In certain circumstances, some of the Fund's portfolio holdings may be valued on the basis of factors other than market quotations by employing fair value procedures. This may occur more often in times of market turmoil or reduced liquidity. Portfolio holdings that are valued using techniques other than market quotations, including "fair valued" securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. There is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.

**Performance**

The Fund has not commenced operations as of the date of this prospectus. The returns presented for the Fund reflect the performance of the Predecessor Mutual Fund. It is anticipated that on or about June 1, 2026, the Fund will acquire all of the assets, subject to certain stated liabilities, of the Predecessor Mutual Fund through a tax-free reorganization for U.S. federal income tax purposes (the "**Reorganization**"). As a result of the Reorganization, the Fund will adopt the performance and financial history of the Predecessor Mutual Fund. Performance shown below is based on the investment objective and investment strategies utilized by the Predecessor Mutual Fund, which are substantially similar to those of the Fund, and the Predecessor Mutual Fund has the same portfolio management team as that of the Fund.

The bar chart and table below provide some indication of the risks of investing in the Fund. The bar chart shows the performance of the Predecessor Mutual Fund's Institutional Class shares for each full calendar year since the Predecessor Mutual Fund's inception. The table below shows how the average annual total returns of the Predecessor Mutual Fund's Institutional Class

Baillie Gifford ETF Trust – Prospectus

shares for the periods shown compare to those of the Predecessor Mutual Fund's benchmarks. The Fund's (and the Predecessor Mutual Fund's) past performance (before and after taxes) is not an indication of future performance. Absent any applicable fee waivers and/or expense limitations (which had applied to the Predecessor Mutual Fund since inception), performance would have been lower for the Predecessor Mutual Fund. Had the Predecessor Mutual Fund been structured as an ETF, its performance may have differed.

Annual Total Returns – Predecessor Mutual Fund's Institutional Class Shares<sup>(1)(2)</sup>

![](tm2525881d3_pros-01img04.jpg)

Highest Quarterly Return: 55.77% (Q2, 2020)

Lowest Quarterly Return: -38.41% (Q2, 2022)

*<sup>(1)</sup>* *The inception date for Baillie Gifford U.S. Equity Growth Fund is December 5, 2016, when Baillie Gifford International, LLC purchased Class 1 shares. Classes 1-5 of the Fund were terminated effective May 1, 2017, and Class 1 shares were converted to Class K shares. For the period from January 1, 2017 to May 1, 2017, the performance shown is for Class 1 shares and has been adjusted for the higher total annual operating expenses incurred by Institutional Class.*

*<sup>(2)</sup>* *Excluding reimbursement received from the Manager, total return for 2019 was 29.72%.*

In the table below, after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for the Predecessor Mutual Fund's Institutional Class shares only, and after-tax returns for other share classes of the Predecessor Mutual Fund vary and will vary for the Fund. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you are tax-exempt or if you hold your Fund shares through a tax-advantaged account. The table compares the Predecessor Mutual Fund's returns to a broad-based securities market index, as required by relevant disclosure rules, and an additional benchmark

that the Fund believes better aligns with the Predecessor Mutual Fund's (and the Fund's) investment objective and strategies. A description of the Fund's (and Predecessor Mutual Fund's) comparative indices is provided in the section of the Prospectus entitled "*Additional Performance Information*."

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual <br> Total Returns<br> for Periods<br> Ended<br> December 31,<br> 2024** | &nbsp;&nbsp; **1 Year** | &nbsp;&nbsp; **5 Years** | &nbsp;&nbsp; **Since Fund<br> Inception <br> (12/05/2016)** |
| &nbsp;&nbsp; Institutional Class Returns Before Taxes<sup>(1)(2)</sup> | &nbsp;&nbsp; 30.44% | &nbsp;&nbsp; 12.76% | &nbsp;&nbsp; 16.58% |
| &nbsp;&nbsp; Institutional Class Returns After Taxes on Distributions<sup>(1)(2)</sup> | &nbsp;&nbsp; 30.44% | &nbsp;&nbsp; 11.58% | &nbsp;&nbsp; 15.69% |
| &nbsp;&nbsp; Institutional Class Returns After Taxes on Distributions and Sale of Fund Shares<sup>(1)(2)</sup> | &nbsp;&nbsp; 18.02% | &nbsp;&nbsp; 10.14% | &nbsp;&nbsp; 13.81% |
| &nbsp;&nbsp; **Comparative Indices** <br> (reflects no deductions for fees, expenses, or taxes)  | &nbsp;&nbsp; **Comparative Indices** <br> (reflects no deductions for fees, expenses, or taxes)  | &nbsp;&nbsp; **Comparative Indices** <br> (reflects no deductions for fees, expenses, or taxes)  | &nbsp;&nbsp; **Comparative Indices** <br> (reflects no deductions for fees, expenses, or taxes)  |
| &nbsp;&nbsp; S&P 500 Index<sup>(3)</sup> | &nbsp;&nbsp; 25.02% | &nbsp;&nbsp; 14.51% | &nbsp;&nbsp; 14.89% |
| &nbsp;&nbsp; Russell 1000 Growth Index<sup>(4)</sup> | &nbsp;&nbsp; 33.36% | &nbsp;&nbsp; 18.94% | &nbsp;&nbsp; 19.53% |

---

*<sup>(1)</sup>* *Performance for Institutional Class shares prior to their date of inception (April 28, 2017) is derived from the historical performance of Class 1 shares and has been adjusted for the higher total annual operating expenses incurred by Institutional Class.*

*<sup>(2)</sup>* *If reimbursement received from the Manager in 2019 were excluded, the total return would be lower.*

*<sup>(3)</sup>* *The S&P 500 Index is a product of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates. Standard & Poor's® and S&P® are registered trademarks of Standard & Poor's Financial Services LLC, a division of S&P Global; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.*

*<sup>(4)</sup>* *The source of the index data is London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2020. FTSE Russell is a trading name of certain of the LSE Group companies. "Russell®" is a trademark(s) of the relevant LSE Group companies and is used by any other LSE Group company under license. "TMX®" is a trademark of TSX, Inc. and used by the LSE Group under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this Prospectus. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this Prospectus.*

Baillie Gifford ETF Trust – Prospectus

Updated information on the Fund's investment performance can be obtained by visiting www.bailliegifford.com/ETFs.

**Management**

Investment Manager

Baillie Gifford Overseas Limited

Portfolio Managers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Name** | &nbsp;&nbsp; **Title** | &nbsp;&nbsp; **Year<br> Commenced<br> Service with<br> the Fund<sup>(1)</sup>** |
| &nbsp;&nbsp; Dave Bujnowski | &nbsp;&nbsp; Portfolio Manager | &nbsp;&nbsp; 2020 |
| &nbsp;&nbsp; Kirsty Gibson | &nbsp;&nbsp; Portfolio Manager | &nbsp;&nbsp; 2016 |
| &nbsp;&nbsp; Lillian Li | &nbsp;&nbsp; Portfolio Manager | &nbsp;&nbsp; 2026 |
| &nbsp;&nbsp; Gary Robinson | &nbsp;&nbsp; Portfolio Manager | &nbsp;&nbsp; 2016 |
| &nbsp;&nbsp; Tom Slater | &nbsp;&nbsp; Portfolio Manager | &nbsp;&nbsp; 2016 |

---

*<sup>(1)</sup>* *The years reflected in the table above reflect the year in which the relevant Portfolio Manager commenced service with the Predecessor Mutual Fund.*

**Purchasing and Selling Fund Shares**

The Fund is an ETF. Individual shares of the Fund may only be bought and sold in the secondary market through a broker-dealer at a market price. Because ETF shares trade at market prices rather than at NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market (the **"bid-ask spread"**).

The Fund will issue and redeem shares at NAV only in Creation Units. These transactions are usually in exchange for a basket of securities and/or an amount of cash. As a practical matter, only Authorized Participants purchase or redeem Creation Units. Except when aggregated in Creation Units, shares are not redeemable securities of the Fund.

Once the Fund commences operations, recent information, including information on the Fund's NAV, market price, premiums and discounts, and bid-ask spreads, will be available on the Fund's website at www.bailliegifford.com/ETFs.

**Tax**

The Fund intends to make distributions that will be taxable to you as ordinary income or capital gains, unless you are a tax-exempt investor or otherwise investing through a tax-advantaged account, such as an IRA or 401(k) plan. If you are investing through such a tax-advantaged account, you may be taxed later upon withdrawal of monies from that account.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

If you purchase Fund shares through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for services the intermediary provides to Fund shareholders. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. In addition to the fees and expenses described in the "Fees and Expenses" section above, your broker-dealer or financial intermediary may charge commissions or other fees on purchases and sales of shares of the Fund. Ask your salesperson or visit your financial intermediary's web site for more information.

Baillie Gifford ETF Trust – Prospectus

**<u>ADDITIONAL INFORMATION ABOUT PRINCIPAL STRATEGIES AND RISKS</u>**

**<u>Principal Investment Strategies</u>**

Baillie Gifford Emerging Markets ETF

**Investment Objective**

Baillie Gifford Emerging Markets ETF seeks capital appreciation.

**Investment Strategies**

The Fund is an actively managed exchange-traded fund. The Fund seeks to meet its objective by investing in a portfolio of common stocks and other equity securities of issuers located in countries of emerging and frontier markets.

Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of companies located in countries represented in the MSCI Emerging Markets Index. The countries represented in the MSCI Emerging Markets Index include markets that may be less sophisticated than more developed markets in terms of participation by investors, analyst coverage, liquidity, and regulation. The Fund invests in equity securities either directly or indirectly, such as through depositary receipts or participatory notes, and may invest in preferred stocks, convertible securities, rights and warrants. The Fund may invest to a significant extent (up to 30% of the Fund's net assets) in American Depositary Receipts (**"ADRs"**), European Depositary Receipts (**"EDRs"**) and Global Depositary Receipts (**"GDRs"**). The portfolio managers also have flexibility to implement the Fund's investment strategy through investing in active ETFs and ETFs that track relevant equity indices. The Fund is not constrained with respect to market capitalization and may participate in IPOs and in securities offerings that are not registered in the U.S. Under normal circumstances, the Fund aims to remain fully invested in equities, holding cash and cash equivalents primarily during periods of investment reallocation, or in connection with purchases of or redemptions from the Fund.

The portfolio managers select companies without being constrained by the MSCI Emerging Markets benchmark and, therefore, there may be listings in the benchmark that are not included in the Fund's portfolio and holdings in the Fund's portfolio that are not included in the benchmark. The portfolio managers may reference the benchmark to set limits on the relative weighting of countries in the portfolio. The portfolio managers focus on company research and the long-term outlook of companies and industries. Ideas can come from a wide variety of sources, including, but not limited to, research

trips, company meetings, and relationships with industry thought leaders and academic institutions. Stock ideas are normally researched to assess a range of factors, including: long-term growth potential, geographic and industry positioning, competitive advantage, management, financial strength and valuation. Under normal circumstances, the intended outcome is a diversified portfolio typically consisting of between 60 and 100 growth companies with the potential to outperform the Fund's benchmark over the long term. The process can result in significant exposure to a single country or a small number of countries. The Fund expects to invest significantly in Chinese companies including through China A shares, which are common stocks and other equity securities that are listed or traded on a Chinese stock exchange and which are quoted in renminbi, the official currency of China. The Fund aims to hold securities for long periods (typically at least 5 years), which generally results in relatively low portfolio turnover and is in line with the portfolio managers' long-term investment outlook. When assessing a company's long-term growth prospects, the portfolio managers seek to identify and to incorporate a range of factors that are material to managing the Fund's investment risks and maximizing capital appreciation. Such factors potentially include the environmental, social, and/or governance characteristics of the company, such as stewardship, sustainable business practices, and/or corporate culture.

The portfolio managers primarily employ a bottom-up stock-picking approach that seeks to make long-term investments in well-managed businesses with genuine and sustainable competitive advantages. The portfolio managers can also consider macro-economic factors when identifying potential investments. The portfolio managers seek to identify companies that they believe are likely to generate above average growth in earnings and cash flows, based on fundamental research. The Manager's fundamental research process focuses on: (i) the opportunity for an issuer to deliver superior returns; (ii) the ability of the issuer to execute on that opportunity; and (iii) the current market valuation of the security. Additionally, a risk model is used to assist in the sizing of positions to implement the investment strategy while ensuring the portfolio is appropriate for an ETF. The risk model is not used to determine the underlying issuers to which the Fund seeks exposure, but rather incorporates data from third party vendors on metrics primarily related to the liquidity and characteristics of different instruments that may be used to gain desired exposures to underlying issuers and includes both qualitative and quantitative elements.

The portfolio managers may sell a holding if they determine there has been a material deterioration in the

Baillie Gifford ETF Trust – Prospectus

investment case or as appropriate to make other investments or meet redemptions.

The Fund may invest without limitation in securities quoted or denominated in currencies other than the U.S. dollar and may hold such currencies. The Fund does not expect to engage in currency hedging and thus expects to be fully exposed to currency fluctuations relative to the U.S. dollar. In response to adverse market, economic, political or other conditions, the Fund may deviate from its investment policies by taking temporary defensive positions with some or all of its assets in high quality income securities, cash or cash equivalents. As a result, during such conditions, the Fund may not achieve its investment objective.

See "*Selected Investment Techniques and Topics —Location of Issuers*" below for additional detail on how the Fund classifies the location of issuers in which it invests.

**Principal Investment Risks**

The "*Principal Investment Risks*" section below identifies and describes the principal risks of investing in the Fund.

Baillie Gifford ETF Trust – Prospectus

Baillie Gifford International Alpha ETF

**Investment Objective**

Baillie Gifford International Alpha ETF seeks capital appreciation.

**Investment Strategies**

The Fund is an actively managed exchange-traded fund. The Fund seeks to meet its objective by investing in an international portfolio of equities, which include common stock and other equity securities, of issuers located in countries of developed and emerging markets.

The Fund invests predominantly in securities issued by companies located in countries represented in the MSCI ACWI ex USA Index, which includes issuers from a range of developed and emerging market countries. The Fund may invest to a lesser extent in frontier markets. The Fund ordinarily invests in securities of issuers located in at least three countries outside the U.S. The Fund invests in equity securities either directly or indirectly, such as through depositary receipts, and may invest in preferred stocks, convertible securities, rights and warrants. The Fund may invest to a significant extent (up to 30% of the Fund's net assets) in American Depositary Receipts (**"ADRs"**), European Depositary Receipts (**"EDRs"**) and Global Depositary Receipts (**"GDRs"**). The portfolio managers also have flexibility to implement the Fund's investment strategy through investing in active ETFs and ETFs that track relevant equity indices. The Fund is not constrained with respect to market capitalization and may participate in IPOs and in securities offerings that are not registered in the U.S. Under normal circumstances, the Fund aims to remain fully invested in equities, holding cash and cash equivalents primarily during periods of investment reallocation, or in connection with purchases of or redemptions from the Fund.

The portfolio managers principally select companies without being constrained by the MSCI ACWI ex USA benchmark and, therefore, there may be listings in the benchmark that are not included in the Fund's portfolio and holdings in the Fund's portfolio that are not included in the benchmark. The portfolio managers focus on company research and the long-term outlook of companies and industries. Ideas can come from a wide variety of sources, including, but not limited to, research trips, company meetings, and relationships with industry thought leaders and academic institutions. Stock ideas are normally researched to assess a range of factors, including: long-term growth potential, geographic and industry positioning, competitive advantage, management, financial strength and valuation. Under normal circumstances, the intended outcome is a diversified portfolio typically consisting of between 60 and 90 growth companies with the potential to

outperform the Fund's benchmark over the long term. The process can result in significant exposure to a single country or a small number of countries. The Fund expects to invest in Chinese companies, among other means, through China A shares, which are common stocks and other equity securities that are listed or traded on a Chinese stock exchange and which are quoted in renminbi, the official currency of China. The Fund aims to hold securities for long periods (typically at least 5 years), which generally results in relatively low portfolio turnover and is in line with the portfolio managers' long-term investment outlook. When assessing a company's long-term growth prospects, the portfolio managers seek to identify and to incorporate a range of factors that are material to managing the Fund's investment risks and maximizing capital appreciation. Such factors potentially include the environmental, social, and/or governance characteristics of the company, such as stewardship, sustainable business practices, and/or corporate culture.

The portfolio managers employ a bottom-up stock-picking approach that seeks to make long-term investments in well-managed businesses with genuine and sustainable competitive advantages. The portfolio managers seek to identify companies that they believe are likely to generate above average growth in earnings and cash flows, based on fundamental research. The Manager's fundamental research process focuses on: (i) the opportunity for an issuer to deliver superior returns; (ii) the ability of the issuer to execute on that opportunity; and (iii) the current market valuation of the issuer. Additionally, a risk model is used to assist in the sizing of positions to implement the investment strategy while ensuring the portfolio is appropriate for an ETF. The risk model is not used to determine the underlying issuers to which the Fund seeks exposure, but rather incorporates data from third party vendors on metrics primarily related to the liquidity and characteristics of different instruments that may be used to gain desired exposures to underlying issuers and includes both qualitative and quantitative elements.

The portfolio managers may sell a holding if they determine there has been a material deterioration in the investment case or as appropriate to make other investments or meet redemptions.

The Fund may invest without limitation in securities quoted or denominated in currencies other than the U.S. dollar and may hold such currencies. The Fund does not expect to engage in currency hedging and thus expects to be fully exposed to currency fluctuations relative to the U.S. dollar. In response to adverse market, economic, political or other conditions, the Fund may deviate from its investment policies by taking temporary defensive positions with some or all of its assets in high quality

Baillie Gifford ETF Trust – Prospectus

income securities, cash or cash equivalents. As a result, during such conditions, the Fund may not achieve its investment objective.

The inclusion of "alpha" in the Fund's name does not reflect any greater or lesser correlation with or reference to any benchmark index's constituents or returns than for other series of the Trust without "alpha" in their names.

See "*Selected Investment Techniques and Topics —Location of Issuers*" below for additional detail on how the Fund classifies the location of issuers in which it invests.

**Principal Investment Risks**

The "*Principal Investment Risks*" section below identifies and describes the principal risks of investing in the Fund.

Baillie Gifford ETF Trust – Prospectus

Baillie Gifford International Concentrated Growth ETF

**Investment Objective**

Baillie Gifford International Concentrated Growth ETF seeks capital appreciation.

**Investment Strategies**

The Fund is an actively managed exchange-traded fund. The Fund seeks to meet its objective by investing in an international portfolio of common stocks and other equity securities of issuers located in countries of developed and emerging markets.

The Fund may invest up to 20% of its net assets in common stocks and other equities of companies located in the U.S. The Fund invests in equity securities either directly or indirectly, such as through depositary receipts, and may invest in preferred stocks, convertible securities, rights and warrants. The Fund may invest to a significant extent (up to 30% of the Fund's net assets) in American Depositary Receipts (**"ADRs"**), European Depositary Receipts (**"EDRs"**) and Global Depositary Receipts (**"GDRs"**). The portfolio managers also have flexibility to implement the Fund's investment strategy through investing in active ETFs and ETFs that track relevant equity indices. The Fund is not constrained with respect to market capitalization and may participate in IPOs and in securities offerings that are not registered in the U.S. Under normal circumstances, the Fund aims to remain fully invested in equities, holding cash and cash equivalents primarily during periods of investment reallocation, or in connection with purchases of or redemptions from the Fund.

The portfolio managers principally select companies without being constrained by the MSCI ACWI ex USA benchmark and, therefore, there may be listings in the benchmark that are not included in the Fund's portfolio and holdings in the Fund's portfolio that are not included in the benchmark. The portfolio managers focus on company research and the long-term outlook of companies and industries. Ideas can come from a wide variety of sources, including, but not limited to, research trips, company meetings, and relationships with industry thought leaders and academic institutions. Stock ideas are normally researched to assess a range of factors, including: long-term growth potential, geographic and industry positioning, competitive advantage, management, financial strength and valuation. Under normal circumstances, the intended outcome is a portfolio typically consisting of between 20 and 35 growth companies with the potential to outperform the Fund's benchmark over the long term. However, depending on market conditions, the number of holdings may be fewer than 20 or greater than 35 if the portfolio managers determine that a smaller or larger number of holdings is in the best interest of the Fund. The process

can result in significant exposure to a single country or a small number of countries. The Fund is a non-diversified fund, which means that it may invest a relatively large percentage of its assets in a small number of issuers, industries, or sectors. The Fund aims to hold securities for long periods (typically at least 5 years), which generally results in relatively low portfolio turnover and is in line with the portfolio managers' long-term investment outlook. When assessing a company's long-term growth prospects, the portfolio managers seek to identify and to incorporate a range of factors that are material to managing the Fund's investment risks and maximizing capital appreciation. Such factors potentially include the environmental, social, and/or governance characteristics of the company, such as stewardship, sustainable business practices, and/or corporate culture.

The portfolio managers employ a bottom-up stock-picking approach that seeks to make long-term investments in well-managed businesses with genuine and sustainable competitive advantages. The portfolio managers seek to identify companies that they believe are likely to generate above-average growth in earnings and cash flows, based on fundamental research. The Manager's fundamental research process focuses on: (i) the opportunity for an issuer to deliver superior returns; (ii) the ability of the issuer to execute on that opportunity; and (iii) the current market valuation of the issuer. Portfolio construction decisions are then taken by the portfolio managers, acting as a single, central team. Additionally, a risk model is used to assist in the sizing of positions to implement the investment strategy while ensuring the portfolio is appropriate for an ETF. The risk model is not used to determine the underlying issuers to which the Fund seeks exposure, but rather incorporates data from third party vendors on metrics primarily related to the liquidity and characteristics of different instruments that may be used to gain desired exposures to underlying issuers and includes both qualitative and quantitative elements.

The portfolio managers may sell a holding if they determine there has been a material deterioration in the investment case or as appropriate to make other investments or meet redemptions.

The Fund may invest without limitation in securities quoted or denominated in currencies other than the U.S. dollar and may hold such currencies. The Fund does not expect to engage in currency hedging and thus expects to be fully exposed to currency fluctuations relative to the U.S. dollar. In response to adverse market, economic, political or other conditions, the Fund may deviate from its investment policies by taking temporary defensive positions with some or all of its assets in high quality income securities, cash or cash equivalents. As a result,

Baillie Gifford ETF Trust – Prospectus

during such conditions, the Fund may not achieve its investment objective.

See "*Selected Investment Techniques and Topics —Location of Issuers*" below for additional detail on how the Fund classifies the location of issuers in which it invests.

**Principal Investment Risks**

The "*Principal Investment Risks*" section below identifies and describes the principal risks of investing in the Fund.

Baillie Gifford ETF Trust – Prospectus

Baillie Gifford Long Term Global Growth ETF

**Investment Objective**

Baillie Gifford Long Term Global Growth ETF seeks to provide long-term capital appreciation.

**Investment Strategies** 

The Fund is an actively managed exchange-traded fund. The Fund seeks to meet its objective by investing in a portfolio of global common stocks and other equity securities without reference to benchmark constraints.

While the portfolio managers are not constrained by geographic limitations, the Fund ordinarily invests in securities of issuers located in at least six different countries.

In addition, under normal circumstances, the Fund invests at least 40% of its total assets in securities of companies located outside the U.S. when market conditions are favorable, but, when market conditions are not favorable, invests at least 30% of its total assets in companies located outside the U.S. For purposes of establishing whether a 40% or 30% threshold applies when measuring the test described in the prior sentence, the Manager will determine, in its sole discretion, whether market conditions are favorable and in making such determination may consider any factors it deems relevant, including but not limited to: the relative prospects for growth among U.S. and non-U.S. companies; long- or short-term fluctuations, or expected fluctuations, in currency exchange rates; the relative monetary or fiscal health of the U.S. compared to other countries; the relative market stability, or expected stability, of the U.S. compared to other countries; and the relative weighting of the U.S. and non-U.S. countries on global equity market indices. The Fund may invest in issuers located in emerging markets.

The Fund does not apply specific constraints with respect to market capitalization and may participate in IPOs and in securities offerings that are not registered in the U.S. Under normal circumstances, the Fund aims to remain fully invested in equities, holding cash and cash equivalents primarily during periods of investment reallocation, or in connection with purchases of or redemptions from the Fund.

The portfolio managers select investments without regard to the geographic, industry, sector, or individual company weightings on any index. The portfolio managers focus on company research and the long-term outlook of companies and industries. Ideas can come from a wide variety of sources, including, but not limited to, research trips, company meetings, and relationships with industry thought leaders and academic institutions. Stock ideas are normally researched to assess a range of factors, including: long-term growth potential,

geographic and industry positioning, competitive advantage, management, financial strength and valuation. Under normal circumstances, the intended outcome is a portfolio typically consisting of between 30 and 60 growth companies with the potential to outperform the Fund's benchmark over the long term. The process can result in significant exposure to a single country or a small number of countries, and the Fund expects to have considerable exposure to Chinese companies including through China A shares, which are common stocks and other equity securities that are listed or traded on a Chinese stock exchange and which are quoted in renminbi, the official currency of China. The Fund is a non-diversified fund, which means that it may invest a relatively large percentage of its assets in a small number of issuers, industries or sectors. The Fund aims to hold securities for long periods (typically at least 5 years), which generally results in relatively low portfolio turnover and is in line with the portfolio managers' long-term investment outlook.

When assessing a company's long-term growth prospects, the portfolio managers seek to identify and to incorporate a range of factors that they believe are material to managing the Fund's investment risks and maximizing capital appreciation. The portfolio managers employ a bottom-up stock-picking approach that seeks to make long-term investments in well-managed businesses with genuine and sustainable competitive advantages. The portfolio managers seek to identify companies that they believe are likely to generate above average growth in earnings and cash flows, based on fundamental research. The Manager's disciplined investment framework focuses on: (i) the issuer's opportunities within its industry, (ii) the issuer's competitive advantages, (iii) the financial strength of the issuer, (iv) how the issuer's management deploys capital, (v) the societal considerations that have the potential to prove material to the long-term growth of the issuer and (vi) the market valuation of the issuer. Additionally, a risk model is used to assist in the sizing of positions to implement the investment strategy while ensuring the portfolio is appropriate for an ETF. The risk model is not used to determine the underlying issuers to which the Fund seeks exposure, but rather incorporates data from third party vendors on metrics primarily related to the liquidity and characteristics of different instruments that may be used to gain desired exposures to underlying issuers and includes both qualitative and quantitative elements.

The Manager believes that a company selected for the Fund's portfolio is unlikely to be financially sustainable in the long run if the portfolio managers believe that its approach to business is fundamentally out of line with changing societal expectations. The portfolio managers employ an investment process designed to identify

Baillie Gifford ETF Trust – Prospectus

companies with practices they believe are aligned with sustainable financial growth over the long-term, including environmental, social, and/or governance characteristics, such as stewardship, sustainable business practices, and/or corporate culture. With respect to the consideration of a company's environmental characteristics, the portfolio managers believe that the possibility of climate-related disruptions and the related transition to a low-carbon economy present opportunities for, and specific risks relevant to, the Fund's holdings. As a result, the portfolio managers generally seek to invest the Fund's assets in companies that they believe are "climate-fit" for the future, which are companies that take appropriate steps (in the view of and as determined by the portfolio managers) to (i) reduce their direct and indirect greenhouse gas emissions (i.e., pursue "net zero" carbon emission ambitions or targets), (ii) integrate the related challenges into business strategies (i.e., the company undertakes steps to understand and manage the related technological, market and environmental changes confronting its business), and/or (iii) provide robust disclosure on climate change and other significant environmental issues so that investors can better assess the related investment risks and opportunities to such company. However, the portfolio managers do not employ categorical restrictions or exclusions in assessing a company's climate-fitness. The portfolio managers expect that companies that they assess as climate-fit under the Fund's investment process will ultimately correlate with companies that themselves are aligned with a broader global transition toward net zero carbon emissions.

The portfolio managers may sell a holding if they determine there has been a material deterioration in the investment case or as appropriate to make other investments or meet redemptions.

The Fund invests in equity securities either directly or indirectly, such as through depositary receipts, and may invest in preferred stocks, convertible securities, rights and warrants. The Fund may invest to a significant extent (up to 30% of the Fund's net assets) in American Depositary Receipts (**"ADRs"**), European Depositary Receipts (**"EDRs"**) and Global Depositary Receipts (**"GDRs"**). The portfolio managers also have flexibility to implement the Fund's investment strategy through investing in active ETFs and ETFs that track relevant equity indices. The Fund may invest without limitation in securities quoted or denominated in currencies other than the U.S. dollar and may hold such currencies. The Fund does not expect to engage in currency hedging and thus expects to be fully exposed to currency fluctuations relative to the U.S. dollar. In response to adverse market, economic, political or other conditions, the Fund may deviate from its investment policies by taking temporary defensive positions with

some or all of its assets in high quality income securities, cash or cash equivalents. As a result, during such conditions, the Fund may not achieve its investment objective.

See "*Selected Investment Techniques and Topics —Location of Issuers*" below for additional detail on how the Fund classifies the location of issuers in which it invests.

**Principal Investment Risks**

The "*Principal Investment Risks*" section below identifies and describes the principal risks of investing in the Fund.

Baillie Gifford ETF Trust – Prospectus

Baillie Gifford U.S. Equity Growth ETF

**Investment Objective**

Baillie Gifford U.S. Equity Growth ETF seeks capital appreciation.

**Investment Strategies**

The Fund is an actively managed exchange-traded fund. The Fund seeks to meet its objective by investing in a portfolio of equities, which include common stock and other equity securities, of issuers located in the U.S.

The portfolio managers seek to identify exceptional growth businesses in the U.S. and to own them for long enough that the advantages of their business models and the strength of their cultures support positive relative performance over the long term.

Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in common stocks and other equity securities of companies whose principal activities are in the U.S. The Fund invests in equity securities either directly or indirectly, such as through depositary receipts, and may invest in preferred stocks, convertible securities, rights and warrants. The portfolio managers also have flexibility to implement the Fund's investment strategy through investing in active ETFs and ETFs that track relevant equity indices. The Fund typically invests primarily in issuers with a market capitalization of more than $1.5 billion at the time of purchase and may participate in IPOs. Under normal circumstances, the Fund aims to remain fully invested in equities, holding cash and cash equivalents primarily during periods of investment reallocation, or in connection with purchases of or redemptions from the Fund.

The portfolio managers employ a bottom-up stock-picking approach that seeks to make long-term investments in well-managed businesses with genuine and sustainable competitive advantages. The portfolio managers select companies without being constrained by a benchmark and, therefore, there may be listings in the Fund's benchmarks that are not included in the Fund's portfolio and holdings in the Fund's portfolio that are not included in the benchmarks. Under normal circumstances, the intended outcome is a portfolio typically consisting of between 30 and 50 growth companies with the potential to outperform the Fund's benchmarks over the long term. The portfolio managers focus on company research and the long-term outlook of companies and industries. Ideas can come from a wide variety of sources, including, but not limited to, research trips, company meetings, and relationships with industry thought leaders and academic institutions. Stock ideas are normally researched to assess a range of factors, including: long-term growth potential, geographic and

industry positioning, competitive advantage, management, financial strength and valuation. The Fund is a non-diversified fund, which means that it may invest a relatively large percentage of its assets in a small number of issuers, industries or sectors. The Fund aims to hold securities for long periods (typically at least 5 years), which generally results in relatively low portfolio turnover and is in line with the portfolio managers' long-term investment outlook. When assessing a company's long-term growth prospects, the portfolio managers seek to identify and to incorporate a range of factors that are material to managing the Fund's investment risks and maximizing capital appreciation. Such factors potentially include the environmental, social, and/or governance characteristics of the company, such as stewardship, sustainable business practices, and/or corporate culture. Additionally, a risk model is used to assist in the sizing of positions to implement the investment strategy while ensuring the portfolio is appropriate for an ETF. The risk model is not used to determine the underlying issuers to which the Fund seeks exposure, but rather incorporates data from third party vendors on metrics primarily related to the liquidity and characteristics of different instruments that may be used to gain desired exposures to underlying issuers and includes both qualitative and quantitative elements.

The portfolio managers believe a long-term investment horizon can allow the Fund to harness the asymmetry inherent in equity markets that allows successful investments to outpace losses in similarly sized positions that fail to thrive.

The portfolio managers may sell a holding if they determine there has been a material deterioration in the investment case or as appropriate to make other investments or meet redemptions.

In response to adverse market, economic, political or other conditions, the Fund may deviate from its investment policies by taking temporary defensive positions with some or all of its assets in high quality income securities, cash or cash equivalents. As a result, during such conditions, the Fund may not achieve its investment objective.

See "*Selected Investment Techniques and Topics —Location of Issuers*" below for additional detail on how the Fund classifies the location of issuers in which it invests.

**Principal Investment Risks**

The "*Principal Investment Risks*" section below identifies and describes the principal risks of investing in the Fund.

Baillie Gifford ETF Trust – Prospectus

**<u>Selected Investment Techniques and Topics</u>**

In addition to the principal investment strategies discussed above, the Funds may engage in certain non-principal investment strategies. Additional context and details regarding both the Funds' principal investment strategies and the Funds' non-principal investment strategies are provided below.

**Active and Frequent Trading**

The Funds generally will not engage in active and frequent trading of portfolio securities as part of their ordinary-course efforts to achieve their principal investment strategies. In normal market conditions, the Manager expects to rebalance the Funds' portfolios on a periodic basis. However, unusual market conditions may trigger increased trading and/or portfolio turnover for a Fund to the extent the relevant investment team deems such actions necessary or appropriate. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs affect the Fund's performance. Frequent trading can also increase the possibility of capital gain and ordinary distributions. Frequent trading can also result in the realization of a higher percentage of short-term capital gains and a lower percentage of long-term capital gains as compared to a fund that trades less frequently. Because short-term capital gains are distributed as ordinary income, this would generally increase your tax liability unless you hold your shares through a tax-advantaged or tax-exempt vehicle. Although the Manager may attempt to manage these adverse tax impacts of more frequent portfolio trading by utilizing the in-kind creation and redemption feature inherent to the ETF structure, there is no guarantee that these efforts will be successful.

**"Alpha" Funds**

The inclusion of the word "Alpha" in the name of certain Funds is not meant to suggest a specific investment style or that a Fund targets a specific return over and above its benchmark index. Nor should the word "Alpha" be interpreted as claiming any higher degree of active management than any other Fund.

**Capitalization Criteria and Investment Limitations**

Unless otherwise stated, all market capitalization criteria and percentage limitations on Fund investments listed in this Prospectus will apply at the time of investment. A Fund would not violate these limitations unless an excess or deficiency occurs or exists immediately after and as a result of an investment.

References to assets in the percentage limitations on the Funds' investments refer to total assets, unless otherwise indicated.

Unless otherwise stated, when a Fund is described as investing in a particular type of security or other instrument, the Fund may make such investments directly or indirectly. Indirect exposure may be achieved through a combination of multiple instruments or through a combination of one or more investment instruments and cash or cash equivalents. Indirect investments may include depositary receipts, derivatives (based on either notional or mark-to-market value depending on the instrument and circumstances), placement warrants or other structured products. Indirect exposure may also be gained through investments in operating companies and pooled vehicles such as mutual funds, exchange traded funds ("**ETFs**"), private funds, and non-U.S. investment vehicles. Because the Funds are subject to various regulatory requirements and limitations, a Fund's ability to obtain direct exposure to certain asset classes and investments may be prevented or restricted.

**Cash Balances**

Although each Fund will aim to remain fully invested in equities, each Fund may hold uninvested cash balances at the Fund's custodian or invest in cash equivalent securities, such as money market funds (including money market funds that operate as ETFs), U.S. government securities (including U.S. Treasury notes and bills), repurchase agreements collateralized by such securities, and other high-quality debt investments, in order to facilitate daily portfolio operations and to take temporary defensive positions. As a result of taking a temporary defensive position, a Fund may not achieve its investment objective.

**Considerations Related to Large Shareholders**

To the extent that a significant portion of a Fund's shares are held by a limited number of shareholders or their affiliates, there is a risk that the purchase and sale activities of these shareholders with regard to Fund shares could disrupt such Fund's investment strategies, which could have adverse consequences for the Fund and other shareholders. Certain large purchases could cause the Fund to maintain larger-than-expected cash positions pending acquisition of investments. A sale by a large shareholder could require the Fund to sell investments, including at inopportune times, and could result in the Fund recognizing significant capital gains, including short-term capital gains, that would be distributed to shareholders in order for the Fund to meet the requirements for qualification as a regulated investment company and avoid a Fund-level tax. In addition, institutional separate accounts managed by the Manager may invest in a Fund and, therefore, the Manager at times may have discretionary authority over redemption decisions by a significant portion of the investor base holding shares of a Fund. In such instances, the Manager's decision to make changes to

Baillie Gifford ETF Trust – Prospectus

or rebalance its client's allocations in the separate accounts may impact the Fund's performance. Because the Funds operate as ETFs, the ETF in-kind creation and redemption unit structure may mitigate, but not eliminate, some of these risks.

**CPO Exclusion** 

The Manager, with respect to the Funds, has claimed an exclusion from the definition of the term commodity pool operator ("**CPO**") under the Commodity Exchange Act, as amended, (the "**CEA**") pursuant to Commodity Futures Trading Commission ("**CFTC**") Rule 4.5. As a result, the Manager, is not subject to registration or regulation as a CPO under the CEA. To remain eligible for the exclusion, each Fund will, among other things, be limited in its ability to use certain financial instruments that are subject to regulation by the CFTC, including futures and options on futures and certain swaps transactions. In the event that the Manager no longer qualifies for the Rule 4.5 exclusion with respect to a Fund, the Manager would be required to register with the CFTC as a CPO with respect to such Fund which may increase Fund expenses and adversely affect the Fund's total return.

**Currency Hedging**

The Funds have not historically used, but may in the future use, various investment products to hedge the risks to the Funds from exposure to local currency movements. These products include currency forward contracts and options thereon, and options and "spot" transactions directly in foreign currencies.

New financial products and risk management techniques continue to be developed and the Funds may use these new investments and techniques to the extent they are consistent with the Funds' investment objectives and strategies.

**Emerging Markets**

Certain Funds may invest in issuers located in emerging markets. The Funds consider emerging markets countries to be comprised of those that are represented in the MSCI Emerging Markets Index.

**Frontier Markets**

Certain Funds may invest in issuers located in frontier markets. The Funds consider frontier markets countries to be comprised of those that the Manager considers to be more developed than the least developed countries but less developed than emerging market countries.

**Growth Companies** 

Each Fund may invest in growth companies. When assessing whether a company is "growth," a Fund considers a range of factors, including, but not limited to,

the ability of the company to grow earnings faster than the market expects.

**Illiquid Investments**

A Fund may not purchase or otherwise acquire any illiquid investments if, immediately after the acquisition, the value of illiquid investments held by the Fund would exceed 15% of the Fund's net assets. The term "illiquid investment" for this purpose means any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment.

Illiquid investments may include those securities whose disposition is restricted by securities laws, such as Rule 144A or private placement securities.

If the Manager determines at any time that a Fund owns illiquid investments in excess of 15% of its net assets, the Manager will cease to undertake new commitments to acquire illiquid investments until the Fund's holdings no longer exceed this 15% limit, report the occurrence in compliance with relevant requirements under the Investment Company Act of 1940, as amended (the **"1940 Act"**), and, depending on circumstances, may take additional steps to reduce the Fund's holdings of illiquid investments.

**Indian Foreign Investor Regulations** 

Only entities and persons that comply with certain statutory conditions and that are registered as foreign portfolio investors ("**FPIs**") with the Securities and Exchange Board of India ("**SEBI**") under the SEBI (FPI) Regulations, 2019 ("**FPI Regulations**") are permitted to make direct investments in exchange-traded and certain other Indian securities. The Funds are expected to seek registration as FPIs. As an FPI, a Fund and any other FPIs belonging to the same "investor group" as the Fund (which may occur as a result of common majority ownership and/or common control, and which can include FPIs managed by an external third party) would only be able to hold up to 10% of the paid-up capital, or 10% of the paid-up value of each series of convertible debentures or preference shares or share warrants of an Indian company on an aggregate basis (the "**10% Threshold**"). In addition to the 10% Threshold, FPI investment in Indian companies may not exceed any sectoral cap on ownership by an FPI that applies to a particular company and/or the aggregate cap on FPI investments in a company.

Compliance with FPI Regulations limits a Fund's ability to invest in certain companies, and may continue to limit the Funds' ability to invest in certain companies even if

Baillie Gifford ETF Trust – Prospectus

the Funds were to become FPIs, each of which may negatively impact a Fund's investment performance. Should the Funds become FPIs, a Fund may have to sell portfolio holdings to maintain compliance with the regulatory limits in order to continue to hold those investments as an FPI. Investments held in excess of the limits would be reclassified as Foreign Direct Investment, which would restrict further investment and may lead to adverse tax implications for a Fund.

**Industry Classification of Issuers**

The Manager shall make reasonable determinations as to the appropriate issuer industry classification, or sector classification of security issuers. As part of this determination, the Manager may take into account internal analysis or third party information such as categories, data or methodologies from Bloomberg Industry Classification Systems (BICS), Global Industry Classification Standard (GICS) codes, Standard Industry Classification (SIC) Codes, North American Industry Classification System (NAICS) Codes, the FTSE/Dow Jones Industry Classification Benchmark (ICV system) or any other reasonable industry classification system (including systems developed by the Manager). The Manager may use information differently for different industries, sectors or clients. The Manager's determinations may differ from the determinations of other investment professionals, or other third parties. Even where the Manager generally relies on a particular classification system, it may depart from that system in specific cases at its discretion.

**Investing in China through the Stock Connect programs and QFI program**

Funds that invest in China may invest in China "A" Shares ("**A Shares**" or "**China A Shares**"). China A Shares are common stocks and other equity securities of issuers located in China that are listed or traded on the Shanghai Stock Exchange, the Shenzhen Stock Exchange, or any other stock exchange in China and which are quoted in renminbi ("**RMB**"), the official currency of China. These Funds may access China A Shares through the Shanghai-Hong Kong Stock Connect program and the Shenzhen-Hong Kong Stock Connect program (together, the "**Stock Connect programs**") or through the Manager's qualified foreign investor ("**QFI**") license. Historically, investments in stocks, bonds, and warrants listed and traded on a mainland Chinese stock exchange, investment companies, and other financial instruments (collectively referred to as "**China Securities**") approved by the China Securities Regulatory Commission ("**CSRC**") were limited for investment by non-Chinese investors. The CSRC has now granted the Manager a QFI license allowing the Manager to invest directly in China Securities and the Funds now have access to the Stock Connect programs.

The Stock Connect programs are securities trading and clearing link programs that enable international investors to invest in China A Shares. Trading under the Stock Connect programs is subject to an aggregate daily quota, which limits the maximum net buy value of cross-boundary trades under each of the Stock Connect programs each day. This is monitored by the Stock Exchange of Hong Kong on a real-time basis and reset every day. If the daily quota drops to zero or is exceeded, no further buy orders will be accepted for the remainder of that day (although sales of China A Shares are permitted regardless of the daily quota). The daily quota is not specific to any one particular investor. The Stock Connect programs are also subject to various other restrictions which may constrain a Fund's ability to invest in a particular company at a particular time, such as limits on when markets are open and trades processed and additional regulations and listing rules imposed by China and the Shanghai and Shenzhen exchanges.

Under the QFI program, there are certain regulatory constraints including, without limitation, restrictions on the types of instruments available for purchase by the license holder, the ability of the license holder to repatriate funds, and the structure of custodial and brokerage accounts for trading in Chinese securities. In particular, with respect to the QFI custodial arrangements, to the extent a Fund's cash is commingled with the assets of other clients of a Chinese custodian and the Chinese custodian becomes insolvent, a Fund will not have any proprietary rights to the cash deposited in the account, and a Fund will become an unsecured creditor, ranking pari passu with all other unsecured creditors, of the Chinese custodian. Although the relevant QFI regulations have been revised to relax regulatory restrictions on the onshore capital management by QFI license holders (including removing investment quota limit and simplifying routine repatriation of investment proceeds). Further, QFI policies and rules are unique, evolving and subject to uncertainties as to how they will be implemented in practice and are subject to change and interpretation by People's Republic of China authorities. Any of the above could have potential adverse effects on a Fund, including on a retroactive basis. For additional information regarding custody risks that may be applicable to both the QFI and Stock Connect programs, see "*Principal Investment Risks – Non-U.S. Investment Risk*" below and "*Risks – Emerging Markets Risk – Custody Risk*" in the Statement of Additional Information (the "**SAI**").

See also "*Principal Investment Risks – China Risk*" below.

Baillie Gifford ETF Trust – Prospectus

**Investment Companies**

Each Fund may invest in other investment companies, including ETFs, to the extent permitted under the 1940 Act. The 1940 Act places limits on each Fund's ability to invest in other registered investment companies, though the Funds may invest in other registered investment companies beyond the statutory limits pursuant to Rule 12d1-4 under the 1940 Act, subject to certain conditions. As a shareholder of these kinds of investment vehicles, a Fund may indirectly bear fees which are in addition to the fees the Fund pays its own service providers. To the extent permitted by law, the Funds may invest in collective investment vehicles that are sponsored by, and advised by, the Manager or an affiliate of the Manager (an **"Affiliated Vehicle"**). Any fee payable to the Manager or an affiliate thereof by any Affiliated Vehicle in respect of an investment by a Fund in such Affiliated Vehicle shall be reimbursed to the Fund by the Manager. Therefore, a Fund will only bear that portion of Affiliated Vehicle expenses payable to persons or entities other than the Manager or its affiliates, and will not be responsible for fees collected by the Manager at both the Fund level and the Affiliated Vehicle level.

**Location of Issuers**

A number of the Funds' policies are determined by reference to whether an issuer is "located in" a particular country or group of countries, whether its "principal activities" are in certain regions, or whether the issuer is located outside the U.S. more generally.

In determining where an issuer is located for these purposes, or where an issuer's principal activities are, the Manager will consider a number of factors (together, designed to determine whether an issuer is economically tied to a country or region), including but not limited to:

- the markets in which the issuer's securities are principally traded;

- where the issuer's headquarters, principal offices or operations are located;

- where the issuer is organized;

the percentage of the issuer's revenues or profits derived from goods produced or sold, investments made, or services performed in the relevant country;

- the Manager's own internal analysis; and

- information provided by third party data analytics service providers.

No single factor will necessarily be determinative nor must all be present for the Manager to determine where an issuer is located. The Manager may weight these factors differently with respect to different geographic

policies, different countries or different series of the Trust.

&nbsp;&nbsp;By way of example, the Manager may consider a company that is organized in the U.S., with its principal place of business in the U.S. and whose securities are traded principally on a U.S. exchange to be located outside the U.S., or to have its principal activities outside the U.S., if, for instance, more than 50% of the company's revenues are derived from activity outside the U.S. This may be true even if the Manager does not determine that the company is located in a specific non-U.S. country.

The categorization for compliance testing purposes may differ from how different portfolio managers, investment professionals, or third parties assign the location of individual issuers.

**Our Stewardship Approach** 

Consistent with the long-term investment objective of each Fund, the Manager has adopted a set of guidelines, called "Our Stewardship Principles and Guidelines" to, among other things, articulate the stewardship considerations that the Manager applies in evaluating portfolio companies, engaging with management, and voting proxies (the "**Guidelines**"). The Manager believes that a company selected for a Fund's portfolio is unlikely to be financially sustainable in the long run if the portfolio managers believe that its approach to business is fundamentally out of line with changing societal expectations.

In connection with assessing the ability of a company to sustain financial growth over the long term, the Manager looks beyond current financial performance, undertaking proprietary research to build up an in-depth knowledge of an individual company and a view on their long-term prospects. This includes the consideration of a range of factors which the Manager believes are likely to affect the financial condition or operating performance of a holding or a portfolio, with a positive or negative impact on long-term investment returns. As part of the Manager's assessment of such factors, and consistent with the Manager's long-term investment outlook, the portfolio managers typically integrate considerations of the environmental, social, and/or governance ("**ESG**") characteristics of potential and current portfolio holdings that the portfolio managers view as material to managing investment risks and maximizing capital appreciation. Such considerations can include the portfolio managers' evaluation of companies' sustainable business practices, corporate culture, progress in mitigating climate-related risks and/or progress in accessing opportunities relating to the broader global transition to a low-carbon economy, in each case taken in context of the longer-term investment risks of a Fund and outlook of the

Baillie Gifford ETF Trust – Prospectus

Manager. In connection with ESG evaluations, the portfolio managers commonly use a variety of information sources, from company reports and meetings to third-party research and insights generated by academic partners and industry experts. The portfolio managers also have access to various third-party data tools, including ESG data sources as well as a range of proprietary ESG tools and analytical frameworks. However, the Manager is not bound by any third-party data and does not use third-party data providers to categorically exclude or restrict investments for ESG purposes.

Each Fund and each portfolio management team may take a different approach to reach the goal of properly assessing and incorporating factors under the Guidelines into its investment process. Unless specifically in a Fund's principal investment strategy, ESG factors are evaluated on a case-by-case basis, and no individual factor (such as "E" or "S" or "G") or set of factors consistently or categorically receives elevated consideration. The relevance and materiality of ESG considerations in a Fund's process will differ from strategy to strategy, from sector to sector, from issuer to issuer, and from portfolio manager to portfolio manager, and, in some cases (such as where the Manager lacks relevant ESG data or the portfolio managers do not deem such factors material to their investment thesis as to particular issues), ESG considerations are not assessed universally across all actual and potential holdings of a Fund. Given the flexible nature of the Guidelines and the inherent subjectivity of investment decision making, there can be no assurance that this process will result either in superior investment returns, or in a positive outcome for the environment or society.

**Portfolio Holdings**

A description of the Trust's policies and procedures with respect to the disclosure of the Funds' portfolio holdings is available in the SAI. Each Fund discloses its portfolio holdings daily at www.bailliegifford.com/ETFs.

**Periodic Rebalancing**

The Manager expects to execute portfolio transactions for the Funds on a periodic schedule, generally after the Manager executes transactions in the same securities for other client accounts managed according to investment strategies similar to those pursued by the Funds. As a result, the Funds' portfolios are expected to be rebalanced less frequently than other accounts and funds managed by the Manager, and a Fund's portfolio trades will often occur after an accumulation of multiple trades that were executed for the Manager's other accounts and funds. See also "*Principal Investment Risks – Periodic Rebalancing Risk*" below.

**Further Information**

Further information about the Funds' investment strategies and investment instruments is available in the SAI.

Baillie Gifford ETF Trust – Prospectus

**<u>Principal Investment Risks</u>**

The value of your shares in a Fund will change with the value of the Fund's investments. Many factors can affect that value. The factors that are most likely to have a material effect on a particular Fund's portfolio as a whole are called "principal risks."

The principal risks most relevant to each Fund are summarized in the "*Fund Summaries*." The risks described below expand on, and add to, the discussion in the "*Fund Summaries*." The risks are described in alphabetical order and not in the order of importance or potential exposure.

The principal risks applicable to each Fund are identified below, which may include additional risks to those described in the "*Fund Summaries*." Each Fund may be subject to additional risks other than those identified below because the types of investments made by each Fund can change over time. There is no guarantee that a Fund will be able to achieve its investment objective. It is possible to lose money by investing in a Fund.

Risks Applicable to Each Fund

- Conflicts of Interest Risk

- Equity Securities Risk

ESG Risk

- ETF Structure Risk

- Focused Investment Risk

- Government and Regulatory Risk

- Growth Stock Risk

- Information Technology Risk

- Investment Style Risk

IPO Risk

- Large-Capitalization Securities Risk

- Liquidity Risk

- Long-Term Investment Strategy Risk

- Market Disruption and Geopolitical Risk

- Market Risk

- New and Smaller-Sized ETF Risk

- Periodic Rebalancing Risk

- Risk Model Risk

- Service Provider Risk

- Small- and Medium-Capitalization Securities Risk

- Valuation Risk

Baillie Gifford ETF Trust – Prospectus

**Additional Risks** 

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;Asia<br> Risk | &nbsp;&nbsp;China<br> Risk | &nbsp;&nbsp;Currency<br> Risk | &nbsp;&nbsp;Developed<br> Markets<br> Risk | &nbsp;&nbsp;Emerging<br> Markets<br> Risk | &nbsp;&nbsp;Frontier<br> Markets<br> Risk | &nbsp;&nbsp;Geographic<br> Focus Risk | &nbsp;&nbsp;Non-<br> Diversification<br> Risk | &nbsp;&nbsp;Non-U.S.<br> Investment<br> Risk | &nbsp;&nbsp;Settlement<br> Risk | &nbsp;&nbsp;Underlying<br> Funds Risk |
| &nbsp;&nbsp;**Baillie Gifford Emerging Markets ETF** | ● | ● | ● | | ● | ● | ● | | ● | ● | ● |
| &nbsp;&nbsp;**Baillie Gifford International Alpha ETF** | ● | ● | ● | ● | ● | | ● | | ● | ● | |
| &nbsp;&nbsp;**Baillie Gifford International Concentrated Growth ETF** | ● | ● | ● | ● | ● | | ● | ● | ● | ● | |
| &nbsp;&nbsp;**Baillie Gifford Long Term Global Growth ETF** | ● | ● | ● | ● | ● | | | ● | ● | ● | |
| &nbsp;&nbsp;**Baillie Gifford U.S. Equity Growth ETF** | | | | ● | | | ● | ● | | | |

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**Securities and techniques appearing in bold below but not otherwise defined below, are described in greater detail in the SAI, under the heading "*Fund Investments—Investment Glossary*."**

Baillie Gifford ETF Trust – Prospectus

**Asia Risk**

The economies of countries in Asia are in all stages of economic development, and investing in companies located in or with exposure to Asian countries involves certain risks and considerations not typically associated with investing in securities of U.S. issuers. Many Asian economies, such as those of Hong Kong, South Korea, or Singapore, are heavily dependent on international trade and on only a few industries or commodities and, as a result, can be adversely affected by trade or policy disputes which may be accompanied by trade barriers, exchange controls and other measures imposed or negotiated by the countries with which they trade. Similarly, certain of these economies may be adversely affected by trade or policy disputes with its major trade partners. As export-driven economies, the economies of these countries are particularly vulnerable to any weakening in global demand of export products and are affected by developments in the economies and trade policies of their principal trading partners, which may include China, Japan, and the U.S.

Economic conditions in other countries within and outside Asia can impact Asian economies. Many Asian economies are also intertwined, such that the countries may experience recessions at the same time or respond similarly to adverse events. Economic events in any one Asian country may have a significant economic effect on the entire Asian region, and any adverse event in the Asian markets may have a significant adverse effect on some or all of the economies of the countries in which the Funds invest. There is also a high concentration of market capitalization and trading volume in a small number of issuers representing a limited number of industries, as well as a high concentration of investors and financial intermediaries. Also, securities of some companies in Asia can be less liquid than U.S. or other foreign securities, potentially making it difficult for a Fund to sell such securities at a desirable time or price.

Furthermore, many Asian economies, such as China, South Korea and India, have experienced rapid growth and industrialization, and there is no assurance that their growth rate will be maintained. Companies in Asia may be subject to risks such as nationalization or other forms of government interference as governments of certain Asian countries have exercised, and continue to exercise, substantial influence over many industries. In certain cases, the government owns or controls many companies, including the largest in the country. Accordingly, government actions could have a significant effect on the issuers of the Funds' securities or on economic conditions generally. Further, some Asian countries have governments with relatively short histories, which may increase the risk of political instability. Flooding, monsoons and other natural

disasters also can significantly affect the value of investments.

Additionally, many Asian economies are considered emerging market economies. These countries are often characterized by undeveloped financial service sectors, high inflation, frequent currency fluctuations, devaluations, or restrictions, political and social instability, and less efficient markets. Investments in emerging Asian markets are generally subject to a greater risk of loss than investments in developed Asian markets. These factors, coupled with the lack of extensive accounting, auditing and financial reporting standards and practices, as compared to in the U.S., may increase the risk of loss.

Special Risk Considerations of Investing in India

Securities laws in India are relatively new and unsettled and, as a result, there is a risk of significant and unpredictable change in laws governing foreign investment, securities regulation, title to securities and shareholder rights. Foreign investors in particular may be adversely affected by new or amended laws and regulations.

Investments in securities of issuers located in India involve heightened risks that include, among others, political and legal uncertainty, greater government control over the economy, and greater risk of hyperinflation, currency fluctuations, blockage of currency movements, repatriation of capital invested, and the nationalization or expropriation of assets. Moreover, India has experienced civil unrest and hostilities with neighboring countries, including Pakistan, and has confronted separatist movements, religious clashes, and border disputes. In addition, the availability of financial instruments with exposure to Indian financial markets may be substantially limited by the restrictions on foreign investors.

Government control over the economy, currency fluctuations or blockage, and the risk of nationalization or expropriation of assets offer higher potential for losses. Governmental actions could have a negative effect on the economic conditions in India, which could adversely affect the value and liquidity of investments made by a Fund.

Global factors and foreign actions may inhibit the flow of foreign capital on which India is dependent to sustain its growth. In addition, as discussed in "*Selected Investment Techniques and Topics – Indian Foreign Investor Regulations*", the Reserve Bank of India has imposed limits on foreign ownership of Indian companies, which may decrease the liquidity of a Fund's portfolio and result in increased volatility in the prices of Indian securities. These factors, coupled with the lack of extensive accounting, auditing and financial reporting

Baillie Gifford ETF Trust – Prospectus

standards and practices applicable in the U.S., may increase the risk of loss for a Fund.

India's tax regime is unique, and each Fund may be subject to Indian income tax on income earned from, or with respect to, Indian securities, to securities transaction tax in respect of dealings in Indian securities purchased or sold on the Indian stock exchanges and to Indian capital gains taxes in a manner the Fund may not be in other jurisdictions. Because each Fund's shareholders ultimately bear the tax consequences of a Fund's holdings, shareholders may bear the burden of Indian taxes on a Fund's investments.

Special Risk Considerations of Investing in Japan

Investing in Japan may involve greater geopolitical, economic, and environmental risk than investing in the United States or other developed economies. For example, despite Japan's recent economic growth and emerging economic relationships with neighboring Southeast Asian countries, the growth of the Japanese economy has been behind that of other major developed economies. Part of the reason for this is that Japan, like many Asian countries, is still heavily dependent upon international trade, such as oil imports, and thus susceptible to the adverse effects of trade barriers, exchange controls, and other measures imposed or negotiated by the countries with which they trade. One trading partner in particular is China, whose political relationship with Japan has, at times, been stressed. Such political tensions could adversely affect the Japanese economy and destabilize the region. Further, at times, the Japanese economy has been adversely impacted by government intervention and protectionism, changes in its labor market, certain corporate structural weaknesses, and an unstable financial services sector. International trade, government support of the financial services sector and other troubled sectors, government policy, natural disasters and/or geopolitical developments could significantly affect the Japanese economy.

The value of Japan's currency, the yen, has been susceptible to fluctuations. Increases in its value may cause a decline in exports that could weaken the Japanese economy. Japan has in the past, countered drastic shifts in its currency by intervening in the currency markets in an attempt to maintain or reduce the value of the yen. This intervention in the currency markets could cause the value of the yen to swing sharply and unpredictably and could cause losses to investors.

Japan has an aging population and a significant population decline, which has resulted in a shrinking workforce. Its labor market appears to be undergoing fundamental structural changes, as it has shifted from a

labor market familiar with lifetime employment to a market adjusted to meet the need for increased labor mobility. This change in the labor market may adversely affect Japan's economic competitiveness. Furthermore, natural disasters, such as earthquakes, volcanoes, typhoons, and tsunamis have and may continue to pose negative effects on the Japanese economy.

Investing in issuers located in Japan also exposes a Fund to additional risks, as further described in this section under "*Developed Markets Risk*", "*Non-U.S. Investment Risk*", and "*Market Disruption and Geopolitical Risk*" and in the SAI under "*Special Risks of Investing in Asian Securities.*"

Special Risk Considerations of Investing in Taiwan

Continuing hostility and the potential for future political or economic disturbances between China and Taiwan may have an adverse impact on the values of investments in either China or Taiwan or make investments in China and/or Taiwan impractical or impossible. Any escalation of hostility between China and Taiwan would likely distort Taiwan's capital accounts, as well as have a significant adverse impact on the value of a Fund's investments in both countries, and in other countries in the region.

Investing in issuers located in Asia also exposes a Fund to additional risks, as further described in this section under "*China Risk*", "*Emerging Markets Risk*", "*Frontier Markets Risk*", "*Non-U.S. Investment Risk"*, and "*Market Disruption and Geopolitical Risk"*, in "*Selected Investment Techniques and Topics – Indian Foreign Investor Regulations*", and in the SAI under "*Special Risks of Investing in Asian Securities*" and "*Special Risk Considerations of Investing in China."*

**China Risk**

Special Risk Considerations of Investing in China

Investing in securities of Chinese issuers, including by investing in China A Shares, involves certain risks and considerations not typically associated with investing in securities of U.S. issuers in part because the Chinese government exercises significant control over the Chinese economy through heavy involvement in economic and regulatory policy. Certain risks and considerations of investing in Chinese issuers include among others, more frequent trading suspensions and government interventions (including by nationalization of assets and installation of party officials within certain companies), currency exchange rate fluctuations or blockages, limits on the use of brokers and on foreign ownership, different financial reporting standards, higher dependence on exports and international trade, restrictions on the size of permissible positions in individual Chinese issuers, potential for increased trade

Baillie Gifford ETF Trust – Prospectus

tariffs, sanctions, embargoes and other trade limitations, greater political, economic, social, legal and tax-related uncertainty, high market volatility caused by any potential regional territorial conflicts, social instability, or natural disasters, custody risks, risks associated with investments in variable interest entities, and potential adverse tax consequences. U.S. sanctions or other investment restrictions could preclude a Fund from investing in certain Chinese issuers or cause a Fund to sell investments at a disadvantageous time. Changes to political and economic relationships, including recent trade and policy disputes and strained international relations, between China and other countries and changes to China's socioeconomic systems may adversely affect a Fund's investments in China. For example, continued hostility and the potential for future political or economic disturbances between China and the United States may have an adverse impact on the values of investments in China, the United States, and/or other countries. If the political climate between the U.S. and China does not improve or continues to deteriorate, if China were to attempt unification of Taiwan by force, or if other geopolitical conflicts develop or get worse, economies, markets, and individual securities may be severely affected both regionally and globally, and the value of a Fund's assets may go down.

Additionally, portions of the Chinese securities markets may become rapidly and unexpectedly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities and have exercised that ability in the past in response to market volatility and other events. If the liquidity of investments became impaired, it could make investments more difficult to value, limit a Fund's ability to obtain cash to meet redemptions on a timely basis, hinder a Fund's ability to honor redemption requests within the allowable time period, and force a Fund to sell securities at a reduced price or under unfavorable conditions.

Stock Connect Investing Risk

A Fund may directly invest in A Shares listed and traded on the Shanghai Stock Exchange or Shenzhen Stock Exchange through the Stock Connect programs or on such other stock exchanges in China which participate in the Stock Connect programs from time to time. A Fund's investments in Stock Connect A Shares are generally subject to Chinese securities regulations and listing rules, among other restrictions that may affect a Fund's investments and returns, including daily limits on net purchases across the whole stock connect system and transfer restrictions. In addition, when investing through the Stock Connect programs, a Fund will not have access to the full market of China A Shares. Such investments are also subject to heightened tax and settlement risk and the risk of price fluctuations of A

Shares during times when the Stock Connect programs are not trading. The Stock Connect programs are relatively new programs. Further developments are likely and there can be no assurance as to the programs' continued existence or whether future developments regarding the programs may restrict or adversely affect a Fund's investments or returns.

QFI Investing Risk

The Funds may directly access securities of companies listed on exchanges located in China through the Manager's QFI license. Investing in eligible securities of Chinese issuers through the QFI program presents additional risks. Under the QFI program, there are certain regulatory restrictions relating to, among other things, investment scope (including restrictions on the types of instruments available for purchase by the license holder), repatriation of funds, foreign shareholding limits, and account structure (including the structure of custodial and brokerage accounts for trading in Chinese securities), which could change at any time and adversely affect a Fund's investments. Additionally, there are ongoing uncertainties regarding how recent changes to the QFI program will be implemented.

ChiNext and Science and Technology Innovation Boards

A Fund may, either through the Stock Connect Programs or the Manager's QFI license, access certain subsidiary boards of various Chinese stock exchanges (such boards, the "**Chinese Boards**"), such as the ChiNext Board, a subsidiary of the Shenzhen Stock Exchange, or the Science and Technology Innovation Board, a subsidiary of the Shanghai Stock Exchange. Companies listed on the Chinese Boards are typically smaller capitalization companies with shorter operating histories and therefore their securities may be more vulnerable to market risks and market volatility than larger companies listed on the main boards of Shenzhen Stock Exchange or Shanghai Stock Exchange. Additionally, as the Chinese Boards have different listing processes and standards than those of the main boards of the Shenzhen Stock Exchange or Shanghai Stock Exchange, a Fund may be subject to a greater risk that a company it buys through the Chinese Boards is eventually delisted. If such a situation were to occur, the Fund may lose its ability to trade the delisted shares and may lose its invested capital in a company.

See also "*Small- and Medium-Capitalization Securities Risk*."

Cross-Exchange Trading Risk

Trades do not cross between the Shanghai and Shenzhen stock exchanges and a separate broker is assigned for each exchange. If a Fund rebalances across both exchanges, the Fund must trade out of

Baillie Gifford ETF Trust – Prospectus

stocks listed on one exchange with a broker and trade into stocks on the other exchange with a separate broker. As a result, the Fund may incur additional fees.

Chinese Currency and Repatriation Risk

The Chinese government heavily regulates the domestic exchange of foreign currencies within China. Chinese law requires that all domestic transactions must be settled in RMB, which places significant restrictions on the remittance of foreign currencies and strictly regulates currency exchange from RMB. There is no assurance that there will always be sufficient amounts of RMB for a Fund to remain fully invested. Any restrictions on repatriation of a Fund's portfolio investments may have an adverse effect on a Fund's ability to meet redemption requests or achieve its investment objective.

China A Shares Tax Risk

Investments in A Shares could result in unexpected tax liabilities for a Fund. Chinese law imposes withholding taxes on dividends and interest paid to foreign investors by companies listed in China, as well as capital gains realized by such investors, subject to certain temporary exemptions applicable to capital gains and value-added tax on gains realized from investments in A Shares. Application of these rules, including as a result of revocation of any temporary exemptions, could result in tax liabilities for a Fund, which could negatively affect investment returns for shareholders. Any restrictions on repatriation could limit a Fund's ability to satisfy the distribution requirements applicable to regulated investment companies under the Internal Revenue Code of 1986, as amended (the **"Code"**), and a Fund may be required to sell other investments (including when it is not advantageous to do so) to meet such distribution requirements. If a Fund were unable to meet such distribution requirements, the Fund would be subject to U.S. federal income tax at the Fund level.

Variable Interest Entity Risk

Certain Funds may also gain investment exposure to certain Chinese companies through variable interest entity ("**VIE**") structures. Such investments are subject to the investment risks associated with the Chinese-based company. The VIE structure enables foreign investors, such as the Funds, to obtain investment exposure to a Chinese company in situations in which the Chinese government has limited or prohibited the non-Chinese ownership of such company. The VIE structure does not involve direct equity ownership in a China-based company, but instead establishes claims to the China-based company's profits and control of the company's assets through contractual arrangements. Recently, China has proposed the adoption of rules which would affirm that VIE-structured overseas listings are legally permissible. If, however, the Chinese government were

to determine that the contractual arrangements establishing the VIE structure did not comply with Chinese law or regulations, the Chinese operating company could be subject to penalties, revocation of its business and operating license, or forfeiture of ownership interests. Further intervention by the Chinese government with respect to any existing VIE structures could significantly affect the relevant Chinese operating company's performance and thus, the value of the Fund's investment through a VIE structure, as well as the enforceability of the contractual arrangements of the VIE structure. It remains unclear whether any new laws, rules, or regulations relating to VIE structures will be adopted or, if adopted, what impact they would have on the interests of foreign shareholders. Control over a VIE may also be jeopardized if a natural person who holds the equity interest in the VIE breaches the terms of the contractual arrangements, is subject to legal proceedings, or if any physical instruments such as seals are used without authorization. In the event of such an occurrence, a Fund, as a foreign investor, may have little or no legal recourse. In addition to the risk of government intervention, investments through a VIE structure are subject to the risk that the China-based company (or its officers, directors, or Chinese equity owners) may breach the contractual arrangements, or Chinese law changes in a way that adversely affects the enforceability of the arrangements, or the contracts are otherwise not enforceable under Chinese law, in which case a Fund may suffer significant losses on its investments through a VIE structure with little or no recourse available.

Investing in issuers located in China also exposes a Fund to additional risks, as further described in this section and under "*Asia Risk*", "*Emerging Markets Risk*", "*Non-U.S. Investment Risk*", and "*Market Disruption and Geopolitical Risk"* and in the SAI under "*Special Risks of Investing in Asian Securities"* and "*Special Risk Considerations of Investing in China.*"

**Conflicts of Interest Risk**

The following does not purport to be a comprehensive list or complete explanation of all potential conflicts of interest which may affect a Fund. Any Fund may encounter circumstances, or enter into transactions, in which conflicts of interest may arise, which are not listed or discussed below.

Conflicts Relating to the Funds' Mixed Shareholder Base

To the extent Fund shares are held by institutional investors with shareholder servicing relationships with the Manager and its affiliates, such shareholders will likely receive information or reporting regarding their accounts that is different from the regular reporting the Fund makes to shareholders as a whole. The Manager

Baillie Gifford ETF Trust – Prospectus

and the Fund each maintains a Group Compliance Manual as well as various procedures and guidelines designed to promote equal treatment and fairness among Fund shareholders and to prevent the inappropriate flow of material, non-public information. Nevertheless, the Manager's relationships with a Fund's institutional investors, if any, gives rise to various conflicts of interest, since the Manager will sometimes have an incentive to favor those shareholders over other shareholders in the Fund.

Furthermore, one or more of the Manager's clients may invest in a Fund and, therefore, the Manager at times may have discretion to cause a significant portion of the Fund's investor base to redeem its investments in the Fund. Such redemptions may be made to make changes to or rebalance client allocations, including to the Fund, and may impact the Fund's performance. In addition, when a significant portion of the Fund's assets are held by other clients of the Manager, redemptions from the Fund may be more correlated with one another, which could have a negative impact on the Fund's liquidity.

Conflicts Relating to Side-by-Side Management of the Funds and Other Accounts

The Manager serves as investment adviser to various clients other than the Funds, including institutional separate accounts and other U.S. and non-U.S. pooled investment vehicles. Some of these clients may pursue strategies that are substantially similar or nearly identical to investment strategies pursued by a Fund. Other clients may pursue strategies that differ from a Fund's but which involve investments in many of the same securities. This "side-by-side" management gives rise to various potential or actual conflicts of interest. For example, one client may be seeking to invest in (or divest from) the same securities at the same time as a Fund. In addition, the Manager may invest on behalf of other clients in a company's securities issued prior to an IPO. Those client accounts may maintain their holdings, increase their holdings or sell their holdings in connection with the company's IPO. Since the Funds would generally invest only at the time of, or after, an IPO, the Manager could be subject to conflicts in connection with the Funds' later investment in the company. For example, the Manager could have an incentive to have the Funds purchase shares at the time of, or after, the IPO if doing so would benefit the Manager's other accounts. While the Manager maintains procedures to mitigate such conflicts, including procedures for the fair allocation of trades among its clients, it may have an incentive to favor some clients over others, particularly where the Manager is acting for a client account whose management fee depends on the performance of the account. No Fund currently pays a

performance fee of any kind, while other accounts managed by the Manager do pay performance fees.

In addition, different client types typically have different client service relationships with the Manager. For example, an institutional separate account client whose account pursues the same investment strategy as a Fund may receive different, more, or more timely information regarding investment performance, portfolio holdings, strategy developments and/or the Manager's general market outlook than shareholders in the Fund. This informational advantage could provide an opportunity for a client to take actions that may have a detrimental impact on a Fund and its shareholders. For example, earlier reporting of negative news may cause a client to withdraw its investment with the Manager, causing a sale of portfolio securities that further depresses market prices for those securities and negatively impacts the net asset value of a Fund (the "**NAV**"), in the event it is managed in parallel with that client's account. Although the Funds' investment objective and strategies are substantially similar to those of other accounts and funds managed by the Manager, differences in purchase and redemption structure, investment restrictions and legal requirements and the public nature of the Fund's positions lead to the use of different trading practices and portfolio decisions. See "*Periodic Rebalancing Risk*" for additional details regarding the differences in trading approaches taken by the Manager.

The Manager maintains various internal guidelines, procedures and processes to mitigate the conflicts of interest that arise from these diverse client relationships. Included among these are trade allocation policies designed to address potential conflicts in situations where two or more funds or accounts participate in investment decisions involving the same securities. While these guidelines, procedures and processes are designed to ensure that all the Manager's clients are treated fairly, there is no guarantee that they will be effective in all cases.

Conflicts Relating to Investment Personnel Holding Positions in External Organizations

Subject to compliance oversight by the Manager, investment personnel may hold board or other non-executive positions in companies outside of Baillie Gifford ("**External Organizations**"), which could expose those individuals to material non-public information ("**MNPI**"). Any MNPI known could be imputed to the entire Baillie Gifford organization, including the Manager, which could impact trading across all Baillie Gifford strategies and limit the ability of the Manager to execute trades on behalf of the Funds. In addition to impacting a Fund's ability to trade in the External Organization, the possession of MNPI could also restrict the Manager's

Baillie Gifford ETF Trust – Prospectus

ability to trade the securities of public companies in which the External Organization also invests alongside the Fund. While the Manager has implemented compliance measures to mitigate the impact of this risk, there is no guarantee that exposure to MNPI can be completely prevented. Because a Fund might not be able to buy or sell a company's securities during times when the Manager is deemed to be in possession of MNPI, its performance could be negatively impacted. In addition, where a portfolio manager of a Fund holds an External Organization position, he or she may be restricted from participating in deliberations concerning certain investments related to that External Organization.

**Currency Risk**

If a Fund trades in securities quoted or denominated in currencies other than the U.S. dollar, or receives income in or takes a long position in a non-U.S. currency, and that currency declines in value relative to the U.S. dollar, the return to the Fund will be reduced. The Funds may invest without limitation in securities quoted or denominated in currencies other than the U.S. dollar and may hold such currencies directly. The Funds do not expect to engage in currency hedging and thus expect to be fully exposed to currency fluctuations relative to the U.S. dollar.

The values of non-U.S. currencies may fluctuate relative to the U.S. dollar in response to, among other factors, changes in supply and demand in the currency exchange markets, trade balances, actual or perceived interest rate changes, long-term opportunities for investment and capital appreciation, intervention (or failure to intervene) by national governments, central banks, or supranational entities such as the International Monetary Fund, the imposition of currency controls, and other political or regulatory developments. For further information, please see "*Market Disruption and Geopolitical Risk*" below.

If a Fund trades in securities quoted or denominated in currencies other than the U.S. dollar, or receives income in or takes a position in a non-U.S. currency, and that currency becomes illiquid, the Fund may not be able to convert that non-U.S. currency into U.S. dollars. As a result, the Manager may decide to purchase U.S. dollars in a parallel market in which the exchange rate is materially and adversely different. This will add to the cost of trading. For further information, please see "*Liquidity Risk*" below.

Exchange rates for many currencies (e.g., some emerging country currencies) are particularly affected by exchange control regulations.

**De** **veloped Markets Risk**

Investing in securities of companies located in, or with exposure to, developed countries will subject the Fund to the regulatory, political, currency, security, economic and other risks associated with such countries. In recent periods, countries with developed markets have generally experienced slower economic growth than some less developed countries. In addition, developed countries will be impacted by changes to the economic conditions of certain key trading partners, regulatory burdens, debt burdens and the price or availability of certain commodities, among other things.

Services sectors (e.g., the financial services sector) generally tend to represent the primary source of economic growth in developed markets, which can make them susceptible to the risks of individual service sectors. Increased regulatory burdens on certain markets, including labor and product markets, can impact certain issuers. Such regulations may negatively affect economic growth or cause prolonged periods of recession. Many developed market countries are heavily indebted, which may lead to downward pressure on the economies of these countries. As a result, it is possible that interest rates on debt of certain countries with developed markets may rise to levels that make it difficult for such countries to service their debt levels without significant help from other countries or from a central bank. Developed market countries can be dependent on the economies of certain key trading partners and their changes in any one economy may cause an adverse impact on several developed countries.

**Emerging Markets Risk**

Investments in emerging markets are generally subject to a greater risk of loss than investments in developed markets.

Emerging market economies may experience greater volatility, lower trading volume and liquidity, greater risk of expropriation, nationalization, and social, political and economic instability than more established markets. Emerging markets economies may also have less developed accounting, legal and regulatory systems, higher levels of inflation, deflation or currency devaluation, greater risk of market shut down, and more significant governmental limitations on investment policy when compared with typical developed markets. For example, the Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the Securities and Exchange Commission (the "**SEC**"), the U.S.

Baillie Gifford ETF Trust – Prospectus

Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited.

Settlement and asset custody practices for transactions in emerging markets may differ from those in developed markets. Such differences may include delays in settlement and certain settlement practices, such as delivery of securities prior to receipt of payment, which increase the likelihood of a "failed settlement." Failed settlements can result in losses. Similarly, the reliability of trading and settlement systems in some emerging markets may not be equal to that available in more developed markets, which may result in problems realizing investments. See "*Non-U.S. Investment Risk*" below.

In addition, issuers (including governments) in emerging market countries may have less financial stability than in other countries. There is also the potential for unfavorable action such as expropriation, nationalization, embargo, and acts of war. As a result, there will tend to be an increased risk of price volatility in investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar.

The securities of emerging market companies may trade less frequently and in smaller volumes than more widely held securities. They may also be reliant on a few industries, international trade or revenue from particular commodities. The existence of overburdened infrastructure and obsolete financial systems also present risks in certain countries, as do environmental problems. In certain emerging market countries, governments participate to a significant degree, through ownership or regulation, in their respective economies. Action by these governments could have a significant adverse effect on market prices of securities and payment of dividends.

Market disruptions or substantial market corrections may limit very significantly the liquidity of securities of certain companies in a particular country or geographic region, or of all companies in the country or region. A Fund may be unable to liquidate its positions in such securities at any time, or at a favorable price, in order to meet such Fund's obligations. For example, restrictive investment quotas, controls and other dealing limitations may apply.

For these and other reasons, investments in emerging markets are often considered speculative. To the extent any Fund invests in emerging markets, it will be subject to all of the general risks described in this Prospectus as well as special risks (some of which are described in the SAI) that may affect the region where such Fund invests. See also "*Frontier Markets Risk*" below.

In addition, emerging markets risk for an emerging markets fund that excludes China from its investment

universe may entail the additional risks associated with taking more focused positions in a smaller number of countries given that some emerging market countries (such as, for example, India and South Korea) may present relatively larger or more frequent investment opportunities compared to other emerging markets countries. See "*Focused Investment Risk*" below.

**Equity Securities Risk**

Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. In addition to **common stocks**, equity securities include, without limitation, **preferred stocks, convertible securities and warrants**. Different types of equity securities provide different voting and dividend rights and priority in the event of a bankruptcy and/or insolvency of the issuer. The Funds may invest in, and gain exposure to, common stocks and other equity securities through purchasing depositary receipts as described under "*Depositary Receipts*" below.

Equity securities may experience significant price volatility, and the market prices of equity securities can decline in a rapid or unpredictable manner.

The value of a company's equity securities may fall as a result of factors directly relating to that company, such as decisions or actions taken by its management or employees, which could include fraud or a criminal act, or lower demand for the company's products or services. The value of an equity security may also fall because of factors affecting not just the company, but also companies in the same industry or in a number of different industries, such as increases in production costs.

The value of a company's equity securities may also be affected by changes in financial markets that are relatively unrelated to the company or its industry, such as changes in interest rates, currency exchange rates, investor confidence, or market conditions, adverse circumstances involving the credit markets, or announcements of economic, political, or financial information. In addition, because a company's equity securities rank junior in priority to the interests of bond holders and other creditors, a company's equity securities will usually react more strongly than its bonds and other debt to actual or perceived changes in the company's financial condition or prospects. The market prices of equity securities trading at high multiples of current earnings often are more sensitive to changes in future earnings expectations than the market prices of equity securities trading at lower multiples.

The Funds may invest in the equity securities of issuers with smaller to medium-sized market capitalizations. See "*Small- and Medium-Capitalization Securities Risk*" below.

Baillie Gifford ETF Trust – Prospectus

Depositary Receipts

The Funds may invest in depositary receipts, including American Depositary Receipts (**"ADRs"**), European Depositary Receipts (**"EDRs"**) and Global Depositary Receipts (**"GDRs"**). ADRs are dollar-denominated receipts issued generally by domestic banks and representing the deposit with the bank of a security of a non-U.S. issuer, and are publicly traded on exchanges or over-the-counter in the United States. EDRs are receipts similar to ADRs and are issued and traded in Europe. GDRs may be offered privately in the United States and also traded in public or private markets in other countries. Investments in non-U.S. issuers through ADRs, GDRs, EDRs, and other types of depositary receipts generally involve risks applicable to other types of investments in non-U.S. issuers, including political, regulatory, and economic risks because the value of a depositary receipt is dependent upon the market price of an underlying non-U.S. security. Investments in depositary receipts may similarly be less liquid and more volatile than the underlying securities in their primary trading market.

The values of depositary receipts may decline for a number of reasons relating to the issuers or sponsors of the depositary receipts, including, but not limited to, insolvency of the issuer or sponsor. Investing in these instruments exposes a Fund to credit and counterparty risk with respect to the issuer of the ADR, EDR or GDR, in addition to the risks of the underlying investment. There may be less publicly available information regarding the issuer of the securities underlying a depositary receipt than if those securities were traded directly in U.S. securities markets. If a depositary receipt is denominated in a different currency than its underlying securities, the Fund will be subject to the currency risk of both the investment in the depositary receipt and the underlying security. Holders of depositary receipts may also have limited or no rights to take action with respect to the underlying securities or to compel the issuer of the receipts to take action. In addition, a depositary or issuer may unwind its depositary receipt program, or the relevant exchange may require depositary receipts to be delisted, which could require a Fund to sell its depositary receipts (potentially at disadvantageous prices) or to convert them into shares of the underlying non-U.S. security (which could adversely affect their value or liquidity). Depositary receipts also may be subject to illiquidity risk, and trading in depositary receipts may be suspended by the relevant exchange.

Depositary receipts may be sponsored or unsponsored. Although the two types of depositary receipt facilities are similar, there are differences regarding a holder's rights and obligations and the practices of market participants. With sponsored facilities, the underlying issuer typically

bears some of the costs of the depositary receipts (such as dividend payment fees of the depositary), although most sponsored depositary receipt holders may bear costs such as deposit and redemption fees. Depositaries of most sponsored depositary receipts agree to distribute notices of shareholder meetings, voting instructions, and other shareholder communications and financial information to the depositary receipt holders at the underlying issuer's request. Holders of unsponsored depositary receipts generally bear all the costs of the facility. The depositary usually charges fees upon the deposit and redemption of the underlying securities, the conversion of dividends into U.S. dollars or other currency, the disposition of non-cash distributions, and the performance of other services. The depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the underlying issuer or to pass through voting rights with respect to the underlying securities to depositary receipt holders.

Convertible Securities

Convertible securities are generally bonds, debentures, notes, preferred stocks, synthetic convertible securities and other securities or investments that may be converted or exchanged (by the holder or issuer) into equity securities of the issuer (or cash or securities of equivalent value). A convertible security may be called for redemption or conversion by the issuer after a particular date and under certain circumstances (including a specified price) established upon issue. If a convertible security held by a Fund is called for redemption or conversion, the Fund could be required to tender it for redemption, convert it into the underlying common stock or sell it to a third party. A convertible security will normally also provide income and is subject to interest rate risk.

Convertible securities typically provide yields lower than comparable non-convertible securities. Their values may be more volatile than those of non-convertible securities, reflecting changes in the values of the securities into which they are convertible. Convertible securities may also be subordinate to other debt securities issued by the same issuer. Issuers of convertible securities are often not as strong financially as issuers with higher credit ratings.

Participatory Notes

From time to time, a Fund may use participatory notes ("**P-Notes**") to gain exposure to securities in certain foreign markets. P-Notes are generally traded over-the-counter and constitute general unsecured contractual obligations of the banks or broker-dealers that issue them. Generally, banks and broker-dealers associated with non-U.S. based brokerage firms buy securities

Baillie Gifford ETF Trust – Prospectus

listed on certain foreign exchanges and then issue P-Notes which are designed to replicate the performance of the securities and markets. The performance results of P-Notes will not replicate exactly the performance of the securities or markets that the notes seek to replicate due to transaction costs and other expenses. The return on a P-Note that is linked to a particular underlying security generally is increased to the extent of any dividends paid in connection with the underlying security. However, the holder of a P-Note typically does not receive voting or other rights as it would if it directly owned the underlying security, and P-Notes present similar risks to investing directly in the underlying security. Additionally, P-Notes entail the risk that the counterparty or issuer of the P-Note may not be able to fulfill its obligations, that the holder and counterparty or issuer may disagree as to the meaning or application of contractual terms, or that the instrument may not perform as expected. Additionally, while P-Notes may be listed on an exchange, there is no guarantee that a liquid market will exist or that the counterparty or issuer of a P-Note will be willing to repurchase such instrument when a Fund wishes to sell it. For further information about some of the risks, please see *"Emerging Markets Risk," "Liquidity Risk," "Market Disruption and Geopolitical Risk,"* and *"Non-U.S. Investment Risk"* in this section.

Preferred Securities

Preferred stocks (or "**preferred securities**") represent equity interests in a company that generally entitles the holder to receive, in preference for the holders of other stocks such as common stocks, dividends and a fixed share of the proceeds resulting from a liquidation of the company. Preferred securities may pay fixed or adjustable rates of return and are subject to issuer-specific risks.

Dividends for preferred securities are typically paid after payments to debt and bond holders. Unlike debt securities, dividend payments on a preferred security typically must be declared by the issuer's board of directors. An issuer's board of directors is generally under no obligation to pay dividends. A preferred security may therefore lose substantial value if the board of directors of the issuer decides not to pay dividends. Further, because many preferred securities pay dividends at a fixed rate, their market price can be sensitive to changes in interest rates. If a Fund owns a preferred stock that is deferring its distribution, it may also be required to recognize income for tax purposes despite the fact that it is not receiving current distributions with respect to this position. As a result, a Fund may be required to sell other investments (including when it is not advantageous to do so) to satisfy the distribution requirements applicable to regulated investment companies under the Code.

Preferred security holders commonly have no or limited voting rights with respect to the issuing company, which will limit the ability of the Fund to influence the issuer.

Many preferred securities allow holders to convert the preferred securities into common stock of the issuer. Consequently, their market price can be sensitive to changes in the value of the issuer's common stock. Declining common stock values may also cause the value of the Fund's investments to decline.

Preferred securities often have call features which allow the issuer to redeem the security at its discretion. The redemption of a preferred security having a higher than average yield may cause a decrease in a Fund's yield.

Preferred stocks may trade less frequently and in a more limited volume and may be subject to more abrupt or erratic price movements than many other securities, such as common stocks, corporate debt securities, and U.S. government securities.

**ESG Risk** 

To the extent that a Fund's portfolio managers incorporate environmental, social and/or governance considerations ("**ESG Factors**") into the Fund's investment process as a part of the Fund's long-term investment approach, the Fund is subject to the risk that it may underperform funds that do not take ESG Factors into account.

In general, use of ESG Factors in the securities selection process will affect a Fund's exposure to certain issuers, industries, sectors, regions, and countries; may lead to a smaller universe of investments than other funds that do not incorporate ESG Factor analysis; and may negatively impact the relative performance of the Fund over the short, medium or even long term depending on how successfully those ESG Factors are incorporated and whether such investments are in or out of favor. Additionally, the consideration of ESG Factors may prioritize long-term rather than short-term returns, and therefore may negatively impact the relative performance of the Fund over shorter periods.

Environmental considerations and risks are particularly relevant for Funds with portfolio management teams that invest in companies that the portfolio managers expect will take action consistent with a successful climate transition in alignment with global efforts towards net zero greenhouse gas emissions. Such Funds may be less likely to invest in some market opportunities as compared to funds that do not seek to invest in companies that the portfolio managers have deemed climate-fit, which may lead to underperformance for such Funds.

In addition, there is a risk that portfolio holdings will not operate as expected with respect to the potential

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transition to a net zero economy and the reduction of global greenhouse gas emissions. A company's climate-fitness, including carbon-reduction performance or practices, or the portfolio managers' assessment of climate-fitness could vary over time. There are significant differences in interpretations of what it means for a company to take adequate steps to reduce and/or offset its greenhouse gas emissions, to integrate the related challenges into business strategies, and to provide robust disclosure on climate change and other significant environmental issues. While the portfolio managers believe that their evaluation of these characteristics is reasonable, the views that the portfolio managers take in making decisions may differ from those of other investors or advisers regarding such characteristics.

In considering ESG factors or assessing ESG criteria or applying ESG-related exclusions, the portfolio managers may be dependent upon information and data obtained through reporting (which may be on a voluntary basis) by issuers or third-party sources or research that may be incomplete, inaccurate, out of date or unavailable. Such information and data may be based on backward looking and/or estimated analysis and the subjective nature of the ESG criteria means that a wide variety of outcomes are possible. Certain issuers may emphasize only one or two ESG factors, or a particular aspect of one or more factors, as part of their ESG practices. ESG data may also rely on the methodology of one provider, which may vary from other databases. The portfolio managers may, if appropriate, attempt to mitigate these limitations through the use of a variety of data sources (where available), active engagement with companies and the portfolio managers' own in-house research. However, there is a risk that ESG information and data obtained by the portfolio managers may not adequately address the underlying detail around relevant material ESG considerations and this could impact the portfolio managers' assessment of related risks and opportunities. See also "*Long-Term Investment Strategy Risk*" and "*Selected Investment Techniques and Topics* – *Our Stewardship Approach*."

**ETF Structure Risk**

The Funds are structured as ETFs and are subject to special risks, including:

Authorized Participant Concentration Risk

As ETFs, the Funds issue and redeem shares on a continuous basis at their NAV only in a large, specified number of shares called a "**Creation Unit**." Only a limited number of institutional investors (known as "**Authorized Participants**") may engage in creation or redemption transactions directly with a Fund, and no Authorized Participant is obligated to engage in creation

and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (*i.e.*, on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to a Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts and/or delisting. In addition, to the extent that securities held by the Fund are traded outside a collateralized settlement system, Authorized Participants may be required to post collateral on certain trades on an agency basis (on behalf of other market participants), which only a limited number of Authorized Participants may be able to do.

Not Individually Redeemable

Shares are not individually redeemable by retail investors and may be redeemed from the Fund only by Authorized Participants at NAV in Creation Units. An Authorized Participant may incur brokerage costs purchasing enough shares to constitute a Creation Unit.

Market Trading Risk

A Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. Although the Funds' shares will be listed for trading on the Nasdaq Stock Market LLC (the "**Exchange**"), an active trading market for a Fund's shares may not be developed or maintained by market makers or Authorized Participants. Authorized Participants are not obligated to submit purchase or redemption orders for Creation Units. In periods of market volatility, market makers and/or Authorized Participants may be less willing to transact in Fund shares. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. Any of these factors, among others, may lead to a Fund's shares trading at a premium or discount to NAV, and the underlying value of those shares and bid/ask spreads could widen.

The Fund's shares may be listed or traded on exchanges or markets other than the Exchange (where the Fund's primary listing is maintained) and may otherwise be made available to non-U.S. investors through funds or structured investment vehicles similar to depositary receipts. There can be no assurance that the Fund's shares will continue to trade on any such stock exchange or in any market or that the Fund's shares will continue to meet the requirements for listing or trading on any exchange or in any market, including the Exchange. The Fund's shares may be less actively

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traded in certain markets than in others, and investors are subject to the execution and settlement risks and market standards of the market where they or their broker-dealer direct their trades for execution. See also "*Early Close/Trading Halt/Delisting Risk*" below.

Early Close/Trading Halt/Delisting Risk

Trading in Fund shares may be halted due to market conditions or for other reasons that, in the view of the Exchange, make trading in shares of a Fund inadvisable. Additionally, an exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may result in a Fund being unable to buy or sell certain securities or financial instruments. In such circumstances, a Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. The Funds must satisfy various standards established by the Exchange in order to ensure that Fund shares can continue to be listed for trading. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of any Fund will continue to be met.

Trading in Fund Shares is Subject to Expenses

Most Fund investors will buy and sell Fund shares on the Exchange or on another secondary market. When buying or selling shares of a Fund, investors typically will pay brokerage commissions or other charges imposed by financial intermediaries as determined by that financial intermediary (as more fully described under *"Payments to Financial Intermediaries"* in the SAI). In addition, secondary market investors will also incur the cost of the difference between the price that a buyer is willing to pay for shares (the "**bid**" price) and the price at which a seller is willing to sell shares (the "**ask**" price). This difference in bid and ask prices is often referred to as the "**spread**" or "**bid-ask spread**." The spread varies over time for shares of the Fund based on trading volume and market liquidity, and is generally narrower if the Fund has more trading volume and market liquidity and is wider if the Fund has less trading volume and market liquidity. In addition, increased market volatility may cause increased spreads. There may also be regulatory and other charges that are incurred as a result of trading Fund shares. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment results and an investment in Fund shares may not be advisable for investors who anticipate regularly making small investments through a brokerage account.

Fluctuation of NAV and Market Price Risk

The NAV of a Fund's shares will generally fluctuate with changes in the market value of the Fund's holdings. The Funds' shares are listed on the Exchange and can be bought and sold in the secondary market at market prices. The market prices of a Fund's shares will generally fluctuate in accordance with changes in NAV as well as in response to the relative supply of and demand for the Fund's shares on the Exchange and the underlying value of the Fund's portfolio holdings. As a result, the trading prices of a Fund's shares may deviate significantly from NAV during periods of market volatility, including during periods of high redemption requests or other unusual market conditions. **ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.** The Manager cannot predict whether the shares will trade below, at, or above their NAV. Disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Fund shares may result in shares trading at a significant premium or discount to NAV and/or in a reduced liquidity of a shareholder's investment. During such periods, shareholders may be unable to sell their shares, may pay significantly more than NAV when buying Fund shares, or may receive significantly less than NAV when selling Fund shares.

The market price of shares during the trading day, like the price of any exchange-traded security, includes a bid-ask spread charged by the exchange specialist, market makers, or other participants that trade the particular security. In times of severe market disruption or volatility, the bid-ask spread can increase significantly. At those times, shares of a Fund are most likely to be traded at a discount to NAV, and the discount is likely to be greatest when the price of Fund shares is falling fastest. Securities held by a Fund may be traded in markets that close at a different time than the Exchange. During the time when the Exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads and the resulting premium or discount to the Fund's NAV may widen.

Fund Shares may be Sold Short

Shares of a Fund, similar to shares of other issuers listed on a stock exchange, may be sold short and are therefore subject to the risk of increased volatility and price decreases associated with short selling activity.

Transparency Risk

Pursuant to applicable regulatory requirements, each Fund discloses its full portfolio holdings each business day, which reflects changes to its holdings as of the close of business the prior day. Daily publication of a Fund's portfolio holdings information could permit other market participants to trade in the securities identified in

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the Fund's public disclosure, and to the extent the Fund was trading in those securities over multiple days, trading by such other market participants could disadvantage the Fund and its shareholders by negatively impacting the prices at which the Fund may be able to buy investments for its portfolio or sell its holdings. Such front-running or other predatory trading practices by other market participants could reduce shareholder returns over time.

NAV Error Correction

In light of the fact that the Funds operate as ETFs, the Funds' procedures for NAV error correction provide that, in instances where corrective action is required due to a material NAV error resulting in a loss to an Authorized Participant or shareholder, the Fund will reimburse only Authorized Participants. The procedures do not provide for reimbursement to shareholders who are not Authorized Participants and who incur a loss by transacting on an exchange at a price affected by a material NAV error.

Cash Purchase and Redemption Risk

Purchases and redemptions of Creation Units that include a substantial cash component, rather than through in-kind delivery of portfolio securities, may cause a Fund to incur certain costs. These costs could include brokerage costs or taxable gains or losses that the Fund might not have incurred if an Authorized Participant had made purchases and redemptions in kind. These costs could be imposed on the Fund, and thus decrease the Fund's NAV, to the extent that the costs are not offset by a transaction fee payable by an Authorized Participant.

Foreign Market Trading

The NAV of a Funds' shares may change on days when, or during times at which, Authorized Participants will not be able to purchase or redeem shares of the Fund. This is because certain Funds may invest in securities that are primarily traded on foreign exchanges which may trade at times or on days when the Fund does not price its shares. In such situations, there may be changes between the last quote of the underlying securities' value in the closed foreign market and the value of such underlying securities during the Funds' domestic trading day, which could lead to differences between the market price of a Fund's shares and the shares' underlying value.

**Focused Investment Risk**

Funds whose investments are focused in related, or a limited number of, countries, regions, sectors, companies or industries (e.g., different industries within broad sectors, such as technology or financial services), or in securities from issuers with high positive correlations to one another, are subject to greater overall risk than funds whose investments are more diversified.

A Fund that invests in the securities of a limited number of issuers is particularly exposed to adverse developments affecting those issuers. In such cases, a decline in the market price of a particular security held by the Fund is likely to affect the Fund's performance more than if the Fund invested in the securities of a larger number of issuers.

To the extent that a Fund focuses its investments in securities denominated in a particular foreign currency or in investments tied economically to (or related to) a narrowly defined geographic area, it will be subject to increased risks, when compared with more diversified funds. The political and economic prospects of one

country or group of countries within the same geographic region may affect other countries in that region. Similarly, a recession, debt crisis or decline in currency valuation in one country can spread to other countries. Furthermore, companies in a particular geographic region or country may be sensitive to the same events, such as weather, natural disasters, public health crises, or events affecting other companies in that region or country because of common characteristics, risk exposures and regulatory burdens. Issuers in the same area may also react similarly to specific economic, market, political or other developments. See also "*Non-U.S. Investment Risk*" below.

A Fund that focuses its investments in a certain type of issuer will be particularly vulnerable to events affecting such type of issuer. Also, certain Funds may have greater risk to the extent they invest a substantial portion of their assets in a group of related industries (or a "**sector**"). For example, the market prices of investments in the software, internet and semiconductor industries tend to fluctuate in response to investor sentiment regarding the broader technology sector. The industries comprising any particular sector and investments in a particular foreign currency or in a narrowly defined geographic area outside the United States may share common characteristics, are often subject to similar business risks and regulatory burdens, and react similarly to economic, market, political or other developments.

Special Risks of Focused Investments in Growth Companies

As discussed herein, each Fund may take on significant exposure to a small number of growth stock issuers, or to a broader portfolio consisting predominantly of growth companies, which can create outsize risk. This is, in part, because, historically, growth companies are disproportionately prevalent in certain industries (such as those relating to the Internet, software and semiconductors), which tend to be particularly prone to loss and wide fluctuation in price. Furthermore, growth companies in these types of industries may have a tendency periodically to decrease in price at roughly the same time, which can further hinder the ability of portfolio managers to diversify risks of loss.

**Frontier Markets Risk**

Frontier markets are those emerging markets that are considered to be among the smallest, least mature and least liquid and, as a result, may be more volatile and less liquid than investments in more developed markets or in other emerging market countries. Some of these markets may have unstable governments, economies based on only a few industries and securities markets that trade only a limited number of securities. Many

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frontier markets do not have well-developed regulatory systems and disclosure standards may be less stringent than those of more developed markets. The risks of expropriation, nationalization, and social, political, and economic instability are greater in frontier markets than in more developed markets. These risks, which are characteristic of many emerging markets generally, may be especially heightened in frontier markets, due to political, economic, financial, or other factors.

**Geographic Focus Risk** 

A Fund that focuses its investments in a limited number of countries or geographic regions will not offer the same level of diversification of risks as a more broadly global fund because it will be exposed to a smaller geographic area. The performance of a Fund that is less diversified across countries or geographic regions will be closely tied to market, currency, economic, political, environmental, or regulatory conditions and developments in the countries or regions in which the Fund invests and may be more volatile than the performance of a more geographically-diversified portfolio.

**Government and Regulatory Risk**

Governmental and regulatory authorities in the United States and other countries, have taken, and may in the future take, actions intervening in the markets in which a Fund invests and in the economy more generally. Governmental and regulatory authorities may also act to increase the scope or burden of regulations applicable to a Fund or to the companies in which a Fund invests. The effects of these actions on the markets generally, and a Fund's investment program in particular, can be uncertain and could restrict the ability of a Fund to fully implement its investment strategies, either generally, or with respect to certain securities, industries, or countries. For example, sanctions or other investment restrictions imposed by governments could preclude a Fund from investing in certain issuers or cause a Fund to sell investments at a disadvantageous time; new anti-trust regulations could adversely affect the value of certain growth stocks held by a Fund; and new regulations promulgated by securities regulators could increase the costs of investing in a Fund by increasing expenses borne by the Fund in order to comply with such regulations.

By contrast, markets in some non-U.S. countries historically have been subject to little regulation or oversight by governmental or regulatory authorities, which could heighten the risk of loss due to fraud or market failures in those countries. For example, a foreign government's decision not to subject companies to uniform accounting, auditing and financial reporting standards, practices, and requirements comparable to

those applicable to U.S.-based companies could increase the risk that accounting fraud goes undetected. The lack of government-enforced oversight may result in investors having limited rights and few practical remedies to pursue shareholder claims.

Furthermore, governments, agencies, or other regulatory bodies may adopt or change laws or regulations that could adversely affect a Fund or the market value of an instrument held by a Fund. The Manager cannot predict the effects of any new laws or regulation that may be implemented, and there can be no assurance that any new laws or regulations will not adversely affect a Fund's ability to achieve its investment objective. For example, financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation which may change frequently and have significant adverse consequences on a Fund. Similarly, investments in certain industries, sectors, or countries may also be subject to extensive regulation. For example, in October 2024, the U.S. Treasury Department issued a final rule implementing a new "outbound investment" regulatory regime, which prohibits or requires notifications with respect to certain transactions by U.S. persons involving companies located in, or affiliated with, countries of concern (currently, China and the Special Administrative Regions of Hong Kong and Macau) that deal in certain categories of semiconductors and microelectronics, quantum information technologies, and artificial intelligence. While exemptions are generally afforded for investments in listed equities, certain shareholder rights associated with such investments may implicate the outbound investment regulatory regime. Because the Funds invest globally, including in China and other regions in Asia, evolving sanctions, outbound investment restrictions, and similar regulatory regimes may restrict a Fund's investment activities in certain countries or sectors, require regulatory disclosures, and/or restrict the counterparties with whom the Fund may transact, resulting in the Fund not making certain investments and/or imposing other adverse consequences. Additionally, economic downturns and political changes can trigger economic, legal, budgetary, tax, and other regulatory changes. Regulatory changes may impact the way a Fund is regulated or the way a Fund's investments are regulated, affect the expenses incurred directly by a Fund and the value of its investments, and limit and/or preclude a Fund's ability to pursue its investment strategy or achieve its investment objective.

**Growth Stock Risk**

The prices of growth stocks may be based largely on expectations of future earnings, and can decline rapidly and significantly in reaction to negative news about various factors, such as earnings, revenues, the

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economy, political developments, or other news. Growth stocks, such as those of many internet and software companies, may underperform stocks in other broad style categories (and the stock market as a whole) over any period of time. Growth stocks may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors. As a result, at times when it holds investments in growth stocks, the Fund may underperform other investment funds that favor different investment styles. Because growth companies typically reinvest their earnings, growth stocks typically do not pay dividends at levels associated with other types of stocks, if at all.

**Information Technology Risk**

The Funds, their service providers, and other market participants increasingly depend on complex information technology and communications systems. These systems are subject to a number of different threats or risks that could adversely affect the Funds and their shareholders, despite the efforts of the Funds and their service providers to adopt technologies, processes, and practices intended to mitigate these risks.

Unauthorized third parties may attempt to improperly access, modify, disrupt the operations of, or prevent access to these systems of the Funds, the Funds' service providers, counterparties, or other market participants or data within those systems (each, a **"cyber-attack"**). Successful cyber-attacks against, or security breakdowns of, a Fund, the Manager, or a custodian, transfer agent, or other affiliated or third-party service provider may adversely affect the Funds or their shareholders. In general, cyber-attacks are deliberate, but unintentional events may have similar effects. Power or communications outages, acts of God, war, terrorist attacks, information technology equipment malfunctions, operational errors, and inaccuracies within software or data processing systems may also disrupt business operations or impact critical data. Continuing use of work-from-home arrangements may make the Funds and their service providers more susceptible to cyber-attacks, in part due to the increase in cyber-attack surface stemming from the use of personal devices and non-office or personal technology. There may be an increased risk of cyber-attacks during periods of geopolitical or military conflict.

Cyber-attacks, and other technical issues may interfere with the processing of shareholder or other transactions, affect a Fund's ability to calculate its NAV, cause the release of private shareholder information or confidential Fund information, impede trading, cause reputational damage, and subject a Fund to regulatory fines, penalties or financial losses, reimbursement or other compensation costs, and additional compliance costs. They may render records of Fund assets and

transactions, shareholder ownership of Fund shares, and other data integral to the functioning of the Fund inaccessible or inaccurate or incomplete. There is also a risk that cyber-attacks may not be detected.

Market events may also occur at a pace that overloads current information technology and communication systems and processes of the Funds, the Funds' service providers, or other market participants, affecting their ability to conduct the Funds' operations.

Similar types of information technology risks are present for issuers of securities or other instruments in which the Funds invest, which could result in material adverse consequences for such issuers, and may cause the Funds' investments to lose value. Furthermore, as a result of cyber-attacks, technological disruptions, malfunctions or failures, an exchange or market may close or suspend trading in specific securities or the entire market, which could prevent the Fund from, among other things, buying or selling the securities or accurately pricing its securities.

The Funds and their service providers have established business continuity and other plans and processes to address the possibility of cyber-attacks, disruptions, or failures. However, there are inherent limitations in such plans and processes, including that they do not apply to third parties, the possibility that risks may not have been identified or new risks may emerge in the future. Because technology is frequently changing, new ways to carry out cyberattacks continue to develop. Therefore, there is a chance that certain risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the ability of the Funds and the Funds' service providers to plan for, or respond to, a cyberattack. Furthermore, geopolitical tensions could increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing. The Funds also cannot directly control any information security plans and systems put in place by their service providers, counterparties, issuers in which the Funds invest, or securities markets and exchanges. In addition, such third parties may have limited indemnification obligations to the Manager or the Funds. Any problems relating to the performance and effectiveness of security procedures used by a Fund or its service providers to protect a Fund's assets, such as algorithms, codes, passwords, multiple signature systems, encryption and telephone call-backs, may have an adverse impact on an investment in a Fund.

**Investment Style Risk** 

The Manager actively makes investment decisions for the Funds through bottom-up stock selection. Accordingly, each Fund will have risk characteristics that

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differ from its benchmark index. The Manager's judgments about the attractiveness, relative value, or potential appreciation of a particular stock may prove to be incorrect and cause the Fund to lose money or underperform compared to its benchmark index. There can be no assurance that the Manager's investment decisions will produce the desired results. There can also be no assurances that the Manager is able to identify a sufficient number of potential investments to meet a Fund's investment strategy. This risk is heightened for Funds with more focused investment strategies that rely on identifying a small number of companies the Manager believes present truly outstanding investment opportunities.

**Initial Public Offering Risk**

Each Fund may purchase securities in Initial Public Offerings ("**IPOs**"). These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and the length of the period for which information about the companies is available may be very limited. In addition, the prices of securities sold in IPOs may be highly volatile. At any particular time or from time to time a Fund may not be able to invest in securities issued in IPOs, or invest to the extent desired because, for example, only a small portion (if any) of the securities being offered in an IPO may be made available to such Fund. In addition, under certain market conditions a relatively small number of companies may issue securities in IPOs. Similarly, as the number of funds to which IPO securities are allocated increases, the number of securities issued to any one fund, if any, may decrease. The investment performance of a Fund during periods when it is unable to invest significantly or at all in IPOs may be lower than during periods when the Fund is able to do so. In addition, as a Fund increases in size, the impact of IPOs on the Fund's performance will generally decrease.

**Large-Capitalization Securities Risk**

Securities issued by large-capitalization companies may present risks not present in smaller companies. For example, larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by smaller companies, especially during strong economic periods. Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies.

**Liquidity Risk**

Liquidity risk is the risk that a Fund may not be able to dispose of securities or close out **derivatives** transactions readily at a favorable time or prices (or at all) or at prices approximating those at which the Fund currently values them. For example, certain investments may be subject to restrictions on resale, may trade in the over-the-counter market or in limited volume, or may not have an active trading market. Such investments may also be particularly susceptible to valuation risk. See *"Valuation Risk"* below.

Liquidity risk may be magnified during periods of changing interest rates, significant redemptions from Authorized Participants that include a substantial cash component, or market turmoil. Additionally, liquidity risk may be amplified in situations where foreign countries close their securities markets for extended periods of time due to scheduled holidays, such as the week-long closure of Chinese securities markets that occurs annually in October.

The Funds are all subject to the risk that low trading volume, lack of a market maker, large positions in securities of particular issuers, or legal restrictions (including daily price fluctuation limits or 'circuit breakers') could make any investment illiquid. The market for certain investments may also become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer, including due to geopolitical events such as sanctions, trading halts or wars. For example, securities issued by the U.S. Treasury have exhibited periods of greatly reduced liquidity when disruptions in fixed income markets have occurred, such as during the global financial crisis in 2008.

An inability to sell a portfolio position can adversely affect a Fund's value or prevent the Fund from being able to take advantage of other investment opportunities. In addition, it may be difficult for a Fund to value illiquid investments accurately. Securities of issuers in emerging markets and frontier markets may be particularly susceptible to this risk. See *"Emerging Markets Risk"* and *"Frontier Markets Risk"* above.

Illiquid investments may also trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. Illiquid investments are more susceptible than other investments to price declines when market prices decline generally.

Furthermore, disposal of illiquid investments may entail registration expenses and other transaction costs that are higher than those for liquid investments. For example, a Fund may hold **restricted securities** and there can be no assurance that a trading market will

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exist at any time for any particular restricted investment. Limitations on the resale of these investments may have an adverse effect on their marketability, and may prevent a Fund from disposing of them promptly at reasonable prices. A Fund may have to bear the expense of registering the investments for resale and the risk of substantial delays in effecting the registration.

If a Fund holds illiquid investments, it may be forced to sell other securities or instruments that are more liquid, but at an unfavorable price or time, or under other unfavorable conditions, in order to meet redemption requests. A Fund may seek to borrow money to meet its obligations (including, among other things, redemption obligations) if it is unable to dispose of illiquid investments, resulting in borrowing expenses and possible leveraging of a Fund. Increased levels of illiquidity can lead to wider bid-ask spreads.

Funds with principal investment strategies that involve securities of companies with smaller market capitalizations, **non-U.S. securities, Rule 144A securities**, derivatives or securities with substantial market or credit risk tend to have the greatest exposure to liquidity risk.

Rule 22e-4 under the 1940 Act requires each Fund to adopt a liquidity risk management program to assess and manage its liquidity risk. While the liquidity risk management program attempts to assess and manage liquidity risk, there is no guarantee it will be effective in its operations, and it may not reduce the liquidity risk inherent in a Fund's investments.

**Long-Term Investment Strategy Risk** 

The Funds pursue a long-term investment approach, typically seeking returns over a period of several years, which can comprise a full market cycle or more. This investment style may cause a Fund to lose money or underperform compared to its benchmark index or other funds over extended periods of time, and a Fund may not perform as expected in the long term. The market price of a Fund's investments will fluctuate daily due to economic and other events that affect particular companies and other issuers or the market as a whole, and market developments may not align with the Manager's assessment for growth in the shorter- or longer-terms. Short- and medium-term price fluctuations may be especially pronounced in less developed markets or in companies with lower market capitalizations. A Fund that integrates ESG Factors into its long-term investment approach is also subject to the risks described above. Additionally, where a Fund's long-term investment approach integrates ESG Factors, a Fund may forego some market opportunities available to funds that do not integrate ESG Factors into their investment process, which may negatively impact the

relative performance of a Fund. Similarly, with respect to a Fund that assesses climate fitness, the Fund is expected have higher exposure to companies pursuing decarbonization, and such assessments may have the effect of limiting the number of investments that portfolio managers consider for Fund investment even if such Fund does not place formal limits on its investment universe (i.e., does not categorically "screen out" or "screen in" any particular category of investments based on climate considerations).

Investments in certain industries or markets may be subject to wider variations in performance as a result of special risks common to such markets or industries. For example, information technology companies may have limited product lines, markets or financial resources and may be affected by worldwide technological developments and their products and services may quickly become outdated. Similarly, emerging market economies may experience lower trading volume and liquidity, greater risk of expropriation, nationalization, and social, political and economic instability than more developed markets, which may result in greater volatility and significant short- or medium-term price fluctuations.

An investment in the Funds may be more suitable for long-term investors who can bear the risk of short- or medium-term fluctuations in the value of a Fund's portfolio, including short- or medium-term

losses. See also "*Selected Investment Techniques and Topics* – *Our Stewardship Approach*."

**Market Disruption and Geopolitical Risk** 

Geopolitical, environmental and other events may disrupt securities markets and adversely affect global economies and markets. These disruptions could prevent the Funds from implementing their investment strategies and achieving their investment objectives, and increase the Funds' exposure to the other risks detailed in this Prospectus. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely affect markets, issuers, and/or foreign exchange rates in other countries, including the U.S.

War, terrorism, public health crises, and other geopolitical events, such as sanctions, tariffs, trade disputes, the imposition of exchange controls or other cross-border trade barriers, have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets generally. For instance, the 2022 Russian invasion of Ukraine and the sanctions that followed had immediate negative effects on global financial markets, sovereign debt and the markets for certain securities and commodities, such as oil and natural gas, and reduced the liquidity and value of

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Russian securities to zero or near zero. Similarly, terrorism in the U.S. and around the world has resulted in increased geopolitical risk.

Natural and environmental disasters, such as earthquakes and tsunamis, can be highly disruptive to economies and markets, adversely impacting individual companies and industries, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the Funds' investments. Similarly, dramatic disruptions can be caused by communicable diseases, epidemics, pandemics, plagues and other public health crises.

Communicable diseases, including those that result in pandemics or epidemics, may pose significant threats to human health, and such diseases, along with any efforts to contain their spread, may be highly disruptive to both global and local economies and markets, with significant negative impact on individual issuers, sectors, industries, and asset classes. Significant public health crises, including those triggered by the transmission of a communicable disease and prolonged quarantines or other efforts to contain it may result in, among other things, border closings and other significant travel restrictions and disruptions, significant disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, event cancellations and restrictions, service cancellations, reductions and other changes, significant challenges in healthcare service preparation and delivery, and prolonged quarantines, as well as general concern and uncertainty. As a result of the COVID-19 outbreak and its subsequent variants, financial markets experienced and may continue to experience significant volatility and severe losses, and trading in many instruments was and may continue to be disrupted as a result. Liquidity for many instruments was and could be greatly reduced for periods of time. Measures taken by governments and central banks, including the United States Federal Reserve, may continue to have political, social, economic, market and financial risks and adversely impact Fund performance as well as result in disruptions to the services provided to a Fund by its service providers. Other epidemics or pandemics that arise in the future may cause similar disruptions and require similar interventions.

Certain locations and industries may be particularly susceptible to this risk, and other risks may be heightened by such events. See, for example, *"China Risk", "Emerging Markets Risk", "Frontier Markets Risk", "Information Technology Risk", "Liquidity Risk", "Service Provider Risk", "Asia Risk – Special Risk Considerations of Investing in Japan", and "Valuation Risk."*

Securities and financial markets may be susceptible to market manipulation or other fraudulent trade practices,

which could disrupt the orderly functioning of these markets or adversely affect the values of investments traded in these markets, including investments held by the Funds.

Market disruptions, including sudden government interventions (e.g., currency controls), can also prevent the Funds from implementing their investment strategies efficiently and achieving their investment objectives. For example, a market disruption may adversely affect the orderly functioning of the securities markets and may cause the Funds' derivatives counterparties to discontinue offering derivatives on some underlying securities, reference rates, or indices, or to offer them on a more limited basis.

While the U.S. government has honored its credit obligations continuously for more than 200 years, it remains possible that the U.S. could default on its obligations. While it is impossible to predict the consequences of such an unprecedented event, it is likely that a default by the U.S. would be highly disruptive to the U.S. and global securities markets and could significantly impair the value of the Funds' investments. Similarly, political events within the U.S. can result in the shutdown of government services, which could negatively affect the U.S. economy, decrease the value of many Fund investments, and increase uncertainty in or impair the operation of the U.S. or other securities markets.

If one or more countries leave the EU or the EU dissolves, the world's securities markets would likely be significantly disrupted and face new legal and regulatory uncertainties. On January 30, 2020, the United Kingdom (**"UK"**) left the EU single market and customs union (commonly known as "Brexit") under the terms of a new trade agreement. The agreement governs the new relationship between the UK and the EU with respect to trading goods and services but critical aspects of the relationship remain unresolved and subject to further negotiation and agreement. Brexit caused and could continue to have a significant impact on the UK, Europe, and global economies, which will result in increased market volatility and illiquidity, legal, political, economic and regulatory uncertainties and lower economic growth for these economies that could potentially have an adverse effect on the value of the Funds' investments. The Manager's business may also be adversely affected. Securities and financial markets may be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the values of investments traded in these markets, including investments held by the Funds.

Further, continuing uncertainty as to the status of the European Economic and Monetary Union ("**EMU**") and

Baillie Gifford ETF Trust – Prospectus

the potential for certain countries to withdraw from the institution has created significant volatility in currency and financial markets generally. If one or more EMU countries were to stop using the euro as its primary currency, a Fund's investments in such countries may be redenominated into a different or newly adopted currency. As a result, the value of those investments could decline significantly and unpredictably. In addition, securities or other investments that are redenominated may be subject to liquidity risk and the risk that a Fund may not be able to value investments accurately to a greater extent than similar investments currently denominated in euros. To the extent a currency used for redenomination purposes is not specified in respect of certain EMU related investments, or should the euro cease to be used entirely, the currency in which such investments are denominated may be unclear, making such investments particularly difficult to value or dispose of. A Fund may incur additional expenses to the extent it is required to seek judicial or other clarification of the denomination or value of such securities.

In addition, unexpected political, regulatory and diplomatic events, such as trade wars and tariff regimes, may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. The current political climate between the U.S. and China, including the renewal and escalation of the trade war and related reciprocal tariffs between the two countries, has had, and may continue to have, an adverse effect on either or both of the U.S. and Chinese economies. In addition, sanctions or other investment restrictions could preclude a Fund from investing in certain Chinese or other non-U.S. issuers or cause a Fund to sell investments at disadvantageous times. Events such as these and their impact on the Funds are difficult to predict, and it is unclear whether further tariffs may be imposed or other escalating actions may be taken in the future. Similar trade disputes and tariffs between the U.S. and other non-U.S. countries, or among non-U.S. countries, have the potential to cause analogous disruptions to financial markets, the economies of such countries, and the broader global economy.

Because of the current trade and policy disputes between the U.S. and other countries, particularly China, there is a heightened risk that events occurring after the close of markets in other time zones may have a material impact on the value of non-U.S. securities held by a Fund. The likelihood of such an occurrence and impact of such events may be difficult to assess before a Fund's Pricing Point (as defined below) on the same day, which may impact the accuracy of the NAV per share calculated by a Fund on a given day. The Funds

maintain policies and procedures intended to mitigate this risk.

**Market Risk** 

Market risk is the risk of unfavorable market-induced changes in the value of securities owned by a Fund.

Market prices of investments held by the Funds are volatile and will go up or down, sometimes rapidly or unpredictably. The prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest or currency rates, changes in actual or perceived creditworthiness of issuers, adverse investor sentiment generally, market liquidity, real or perceived adverse market conditions and the risks inherent in investment in securities markets.

Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the values of a Fund's assets can decline. Inflation rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy (or expectations that domestic or global economic policies will change), and the Fund's investments may not keep pace with inflation, which may result in losses to Fund investors or adversely affect the real value of shareholders' investments in the Fund.

The total return of a Fund may consequently fluctuate within a wide range, so you could lose money over short or even long periods. Even if economic conditions do not change, the value of an investment in a Fund could decline if the particular industries, sectors or companies in which a Fund invests do not perform well or are adversely affected by certain events. Further, legal, political, regulatory and tax changes also may cause fluctuations in markets and securities prices.

An example of this variability of market risk over different time periods, and in response to diverse external factors, relates to certain risks associated with climate change. Fund performance can be adversely affected (directly or indirectly) by "transitional" factors (*i.e.*, factors informed by market shifts in response to, or in anticipation of, climate change), as well as by the physical consequences of climate change itself. The transitional risks associated with climate change, including new policies, regulations, and/or technologies, may influence markets and portfolio company performance more immediately, while, over the longer term, companies may be more susceptible to a range of "physical" risks such as those stemming from chronic changes to climate patterns, sea level rise, or more acute severe weather events. Both of these transitional and physical risks may impact Fund holdings differently over short, medium or

Baillie Gifford ETF Trust – Prospectus

long timeframes and are likely to vary considerably under different predictive scenarios mapping the potential changes in the composition of global emissions and the course of climate change. The relative contributions of transitional and physical risks to the overall portfolio may vary across markets and time horizons and may negatively affect the value of a Fund's investments differently across various time horizons. See also "*ESG Risk*" for further discussion of investment risks relating to environmental factors.

**New and Smaller-Sized ETF Risk** 

New funds and smaller-sized funds (including funds that are thinly capitalized or that have lost significant assets through market declines or redemptions) will be subject to greater liquidity risk due to their smaller asset bases. A large shareholder exiting a small fund through secondary market sales could, if the resulting redemption transaction by an Authorized Participant includes a significant cash component, require the fund to sell securities at disadvantageous times or prices or to delay payment of redemption proceeds to a redeeming shareholder. In addition, in order to mitigate liquidity risk, new or smaller-sized funds may be more likely to hold a proportionally higher percentage of their assets in cash to meet shareholder redemptions (which could hamper performance).

A fund that has been recently formed will have limited or no performance history for investors to evaluate (except in circumstances where a predecessor fund's performance history is adopted). There can be no assurance that a new fund will reach or maintain a sufficient asset size to effectively implement its investment strategy. Smaller ETFs will have a lower public float and lower trading volumes, leading to wider bid-ask spreads. Further, the Manager is new to managing ETFs and will be reliant on the successful implementation of relationships with key counterparties, such as Authorized Participants.

The failure of a new fund or a smaller-sized fund to attract or maintain a sufficient asset size could result in the fund being liquidated and terminated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such a liquidation could have negative tax consequences for shareholders.

**Non-Diversification Risk**

Certain Funds are classified as a "non-diversified" fund. A non-diversified fund may hold a smaller number of portfolio securities, with larger positions in each security it holds, than many other funds. To the extent a Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of such Fund's shares may be more volatile than the values of shares of more diversified funds. See also "*Focused Investment Risk*."

**Non-U.S. Investment Risk**

Investing in non-U.S. securities (i.e., those which are not primarily traded on a United States securities exchange) involves additional and more varied risks than those typically resulting from investing in U.S. markets. Similar risks may apply to securities traded on a U.S. securities exchange that are issued by companies with significant exposure to non-U.S. countries.

The laws of some foreign countries may limit a Fund's ability to invest in securities of certain issuers located in those countries.

The securities of some foreign governments, companies, and securities markets are less liquid, and at times more volatile, than comparable U.S. securities and securities markets. For example, the securities markets of many non-U.S. countries include securities of only a limited number of companies in a limited number of industries. As a result, the market prices of many of those securities fluctuate more than those of U.S. securities.

In addition, there may be a possibility of nationalization or expropriation of assets, imposition of currency exchange controls, confiscatory taxation, and diplomatic developments that could adversely affect the values of a Fund's investments in certain non-U.S. countries. There may be a greater risk of economic turmoil as a result of political events (civil unrest, national elections, changes in political conditions and foreign relations, imposition of exchange controls and repatriation restrictions), social and economic events (labor strikes, rising inflation) and natural disasters, causing a Fund's investments in that country to experience gains or losses. The securities of some non-U.S. entities could also become subject to sanctions or embargoes that adversely affect a Fund's investment.

Issuers of non-U.S. securities are subject to different, and often less comprehensive, accounting, reporting, custody, auditing and disclosure requirements than domestic issuers. There may be less information publicly available about a non-U.S. entity than about a U.S. entity. Moreover, in certain non-U.S. countries, legal remedies available to investors may be more limited than those available with regard to U.S. investments. It may be difficult to obtain and enforce judgments against non-U.S. entities. In addition, some jurisdictions may limit a Fund's ability to profit from short-term trading (as defined in the relevant jurisdiction). In addition, the Holding Foreign Companies Accountable Act (the

Baillie Gifford ETF Trust – Prospectus

"**HFCAA**") could cause securities of a foreign (non-U.S.) company, including ADRs (as defined below), to be delisted from U.S. stock exchanges if the company does not allow the U.S. government to oversee the auditing of its financial information. Although the requirements of the HFCAA apply to securities of all foreign (non-U.S.) issuers, the SEC has thus far limited its enforcement efforts to securities of Chinese companies. If securities are delisted, the Fund's ability to transact in such securities will be impaired, and the liquidity and market price of the securities may decline.

Non-U.S. transaction costs, such as brokerage commissions and custody costs may be higher than in the U.S. In some non-U.S. markets, custody arrangements for securities provide significantly less protection than custody arrangements in U.S. markets. Prevailing custody and trade settlement practices (e.g., the requirement to pay for securities prior to receipt) could similarly expose a Fund to credit and other risks it does not have in the U.S. with respect to participating brokers, custodians, clearing banks or other clearing agents, escrow agents, and issuers.

Non-U.S. securities are normally denominated and traded in currencies other than the U.S. dollar. Consequently, the value of the Fund's assets may be affected favorably or unfavorably by currency exchange rates, exchange control regulations, and restrictions or prohibitions on the repatriation of non-U.S. currencies. See "*Currency Risk*" above.

Non-U.S. countries may also have additional requirements with respect to the ownership of securities. For example, many non-U.S. countries have additional reporting requirements that may be subject to interpretation or change without prior notice to investors. While the Funds make reasonable efforts to stay informed of foreign reporting requirements relating to the Funds' foreign portfolio securities, no assurance can be given that the Funds will satisfy applicable foreign reporting requirements at all times. There are also special tax considerations which apply to securities of non-U.S. issuers and securities principally traded overseas. Income and gains with respect to investments in certain countries may be subject to withholding and other taxes. See "*Tax*" below and the SAI for further details.

Additionally, U.S. investors are required to maintain a license to invest directly in many non-U.S. markets. These licenses are often subject to limitations, including maximum investment amounts. Once a license is obtained, a Fund's ability to continue to invest directly is subject to the risk that the license will be terminated or suspended. If a license is terminated or suspended, to obtain exposure to the market, the Fund may be required to purchase ADRs, GDRs, shares of other

funds that are licensed to invest directly, or derivative instruments. The receipt of a foreign license by one of the Manager's clients may preclude other clients, including a Fund, from obtaining a similar license, and this could limit the Fund's investment opportunities. In addition, the activities of another of the Manager's clients could cause the suspension or revocation of a license and thereby limit the Funds' investment opportunities.

**Periodic Rebalancing Risk**

The Manager expects to execute portfolio transactions for the Funds on a periodic schedule, generally after the Manager executes transactions in the same securities for other client accounts managed according to investment strategies similar to those pursued by the Funds. As a result, the Funds' portfolios are expected to be rebalanced less frequently than other accounts and funds managed by the Manager, and a Fund's portfolio trades will often occur after an accumulation of multiple trades that were executed for the Manager's other accounts and funds. Less frequent rebalancing could harm the Fund by causing it to suffer losses if positions it would have sold earlier (if it were rebalanced more frequently) decline in value before a rebalancing date, or positions it would have purchased earlier (if it were rebalanced more frequently) increase in value before a rebalancing date. In addition, when the Manager implements a portfolio decision for an account or fund ahead of, or contemporaneously with, a portfolio decision for a Fund, market impact, liquidity constraints, or other factors could result in the Fund receiving less favorable pricing or trading results, paying higher transaction costs, or otherwise being disadvantaged.

**Risk Model Risk**

For each Fund, a risk model is used to assist in the portfolio construction process. In developing and maintaining the risk model, the Manager expects to make use of one or more vendors or data sources for inputs. If the model or the data used in the model is incorrect or incomplete, or if there are business or operational disruptions affecting a vendor providing significant inputs to the model, then (in the absence of mitigating measures by the Manager) the Manager may be temporarily unable to appropriately implement the risk model or, when implemented, investment decisions made with reference to the model may not produce the desired results, and a Fund may realize losses.

**Service Provider Risk**

Each Fund is subject to the risk that the Manager will apply techniques and analyses to the Funds' investment practices that are not as successful as the techniques and analyses used by other investment advisers. There is no guarantee that the Manager will be able to enhance the returns of the Funds or preserve the Funds' assets.

Baillie Gifford ETF Trust – Prospectus

The Manager also may fail to use derivatives effectively, including by choosing to hedge or not to hedge positions at disadvantageous times. The Manager's judgments about the attractiveness, relative value, or potential appreciation of a particular sector, security, commodity or investment strategy or as to a hedging or allocation strategy may prove to be incorrect, and may cause the Funds to incur losses.

There can be no assurance that key personnel of the Manager will continue to be employed by the Manager. The loss of their services could have an adverse impact on the Manager's ability to achieve the Funds' investment objectives. A change in laws or regulations due to political or economic events, such as Brexit, may impact the Manager's ability to retain its portfolio managers and other key personnel. For additional information on Brexit see "*Market Disruption and Geopolitical Risk*" and "*Developed Markets Risk – Special Risk Considerations of Investing in the United Kingdom*" above.

The Funds are also subject to the risk of loss as a result of other services provided by the Manager and other service providers, including pricing, administrative, accounting, tax, legal, custody, transfer agency, and other services. The Funds currently utilize entities affiliated with the Bank of New York Mellon ("**BNY**") to serve as transfer agent, administrator, custodian and fund accounting agent to the Funds. This arrangement could magnify losses resulting from a systems failure affecting BNY. Loss may be caused by inadequate procedures and controls, human error, system failures, negligence, misfeasance or fraud by a service provider or insolvency of a service provider. For example, trading delays or errors (both human and systematic) could prevent a Fund from benefiting from potential investment gains or avoiding losses on the security.

**Settlement Risk**

Markets in different countries have different clearance and settlement procedures. Certain markets may from time to time be unable to keep pace with the volume of transactions.

Delays in settlement may increase credit risk to the Funds or limit the ability of the Funds to reinvest the proceeds of a sale of securities. Delays in settlement may also subject the Funds to penalties for their failure to deliver to on-purchasers of securities whose delivery to the Fund was delayed.

Delays in the settlement of securities purchased by a Fund may also limit the ability of such Fund to sell those securities at times and prices it considers desirable, and may subject such Fund to losses and costs due to its own inability to settle with subsequent purchasers of the securities from it. A Fund may be required to borrow

monies it had otherwise expected to receive in connection with the settlement of securities it has sold, in order to meet its obligations to others.

Limits on the ability of the Funds to purchase or sell securities due to settlement delays could increase any variance between the Funds' performance and that of their benchmark indices.

Effective as of May 28, 2024, the standard settlement cycle for numerous types of U.S. securities, including the Funds' shares and many of the securities the Funds invest in, moved to T+1 from T+2. This reduced settlement cycle will result in additional risks and costs to the Funds, including increased operational risks associated with the resolution of trade breaks and exceptions. These risks will be heightened for certain Funds given their investments in non-U.S. securities and the effects of foreign exchange transactions.

**Small- and Medium-Capitalization Securities Risk**

The securities of small- and medium-capitalization companies may be more volatile and may involve more risk than the securities of larger companies. These companies may have limited product lines, markets or financial resources, may lack the competitive strength of larger companies, and may depend on a few key employees. In addition, these companies may have been recently organized and may have little or no track record of success. Similarly, the securities of small- and medium-sized companies may trade less frequently and in smaller volumes than securities of larger companies. The prices of these securities may consequently fluctuate more sharply than those of other securities, and the Funds may experience difficulty in establishing or closing out positions in these securities at prevailing market prices. Moreover, there may be less publicly available information about the issuers of these securities or less market interest in these securities than in larger companies, both of which can cause significant price volatility.

Some securities of small- and medium-sized issuers may also be illiquid or may be restricted as to resale. A Fund may therefore be unable to liquidate its positions in such securities at any time, or at a favorable price, in order to meet the Fund's obligations.

**Underlying Funds Risk**

A Fund that invests in U.S. or non-U.S. pooled investment vehicles, such as ETFs, mutual funds, and private funds, ("**Underlying Funds**") will be exposed to the risk that the Underlying Fund does not perform as expected and indirectly to all of the risks applicable to an investment in such Underlying Funds. In addition, lack of liquidity in the Underlying Fund could result in its value being more volatile than the underlying portfolio of

Baillie Gifford ETF Trust – Prospectus

securities and may limit the ability of a Fund to sell or redeem its interest in the underlying fund at a time or at a price it might consider desirable. The investment policies and limitations of the Underlying Funds may not be the same as those of a Fund; as a result, a Fund may be subject to additional or different risks, or may achieve a reduced investment return, as a result of its investment in Underlying Funds. If an Underlying Fund is an ETF or other product traded on a securities exchange or otherwise actively traded, its shares may trade at a premium or discount to their NAV, an effect that might be more pronounced in less liquid markets. A Fund bears its proportionate share of the fees and expenses of any Underlying Fund in which it invests.

The Manager or an affiliate may serve as investment adviser to some Underlying Funds, leading to potential conflicts of interest and other risks. For example, the Manager would have an incentive to invest in Underlying Funds in need of seed capital, even if the expenses of such Underlying Funds are higher than alternative investments or alternative investments would be more appropriate for a Fund in light of its investment strategy. Investment by a Fund in an Underlying Fund may be beneficial to the Manager or an affiliate in the management of the Underlying Fund, by helping to achieve economies of scale or enhancing cash flows. Due to this and other factors, the Manager will, in some circumstances, have an incentive to invest a Fund's assets in an Underlying Fund sponsored or managed by the Manager or its affiliates in lieu of investments by a Fund directly in portfolio securities, or may have an incentive to invest in the affiliated Underlying Fund over a pooled vehicle sponsored or managed by others. Similarly, the Manager may have an incentive to delay or decide against the sale of interests held by a Fund in an Underlying Funds sponsored or managed by the Manager or its affiliates. It is possible that other clients of the Manager or its affiliates will purchase or sell interests in an Underlying Fund sponsored or managed by the Manager or its affiliates at prices and at times more favorable than those at which a Fund does so. In addition, the Manager's fiduciary duty to an affiliated Underlying Fund may subject a Fund to restrictions on redemptions in certain circumstances, which may make a Fund's investments in affiliated Underlying Funds less liquid than investments in other Underlying Funds.

**Valuation Risk**

In certain circumstances, some of a Fund's portfolio holdings may be valued on the basis of factors other than market quotations by employing fair value procedures. This may occur more often in times of market turmoil or reduced liquidity. The Manager serves as the Trust's valuation designee pursuant to Rule 2a-5 under the 1940 Act, with primary responsibility for the

fair valuation of the Funds' holdings. The Manager's role with respect to fair valuation may present certain conflicts of interest given the impact valuations can have on Fund performance and the Manager's asset-based fees. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including "fair valued" securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. Technological issues or other service disruption issues involving third-party service providers may cause a Fund to value its investments incorrectly. In addition, there is no assurance that a Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that a Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by a Fund at that time. Investors who purchase or redeem shares on days when a Fund is holding fair-valued investments may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the Fund had not fair-valued the holding(s) or had used a different valuation methodology.

The SAI includes more information about the Manager, the Funds, their investments and the related risks.

Baillie Gifford ETF Trust – Prospectus

**<u>FUND MANAGEMENT</u>**

**Investment Manager**

Each Fund is advised and managed by the Manager, Baillie Gifford Overseas Limited. The Manager's principal place of business is Calton Square, 1 Greenside Row, Edinburgh EH1 3AN, Scotland. The Manager also has an office in New York City, New York, USA. The Manager is a wholly owned subsidiary of Baillie Gifford & Co, which is controlled by its working partners. The Manager, its parent, Baillie Gifford & Co, and their affiliates are referred to as "**Baillie Gifford**."

Although the Manager is domiciled and headquartered in the United Kingdom (the "**UK**"), neither the Funds nor their shares are being offered or otherwise promoted to any natural or legal persons domiciled or with a registered office in the UK, where the United Kingdom Alternative Investment Fund Managers Regulations 2013, as amended, including by the European Union (Withdrawal) Act 2018 and the Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (the **"AIFM Law"**), are in force and effect. Furthermore, in light of the structure of the Funds and the manner in which they are managed, they do not fall within the scope of the AIFM Law, and shareholders of the Funds are not subject to the protections of the AIFM Law.

Experience

The Manager is a registered investment adviser which, together with its affiliates, advises other funds, including mutual funds, and a variety of private accounts, including accounts managed on behalf of corporate and public pension plan sponsors, endowments, foundations, sovereign wealth funds, and family office clients. The Manager was organized in 1983 and had approximate assets under management of $179.8 billion as of September 30, 2025.

Investment Services

The Manager selects and reviews each Fund's investments and provides executive and other personnel for the management of the Trust, pursuant to the Investment Advisory and Management Agreement between the Manager and the Trust on behalf of each Fund, as amended from time to time (the **"Management Agreement"**).

A discussion regarding the basis of the approval by the Board of Trustees of the Trust (the "**Board**", and each member of the Board, a "**Board Member**") of the Management Agreement insofar as it relates to each Fund will be included in the Funds' first Form N-CSR filing.

Under the Management Agreement, each Fund pays the Manager a management fee quarterly for advisory services and for shareholder servicing, administrative and other services. Each Fund pays for these services under a bundled fee structure (the **"Unitary Management Fee"**). The Unitary Management Fee paid by each Fund under the Management Agreement is calculated and accrued daily on the basis of the annual rate noted below and expressed as a percentage of the Fund's average daily net assets. The Funds (and not the Manager) will be responsible for certain other fees and expenses that are not covered by the Unitary Management Fee under the Management Agreement. The Manager may voluntarily reimburse any fees and expenses of the Funds but is under no obligation to do so. Any voluntary reimbursements may be terminated at any time.

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| | |
|:---|:---|
| &nbsp;&nbsp; **Fund** | &nbsp;&nbsp; **Annual Unitary<br> Management Fee<br> Rate** (percentage of <br> each Fund's <br> average daily net <br> assets) |
| &nbsp;&nbsp; Baillie Gifford Emerging Markets ETF | &nbsp;&nbsp; 0.79% |
| &nbsp;&nbsp; Baillie Gifford International Alpha ETF | &nbsp;&nbsp; 0.59% |
| &nbsp;&nbsp; Baillie Gifford International Concentrated Growth ETF | &nbsp;&nbsp; 0.72% |
| &nbsp;&nbsp; Baillie Gifford Long Term Global Growth ETF | &nbsp;&nbsp; 0.70% |
| &nbsp;&nbsp; Baillie Gifford U.S. Equity Growth ETF | &nbsp;&nbsp; 0.65% |

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In addition to bearing the Unitary Management Fee, each Fund (and not the Manager) bears the following expenses: (i) expenses incurred in connection with the distribution plan adopted by the Trust pursuant to Rule 12b-1 under the 1940 Act, (ii) investment-related expenses of any kind, including all fees and expenses incurred with respect to the acquisition, holding and/or disposition of portfolio securities, and any expenses incurred with respect to the reorganization, restructuring or workout-related expenses related to any investment, and the execution of portfolio transactions (such as brokerage commissions, clearing and settlement costs, and any other kind of transaction expenses and costs associated with tax reclaims or similar actions, including any fees paid on a contingent basis); (iii) borrowing and other investment-related costs and fees, including interest, commitment and other fees and costs; (iv) acquired fund fees and expenses; (v) taxes (including, but not limited to, income, excise, transfer and withholding taxes, including any accrued deferred tax liability) and governmental fees; (vi) litigation expenses

Baillie Gifford ETF Trust – Prospectus

of any kind (including fees and expenses of counsel retained by or on behalf of the Trust or a Fund, judgments, amounts paid in settlement, fines, penalties, fees of expert witnesses, document production fees, and all other liabilities, costs or expenses) and any fees, costs or expenses payable by the Trust or a Fund pursuant to indemnification or advancement obligations to which the Trust or such Fund may be subject (pursuant to contract or otherwise); (vii) custody or other expenses attributable to negative interest rates on investments or cash; (viii) short dividend expense; (ix) salaries and other compensation or expenses, including travel expenses, of any of the Trust's executive officers and employees, if any, who are not officers, directors, shareholders, members, partners or employees of the Manager or its subsidiaries or affiliates; (x) organizational expenses and both initial and ongoing SEC registration fees of the Trust and the Funds; (xi) costs related to any meetings of shareholders, including any costs associated with the preparation, printing, filing and transmission of proxy or information statements and proxy solicitation; (xii) fees or expenses payable or other costs incurred in connection with a Fund's securities lending program, if any, including any securities lending agent fees, as governed by a separate securities lending agreement; (xiii) any other expenses which are capitalized in accordance with generally accepted accounting principles; (xiv) other nonrecurring or extraordinary expenses (as determined by a majority of the Trustees who are not "interested persons" of the Trust); and (xv) such other expenses as approved by a majority of the Board.

Upon termination of the Management Agreement at other than quarter end, the Unitary Management Fee for the partial quarter shall be determined by reference to the termination date and shall be prorated accordingly.

The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act (the **"Plan"**). However, no distribution payments under Rule 12b-1 have been authorized by the Board as of the date of this Prospectus, and no distribution fees under Rule 12b-1 are currently payable under the Plan. If the Board authorizes distribution payments pursuant to Rule 12b-1 in the future, the Manager or another service provider might collect distribution fees under Rule 12b-1, but only after appropriate authorization by the Board and after this Prospectus has been updated to reflect such additional fees. Should distribution payments under Rule 12b-1 be collected, these fees would be paid out of the applicable Fund's assets on an ongoing basis, and over time these fees could increase the cost of your investment and may cost you more than paying other types of sales charges.

Participating Affiliate Arrangements

The Manager has entered into a personnel-sharing arrangement with its Hong Kong-based affiliate, Baillie Gifford Asia (Hong Kong) Limited 柏基亞洲(香港)有限公司 ("**Baillie Gifford Hong Kong**"), and its Singapore-based affiliate, Baillie Gifford Asia (Singapore) Private Limited ("**Baillie Gifford Singapore**"). Pursuant to these arrangements, Baillie Gifford Hong Kong and Baillie Gifford Singapore act as "participating affiliates" of the Manager and certain employees of Baillie Gifford Hong Kong and Baillie Gifford Singapore are treated as "associated persons" of the Manager. In this capacity, these individuals are subject to the oversight of the Manager and its Chief Compliance Officer. Baillie Gifford Hong Kong's associated persons, on behalf of the Manager, provide trade execution and related services to the Funds. Baillie Gifford Singapore's associated persons have involvement in portfolio construction in relation to ESG matters. The personnel-sharing arrangement is based on no-action letters of the staff of the SEC that permit SEC-registered investment advisers to rely on and use the resources of advisory affiliates, subject to certain conditions.

Baillie Gifford Hong Kong and Baillie Gifford Singapore are not registered as investment advisers with the SEC. The Manager may in the future enter into additional personnel-sharing or other arrangements, including with its non-U.S. unregistered investment advisory affiliates, for a variety of investment advisory services, including investment research and portfolio management.

ESG-related Organizations and Initiatives

Baillie Gifford participates in a range of organizations, initiatives, or other collaborative industry efforts, which enhance Baillie Gifford's knowledge of specific ESG issues and also support broader ESG-related investing. The requirements for participation in these organizations and initiatives vary, though the Manager does not intend to introduce investment restrictions or goals with respect to a Fund or the Funds for the purpose of meeting expectations associated with membership in any such organizations. Baillie Gifford's participation in organizations or initiatives may change over time and is subject to the Manager's fiduciary responsibilities to the Funds.

Baillie Gifford ETF Trust – Prospectus

**Investment Teams**

Investment decisions made by the Manager for the Funds are made by teams of portfolio managers organized for that purpose.

Baillie Gifford Emerging Markets ETF Team

Under normal circumstances, the Fund's portfolio management team meets regularly to review existing holdings and individual stock decisions. The team also holds ad hoc meetings as required to discuss relevant developments in the portfolio. The ultimate decision to buy or sell a stock rests with members of the portfolio management team.

Baillie Gifford Emerging Markets ETF is jointly and primarily managed by a team of experienced portfolio managers, which consists of:

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| | |
|:---|:---|
| &nbsp;&nbsp; **Education** | &nbsp;&nbsp; **Investment Experience** |
| &nbsp;&nbsp; Ben Durrant <br> BSc (Hons) in Mathematics (2012) <br> University of Edinburgh <br>CFA (UK) Charterholder  | &nbsp;&nbsp; Mr. Durrant is a portfolio manager in the Emerging Markets Equity Team. He joined Baillie Gifford in 2017, and prior to re-joining the team in 2021, he has also spent time in the Manager's UK, Global Discovery and Private Companies teams. Prior to joining Baillie Gifford, he previously worked for RBS in its Group Strategy and Corporate Finance Team. Mr. Durrant is a Chartered Accountant and a CFA Charterholder, and graduated with a BSc (Hons) in Mathematics from the University of Edinburgh in 2012. <br>Mr. Durrant has been a member of the portfolio management team since the Fund's inception in 2026.  |
| &nbsp;&nbsp; Mike Gush <br> MEng (2003) <br> Durham University  | &nbsp;&nbsp; Mr. Gush is a portfolio manager in the Emerging Markets Equity Team. He joined Baillie Gifford in 2003 and became a partner of the firm in 2020. Prior to joining the team in 2005, he also spent time working in the Manager's UK and Japanese Equity Teams. Mr. Gush has also been a member of the Global Stewardship strategy since its inception in 2015. He is a CFA Charterholder and graduated MEng from the University of Durham in 2003. <br>Mr. Gush has been a member of the portfolio management team since the Fund's inception in 2026.  |
| &nbsp;&nbsp; Andrew Stobart <br> MA in Economics (1987) <br> University of Cambridge  | &nbsp;&nbsp; Mr. Stobart is a portfolio manager in the Emerging Markets Equity Team. He joined Baillie Gifford in 1991 and the Emerging Markets Equity Team in 2007, and has also spent time working in the Manager's UK, Japanese, North American, and International Alpha teams. Prior to joining Baillie Gifford, he previously spent three years working in investment banking in London. Mr. Stobart graduated with a MA in Economics from the University of Cambridge in 1987. <br>Mr. Stobart has been a member of the portfolio management team since the Fund's inception in 2026. <br>|

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Baillie Gifford International Alpha ETF Team

Under normal circumstances, the Fund's portfolio management team meets regularly to discuss individual stock selection and quarterly to discuss the portfolio as a whole, with a focus on identifying underlying themes which may be over-represented or under-represented. The team also holds ad hoc meetings as required to discuss relevant developments in the portfolio. Although individual members cover assigned areas of responsibility, all members are encouraged to look for ideas from across the relevant markets and from any of the Manager's investment teams.

While the whole team discusses investment decisions, the ultimate decision on whether to buy a stock rests with the team member who nominated it for discussion, such that the team harnesses the perspectives and insights of the group while retaining the accountability and efficiency of individual decision making.

Baillie Gifford ETF Trust – Prospectus

Baillie Gifford International Alpha ETF is jointly and primarily managed by a team of experienced portfolio managers, which consists of:

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| | |
|:---|:---|
| &nbsp;&nbsp; **Education** | &nbsp;&nbsp; **Investment Experience** |
| &nbsp;&nbsp; Chris Davies <br> BA (Hons) Music (2009) <br> University of Oxford <br>MMus Music Performance (2010) <br> Royal Welsh School of Music and Drama <br>MSc Music, Mind and Brain (2011) <br> Goldsmiths College  | &nbsp;&nbsp; Mr. Davies is a portfolio manager in the Europe Team and is a member of the International Alpha investment team. He joined Baillie Gifford in 2012. Mr. Davies graduated BA (Hons) in Music from the University of Oxford in 2009 and gained a MMus in Music Performance from the Royal Welsh School of Music and Drama in 2010 and an MSc in Music, Mind and Brain from Goldsmiths College in 2011. <br>Mr. Davies has been a member of the portfolio management team since the Fund's inception in 2026. <br>|
| &nbsp;&nbsp; Jenny Davis <br> MA in Music (2008) <br> University of Oxford  | &nbsp;&nbsp; Ms. Davis is a portfolio manager for International Alpha clients, having been a member of the International Alpha investment team since 2016. She joined Baillie Gifford in 2011 and became a partner in 2022. Ms. Davis worked on two of the Manager's global equity strategies, having started her career at Neptune Investment Management. She graduated MA in Music from the University of Oxford in 2008, and latterly undertook postgraduate studies in Psychotherapy at the University of Edinburgh. <br>Ms. Davis has been a member of the portfolio management team since the Fund's inception in 2026. <br>|
| &nbsp;&nbsp; Donald Farquharson <br> MA (Hons) in Arabic Studies (1987) <br> University of St Andrews <br>CFA (UK) Charterholder  | &nbsp;&nbsp; Mr. Farquharson heads the Japanese Equities Team. Donald is the co-manager for the Japan Growth strategy (and related Growth strategy segregated accounts) which he has run since its inception on 31 December 2009. He is also a member of the International Alpha investment team. Mr. Farquharson has over 30 years' investment experience dedicated almost entirely to Japanese equities: He spent 20 years working for Schroders as a Japanese specialist and latterly Head of the Pan Pacific equity team and manager of the Schroder Japan Growth Fund plc. Between 1991 and 1995, he headed Schroders' research team in Tokyo. He graduated with MA (Hons) in Arabic Studies from the University of St Andrews in 1987 and is a CFA Charterholder. Mr. Farquharson joined Baillie Gifford in 2008 and became a Partner in 2017. <br>Mr. Farquharson has been a member of the portfolio management team since the Fund's inception in 2026. <br>|
| &nbsp;&nbsp; Roderick Snell <br> BSC First Class Honours in Medical Biology (2006) <br> University of Edinburgh  | &nbsp;&nbsp; Mr. Snell is an investment manager in the Emerging Markets Equity Team. Mr. Snell joined Baillie Gifford in 2006 and became a partner of the firm in 2023. Mr. Snell has managed the Baillie Gifford Pacific Fund since 2010 and the Pacific Horizon Investment Trust since 2021 (having been deputy since 2013). Since March 2020, Mr. Snell has also been a manager on the China Strategy. Prior to joining the Emerging Markets Equity team in 2008, he also spent time in the UK and European Equity Teams. Mr. Snell graduated BSc (Hons) in medical biology from the University of Edinburgh in 2006. <br>Mr. Snell has been a member of the portfolio management team since the Fund's inception in 2026. <br>|

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Baillie Gifford ETF Trust – Prospectus

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| | |
|:---|:---|
| &nbsp;&nbsp; **Education** | &nbsp;&nbsp; **Investment Experience** |
| &nbsp;&nbsp; Steve Vaughan <br> BA (Hons) Jurisprudence <br> (2001) <br> University of Oxford <br>MA in International Relations <br> (2012) <br> University of Exeter <br>CFA Charterholder  | &nbsp;&nbsp; Mr. Vaughan joined Baillie Gifford in 2012. He is a member of the International Alpha investment team. Mr. Vaughan previously worked as a portfolio manager in the Smaller Companies Team. Prior to joining Baillie Gifford, Mr. Vaughan was an Officer in the British Army for nine years. He graduated BA (Hons) in Jurisprudence from the University of Oxford in 2001 and MA in International Relations from the University of Exeter in 2012. Mr. Vaughan is also a CFA Charterholder. <br>Mr. Vaughan has been a member of the portfolio management team since the Fund's inception in 2026. <br>|
| &nbsp;&nbsp; Tom Walsh <br> LLB (Hons) in Law & Economics (1999) <br> University of Edinburgh <br>CFA Charterholder  | &nbsp;&nbsp; Mr. Walsh is a portfolio manager for International Alpha clients and a member of the International Alpha investment team. He joined Baillie Gifford in 2009 and became a partner in 2022. He has been working on the UK, European and Global Opportunities Teams, as well as spending four years as a member of the International All Cap investment team. Before joining Baillie Gifford, Mr. Walsh worked at Fidelity International, Merrill Lynch and Deloitte & Touche. He graduated LLB (Hons) in Law & Economics from the University of Edinburgh in 1999 and is both CFA and ACA qualified. <br>Mr. Walsh has been a member of the portfolio management team since the Fund's inception in 2026. <br>|

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Baillie Gifford International Concentrated Growth ETF Team

Under normal circumstances, the Fund's portfolio management team meets periodically to review the portfolio as a whole and to discuss individual stock selection. The team periodically meets informally to review relevant developments related to holdings within the Fund. The team also holds ad hoc meetings as required to discuss relevant developments in the portfolio. The team takes collective responsibility for portfolio construction.

Baillie Gifford ETF Trust – Prospectus

Baillie Gifford International Concentrated Growth ETF is jointly and primarily managed by a team of experienced portfolio managers, which consists

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| | |
|:---|:---|
| &nbsp;&nbsp; **Education** | &nbsp;&nbsp; **Investment Experience** |
| &nbsp;&nbsp; Spencer Adair <br> BSc in Medicine (1997) <br> University of St. Andrews <br>CFA Charterholder  | &nbsp;&nbsp; Mr. Adair joined Baillie Gifford in 2000 and is a portfolio manager in the Global Alpha Team. He became a partner in 2013 and has also spent time working in the Fixed Income, Japanese, European and U.K. Equity Teams. Mr. Adair managed the Investment Grade Long Bond Fund whilst being a Fixed Income Portfolio Manager and the European portion of wider Global portfolios whilst in the European Team. He has also spent time with the Manager's Emerging Markets Team. Mr. Adair has been involved in the Global Alpha portfolio since inception in 2005 and International Concentrated Growth since 2021, and has focused exclusively on this portfolio management responsibility since early 2007. He graduated BSc in Medicine from the University of St Andrews in 1997, followed by two years of clinical training in Edinburgh. <br>Mr. Adair has been a member of the portfolio management team since 2021. This year reflects the year in which Mr. Adair commenced service with the Predecessor Mutual Fund. Mr. Adair is expected to retire on March 31, 2026. <br>|
| &nbsp;&nbsp; Lawrence Burns <br> BA in Geography (2009) <br> University of Cambridge  | &nbsp;&nbsp; Mr. Burns joined Baillie Gifford in 2009 and became a partner of the firm in 2020. He has been a portfolio manager of the International Growth investment team since October 2012. Mr. Burns is also co-manager of the International Concentrated Growth and Global Outliers strategies. During his time at Baillie Gifford, he has worked in both the Emerging Markets and UK Equity teams. Mr. Burns graduated BA in Geography from the University of Cambridge in 2009. <br>Mr. Burns has been a member of the portfolio management team since 2017. This year reflects the year in which Mr. Burns commenced service with the Predecessor Mutual Fund. <br>|
| &nbsp;&nbsp; Kirsty Gibson <br> MA (Hons) in Economics (2011) <br> Edinburgh University <br>MSc Carbon Management (2012) <br> Edinburgh University  | &nbsp;&nbsp; Ms. Gibson joined Baillie Gifford in 2012 and is a portfolio manager in the US Equity Growth Team and is involved in running the North American portfolio of the Managed Fund and Global Core Fund since 2021. Prior to joining the US Equity Growth Team, Ms. Gibson also spent several years in the small and large cap global equities departments. Ms. Gibson graduated MA (Hons) in Economics in 2011 and MSc in Carbon Management in 2012, both from the University of Edinburgh. <br>Ms. Gibson is expected to become a member of the portfolio management team in April 2026. <br>|
| &nbsp;&nbsp; Paulina McPadden <br> MA (Hons) in Arabic and Politics (2013) <br> University of Edinburgh  | &nbsp;&nbsp; Ms. McPadden joined Baillie Gifford in 2013. She has worked with regional and global equity teams and is a co-manager of International Concentrated Growth. Ms. McPadden graduated MA (Hons) Arabic & Politics from the University of Edinburgh in 2013. <br>Ms. McPadden has been a member of the portfolio management team since 2017. This year reflects the year in which Ms. McPadden commenced service with the Predecessor Mutual Fund. <br>|

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Baillie Gifford Long Term Global Growth ETF Team

Under normal circumstances, the Fund's portfolio management team meets regularly to discuss individual stock selection, review portfolio holdings and potential stock purchases. The team also holds ad hoc meetings as required to discuss relevant developments in the portfolio. All of the members of the team are responsible for researching stocks and every investor contributes to the generation of new ideas, stock research and stock discussions. Once a stock has been fully researched and discussed by all in the team, the portfolio managers are responsible for making the ultimate decision on its inclusion (or otherwise) in the portfolio. Their decisions place an emphasis on backing enthusiasm rather than achieving a full consensus. Each portfolio manager has ownership and accountability for portfolio decisions.

Baillie Gifford ETF Trust – Prospectus

Baillie Gifford Long Term Global Growth ETF is jointly and primarily managed by a team of experienced portfolio managers, which consists of:

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| | |
|:---|:---|
| &nbsp;&nbsp; **Education** | &nbsp;&nbsp; **Investment Experience** |
| &nbsp;&nbsp; Gemma Barkhuizen <br> BA (Hons) in History BA double major in History and Philosophy <br> Rhodes University in South Africa <br>MA in Modern History (2017) <br> University of Durham  | &nbsp;&nbsp; Ms. Barkhuizen is a decision maker in the Long Term Global Growth Team and one of the managers of the Global Outliers strategy. She joined Baillie Gifford in September 2017. She graduated MA in Modern History from The University of Durham in 2017. Prior to this, Ms. Barkhuizen also graduated BA (Hons) in History and BA double major in History and Philosophy from Rhodes University in South Africa. <br>Ms. Barkhuizen has been a member of the portfolio management team since 2022. This year reflects the year in which Ms. Barkhuizen commenced service with the Predecessor Mutual Fund. <br>|
| &nbsp;&nbsp; John MacDougall <br> MA in Ancient & Modern History (2000) <br> University of Oxford  | &nbsp;&nbsp; Mr. MacDougall is a portfolio manager and member of the Long Term Global Growth ("LTGG") and China A-share Teams. He has been a partner of Baillie Gifford & Co since 2016. Mr. MacDougall joined Baillie Gifford in 2000 as a part of the North American department, and then went on to work in the Japan and Global Discovery teams before joining his current teams. He graduated MA in Ancient & Modern History from the University of Oxford in 2000. He joined the LTGG team in 2015. <br>Mr. MacDougall was a member of the portfolio management team between 2016 and 2020, and subsequently since 2022. These years reflect the years in which Mr. MacDougall commenced service with the Predecessor Mutual Fund. <br>|
| &nbsp;&nbsp; Mark Urquhart <br> BA in Philosophy, Politics, and Economics (1992) <br> University of Oxford <br>PhD in Politics (1996) <br> University of Edinburgh  | &nbsp;&nbsp; Mr. Urquhart joined Baillie Gifford in 1996 and is the head of the Long Term Global Growth Team, a strategy which he co-founded in 2003. Mr. Urquhart previously worked as an investment analyst and manager in the US, UK and Japanese Equities teams. He became a partner in 2004. Mr. Urquhart graduated BA in Philosophy, Politics, and Economics from the University of Oxford in 1992 and spent a year at Harvard as a Kennedy Scholar in 1993 before completing a PhD in Politics with a thesis on Nationalism in the EU at the University of Edinburgh in 1996. <br>Mr. Urquhart has been a member of the portfolio management team since 2014. This year reflects the year in which Mr. Urquhart commenced service with the Predecessor Mutual Fund. <br>|

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Baillie Gifford U.S. Equity Growth ETF Team

Under normal circumstances, the Fund's portfolio management team meets regularly to discuss individual stock decisions and every seven weeks to discuss portfolio construction. The team also holds ad hoc meetings as required to discuss relevant developments in the portfolio. All of the members of the team are responsible for researching stocks and every investor contributes to the generation of new ideas, stock research and stock discussions. Once a stock has been fully researched and discussed by all in the team, the portfolio managers are responsible for making the ultimate decision on its inclusion (or otherwise) in the portfolio. Their decisions place an emphasis on backing enthusiasm rather than achieving a full consensus. Each portfolio manager has ownership and accountability for portfolio decisions.

Baillie Gifford ETF Trust – Prospectus

Baillie Gifford U.S. Equity Growth ETF is jointly and primarily managed by a team of experienced portfolio managers, which consists of:

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| | |
|:---|:---|
| &nbsp;&nbsp; **Education** | &nbsp;&nbsp; **Investment Experience** |
| &nbsp;&nbsp; Dave Bujnowski <br> BSc in Finance and Philosophy <br> Boston College (1993) <br>| &nbsp;&nbsp; Mr. Bujnowski is a portfolio manager in the US Equity Growth Team. He joined Baillie Gifford in 2018 and became a partner in 2021. Before joining the firm, he co-founded Coburn Ventures in 2005. The company studies change to understand what shapes investment opportunities. Mr. Bujnowski has also held various hedge fund roles. He began his career in 1996 at Warburg Dillon before joining UBS. Mr. Bujnowski graduated from Boston College in 1993, where he majored in Finance and Philosophy. <br>Mr. Bujnowski has been a member of the portfolio management team since 2020. This year reflects the year in which Mr. Bujnowski commenced service with the Predecessor Mutual Fund. <br>|
| &nbsp;&nbsp; Kirsty Gibson <br> MA (Hons) in Economics (2011) <br> Edinburgh University <br>MSc Carbon Management (2012) <br> Edinburgh University  | &nbsp;&nbsp; Ms. Gibson joined Baillie Gifford in 2012 and is a portfolio manager in the US Equity Growth Team and is involved in running the North American portfolio of the Managed Fund and Global Core Fund since 2021. Prior to joining the US Equity Growth Team, Ms. Gibson also spent several years in the small and large cap global equities departments. Ms. Gibson graduated MA (Hons) in Economics in 2011 and MSc in Carbon Management in 2012, both from the University of Edinburgh. <br>Ms. Gibson has been a member of the portfolio management team since 2016. This year reflects the year in which Ms. Gibson commenced service with the Predecessor Mutual Fund. <br>|
| &nbsp;&nbsp; Lillian Li <br> BA (Hons) in Economics (2009) <br> Cambridge University <br>MSc in International Development (2011) <br> London School of Economics and Political Science  | &nbsp;&nbsp; Ms. Li is a portfolio manager in the US Equity Growth Team. She joined Baillie Gifford in 2022. Before joining the firm, she worked at Eight Roads Ventures (Fidelity's VC arm) and Salesforce Ventures, where she led investments in growth-stage private companies across the US and Europe. Ms. Li also founded Chinese Characteristics, an acclaimed publication analysing US and Chinese innovation ecosystems. She holds an undergraduate degree in Economics from the University of Cambridge and a Masters in International Development from London School of Economics and Political Science. <br>Ms. Li has been a member of the portfolio management team since 2026. This year also reflects the year in which Ms. Li commenced service with the Predecessor Mutual Fund. <br>|
| &nbsp;&nbsp; Gary Robinson <br> MBiochem (2003) <br> University of Oxford <br>CFA Charterholder  | &nbsp;&nbsp; Mr. Robinson is a portfolio manager in the US Equity Growth Team. He joined Baillie Gifford in 2003 and became a partner in 2019. He worked on the Japanese, UK and European Equity teams before joining the US Equity Growth Team in 2008. He is a generalist investor but retains a special interest in the healthcare sector, dating back to his undergraduate degree. He graduated MBiochem in Biochemistry from Oxford University in 2003. <br>Mr. Robinson has been a member of the portfolio management team since 2016. This year reflects the year in which Mr. Robinson commenced service with the Predecessor Mutual Fund. <br>|
| &nbsp;&nbsp; Tom Slater <br> BSc in Computer Science with Mathematics (2000) <br> University of Edinburgh <br>CFA Charterholder  | &nbsp;&nbsp; Mr. Slater joined Baillie Gifford in 2000 and became a partner of the firm in 2012. After serving as deputy manager for five years, he was appointed joint manager of Scottish Mortgage Investment Trust in 2015. During his time at Baillie Gifford, he has also worked in the Developed Asia, UK Equity and Long Term Global Growth teams. He is now also Head of the US Equities Team. Mr. Slater's investment interest is focused on high - growth companies both in listed equity markets and as an investor in private companies. He graduated BSc in Computer Science with Mathematics from the University of Edinburgh in 2000. <br>Mr. Slater has been a member of the portfolio management team since 2016. This year reflects the year in which Mr. Slater commenced service with the Predecessor Mutual Fund. <br>|

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Baillie Gifford ETF Trust – Prospectus

Baillie Gifford Solutions Team

Each Fund's portfolio management team is assisted by the Manager's Solutions Team. The Manager's Solutions Team assists the portfolio management team in portfolio construction on a day-to-day basis, based upon the stock-picking decisions made by the portfolio management team. This portfolio construction process involves the application of systematic techniques to adapt the underlying investment strategies for compatibility with the Funds' operation as ETFs.

Compensation

The SAI provides information about the portfolio managers' compensation, other accounts managed by the portfolio managers and the portfolio managers' ownership of Fund shares.

Baillie Gifford ETF Trust – Prospectus

**Other Service Providers**

Baillie Gifford Funds Services LLC (**"BGFS"**), is the Funds' principal underwriter (the **"Distributor"**). BNY is the Funds' transfer agent (the **"Transfer Agent"**). BNY is also the Funds' custodian (the **"Custodian"**). The Manager pays fees to the Distributor as compensation for the services it renders. The Manager compensates the Transfer Agent and Custodian for their services out of the Unitary Management Fee.

**<u>SHARES</u>**

**Calculation of NAV**

A Fund's NAV per share is calculated by totaling the market value of all assets and fund-level liabilities of the Fund, and dividing by the total amount of shares held in that Fund.

When NAV is calculated

The NAV will be determined as of a particular time of day (the **"Pricing Point"**) on any day on which the Nasdaq Stock Market LLC (the "**Exchange**") is open for unrestricted trading or on which the Funds are required to be open for business as required by Section 22(e) of the 1940 Act. The Pricing Point is normally at the scheduled close of unrestricted trading on the Exchange (generally 4:00 p.m. Eastern Time). In unusual circumstances, the Manager may determine that the Pricing Point shall be at an earlier, unscheduled close or halt of trading on the Exchange. The price at which Authorized Participants' purchase and redemption orders are effected is based on the next calculation of the NAV after the order is received in good order. "Good order" means, among other things, that their request includes complete information. In general, an order is in "good order" if it includes: (i) the trade date of the purchase or redemption; (ii) the name of the Fund; (iii) the U.S. dollar amount of the shares, in the case of a redemption they may also provide number of shares; (iv) the name and the account number set forth with sufficient clarity to avoid ambiguity; and (v) the relevant authorized signatories. In the case of a purchase, immediately available funds must also be received prior to the Pricing Point.

The NAV may be affected by changes in the value of currencies in relation to the U.S. dollar. This is because investments initially valued in currencies other than the U.S. dollar are converted to U.S. dollars using currency exchange rates obtained from pricing services at the Pricing Point on each day that the Exchange is open for unrestricted trading. If an Authorized Participant is buying or selling shares, the share price it receives will be the share price determined after the purchase or redemption request is received by the applicable Fund in good order.

The NAV of the Fund's shares may change on days when, or during times at which, Authorized Participants will not be able to purchase or redeem shares of the Fund. This is because the Fund may invest in securities that are primarily traded on foreign exchanges which may trade at times or on days when the Fund does not price its shares. In such situations, there may be changes between the last quote of the underlying securities' value in the closed foreign market and the value of such underlying securities during the Fund's domestic trading day, which could lead to differences between the market price of the Fund's shares and the shares' underlying value.

Current NAVs per share for each Fund that has commenced operation are available on the Funds' website at www.bailliegifford.com/ETFs.

How assets are valued

In accordance with the Trust's Valuation Procedures, each Fund's investments are valued at their fair market value as follows:

1. If reliable market quotations are readily available, the investments will generally be valued at the last quoted sale price on each
business day or, if not traded on that business day, at the most recent quoted bid price.

2. If reliable current market quotations are not readily available or quotations are not believed to be reliable due to market changes
that occur after the most recent available quotations are obtained or for any other reason, the fair value of the investments will be
assessed by the Manager as the valuation designee, as more fully described in the SAI. Such market changes may:

&nbsp;&nbsp;&nbsp;&nbsp;o relate to a single issuer or events relating to multiple issuers;

&nbsp;&nbsp;&nbsp;&nbsp;o be considered to include changes in the value of U.S. securities or securities indices; or

&nbsp;&nbsp;&nbsp;&nbsp;o occur after the close of the relevant market and before the time at which the applicable NAV is determined.

Rule 2a-5 under the 1940 Act permits a fund's board to designate the fund's primary investment adviser to perform the fund's fair value determinations, which will be subject to board oversight and certain reporting and other requirements intended to ensure that the board receives the information it needs to oversee the fair value determinations. The Board has designated the Manager as the valuation designee. The Manager's role with respect to fair valuation may present certain conflicts of interest given the impact valuations can have

Baillie Gifford ETF Trust – Prospectus

on Fund performance and the Manager's asset-based fees.

Please see the section entitled "*Purchase, Redemption, and Pricing of Shares – Determination of Net Asset Value*" in the SAI for further information with respect to the valuation procedures.

**How to Buy and Sell Shares**

Authorized Participants may acquire shares directly from the Funds, and Authorized Participants may tender their shares for redemption directly to the Funds, at NAV per share only in large blocks of shares called "Creation Units", which are expected to consist of 10,000 shares. Once created, shares of each Fund generally trade in the secondary market in amounts less than a Creation Unit. Purchases and redemptions directly with the Funds must follow the Funds' procedures, which are described in the SAI.

Shares of the Funds are listed for trading on the Exchange, a national securities exchange. No Fund imposes any minimum investment for shares of such Fund purchased on the Exchange.

Shares may only be purchased and sold on the secondary market when the Exchange is open for trading. The Exchange is open for trading Monday through Friday and is closed on weekends and the following holidays, as observed: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. Shares can be bought and sold on the secondary market throughout the trading day like other publicly traded shares at their market price, and shares typically trade in blocks smaller than a Creation Unit.

Most investors will buy and sell shares of the Funds in secondary market transactions through financial intermediaries, such as brokers, at market prices, and the Funds' shares will trade at market prices. The secondary market price of a Fund's shares changes throughout the trading day based on market forces such as supply and demand, economic conditions and other factors. Therefore, the prices at which investors trade Fund shares may differ from a Fund's NAV. A Fund's shares may trade throughout the trading day at prices greater (premium) or less (discount) than the Fund's NAV. The quotations of certain Fund holdings may not be updated during U.S. trading hours if such holdings do not trade in the United States.

Buying or selling each Fund's shares involves certain costs that apply to all securities transactions. When buying or selling shares of a Fund through a financial intermediary, you will generally incur a brokerage commission or other charges determined by your

financial intermediary. Due to these brokerage costs, if any, frequent trading may detract significantly from investment returns. In addition, you may also incur the cost of the spread (the difference between the bid price and the ask price of a Fund's shares). The commission is frequently a fixed amount and may be a significant cost for investors seeking to buy or sell small amounts of Fund shares. The spread varies over time for shares of a Fund based on its trading volume and market liquidity and is generally narrower if a Fund has more trading volume and market liquidity and wider if a Fund has less trading volume and market liquidity (which is often the case for funds that are newly launched or small in size).

Additional information concerning payments the Fund, the Manager or their affiliates may make to financial intermediaries, and the services provided by financial intermediaries, can be found in the SAI under *"Manager—Payments to Financial Intermediaries."*

Premium/Discount and NAV Information

The Funds' website, which is accessible free of charge, includes information that is updated on a daily basis, including, on a per share basis for each Fund, the prior business day's NAV and the market closing price and a calculation of the premium or discount of the market closing price for Fund shares against such NAV. The Funds' website will disclose the median bid-ask spread for the Fund's most recent 30 days based on the National Best Bid and Offer, as required by Rule 6c-11(c)(1)(v) under the 1940 Act. The Funds will also provide any other information on their website regarding premiums/discounts that ETFs registered under the 1940 Act are required to provide from time to time.

Short-Term Trading

The Board has not adopted policies and procedures with respect to frequent purchases and sales of Fund shares for the reasons set forth below.

Shares can only be purchased and redeemed directly from the Funds in Creation Units by Authorized Participants, and the vast majority of trading shares occurs on the secondary market. Because the secondary market trades do not directly involve the Funds, it is unlikely those trades would cause the harmful effects of market timing, including dilution, disruption of portfolio management, increases in the Funds' trading costs and the realization of gains or losses.

With regard to the purchase or redemption of Creation Units directly with the Funds, to the extent effected in-kind (*i.e.*, for securities), those trades do not cause the harmful effects that may result from frequent cash trades. To the extent trades are effected in whole or in part in cash, those trades could result in dilution to the

Baillie Gifford ETF Trust – Prospectus

Funds and increased transaction costs, which could negatively impact the Funds' ability to achieve its investment objective. However, direct trading by Authorized Participants is critical to ensuring that shares trade at or close to NAV. A Fund may impose a transaction fee on Creation Unit transactions, which is designed to offset transfer and other transaction costs incurred by the fund in connection with the issuance and redemption of Creation Units and may employ fair valuation pricing to minimize potential dilution from market timing. Each Fund reserves the right to reject any purchase order at any time and reserves the right to impose restrictions on disruptive, excessive, or short-term trading.

**Additional Information**

Creations and Redemptions

Prior to trading in the secondary market, shares of the Funds are "created" at NAV by market makers, large investors and institutions only in block-size Creation Units or multiples thereof. Only an Authorized Participant may create or redeem Creation Units with the Funds. Authorized Participants may create or redeem Creation Units for their own accounts or for customers, including, without limitation, affiliates of the Funds.

Each Authorized Participant has entered into an agreement with the Distributor. An Authorized Participant is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Funds or one or more of their service providers that allows such member or participant to place orders for the purchase and redemption of Creation Units.

A creation transaction, which is subject to acceptance by the Distributor and the Funds, generally takes place when an Authorized Participant enters into an irrevocable creation order with the Fund and delivers to the Fund via its Distributor a designated portfolio of securities, assets or other positions ("**Deposit Instruments**"), and an amount of cash (including any cash representing the value of substituted securities, assets or other positions), if any, which together approximate the holdings of a Fund in exchange for a specified number of Creation Units.

Similarly, a redemption transaction generally begins when an Authorized Participant enters into an irrevocable redemption order with the Fund. The Fund then instructs the Distributor to deliver a designated portfolio of securities, assets or other positions ("**Redemption Instruments**") held by a Fund and an amount of cash (including any portion of such securities for which cash may be substituted) that constitute the Creation Basket (as defined below) to the Authorized Participant in exchange for the individual Fund shares in volumes of Creation Units being redeemed.

Generally, the name and quantities of the instruments that constitute Deposit Instruments and Redemption Instruments (the "**Creation Basket**") will be identical to and will correspond pro rata to the positions in a Fund's portfolio (including cash positions) used to calculate the Fund's NAV for that day. However, a Fund may accept "custom baskets" that are not identical in type and pro rata amount to the positions in the Fund's portfolio. More information regarding custom baskets is contained in the SAI.

The prices at which creations and redemptions occur are based on the next calculation of NAV after a creation or redemption order is received in an acceptable form under the relevant Authorized Participant agreement.

In the event of a system failure or other interruption, including disruptions at market makers or Authorized Participants, orders to purchase or redeem Creation Units either may not be executed according to the Funds' instructions or may not be executed at all, or the Funds may not be able to place or change orders.

To the extent the Funds engage in in-kind transactions, the Funds intend to comply with the U.S. federal securities laws in accepting securities for deposit and satisfying redemptions with redemption securities by, among other means, assuring that any securities accepted for deposit and any securities used to satisfy redemption requests will be sold in transactions that would be exempt from registration under the Securities Act of 1933, as amended (the **"Securities Act"**). Further, an Authorized Participant that is not a "qualified institutional buyer," as such term is defined in Rule 144A under the Securities Act, will not be able to receive restricted securities eligible for resale under Rule 144A.

Creations and redemptions must be made through a firm that is either a member of the Continuous Net Settlement System of the National Securities Clearing Corporation or a Depository Trust Company ("**DTC**") participant that has executed an agreement with the Distributor with respect to creations and redemptions of Creation Unit aggregations. Information about the procedures regarding creation and redemption of Creation Units (including the cut-off times for receipt of creation and redemption orders) is included in the Funds' SAI.

Continuous Offering

The method by which Creation Units of shares are created and traded may raise certain issues under applicable securities laws. Because new Creation Units of shares are issued and sold by the Funds on an ongoing basis, a "distribution," as such term is used in the Securities Act, may occur at any point. Broker-dealers and other persons are cautioned that some activities on their part may, depending on the

Baillie Gifford ETF Trust – Prospectus

circumstances, result in their being deemed participants in a distribution in a manner which could render them statutory underwriters and subject them to the prospectus delivery requirement and liability provisions of the Securities Act.

For example, a broker-dealer firm or its client may be deemed a statutory underwriter if it takes Creation Units after placing an order with the Distributor, breaks them down into constituent shares and sells the shares directly to customers or if it chooses to couple the creation of a supply of new shares with an active selling effort involving solicitation of secondary market demand for shares. A determination of whether one is an underwriter for purposes of the Securities Act must take into account all the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete description of all the activities that could lead to a characterization as an underwriter.

Broker-dealer firms should also note that dealers who are not "underwriters" but are participating in a distribution (as contrasted with engaging in ordinary secondary market transactions), and thus dealing with the shares that are part of an "unsold allotment" within the meaning of Section 4(a)(3)(C) of the Securities Act, will be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the Securities Act. This is because the prospectus delivery exemption in Section 4(a)(3) of the Securities Act is not available in respect of such transactions as a result of Section 24(d) of the 1940 Act. For delivery of prospectuses to exchange members, the prospectus delivery mechanism of Rule 153 under the Securities Act is only available with respect to transactions on a national exchange.

Book Entry

Shares are held in book entry form, which means that no stock certificates are issued. DTC or its nominee is the record owner of all outstanding shares of the Funds and is recognized as the owner of all shares for all purposes.

Investors owning shares are beneficial owners as shown on the records of DTC or its participants. DTC serves as the securities depository for all shares. Participants in DTC include securities brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial relationship with DTC. As a beneficial owner of shares, you are not entitled to receive physical delivery of stock certificates or to have shares registered in your name, and you are not considered a registered owner of shares. Therefore, to exercise any right as an owner of shares, you must rely upon the procedures of DTC and its participants.

These procedures are the same as those that apply to any other securities that you hold in book entry or "street name" form. Your account information will be maintained by your financial intermediary, which will provide you with account statements, confirmations of your purchases and sales of shares, and tax information. Your financial intermediary also will be responsible for distributing income dividends and capital gain distributions and for ensuring that you receive shareholder reports and other communications from a Fund.

Revenue Share Arrangements with Seed Investors

The Manager may seek to incentivize early investment in a Fund through revenue share arrangements with seed investors who invest in the Fund at certain levels. These seed investors may invest in the Fund at or near the establishment of the Fund, which may facilitate the Fund achieving a specified size or scale. Any such revenue share payments are to be made out of the Manager's profits and not out of the Fund's assets. Such payments may continue for a specified period of time and/or until a specified dollar amount is reached. Seed investors may contribute all or a majority of the assets in a Fund. There is a risk that such seed investors may sell their investments in the Fund, particularly after payments from the Manager have ceased. Such sales could have a negative impact on a Fund, including on its liquidity and the market price of its shares. The Manager may seek to offer seed investor revenue sharing with respect to Baillie Gifford Emerging Markets ETF, Baillie Gifford International Alpha ETF, Baillie Gifford International Concentrated Growth ETF and Baillie Gifford U.S. Equity Growth ETF.

Additional Notices

Shares are not sponsored, endorsed, or promoted by the Exchange. The Exchange makes no representation or warranty, express or implied, to the owners of shares or to any members of the public. The Exchange is not responsible for, nor has it participated in, the determination of the timing of, prices of, or quantities of shares to be issued, nor in the determination or calculation of the equation by which the shares are redeemable. The Exchange has no obligation or liability to owners of shares in connection with the administration, marketing, or trading of the shares. Without limiting any of the foregoing, in no event shall the Exchange have any liability for any lost profits or indirect, punitive, special, or consequential damages even if notified of the possibility thereof.

Fund may change the terms

Each Fund reserves the right to suspend or change the terms of the offering of its shares. Each Fund may stop offering shares completely or may offer shares only on a limited basis, for a period of time or permanently. The Funds may liquidate and terminate at any time without shareholder approval. Any of these actions will be taken in compliance with Rule 6c-11 under the 1940 Act.

Delivery of documents to accounts sharing an address

To reduce expenses, a Fund may send only one copy of the Funds' Prospectus, each annual and semi-annual report, and other important Fund documents to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your financial institution. If you revoke your consent to receive a single copy of documents at a shared address, we will begin sending you individual copies within thirty (30) days of receiving such request.

**S**hare Dividends and Distributions**

Shares are traded throughout the day in the secondary market on the Exchange on an intra-day basis and are created and redeemed in-kind and/or for cash in Creation Units at each day's next calculated NAV. In-kind arrangements are designed to protect ongoing

Baillie Gifford ETF Trust – Prospectus

shareholders from the adverse effects on the Funds' portfolio that could arise from frequent cash redemption transactions.

Ordinarily, dividends from net investment income, if any, are declared and paid at least annually. It is the practice of each Fund to distribute, annually, all net investment income received from investments alongside any net realized capital gains earned through trading activities. The Funds may also pay a special distribution at the end of a calendar year to comply with federal tax requirements.

Distributions in cash may be reinvested automatically in additional whole shares only if the broker through whom you purchased shares makes such option available.

**Tax**

*The following discussion is for general information purposes only. Prospective and actual shareholders should consult their own tax advisors with respect to their particular circumstances and the effect of state, local, or foreign tax laws to which they may be subject.*

*The following discussion provides only limited information about the U.S. federal income tax treatment of shareholders that are not U.S. shareholders, and it does not address the U.S. federal income tax treatment of shareholders that are subject to special tax regimes such as certain financial institutions, insurance companies, dealers in securities or foreign currencies, U.S. shareholders whose functional currency (as defined in Section 985 of the Code) is not the U.S. dollar, persons investing through defined contribution plans and other tax-qualified plans, and persons that hold shares in a Fund as part of a "straddle," "conversion transaction," "hedge," or other integrated investment strategy. All such prospective and actual shareholders are urged to consult their own tax advisors with respect to the U.S. tax treatment of an investment in shares of a Fund.*

*The discussion below as it relates to U.S. federal income tax consequences is based upon the Code and regulations, rulings, and judicial decisions thereunder as of the date hereof. Such authorities may be repealed, revoked, or modified (possibly on a retroactive basis) so as to result in U.S. federal income tax consequences different from those discussed below. No Fund has sought an opinion of legal counsel as to any specific U.S. tax matters.*

U.S. Shareholders

The following discussion addresses certain U.S. federal income tax considerations which may be relevant to investors that:

- are citizens or residents of the United States, or corporations, partnerships, or other entities created

or organized under the laws of the United States or any political subdivision thereof, estates that are subject to United States federal income taxation regardless of the source of their income or trusts if (i) a court within the United States is able to exercise primary supervision over the administration of the trust and one or more U.S. persons have the authority to control all substantial decisions of the trust or (ii) the trust has a valid election in effect under applicable Treasury regulations to be treated as a United States person; and

hold, directly or indirectly, shares of a Fund as a capital asset (each such investor a **"U.S. shareholder"**).

Tax Status

Each Fund is treated as a separate taxable entity for U.S. federal income tax purposes.

Each Fund has elected or, in the case of a new Fund, intends to elect to be treated as a regulated investment company under Subchapter M of the Code and intends each year to qualify and be eligible for treatment as such. In order to qualify and be eligible for treatment as a regulated investment company under Subchapter M of the Code, each Fund must, among other things, derive at least 90% of its gross income each year from certain sources of "qualifying income" and comply with certain asset diversification and distribution requirements.

So long as a Fund qualifies for treatment as a regulated investment company, the Fund itself generally will not be subject to U.S. federal income tax to the extent that it distributes to its shareholders, in a timely manner, dividend, interest and certain other income, its net realized short-term capital gains and its net realized long-term capital gains.

*The remainder of this discussion assumes that each Fund will qualify as a regulated investment company.*

Excise Tax

Each Fund will be subject to a nondeductible 4% excise tax on the undistributed amounts, if it fails to distribute in a calendar year substantially all of its ordinary income for such year and substantially all of its capital gain net income for the one-year period ending October 31 (or for the one-year period ending December 31 if the Fund so elects), plus any retained amount from the prior year. Distributions made in January will generally be deemed to have been paid by such Fund on December 31 of the preceding year, if the distribution was declared and payable to shareholders of record on a date in October, November or December of that preceding year.

Each Fund intends generally to make distributions sufficient to avoid imposition of the 4% excise tax,

Baillie Gifford ETF Trust – Prospectus

although there can be no assurance it will make such distributions.

Personal Holding Company Rules

If a Fund were to be a "personal holding company," it would potentially need to comply with additional requirements with respect to its distributions to shareholders in order to avoid a Fund-level tax under the personal holding company rules.

Distributions

For U.S. federal income tax purposes, distributions of investment income are generally taxable to shareholders subject to tax as ordinary income.

Taxes on distributions of capital gains are determined by how long a Fund owned (or is deemed to have owned) the investments that generated them, rather than how long the shareholder has owned its shares.

Distributions of net capital gains from the sale of investments that a Fund owned (or is deemed to have owned) for more than one year and that are properly reported by a Fund as capital gain dividends will be taxable as long-term capital gains and taxed to individuals at reduced rates relative to ordinary income. Distributions of gains from the sale of investments that a Fund owned (or is deemed to have owned) for one year or less will be taxable as ordinary income. Distributions of investment income reported by a Fund as derived from "qualified dividend income" – as further defined in the SAI – will be taxed in the hands of individuals at the rates applicable to long-term capital gains provided that holding period and other requirements are met at both the shareholder and Fund level.

Distributions are taxable to a shareholder (other than a tax-exempt shareholder or a shareholder investing through a tax-advantaged account) even if they are paid from income or gains earned by a Fund before the shareholder's investment (and thus were included in the price paid by the shareholder for Fund shares). Distributions from a Fund will be taxed as described above whether received in cash or in additional Fund shares.

Notwithstanding the foregoing, each of the Funds may retain (a) investment company taxable income, subject to the distribution requirements applicable for qualification as a regulated investment company under the Code and/or (b) net capital gains and pay a Fund-level tax on any such retained amounts.

Medicare Tax

A 3.8% Medicare contribution tax is imposed on the "net investment income" of certain individuals, trusts and estates to the extent their income exceeds certain threshold amounts. Net investment income generally

includes for this purpose dividends, including any capital gain dividends paid by a Fund, and net gains recognized on the sale, exchange, or other taxable disposition of shares of a Fund.

Sale, Exchange or Other Taxable Disposition

A sale or exchange of shares of a Fund is a taxable event to the selling or exchanging shareholder. An exchange of a Fund's shares for shares of another Baillie Gifford fund will be treated as a sale of the Fund's shares. Any gain resulting from a sale, exchange (including an exchange for shares of another Baillie Gifford fund), or other taxable disposition of shares in a Fund will generally (except in the case of a tax-exempt shareholder or a shareholder investing through a tax-advantaged account) be subject to federal income tax at either short-term or long-term capital gain rates depending on how long the shareholder has owned the shares.

Foreign Currency and Other Derivative Transactions

A Fund's transactions in foreign currencies and certain derivative instruments, including options, futures contracts, forward contracts, swaps and straddles, as well as any of its hedging transactions may be subject to special tax rules and may produce a difference between the Fund's book income and taxable income. The special tax rules to which such transactions are subject may accelerate income or defer losses of a Fund, or otherwise affect the amount, timing or character of distributions to shareholders. A difference between a Fund's book and taxable income may cause a portion of the Fund's income distributions to constitute a return of capital for tax purposes or require the Fund to make distributions exceeding book income to qualify as a regulated investment company and avoid a Fund-level tax.

Debt Transactions

A Fund's investments in certain debt obligations may cause that Fund to recognize taxable income in excess of the cash generated by such obligations. As a result, a Fund could be required at times to liquidate other investments, including when it is not advantageous to do so, in order to satisfy its distribution requirements.

Foreign Taxes

Each Fund may be subject to foreign withholding and other taxes on income, gains and proceeds derived from foreign investments. Such taxes would reduce the yield on a Fund's investments. However, as described immediately below, shareholders may be entitled to claim a credit or deduction with respect to their share of foreign taxes incurred by a Fund.

Baillie Gifford ETF Trust – Prospectus

Foreign Tax Credit or Deduction

If more than 50% of a Fund's assets at taxable year end consist of the securities of foreign corporations, the Fund may elect to permit shareholders who are U.S. citizens or residents or U.S. corporations to claim a foreign tax credit or deduction (but not both) on their U.S. income tax returns for their pro-rata portions of foreign income taxes paid by the Fund. In such case, income of a Fund from non-U.S. sources that is distributed to Fund shareholders would be treated as income from non-U.S. sources. The amount of foreign income taxes paid by a Fund would be treated as foreign taxes paid directly by Fund shareholders and, in addition, this amount would be treated as additional income to Fund shareholders from non-U.S. sources regardless of whether the Fund shareholder would be eligible to claim a foreign tax credit or deduction in respect of those taxes. Shareholders that are not subject to U.S. federal income tax, and those who invest in a Fund through tax-advantaged accounts (including those who invest through tax-advantaged retirement plans), generally will receive no benefit from any tax credit or deduction passed through by the Fund. Investors should consult their tax advisors for further information relating to the foreign tax credit and deduction, which are subject to certain restrictions and limitations (including, with respect to the foreign tax credit, a holding period requirement applied at both the Fund and the shareholder level). Prospective investors should also consult the discussion in the SAI regarding investment by a Fund in securities of certain foreign corporations.

Annual Tax Reports

Where required, the Funds will provide shareholders with federal tax information annually, including information about dividends and distributions paid during the preceding year.

IRS Returns

Shareholders may be required to file an information return with the IRS including, but not limited to, if they recognize certain levels of losses with respect to shares in a Fund (at least $2 million in any single taxable year or $4 million in any combination of taxable years for an individual shareholder or $10 million in any single taxable year or $20 million in any combination of taxable years for a corporate shareholder), or are deemed to have participated in a confidential transaction involving shares in a Fund.

FinCEN Form 114

Shareholders that are U.S. persons and own, directly or indirectly, more than 50% of a Fund could be required to report annually their "financial interest" in the Fund's "foreign financial accounts," if any, on FinCEN Form 114,

Report of Foreign Bank and Financial Accounts. Shareholders are urged to consult a tax advisor regarding the applicability to them of this reporting requirement.

Backup Withholding Tax

A Fund generally is required to apply backup withholding and remit to the U.S. Treasury a percentage of the taxable distributions paid to any individual shareholder who fails to properly furnish the Fund with a correct taxpayer identification number, who has under-reported dividend or interest income, or who fails to certify to the Fund that he or she is not subject to such withholding.

Non-U.S. Persons Tax Treatment

Fund shareholders who are not U.S. citizens or residents or that are foreign corporations, partnerships, trusts or estates may be subject to substantially different tax treatment with respect to distributions from the Funds.

Taxation on Creations and Redemptions of Creation Units

Persons purchasing or redeeming Creation Units should consult their own tax advisors with respect to the tax treatment of any creation or redemption transaction.

Baillie Gifford ETF Trust – Prospectus

**<u>FINANCIAL HIGHLIGHTS</u>**

The Funds are new and have no performance history as of the date of this Prospectus. Subject to approval by the shareholders of the Predecessor Mutual Funds, the Reorganized Funds will each acquire all of the assets, subject to the liabilities, of the Predecessor Mutual Funds, each a series of Baillie Gifford Funds, in the Reorganizations. As a result of the Reorganizations, the financial highlights information provided for the Reorganized Funds are the financial history of the respective Predecessor Mutual Funds. Because Baillie Gifford Emerging Markets ETF and Baillie Gifford International Alpha ETF will not be a part of any Reorganization and have not commenced operations prior to the date of this Prospectus, financial highlights information is not available for the Funds.

The following tables illustrate the financial performance for each share class of the Predecessor Mutual Fund for the fiscal periods shown. Certain information reflects financial results for a single Predecessor Mutual Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Predecessor Mutual Funds' shares assuming reinvestment of all dividends and distributions. This information for the years ended December 31, 2020, December 31, 2021, December 31, 2022, December 31, 2023, and December 31, 2024 has been audited by Cohen & Company, Ltd. the independent registered public accounting firm for the Predecessor Mutual Funds, whose report, along with the Predecessor Mutual Funds' financial statements as of December 31, 2024, is included in the Predecessor Mutual Funds' Form N-CSR filing, which is available without charge upon request. The information for the six months ended June 30, 2025, is unaudited and is included in the Predecessor Mutual Funds' Form N-CSRS filing, which is also available upon request.

Baillie Gifford ETF Trust – Prospectus

**<u>Baillie Gifford International Concentrated Growth Equities Fund</u>**

Selected data for a Class K share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | <br>For the<br>Year Ended<br>December 31,<br>2024 | <br>For the<br>Year Ended<br>December 31,<br>2023 | <br>For the<br>Year Ended<br>December 31,<br>2022 | <br>For the<br>Year Ended<br>December 31,<br>2021 | <br>For the<br>Year Ended<br>December 31,<br>2020 |
| Net asset value, beginning of period | $7.67 | $6.47 | $5.63 | $9.89 | $12.31 | $12.70 |
| **From Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.00<sup>(b)</sup> | 0.00<sup>(b)</sup> | (0.01) | (0.01) | 0.04 | (0.04) |
| Net realized and unrealized gain (loss) on investments and foreign currency | 1.67 | 1.20 | 0.85 | (3.91) | 0.03 | 12.16 |
| Net increase (decrease) in net asset value from investment operations | 1.67 | 1.20 | 0.84 | (3.92) | 0.07 | 12.12 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |  |
| From net investment income |  |  |  | (0.00)<sup>(b)</sup> | (0.03) |  |
| From net realized gain on investments |  |  |  | (0.34) | (2.46) | (12.51) |
| Total dividends and distributions |  |  |  | (0.34) | (2.49) | (12.51) |
| Net asset value, end of period | $9.34 | $7.67 | $6.47 | $5.63 | $9.89 | $12.31 |
| **Total Return** |  |  |  |  |  |  |
| Total return based on net asset value<sup>(c)</sup> | 21.77% | 18.55% | 14.92% | (39.55)% | 0.74% | 97.24% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | $43022 | $34058 | $32839 | $29867 | $56513 | $42357 |
| Ratio of net expenses to average net assets, before waiver | 0.84%\* | 0.90% | 0.89% | 0.91% | 0.79% | 0.79% |
| Ratio of net expenses to average net assets, after waiver | 0.72%\* | 0.72% | 0.72% | 0.72% | 0.72% | 0.72% |
| Ratio of net investment income loss to average net assets | (0.07)%\* | (0.02)% | (0.09)% | (0.10)% | 0.27% | (0.26)% |
| Portfolio turnover rate<sup>(d)</sup> | 7% | 26% | 28% | 65% | 54% | 59% |

---

\* Annualized.

<sup>(a)</sup> Calculated based upon average shares outstanding during the period.

<sup>(b)</sup> Amount is less than $0.005 per share.

<sup>(c)</sup> Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Total return is not annualized for periods less than one year.

<sup>(d)</sup> Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

Baillie Gifford ETF Trust – Prospectus

Selected data for an Institutional Class share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | <br>For the<br>Year Ended<br>December 31,<br>2024 | <br>For the<br>Year Ended<br>December 31,<br>2023 | <br>For the<br>Year Ended<br>December 31,<br>2022 | <br>For the<br>Year Ended<br>December 31,<br>2021 | <br>For the<br>Year Ended<br>December 31,<br>2020 |
| Net asset value, beginning of period | $7.55 | $6.38 | $5.56 | $9.78 | $12.19 | $12.65 |
| **From Investment Operations** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | (0.01) | (0.01) | (0.01) | (0.01) | 0.01 | (0.09) |
| Net realized and unrealized gain (loss) on investments and foreign currency | 1.65 | 1.18 | 0.83 | (3.87) | 0.05 | 12.14 |
| Net increase (decrease) in net asset value from investment operations | 1.64 | 1.17 | 0.82 | (3.88) | 0.06 | 12.05 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |  |
| From net investment income |  |  |  | (0.00)<sup>(b)</sup> | (0.01) |  |
| From net realized gain on investments |  |  |  | (0.34) | (2.46) | (12.51) |
| Total dividends and distributions |  |  |  | (0.34) | (2.47) | (12.51) |
| Net asset value, end of period | $9.19 | $7.55 | $6.38 | $5.56 | $9.78 | $12.19 |
| **Total Return** |  |  |  |  |  |  |
| Total return based on net asset value<sup>(c)</sup> | 21.72% | 18.34% | 14.75% | (39.58)% | 0.69% | 97.09% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | $63234 | $45416 | $42738 | $37633 | $57278 | $18012 |
| Ratio of net expenses to average net assets, before waiver | 0.94%\* | 0.99% | 0.99% | 1.00% | 0.90% | 0.87% |
| Ratio of net expenses to average net assets, after waiver | 0.81%\* | 0.81% | 0.82% | 0.81% | 0.83% | 0.80% |
| Ratio of net investment income loss to average net assets | (0.16)%\* | (0.13)% | (0.22)% | (0.22)% | 0.11% | (0.47)% |
| Portfolio turnover rate<sup>(d)</sup> | 7% | 26% | 28% | 65% | 54% | 59% |

---

\* Annualized.

<sup>(a)</sup> Calculated based upon average shares outstanding during the period.

<sup>(b)</sup> Amount is less than $0.005 per share.

<sup>(c)</sup> Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Total return is not annualized for periods less than one year.

<sup>(d)</sup> Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

Baillie Gifford ETF Trust – Prospectus

**Baillie Gifford Long Term Global Growth Fund**

Selected data for a Class 2 share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | <br>For the<br>Year Ended<br>December 31,<br>2024 | <br>For the<br>Year Ended<br>December 31,<br>2023 | <br>For the<br>Year Ended<br>December 31,<br>2022 | <br>For the<br>Year Ended<br>December 31,<br>2021 | <br>For the<br>Year Ended<br>December 31,<br>2020 |
| Net asset value, beginning of period | $33.22 | $26.57 | $19.45 | $37.47 | $38.45 | $20.68 |
| **From Investment Operations** |  |  |  |  |  |  |
| Net investment (loss)<sup>(a)</sup> | (0.05) | (0.11) | (0.07) | (0.08) | (0.25) | (0.17) |
| Net realized and unrealized gain (loss) on investments and foreign currency | 4.79 | 6.76 | 7.19 | (17.19) | 1.20 | 21.17 |
| Net increase (decrease) in net asset value from investment operations | 4.74 | 6.65 | 7.12 | (17.27) | 0.95 | 21.00 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |  |
| From net realized gain on investments |  |  |  | (0.75) | (1.93) | (3.23) |
| Total dividends and distributions |  |  |  | (0.75) | (1.93) | (3.23) |
| Net asset value, end of period | $37.96 | $33.22 | $26.57 | $19.45 | $37.47 | $38.45 |
| **Total Return** |  |  |  |  |  |  |
| Total return based on net asset value<sup>(b)</sup> | 14.26% | 25.01% | 36.60% | (46.04)% | 2.50% | 101.77% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | $131239 | $115559 | $81054 | $60624 | $121252 | $131695 |
| Ratio of net expenses to average net assets | 0.69%\* | 0.70% | 0.71% | 0.73% | 0.70% | 0.71% |
| Ratio of net investment loss to average net assets | (0.30)%\* | (0.38)% | (0.29)% | (0.33)% | (0.60)% | (0.58)% |
| Portfolio turnover rate<sup>(c)</sup> | 15% | 27% | 17% | 28% | 16% | 40% |

---

\* Annualized.

<sup>(a)</sup> Calculated based upon average shares outstanding during the period.

<sup>(b)</sup> Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Total return is not annualized for periods less than one year.

<sup>(c)</sup> Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

Baillie Gifford ETF Trust – Prospectus

Selected data for a Class K share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | <br>For the<br>Year Ended<br>December 31,<br>2024 | <br>For the<br>Year Ended<br>December 31,<br>2023 | <br>For the<br>Year Ended<br>December 31,<br>2022 | <br>For the<br>Year Ended<br>December 31,<br>2021 | <br>For the<br>Year Ended<br>December 31,<br>2020 |
| Net asset value, beginning of period | $33.24 | $26.59 | $19.46 | $37.48 | $38.47 | $20.69 |
| **From Investment Operations** |  |  |  |  |  |  |
| Net investment (loss)<sup>(a)</sup> | (0.05) | (0.12) | (0.07) | (0.08) | (0.25) | (0.17) |
| Net realized and unrealized gain (loss) on investments and foreign currency | 4.79 | 6.77 | 7.20 | (17.19) | 1.19 | 21.18 |
| Net increase (decrease) in net asset value from investment operations | 4.74 | 6.65 | 7.13 | (17.27) | 0.94 | 21.01 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |  |
| From net realized gain on investments |  |  |  | (0.75) | (1.93) | (3.23) |
| Total dividends and distributions |  |  |  | (0.75) | (1.93) | (3.23) |
| Net asset value, end of period | $37.98 | $33.24 | $26.59 | $19.46 | $37.48 | $38.47 |
| **Total Return** |  |  |  |  |  |  |
| Total return based on net asset value<sup>(b)</sup> | 14.26% | 24.97% | 36.64% | (46.04)% | 2.48% | 101.76% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | $449976 | $524413 | $320106 | $240856 | $432975 | $221188 |
| Ratio of net expenses to average net assets | 0.69%\* | 0.70% | 0.71% | 0.73% | 0.70% | 0.71% |
| Ratio of net investment loss to average net assets | (0.32)%\* | (0.38)% | (0.29)% | (0.34)% | (0.61)% | (0.57)% |
| Portfolio turnover rate<sup>(c)</sup> | 15% | 27% | 17% | 28% | 16% | 40% |

---

\* Annualized.

<sup>(a)</sup> Calculated based upon average shares outstanding during the period.

<sup>(b)</sup> Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Total return is not annualized for periods less than one year.

<sup>(c)</sup> Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

Baillie Gifford ETF Trust – Prospectus

Selected data for an Institutional Class share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | <br>For the<br>Year Ended<br>December 31,<br>2024 | <br>For the<br>Year Ended<br>December 31,<br>2023 | <br>For the<br>Year Ended<br>December 31,<br>2022 | <br>For the<br>Year Ended<br>December 31,<br>2021 | <br>For the<br>Year Ended<br>December 31,<br>2020 |
| Net asset value, beginning of period | $33.03 | $26.44 | $19.38 | $37.36 | $38.38 | $20.66 |
| **From Investment Operations** |  |  |  |  |  |  |
| Net investment (loss)<sup>(a)</sup> | (0.07) | (0.14) | (0.09) | (0.10) | (0.29) | (0.22) |
| Net realized and unrealized gain (loss) on investments and foreign currency | 4.76 | 6.73 | 7.15 | (17.13) | 1.20 | 21.17 |
| Net increase (decrease) in net asset value from investment operations | 4.69 | 6.59 | 7.06 | (17.23) | 0.91 | 20.95 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |  |
| From net realized gain on investments |  |  |  | (0.75) | (1.93) | (3.23) |
| Total dividends and distributions |  |  |  | (0.75) | (1.93) | (3.23) |
| Net asset value, end of period | $37.72 | $33.03 | $26.44 | $19.38 | $37.36 | $38.38 |
| **Total Return** |  |  |  |  |  |  |
| Total return based on net asset value<sup>(b)</sup> | 14.20% | 24.92% | 36.43% | (46.08)% | 2.40% | 101.61% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | $415460 | $330093 | $250427 | $176109 | $525321 | $350860 |
| Ratio of net expenses to average net assets | 0.78%\* | 0.80% | 0.81% | 0.84% | 0.80% | 0.79% |
| Ratio of net investment loss to average net assets | (0.39)%\* | (0.48)% | (0.39)% | (0.42)% | (0.71)% | (0.68)% |
| Portfolio turnover rate<sup>(c)</sup> | 15% | 27% | 17% | 28% | 16% | 40% |

---

\* Annualized.

<sup>(a)</sup> Calculated based upon average shares outstanding during the period.

<sup>(b)</sup> Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Total return is not annualized for periods less than one year.

<sup>(c)</sup> Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

Baillie Gifford ETF Trust – Prospectus

**<u>Baillie Gifford U.S. Equity Growth Fund</u>**

Selected data for a Class K share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | <br>For the<br>Year Ended<br>December 31,<br>2024 | <br>For the<br>Year Ended<br>December 31,<br>2023 | <br>For the<br>Year Ended<br>December 31,<br>2022 | <br>For the<br>Year Ended<br>December 31,<br>2021 | <br>For the<br>Year Ended<br>December 31,<br>2020 |
| Net asset value, beginning of period | $26.60 | $20.37 | $13.95 | $34.63 | $39.85 | $18.25 |
| **From Investment Operations** |  |  |  |  |  |  |
| Net investment (loss)<sup>(a)</sup> | (0.07) | (0.11) | (0.09) | (0.10) | (0.25) | (0.16) |
| Net realized and unrealized gain (loss) on investments and foreign currency | 3.51 | 6.34 | 6.51 | (19.21) | (1.40) | 23.07 |
| Net increase (decrease) in net asset value from investment operations | 3.44 | 6.23 | 6.42 | (19.31) | (1.65) | 22.91 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |  |
| From net realized gain on investments |  |  |  | (1.37) | (3.57) | (1.31) |
| Total dividends and distributions |  |  |  | (1.37) | (3.57) | (1.31) |
| Net asset value, end of period | $30.04 | $26.60 | $20.37 | $13.95 | $34.63 | $39.85 |
| **Total Return** |  |  |  |  |  |  |
| Total return based on net asset value<sup>(b)</sup> | 12.93% | 30.59% | 46.02% | (55.58)% | (4.17)% | 125.57% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | $8725 | $8615 | $21710 | $16273 | $38673 | $58076 |
| Ratio of net expenses to average net assets, before waiver | 1.53%\* | 1.25% | 1.00% | 0.97% | 0.68% | 0.97% |
| Ratio of net expenses to average net assets, after waiver | 0.65%\* | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| Ratio of net investment loss to average net assets | (0.51)%\* | (0.51)% | (0.50)% | (0.53)% | (0.58)% | (0.55)% |
| Portfolio turnover rate<sup>(c)</sup> | 7% | 19% | 22% | 14% | 70% | 33% |

---

\* Annualized.

<sup>(a)</sup> Calculated based upon average shares outstanding during the period.

<sup>(b)</sup> Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Total return is not annualized for periods less than one year.

<sup>(c)</sup> Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

Baillie Gifford ETF Trust – Prospectus

Selected data for an Institutional Class share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | <br>For the<br>Year Ended<br>December 31,<br>2024 | <br>For the<br>Year Ended<br>December 31,<br>2023 | <br>For the<br>Year Ended<br>December 31,<br>2022 | <br>For the<br>Year Ended<br>December 31,<br>2021 | <br>For the<br>Year Ended<br>December 31,<br>2020 |
| Net asset value, beginning of period | $26.44 | $20.27 | $13.90 | $34.53 | $39.78 | $18.23 |
| **From Investment Operations** |  |  |  |  |  |  |
| Net investment (loss)<sup>(a)</sup> | (0.08) | (0.14) | (0.10) | (0.13) | (0.29) | (0.20) |
| Net realized and unrealized gain (loss) on investments and foreign currency | 3.48 | 6.31 | 6.47 | (19.13) | (1.39) | 23.06 |
| Net increase (decrease) in net asset value from investment operations | 3.40 | 6.17 | 6.37 | (19.26) | (1.68) | 22.86 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |  |
| From net realized gain on investments |  |  |  | (1.37) | (3.57) | (1.31) |
| Total dividends and distributions |  |  |  | (1.37) | (3.57) | (1.31) |
| Net asset value, end of period | $29.84 | $26.44 | $20.27 | $13.90 | $34.53 | $39.78 |
| **Total Return** |  |  |  |  |  |  |
| Total return based on net asset value<sup>(b)</sup> | 12.86% | 30.44% | 45.93% | (55.63)% | (4.25)% | 125.43% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | $11990 | $13895 | $23799 | $18714 | $58804 | $42732 |
| Ratio of net expenses to average net assets, before waiver | 1.65%\* | 1.34% | 1.10% | 1.08% | 0.77% | 1.06% |
| Ratio of net expenses to average net assets, after waiver | 0.78%\* | 0.75% | 0.75% | 0.76% | 0.75% | 0.74% |
| Ratio of net investment loss to average net assets | (0.64)%\* | (0.61)% | (0.59)% | (0.64)% | (0.68)% | (0.65)% |
| Portfolio turnover rate<sup>(c)</sup> | 7% | 19% | 22% | 14% | 70% | 33% |

---

\* Annualized.

<sup>(a)</sup> Calculated based upon average shares outstanding during the period.

<sup>(b)</sup> Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Total return is not annualized for periods less than one year.

<sup>(c)</sup> Portfolio turnover rate calculated at Fund level. Portfolio turnover is not annualized for periods less than one year.

Baillie Gifford ETF Trust – Prospectus

**<u>ADDITIONAL PERFORMANCE INFORMATION</u>**

As noted in the Fund Summaries above, this section contains additional information regarding the comparative indices of the Funds. The Average Annual Total Returns Table in each Fund Summary will compare the relevant Fund's returns with those of a broad-based market index. The sub-section below titled "*Index Descriptions*" describes the market indices that are used in each Fund Summary and referenced in the Principal Investment Strategies of certain Funds.

Unless otherwise noted, index returns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, taxes (including withholding taxes), brokerage commissions or other expenses of investing. It is not possible to invest directly in an index.

Index Descriptions

The **MSCI ACWI Index** captures large and mid-cap representation across 23 Developed Markets and 24 Emerging Markets countries. With 2,511 constituents, the index covers approximately 85% of the global investable equity opportunity set.

The **MSCI ACWI ex USA Index** captures large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. With 1,966 constituents, the index covers approximately 85% of the global equity opportunity set outside the U.S.

The **Russell 1000**® **Growth Index** measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with relatively higher price-to-book ratios, higher Institutional Brokers' Estimate System forecast medium term (2 year) growth and higher sales per share historical growth (5 years). The Russell 1000® Growth Index is constructed to provide a comprehensive and unbiased barometer for the large-cap growth segment. The index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics.

The **S&P 500 Index** includes 500 leading companies and covers approximately 80% of available market capitalization.

For the purposes of the index descriptions above, "**Developed Markets**" countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US. "**Emerging Markets**" countries include: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece,

Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

Index Disclaimers

The **S&P 500 Index** is a product of S&P Dow Jones Indices LLC or its affiliates ("**SPDJI**"), and has been licensed for use by Baillie Gifford & Co. S&P® and S&P 500® are trademarks of S&P Global, Inc. or its affiliates ("**S&P**"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("**Dow Jones**"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Baillie Gifford & Co. Baillie Gifford & Co product(s) are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.

**MSCI** makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This Prospectus is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

The **Russell 1000 Growth Index**. The source of the index data is London Stock Exchange Group plc and its group undertakings (collectively, the "**LSE Group**").<sup>©</sup> LSE Group 2020. FTSE Russell is a trading name of certain of the LSE Group companies. "**Russell<sup>®</sup>**" is a trademark(s) of the relevant LSE Group companies and is used by any other LSE Group company under license. "TMX<sup>®</sup>" is a trademark of TSX, Inc. and used by the LSE Group under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this Prospectus. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this Prospectus.

Baillie Gifford ETF Trust – Prospectus

**<u>HISTORICAL PERFORMANCE INFORMATION FOR SIMILAR ACCOUNTS</u>**

The Funds are new, and therefore have no performance history. As a result, certain Funds (i.e., those not subject to a possible Reorganization) have no performance history that is permitted to be shown in the "*Fund Summaries*" section of this Prospectus. For each such Fund, historical performance information for **Similar Accounts**, which are each managed by the Manager and its affiliates, that have substantially similar investment objectives, policies, strategies, risks and investment restrictions as the respective Fund, is provided. These Similar Accounts include all accounts with substantially similar investment objectives, policies, strategies, risks and investment restrictions as the respective Fund.

The performance of the Similar Accounts may differ, sometimes significantly, from the performance of the Funds for a variety of reasons, including as a result of the timing of investments and redemptions and divergences in underlying investments resulting from various regulatory restrictions specific to ETFs or mutual funds as well as other differences relating to jurisdiction and/or product design. In addition, the effect of taxes on any investor will depend on such person's tax status, and the results have not been reduced to reflect any income tax that may have been payable.

The Similar Accounts are separate and distinct from the Funds, and the results presented below may not necessarily equate with the return experiences by any particular investor. The performance of the Similar Accounts is not intended as a substitute for the Funds' performance and should not be considered a prediction of the future performance of the Funds or the Manager.

The returns of certain Similar Accounts have been converted to U.S. dollars. The Similar Accounts are managed in U.S. dollars, Canadian dollars, and Euros. For Similar Accounts managed in Canadian dollars or Euros, the returns of the Similar Accounts would have been different if they had not been converted to U.S. dollars. All returns presented were calculated on a total return basis and include all dividends and interest, accrued income and realized and unrealized gains and losses. The performance for certain Similar Accounts has been calculated in a manner that complies with local performance reporting requirements, which may differ from the standardized SEC method. All returns reflect the deduction of brokerage commissions and execution costs paid by the Similar Accounts, without provision for federal or state income taxes. "Net of fees" figures are net of all actual fees and reflect the deduction of investment advisory fees and for the Similar Accounts,

reflect the deduction of all account-level fees, which for certain accounts include custodial fees.

Securities transactions are accounted for on the trade date and accrual accounting is utilized. Cash and equivalents are included in performance returns. Similar Accounts may be subject to lower expenses than a Fund and may not be subject to the same diversification requirements, specific tax restrictions and investment limitations imposed on the Fund by the 1940 Act or Subchapter M of the Code. Consequently, the performance results for a Similar Account may have been less favorable had it been subject to the same expenses as a Fund or had it been regulated as an investment company under the federal securities laws.

**<u>Similar Account Performance for Baillie Gifford Emerging Markets ETF:</u>**

*Annualized returns for periods ended December 31:*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Period** | &nbsp;&nbsp; **Baillie Gifford<br> Emerging<br> Markets All<br> Cap<br> Composite<br> (net of fees)<br> (USD)** | &nbsp;&nbsp; **MSCI<br> Emerging<br> Markets<br> Index (USD)\*** |
| &nbsp;&nbsp; Since Inception (September 30, 1994) | &nbsp;&nbsp; 7.6% | &nbsp;&nbsp; 4.8% |
| &nbsp;&nbsp; 10 Years | &nbsp;&nbsp; 5.1% | &nbsp;&nbsp; 4.0% |
| &nbsp;&nbsp; 5 Years | &nbsp;&nbsp; 1.0% | &nbsp;&nbsp; 2.1% |
| &nbsp;&nbsp; 3 Years | &nbsp;&nbsp; -4.0% | &nbsp;&nbsp; -1.5% |
| &nbsp;&nbsp; 1 Year | &nbsp;&nbsp; 6.1% | &nbsp;&nbsp; 8.1% |

---

 *\** *The following information about the MSCI Emerging Markets Index is current as of October 31, 2025:* 

The **MSCI Emerging Markets Index** captures large and mid cap representation across 24 Emerging Markets countries. With 1,190 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Year** | &nbsp;&nbsp; **Baillie Gifford<br> Emerging<br> Markets All<br> Cap<br> Composite<br> (net of fees)<br> (USD)** | &nbsp;&nbsp; **MSCI<br> Emerging<br> Markets<br> Index<br> (USD)\*** |
| &nbsp;&nbsp; 2025<sup>\*\*</sup> | &nbsp;&nbsp; 37.5% | &nbsp;&nbsp; 33.6% |
| &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 6.1% | &nbsp;&nbsp; 8.1% |
| &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 14.2% | &nbsp;&nbsp; 10.3% |
| &nbsp;&nbsp; 2022 | &nbsp;&nbsp; -27.1% | &nbsp;&nbsp; -19.7% |
| &nbsp;&nbsp; 2021 | &nbsp;&nbsp; -8.5% | &nbsp;&nbsp; -2.2% |
| &nbsp;&nbsp; 2020 | &nbsp;&nbsp; 29.9% | &nbsp;&nbsp; 18.7% |
| &nbsp;&nbsp; 2019 | &nbsp;&nbsp; 27.9% | &nbsp;&nbsp; 18.9% |
| &nbsp;&nbsp; 2018 | &nbsp;&nbsp; -15.1% | &nbsp;&nbsp; -14.2% |

---

Baillie Gifford ETF Trust – Prospectus

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Year** | &nbsp;&nbsp; **Baillie Gifford<br> Emerging<br> Markets All<br> Cap<br> Composite<br> (net of fees)<br> (USD)** | &nbsp;&nbsp; **MSCI<br> Emerging<br> Markets<br> Index<br> (USD)\*** |
| &nbsp;&nbsp; 2017 | &nbsp;&nbsp; 53.2% | &nbsp;&nbsp; 37.8% |
| &nbsp;&nbsp; 2016 | &nbsp;&nbsp; 2.7% | &nbsp;&nbsp; 11.6% |

---

 *\*\** *YTD 12/31/2024 to 10/31/2025*

 *\** *See MSCI Emerging Markets Index description under the table above.*

 

**<u>Similar Account Performance for Baillie Gifford International Alpha ETF:</u>**

*Annualized returns for periods ended December 31:*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Period** | &nbsp;&nbsp; **Baillie Gifford<br> International<br> Alpha<br> Composite<br> (net of fees)<br> (USD)** | &nbsp;&nbsp; **MSCI ACWI<br> ex USA Index<br> (USD)\*** |
| &nbsp;&nbsp; Since Inception (June 30, 2002) | &nbsp;&nbsp; 7.8% | &nbsp;&nbsp; 6.7% |
| &nbsp;&nbsp; 10 Years | &nbsp;&nbsp; 5.6% | &nbsp;&nbsp; 5.3% |
| &nbsp;&nbsp; 5 Years | &nbsp;&nbsp; 2.4% | &nbsp;&nbsp; 4.6% |
| &nbsp;&nbsp; 3 Years | &nbsp;&nbsp; -3.8% | &nbsp;&nbsp; 1.3% |
| &nbsp;&nbsp; 1 Year | &nbsp;&nbsp; 5.3% | &nbsp;&nbsp; 6.1% |

---

 *\** *The following information about the MSCI ACWI ex USA Index is current as of December 31, 2025:* 

The **MSCI ACWI ex USA Index** captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 24 Emerging Markets (EM) countries\*. With 1,973 constituents, the index covers approximately 85% of the global equity opportunity set outside the US

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Year** | &nbsp;&nbsp; **Baillie Gifford<br> International<br> Alpha<br> Composite<br> (net of fees)<br> (USD)** | &nbsp;&nbsp; **MSCI ACWI<br> ex USA<br> Index<br> (USD)\*\*** |
| &nbsp;&nbsp; 2025<sup>\*</sup> | &nbsp;&nbsp; 18.6% | &nbsp;&nbsp; 29.2% |
| &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 5.3% | &nbsp;&nbsp; 6.1% |
| &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 19.0% | &nbsp;&nbsp; 16.2% |
| &nbsp;&nbsp; 2022 | &nbsp;&nbsp; -28.9% | &nbsp;&nbsp; -15.6% |
| &nbsp;&nbsp; 2021 | &nbsp;&nbsp; -0.5% | &nbsp;&nbsp; 8.3% |
| &nbsp;&nbsp; 2020 | &nbsp;&nbsp; 26.7% | &nbsp;&nbsp; 11.1% |
| &nbsp;&nbsp; 2019 | &nbsp;&nbsp; 32.8% | &nbsp;&nbsp; 22.1% |
| &nbsp;&nbsp; 2018 | &nbsp;&nbsp; -16.9% | &nbsp;&nbsp; -13.8% |
| &nbsp;&nbsp; 2017 | &nbsp;&nbsp; 34.9% | &nbsp;&nbsp; 27.8% |
| &nbsp;&nbsp; 2016 | &nbsp;&nbsp; 5.2% | &nbsp;&nbsp; 5.0% |

---

 *\** *YTD 12/31/2024 to 10/31/2025*

 *\** *See MSCI ACWI ex USA Index description under the table above.*

Baillie Gifford ETF Trust – Prospectus

**<u>CONTACTS AND FURTHER INFORMATION</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Fund | &nbsp;&nbsp;The SAI contains more detailed information about each Fund. The SAI is incorporated by reference into this Prospectus, which means that it is legally considered to be part of this Prospectus. |
| &nbsp;&nbsp;Investments | &nbsp;&nbsp; Additional information about each Fund's investments can be found, when available:<br>- On the Manager's website at www.bailliegifford.com/ETFs. <br>- In the SAI. The Trust's policies on disclosing the Funds' portfolio holdings are described in the SAI.<br>Each Predecessor Mutual Fund's annual and semi-annual reports and Form N-CSR contain additional information about such Predecessor Mutual Fund's investments. In each Predecessor Mutual Fund's Annual Report, you will find a discussion of the market conditions and investment strategies that significantly affected such Predecessor Mutual Fund's performance during the last fiscal year. In Form N-CSR, you will find each Predecessor Mutual Fund's annual and semi-annual financial statements. |
| &nbsp;&nbsp;Copies of Reports | &nbsp;&nbsp; The Prospectus, the SAI, the most recent annual and semi-annual reports to shareholders of each Fund and Predecessor Mutual Fund, and other information such as Fund or Predecessor Mutual Fund financial statements, may be obtained, free of charge, by contacting the Trust using the contacts below and:<br>- On the Trust's website, at www.bailliegifford.com/ETFs. <br>Reports and other information about the Funds are available:<br>- On the EDGAR database on the SEC's Internet site at http://www.sec.gov. This website includes reports and other information about the Funds. Copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov. |
| &nbsp;&nbsp; Books and Records | &nbsp;&nbsp; The books and records of the Funds are maintained at the offices of the Manager at Calton Square, 1 Greenside Row, Edinburgh, EH1 3AN, and at the offices of the Transfer Agent and Custodian at 240 Greenwich Street, New York, NY 10286. |
| &nbsp;&nbsp;Other Shareholder Queries | &nbsp;&nbsp;Shareholders may request other information about the Funds and may direct inquiries to the Trust c/o Baillie Gifford Overseas Limited, or the Transfer Agent using the contacts below. |

---

**Contact the Trust**

---

| | |
|:---|:---|
| Online | www.bailliegifford.com/ETFs |
| Email | northamericanvehiclesteam@bailliegifford.com |
| Mail | c/o Baillie Gifford Overseas Limited, One Greenside Row, Calton Square, Edinburgh EH1 3AN |
| Toll-Free Telephone | 1-844-394-6127 |

---

**C** **ontact the Transfer Agent**

<u> Inquiry Emails </u> <u> BNYMETFOrderDesk@bny.com </u> <br> <u> Mail </u> <u> Bank of New York Mellon, 240 Greenwich Street, New York, NY, 10286 </u> <br> <u> Toll-Free Telephone </u> <u> 1-844-545-1258 </u>

Investment Company Act File No. 811-24127

SUBJECT TO COMPLETION – PRELIMINARY STATEMENT OF ADDITIONAL INFORMATION DATED JANUARY 22, 2026

THE INFORMATION IN THIS STATEMENT OF ADDITIONAL INFORMATION IS NOT COMPLETE AND MAY BE CHANGED. WE MAY NOT SELL THESE SECURITIES UNTIL THE REGISTRATION STATEMENT FILED WITH THE SECURITIES AND EXCHANGE COMMISSION IS EFFECTIVE. THIS STATEMENT OF ADDITIONAL INFORMATION IS NOT AN OFFER TO SELL THESE SECURITIES AND IS NOT SOLICITING AN OFFER TO BUY THESE SECURITIES IN ANY STATE WHERE THE OFFER OR SALE IS NOT PERMITTED.

![](tm2525881d3_sai01img001.jpg)

**Baillie Gifford ETF Trust**

Statement of Additional Information

[DATE]

This Statement of Additional Information ("**SAI**") relates to the following funds of Baillie Gifford ETF Trust (the "**Trust**"):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Exchange<br> Ticker Symbol** | **Principal U.S. Trading Market** |
| &nbsp;&nbsp; **Baillie Gifford Emerging Markets ETF** | &nbsp;&nbsp; BGEG | The Nasdaq Stock Market LLC |
| &nbsp;&nbsp; **Baillie Gifford International Alpha ETF** | &nbsp;&nbsp; BGIA | The Nasdaq Stock Market LLC |
| &nbsp;&nbsp; **Baillie Gifford International Concentrated Growth ETF** | &nbsp;&nbsp; BGCG | The Nasdaq Stock Market LLC |
| &nbsp;&nbsp; **Baillie Gifford Long Term Global Growth ETF** | &nbsp;&nbsp; BGGG | The Nasdaq Stock Market LLC |
| &nbsp;&nbsp; **Baillie Gifford U.S. Equity Growth ETF** | &nbsp;&nbsp; BGUS | The Nasdaq Stock Market LLC |

---

This SAI is not a prospectus. This SAI provides additional information in relation to the prospectuses for the funds listed above (each a "**Fund**" and together the "**Funds**") dated [ ], each as revised or supplemented from time to time (together, the "**Prospectus**"), and should be read in conjunction therewith.

Each Fund is a series of Baillie Gifford ETF Trust (the **"Trust"**). Each Fund is newly organized. Baillie Gifford International Concentrated Growth ETF, Baillie Gifford Long Term Global Growth ETF, and Baillie Gifford U.S. Equity Growth ETF (each, a "**Reorganized Fund**") have been organized, and are being registered, in order to serve as the surviving funds in "shell reorganizations" with series of another registered investment company (the "**Reorganizations**"), subject to approval by the shareholders of Baillie Gifford International Concentrated Growth Equities Fund, Baillie Gifford Long Term Global Growth Fund, and Baillie Gifford U.S. Equity Growth Fund (each, a "**Predecessor Mutual Fund**"), respectively. With the exception of shares to be issued in connection with the Reorganizations (which the Reorganized Funds intend to register under a separate registration statement on Form N-14), the Funds do not expect to make a public offering of their shares until the Reorganizations have been completed or, in the event required approvals are not obtained, efforts to effect the Reorganizations have been discontinued.

The Prospectus, this SAI, the most recent annual and semi-annual reports to shareholders of each Fund, and other information such as Fund financial statements, as they become available, may be obtained, free of charge, by contacting the Trust using the details below. The audited financial statements of the Predecessor Mutual Funds within the Baillie Gifford Funds' report to shareholders for the fiscal period ended December 31, 2024, the notes thereto, and the report of Baillie Gifford Funds' independent registered public accounting firm thereon are incorporated herein by reference to the Baillie Gifford Funds' [annual report to shareholders, which was filed with the SEC on Form N-CSR on March 4, 2025 (Accession Number: 0001104659-25-020192)](https://www.sec.gov/ix?doc=/Archives/edgar/data/1120543/000110465925020192/tm251686d1_ncsr.htm). The unaudited financial statements of the Predecessor Mutual Funds within the Baillie Gifford Funds' report to shareholders for the six months ended June 30, 2025, and the notes thereto are incorporated herein by reference to the Baillie Gifford Funds' [semi-annual report to shareholders, which was filed with the SEC on Form N-CSRS on September 3, 2025 (Accession Number: 0001104659-25-086815)](https://www.sec.gov/ix?doc=/Archives/edgar/data/1120543/000110465925086815/tm2510131d1_ncsrs.htm).

---

| | |
|:---|:---|
| &nbsp;&nbsp; Online | &nbsp;&nbsp; www.bailliegifford.com/ETFs |
| &nbsp;&nbsp; Email | &nbsp;&nbsp; northamericanvehiclesteam@bailliegifford.com |
| &nbsp;&nbsp; Mail | &nbsp;&nbsp; c/o Baillie Gifford Overseas Ltd., Calton Square, 1 Greenside Row, Edinburgh, United Kingdom EH1 3AN |
| &nbsp;&nbsp; Toll-Free Telephone | &nbsp;&nbsp; 1-844-394-6127 |

---

**<u>**Table of Contents**</u>**

---

| | |
|:---|:---|
| **[Background on the Trust and the Funds](#sai1p1)** | **[1](#sai1p1)** |
| **[Fund Investments](#sai1p2)** | **[3](#sai1p2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Non-Fundamental Investment Policies](#sai1p3) | [3](#sai1p3) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Fundamental Investment Policies](#sai1p4) | [3](#sai1p4) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Temporary Defensive Positions](#sai1p5) | [4](#sai1p5) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Other Investment Companies](#sai1p6) | [4](#sai1p6) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Diversification](#sai1p7) | [4](#sai1p7) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Risks](#sai1p8) | [4](#sai1p8) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Disclosure of Fund Investments](#sai1p9) | [15](#sai1p9) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investment Glossary](#sai1p10) | [16](#sai1p10) |
| **[Purchase, Sale, and Pricing of Shares](#sai1p11)** | **[20](#sai1p11)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[How to Buy & Sell Shares](#sai1p12) | [20](#sai1p12) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Determination of Net Asset Value](#sai1p13) | [20](#sai1p13) |
| **[Board Members and Trust Officers](#sai1p14)** | **[22](#sai1p14)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Trustee Responsibilities and Powers](#sai1p15) | [22](#sai1p15) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Trustee Appointments](#sai1p16) | [22](#sai1p16) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Trustee Nominations by Shareholders](#sai1p17) | [22](#sai1p17) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Trustee Meetings](#sai1p18) | [26](#sai1p18) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Committees](#sai1p19) | [26](#sai1p19) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Trustee Compensation](#sai1p20) | [26](#sai1p20) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Trust Officers](#sai1p21) | [27](#sai1p21) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Trust Officer Compensation](#sai1p22) | [28](#sai1p22) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Board Member and Trust Officer Liability](#sai1p23) | [28](#sai1p23) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investment in the Funds by Trust, Manager and Distributor Personnel](#sai1p24) | [28](#sai1p24) |
| **[Manager](#sai1p25)** | **[28](#sai1p25)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Oversight by the Board](#sai1p26) | [28](#sai1p26) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Management Services](#sai1p27) | [28](#sai1p27) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investment Decisions by Portfolio Managers](#sai2_001) | [30](#sai2_001) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Proxy Voting](#sai2_002) | [33](#sai2_002) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investment Process](#sai2_003) | [34](#sai2_003) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Payments to Financial Intermediaries](#sai2_004) | [46](#sai2_004) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Other Services](#sai2_005) | [46](#sai2_005) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Compensation](#sai2_006) | [46](#sai2_006) |
| **[Other Key Service Providers](#sai2_007)** | **[48](#sai2_007)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Administrator – BNY](#sai2_008) | [48](#sai2_008) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Custodian – BNY](#sai2_009) | [48](#sai2_009) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Transfer Agent – BNY](#sai2_010) | [48](#sai2_010) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Independent Registered Public Accounting Firm – Cohen & Company, Ltd.](#sai2_011) | [48](#sai2_011) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Underwriter – BGFS](#sai2_012) | [48](#sai2_012) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Trust Legal Counsel – Ropes & Gray LLP](#sai2_013) | [48](#sai2_013) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Independent Trustee Legal Counsel – Vedder Price P.C.](#sai2_014) | [48](#sai2_014) |
| **[Shareholders](#sai2_017)** | **[49](#sai2_017)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Principal Holders of Securities](#sai2_018) | [49](#sai2_018) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Control Persons](#sai2_019) | [49](#sai2_019) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Management Ownership](#sai2_020) | [49](#sai2_020) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Shareholder Rights](#sai2_021) | [49](#sai2_021) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Distributions](#sai2_022) | [50](#sai2_022) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Tax](#sai2_023) | [51](#sai2_023) |
| **[Financial Statements](#sai2_024)** | **[61](#sai2_024)** |

---

Baillie Gifford ETF Trust – Statement of Additional Information

**<u>Background on the Trust and the Funds</u>**

**The Trust**

Baillie Gifford ETF Trust (the "**Trust**") is registered with the Securities and Exchange Commission ("**SEC**") as an open-end management investment company. The Trust was organized as a Massachusetts business trust on February 24, 2025.

**Funds**

The Trust consists of multiple series which, as set out below, are offered in the Prospectus and this SAI. Each series that is offered under the Prospectus and this SAI is referred to in this SAI as a "**Fund**" and together the "**Funds.**"

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Series** | &nbsp;&nbsp;**Diversified** |
| &nbsp;&nbsp;Baillie Gifford Emerging Markets ETF | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Baillie Gifford International Alpha ETF | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Baillie Gifford International Concentrated Growth ETF | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Baillie Gifford Long Term Global Growth ETF | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Baillie Gifford U.S. Equity Growth ETF | &nbsp;&nbsp;No |

---

 

Each Fund is an actively managed exchange-traded fund (an "**ETF**"). Shares of each Fund are listed and trade on the Nasdaq Stock Market LLC (the "**Exchange**") at market prices that may be at, above or below the Fund's net asset value ("**NAV**").

Each Fund offers and issues its shares at its NAV only in aggregations of a specified number of shares (each, a "**Creation Unit**"). The Funds generally offer and issue shares in exchange for the deposit (or delivery) of a basket of securities, assets, or other positions ("**Deposit Securities**") together with the deposit of a specified cash payment ("**Cash Component**"). The Funds reserve the right to permit or require the substitution of a "cash in lieu" amount ("**Deposit Cash**") to be added to the Cash Component to replace any Deposit Security. Shares may be purchased or redeemed at NAV only in Creation Units by or through authorized participants ("**Authorized Participants**") and, generally, in exchange for Deposit Securities and a Cash Component. A Creation Unit generally consists of 10,000 shares, though this varies between the Funds and may change from time to time. As a practical matter, only institutions or large investors purchase or redeem Creation Units. Except when aggregated in Creation Units, Shares are not redeemable securities.

Shares may be issued in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with Funds cash at least equal to a specified percentage of the value of the missing Deposit Securities, as set forth in the applicable Participant Agreement (as defined below). The Fund may impose a transaction fee for each creation or redemption. In all cases, such fees will be limited in accordance with the requirements of the SEC applicable to management investment companies offering redeemable securities. As in the case of other publicly traded securities, brokers' commissions on transactions in the secondary market will be based on negotiated commission rates at customary levels.

**Exchange Listing and Trading**

There can be no assurance that the Funds will continue to meet the requirements of the Exchange necessary to maintain the listing of Shares. The Exchange may consider the suspension of trading in, and will initiate delisting proceedings of the shares of the Funds, as described in the Exchange's rulebook, under any of the following circumstances: (1) if any of the continued listing requirements are not continuously maintained, (2) if following the initial twelve-month period after commencement of trading on the Exchange, there are fewer than 50 beneficial holders of the shares of a Fund, (3) a Fund is no longer eligible to operate in reliance on Rule 6c-11 under the Investment Company Act of 1940, as amended (the "**1940 Act**"), or (4) if such other event shall occur or condition exists that, in the opinion of the Exchange, makes further dealings on the Exchange inadvisable. In addition, the Exchange will remove the shares of a Fund from listing and trading upon termination of such Fund.

As in the case of other publicly-traded securities, when you buy or sell shares of a Fund through a broker, you may incur a brokerage commission determined by that broker, as well as other charges.

The Trust reserves the right to adjust the share prices of the Funds in the future to maintain convenient trading ranges for investors. Any adjustments would be accomplished through stock splits or reverse stock splits, which would have no effect on the net assets of the Funds or an investor's equity interest in the Funds.

Baillie Gifford ETF Trust – Statement of Additional Information

The base and trading currency of the Funds is the U.S. dollar. The base currency is the currency in which each Fund's NAV per share is calculated and the trading currency is the currency in which shares of a Fund are listed and traded on the Exchange.

Baillie Gifford ETF Trust – Statement of Additional Information

**<u>Fund Investments</u>**

This section sets out investment policies for each Fund, which apply in addition to the investment strategies summarized in the Prospectus under "*Principal Investment Strategies*" and "*Selected Investment Techniques and Topics*." The investment policies of each Fund set forth in the Prospectus and in this SAI may be changed by the Trust's Board of Trustees (the "**Board**") without shareholder approval except that any policy explicitly identified as "fundamental" may not be changed without the approval of the holders of a majority of the outstanding shares of the relevant Fund (which means the lesser of (i) 67% of the shares of that Fund represented at a meeting at which 50% of the outstanding shares are represented or (ii) more than 50% of the outstanding shares).

Except as otherwise stated or as required under applicable law, all percentage limitations on investments will apply at the time of the making of an investment and shall not be considered violated unless an excess or deficiency occurs or exists immediately after and as a result of such investment.

**Non-Fundamental Investment Policies**

Each Fund's investment objective and policies set forth in the Prospectus are non-fundamental policies of such Fund. In addition, each Fund will not invest more than 15% of the value of net assets of the Fund in illiquid investments.

The following non-fundamental policies set forth in the Prospectus are subject to change only upon sixty days' prior notice to shareholders.

● Baillie Gifford Emerging Markets ETF

Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of companies located in countries represented in the MSCI Emerging Markets Index.

● Baillie Gifford U.S. Equity Growth ETF

Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in common stocks and other equity securities of companies whose principal activities are in the U.S.

**Fundamental Investment Policies**

In addition to each Fund's diversification status as stated in the above "*Background on the Trust and the Funds – Funds*" section, the following are fundamental policies of the Funds:

A Fund may:

1. Act as underwriter of securities to the extent consistent with applicable law, regulation or order from time to time.

2. Borrow money to the extent consistent with applicable law, regulation or order from time to time.

3. Purchase, sell, or hold real estate or interests in real estate to the extent consistent with applicable law, regulation or order
from time to time.

4. Invest in commodities to the extent consistent with applicable law, regulation or order from time to time.

5. Make loans to others to the extent consistent with applicable law, regulation or order from time to time.

6. Issue senior securities to the extent consistent with applicable law, regulation or order from time to time.

7. Not purchase any securities which would cause more than 25% of the value of the Fund's total assets at the time of purchase to be
invested in the securities of issuers conducting their principal business activities in the same industry; provided that there shall be
no limit on the purchase of U.S. government securities, including securities issued by any agency or instrumentality of the U.S. government,
and related repurchase agreements.

In determining whether a transaction is permitted by applicable law, regulation, or order, each Fund currently construes fundamental policies (2) and (6) above not to prohibit any transaction that is permitted under Section 18 of the 1940 Act, and the rules thereunder, including Rule 18f-4, as interpreted or modified, or as may otherwise be permitted by regulators having jurisdiction from time to time. Under the 1940 Act, a "senior security" does not include any promissory note or evidence of indebtedness when such loan is for temporary purposes only and in an amount not exceeding 5% of the value of the total assets of the issuer at the time the loan is made. A loan is presumed to be for temporary purposes if it is repaid within sixty days and is not extended or renewed. Provisions of the 1940 Act permit the Funds to borrow from a bank, provided that the borrowing Funds maintain continuous asset coverage (that is, total assets including borrowings, less liabilities exclusive of borrowings) of 300% of the amount borrowed, with exceptions for borrowings not in excess of 5% of the Fund's total assets made for temporary administrative purposes. With respect to the percentages adopted by the Trust as maximum limitations on its investment policies and limitations, an excess above the fixed percentage will not be a violation of the policy or limitation unless the excess results immediately and

Baillie Gifford ETF Trust – Statement of Additional Information

directly from the acquisition of any security or the action taken.

**Temporary Defensive Positions**

Each Fund may invest a portion of its assets in cash or cash equivalents, including money market funds or short-term commercial paper, to facilitate daily portfolio operations, and to take temporary defensive positions—for instance, by allocating substantial assets to cash, commercial paper, or other less volatile instruments—in response to adverse or unusual market, economic, political, or other conditions. In taking temporary defensive positions, each Fund may succeed in avoiding losses but may otherwise fail to achieve its investment objective.

**Other Investment Companies**

A Fund may invest in securities of other investment companies or unit investment trust investment companies, including exchange-traded funds, to the extent that such investments are consistent with the Fund's investment objective and policies and permissible under the 1940 Act and the rules thereunder. To the extent a Fund relies on Section 12(d)(1)(G) of the 1940 Act to invest without limit in shares of another series of the Trust (each, an "**Underlying Fund**"), such Underlying Fund may not acquire securities of other registered open-end investment companies or registered unit investment trusts in reliance on Section 12(d)(1)(F) or Section 12(d)(1)(G) of the 1940 Act. The SEC has adopted Rule 12d1-4 under the 1940 Act. Subject to certain conditions Rule 12d1-4 provides an exemption to permit acquiring funds to invest in the securities of other registered investment companies in excess of the limits of Section 12(d)(1).

**Diversification**

Each Fund that is a diversified fund generally will not, with respect to 75% of its total assets, invest in securities of any issuer if, immediately after such investment, more than 5% of the total assets of the fund (taken at current value) would be invested in the securities of such issuer; provided that this limitation does not apply to obligations issued or guaranteed as to interest or principal by the U.S. government or its agencies or instrumentalities or to securities issued by other investment companies. Additionally, each Fund that is a diversified fund generally will not, with respect to 75% of its total assets, acquire more than 10% of the outstanding voting securities of any issuer.

**Risks**

The principal risks of investing in each of the Funds are summarized in the Prospectus under the Fund Summaries and are discussed in more detail under "*Principal Investment Risks*."

The discussion below is meant to supplement these sections of the Prospectus by addressing certain non-principal risks and providing additional detail regarding certain of the principal risks.

Accelerated Transactions

For a Fund to take advantage of certain available investment opportunities, the Manager may need to make investment decisions on an expedited basis. In such cases, the information available to the Manager at the time of an investment decision may be limited. The Manager may not, therefore, have access to the detailed information necessary for a full analysis and evaluation of the investment opportunity.

Artificial Intelligence

The Manager uses a number of artificial intelligence ("**AI**") tools to facilitate and enhance its operations, including its investment research processes, and will continue to explore and expects to deploy other tools in future. The Manager operates the "human in the loop" principle; AI tools are not used to make autonomous investment and/or operational decisions for any Fund. Baillie Gifford Group has adopted policies and procedures regarding its employees' use of AI tools.

Use of AI, including generative AI, by the Manager or the Funds' other service providers may give rise to regulatory, operational, and other risks which could have a negative impact on the Funds' operations and/or performance. AI-generated outputs may be unexplainable and may be biased if underlying algorithms or inputs are biased. The Manager may not always identify where such outputs are inaccurate (including through AI "hallucinations") or incomplete. In particular, there is a risk that an AI tool which may be used in the Manager's investment research process could operate on flawed assumptions or incomplete data, which may have a negative impact on Fund performance. Additionally, the regulatory landscape in relation to use of AI is expected to continue to evolve, which would potentially impact the Manager and/or the Funds. There can be no assurance that the Manager's use of AI will enhance the performance or operations of the Funds.

Further, there is a risk that the use of AI, and/or inaccurate or misleading statements about use of AI and its associated risks, by an issuer in which a Fund invests, could potentially result in adverse consequences for the value of the Fund's investment in such issuer.

Banking Sector Risk

In March 2023, a number of U.S. domestic banks and foreign banks experienced financial difficulties and, in some cases, failures. There can be no certainty that the actions taken by the U.S. government to strengthen public confidence in the U.S. banking system will be effective in

Baillie Gifford ETF Trust – Statement of Additional Information

mitigating the effects of financial institution failures on the economy and restoring public confidence in the U.S. banking system. It is possible that more banks or other financial institutions will experience financial difficulties or fail, which may affect adversely other U.S. or foreign financial institutions and economies. Other adverse developments that affect financial institutions or the financial services industry generally, or concerns or rumors about any such developments, may reduce liquidity in the market generally or have other adverse effects on an economy, the Funds or issuers in which the Funds invest. In addition, issuers in which the Funds invest and the Funds may not be able to identify all potential solvency or stress concerns with respect to a financial institution or to transfer assets from one bank or financial institution to another in a timely manner in the event such bank or financial institution comes under stress or fails.

Convertible Securities

The price of a convertible security will normally vary in some proportion to changes in the price of the underlying equity security because convertible securities may be converted at either a stated price or a stated rate into underlying shares of common stock. However, the value of a convertible security may not increase or decrease as rapidly as the underlying common stock. A convertible security may be called for redemption or conversion by the issuer after a particular date and under certain circumstances (including a specified price) established upon issue. If a convertible security held by a Fund is called for redemption or conversion, the Fund could be required to tender it for redemption, convert it into the underlying common stock or sell it to a third party. A convertible security will normally also provide income and is subject to interest rate risk. Convertible securities may be lower-rated or high-yield securities subject to greater levels of credit risk, and may also be less liquid than non-convertible debt securities. While convertible securities generally offer lower interest or dividend yields than non-convertible fixed income securities of similar quality, their value tends to increase as the market value of the underlying stock increases and to decrease when the value of the underlying stock decreases. However, a convertible security's market value tends to reflect the market price of the common stock of the issuing company when that stock price approaches or is greater than the convertible security's "conversion price." The conversion price is defined as the predetermined price at which the convertible security could be exchanged for the associated stock. As the market price of the underlying common stock declines, the price of the convertible security tends to be influenced more by the yield of the convertible security. Thus, it may not decline in price to the same extent as the underlying common stock. Depending upon the relationship of the conversion price to the market value of the underlying security, a convertible security may trade

more like an equity security than a debt instrument. Also, a Fund may be forced to convert a security before it would otherwise choose, which may decrease such Fund's return.

Derivatives

A Fund's use of derivative instruments involves risks different from, or greater than, the risks associated with investing directly in securities and other more traditional investments, and the use of certain derivatives may subject a Fund to the potential for unlimited loss.

*Management Risk*

Derivative products are highly specialized instruments that require investment techniques and risk analyses different from those associated with stocks and bonds. The use of a derivative requires an understanding not only of the underlying instrument but also of the derivative itself, without the benefit of observing the performance of the derivative under all possible market conditions.

*Credit and Counterparty Risk*

The use of a derivative instrument involves the risk that a loss may be sustained as a result of the failure of another party to the contract (usually referred to as a "**counterparty**") to make required payments or otherwise comply with the contract's terms. To the extent a Fund has significant exposure to a single or small group of counterparties, this risk will be particularly pronounced. A party to a cleared derivatives transaction is subject to the credit risk of the clearinghouse and the clearing member through which it holds its cleared position.

*Liquidity Risk*

Liquidity risk exists when a particular derivative instrument is difficult to purchase or sell. If a derivative transaction is particularly large or if the relevant market is illiquid (as is the case with many privately negotiated derivatives), it may not be possible to initiate a transaction or liquidate a position at an advantageous time or price.

*Leverage Risk*

Because many derivatives have a leverage component, adverse changes in the value or level of the underlying asset, reference rate or index can result in a loss substantially greater than the amount invested in the derivative itself. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. When a Fund uses derivatives for leverage, investments in that Fund will tend to be more volatile, resulting in larger gains or losses in response to market changes. Other relatively recent U.S. and non-U.S. legislative and regulatory reforms, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act and the 1940 Act restrictions with respect to "senior securities," have resulted in, and may in the future

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result in, increased regulation of derivative instruments and the Funds' use of such instruments. Such regulations could, among other things, restrict a Fund's ability to engage in derivative transactions (for example, by making certain types of derivative instruments or transactions no longer available to a Fund), establish new margin requirements and/or increase the costs of derivatives transactions, and the Fund may as a result be unable to execute its investment strategies in a manner its Manager might otherwise choose. See "Risks Associated with Derivatives Regulation" below.

*Lack of Availability*

Suitable derivatives transactions may not be available in all circumstances for risk management or other purposes. Upon the expiration of a particular contract, a portfolio manager of a Fund may wish to retain the Fund's position in the derivative instrument by entering into a similar contract, but may be unable to do so if the counterparty to the original contract is unwilling to enter into the new contract and no other suitable counterparty can be found. There is no assurance that a Fund will engage in derivatives transactions at any time or from time to time. A Fund's ability to use derivatives may also be limited by certain regulatory and tax considerations.

*Market and Other Risks*

Like most other investments, derivative instruments are subject to the risk that the market value of the instrument will change in a way detrimental to a Fund's interest. If the Manager incorrectly forecasts the values of securities, currencies or interest rates or other economic factors in using derivatives for a Fund, the Fund might have been in a better position if it had not entered into the transaction at all. While some strategies involving derivative instruments can reduce the risk of loss, they can also reduce the opportunity for gain or result in losses by offsetting favorable price movements in other Fund investments.

Other risks in using derivatives include the risk of mispricing or improper valuation of derivatives. Many derivatives, in particular privately negotiated derivatives, are complex and often valued subjectively. Improper valuations can result in increased cash payment requirements to counterparties or a loss of value to a Fund. Also, the value of derivatives may not correlate perfectly, or at all, with the value of the assets, reference rates or indexes they are designed to closely track. There are significant differences between the securities and derivatives markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve the intended result. In addition, a Fund's use of derivatives may affect the amount, timing or character of distributions payable to, and thus taxes payable by, shareholders. Derivative instruments are also subject to the risk of ambiguous documentation. A decision

as to whether, when and how to use derivatives involves the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful to some degree because of market behavior or unexpected events. In addition, derivatives strategies that are successful under certain market conditions may be less successful or unsuccessful under other market conditions.

*Risks Associated with Derivatives Regulation*

The U.S. government has enacted and is continuing to implement legislation that provides for the regulation of the derivatives market, including clearing, margin, reporting, and registration requirements. The European Union, the United Kingdom and certain other jurisdictions have also adopted and are continuing to implement similar requirements, which will affect a Fund when it enters into a derivatives transaction with a counterparty organized in that country or otherwise subject to that country's derivatives regulations. Such requirements and other rules and regulations could, among other things, restrict a Fund's ability to engage in, or increase the cost to the Fund of, derivatives transactions, for example, by making some types of derivatives no longer available to the Fund, increasing margin or capital requirements, or otherwise limiting liquidity or increasing transaction costs.

While these rules and regulations and the central clearing of some derivatives transactions are designed to reduce systemic risk (i.e., the risk that the interdependence of large derivatives dealers could cause them to suffer liquidity, solvency or other challenges simultaneously), there is no assurance that they will achieve that result, and, central clearing and related requirements expose the Funds to different kinds of costs and risks.

In the event of a counterparty's (or its affiliate's) insolvency, a Fund's ability to exercise remedies, such as the termination of transactions, netting of obligations and realization on collateral, could be stayed or eliminated under the special resolution regimes adopted in the United States, the European Union and various other jurisdictions. Such regimes provide government authorities with broad authority to intervene when a financial institution is experiencing financial difficulty. In particular, with respect to counterparties who are subject to such proceedings in the European Union, the liabilities of such counterparties to the Funds could be reduced, eliminated, or converted to equity in such counterparties (sometimes referred to as a "**bail in**").

The Funds are required to comply with the SEC's Rule 18f-4 under the 1940 Act providing for the regulation of registered investment companies' use of derivatives and certain related instruments (e.g., reverse repurchase agreements). Rule 18f-4, among other things, limits derivatives exposure through one of two value-at-risk tests and eliminates the asset segregation framework for

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covering derivatives and certain financial instruments arising from the SEC's Release 10666 and ensuing staff guidance. The rule also requires certain funds to adopt and implement a derivatives risk management program (including the appointment of a derivatives risk manager and the implementation of certain testing requirements) and subjects funds to certain reporting requirements in respect of derivatives. Limited derivatives users (as determined by Rule 18f-4) are not, however, subject to the full requirements under the rule. As of the date of this SAI, each Fund qualifies as a limited derivatives user as described under Rule 18f-4 and related SEC guidance.

Additionally, United States regulators, the European Union, the United Kingdom and certain other jurisdictions have adopted minimum margin and capital requirements for uncleared derivatives transactions. These regulations have had a material impact on the Funds' use of uncleared derivatives. These rules impose minimum margin requirements on derivatives transactions between a Fund and its counterparties and in certain cases increase the amount of margin a Fund is required to provide. They impose regulatory requirements on the timing of transferring margin and the types of collateral that parties are permitted to exchange.

Moreover, certain global regulators and derivatives exchanges have imposed limits on the maximum net long or short position a person may own or control in specific derivatives contracts. In order for the Manager or a Fund to comply with such limits, it is possible that a Fund may be required to forego an investment or liquidate an existing position. Furthermore, a violation of such limits could lead to regulatory action materially adverse to a Fund's investment strategy. A Fund may also be affected by other regimes, including those of the European Union and the United Kingdom, and trading venues that impose these limits on specific derivative contracts.

These and other regulations are evolving and subject to change, so their ultimate impact on the Funds and the financial system may vary over time.

Emerging Markets Risk

Investments in emerging market countries pose additional risks when compared to investments in more developed markets. Those risks include:

*Less Developed Economies Risk*

The securities markets of emerging market countries are generally smaller, less developed, less liquid, and more volatile than the securities markets of the U.S. and other developed foreign countries, and disclosure and regulatory standards in many respects are less stringent.

The economies of individual countries may differ favorably or unfavorably and significantly from the U.S. economy in such respects as growth of gross domestic product

("**GDP**") or gross national product, rate of inflation, currency depreciation, capital reinvestment, resource self-sufficiency, structural unemployment and balance of payments position.

The domestic economies of emerging market countries are generally not as diversified as those of the U.S. and certain Western European countries. A significant portion of many of such countries' national GDPs are represented by one commodity, such as oil, or groups of commodities. World fluctuations in the prices of certain commodities, such as the price of oil, may significantly affect the economy involved.

Many emerging market countries have experienced substantial, and in some periods extremely high, rates of inflation for many years. Inflation and rapid fluctuations in inflation rates have had and may continue to have negative effects on such countries' economies and securities markets.

Emerging market economies may also be dependent on international aid or development assistance, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates.

Due to the differences in the nature and quality of financial information of issuers of emerging market securities, including auditing and financial reporting standards, financial information and disclosures about such issuers may be unavailable or, if made available, may be considerably less reliable than publicly available information about other foreign securities. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign countries. Investors in foreign countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the SEC, the U.S. Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited. As such, there is likely less recourse in the event of investor harm, and a Fund may not be able to protect its interests with respect to investments in emerging market countries.

*Governmental & Political Risk*

In addition, the securities markets of emerging market countries may be subject to a lower level of monitoring and regulation.

Government enforcement of existing securities regulations may be limited, and any such enforcements are typically arbitrary, and the results may be difficult to predict. In addition, reporting requirements of emerging market countries with respect to the ownership of securities are more likely to be subject to interpretation or changes

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without prior notice to investors than more developed countries.

In many cases, governments of emerging market countries continue to exercise significant control over their economies, and government actions relative to the economy, as well as economic developments generally, may affect the capacity of creditors in those countries to make payments on their debt obligations, regardless of their financial condition. Local securities markets may trade a small number of securities and may be unable to respond effectively to increases in trading volume, potentially making prompt liquidation of substantial holdings difficult or impossible at times. Consequently, securities of issuers located in countries with emerging markets may have limited marketability and may be subject to more abrupt or erratic price movements. In addition, investor sentiment toward companies in otherwise unrelated markets may be influenced by adverse events in other foreign markets. Also, such local markets typically offer less regulatory protections for investors.

Furthermore, actions and policies of the U.S. government or other developed countries, such as those preventing certain investments, requiring disinvestment of certain holdings, or restricting economic transactions, may adversely impact the economic conditions in emerging market countries. Political change or instability, including the risks of war or terrorism, may also adversely affect the economies and securities markets of such countries. Expropriation, nationalization or other confiscation due to political change could result in a Fund's loss of its entire investment in the country involved. The possibility or reality of nationalization, expropriation or confiscatory taxation, currency blockage, political changes, government regulation, widespread corruption, political or social instability or diplomatic developments could affect adversely the economies of countries and the value of the Funds' investments in those countries.

*Liquidity Risk*

Lack of liquidity and efficiency and/or government-imposed quotas in certain of the stock markets or foreign exchange markets in certain emerging market countries may mean that from time to time the Manager may experience more difficulty in purchasing or selling holdings of securities than it would in a more developed market. Restrictions on day trading, manual trading, block trading and/or off-exchange trading may mean that the Funds' investment options will be limited.

The financial markets in emerging market countries are also undergoing rapid growth and changes. This may lead to increased trading and pricing volatility, suspension risk and difficulties in settlement of securities.

*Custody Risk*

The custodial systems in countries with emerging markets may also not be fully developed.

There may be limited regulatory oversight of certain foreign sub-custodians that hold foreign securities subject to the supervision of the Funds' primary US-based custodian, the Bank of New York Mellon ("**BNY**"). The Funds may be limited in their ability to recover assets if a foreign sub-custodian becomes bankrupt or otherwise unable or unwilling to return assets of the Funds, which may expose the Funds to risk, especially in circumstances where the Funds' primary custodian may not be contractually obligated to make the Funds whole for the particular loss.

Investments in emerging markets may also carry risks associated with failed or delayed settlement of market transactions and with the registration and custody of securities. Prevailing custody and trade settlement practices (e.g., the requirement to pay for securities prior to receipt) may expose a Fund to credit and other risks. Similarly, the reliability of trading and settlement systems in some emerging markets may not be equal to that available in more developed markets which may result in problems in realizing investments.

*Currency Risk*

Emerging market countries periodically experience increases in market volatility and declines in foreign currency exchange rates. Currency fluctuations affect the value of securities because the prices of these securities are generally denominated or quoted in currencies other than the U.S. dollar. Fluctuations in currency exchange rates can also affect a country's or company's ability to service its debt.

Special Risks of Investing in Asian Securities

In addition to the risks of foreign investments and emerging market countries investments described above, investments in Asia are subject to other risks.

The economies of Asian countries are at varying levels of development. Markets of countries whose economies are in the early stages of development may exhibit a high concentration of market capitalization and have less trading volume, lower liquidity, and more volatility than more developed markets. Some Asian countries depend heavily on foreign trade. The economies of some Asian countries are not diversified and are based on only a few commodities or industries.

Investments in Asia also are susceptible to social, political, legal, and operational risks. Some countries have authoritarian or relatively unstable governments. Some governments in the region provide less supervision and regulation of their financial markets and in some countries less financial information is available than is typical of

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more developed markets. Some Asian countries restrict direct foreign investment in securities markets, and investments in securities traded on those markets may be made, if at all, only indirectly (e.g., through Depositary Receipts, as defined below in the "*Investment Glossary*" section).

Asian countries periodically experience increases in market volatility and declines in foreign currency exchange rates. Currency fluctuations affect the value of securities because the prices of these securities are generally denominated or quoted in currencies other than the U.S. dollar. Fluctuations in currency exchange rates can also affect a country's or company's ability to service its debt.

The political and economic prospects of one Asian country or group of Asian countries can affect other countries in the region. For example, the economies of some Asian countries are directly affected by Japanese capital investment in the region and by Japanese consumer demands. In addition, a recession, a debt crisis, or a decline in currency valuation in one Asian country may spread to other Asian countries. Continuing hostility and the potential for future political or economic disturbances between China and Taiwan may have an adverse impact on the values of investments in either China or Taiwan, or make investments in China and/or Taiwan impractical or impossible. Any escalation of hostility between China and Taiwan would likely distort Taiwan's capital accounts, as well as have a significant adverse impact on the value of a Fund's investments in both countries, and in other countries in the region. If the political climate between the U.S. and China does not improve or continues to deteriorate, if China were to attempt unification of Taiwan by force, or if other geopolitical conflicts develop or get worse, economies, markets, and individual securities may be severely affected both regionally and globally, and the value of a Fund's assets may go down.

Special Risk Considerations of Investing in China

Investing in securities of Chinese issuers, including by investing in China A Shares, involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others, (i) more frequent (and potentially widespread) trading suspensions and government interventions with respect to Chinese issuers, resulting in a lack of liquidity and in price volatility, (ii) currency revaluations and other currency exchange rate fluctuations or blockage, (iii) the nature and extent of intervention by the Chinese government in the Chinese securities markets, whether such intervention will continue and the impact of such intervention or its discontinuation, (iv) the risk of nationalization or expropriation of assets, (v) the risk that the Chinese government may decide not to continue to support economic reform programs, (vi) limitations on the use of brokers, (vii) potentially higher rates of inflation, (viii) the

unreliability of some economic data, (ix) the relatively small size and absence of operating history of many Chinese companies, (x) accounting, auditing and financial reporting standards in China are different from U.S. standards and, therefore, disclosure of certain material information may not be available, (xi) greater political, economic, social, legal and tax-related uncertainty, (xii) higher market volatility caused by any potential regional territorial conflicts or natural disasters, (xiii) higher dependence on exports and international trade, (xiv) the risk of increased trade tariffs, sanctions, embargoes and other trade limitations, (xv) restrictions on foreign ownership, (xvi) custody risks associated with investing through the qualified foreign investor program or other programs to access Chinese securities, (xvii) U.S. sanctions or other investment restrictions with respect to Chinese issuers which could preclude a Fund from making certain investments or cause a Fund to sell investments at a disadvantageous time, and (xviii) risks associated with variable interest entity ("**VIE**") structures. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities and have shown a willingness to exercise that option in response to market volatility and other events. The liquidity of Chinese securities may shrink or disappear suddenly and without warning as a result of adverse economic, market or political events, or adverse investor perceptions, whether or not accurate.

Certain Funds may invest in China A Shares listed and traded on the Shanghai Stock Exchange or Shenzhen Stock Exchange through the Stock Connect programs, or on such other stock exchanges in China which participate in the Stock Connect programs from time to time. The Stock Connect programs are securities trading and clearing link programs that enable international investors to invest in China A Shares. A Fund's investments in China A Shares are generally subject to Chinese securities regulations and listing rules, among other restrictions that may affect the Fund's investments and returns, including daily limits on net purchases across the whole Stock Connect system and transfer restrictions. In addition, a Fund's trading under the Stock Connect programs may be subject to certain risk factors including, without limitation, those relating to trading, clearance and settlement procedures. While overseas investors currently are exempt from paying capital gains or value added taxes on income and gains from investments in China A Shares, these Chinese tax rules could be changed, which could result in unexpected tax liabilities for the Fund.

The Stock Connect programs will only operate on days when both the Chinese and Hong Kong markets are open for trading. There may be occasions when a Fund may be subject to the risk of price fluctuations of China A Shares during the time when the Stock Connect programs are not

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trading. Because of the way in which China A Shares are held in Stock Connect, a Fund may not be able to exercise the rights of a shareholder and may be limited in its ability to pursue claims against the issuer of a security and may suffer losses in the event the depository of the Shanghai or Shenzhen Stock Exchange becomes insolvent. Only certain China A Shares are eligible to be accessed through the Stock Connect programs. Such securities may lose their eligibility at any time, in which case they presumably could be sold but could no longer be purchased through the Stock Connect program. The Stock Connect programs are relatively new. Further developments are likely and there can be no assurance as to the program's continued existence or whether future developments regarding the program may restrict or adversely affect a Fund's investments or returns. In addition, the application and interpretation of the laws and regulations of Hong Kong and China, and the rules, policies or guidelines published or applied by relevant regulators and exchanges in respect of the Stock Connect programs are uncertain, and they may have a detrimental effect on a Fund's investments and returns.

Certain Funds may also gain investment exposure to certain Chinese companies through VIE structures. Such investments are subject to the investment risks associated with the Chinese-based company. The VIE structure enables foreign investors, such as the relevant Fund, to obtain investment exposure to a Chinese company in situations in which the Chinese government has limited or prohibited the non-Chinese ownership of such company. The VIE structure does not involve direct equity ownership in a China-based company, but instead establishes claims to the China-based company's profits and control of the company's assets through contractual arrangements. A Fund will typically have little or no ability to influence VIE through proxy voting or other means because it is not a VIE owner/shareholder. China has proposed the adoption of rules which would affirm that VIE-structured overseas listings are legally permissible. If, however, the Chinese government were to determine that the contractual arrangements establishing the VIE structure did not comply with Chinese law or regulations, the Chinese operating company could be subject to penalties, revocation of its business and operating license, or forfeiture of ownership interests. Further intervention by the Chinese government with respect to any existing VIE structures could significantly affect the relevant Chinese operating company's performance and thus, the value of the Fund's investment through a VIE structure, as well as the enforceability of the contractual arrangements of the VIE structure. It remains unclear whether any new laws, rules or regulations relating to VIE structures will be adopted or, if adopted, what impact they would have on the interests of foreign shareholders. Control over a VIE may also be jeopardized if a natural person who holds the

equity interest in the VIE breaches the terms of the contractual arrangements, is subject to legal proceedings, or if any physical instruments such as seals are used without authorization. In the event of such an occurrence, a Fund, as a foreign investor, may have little or no legal recourse. In addition to the risk of government intervention, investments through a VIE structure are subject to the risk that the China-based company (or its officers, directors, or Chinese equity owners) may breach the contractual arrangements, or Chinese law changes in a way that adversely affects the enforceability of the arrangements, or the contracts are otherwise not enforceable under Chinese law, in which case a Fund may suffer significant losses on its investments through a VIE structure with little or no recourse available.

Special Risks of Investing in Latin American Securities

Although there have been significant improvements in recent years, the Latin American economies continue to experience significant problems.

Inflation and rapid fluctuations in inflation rates have had and may continue to have very negative effects on the economies and securities markets of certain Latin American countries.

The emergence of the Latin American economies and securities markets will require continued economic and fiscal discipline which has been lacking at times in the past, as well as stable political and social conditions. There is no assurance that economic initiatives will be successful. Recovery may also be influenced by international economic conditions, particularly those in the U.S., and by world prices for oil and other commodities. Many Latin American countries are highly reliant on the exportation of commodities and their economies may be significantly impacted by fluctuations in commodity prices and the global demand for certain commodities. In the past, certain Latin American economies have been influenced by changing supply and demand for a particular currency, monetary policies of governments (including exchange control programs, restrictions on local exchanges or markets and limitations on foreign investment in a country or on investment by residents of a country in other countries), and currency devaluations and revaluations. Other Latin American investment risks may include inadequate investor protection, less developed regulatory, accounting, auditing and financial standards, unfavorable changes in laws or regulations, natural disasters, corruption and military activity.

Special Risks of Investing in Eastern European Securities

Specific risks vary greatly between the various Eastern European markets, but they include, among others, corporate governance, fiscal stability, banking regulations, European Union accession and continued membership,

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global commodity prices, political stability and market liquidity.

For example, in February 2022, Russia commenced a military invasion of Ukraine. The invasion has had, and could continue to have, an adverse effect on the region and the markets for securities, as well as ramifications beyond just Russia and Ukraine. Russia's invasion of Ukraine has led to, and may lead to additional, sanctions being levied by the United States, European Union and other countries and organizations against Russia and Belarus. These market disruptions have and may continue to result in the decline in the value and liquidity of Russian securities, extreme volatility in the Russian currency, a downgrade in Russia's credit rating, the inability to freely trade sanctioned companies (either due to the sanctions imposed or related operational issues) and/or other impacts on the Russian economy. Sanctions have resulted, and could in the future result, in the immediate freeze of Russian securities, impairing the ability of a Fund to trade in those securities. Both the current and potential future sanctions and other government actions against Russia also could result in Russia taking counter measures or retaliatory actions, which may impair further the value or liquidity of Russian securities and may negatively impact the broader global markets and therefore the Funds. Any or all of these potential results could lead Russian and other economic regions into a recession. Any additional sanctions or other intergovernmental actions that may be undertaken against Russia or other countries that support Russia's military invasion in the future may result in the devaluation of Russian or other affected currencies, a downgrade in the sanctioned country's credit rating, and a decline in the value and liquidity of Russian securities and securities of issuers in other countries that support the invasion.

Special Risks of Investing in South African Securities

Specific risks include the transfer of assets to Black Economic Empowerment groups, tax increases, corporate governance, banking regulations, commodity prices, political changes and asset appropriation.

Special Risks of Investing in Middle Eastern Securities

Specific risks include political uncertainty and instability, widespread unemployment and social unrest. In addition, many economies in the Middle East are highly reliant on income from sales of oil or trade with countries involved in the sale of oil, and their economies are therefore vulnerable to changes in the market for oil and foreign currency values.

Special Risks of Focused Investments in Growth Companies

As described in the Prospectus, all of the Funds list both "Focused Investment Risk" and "Growth Stock Risk" as

principal risks, and may take on significant exposure to a small number of growth stock issuers, or to a broader portfolio consisting predominantly of growth companies, which can create outsize risk. This is, in part, because, historically, growth companies are disproportionately prevalent in certain industries (such as those relating to the Internet, software and semiconductors), which tend to be particularly prone to loss and wide fluctuation in price. Furthermore, growth companies in these types of industries may have a tendency periodically to decrease in price at roughly the same time, which can further hinder the ability of portfolio managers to diversify risks of loss.

For example, if a Fund takes focused positions in internet and software companies, it is particularly vulnerable to rapid price declines of its internet and software company holdings due to changes in technological product cycles, evolving industry standards, changes in government regulation and policies, loss or impairment of patents and other intellectual property, restrictions on Internet usage or access, damage to the internet infrastructure, obsolescence caused by scientific and technological advances, availability and price of components and acceptance of and changing customer demand. The failure of an internet or software company to adapt to such changes could have a material adverse effect on the company's business, results of operations and financial condition and therefore a Fund with outsize positions in such companies is subject to greater loss than a more diversified fund.

Similarly, by way of further example, focused investments in the semiconductor industry could make a Fund particularly vulnerable to certain unique risks of investments. For example, semiconductor businesses are particularly vulnerable to loss as a result of wide fluctuations in securities prices due to risks of rapid obsolescence of products and related technology; economic performance of the customers of semiconductor and related companies; limited product lines, markets, financial resources or quality management and personnel. Additionally, investments in semiconductor companies may also be affected by risks that affect the broader technology sector, including: government regulation, dramatic and often unpredictable changes in growth rates and competition for qualified personnel, a small number of companies representing a large portion of the semiconductor industry as a whole, cyclical market patterns, significant product price erosion hampering company profits, periods of over-capacity and production shortages, changing demand, variations in manufacturing costs and yields and significant expenditures for capital equipment and product development.

Forward Foreign Currency Transactions

Each Fund may invest in forward foreign currency transactions. In a forward foreign currency contract, a

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Fund agrees to buy in the future an amount in one currency in return for another currency, at an exchange rate determined at the time the contract is entered into. If currency exchange rates move against the Fund's position during the term of the contract, the Fund will lose money on the contract. There is no limit on the extent to which exchange rates may move against a Fund's position. The markets for certain currencies may at times become illiquid, and a Fund may be unable to enter into new forward contracts or to close out existing contracts. Forward currency contracts are entered into in the over-the-counter market, and a Fund's ability to profit from a contract will depend on the willingness and ability of its counterparty to perform its obligations under the contract. Use by the Funds of foreign currency forward contracts may also give rise to leverage.

Initial Public Offerings

Each Fund may purchase securities in initial public offerings ("**IPOs**"). These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile. At any particular time or from time to time a Fund may not be able to invest in securities issued in IPOs, or invest to the extent desired because, for example, only a small portion (if any) of the securities being offered in an IPO may be made available to such Fund. In addition, under certain market conditions a relatively small number of companies may issue securities in IPOs. Similarly, as the number of funds to which IPO securities are allocated increases, the number of securities issued to any one fund, if any, may decrease. The investment performance of a Fund during periods when it is unable to invest significantly or at all in IPOs may be lower than during periods when the Fund is able to do so. In addition, as a Fund increases in size, the impact of IPOs on the Fund's performance will generally decrease.

Legal and Regulatory Risk

Legal, tax, and regulatory changes could occur that may adversely affect the Funds. New (or revised) laws or regulations or interpretations of existing law may be issued by the U.S. Internal Revenue Service (the "**IRS**") or U.S. Treasury Department, the U.S. Commodity Futures Trading Commission (the "**CFTC**"), the SEC, the U.S. Federal Reserve or other banking regulators, or other governmental regulatory authorities, or self-regulatory organizations that supervise the financial markets that could adversely affect the Funds. In particular, these agencies are empowered to promulgate a variety of rules pursuant to financial reform legislation in the U.S.

The Funds also may be adversely affected by changes in the enforcement or interpretation of existing statutes and rules by these governmental regulatory authorities or self-regulatory organizations. In addition, the securities and derivatives (including futures) markets are subject to comprehensive statutes and regulations. The CFTC, the SEC, the Federal Deposit Insurance Corporation, other regulators, and self-regulatory organizations and exchanges are authorized to take extraordinary actions in the event of market emergencies.

The regulation of derivatives transactions and funds that engage in such transactions is an evolving area of law and is subject to modification by government, self-regulatory organization, and judicial action. See "*Risks Associated with Derivatives Regulation*" above.

Finally, regulations require any creditor that makes a loan and any securitizer of a loan to retain at least 5% of the credit risk on any loan that is transferred, sold or conveyed by such creditor or securitizer. It is currently unclear how these requirements would apply to loan participations, syndicated loans, and loan assignments.

LIBOR Transition and Reference Benchmarks

The London Interbank Offered Rate ("**LIBOR**") was the offered rate for short-term Eurodollar deposits between major international banks. The terms of investments, financings or other transactions (including certain derivatives transactions) to which a Fund may be a party have historically been tied to LIBOR. In connection with the global transition away from LIBOR led by regulators and market participants, LIBOR was last published on a representative basis at the end of June 2023 and its publication ended completely on 30 September 2024. Alternative reference rates to LIBOR have been established in most major currencies and markets in these alternative rates are continuing to develop. The transition away from LIBOR to the use of replacement rates has gone relatively smoothly but the full impact of the transition on the Funds or the financial instruments in which the Funds invest cannot yet be fully determined.

In addition, interest rates or other types of rates and indices which are classed as "benchmarks" have been the subject of ongoing national and international regulatory reform, including under the European Union regulation on indices used as benchmarks in financial instruments and financial contracts (known as the "**Benchmarks Regulation**"). The Benchmarks Regulation has been enacted into United Kingdom law by virtue of the European Union (Withdrawal) Act 2018 (as amended), subject to amendments made by various UK statutory measures. Following the implementation of these reforms, the manner of administration of benchmarks has changed and may further change in the future, with the result that relevant benchmarks may perform differently than in the past, the

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use of benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other consequences which cannot be predicted.

Liquidity Risk

Illiquid investments are any investments that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Liquidity risk is the risk that a Fund may not be able to dispose of securities or close out derivatives transactions readily at a favorable time or prices (or at all) or at prices approximating those at which a Fund currently values them. Liquidity risk may be magnified during periods of changing interest rates, significant redemptions from Authorized Participants that include a substantial cash component or market turmoil. For example, certain investments may be subject to restrictions on resale, may trade in the over-the-counter market or in limited volume, or may not have an active trading market. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. It may be difficult for a Fund to value illiquid investments accurately. The market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer, including due to geopolitical events such as sanctions, trading halts or wars. Disposal of illiquid investments may entail registration expenses and other transaction costs that are higher than those for liquid investments. A Fund may seek to borrow money to meet its obligations (including among other things redemption obligations) if it is unable to dispose of illiquid investments, resulting in borrowing expenses and possible leveraging of the Fund.

In accordance with Rule 22e-4 under the 1940 Act, the Board has appointed the Manager as the Funds' liquidity risk management program administrator and has approved a liquidity risk management program for the Funds. The Manager expects to continue to implement the program through its liquidity risk management team. While the Funds' liquidity risk management program attempts to assess and manage liquidity risk, there is no guarantee it will be effective in its operations and may not reduce the liquidity risk inherent in a Fund's investments.

351 Transaction Risk

With the exception of the Funds being registered in connection with the Reorganizations, to the extent a Fund acquires assets at its launch through one or more in-kind contributions that are intended to qualify as tax-deferred

transactions governed by Section 351 of the Code, and if one or more of the in-kind contributions were to be determined later to fail to qualify for tax-deferred treatment, then the Fund would not take a carryover tax basis or holding period in the applicable contributed assets, which could negatively impact the Fund, the investors contributing the assets and other shareholders in the Fund. This could cause the Fund to incorrectly calculate and report to shareholders the amount of gain or loss recognized and/or the character of gain or loss (e.g., as long-term or short-term) on the subsequent disposition of such assets. This could result in distributions being treated as return of capital rather than as dividends or capital gain distributions This also could result, in some circumstances, in the Fund's failure to distribute all of its gains during an applicable year, which could result in the imposition of income tax on the Fund with respect to the undistributed gain and, in some circumstances, pose a risk that the Fund would lose its qualification as a regulated investment company.

The failure of a contribution to satisfy the requirements of Section 351 would cause the contribution to be treated as a taxable event and the contributing Shareholder would recognize an immediate gain or loss on the contributed assets. If such failure is not discovered until a later time, this could also cause the contributing Shareholder to incorrectly calculate and report gain or loss on its disposition of its Fund shares.

The Fund makes no representations as to whether any of such in-kind contributions qualify for Section 351 treatment, or as to any ancillary tax consequences. Additionally, future changes in the Code or regulations and interpretations applicable to Section 351 may impact the ability of contributing investors to take advantage of the deferral of immediate gains or losses on contributed assets. Investors making in-kind contributions to the Fund are urged to consult their own tax advisors. Currently, only Baillie Gifford International Alpha ETF intends to acquire assets at its launch through in-kind contributions intended to qualify as tax-deferred transactions governed by Section 351 of the Code.

Non-U.S. Tax Risk

A Fund may be subject to non-U.S. taxation, including potentially on a retroactive basis, on (i) capital gains it realizes or dividends, interest, or other amounts it realizes or accrues in respect of non-U.S. investments; (ii) transactions in those investments; and (iii) repatriation of proceeds generated from the sale or other disposition of those investments. A Fund may seek a refund of taxes paid, but its efforts may not be successful, in which case the Fund will have incurred additional expenses for no benefit. A Fund's pursuit of such refunds may subject the Fund to various administrative and/or judicial proceedings. A Fund's decision to seek a refund is in its sole discretion,

Baillie Gifford ETF Trust – Statement of Additional Information

and, particularly in light of the cost involved, it may decide not to seek a refund, even if it is entitled to one. The outcome of a Fund's efforts to obtain a refund is inherently unpredictable. Accordingly, a refund is not typically reflected in a Fund's NAV until it is received or until the Manager is confident that the refund will be received. In some cases, the amount of a refund could be material to a Fund's NAV.

Preferred Stocks

Investment in preferred stocks involves certain risks. Depending on the features of the particular security, holders of preferred stock may bear the risks disclosed in the Prospectus or this SAI regarding equity securities or interest rates. Certain preferred stocks contain provisions that allow an issuer under certain conditions to skip or defer distributions. If a Fund owns a preferred stock that is deferring its distribution, it may be required to recognize income for tax purposes despite the fact that it is not receiving current income on this position. As a result, a Fund may be required to sell other investments (including when it is not advantageous to do so) to satisfy the distribution requirements applicable to regulated investment companies under the Internal Revenue Code of 1986, as amended (the "**Code**"). Preferred stocks often are subject to legal provisions that allow for redemption in the event of certain tax or legal changes or at the issuer's call. In the event of redemption, a Fund may not be able to reinvest the proceeds at comparable rates of return. Preferred stocks are subordinated to bonds and other debt securities in an issuer's capital structure in terms of priority for corporate income and liquidation payments, and therefore will be subject to greater credit risk than those debt securities. Preferred stocks may trade less frequently and in a more limited volume and may be subject to more abrupt or erratic price movements than many other securities, such as common stocks, corporate debt securities, and U.S. government securities.

Repurchase Agreements

If the seller under a repurchase agreement becomes insolvent, a Fund's right to dispose of the securities may be restricted. In the event of the commencement of bankruptcy or insolvency proceedings with respect to the seller of the security under a repurchase agreement, a Fund may encounter delay and incur costs before being able to sell the security. Also, if a seller defaults, the value of such securities may decline before a Fund is able to dispose of them.

The SEC has finalized rules that will require certain transactions involving U.S. Treasuries, including repurchase agreements, to be centrally cleared. Compliance with these rules is expected to be required in the middle of 2027. Although the impact of these rules on the Funds is difficult to predict, they may reduce the

availability or increase the costs of such transactions and may adversely affect the Funds' performance.

Restricted Securities

Restricted securities may be less liquid than securities registered for sale to the general public. The liquidity of a restricted security may be affected by a number of factors, including, among others: (i) the creditworthiness of the issuer; (ii) the frequency of trades and quotes for the security; (iii) the number of dealers willing to purchase or sell the security and the number of other potential purchasers; (iv) dealer undertakings to make a market in the security; (v) the nature of any legal restrictions governing trading in the security; and (vi) the nature of the security and the nature of marketplace trades. There can be no assurance that a liquid trading market will exist at any time for any particular restricted security. Also, restricted securities may be difficult to value because market quotations may not be readily available, and the securities may have significant volatility.

Section 4(a)(2) Commercial Paper and Rule 144A Securities

The Funds may invest in Section 4(a)(2) paper, which is sold to institutional investors who agree to purchase the paper for investment and not with a view to public distribution. Any resale by the purchaser must be in a transaction exempt from the registration requirements of the Securities Act of 1933, as amended (the "**1933 Act**"). Section 4(a)(2) paper normally is resold to other institutional investors like the Funds through or with the assistance of the issuer or investment dealers that make a market in Section 4(a)(2) paper. As a result, Funds purchasing such securities will be exposed to liquidity risk, the risk that the securities may be difficult to value because of the absence of an active market and the risk that it may be sold only after considerable expense and delay, if at all. Rule 144A securities generally must be sold only to other qualified institutional buyers. Section 4(a)(2) paper and Rule 144A securities will be presumed illiquid for purposes of the Fund's limitation on illiquid investments unless the Manager (pursuant to the liquidity risk management program adopted by the Board) as the program administrator determines that the securities in question can be sold within five trading days. If the Manager determines at any time that it owns illiquid investments in excess of 15% of its net assets, it will cease to undertake new commitments to acquire illiquid investments until its holdings are no longer in excess of 15% of its NAV, report the occurrence in compliance with Rule 22e-4 and Rule 30b1-10 under the 1940 Act and, depending on circumstances, may take additional steps to reduce its holdings of illiquid investments. There can be no assurance that a liquid trading market will exist at any time for any particular Section 4(a)(2) paper or Rule 144A securities.

Baillie Gifford ETF Trust – Statement of Additional Information

Special Purpose Acquisition Companies

Each Fund may also invest in stock, rights, warrants, and other securities offered in IPOs of special purpose acquisition companies or similar special purpose entities (collectively "**SPACs**"). A SPAC is a publicly traded company that raises investment capital in the form of a blind pool via an IPO for the purpose of acquiring an existing company.

The typical SPAC IPO involves the sale of units consisting of one share of common stock combined with one or more warrants or fractions of warrants to purchase common stock at a fixed price upon or after consummation of the acquisition. Shortly after the SPAC's IPO, such units typically are split into publicly listed common stock and warrants (and rights, if applicable) which are each listed and traded separately. The proceeds from the IPO are placed in trust until such time that the SPAC identifies and consummates the acquisition. A SPAC generally invests the proceeds of its IPO (less a portion retained to cover expenses), which are held in trust, in U.S. government securities, money market securities and cash. If the SPAC does not complete the acquisition within a specified period of time after going public, the SPAC is dissolved, at which point the invested funds are returned to the entity's shareholders (less certain permitted expenses), possibly on a delayed timeframe and at an unfavorable price, and any rights or warrants issued by the SPAC expire worthless.

A Fund may be delayed in receiving any redemption or liquidation proceeds from a SPAC to which it is entitled, and an investment in a SPAC may be diluted by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC. The values of investments in SPACs may be highly volatile and may depreciate significantly over time.

Because SPACs and similar entities have no operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity's management to identify and complete a profitable acquisition. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices.

Warrants

The risks of a warrant are similar to the risks of a purchased call option. Warrants may lack a liquid secondary market for resale. The prices of warrants may fluctuate as a result of changes in the value of the underlying security or obligation or due to speculation in the market for the warrants or other factors. Prices of warrants do not necessarily move in tandem with the prices of their underlying securities; their prices may have significant volatility and it is possible that a Fund will lose

its entire investment in a warrant. A Fund's failure to exercise a warrant or subscription right to purchase common shares in an issuer might result in the dilution of the Fund's interest in the issuing company.

 **Disclosure of Fund Investments**

The Board has adopted policies and procedures with respect to the disclosure of the Funds' portfolio holdings (the **"Disclosure Policies"**). The Board may modify the Disclosure Policies at any time without notice.

The Disclosure Policies permit specific details about securities or other instruments held by a Fund, non-public information about a Fund's recent trading strategies (i.e., since the last public disclosure of the Fund's portfolio holdings), or a Fund's pending or anticipated transactions (such details, **"Portfolio Holdings Information"**) to be disclosed prior to the time that such information is publicly disclosed only to (i) the Manager and its affiliates, (ii) third party service providers who require access to the information to fulfill their duties to a Fund (including the Trust's custodian and administrator, transfer agent, independent registered public accounting firm, legal counsel, financial printer and filing agent, broker-dealers when requesting bids for or price quotations on securities and brokers in the normal course of trading), (iii) Authorized Participants, market makers and liquidity providers (in connection with discussions regarding the securities that a Fund is willing to accept for a creation and securities that a Fund may be willing to provide on a redemption), (iv) the Funds' Exchange as needed for the Funds to meet the Exchange's listing standards, and (v) shareholders and prospective shareholders (or their consultants and agents) of the Funds under the circumstances described below.

Website Disclosure

On each Business Day, prior to the opening of regular trading on the Exchange, each Fund publicly discloses its entire portfolio holdings via its website www.bailliegifford.com/ETFs and the National Securities Clearing Corporation ("**NSCC**"). In addition, a Fund may make available a list of securities and/or cash that Authorized Participants could deliver to the Fund to settle purchases or could receive from the Fund to settle redemptions. The holdings of each Fund will also be disclosed in quarterly filings with the SEC on Form N-PORT as of the end of the first and third quarters of the Funds' fiscal year and on Form N-CSR as of the second and fourth quarters of the Funds' fiscal year.

Ongoing Arrangements

In accordance with the disclosure policies, Portfolio Holdings Information of a Fund may generally be made available more frequently and prior to their public availability (i) to Authorized Participants, market makers

Baillie Gifford ETF Trust – Statement of Additional Information

and liquidity providers (in connection with discussions regarding the securities that a Fund is willing to accept for a creation and securities that a Fund may be willing to provide on a redemption), (ii) the Funds' Exchange as needed for the Funds to meet the Exchange's listing standards, and (iii) to service providers of the Fund, including the Manager in its affiliates, outside legal counsel, an accounting or auditing firm, an administrator, custodian, transfer agent, principal underwriter, broker-dealers when requesting bids for or price quotations on securities, and brokers in the normal course of trading.

Conditional Disclosure

In accordance with the Disclosure Policies, the Manager may also disclose Portfolio Holdings Information to other persons if the following three conditions are met:

1. The recipients are subject to a confidentiality agreement with respect to such information, which includes a prohibition on trading
on such information and the recipient's agreement to destroy the information upon a written request from the Manager.

2. An Authorizing Person determines that disclosure is in the best interest of a Fund and its shareholders.

In determining whether disclosure is in the best interests of a Fund and its shareholders, the Authorizing Person shall consider whether any potential conflicts exist between the interests of Fund shareholders and the Manager and its affiliates.

3. The information is limited to that which the Manager believes is reasonably necessary to serve the purposes for which disclosure has
been approved.

The Manager must also report any such disclosures to the Board at their next regularly scheduled meeting. This report must then be maintained by the Chief Compliance Officer or his/her designee for 6 years from the end of the fiscal year in which any exception was granted, the first 2 years in an easily accessible place. The Trust may modify its policies and procedures regarding disclosure of Portfolio Holdings Information at any time without notice.

Disclosure Practices for Other Parties

The Manager and its affiliates advise and/or sub-advise registered investment companies and other pooled investment vehicles, which may be subject to different portfolio holdings disclosure policies than the Funds. Neither the Manager nor the Board exercises control over such policies. In addition, the separate account clients of the Manager and its affiliates have access to their portfolio holdings and are not subject to the Funds' portfolio

holdings disclosure policies. In addition, some of these funds or separately managed accounts advised by the Manager have substantially similar investment objectives and strategies as the Funds and therefore potentially similar portfolio holdings as the Funds.

Compensation for Disclosure

A Fund's Portfolio Holdings Information may not be disclosed for compensation.

**Investment Glossary**

This section provides definitions of various terms, securities and investment techniques included in the Prospectus and this SAI. This SAI does not attempt to disclose all of the various types of securities and investment techniques that may be used by the Funds. As with any mutual fund, investors in the Funds must rely on the professional investment judgment and skill of the Manager and the individual portfolio managers.

Asia

References in the Prospectus and this SAI to "Asia" denote the region encompassing China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan and Thailand as well as other countries located in Asia, as determined by the Manager.

Australasia

References in the Prospectus and this SAI to "Australasia" denote the region encompassing New Zealand, Australia, Papua New Guinea, and neighboring islands in the Pacific Ocean.

Common Stocks

Common stock represents an ownership interest in a company. Common stock may take the form of shares in a corporation, membership interests in a limited liability company, limited partnership interests, or other forms of ownership interests.

Convertible Securities

Convertible securities are fixed income securities that may be converted at either a stated price or a stated rate into underlying shares of common stock. Convertible securities have general characteristics similar to both fixed income and equity securities. Although to a lesser extent than with fixed income securities generally, the market value of convertible securities tends to decline as interest rates increase and, conversely, tends to increase as interest rates decline. In addition, because of the conversion feature, the market value of convertible securities tends to vary with fluctuations in the market value of the underlying common stocks and, therefore, also will react to variations in the general market for equity securities.

Baillie Gifford ETF Trust – Statement of Additional Information

Like fixed income securities, convertible securities are investments which provide for a stable stream of income with generally higher yields than common stocks. Of course, like all fixed income securities, there can be no assurance of current income because the issuers of the convertible securities may default on their obligations. Convertible securities, however, generally offer lower interest or dividend yields than non-convertible securities of similar quality because of the potential for capital appreciation. A convertible security, in addition to providing fixed income, offers the potential for capital appreciation through the conversion feature, which enables the holder to benefit from increases in the market price of the underlying common stock. However, there can be no assurance of capital appreciation because securities prices fluctuate.

Convertible securities generally are subordinated to other similar but non-convertible securities of the same issuer, although convertible bonds enjoy seniority in right of payment to all equity securities, and convertible preferred stock is senior to common stock of the same issuer. Because of the subordination feature, however, convertible securities typically have lower ratings than similar non-convertible securities.

Currency Forward Contracts

In a forward foreign currency contract, a Fund agrees to buy in the future an amount in one currency in return for another currency, at an exchange rate determined at the time the contract is entered into.

Cyber-attacks

Cyber-attacks include, among other things, stealing or corrupting data maintained online or digitally, preventing legitimate users from accessing information or services on a website, releasing confidential information without authorization, and causing operational disruption.

Depositary Receipts

Depositary Receipts generally evidence an ownership interest in a corresponding security on deposit with a financial institution. Transactions in Depositary Receipts usually do not settle in the same currency as the underlying securities are denominated or traded.

American Depositary Receipts are typically publicly traded trust receipts issued by a U.S. bank or trust company that evidence an indirect interest in underlying securities issued by a foreign entity.

Global Depositary Receipts ("**GDRs**"), European Depositary Receipts ("**EDRs**"), and other types of depositary receipts are typically issued by non-U.S. banks or financial institutions to evidence an interest in underlying securities issued by either a U.S. or a non-U.S. entity. EDRs, in bearer form, are designed for use in

European securities markets. GDRs may be traded in any public or private securities markets and may represent securities held by institutions located anywhere in the world.

Derivatives

Generally, derivatives are financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference rate or index, and may relate to, among other things, stocks, bonds, interest rates, currencies or currency exchange rates, commodities, and related indexes.

Eastern European Securities

References in the Prospectus and this SAI to "Eastern European Securities" denote securities issued by companies located in Bulgaria, Croatia, Cyprus, Czech Republic, Estonia, Greece, Hungary, Latvia, Lithuania, Macedonia, Poland, Romania, Russia, Serbia, Slovak Republic, Slovenia, Turkey or Ukraine, as well as other countries in Eastern Europe, as determined by the Manager.

Far Eastern Securities

References in the Prospectus and this SAI to "Far Eastern Securities" denote securities issued by companies located in China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Taiwan, Thailand or Singapore, as well as other Asian countries, as determined by the Manager.

Industry

References in the Prospectus and this SAI to "Industries" has the meaning ascribed to this term by the Manager, from time to time.

Latin American Securities

References in the Prospectus and this SAI to "Latin American Securities" denote securities issued by companies located in Argentina, Brazil, Chile, Colombia, Mexico or Peru, as well as other countries located in Latin America, as determined by the Manager.

Non-U.S. Securities

The Funds may invest in non-U.S. securities. Non-U.S. securities may include, but are not limited to, securities of companies that are organized and headquartered outside the U.S.; non-U.S. equity securities as designated by commonly-recognized market data services; U.S. dollar- or non-U.S. currency-denominated corporate debt securities of non-U.S. issuers; securities of U.S. issuers traded principally in non-U.S. markets; non-U.S. bank obligations; U.S. dollar- or non-U.S. currency-denominated obligations of non-U.S. governments or their subdivisions, agencies and instrumentalities, international agencies and supranational entities; and securities of other investment

Baillie Gifford ETF Trust – Statement of Additional Information

companies investing primarily in non-U.S. securities. When assessing compliance with investment policies that designate a minimum or maximum level of investment in "non-U.S. securities" for a Fund, the Manager may apply a variety of factors (either in addition to or in lieu of one or more of the categories described in the preceding sentence) in order to determine whether a particular security or instrument should be treated as U.S. or non-U.S. For more information about how the Manager may define non-U.S. securities for purposes of a Fund's asset tests and investment restrictions, see the Fund's principal investments and strategies under "*Principal Investment Strategies*" in the Prospectus. For more information about how the Manager may determine whether an issuer is located in a particular country, see "*Selected Investment Techniques and Topics—Location of Issuers*" in the Prospectus.

Middle Eastern Securities

References in the Prospectus and this SAI to "Middle Eastern Securities" denote securities issued by companies located in Egypt, Israel, Qatar or United Arab Emirates, as well as other Middle Eastern countries as determined by the Manager.

Preferred Stocks

Preferred stocks include convertible and non-convertible preferred and preference stocks that are senior to common stock. Preferred stocks are equity securities that are senior to common stock with respect to the right to receive dividends and a fixed share of the proceeds resulting from the issuer's liquidation. Some preferred stocks also entitle their holders to receive additional liquidation proceeds on the same basis as holders of the issuer's common stock, and thus represent an ownership interest in the issuer.

Repurchase Agreements

A Fund may enter into repurchase agreements, by which the Fund purchases a security and obtains a simultaneous commitment from the seller (a bank or, to the extent permitted by the 1940 Act, a recognized securities dealer) to repurchase the security at an agreed upon price and date (usually seven days or less from the date of original purchase). The resale price is in excess of the purchase price and reflects an agreed upon market rate unrelated to the coupon rate on the purchased security. Such transactions afford the Fund the opportunity to earn a return on temporarily available cash at minimal market risk. While the underlying security may be a bill, certificate of indebtedness, note or bond issued by an agency, authority or instrumentality of the U.S. Government, the obligation of the seller is not guaranteed by the U.S. Government and there is a risk that the seller may fail to repurchase the underlying security. In such event, the Fund would attempt to exercise rights with respect to the underlying security, including possible disposition in the

market. However, the Fund may be subject to various delays and risks of loss, including (a) possible declines in the value of the underlying security during the period while the Fund seeks to enforce its rights thereto and (b) inability to enforce rights and the expenses involved in attempted enforcement.

Restricted Securities

The Funds may hold securities that have not been registered for sale to the public under the U.S. federal securities laws pursuant to an exemption from registration.

Rule 144A Securities

Rule 144A securities are securities that may be offered and sold only to "qualified institutional buyers" under Rule 144A of the 1933 Act.

Section 4(a)(2) Commercial Paper

The Funds may invest in commercial paper issued in reliance on the private placement exemption from registration afforded by Section 4(a)(2) of the 1933 Act. This commercial paper is commonly called "Section 4(a)(2) paper." Section 4(a)(2) paper is sold to institutional investors who must agree to purchase it for investment and not with a view to public distribution. Any resale by the purchaser must be in a transaction exempt from the registration requirements of the 1933 Act. Section 4(a)(2) paper normally is resold to other institutional investors like the Funds through or with the assistance of the issuer or investment dealers that make a market in Section 4(a)(2) paper.

Sector

References in the Prospectus and this SAI to "Sectors" has the meaning ascribed to this term by the Manager, from time to time.

Senior Securities

Under the 1940 Act, a "senior security" does not include any promissory note or evidence of indebtedness when such loan is for temporary purposes only and in an amount not exceeding 5% of the value of the total assets of the issuer at the time the loan is made.

South African Securities

References in the Prospectus and this SAI to "South African Securities" denote securities which are issued by companies located in South Africa.

Synthetic Convertible Securities

"Synthetic" convertible securities are selected based on the similarity of their economic characteristics to those of a traditional convertible security due to the combination of separate securities that possess the two principal characteristics of a traditional convertible security (i.e., an income producing component and a right to acquire an

Baillie Gifford ETF Trust – Statement of Additional Information

Warrants

The holder of a warrant or right typically has the right to acquire securities or other obligations from the issuer of the warrant or right at a specified price or under specified conditions.

Yankee Bonds

A Fund may invest in U.S. dollar-denominated bonds sold in the U.S. by non-U.S. issuers ("**Yankee bonds**"). As compared with bonds issued in the U.S., such bond issues normally carry a higher interest rate but are less actively traded.

Baillie Gifford ETF Trust – Statement of Additional Information

**<u>Purchase, Sale, and Pricing of Shares</u>**

**How to Buy & Sell Shares**

The procedures for buying or selling shares of a Fund are summarized in the Prospectus under "*Shares—How to Buy and Sell Shares*."

**Determination of** **Net Asset Value**

As described in the Prospectus under the heading "*Shares—Calculation of NAV*," the NAV per share of a Fund's shares is determined by dividing the total market value of a Fund's portfolio investments and other assets, less any liabilities, by the total number of shares outstanding. The Prospectus further notes that the NAV will be determined as of a particular time of day (the "**Pricing Point**") on any day on which the Exchange is open for unrestricted trading or on which the Funds are required to be open for business as required by Section 22(e) of the 1940 Act. The Pricing Point is normally at the scheduled close of unrestricted trading on the Exchange (generally 4:00 p.m. Eastern Time). In unusual circumstances, the Manager may determine that the Pricing Point shall be at an earlier, unscheduled close or halt of trading on the Exchange.

Rule 2a-5 under the 1940 Act addresses valuation practices and the role of the board of directors with respect to the fair value of the investments of a registered investment company. Among other things, Rule 2a-5 permits a fund's board to designate the fund's primary investment adviser to perform the fund's fair value determinations, which is subject to board oversight and certain reporting and other requirements intended to ensure that the board receives the information it needs to oversee the investment adviser's fair value determinations.

The Board has adopted valuation procedures for valuing portfolio securities and other assets. The Manager periodically reviews and reports to the Board on the appropriateness and accuracy of the methodologies used to fair value the Funds' securities. BNY, as the Funds' administrator, is responsible for the operational execution of the valuation process, and the Manager is responsible for the supervision of compliance with NAV calculation and pricing requirements. When readily available market quotations for portfolio securities and other assets are not available, fair value must be employed to calculate a Fund's NAV. Pursuant to Rule 2a-5, the Board has designated the Manager as the "valuation designee" to determine the fair value, in good faith, of securities and other instruments for which no readily available market quotation exists. Baillie Gifford Group's Valuation Committee is a committee that oversees this responsibility on behalf of the Manager, and Baillie Gifford Group's Fair Value Pricing Group is responsible for the day-to-day administration of the Manager's duties, including the

Manager's responsibilities as "valuation designee." The Manager's role with respect to fair valuation may present certain conflicts of interest given the impact valuations can have on Fund performance and the Manager's asset-based fees.

Pricing Methodologies

The following summarizes the methods typically used to determine values for the noted types of securities or instruments by the administrator. If a security price cannot be obtained from an independent, third-party pricing agent, the administrator shall seek to obtain a bid price from at least one independent broker from a list provided by the Manager.

**Equity securities** listed on a securities exchange, market or other automated quotation system (including equity securities traded over the counter) for which quotations are readily available are valued at the last quoted trade price on the primary exchange or market (foreign or domestic) on which they are most actively traded on the date of valuation (or at approximately 4:00 p.m. Eastern Time if a security's primary exchange is normally open at that time), or, if there is no such reported sale on the date of valuation, at the most recent quoted bid price.

**Debt instruments** are generally fair valued by the valuation designee unless a particular instrument is determined to have readily available market quotations.

**Futures contracts** are generally valued at the settlement price established each day by the board of the exchange on which they are traded.

**Over-the-counter derivatives** and other financial derivatives for which no readily available market quotations exist are generally fair valued by the valuation designee.

**Swaps** are generally fair valued by the valuation designee.

**Redeemable securities issued by open-end investment companies** are generally valued at the investment company's applicable net asset value per share, with the exception of exchange-traded funds, which are generally priced as equity securities.

**Foreign (non-U.S.) securities and instruments** are priced based on the particular type of security (e.g., equity securities, debt securities, etc.), and may require fair valuation adjustments. Securities and other instruments traded on markets in time zones that differ significantly from Eastern Time

Baillie Gifford ETF Trust – Statement of Additional Information

may be routinely subject to the use of third-party fair valuation vendors and other fair value qualifications.

Notwithstanding the above, routine or systematic fair valuation adjustments of non-U.S. securities are generally not made with respect to the Funds. However, in the event of a significant market event or extraordinary circumstance that, in the judgment of the Manager or the Baillie Gifford Group Valuation Committee, materially impacts the value of non-U.S. securities and instruments held by the Funds, the Manager reserves the right to apply fair valuation adjustments as deemed appropriate under the circumstances. Any such action will be documented and reported to the Board at its next scheduled quarterly meeting.

Baillie Gifford ETF Trust – Statement of Additional Information

**<u>Board Members and Trust Officers</u>**

**Trustee Responsibilities and Powers**

The Board is responsible for the overall management and supervision of the Trust's affairs and for protecting the interests of shareholders. The Board is composed of six Trustees, also referred to as Board members. Each Board member oversees, and each officer serves, all series of the Trust that constitute the Baillie Gifford ETF complex.

The Trust's Amended and Restated Agreement and Declaration of Trust dated October 2, 2025, as amended from time to time (the "**Declaration of Trust**") permits the Board to:

**Issue shares**. The Board can issue an unlimited number of full and fractional shares of beneficial interest of each series of the Trust (each a "**Series Fund**"). Each share of a Series Fund represents an equal proportionate interest in such Series Fund with each other share of that Series Fund and is entitled to a proportionate interest in the dividends and distributions from that Series Fund.

The Board can also subdivide any Series Fund into sub-series (or "**Classes**") of shares with such dividend preferences and other rights as the Board may designate. This power to subdivide Series Funds is intended to allow it to provide for an equitable allocation of the impact of any future regulatory requirements which might affect various classes of shareholders differently, or to permit shares of a Series Fund to be distributed through more than one distribution channel, with the costs of the particular means of distribution (or costs of related services) to be borne by the shareholders who purchase through that means of distribution. Each share of a Series Fund represents an equal proportionate interest in that Series Fund with each other share, subject to the different preferences of each Class of that Series Fund.

**Establish new portfolios or series.** The Board may establish one or more additional separate Series Funds (i.e., a new fund) or merge two or more existing Series Funds. Shareholders' investments in such an additional or merged portfolio may be evidenced by a separate Series Fund.

**Charge shareholders.** The Board may charge shareholders directly for custodial, transfer agency and servicing expenses.

**Allocate other expenses.** Any general expenses of the Trust that are not readily identifiable as belonging to a Series Fund are allocated in such a

manner as to be fair and equitable. While the expenses of the Trust are allocated to the separate books of account of each Series Fund, certain expenses may be legally chargeable against the assets of all Series Funds.

**Terminate the Trust or any Fund.** The Board may terminate the Trust or any Series Fund upon written notice to the shareholders.

**Trustee Appointments**

The substantial professional accomplishments and prior experience, including, in some cases, in fields related to the operations of the Fund, were a significant factor in the determination that the current Board members should serve as a Trustee. Generally, no one factor was decisive in the nomination or appointment of an individual to the Board.

Among the factors the Board considers when concluding that an individual should serve as a Board member are the following:

- the individual's business and professional experience and accomplishments;

- the individual's ability to work effectively with the other Trustees;

- the individual's prior experience, if any, in the investment management industry; and

- how the individual's skills, experience and attributes would contribute to an appropriate mix of relevant skills and experience on the Board.

**Trustee Nominations by Shareholders**

Any shareholder may nominate a person to become a Trustee. To nominate a person for the Nominating and Governance Committee's consideration, a shareholder must submit their recommendation in writing to the Trust, to the attention of the Trust's Secretary at c/o Baillie Gifford Overseas Limited, Calton Square, 1 Greenside Row, Edinburgh, United Kingdom EH1 3AN. The recommendation must include:

biographical information regarding the candidate, the number of shares of each Fund owned of record and beneficially by the candidate (as reported to the recommending shareholder by the candidate), any other information regarding the candidate that would be required to be disclosed if the candidate were a nominee in a proxy statement or other filing required to be made in connection with solicitation of proxies for election of directors pursuant to Section 14 of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), and the rules and

Baillie Gifford ETF Trust – Statement of Additional Information

regulations promulgated thereunder, and whether the recommending shareholder believes that the candidate is or will be an "interested person" of the Trust, and, if not an "interested person," information regarding the candidate that will be sufficient for the Trust to make such determination;

- the written and signed consent of the candidate to be named as a nominee and to serve as a Trustee if elected;

- the recommending shareholder's name as it appears on the Trust's books;

- the number of all shares of each Fund owned beneficially and of record by the recommending shareholder; and

- a description of all arrangements or understandings between the recommending shareholder and the candidate and any other

person or persons (including their names) pursuant to which the recommendation is being made by the recommending shareholder.

In addition, the Nominating and Governance Committee may require the candidate to furnish such other information as it may deem necessary or appropriate to determine the eligibility of such candidate to serve as a Trustee of the Trust. The Nominating and Governance Committee considers and evaluates nominee candidates properly submitted by shareholders on the same basis as it considers and evaluates candidates recommended by other sources. The Nominating and Governance Committee has full discretion to reject nominees recommended by shareholders, and there is no assurance that it will determine to nominate any person, even if properly recommended and considered in accordance with this paragraph.

The following table sets out information on each of the Trustees, including an overview of the considerations that led the Board to conclude that each individual currently serving as a Trustee should serve as a Trustee.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name and<br> Year of<br> Birth<sup>(1)</sup>** | &nbsp;&nbsp; **Position(s)<br> Held with<br> Trust** | &nbsp;&nbsp; **Length of<br> Time <br> Served in<br> Position** | &nbsp;&nbsp; **Principal<br> Occupation and <br> Other <br> Directorships <br> Held During <br> Past 5 Years** | &nbsp;&nbsp; **Considerations relevant to<br> appointment as Trustee** <br> **(see also** "***Board Members<br> and Trust Officers—<br> Trustee Appointments***" <br> **above)**  | &nbsp;&nbsp; **Number of<br> Portfolios <br> in Fund <br> Complex<sup>(2)</sup> overseen <br> by Trustee** | &nbsp;&nbsp; **Dollar <br> range<sup>(3)</sup> of<br> Shares held<br> in each <br> Fund (USD)** | &nbsp;&nbsp; **Aggregate<br> Dollar <br> Range<sup>(3)</sup> of** <br> **Shares in All** <br> **Registered<br> Investment** <br> **Companies Overseen by** <br> **Trustee in<br> Fund<br> Complex<br> (USD)**  |
| &nbsp;&nbsp; **Independent Trustees** | &nbsp;&nbsp; **Independent Trustees** | &nbsp;&nbsp; **Independent Trustees** | &nbsp;&nbsp; **Independent Trustees** | &nbsp;&nbsp; **Independent Trustees** | &nbsp;&nbsp; **Independent Trustees** | &nbsp;&nbsp; **Independent Trustees** | &nbsp;&nbsp; **Independent Trustees** |
| &nbsp;&nbsp; Howard W. Chin <br> 1952  | &nbsp;&nbsp; Trustee | &nbsp;&nbsp; Since 2025 | &nbsp;&nbsp; Retired. Formerly: Managing Director, Investments, Guardian Life Insurance (financial services). | &nbsp;&nbsp; Howard W. Chin has over 25 years of professional experience in the asset management industry. Most recently, as Managing Director of Fixed Income Securities at Guardian Life Insurance Company of America until 2013, Mr. Chin was responsible for managing multi-billion dollar structured products portfolios for Guardian's mutual funds, and general account. In addition, Mr. Chin was a member of the Investment Committee that determined Guardian's asset allocation among the various fixed income sectors. | &nbsp;&nbsp; 18 |  | &nbsp;&nbsp; Over $100,000 |
| &nbsp;&nbsp; Pamela M. J. Cox <br> 1952  | &nbsp;&nbsp; Trustee, Chair of the Nominating and Governance Committee | &nbsp;&nbsp; Since 2025 | &nbsp;&nbsp; Retired. Formerly: Senior Vice President; Vice President East Asia, World Bank Group | &nbsp;&nbsp; Pamela M. J. Cox has over 30 years of professional experience in the World Bank Group, providing investment project financing and economic policy advice. | &nbsp;&nbsp; 18 |  | &nbsp;&nbsp; Over $100,000 |

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Baillie Gifford ETF Trust – Statement of Additional Information

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name and<br> Year of<br> Birth<sup>(1)</sup>** | &nbsp;&nbsp; **Position(s)<br> Held with<br> Trust** | &nbsp;&nbsp; **Length of<br> Time <br> Served in<br> Position** | &nbsp;&nbsp; **Principal<br> Occupation and <br> Other <br> Directorships <br> Held During <br> Past 5 Years** | &nbsp;&nbsp; **Considerations relevant to<br> appointment as Trustee** <br> **(see also** "***Board Members<br> and Trust Officers—<br> Trustee Appointments***" <br> **above)**  | &nbsp;&nbsp; **Number of<br> Portfolios <br> in Fund <br> Complex<sup>(2)</sup> overseen <br> by Trustee** | &nbsp;&nbsp; **Dollar <br> range<sup>(3)</sup> of<br> Shares held<br> in each <br> Fund (USD)** | &nbsp;&nbsp; **Aggregate<br> Dollar <br> Range<sup>(3)</sup> of** <br> **Shares in All** <br> **Registered<br> Investment** <br> **Companies Overseen by** <br> **Trustee in<br> Fund<br> Complex<br> (USD)**  |
|  |  |  | &nbsp;&nbsp; (international bank & financial services). | &nbsp;&nbsp; At the time of her retirement in 2013, she was Senior Vice President, leading strategy and business development. She previously held positions as Vice President East Asia and Vice President Latin America, overseeing business strategy, investment portfolios, operations, client relationships, policy formulation and governance. Since retiring, she has held positions on nonprofit boards. |  |  |  |
| &nbsp;&nbsp; John Kavanaugh <br> 1962  | &nbsp;&nbsp; Trustee, Chair of the Audit Oversight Committee<sup>(4)</sup> | &nbsp;&nbsp; Since 2025 | &nbsp;&nbsp; Retired. Formerly: Partner, Ernst and Young, LLP (public accounting). | &nbsp;&nbsp; John Kavanaugh is a CPA with over 37 years of public accounting experience with Ernst & Young (EY) providing audit, accounting and advisory services to a wide variety of clients in the financial services industry including registered investment companies and registered investment advisers. At the time of his retirement from EY in June of 2022, he was an assurance partner based in Dallas and the leader of EY's Financial Services Organization South Region Wealth and Asset Management Assurance Group. Mr. Kavanaugh also has previous experience on non-profit boards dedicated to assisting and mentoring financially constrained students through high school and college. | &nbsp;&nbsp; 18 |  | &nbsp;&nbsp; Over $100,000 |
| &nbsp;&nbsp; Maureen A. Miller <br> 1960  | &nbsp;&nbsp; Trustee | &nbsp;&nbsp; Since 2025 | &nbsp;&nbsp; Retired. <br> Formerly: Shareholder, VedderPrice P.C. (law firm).  | &nbsp;&nbsp; Maureen A. Miller is an attorney with over 35 years of professional experience gained through working at a financial services firm and law firms. Until her retirement from VedderPrice P.C. in 2024, she worked with a variety of investment companies, investment advisers, broker-dealers and fund boards on a range of issues including SEC regulations and compliance | &nbsp;&nbsp; 18 |  | &nbsp;&nbsp; Over $100,000 |

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Baillie Gifford ETF Trust – Statement of Additional Information

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name and<br> Year of<br> Birth<sup>(1)</sup>** | &nbsp;&nbsp; **Position(s)<br> Held with<br> Trust** | &nbsp;&nbsp; **Length of<br> Time <br> Served in<br> Position** | &nbsp;&nbsp; **Principal<br> Occupation and <br> Other <br> Directorships <br> Held During <br> Past 5 Years** | &nbsp;&nbsp; **Considerations relevant to<br> appointment as Trustee** <br> **(see also** "***Board Members<br> and Trust Officers—<br> Trustee Appointments***" <br> **above)**  | &nbsp;&nbsp; **Number of<br> Portfolios <br> in Fund <br> Complex** **<sup>(2)</sup> overseen <br> by Trustee** | &nbsp;&nbsp; **Dollar <br> range<sup>(3)</sup> of<br> Shares held<br> in each <br> Fund (USD)** | &nbsp;&nbsp; **Aggregate<br> Dollar <br> Range<sup>(3)</sup> of** <br> **S** **hares in All** <br> **Registered<br> Investment** <br> **Companies Overseen by** <br> **T** **rustee in<br> Fund<br> Complex<br> (USD)**  |
|  |  |  |  | &nbsp;&nbsp; matters. She has also served on non-profit boards. |  |  |  |
| &nbsp;&nbsp; Donald P. Sullivan Jr. <br> 1954  | &nbsp;&nbsp; Trustee | &nbsp;&nbsp; Since 2025 | &nbsp;&nbsp; Retired. Formerly: Senior Vice President, Agency Distribution, Guardian Life Insurance (financial services). | &nbsp;&nbsp; Donald P. Sullivan Jr. has over 38 years of professional experience in the banking, securities, and financial services industries. At the time of his retirement in 2015, he was Senior Vice President of Agency Distribution at Guardian Life Insurance Company of America responsible for the growth and development of the National Career Agency Distribution Network. He previously served as President of Park Avenue Securities, Guardian's broker-dealer and registered investment adviser, overseeing product, compliance, operations, and strategy, as well as internal and external relationships. | &nbsp;&nbsp; 18 |  | &nbsp;&nbsp; Over $100,000 |
| &nbsp;&nbsp; **Interested Trustee (as defined in the 1940 Act)<sup>(5)</sup>** | &nbsp;&nbsp; **Interested Trustee (as defined in the 1940 Act)<sup>(5)</sup>** | &nbsp;&nbsp; **Interested Trustee (as defined in the 1940 Act)<sup>(5)</sup>** | &nbsp;&nbsp; **Interested Trustee (as defined in the 1940 Act)<sup>(5)</sup>** | &nbsp;&nbsp; **Interested Trustee (as defined in the 1940 Act)<sup>(5)</sup>** | &nbsp;&nbsp; **Interested Trustee (as defined in the 1940 Act)<sup>(5)</sup>** | &nbsp;&nbsp; **Interested Trustee (as defined in the 1940 Act)<sup>(5)</sup>** | &nbsp;&nbsp; **Interested Trustee (as defined in the 1940 Act)<sup>(5)</sup>** |
| &nbsp;&nbsp; Michael Stirling-Aird <br> 1977  | &nbsp;&nbsp; Trustee, Chair of the Board. President.<sup>(6)</sup> | &nbsp;&nbsp; Since 2025 | &nbsp;&nbsp; Partner, Baillie Gifford & Co (parent of investment adviser). | &nbsp;&nbsp; Michael Stirling-Aird has over 24 years of professional experience in the investment management and financial services industries.<br> Mr. Stirling-Aird is a partner of the Manager's parent firm, Baillie Gifford & Co, and with respect to the Manager, a Client Relationship Director with responsibility for servicing North American clients and Deputy Chair of the Manager's North American Management Group. He has served as the President of Baillie Gifford Funds since 2023. | &nbsp;&nbsp; 18 |  |  |

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*<sup>(1)</sup>* *The address of each Trustee is c/o Baillie Gifford Overseas Limited, 780 Third Avenue, 43<sup>rd</sup> Floor, New York, NY 10017.*

*<sup>(2)</sup>* *The* "**Fund Complex**" includes all five Funds and all series of (1) Baillie Gifford Funds (12 portfolios) and (2) Baillie Gifford Institutional Trust (1 portfolio).

*<sup>(3)</sup>* *Values given are as of December 31, 2024, with the exception of Ms. Miller, for whom these values are given as of December 5, 2025.*

*<sup>(4)</sup>* *Mr. Kavanaugh assumed the role of Chair of the Audit Oversight Committee as of January 1, 2025.*

*<sup>(5)</sup>* *Previous positions during the past five years with Baillie Gifford & Co, the Manager and Baillie Gifford Group are omitted if not materially different from the positions listed.*

*<sup>(6)</sup>* *Mr. Stirling-Aird serves as a Trustee (Chair of the Board) and President for all companies in the Fund Complex.*

Five of the Trustees are not "interested persons" (as that term is defined in the 1940 Act) of the Trust ("**Independent Trustees**"). One Trustee, who serves as Chair of the Board, is an "interested person" of the Trust by reason of his

Baillie Gifford ETF Trust – Statement of Additional Information

affiliation with the Manager and his role as an officer of the Trust. The Trust does not have a lead independent trustee. The Board reviews its leadership structure periodically and believes that its structure is appropriate to enable the Board to oversee the Funds, after taking into account the characteristics of the Funds and their investment strategies and policies. In forming this belief as to the reasonableness of having an interested Chair and no lead independent Trustee, the Board considered several factors in respect of its service of other funds in the Baillie Gifford fund complex, which the Board believes will be equally applicable in respect of their service of the Trust, including the following: the relatively small size of the Board, and the fact that each Independent Trustee serves on every committee of the Board; in light of the Manager's overseas location, the Chair's ability to efficiently mobilize the Manager's resources at the Board's behest and on its behalf; that the board of other funds in the Baillie Gifford fund complex has had an interested Chair since its inception and that, during this time, the interested Chair has demonstrated the ability to facilitate the flow of information between the independent trustees and the Manager; and that the collaborative functioning of the Board will not be hindered by this historical governance structure. For a discussion of the Board's role in risk oversight of the Funds, please see "*Manager—Oversight by the Board*" below.

An Independent Trustee may serve as a member of the Board until December 31 in the earlier of (i) the year of their 15th year of service as a Board member, and (ii) the year of their 75th birthday. The Chair of the Board and the officers of the Trust, including the President of the Trust, are elected annually by the Board.

To the Trust's knowledge, as of the date hereof, none of the Independent Trustees or their immediate family members owned securities in the Manager or Baillie Gifford Funds Services LLC (the "**Distributor**" or "**BGFS**"), nor did they own securities in any entity directly or indirectly controlling, controlled by or under common control with the Manager or the Distributor.

**Trustee Meetings**

The Board meets periodically throughout the year to oversee the Trust's activities, review contractual arrangements with certain service providers, monitor compliance with regulatory requirements, and review performance.

**Committees**

The Board has two standing committees, as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Committee** | &nbsp;&nbsp; **Functions** | &nbsp;&nbsp; **Membership** | &nbsp;&nbsp; **Chair** | &nbsp;&nbsp; **Meetings during<br> last fiscal year<sup>(1)</sup>** |
| &nbsp;&nbsp; Audit Oversight Committee | &nbsp;&nbsp; Oversees the Trust's accounting and financial reporting policies and practices, its internal controls, and the quality and objectivity of the Trust's financial statements. Acts as liaison between the Trust's independent registered public accounting firm and the Board. | &nbsp;&nbsp; Independent Trustees only | &nbsp;&nbsp; Mr. Kavanaugh | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp; Nominating and Governance Committee | &nbsp;&nbsp; Identifies, evaluates and recommends candidates to serve as Independent Trustees<sup>(2)</sup> and reviews the composition of the Board. Reviews and recommends Independent Trustee compensation. | &nbsp;&nbsp; Independent Trustees only | &nbsp;&nbsp; Ms. Cox | &nbsp;&nbsp; 1 |

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*<sup>(1)</sup>* *Information is provided for the fiscal period from the inception date of the Trust through December 31, 2025.*

*<sup>(2)</sup>* *The Nominating and Governance Committee will consider nominees recommended by shareholders. For a description of the procedures to be followed by security holders to submit recommendations, see* "Board Members and Trust Officers—Trustee Nominations by Shareholders" above.

**Trustee Compensation**

The following tables set forth a summary of the compensation received by each Independent Trustee for services rendered as a Trustee and, if applicable, committee chair, for the fiscal year ended December 31, 2025. The Trust pays no compensation to its officers and interested Trustee. For their services to the Trust, Baillie Gifford Funds, and Baillie Gifford Institutional Trust during such period, each Independent Trustee, other than Ms. Miller, received a retainer fee of $165,000<sup>1</sup>, and the chairs of the Audit Oversight Committee and the Nominating and Governance Committee received additional aggregate compensation of $15,000 and $7,000, respectively, each allocated among the trusts. The Trust did not pay any compensation to the Independent Trustees prior to December 31, 2025.

<sup>1</sup> As compensation for her services to the Trust, Baillie Gifford Funds, and Baillie Gifford Institutional Trust from September 1, 2025 through the fiscal year ended December 31, 2025, Ms. Miller received $55,000.

Baillie Gifford ETF Trust – Statement of Additional Information

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Aggregate<br> Compensation from <br> each Fund** | &nbsp;&nbsp; **Howard W.<br> Chin, <br> Trustee** | &nbsp;&nbsp; **Pamela M. J.<br> Cox,<br> Trustee and <br> Chair of the <br> Nominating<br> and <br> Governance <br> Committee** | &nbsp;&nbsp; **John<br> Kavanaugh,<br> Trustee and<br> Chair of the<br> Audit <br> Oversight <br> Committee** | &nbsp;&nbsp; **Maureen A. <br> Miller, Trustee** | &nbsp;&nbsp; **Donald P. <br> Sullivan Jr.,<br> Trustee** |
| &nbsp;&nbsp; **Total Compensation from all Funds of the Trust and Fund Complex<sup>(1)(2)(3)</sup>** | &nbsp;&nbsp; $165000 | &nbsp;&nbsp; $172000 | &nbsp;&nbsp; $180000 | &nbsp;&nbsp; $165000 | &nbsp;&nbsp; $165000 |

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*<sup>(1)</sup>* *All Trustees receive reimbursements for reasonable expenses related to their attendance at the meetings of the Board or committees, which are not included in the amounts shown. The amounts shown indicate the aggregate compensation paid to the Trustees for their service with respect to each of the Trust, Baillie Gifford Funds, and Baillie Gifford Institutional Trust and their respective series. As of the date hereof, no Trustee accrued pension or retirement benefits as part of the Trust's expenses, and no Trustee is expected to receive annual benefits upon retirement.*

*<sup>(2)</sup>* *The* "**Fund Complex**" includes all Funds and two separate investment companies: (1) Baillie Gifford Funds and (2) Baillie Gifford Institutional Trust.

*<sup>(3)</sup>* *This total includes compensation from Baillie Gifford Health Innovation Equities Fund, which was terminated as a series of Baillie Gifford Funds on January 27, 2025 and Baillie Gifford International Smaller Companies Fund, which was terminated as a series of Baillie Gifford Funds on October 2, 2025.*

 

**Trust Officers**

The following table sets out the officers of the Trust, their principal occupations during the last five years, and certain other information.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name and<br> Year of <br> Birth<sup>(1)</sup>** | &nbsp;&nbsp; **Position(s) Held with <br> Trust** | &nbsp;&nbsp; **Length of <br> Time <br> Served<sup>(2)</sup>** | &nbsp;&nbsp; **Principal Occupation During Past 5 Years<sup>(3)</sup>** |
| &nbsp;&nbsp; ***Officers (other than officers who are also Trustees<sup>(4)</sup>)*** | &nbsp;&nbsp; ***Officers (other than officers who are also Trustees<sup>(4)</sup>)*** | &nbsp;&nbsp; ***Officers (other than officers who are also Trustees<sup>(4)</sup>)*** | &nbsp;&nbsp; ***Officers (other than officers who are also Trustees<sup>(4)</sup>)*** |
| &nbsp;&nbsp; David W. Salter<br> 1975 | &nbsp;&nbsp; Vice President | &nbsp;&nbsp; Since 2025 | &nbsp;&nbsp; Partner, Baillie Gifford & Co (parent of investment adviser); Formerly CEO & Chairman, Baillie Gifford Funds Services LLC (broker-dealer) |
| &nbsp;&nbsp; Julie Paul<br> 1975 | &nbsp;&nbsp; Vice President | &nbsp;&nbsp; Since 2025 | &nbsp;&nbsp; Senior Manager, Funds Operations, Baillie Gifford & Co (parent of investment adviser) |
| &nbsp;&nbsp; Lindsay Cockburn<br> 1978 | &nbsp;&nbsp; Treasurer | &nbsp;&nbsp; Since 2025 | &nbsp;&nbsp; Director Investment Operations, North American Funds Operations Department, Baillie Gifford & Co (parent of investment adviser) |
| &nbsp;&nbsp; Neil Riddell<br> 1988 | &nbsp;&nbsp; Chief Risk Officer | &nbsp;&nbsp; Since 2025 | &nbsp;&nbsp; Partner and Head of Group Risk, Baillie Gifford & Co (parent of investment adviser) |
| &nbsp;&nbsp; Gareth Griffiths<br> 1973 | &nbsp;&nbsp; Secretary, Chief Legal Officer, Chief Compliance Officer and AML Compliance Officer | &nbsp;&nbsp; Since 2025 | &nbsp;&nbsp; Head of Business Partners Legal for Baillie Gifford & Co (parent of investment adviser) |
| &nbsp;&nbsp; Lesley-Anne Archibald<br> 1988 | &nbsp;&nbsp; Vice President | &nbsp;&nbsp; Since 2025 | &nbsp;&nbsp; Head of North American Shareholders Services, North American Funds Operations Department, Baillie Gifford & Co (parent of investment adviser); Chairperson and Director of Baillie Gifford Funds Services LLC (broker-dealer) |
| &nbsp;&nbsp; Kelly Cameron<br> 1989 | &nbsp;&nbsp; Vice President | &nbsp;&nbsp; Since 2025 | &nbsp;&nbsp; Relationship Director, Baillie Gifford Overseas Limited (parent of investment adviser) |

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*<sup>(1)</sup>* *The address of each officer of the Trust is c/o Baillie Gifford ETF Trust, 780 Third Avenue, 43<sup>rd</sup> Floor, New York, NY 10017.*

*<sup>(2)</sup>* *The officers of the Trust will be elected annually by the Board.*

*<sup>(3)</sup>* *Previous positions during the past five years with Baillie Gifford & Co, the Manager and Baillie Gifford Group are omitted if not materially different from the positions listed.*

*<sup>(4)</sup>* *Michael Stirling-Aird serves as a Trustee (Chair of the Board) and President of the Trust. His information is set forth in the table relating to Trustees above.*

Baillie Gifford ETF Trust – Statement of Additional Information

**Trust Officer Compensation**

The Trust currently pays no compensation to officers of the Trust.

**Board Member and Trust Officer Liability**

The Declaration of Trust provides that the Board members will not be liable for errors of judgment or mistakes of fact or law. However, nothing in the Declaration of Trust protects a Board member against any liability to which the Board member would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.

The Board members and officers of the Trust are indemnified by the Trust for any and all liabilities and expenses actually and reasonably incurred in any proceeding brought or threatened against a Board member or officer by reason of any alleged act or omission as Board member or officer, unless such person did not act in good faith in the reasonable belief that such action was in the best interests of the Trust, under the Declaration of the Trust and the Bylaws of the Trust. No officer or Board member may be indemnified against any liability to the Trust or the Trust's shareholders to which such person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.

**Investment in the Funds by Trust, Manager and Distributor Personnel**

The Trust, the Manager and the Distributor have each adopted a code of ethics pursuant to Rule 17j-1 of the 1940 Act. This code of ethics permits personnel of the Trust, the Manager and the Distributor to invest in securities, including securities that may be purchased or held by the Funds, subject to restrictions.

**<u>Manager</u>**

The Manager is a wholly-owned subsidiary of Baillie Gifford & Co, which is generally engaged in the business of investment management. Both the Manager and Baillie Gifford & Co are authorized and regulated in the U.K. by the Financial Conduct Authority. The Manager and its affiliates are referred to herein as the "**Baillie Gifford Group.**"

**Oversight by the Board**

The Board oversees the Manager, including by overseeing the following activities of the Manager:

 **Risk Management.** As part of this process, the Board receives a report from, and meets periodically with, the Trust's chief risk officer. The Board also meets periodically with representatives of the Manager to receive reports regarding the management of the Funds, including their investment risks.

**Compliance with Relevant Laws.** To assist this process, the Board meets periodically with the Funds' chief compliance officer and receives reports regarding the compliance of the Funds and the Manager with the federal securities laws and the Fund's own compliance policies and procedures.

**Financial Accounting and Reporting.** The Board, either itself or through its committees, meets periodically with officers of the Trust and representatives from the Manager

and the auditor of the Funds, to review and consider the financial accounting and reporting of the Funds.

**All Management activities.** In the course of providing oversight, the Board meets periodically with officers of the Trust and representatives from the Manager, and receives a broad range of reports on the Funds' activities, including regarding each Fund's investment portfolio.

**Appointment of the Manager.** The Board also reviews the appointment of the Manager at least annually.

**Management Services**

The Manager serves as the investment manager of the Funds under the Investment Advisory and Management Agreement dated December 9, 2025, as amended from time to time (the "**Management Agreement**").

Responsibilities

Under the Management Agreement, the Manager manages the investment and reinvestment of the assets of each Fund and generally administers its affairs, subject to oversight by the Board as described above. The Manager also furnishes, at its own expense, all necessary office space, facilities and equipment, services of executive and other personnel of the Funds and certain administrative services.

Investment Management Fee

For these services, the Management Agreement provides that each Fund pays the Manager an

Baillie Gifford ETF Trust – Statement of Additional Information

investment management fee under a bundled fee structure (the "**Unitary Management Fee**").

The Unitary Management Fee paid by each Fund under the Management Agreement is calculated and accrued daily on the basis of the annual rate noted below and expressed as a percentage of that Fund's average daily net assets:

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| | |
|:---|:---|
| &nbsp;&nbsp; **Fund** | &nbsp;&nbsp; **Annual Unitary<br> Management Fee <br> Rate (percentage<br> of the Fund's<br> average daily net<br> assets)** |
| &nbsp;&nbsp; Baillie Gifford Emerging Markets ETF | &nbsp;&nbsp; 0.79% |
| &nbsp;&nbsp; Baillie Gifford International Alpha ETF | &nbsp;&nbsp; 0.59% |
| &nbsp;&nbsp; Baillie Gifford International Concentrated Growth ETF | &nbsp;&nbsp; 0.72% |
| &nbsp;&nbsp; Baillie Gifford Long Term Global Growth ETF | &nbsp;&nbsp; 0.70% |
| &nbsp;&nbsp; Baillie Gifford U.S. Equity Growth ETF | &nbsp;&nbsp; 0.65% |

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In addition to bearing the Unitary Management Fee, each Fund (and not the Manager) bears the following expenses: (i) expenses incurred in connection with the distribution plan adopted by the Trust pursuant to Rule 12b-1 under the 1940 Act, (ii) investment-related expenses of any kind, including all fees and expenses incurred with respect to the acquisition, holding and/or disposition of portfolio securities, and any expenses incurred with respect to the reorganization, restructuring or workout-related expenses related to any investment, and the execution of portfolio transactions (such as brokerage commissions, clearing and settlement costs, and any other kind of transaction expenses and costs associated with tax reclaims or similar actions, including any fees paid on a contingent basis); (iii) borrowing and other investment-related costs and fees, including interest, commitment and other fees and costs; (iv) acquired fund fees and expenses; (v) taxes (including, but not limited to, income, excise, transfer and withholding taxes, including any accrued deferred tax liability) and governmental fees; (vi) litigation expenses of any kind (including fees and expenses of counsel retained by or on behalf of the Trust or a Fund, judgments, amounts paid in settlement, fines, penalties,

fees of expert witnesses, document production fees, and all other liabilities, costs or expenses) and any fees, costs or expenses payable by the Trust or a Fund pursuant to indemnification or advancement obligations to which the Trust or such Fund may be subject (pursuant to contract or otherwise); (vii) custody or other expenses attributable to negative interest rates on investments or cash; (viii) short dividend expense; (ix) salaries and other compensation or expenses, including travel expenses, of any of the Trust's executive officers and employees, if any, who are not officers, directors, shareholders, members, partners or employees of the Manager or its subsidiaries or affiliates; (x) organizational expenses and both initial and ongoing SEC registration fees of the Trust and the Funds; (xi) costs related to any meetings of shareholders, including any costs associated with the preparation, printing, filing and transmission of proxy or information statements and proxy solicitation; (xii) fees or expenses payable or other costs incurred in connection with a Fund's securities lending program, if any, including any securities lending agent fees, as governed by a separate securities lending agreement; (xiii) any other expenses which are capitalized in accordance with generally accepted accounting principles; (xiv) other nonrecurring or extraordinary expenses (as determined by a majority of the Trustees who are not "interested persons" of the Trust); and (xv) such other expenses as approved by a majority of the Board.

How to Change the Investment Management Agreement

The Management Agreement may be amended in a manner consistent with the 1940 Act. Amendments to the Management Agreement will require shareholder approval, unless (a) the amendments do not increase the compensation of the Manager or otherwise fundamentally alter the relationship of the Trust with the Manager and (b) the amendments are approved by the requisite majority of the Trustees who are not parties to the agreement or interested persons (as defined in the 1940 Act) of any such party.

Term of Manager's Appointment

The Management Agreement will continue in effect for two years from its date of execution. After this two year period, it will continue if its continuance is approved at least annually by:

the Board or by vote of a majority of the outstanding voting securities of the relevant Fund; and

vote of a majority of the Trustees who are not "interested persons" of the Trust, as that term is defined in the 1940 Act, cast in person at a

Baillie Gifford ETF Trust – Statement of Additional Information

meeting called for the purpose of voting on such approval.

The Management Agreement may be terminated without penalty by:

vote of the Board or by vote of a majority of the outstanding voting securities of the relevant Fund, upon sixty days' written notice; or

- the Manager upon sixty days' written notice.

The Management Agreement also terminates automatically in the event of its assignment.

Manager Liability

The Management Agreement provides that the Manager shall not be subject to any liability in connection with the performance of its services thereunder in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations and duties.

Other Clients

The Manager acts as investment adviser to numerous other corporate and fiduciary clients. Certain officers and the interested Trustee of the Trust also serve as officers, directors and Trustees of other investment companies and clients advised by the Manager. These other investment companies and clients sometimes invest in securities in which the Funds also invest. If a Fund and such other investment companies or clients desire to buy or sell the same portfolio securities at the same time, purchases and sales may be allocated, to the extent practicable, on a pro rata basis in proportion to the amounts desired to be purchased or sold for each. It is recognized that in some cases the practices described in this paragraph could have a detrimental effect on the price or amount of the securities which a Fund purchases or sells. In other cases, however, it is believed that these practices may benefit the Funds. It is the opinion of the Board that the desirability of retaining the Manager as adviser for the Funds outweighs the disadvantages, if any, which might result from these practices.

For a description of potential conflicts of interest that may arise in connection with management of the Funds and management of other clients please see "*Principal Investment Risks—Conflicts of Interest Risk*" in the Prospectus.

**Investment Decisions by Portfolio Managers**

Investment decisions made by the Manager for a Fund are made by teams of portfolio managers organized for that purpose.

Portfolio Manager Conflicts of Interest

In addition to managing the Funds, individual portfolio managers are commonly responsible for managing other registered investment companies, other pooled investment vehicles and/or other accounts. These other types of accounts may have similar investment strategies to the Funds.

For a description of potential conflicts of interest that may arise in connection with the portfolio managers' management of the Funds and the portfolio managers' management of other types of accounts please see "*Principal Investment Risks—Conflicts of Interest Risk*" in the Prospectus.

Other Accounts

The following table shows information regarding other accounts managed by the portfolio managers. The information is provided as of October 31, 2025, except where otherwise noted. As of October 31, 2025, no portfolio manager to a Fund owned beneficially any equity securities of such Fund.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Account <br> Type** | &nbsp;&nbsp; **Total <br> Accounts** | &nbsp;&nbsp; **Total <br> Assets <br> in <br> Accounts <br> (US$M)** | &nbsp;&nbsp; **Where <br> management fee is <br> based on account <br> performance:** | &nbsp;&nbsp; **Where <br> management fee is <br> based on account <br> performance:** |
|  |  |  | &nbsp;&nbsp; *Accounts* | &nbsp;&nbsp; *Assets <br> in <br> Accounts<br> (US$M)* |
| &nbsp;&nbsp; **<u>Baillie Gifford Emerging Markets ETF</u>** | &nbsp;&nbsp; **<u>Baillie Gifford Emerging Markets ETF</u>** | &nbsp;&nbsp; **<u>Baillie Gifford Emerging Markets ETF</u>** | &nbsp;&nbsp; **<u>Baillie Gifford Emerging Markets ETF</u>** | &nbsp;&nbsp; **<u>Baillie Gifford Emerging Markets ETF</u>** |
| &nbsp;&nbsp; **Ben Durrant** | &nbsp;&nbsp; **Ben Durrant** | &nbsp;&nbsp; **Ben Durrant** | &nbsp;&nbsp; **Ben Durrant** | &nbsp;&nbsp; **Ben Durrant** |
| &nbsp;&nbsp; Registered Investment Companies | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 7583 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 364 |
| &nbsp;&nbsp; Other Pooled Investment Vehicles | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 6600 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; Other Accounts | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 8444 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; **Mike Gush** | &nbsp;&nbsp; **Mike Gush** | &nbsp;&nbsp; **Mike Gush** | &nbsp;&nbsp; **Mike Gush** | &nbsp;&nbsp; **Mike Gush** |
| &nbsp;&nbsp; Registered Investment Companies | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 7583 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 364 |
| &nbsp;&nbsp; Other Pooled Investment Vehicles | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 1654 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; Other Accounts | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 6402 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |

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Baillie Gifford ETF Trust – Statement of Additional Information

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Account <br> Type** | &nbsp;&nbsp; **Total <br> Accounts** | &nbsp;&nbsp; **Total <br> Assets <br> in <br> Accounts <br> (US$M)** | &nbsp;&nbsp; **Where <br> management fee is <br> based on account <br> performance:** | &nbsp;&nbsp; **Where <br> management fee is <br> based on account <br> performance:** |
|  |  |  | &nbsp;&nbsp; *Accounts* | &nbsp;&nbsp; *Assets <br> in <br> Accounts<br> (US$M)* |
| &nbsp;&nbsp; **Andrew Stobart** | &nbsp;&nbsp; **Andrew Stobart** | &nbsp;&nbsp; **Andrew Stobart** | &nbsp;&nbsp; **Andrew Stobart** | &nbsp;&nbsp; **Andrew Stobart** |
| &nbsp;&nbsp; Registered Investment Companies | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 7583 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 364 |
| &nbsp;&nbsp; Other Pooled Investment Vehicles | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 1989 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; Other Accounts | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 8737 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; **<u>Baillie Gifford International Alpha ETF</u>** | &nbsp;&nbsp; **<u>Baillie Gifford International Alpha ETF</u>** | &nbsp;&nbsp; **<u>Baillie Gifford International Alpha ETF</u>** | &nbsp;&nbsp; **<u>Baillie Gifford International Alpha ETF</u>** | &nbsp;&nbsp; **<u>Baillie Gifford International Alpha ETF</u>** |
| &nbsp;&nbsp; **Chris Davies** | &nbsp;&nbsp; **Chris Davies** | &nbsp;&nbsp; **Chris Davies** | &nbsp;&nbsp; **Chris Davies** | &nbsp;&nbsp; **Chris Davies** |
| &nbsp;&nbsp; Registered Investment Companies | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4501 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; Other Pooled Investment Vehicles | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 1369 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; Other Accounts | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 12194 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2465 |
| &nbsp;&nbsp; **Jenny Davis** | &nbsp;&nbsp; **Jenny Davis** | &nbsp;&nbsp; **Jenny Davis** | &nbsp;&nbsp; **Jenny Davis** | &nbsp;&nbsp; **Jenny Davis** |
| &nbsp;&nbsp; Registered Investment Companies | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4501 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; Other Pooled Investment Vehicles | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 529 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; Other Accounts | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 12136 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2465 |
| &nbsp;&nbsp; **Donald Farquharson** | &nbsp;&nbsp; **Donald Farquharson** | &nbsp;&nbsp; **Donald Farquharson** | &nbsp;&nbsp; **Donald Farquharson** | &nbsp;&nbsp; **Donald Farquharson** |
| &nbsp;&nbsp; Registered Investment Companies | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4501 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; Other Pooled Investment Vehicles | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 577 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; Other Accounts | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 13112 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2688 |
| &nbsp;&nbsp; **Roderick Snell** | &nbsp;&nbsp; **Roderick Snell** | &nbsp;&nbsp; **Roderick Snell** | &nbsp;&nbsp; **Roderick Snell** | &nbsp;&nbsp; **Roderick Snell** |
| &nbsp;&nbsp; Registered Investment Companies | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4501 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Account <br> Type** | &nbsp;&nbsp; **Total <br> Accounts** | &nbsp;&nbsp; **Total <br> Assets <br> in <br> Accounts <br> (US$M)** | &nbsp;&nbsp; **Where <br> management fee is <br> based on account <br> performance:** | &nbsp;&nbsp; **Where <br> management fee is <br> based on account <br> performance:** |
|  |  |  | &nbsp;&nbsp; *Accounts* | &nbsp;&nbsp; *Assets <br> in <br> Accounts<br> (US$M)* |
| &nbsp;&nbsp; Other Pooled Investment Vehicles | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6888 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; Other Accounts | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 23207 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 5413 |
| &nbsp;&nbsp; **Steve Vaughan** | &nbsp;&nbsp; **Steve Vaughan** | &nbsp;&nbsp; **Steve Vaughan** | &nbsp;&nbsp; **Steve Vaughan** | &nbsp;&nbsp; **Steve Vaughan** |
| &nbsp;&nbsp; Registered Investment Companies | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4501 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; Other Pooled Investment Vehicles | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 529 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; Other Accounts | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 12136 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2465 |
| &nbsp;&nbsp; **Tom Walsh** | &nbsp;&nbsp; **Tom Walsh** | &nbsp;&nbsp; **Tom Walsh** | &nbsp;&nbsp; **Tom Walsh** | &nbsp;&nbsp; **Tom Walsh** |
| &nbsp;&nbsp; Registered Investment Companies | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4501 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; Other Pooled Investment Vehicles | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 529 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; Other Accounts | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 12361 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2465 |
| &nbsp;&nbsp; **<u>Baillie Gifford International Concentrated Growth ETF</u>** | &nbsp;&nbsp; **<u>Baillie Gifford International Concentrated Growth ETF</u>** | &nbsp;&nbsp; **<u>Baillie Gifford International Concentrated Growth ETF</u>** | &nbsp;&nbsp; **<u>Baillie Gifford International Concentrated Growth ETF</u>** | &nbsp;&nbsp; **<u>Baillie Gifford International Concentrated Growth ETF</u>** |
| &nbsp;&nbsp; **Spencer Adair** | &nbsp;&nbsp; **Spencer Adair** | &nbsp;&nbsp; **Spencer Adair** | &nbsp;&nbsp; **Spencer Adair** | &nbsp;&nbsp; **Spencer Adair** |
| &nbsp;&nbsp; Registered Investment Companies | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5929 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 5096 |
| &nbsp;&nbsp; Other Pooled Investment Vehicles | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 13771 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 1286 |
| &nbsp;&nbsp; Other Accounts | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 22440 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 305 |
| &nbsp;&nbsp; **Lawrence Burns** | &nbsp;&nbsp; **Lawrence Burns** | &nbsp;&nbsp; **Lawrence Burns** | &nbsp;&nbsp; **Lawrence Burns** | &nbsp;&nbsp; **Lawrence Burns** |
| &nbsp;&nbsp; Registered Investment Companies | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 37304 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 33551 |
| &nbsp;&nbsp; Other Pooled Investment Vehicles | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 21287 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 127 |
| &nbsp;&nbsp; Other Accounts | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 12365 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 158 |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Kirsty Gibson** | &nbsp;&nbsp; **Kirsty Gibson** | &nbsp;&nbsp; **Kirsty Gibson** | &nbsp;&nbsp; **Kirsty Gibson** | &nbsp;&nbsp; **Kirsty Gibson** |
| &nbsp;&nbsp; Registered Investment Companies | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 9990 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 9969 |
| &nbsp;&nbsp; Other Pooled Investment Vehicles | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 6069 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; Other Accounts | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 3404 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |

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Baillie Gifford ETF Trust – Statement of Additional Information

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Account <br> Type** | &nbsp;&nbsp; **Total <br> Accounts** | &nbsp;&nbsp; **Total <br> Assets <br> in <br> Accounts <br> (US$M)** | &nbsp;&nbsp; **Where <br> management fee is <br> based on account <br> performance:** | &nbsp;&nbsp; **Where <br> management fee is <br> based on account <br> performance:** |
|  |  |  | &nbsp;&nbsp; *Accounts* | &nbsp;&nbsp; *Assets <br> in <br> Accounts<br> (US$M)* |
| &nbsp;&nbsp; **Paulina McPadden** | &nbsp;&nbsp; **Paulina McPadden** | &nbsp;&nbsp; **Paulina McPadden** | &nbsp;&nbsp; **Paulina McPadden** | &nbsp;&nbsp; **Paulina McPadden** |
| &nbsp;&nbsp; Registered Investment Companies | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 1507 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1273 |
| &nbsp;&nbsp; Other Pooled Investment Vehicles | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 74 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; Other Accounts | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 299 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; **<u>Baillie Gifford Long Term Global Growth ETF</u>** | &nbsp;&nbsp; **<u>Baillie Gifford Long Term Global Growth ETF</u>** | &nbsp;&nbsp; **<u>Baillie Gifford Long Term Global Growth ETF</u>** | &nbsp;&nbsp; **<u>Baillie Gifford Long Term Global Growth ETF</u>** | &nbsp;&nbsp; **<u>Baillie Gifford Long Term Global Growth ETF</u>** |
| &nbsp;&nbsp; **Gemma Barkhuizen** | &nbsp;&nbsp; **Gemma Barkhuizen** | &nbsp;&nbsp; **Gemma Barkhuizen** | &nbsp;&nbsp; **Gemma Barkhuizen** | &nbsp;&nbsp; **Gemma Barkhuizen** |
| &nbsp;&nbsp; Registered Investment Companies | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1115 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; Other Pooled Investment Vehicles | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 9837 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; Other Accounts | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 49601 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 1675 |
| &nbsp;&nbsp; **John MacDougall** | &nbsp;&nbsp; **John MacDougall** | &nbsp;&nbsp; **John MacDougall** | &nbsp;&nbsp; **John MacDougall** | &nbsp;&nbsp; **John MacDougall** |
| &nbsp;&nbsp; Registered Investment Companies | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1115 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; Other Pooled Investment Vehicles | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 10676 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; Other Accounts | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 49608 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 1570 |
| &nbsp;&nbsp; **Mark Urquhart** | &nbsp;&nbsp; **Mark Urquhart** | &nbsp;&nbsp; **Mark Urquhart** | &nbsp;&nbsp; **Mark Urquhart** | &nbsp;&nbsp; **Mark Urquhart** |
| &nbsp;&nbsp; Registered Investment Companies | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1115 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Account <br> Type** | &nbsp;&nbsp; **Total <br> Accounts** | &nbsp;&nbsp; **Total <br> Assets <br> in <br> Accounts <br> (US$M)** | &nbsp;&nbsp; **Where <br> management fee is <br> based on account <br> performance:** | &nbsp;&nbsp; **Where <br> management fee is <br> based on account <br> performance:** |
|  |  |  | &nbsp;&nbsp; *Accounts* | &nbsp;&nbsp; *Assets <br> in <br> Accounts<br> (US$M)* |
| &nbsp;&nbsp; Other Pooled Investment Vehicles | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 9837 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; Other Accounts | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 49269 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 1570 |
| &nbsp;&nbsp; **<u>Baillie Gifford U.S. Equity Growth ETF</u>** | &nbsp;&nbsp; **<u>Baillie Gifford U.S. Equity Growth ETF</u>** | &nbsp;&nbsp; **<u>Baillie Gifford U.S. Equity Growth ETF</u>** | &nbsp;&nbsp; **<u>Baillie Gifford U.S. Equity Growth ETF</u>** | &nbsp;&nbsp; **<u>Baillie Gifford U.S. Equity Growth ETF</u>** |
| &nbsp;&nbsp; **Dave Bujnowski** | &nbsp;&nbsp; **Dave Bujnowski** | &nbsp;&nbsp; **Dave Bujnowski** | &nbsp;&nbsp; **Dave Bujnowski** | &nbsp;&nbsp; **Dave Bujnowski** |
| &nbsp;&nbsp; Registered Investment Companies | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 9990 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 9969 |
| &nbsp;&nbsp; Other Pooled Investment Vehicles | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 4562 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; Other Accounts | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 1367 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; **Kirsty Gibson** | &nbsp;&nbsp; **Kirsty Gibson** | &nbsp;&nbsp; **Kirsty Gibson** | &nbsp;&nbsp; **Kirsty Gibson** | &nbsp;&nbsp; **Kirsty Gibson** |
| &nbsp;&nbsp; Registered Investment Companies | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 9990 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 9969 |
| &nbsp;&nbsp; Other Pooled Investment Vehicles | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 6069 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; Other Accounts | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 3404 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; **Lillian Li** | &nbsp;&nbsp; **Lillian Li** | &nbsp;&nbsp; **Lillian Li** | &nbsp;&nbsp; **Lillian Li** | &nbsp;&nbsp; **Lillian Li** |
| &nbsp;&nbsp; Registered Investment Companies | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; Other Pooled Investment Vehicles | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; Other Accounts | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; **Gary Robinson** | &nbsp;&nbsp; **Gary Robinson** | &nbsp;&nbsp; **Gary Robinson** | &nbsp;&nbsp; **Gary Robinson** | &nbsp;&nbsp; **Gary Robinson** |
| &nbsp;&nbsp; Registered Investment Companies | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 9990 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 9969 |
| &nbsp;&nbsp; Other Pooled Investment Vehicles | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 5733 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |

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Baillie Gifford ETF Trust – Statement of Additional Information

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Account <br> Type** | &nbsp;&nbsp; **Total <br> Accounts** | &nbsp;&nbsp; **Total <br> Assets <br> in <br> Accounts <br> (US$M)** | &nbsp;&nbsp; **Where <br> management fee is <br> based on account <br> performance:** | &nbsp;&nbsp; **Where <br> management fee is <br> based on account <br> performance:** |
|  |  |  | &nbsp;&nbsp; *Accounts* | &nbsp;&nbsp; *Assets <br> in <br> Accounts<br> (US$M)* |
| &nbsp;&nbsp; Other Accounts | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 1367 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; **Tom Slater** | &nbsp;&nbsp; **Tom Slater** | &nbsp;&nbsp; **Tom Slater** | &nbsp;&nbsp; **Tom Slater** | &nbsp;&nbsp; **Tom Slater** |
| &nbsp;&nbsp; Registered Investment Companies | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 9990 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 9969 |
| &nbsp;&nbsp; Other Pooled Investment Vehicles | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 26279 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| &nbsp;&nbsp; Other Accounts | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 1367 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |

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**Proxy Voting**

The Trust has delegated to the Manager responsibility for the voting of proxies with respect to voting securities held by the Funds. The Manager does not use an automated proxy voting advisory service.

Voting Guidelines

The Manager has adopted certain guidelines, called "Our Stewardship Principles and Guidelines" (the "**Guidelines**") to, among other things, govern the Manager's proxy voting processes.

The Guidelines are developed and administered by the Voting Team of the Baillie Gifford Group. The Voting Team sits alongside the investment teams and oversees voting analysis and execution in conjunction with the Funds' portfolio managers. The Voting Team forms part of the Manager's ESG function and reports to the Head of ESG, and ultimately to Baillie Gifford & Co's ESG Oversight Group.

The Guidelines articulate the Manager's approach to governance and sustainability matters including the following areas:

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| |
|:---|
| Governance fit for purpose |
| Alignment in vision and practice |
| Long-term value creation |
| Sustainable business practices |

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The Manager recognizes that given the range of markets in which the Funds invest, one set of standards is unlikely to be appropriate. The Guidelines consequently

take an issues based approach covering standards from a global perspective.

Pragmatic & Flexible Approach

The Manager recognizes that companies within particular markets operate under significantly differing conditions. The Guidelines are intended to provide an insight into how the Manager approaches voting and engagement on behalf of clients with it being important to note that the Manager assesses every company individually. With respect to voting, the Manager will evaluate proposals on a case-by-case basis, based on what it believes to be in the best long-term interests of clients, rather than rigidly applying a policy.

In evaluating each proxy, the Voting Team follows the Guidelines, while also considering third party analysis, the Manager's and its affiliates own research and discussions with company management.

The Voting Team oversees voting analysis and execution in conjunction with the investment teams.

The Manager may elect not to vote on certain proxies. While the Manager endeavors to vote a Fund's shares in all markets, on occasion this may not be possible due to a practice known as share blocking, whereby voting shares would result in prevention from trading for a certain period of time. When voting in these markets, the Manager assesses the benefits of voting clients' shares against the relevant restrictions. The Manager may also not vote where it has sold out of a stock following the record date.

Conflicts of Interest

The Manager recognizes the importance of managing potential conflicts of interest that may exist when voting a proxy solicited by a company with whom the Baillie Gifford Group has a material business or personal relationship. The Voting Team of the Baillie Gifford Group is responsible for monitoring possible material conflicts of interest with respect to proxy voting.

In most instances, applying the Guidelines to vote proxies will adequately address any possible conflicts of interest.

For proxy votes that involve a potential conflict of interest or that are inconsistent with (or not covered by) the Guidelines, the Manager has an internal process to review the proposed voting rationale. The review considers whether business relationships between the Baillie Gifford Group and the company have influenced the proposed vote and decides the course of action to be taken in the best interests of our clients.

Baillie Gifford ETF Trust – Statement of Additional Information

Further Information

Information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 will be available without charge upon request by:

- calling toll-free, 1-844-394-6127; or

- by accessing the Fund's Form N-PX on the SEC's website at http://www.sec.gov.

**Investment Process**

Best Execution

In placing orders for the purchase and sale of portfolio securities for the Funds, the Manager seeks to obtain the best price and execution.

Under a participating affiliate arrangement, the Manager may engage personnel and resources from its affiliate, Baillie Gifford Asia (Hong Kong) Limited 柏基亞洲(香港) 有限公司, to execute trades for each Fund. Under normal circumstances, this arrangement will be utilized for executing trades in relation to Asia-Pacific securities. However, the Manager may also utilize this arrangement for non-Asia-Pacific securities.

Use of Brokers or Dealers for Unlisted Investments

The use of brokers or dealers for unlisted investments is based on the most favorable price which can be obtained for the Funds.

Transactions in unlisted securities are carried out directly with company management when they are issuing primary equity. On occasion investment banks can be engaged as advisers in the trade but the monies are generally paid direct to the company. If, in the judgment of the Manager, a more favorable price can be obtained by carrying out such transactions through other brokers or dealers, the trading desk will direct the trade through broker-dealers who make the primary market for such securities.

Selection of Brokers or Dealers

Broker selection for trading is determined entirely by the requirement to achieve best execution for the Funds.

The Manager selects only brokers or dealers which it believes are financially responsible, will provide efficient and effective services in executing, clearing and settling an order and will charge commission rates which, when combined with the quality of the foregoing services, will produce best execution for the transaction. This does not necessarily mean that the lowest available brokerage commission will be paid. However, the commissions are believed to be competitive with generally prevailing rates. The Manager will use its best efforts to obtain

information as to the general level of commission rates being charged by the brokerage community from time to time and will evaluate the overall reasonableness of brokerage commissions paid on transactions by reference to such data. In making such evaluation, all factors affecting liquidity and execution of the order, as well as the amount of the capital commitment by the broker in connection with the order, are taken into account.

Brokers or dealers selected to execute the Funds' portfolio transactions may include the Funds' Authorized Participants or their affiliates. An Authorized Participant or its affiliates may be selected to execute a Fund's portfolio transactions in conjunction with an all-cash creation unit order or an order including "cash-in-lieu." Each Fund may determine to not charge a variable fee on certain orders when the Manager has determined that doing so is in the best interests of Fund shareholders. See the *"Investment Process—Creation and Redemption of Creation Units"* section below.

Execution only approach

The Manager pays execution-only commission rates and does not pay "bundled" fees for brokerage and research. The Manager assumes full responsibility for payment for non-execution services from brokers, such as reports on economic and political developments, industries, companies, securities, portfolio strategy, account performance, daily prices of securities, stock and bond market conditions and projections, asset allocation and portfolio structure, but also meetings with analysts and specialists. The receipt of such services does not factor in the selection of brokers.

Foreign Currency Transactions – Custodians

Although the Manager executes certain foreign currency transactions internally through its foreign currency trading desk, the Manager may determine that:

certain transactions may not be most efficiently executed by its trading desk. Such transactions may be administered by a third party such as the Fund's custodian. Such transactions tend to be in smaller amounts (for example, income repatriation), and such transactions may be executed by such third parties in accordance with standing instructions received from the Manager; or

due to local market regulations, responsibility has to pass to the client's custodian for execution under standing instruction.

Also, income received into the portfolios will automatically be swept into U.S. dollars by means of standing instruction foreign exchange carried out by the custodian.

Baillie Gifford ETF Trust – Statement of Additional Information

Given the nature of such transactions and the general size of the markets, the Manager has limited ability to analyze or review the specific details and efficiency of trading in these amounts.

Directed Brokerage Transactions

The Funds had not yet commenced operations as of the date hereof, and therefore have not engaged in any directed brokerage transactions.

Brokerage Commissions

As mentioned above, the Manager pays execution-only commission rates for trading. The Manager believes this helps to mitigate any potential conflicts of interest that might arise from the purchase of two sets of services paid out of the Funds' dealing commission.

Research services permitted to be paid from client dealing commissions under Section 28(e) (the "**safe harbor**") of the Exchange Act are now paid for directly by the Manager under separate agreements with brokers.

The Funds had not yet commenced operations as of the date hereof, and therefore have not paid any brokerage commissions.

Affiliated Broker-Dealers

The Funds had not yet commenced operations as of the date hereof, and therefore have not paid any brokerage commissions to any affiliated broker/dealers.

Regular Broker or Dealer

The Funds had not yet commenced operations as of the date hereof, and therefore have not held securities issued by a regular broker or dealer or a parent company of a regular broker or dealer.

Portfolio Turnover

The buying and selling of the securities held by a Fund is known as "portfolio turnover." Higher portfolio turnover involves correspondingly greater expenses to a Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. The higher the rate of portfolio turnover of a Fund, the higher these transaction costs borne by the Fund generally will be. Such sales may result in realization of taxable capital gains (including short-term capital gains which are generally taxed to individual shareholders at ordinary income tax rates when distributed net of short-term capital losses and net long-term capital losses) and may adversely impact a Fund's after-tax returns. See the "*Tax*" section below.

Portfolio turnover rates for each Fund for which financial highlights are available are provided under "Financial

Highlights" in the Prospectus. For the fiscal year ended December 31, 2024, none of the Predecessor Mutual Funds experienced a significant variation in their portfolio turnover rates over their two most recently completed fiscal years. As Baillie Gifford Emerging Markets ETF and Baillie Gifford International Alpha ETF had not commenced operations as of the date hereof, no portfolio turnover information is available.

Other Accounts

The Manager is responsible, subject to oversight by the Board, for placing orders on behalf of the Funds for the purchase or sale of portfolio securities. Although each Fund's investment objective and strategies are substantially similar to those of other accounts and funds managed by the Manager, differences in purchase and redemption structure, investment restrictions and legal requirements and the public nature of the Funds' positions lead to the use of different trading practices and portfolio decisions. The Funds' portfolios, which are expected to be more concentrated than the portfolios of these other accounts and funds because it is anticipated that it will exclude certain smaller and/or less liquid positions, will generally be rebalanced less frequently than the portfolios of these other accounts and funds. This less frequent rebalancing is anticipated typically to cause trades to be effected in the portfolios of these other accounts and funds before they are effected for a Fund's portfolio. At times, a Fund's trades will likely occur after an accumulation of multiple trades that were executed for the Manager's other accounts and funds, when the Manager determines that a corresponding change is warranted for the Fund. However, despite this difference in trade timelines between the Funds and the Manager's other accounts and funds, the Funds can and will trade in tandem or nearly in tandem with the Manager's other accounts and funds if necessitated by market dynamics. When the Manager implements a portfolio decision for an account or fund ahead of, or contemporaneously with, a portfolio decision for a Fund, market impact, liquidity constraints, or other factors could result in the Fund receiving less favorable pricing or trading results, paying higher transaction costs, or otherwise being disadvantaged.

Baillie Gifford ETF Trust – Statement of Additional Information

**Exchange Listing and Trading**

A discussion of exchange listing and trading matters associated with an investment in the Funds is contained in the Prospectus under the headings "*Principal Investment Risks*", "*Shares—Calculation of NAV*" and "*Shares—How to Buy and Sell Shares.*" The discussion below supplements, and should be read in conjunction with, such sections of the Funds' Prospectus.

The Exchange may but is not required to remove the shares of a Fund from listing if: (1) any of the continued listing requirements are not continuously maintained, (2) following the initial twelve-month period after commencement of trading on the Exchange, there are fewer than 50 beneficial holders of the shares of a Fund, (3) a Fund is no longer eligible to operate in reliance on Rule 6c-11 under the Investment Company Act of 1940, as amended (the "**1940 Act**"), or (4) such other event shall occur or condition exists that, in the opinion of the Exchange, makes further dealings on the Exchange inadvisable. In addition, the Exchange will remove the shares of a Fund from listing and trading upon termination of such Fund.

As in the case of other publicly-traded securities, when you buy or sell shares of a Fund through a broker, you may incur a brokerage commission determined by that broker, as well as other charges.

An intra-day NAV is based on a securities component and a cash component (or an all cash amount) that comprises that day's Creation Deposit (as defined below), as disseminated prior to that Business Day's commencement of trading.

**Book Entry Only System**

The following information supplements and should be read in conjunction with the section in the Prospectus entitled "*Shares—How to Buy and Sell Shares.*"

The Depository Trust Company ("**DTC**") acts as securities depositary for the shares. Shares of the Fund are represented by securities registered in the name of DTC or its nominee and deposited with, or on behalf of, DTC. Certificates will not be issued for shares.

DTC, a limited-purpose trust company, was created to hold securities of its participants ("**DTC Participants**") and to facilitate the clearance and settlement of securities transactions among the DTC Participants in such securities through electronic book-entry changes in accounts of the DTC Participants, thereby eliminating the need for physical movement of securities certificates. DTC Participants include securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations, some of whom (and/or their representatives) own DTC. More specifically, DTC is owned by a number of its DTC Participants and by the NYSE and the Financial Industry Regulatory Authority ("**FINRA**"). Access to the DTC system is also available to others such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly ("**Indirect Participants**").

Beneficial ownership of shares is limited to DTC Participants, Indirect Participants and persons holding interests through DTC Participants and Indirect Participants. Ownership of beneficial interests in shares (owners of such beneficial interests are referred to herein as "**Beneficial Owners**") is shown on, and the transfer of ownership is effected only through, records maintained by DTC (with respect to DTC Participants) and on the records of DTC Participants (with respect to Indirect Participants and Beneficial Owners that are not DTC Participants). Beneficial Owners will receive from or through the DTC Participant a written confirmation relating to their purchase of shares.

Conveyance of all notices, statements and other communications to Beneficial Owners is effected as follows. Pursuant to the Depositary Agreement between the Trust and DTC, DTC is required to make available to the Trust upon request and for a fee to be charged to the Trust a listing of the shares holdings of each DTC Participant. The Trust shall inquire of each such DTC Participant as to the number of Beneficial Owners holding shares, directly or indirectly, through such DTC Participant. The Trust shall provide each such DTC Participant with copies of such notice, statement or other communication, in such form, number and at such place as such DTC Participant may reasonably request, in order that such notice, statement or communication may be transmitted by such DTC Participant, directly or indirectly, to such Beneficial Owners. In addition, the Trust shall pay to each such DTC Participant a fair and reasonable amount as reimbursement for the expenses attendant to such transmittal, all subject to applicable statutory and regulatory requirements.

Share distributions shall be made to DTC or its nominee, Cede & Co., as the registered holder of all shares. DTC or its nominee, upon receipt of any such distributions,

Baillie Gifford ETF Trust – Statement of Additional Information

shall credit immediately DTC Participants' accounts with payments in amounts proportionate to their respective beneficial interests in shares as shown on the records of DTC or its nominee. Payments by DTC Participants to Indirect Participants and Beneficial Owners of shares held through such DTC Participants will be governed by standing instructions and customary practices, as is now the case with securities held for the accounts of customers in bearer form or registered in a "street name," and will be the responsibility of such DTC Participants.

The Trust has no responsibility or liability for any aspects of the records relating to or notices to Beneficial Owners, or payments made on account of beneficial ownership interests in such shares, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests or for any other aspect of the relationship between DTC and the DTC Participants or the relationship between such DTC Participants and the Indirect Participants and Beneficial Owners owning through such DTC Participants.

DTC may determine to discontinue providing its service with respect to the shares at any time by giving reasonable notice to the Trust and discharging its responsibilities with respect thereto under applicable law. Under such circumstances, the Trust shall take action either to find a replacement for DTC to perform its functions at a comparable cost or, if such a replacement is unavailable, to issue and deliver printed certificates representing ownership of shares, unless the Trust makes other arrangements with respect thereto satisfactory to the Exchange.

**Creation and Redemption of Creation Units** 

General

The Funds will issue and sell shares only in Creation Units on a continuous basis, without an initial sales load, at their NAV next determined after receipt, on any Business Day (as defined herein), of an order received by the Distributor or its agent in proper form. On days when the Exchange closes earlier than normal, a Fund may require orders to be placed earlier in the day. Notwithstanding the foregoing, the Trust may, but is not required to, permit orders, including custom, until 4:00 p.m., Eastern time, or until the market close (in the event the Exchange closes early). The following table sets forth the number of shares of a Fund that generally will constitute a Creation Unit for such Fund as of the date of this SAI:

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| | |
|:---|:---|
| &nbsp;&nbsp; **Fund** | &nbsp;&nbsp; **Shares per Creation<br> Unit** |
| &nbsp;&nbsp; **Baillie Gifford Emerging Markets ETF** | &nbsp;&nbsp; 25,000 |

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| | |
|:---|:---|
| &nbsp;&nbsp; **Baillie Gifford International Alpha ETF** | &nbsp;&nbsp; 20000 |
| &nbsp;&nbsp; **Baillie Gifford International Concentrated Growth ETF** | &nbsp;&nbsp; 10000 |
| &nbsp;&nbsp; **Baillie Gifford Long Term Global Growth ETF** | &nbsp;&nbsp; 10000 |
| &nbsp;&nbsp; **Baillie Gifford U.S. Equity Growth ETF** | &nbsp;&nbsp; 10000 |

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In its discretion, the Trust reserves the right to increase or decrease the number of a Fund's shares that constitute a Creation Unit, including on a per transaction basis if doing so is deemed to be in the best interests of the applicable Fund and its shareholders. The Board reserves the right to declare a split or a consolidation in the number of shares outstanding of any Fund, and to make a corresponding change in the number of shares constituting a Creation Unit, in the event that the per share price in the secondary market rises (or declines) to an amount that falls outside the range deemed desirable by the Board.

The Trust reserves the right to permit or require that creations and redemptions of shares are effected fully or partially in cash and reserves the right to permit or require the substitution of Deposit Securities (as defined below) in lieu of cash. Shares may be issued in advance of receipt of Deposit Securities, subject to various conditions, including a requirement that the Authorized Participant maintain with the Trust collateral in respect of the Authorized Participant's obligations. The Trust may use such collateral at any time to purchase Deposit Securities if the Authorized Participant fails to honor its obligations to a Fund. Transaction fees and other costs associated with creations or redemptions that include a cash portion may be higher than the transaction fees and other costs associated with in-kind creations or redemptions. In all cases, conditions with respect to creations and redemptions of shares and fees will be limited in accordance with the requirements of SEC rules and regulations applicable to management investment companies offering redeemable securities.

A "Business Day" with respect to the Funds is any day on which the Exchange is open for business or any other day on which the Fund is required to be open for business pursuant to Section 22(e) of the 1940 Act. As of the date of the Prospectus, the Exchange observes the following holidays: New Year's Day, Martin Luther King, Jr. Day, President's Day, Good Friday, Memorial

Baillie Gifford ETF Trust – Statement of Additional Information

Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

An Authorized Participant (defined below) that is not a "qualified institutional buyer," as such term is defined under Rule 144A of the Securities Act, will not be able to receive, as part of a redemption, restricted securities eligible for resale under Rule 144A.

Fund Deposit

The consideration for purchase of a Creation Unit of the Funds generally consists of the in-kind deposit of a designated basket of securities, assets, or other positions (the "**Deposit Securities**") per each Creation Unit, and the Cash Component (defined below), computed as described below. Notwithstanding the foregoing, the Trust reserves the right to permit or require the substitution of a "cash in lieu" amount ("**Deposit Cash**") to be added to the Cash Component to replace any Deposit Security. When accepting purchases of Creation Units for all or a portion of Deposit Cash, the Funds may incur additional costs associated with the acquisition of Deposit Securities that would otherwise be provided by an in-kind purchaser.

Together, the Deposit Securities or Deposit Cash, as applicable, and the Cash Component constitute the "**Fund Deposit**," which represents the minimum initial and subsequent investment amount for a Creation Unit of any Fund. Such Fund Deposit is applicable, subject to any adjustments as described below, to purchases of Creation Units of shares of a given Fund until such time as the next-announced Fund Deposit is made available.

The "**Cash Component**" is an amount equal to the difference between the NAV of shares (per Creation Unit) and the value of the Deposit Securities or Deposit Cash, as applicable and serves to compensate for any differences between the NAV per Creation Unit and the Deposit Amount. If the Cash Component is a positive number (*i.e.*, the NAV per Creation Unit exceeds the value of the Deposit Securities or Deposit Cash, as applicable), the Cash Component shall be such positive amount. If the Cash Component is a negative number (*i.e.*, the NAV per Creation Unit is less than the value of the Deposit Securities or Deposit Cash, as applicable), the Cash Component shall be such negative amount and the creator will be entitled to receive cash in an amount equal to the Cash Component. The Cash Component serves the function of compensating for any differences between the NAV per Creation Unit and the value of the Deposit Securities or Deposit Cash, as applicable. Computation of the Cash Component excludes any stamp duty or other similar fees and expenses payable upon transfer of beneficial ownership of the Deposit Securities, if applicable, which shall be the sole responsibility of the Authorized Participant.

The identity and number or par value of the Deposit Securities may change in respect of each purchase of a Creation Unit.

The Trust reserves the right to permit or require the substitution of Deposit Cash to replace any Deposit Security, which shall be added to the Cash Component, including, without limitation, in situations where the Deposit Security: (i) may not be available in sufficient quantity for delivery; (ii) may not be eligible for transfer through the systems of DTC for corporate securities and municipal securities; (iii) may not be eligible for trading by an Authorized Participant or the investor for which it is acting; (iv) would be restricted under the securities laws or where the delivery of the Deposit Security to the Authorized Participant would result in the disposition of the Deposit Security by the Authorized Participant becoming restricted under the securities laws; or (v) in certain other situations (collectively, "**custom orders**"). The adjustments described above will reflect changes, known to the Manager on the date of announcement to be in effect by the time of delivery of a Fund Deposit from certain corporate actions.

The Fund Deposit may also be modified to minimize the Cash Component by redistributing the cash to the Deposit Securities portion of the Fund Deposit through "systematic rounding." The rounding methodology "rounds up" position sizes of securities in the Deposit Securities (which in turn reduces the cash portion). However, the methodology limits the maximum allowed percentage change in weight and share quantity of any given security in the Fund Deposit.

The Trust may, in its sole discretion, substitute an amount of cash (i.e., a "cash in lieu" amount) to be added to the Cash Component to replace any Deposit Security.

Cash Purchase Method

In certain circumstances when partial or full cash purchases of Creation Units are available or specified, they will be effected in essentially the same manner as in-kind purchases thereof. In the case of a partial or full cash purchase, the Authorized Participant typically pays the cash equivalent of the Deposit Securities it would otherwise be required to provide through an in-kind purchase, plus the same Cash Component required to be paid by an in-kind purchaser. The Authorized Participant (as defined below) may also be required to pay certain transaction fees and charges for cash purchases, as described below, and may be required to cover certain brokerage, tax, foreign exchange, execution and price movement costs as described in this SAI.

Baillie Gifford ETF Trust – Statement of Additional Information

Procedures for Creation of Creation Units

To be eligible to place orders with the Distributor and to create a Creation Unit of a Fund, an entity must be: (i) a "**Participating Party**," i.e., a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the NSCC or (ii) a DTC Participant, and must have executed an agreement with the Distributor, with respect to creations and redemptions of Creation Units (a "**Participant Agreement**"). A member or participant of a clearing agency registered with the SEC that has a written agreement with a Fund or one of its service providers that allows such member or participant to place orders for the purchase and redemption of Creation Units is referred to as an Authorized Participant. All shares of the Funds, however created, will be entered on the records of the DTC in the name of its nominee for the account of a DTC Participant.

Role of the Authorized Participant

Creation Units may be purchased only by or through an Authorized Participant. Such Authorized Participant will agree, pursuant to the terms of a Participant Agreement and on behalf of itself or any investor on whose behalf it will act, to certain conditions, including that such Authorized Participant will make available in advance of each purchase of shares an amount of cash sufficient to pay the Cash Component, once the NAV of a Creation Unit is next determined after receipt of the purchase order in proper form, together with the transaction fees described below. An Authorized Participant, acting on behalf of an investor, may require the investor to enter into an agreement with such Authorized Participant with respect to certain matters, including payment of the Cash Component. Investors who are not Authorized Participants must make appropriate arrangements with an Authorized Participant. Investors should be aware that their particular broker may not be a DTC Participant or may not have executed a Participant Agreement and that orders to purchase Creation Units may have to be placed by the investor's broker through an Authorized Participant. As a result, purchase orders placed through an Authorized Participant may result in additional charges to such investor. At any given time, there may be only a limited number of Authorized Participants that have entered into a Participant Agreement. A list of current Authorized Participants may be obtained from the Distributor. In addition, the Distributor may be appointed as a limited irrevocable proxy of the Authorized Participant in accordance with the terms specified in the Participant Agreement.

Placement of Creation Orders

Fund Deposits must be delivered through the Federal Reserve System (for cash and U.S. government

securities), through DTC (for corporate and municipal securities) or through a central depository account, such as with Euroclear or DTC, maintained by the Custodian or a sub-custodian (a "**Central Depository Account**"). Any portion of a Fund Deposit that may not be delivered through the Federal Reserve System or DTC must be delivered through a Central Depository Account. The Fund Deposit transfers made through DTC must be ordered by the DTC Participant in a timely fashion so as to ensure the delivery of the requisite number of Deposit Securities through DTC to the account of the Funds generally before 3:00 p.m. Eastern time on the Settlement Date. Fund Deposit transfers made through the Federal Reserve System must be deposited by the Authorized Participant in a timely fashion so as to ensure the delivery of the requisite number or amount of Deposit Securities or cash through the Federal Reserve System to the account of the Funds generally before 3:00 p.m. Eastern time on the Settlement Date. Fund Deposit transfers made through a Central Depository Account must be completed pursuant to the requirements established by the custodian or sub-custodian for such Central Depository Account generally before 2:00 p.m. Eastern time on the Settlement Date. The "**Settlement Date**" for all funds is generally the first, second or third Business Day, as applicable, after the date on which an order to create Creation Units (or an order to redeem Creation Units) is placed. All questions as to the number of Deposit Securities to be delivered, and the validity, form and eligibility (including time of receipt) for the deposit of any tendered securities, will be determined by the Trust, whose determination shall be final and binding. The amount of cash equal to the Cash Component must be transferred directly to the Custodian through the Federal Reserve Bank wire transfer system in a timely manner so as to be received by the Custodian generally before 3:00 p.m. Eastern time on the Settlement Date. If the Cash Component and the Deposit Securities are not received by 3:00 p.m. Eastern time on the Settlement Date, the creation order may be canceled. Upon written notice to the Distributor, such canceled order may be resubmitted the following Business Day using the Fund Deposit as newly constituted to reflect the then current NAV of the Funds. The delivery of Creation Units so created generally will occur no later than the first, second or third Business Day, as applicable, following the day on which the purchase order is deemed received by the Distributor, provided that the relevant Fund Deposit has been received by the Funds prior to such time. The typical Settlement Date for each Fund is T+1. A Fund and an Authorized Participant may agree to a different Settlement Date.

Baillie Gifford Emerging Markets ETF, Baillie Gifford International Alpha ETF, Baillie Gifford International

Baillie Gifford ETF Trust – Statement of Additional Information

Concentrated Growth ETF, and Baillie Gifford Long Term Global Growth ETF trade securities in non-U.S. markets that close to trading before the close of trading on U.S. markets and open for trading before the open of trading on U.S. markets. In order to facilitate creation activity with respect to securities traded in these markets, the Fund may accept creation orders from Authorized Participants that are received in good order by the Fund between 4:00 p.m. and 5:30 p.m. Eastern Time. Such orders will be processed at the NAV calculated at the Pricing Point on the following Business Day.

Purchase Orders

To initiate an order for a Creation Unit, an Authorized Participant must submit to the Distributor or its agent an irrevocable order to purchase shares of a Fund, in proper form, generally before 4:00 p.m. Eastern time on any Business Day to receive that day's NAV. The Distributor or its agent will notify the Manager and the Custodian of such order. The Custodian will then provide such information to any appropriate sub-custodian. Procedures and requirements governing the delivery of the Fund Deposit are set forth in the applicable Participant Agreement and may change from time to time. Investors, other than Authorized Participants, are responsible for making arrangements for a creation request to be made through an Authorized Participant. A list of current Authorized Participants may be obtained from the Distributor. Those placing orders to purchase Creation Units through an Authorized Participant should allow sufficient time to permit proper submission of the purchase order to the Distributor or its agent by the Cut-Off Time (as defined below) on such Business Day.

The Authorized Participant must make available no later than 3:00 p.m., Eastern Time, on the Settlement Date, by means satisfactory to the Funds, immediately-available or same-day funds estimated by the Funds to be sufficient to pay the Cash Component next determined after acceptance of the purchase order, together with the applicable purchase transaction fees.

The Authorized Participant is responsible for any and all expenses and costs incurred by a Fund, including any applicable cash amounts, in connection with any purchase order.

Timing of Submission of Purchase Orders

An Authorized Participant must submit an irrevocable order to purchase shares of a Fund generally before 4:00 p.m. Eastern time on any Business Day in order to receive that day's NAV. Creation Orders must be transmitted by an Authorized Participant in the form required by a Fund to the Distributor or its agent pursuant to procedures set forth in the Participant Agreement. Economic or market disruptions or changes,

or telephone or other communication failure, may impede the ability to reach the Distributor or its agent or an Authorized Participant. Orders to create shares of a Fund that are submitted on the Business Day immediately preceding a holiday may not be accepted. Each Fund's deadline specified above for the submission of purchase orders is referred to as that Fund's "**Cut-Off Time**." The Distributor or its agent, in their discretion, may permit the submission of such orders and requests by or through an Authorized Participant at any time (including on days on which the Exchange is not open for business) via communication through the facilities of the Distributor's or its agent's proprietary website and/or portal maintained for this purpose. Purchase orders and redemption requests, if received in good order as determined by the Trust in its sole discretion, will be processed based on the NAV next determined after receipt of an order in proper form as described in the Authorized Participant Agreement and disclosed in this SAI.

Acceptance of Orders of Creation Units

Subject to the conditions that (i) an irrevocable purchase order has been submitted by the Authorized Participant (either on its own or another investor's behalf) and (ii) arrangements satisfactory to the Funds are in place for payment of the Cash Component and any other cash amounts which may be due, the Funds will accept the order, subject to each Fund's right (and the right of the Distributor and the Manager) to reject any order until acceptance, as set forth below.

Once a Fund has received in good order an order, upon the next determination of the NAV of the shares, the Fund will confirm the issuance of a Creation Unit, against receipt of payment, at such NAV. The Distributor or its agent will then transmit a confirmation of acceptance to the Authorized Participant that placed the order.

The Funds reserve the right to reject an order for Creation Units transmitted to it by the Distributor or its agent for any lawful reason, including, without limitation, if (a) the order is not in proper form; (b) the Deposit Securities delivered do not conform to the identity and number of shares specified, as described above; (c) the investor(s), upon obtaining shares ordered, would own 80% or more of the currently outstanding shares; (d) the acceptance of a Fund Deposit would, in the opinion of counsel, be unlawful; (e) the acceptance or receipt of the order for a Creation Unit would, in the opinion of counsel to the Trust, be unlawful; or (f) in the event that circumstances outside the control of the Trust, Distributor or its agent, the Custodian, the Transfer Agent and/or the Manager make it for all practical purposes not feasible to process orders for Creation Units.

Baillie Gifford ETF Trust – Statement of Additional Information

Examples of such circumstances include acts of God or public service or utility problems such as fires, floods, extreme weather conditions and power outages resulting in telephone, telecopy and computer failures; market conditions or activities causing trading halts; systems failures involving computer or other information systems affecting the Trust, the Distributor, the Custodian, a sub-custodian, the Transfer Agent, DTC, NSCC, Federal Reserve System, or any other participant in the creation process, and other extraordinary events. The Distributor or its agent shall notify a prospective creator of a Creation Unit and/or the Authorized Participant acting on behalf of the creator of a Creation Unit of its rejection of the order of such person. The Trust, the Transfer Agent, the Custodian, any sub-custodian and the Distributor are under no duty, however, to give notification of any defects or irregularities in the delivery of Fund Deposits nor shall either of them incur any liability for the failure to give any such notification. The Trust, the Transfer Agent, the Custodian and the Distributor shall not be liable for the rejection of any purchase order for Creation Units.

All questions as to the number of shares of each security in the Deposit Securities and the validity, form, eligibility and acceptance for deposit of any securities to be delivered shall be determined by the Trust, and the Trust's determination shall be final and binding.

Issuance of a Creation Unit

Except as provided herein, a Creation Unit will not be issued until the transfer of good title to the applicable Fund of the Deposit Securities and the payment of the Cash Component have been completed. When the custodian has confirmed (or, as applicable, sub-custodian has confirmed to the custodian) that the securities included in the Fund Deposit (or the cash value thereof) have been delivered to the account of the relevant custodian or sub-custodian(s), the Distributor or its agent and the Manager shall be notified of such delivery and the applicable Fund will issue and cause the delivery of the Creation Unit. Creation Units are generally issued on a "T+1 basis" (*i.e.*, one Business Day after trade date). Each Fund reserves the right to settle Creation Unit transactions on a basis other than T+1, including a shorter settlement period.

To the extent contemplated by a Participant Agreement with the Distributor, each Fund will issue Creation Units to such Authorized Participant, notwithstanding the fact that the corresponding Fund Deposits have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by such Authorized Participant's delivery and maintenance of collateral. The Fund may use such collateral at any time to buy Deposit Securities for the Funds. Such collateral must be

delivered no later than the time specified by a Fund or its custodian on the contractual settlement date. Information concerning the Funds' current procedures for collateralization of missing Deposit Securities is available from the Distributor or its agent. The Participant Agreement will permit the Funds to buy the missing Deposit Securities at any time and will subject the Authorized Participant to liability for any shortfall between the cost to the Funds of purchasing such securities and the value of the collateral.

In certain cases, Authorized Participants may create and redeem Creation Units on the same trade date and in these instances, the Funds reserve the right to settle these transactions on a net basis or require a representation from the Authorized Participants that the creation and redemption transactions are for separate beneficial owners. All questions as to the number of shares of each security in the Deposit Securities and the validity, form, eligibility and acceptance for deposit of any securities to be delivered shall be determined by each Fund and the Fund's determination shall be final and binding.

Creation Transaction Fee

A fixed purchase (*i.e.*, creation) transaction fee, payable to the Funds' custodian, is imposed for the transfer and other transaction costs associated with the purchase of Creation Units ("**Creation Order Costs**"). The current standard fixed creation transaction fee for the Funds, which is the same for each creation transaction regardless of the number of Creation Units created in the transaction, is set forth in the table below.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Fund** | &nbsp;&nbsp; **In-Kind<br> Creation<br> Transaction<br> Fee** | &nbsp;&nbsp; **Cash<br> Creation<br> Transaction<br> Fee** |
| &nbsp;&nbsp; Baillie Gifford Emerging Markets ETF | &nbsp;&nbsp; $2000 | &nbsp;&nbsp; $100 |
| &nbsp;&nbsp; Baillie Gifford International Alpha ETF | &nbsp;&nbsp; $1250 | &nbsp;&nbsp; $100 |
| &nbsp;&nbsp; Baillie Gifford International Concentrated Growth ETF | &nbsp;&nbsp; $400 | &nbsp;&nbsp; $100 |
| &nbsp;&nbsp; Baillie Gifford Long Term Global Growth ETF | &nbsp;&nbsp; $500 | &nbsp;&nbsp; $100 |
| &nbsp;&nbsp; Baillie Gifford U.S. Equity Growth ETF | &nbsp;&nbsp; $300 | &nbsp;&nbsp; $100 |

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Baillie Gifford ETF Trust – Statement of Additional Information

The standard creation transaction fee is charged to the Authorized Participant on the day such Authorized Participant creates a Creation Unit, and is generally the same, regardless of the number of Creation Units purchased by the Authorized Participant on the applicable Business Day. The Funds may adjust the standard creation transaction fee from time to time. For example, the standard creation transaction fee may be reduced by a Fund if transfer and processing expenses associated with the creation are anticipated to be lower than the stated fee.

In addition, a variable fee may be imposed for cash purchases, non-standard orders, or partial cash purchases of Creation Units. The variable charge is primarily designed to cover additional cost (e.g., brokerage, taxes) involved with buying the securities with cash. The Funds may determine to not charge a variable fee on certain orders when the Manager has determined that doing so is in the best interests of the Funds shareholders.

If a purchase consists solely or partially of cash, the Authorized Participant may also be required to cover (up to the maximum amount shown below) certain brokerage, tax, foreign exchange, execution, price movement and other costs and expenses related to the execution of trades resulting from such transaction (which may, in certain instances, be based on a good faith estimate of transaction costs). To the extent these transaction charges exceed the maximum additional charge applicable to the creating Authorized Participant, the Fund would bear such costs and the Fund's shareholders may experience dilution. Authorized Participants will also bear the costs of transferring the Deposit Securities to the Funds. Certain fees/costs associated with creation transactions may be waived or reimbursed in certain circumstances. Investors who use the services of a broker or other financial intermediary to acquire Fund shares may be charged a fee for such services. Investors are responsible for the fixed costs of transferring the Fund Securities (as defined below) from the Trust to their account or on their order.

Risks of Purchasing Creation Units

The method by which Creation Units of shares are created and traded may raise certain issues under applicable securities laws. Because new Creation Units of shares are issued and sold by the Funds on an ongoing basis, a "distribution," as such term is used in the Securities Act, may occur at any point. Broker-dealers and other persons are cautioned that some activities on their part may, depending on the circumstances, result in their being deemed participants in a distribution in a manner which could render them statutory underwriters and subject them to the

prospectus delivery requirement and liability provisions of the Securities Act.

For example, a broker-dealer firm or its client may be deemed a statutory underwriter if it takes Creation Units after placing an order with the Distributor, breaks them down into constituent shares and sells the shares directly to customers or if it chooses to couple the creation of a supply of new shares with an active selling effort involving solicitation of secondary market demand for shares. A determination of whether one is an underwriter for purposes of the Securities Act must take into account all the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete description of all the activities that could lead to a characterization as an underwriter.

Broker-dealer firms should also note that dealers who are not "underwriters" but are participating in a distribution (as contrasted with engaging in ordinary secondary market transactions), and thus dealing with the shares that are part of an "unsold allotment" within the meaning of Section 4(a)(3)(C) of the Securities Act, will be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the Securities Act. This is because the prospectus delivery exemption in Section 4(a)(3) of the Securities Act is not available in respect of such transactions as a result of Section 24(d) of the 1940 Act. For delivery of prospectuses to exchange members, the prospectus delivery mechanism of Rule 153 under the Securities Act is only available with respect to transactions on a national exchange.

Redemptions

Shares of a Fund may be redeemed by Authorized Participants only in Creation Units at their NAV next determined after receipt of a redemption request in proper form by the Distributor or its agent and only on a Business Day. The Funds generally will not redeem shares in amounts less than Creation Units. There can be no assurance, however, that there will be sufficient liquidity in the secondary market at any time to permit assembly of a Creation Unit. Investors should expect to incur brokerage and other costs in connection with assembling a sufficient number of shares to constitute a Creation Unit that could be redeemed by or through an Authorized Participant. Beneficial owners also may sell shares in the secondary market.

Each Fund may publish a designated portfolio of securities (including any portion of such securities for which cash may be substituted) that will be applicable (subject to possible amendment or correction) to redemption requests received in proper form (as defined

Baillie Gifford ETF Trust – Statement of Additional Information

below) on that day (the "**Fund Securities**" or "**Redemption Basket**"), and an amount of cash (the "**Cash Amount**," as described below) (each subject to possible amendment or correction) as applicable, in order to effect redemptions of Creation Units of a Fund until such time as the next announced composition of the Fund Securities and Cash Amount is made available. Fund Securities received on redemption may not be identical to Deposit Securities that are applicable to creations of Creation Units. Redemption Baskets may differ and the Fund may accept "custom baskets."

Unless cash redemptions are available or specified for a Fund, the redemption proceeds for a Creation Unit generally consist of Fund Securities, plus the Cash Amount, which is an amount equal to the difference between the NAV of the shares being redeemed, as next determined after the receipt of a redemption request in proper form, and the value of Fund Securities, less a redemption transaction fee (as described below).

The Trust may, in its sole discretion, substitute a "cash in lieu" amount to replace one or more Fund Securities in certain circumstances, including: (i) when the delivery of a Fund Security to the Authorized Participant (or to an investor on whose behalf the Authorized Participant is acting) would be restricted under applicable securities or other local laws or due to a trading restriction; (ii) when the delivery of a Fund Security to the Authorized Participant would result in the disposition of the Fund Security by the Authorized Participant due to restrictions under applicable securities or other local laws; (iii) when the delivery of a Fund Security to the Authorized Participant would result in unfavorable tax treatment; (iv) when a Fund Security cannot be settled or otherwise delivered in time to facilitate an in-kind redemption; or (v) in certain other situations, including when it is determined to be in a Fund's best interest. The amount of cash paid out in such cases will be equivalent to the value of the substituted security listed as a Fund Security. In the event that the Fund Securities have a value greater than the NAV of the shares, a compensating cash payment equal to the difference is required to be made by or through an Authorized Participant by the redeeming shareholder. Each Fund generally redeems Creation Units for Fund Securities, but each Fund reserves the right to utilize a cash option for redemption of Creation Units. Each Fund may, in its sole discretion, provide such redeeming Authorized Participant a portfolio of securities that differs from the exact composition of the Fund Securities, but does not differ in NAV. The Redemption Basket may also be modified to minimize the Cash Component by redistributing the cash to the Fund Securities portion of the Redemption Basket through systematically rounding. The rounding methodology allows position sizes of securities in the Fund Securities to be "rounded up,"

while limiting the maximum allowed percentage change in weight and share quantity of any given security in the Redemption Basket.

Baillie Gifford Emerging Markets ETF, Baillie Gifford International Alpha ETF, Baillie Gifford International Concentrated Growth ETF, and Baillie Gifford Long Term Global Growth ETF trade securities in non-U.S. markets that close to trading before the close of trading on U.S. markets and open for trading before the open of trading on U.S. markets. In order to facilitate redemption activity with respect to securities traded in these markets, the Fund may accept redemption orders from Authorized Participants that are received in good order by the Fund between 4:00 p.m. and 5:30 p.m. Eastern Time. Such orders will be processed at the NAV calculated at the Pricing Point on the following Business Day.

Cash Redemption Method

In limited circumstances when partial or full cash redemptions of Creation Units are available or specified for a Fund, they will be effected in essentially the same manner as in-kind redemptions thereof. In the case of partial or full cash redemption, the Authorized Participant receives the cash equivalent of the Fund Securities it would otherwise receive through an in-kind redemption, plus the same Cash Amount to be paid to an in-kind redeemer. The Authorized Participant may also be required to pay certain transaction fees and charges for cash redemptions, as described below, and may be required to cover certain brokerage, tax, foreign exchange, execution and price movement costs as described in this SAI.

Redemption Transaction Fee

A standard redemption transaction fee is imposed to offset transfer and other transaction costs that may be incurred by the relevant Fund. The standard redemption transaction fee is charged to the Authorized Participant on the day such Authorized Participant redeems a Creation Unit, and is generally the same regardless of the number of Creation Units redeemed by an Authorized Participant on the applicable Business Day.

Baillie Gifford ETF Trust – Statement of Additional Information

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Fund** | &nbsp;&nbsp; **In-Kind<br> Redemption<br> Transaction<br> Fee** | &nbsp;&nbsp; **Cash<br> Redemption<br> Transaction<br> Fee** |
| &nbsp;&nbsp; Baillie Gifford Emerging Markets ETF | &nbsp;&nbsp; $2000 | &nbsp;&nbsp; $100 |
| &nbsp;&nbsp; Baillie Gifford International Alpha ETF | &nbsp;&nbsp; $1250 | &nbsp;&nbsp; $100 |
| &nbsp;&nbsp; Baillie Gifford International Concentrated Growth ETF | &nbsp;&nbsp; $400 | &nbsp;&nbsp; $100 |
| &nbsp;&nbsp; Baillie Gifford Long Term Global Growth ETF | &nbsp;&nbsp; $500 | &nbsp;&nbsp; $100 |
| &nbsp;&nbsp; Baillie Gifford U.S. Equity Growth ETF | &nbsp;&nbsp; $300 | &nbsp;&nbsp; $100 |

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The standard redemption transaction fee may be reduced by a Fund if transfer and processing expenses associated with the redemption are anticipated to be lower than the stated fee. If a redemption consists solely or partially of cash, the Authorized Participant may also be required to cover (up to the maximum amount shown below) certain brokerage, tax, foreign exchange, execution, price movement and other costs and expenses related to the execution of trades resulting from such transaction (which may, in certain instances, be based on a good faith estimate of transaction costs). Authorized Participants will also bear the costs of transferring the Fund securities from a Fund to their account on their order. Certain fees/costs associated with redemption transactions may be waived in certain circumstances. Investors who use the services of a broker or other financial intermediary to dispose of Fund shares may be charged a fee for such services.

In addition, a variable fee, payable to the Funds, of up to a maximum of 2% of the value of the Creation Units subject to the transaction may be imposed for cash redemptions, non-standard orders, or partial cash redemptions (when cash redemptions are available) of Creation Units. The variable charge is primarily designed to cover additional costs (e.g., brokerage, taxes) involved with selling portfolio securities to satisfy a cash redemption. The Funds may determine to not charge a variable fee on certain orders when the Manager has determined that doing so is in the best interests of the Funds' shareholders.

Investors who use the services of a broker or other such intermediary may be charged a fee for such services. Investors are responsible for the fixed costs of transferring the Fund Securities from the Trust to their account or on their order.

Procedures for Redemption of Creation Units

Redemption requests for Creation Units of the Funds must be submitted to the Distributor or its agent by or through an Authorized Participant. An Authorized Participant must submit an irrevocable request to redeem shares of a Fund generally before 4:00 p.m. Eastern time on any Business Day in order to receive

that day's NAV. On days when the Exchange closes earlier than normal, a Fund may require orders to redeem Creation Units to be placed earlier that day. Investors, other than Authorized Participants, are responsible for making arrangements for a redemption request to be made through an Authorized Participant. A list of current Authorized Participants may be obtained from the Distributor.

The Authorized Participant must transmit the request for redemption in the form required by the Funds to the Distributor or its agent in accordance with procedures set forth in the Authorized Participant Agreement. Investors should be aware that their particular broker may not have executed an Authorized Participant Agreement and that, therefore, requests to redeem Creation Units may have to be placed by the investor's broker through an Authorized Participant who has executed an Authorized Participant Agreement. At any time, only a limited number of broker-dealers will have an Authorized Participant Agreement in effect. Investors making a redemption request should be aware that such request must be in the form specified by such Authorized Participant. Investors making a request to redeem Creation Units should allow sufficient time to permit proper submission of the request by an Authorized Participant and transfer of the shares to the Transfer Agent (as defined below); such investors should allow for the additional time that may be required to effect redemptions through their banks, brokers or other financial intermediaries if such intermediaries are not Authorized Participants.

A redemption request is considered to be in "proper form" if: (i) an Authorized Participant has transferred or caused to be transferred to the Transfer Agent the Creation Unit redeemed through the book-entry system of DTC so as to be effective by the Exchange closing time on any Business Day on which the redemption request is submitted; (ii) a request in form satisfactory to the applicable Fund is received by the Distributor or its agent from the Authorized Participant on behalf of itself or another redeeming investor within the time periods specified above; and (iii) all other procedures set forth in the Authorized Participant Agreement are properly followed.

Upon receiving a redemption request, the Distributor or its agent shall notify the applicable Fund and the Transfer Agent of such redemption request. The tender of an investor's shares for redemption and the distribution of the securities and/or cash included in the redemption payment made in respect of Creation Units redeemed will be made through DTC and the relevant Authorized Participant to the Beneficial Owner (as defined below) thereof as recorded on the book-entry system of DTC or the DTC Participant through which

Baillie Gifford ETF Trust – Statement of Additional Information

such investor holds, as the case may be, or by such other means specified by the Authorized Participant submitting the redemption request.

Deliveries of redemption proceeds by a Fund are generally made within one Business Day (i.e., "**T+1**"). Each Fund reserves the right to settle redemption transactions on a basis other than T+1, if necessary or appropriate under the circumstances. Delayed settlement may occur due to a number of different reasons, including, without limitation, settlement cycles for the underlying securities, unscheduled market closings, an effort to link distribution to dividend record dates and ex-dates and newly announced holidays. For example, the redemption settlement process may be extended beyond T+1 because of the occurrence of a holiday in the U.S. bond market that is not a holiday observed in the U.S. equity market.

To the extent contemplated by an Authorized Participant's agreement with the Distributor or its agent, in the event an Authorized Participant has submitted a redemption request in proper form but is unable to transfer all or part of the Creation Unit to be redeemed to a Fund, at or prior to the time specified by a Fund or its custodian on the Business Day after the date of submission of such redemption request, the Distributor or its agent will accept the redemption request in reliance on the undertaking by the Authorized Participant to deliver the missing shares as soon as possible. Such undertaking shall be secured by the Authorized Participant's delivery and maintenance of collateral. Such collateral must be delivered no later than the time specified by a Fund or its Custodian on the Business Day after the date of submission of such redemption request and shall be held by the Custodian and marked-to-market daily. The fees of the Custodian and any sub-custodians in respect of the delivery, maintenance and redelivery of the collateral shall be payable by the Authorized Participant. The Authorized Participant Agreement permits the Funds to acquire shares of the Funds at any time and subjects the Authorized Participant to liability for any shortfall between the aggregate of the cost to the Funds of purchasing such shares, plus the value of the Cash Amount, and the value of the collateral together with liability for related brokerage and other charges.

Because the portfolio securities of a Fund may trade on exchange(s) on days that the Exchange is closed, are Securities Industry and Financial Markets Association holidays or are otherwise not Business Days for such Fund, shareholders may not be able to redeem their shares of such Fund, or purchase or sell shares of such Fund on the Exchange on days when the NAV of such a Fund could be significantly affected by events in the relevant non-U.S. markets.

The right of redemption may be suspended or the date of payment postponed with respect to any Fund: (i) for any period during which the applicable Exchange is closed (other than customary weekend and holiday closings); (ii) for any period during which trading on the applicable Exchange is suspended or restricted; (iii) for any period during which an emergency exists as a result of which disposal of the shares of the Fund's portfolio securities or determination of its NAV is not reasonably practicable; or (iv) in such other circumstance as is permitted by the SEC.

For every occurrence of one or more intervening holidays in the applicable foreign market that are not holidays observed in the U.S. equity market, the redemption settlement cycle will be extended by the number of such intervening holidays. In addition to holidays, other unforeseeable closings in a foreign market due to emergencies may also prevent the Trust from delivering securities within normal settlement period.

The securities delivery cycles currently practicable for transferring portfolio securities to redeeming investors, coupled with foreign market holiday schedules, will require, in certain circumstances, a delivery process longer than seven calendar days for the Funds. Although certain holidays may occur on different dates in subsequent years, the number of days required to deliver redemption proceeds in any given year is not expected to exceed the maximum number of days listed below for the Funds. The proclamation of new holidays, the treatment by market participants of certain days as "informal holidays" (e.g., days on which no or limited securities transactions occur, as a result of substantially shortened trading hours), the elimination of existing holidays, or changes in local securities delivery practices, could affect the information set forth herein at some time in the future.

Custom Basket

Creation and Redemption baskets may differ and the Funds may accept "custom baskets." A custom basket may include any of the following: (i) a basket that is composed of a non-representative selection of the Funds' portfolio holdings; (ii) a standard basket that is different from the initial basket used in transactions on the same business day; or (iii) a cash basket, a basket that consists in whole or part of cash (other than a de minimis amount or the amount of cash to account for any differences between the value of the basket and the NAV of a Creation Unit). The Funds have adopted policies and procedures that govern the construction and acceptance of baskets, including heightened requirements for certain types of custom baskets. Such policies and procedures provide the parameters for the construction and acceptance of custom baskets that are

Baillie Gifford ETF Trust – Statement of Additional Information

in the best interests of the Funds and their shareholders, establish processes for revisions to, or deviations from, such parameters, and specify the titles and roles of the employees of the Manager who are required to review each custom basket for compliance with those parameters. In addition, when constructing custom baskets for redemptions, the tax efficiency of the Funds may be taken into account. The policies and procedures distinguish among different types of custom baskets that may be used and impose different requirements for different types of custom baskets in order to seek to mitigate against potential risks of conflicts and/or overreaching by an Authorized Participant. The Manager has established a governance process to oversee basket compliance for the Funds, as set forth in the Funds' policies and procedures.

**Payments to Financial Intermediaries**

It is expected that the Funds and its related companies may make payments, or reimburse the Manager or its affiliates for payments it makes, to financial intermediaries ("**Financial Intermediaries**"). Financial Intermediaries are firms that sell shares of funds, including the Funds, for compensation and/or provide certain administrative and account maintenance services to fund investors. Financial Intermediaries may include, among others, brokers, financial planners or advisers, banks, and insurance companies.

If you are purchasing, selling, exchanging or holding Fund shares through a program of services offered by a Financial Intermediary, you may be required by the Financial Intermediary to pay additional fees. You should contact the Financial Intermediary for information concerning what additional fees, if any, may be charged.

The Distributor, the Manager and/or their affiliates intend to make payments to Financial Intermediaries for distribution, marketing and promotional activities and related expenses out of their profits and other available sources, including profits from their relationships with the Funds. These payments are not reflected as additional expenses in the fee table contained in this Prospectus. The total amount of these payments may be substantial, may be substantial to any given recipient, and may exceed the costs and expenses incurred by the recipient for any Fund-related marketing or shareholder servicing activities. The payments described in this paragraph are often referred to as "revenue sharing payments." Revenue sharing arrangements are separately negotiated between the Distributor, the Manager and/or their affiliates, and the recipients of these payments.

Revenue sharing payments create an incentive for a Financial Intermediary or its employees or associated persons to recommend or sell shares of a Fund to you. Contact your Financial Intermediary for details about

revenue sharing payments it receives or may receive. Revenue sharing payments, as well as payments by the fund under the shareholder services and distribution plan or for recordkeeping and/or shareholder services, also benefit the Manager, the Distributor and their affiliates to the extent the payments result in more assets being invested in the Fund on which fees are being charged.

**Other Services**

The Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act (the "**Plan**"). The Board has adopted the Plan to allow the Funds, the Manager and its affiliates, including BGFS, to incur certain expenses that might be considered indirect payments by the Funds for distribution of Fund shares. However, no distribution payments under Rule 12b-1 have been authorized by the Board as of the date of this SAI, and no distribution fees under Rule 12b-1 are currently payable under the Plan. If the Board authorizes distribution payments under Rule 12b-1 in the future, the Manager or another service provider might collect distribution fees under Rule 12b-1. This would also require the Prospectus to be updated to reflect such additional fees.

The Manager and BGFS, directly or through an affiliate, may use its fee revenue, past profits, or other resources, without limitation, to pay promotional and administrative expenses in connection with the offer and sale of shares of the Funds. In addition, the Manager and BGFS may use their respective resources, including fee revenues, to make payments to third parties that provide assistance in selling the Fund's shares or to Financial Intermediaries that render recordkeeping, sub-accounting sub-transfer agency and other services, as described in greater detail above under "*Payments to Financial Intermediaries.*"

The Plan has been approved by the Board in accordance with Rule 12b-1. As required by Rule 12b-1, the Board carefully considered all pertinent factors relating to the implementation of the Plan prior to its approval and determined that there is a reasonable likelihood that the Plan will benefit the Funds and its shareholders.

To the extent that the Plan gives the Manager or its affiliates greater flexibility in connection with the distribution of shares of the Fund, additional sales of the Funds' shares may result.

**Compensation**

The portfolio managers' compensation arrangements within the Manager vary depending upon whether the individual is an employee or partner of Baillie Gifford & Co.

Baillie Gifford ETF Trust – Statement of Additional Information

Employees of Baillie Gifford & Co

A portfolio manager's compensation generally consists of:

- base salary;

- a company-wide all staff bonus;

- a performance related bonus; and

- the standard retirement benefits and health and welfare benefits available to all Baillie Gifford & Co employees.

A portfolio manager's base salary is determined by the manager's experience and performance in the role, taking into account the ongoing compensation benchmark analyses, and is generally a fixed amount that may change as a result of an annual review, upon assumption of new duties, or when a market adjustment of the position occurs.

A portfolio manager's performance related bonus is determined by team and individual performance. Team performance will generally be measured on investment performance over a three, four or five year basis and is based on performance targets that are set and reviewed annually by the Chief of Investment Staff. Individual performance will be determined by the individual's line manager at the annual appraisal at which staff are assessed against key competencies and pre-agreed objectives. The bonus is paid on an annual basis.

A proportion of the performance related bonus is mandatorily deferred. Currently recipients defer between 20% and 40% of their performance related bonus. Awards will be deferred over a period of three years and will be invested in a range of funds managed by the Baillie Gifford Group.

Partners of Baillie Gifford & Co

Spencer Adair, Dave Bujnowski, Lawrence Burns, Jenny Davis, Donald Farquharson, Kristy Gibson, Mike Gush, John MacDougall, Roderick Snell, Gary Robinson, Tom Slater, Mark Urquhart, and Tom Walsh are partners of Baillie Gifford & Co.

The remuneration of Baillie Gifford & Co partners comprises Baillie Gifford & Co partnership profits, which are distributed as:

- base salary; and

- a share of the partnership profits.

The profit share is calculated as a percentage of total partnership profits based on seniority and role within Baillie Gifford & Co. The basis for the profit share is

detailed in the Baillie Gifford & Co Partnership Agreement.

The main staff benefits such as pension schemes are not available to partners and therefore partners provide for benefits from their own personal funds.

Partners in their first few years additionally receive a bonus. The bonuses are calculated in the same way as those for staff but exclude the deferred element. A proportion of the bonus paid will be retained to be used to buy capital shares in the partnership.

Baillie Gifford ETF Trust – Statement of Additional Information

**<u>Other Key Service Providers</u>**

 **Administrator – BNY**

BNY of 240 Greenwich Street, New York, NY, 10286, serves as the Funds' administrator pursuant to a Fund Administration and Accounting Agreement between the Trust, on behalf of the Fund, and BNY.

The Funds have not yet commenced investment operations as of the date hereof, and therefore have not paid any administration fees.

 **Custodian – BNY**

BNY is also the Trust's custodian. As such, BNY or sub-custodians acting at its direction hold in safekeeping certificated securities and cash belonging to the Funds and, in such capacity, are the registered owners of securities held in book entry form belonging to the Funds.

Upon instruction, BNY or such sub-custodians receive and deliver cash and securities of the Funds in connection with Fund transactions and collect all dividends and other distributions made with respect to Fund portfolio securities.

 **Transfer Agent – BNY**

BNY also serves as the Trust's transfer agent, registrar and dividend disbursing agent.

 **Independent Registered Public Accounting Firm – Cohen & Company, Ltd.**

Cohen & Company, Ltd. serves as independent registered public accounting firm to the Trust and conducts an annual audit of the financial statements of each operational Fund and provides other audit related services. Cohen & Co Advisory, LLC, an affiliate of Cohen & Company, Ltd., provides tax services as requested. The principal business address of Cohen & Company, Ltd. is 342 North Water Street, Suite 830, Milwaukee, Wisconsin 53202.

 **Underwriter – BGFS**

Baillie Gifford Funds Services LLC, of 1 Greenside Row, Calton Square, Edinburgh EH1 3AN, United Kingdom, a wholly-owned subsidiary of the Manager, serves as the sole distributor and principal underwriter of the shares of the Funds (**"BGFS"** or the "**Distributor**").

The Trust has entered into a distribution agreement with BGFS. BGFS offers and sells shares to investors as agent of each Fund either directly or through brokers, dealers and other financial institutions which enter into selling agreements with BGFS, and/or the Trust. The distribution agreement provides that BGFS will use all reasonable best efforts in connection with the distribution

of shares of the Funds. The Funds' shares will be offered on a continuous basis.

Shares are continuously offered for sale by each Fund through the Distributor only in Creation Units, as described in the Prospectus. Shares in less than Creation Units are not distributed by the Distributor.

The Distribution Agreement was initially approved by the Board, including a majority of the Independent Trustees, on December 9, 2025, and, after an initial two-year term, will continue in effect from year to year so long as its continuance is approved at least annually by the Board, including a majority of the Independent Trustees.

The Funds have not yet commenced operations as of the date hereof, and therefore have not paid any underwriting commissions or other compensation.

**Trust Legal Counsel** **– Ropes & Gray LLP**

Ropes & Gray LLP, of Prudential Tower, 800 Boylston Street, Boston, MA 02199, is legal counsel to the Trust.

**Independent Trustee Legal Counsel –** **Vedder Price P.C.**

Vedder Price P.C., of 222 North LaSalle Street, Chicago, IL, 60601, is legal counsel to the independent trustees.

Baillie Gifford ETF Trust – Statement of Additional Information

**<u>Shareholders</u>**

**Principal** **Holders of Securities**

A shareholder will be considered a "principal holder" of shares if that shareholder owns of record or is known by the Trust to own beneficially 5% or more of any class of a Fund's outstanding shares. Because the fund has not commenced operations as of the date of this SAI, no person beneficially owned 5% or more of the outstanding shares of the fund as of the date of this SAI.

**Control Persons**

A controlling person's vote could have a more significant effect on matters presented to shareholders of a Fund for approval than the vote of other shareholders of such Fund. Because the fund has not commenced operations as of the date of this SAI, no person owns sufficient shares to be deemed to be a "control person" (as that term is defined in the 1940 Act) of the Trust.

**Management Ownership**

As of the date of this SAI, the Trustees and officers of the Trust, as a group, did not own any outstanding equity securities of any Fund.

**Shareholder Rights**

Rights to Dividends

Shareholders are entitled to dividends as declared by the Board, and, in liquidation of the relevant Series' portfolio, are entitled to receive the net assets of the portfolio.

Voting Rights

Shareholders are entitled to vote at any meetings of shareholders. The Trust does not generally hold annual meetings of shareholders and will do so only when required by law. Special meetings of shareholders may be called for purposes such as electing or removing trustees, changing a fundamental investment policy or approving an investment advisory agreement. In addition, a special meeting of shareholders of the Series will be held if, at any time, less than a majority of the Trustees then in office have been elected by shareholders of the Series.

Shareholders are entitled to one vote for each full share held, and fractional votes for each fractional share held. Voting rights are not cumulative.

Shareholders may vote in the election of Trustees and the termination of the Trust and on other matters submitted to the vote of shareholders, to the extent provided in the Declaration of Trust.

On any matter affecting all shareholders, all shares shall be voted together. Shareholders of all series vote together, irrespective of series, on:

- the election of Trustees;

- the removal of Trustees;

- the selection of the Trust's independent registered public accounting firm; and

amendments to the Declaration of Trust, unless the amendment only: (i) changes the Trust's name, responds to or ensures compliance with applicable legislation or regulation or cures technical problems in the Declaration of Trust, (ii) establishes, changes or eliminates the par value of any shares (currently all shares have a par value of $0.00000001 per share) or (iii) issues shares of the Trust in one or more series, or subdivides any series of shares into various classes of shares with such dividend preferences and other rights as the Board may designate.

For the purpose of electing Trustees, there will normally be no meetings of shareholders except where, in accordance with the 1940 Act, (i) the Trust will hold a shareholders' meeting for the election of Trustees at such time as less than a majority of the Trustees holding office have been elected by shareholders, and (ii) if, as a result of a vacancy on the Board, less than two-thirds of the Trustees holding office have been elected by the shareholders, that vacancy may be filled only by a vote of the shareholders.

The Declaration of Trust provides for the perpetual existence of the Trust. The Trust, may, however, be terminated at any time by vote of at least two-thirds of the outstanding shares of the Trust.

Matters Affecting a Particular Series

On matters only affecting a particular series, only shareholders of that series will be entitled to vote. Consistent with the current position of the SEC, shareholders of each series vote separately on matters requiring shareholder approval, such as certain changes in fundamental investment policies of that series or the approval of the investment advisory agreement relating to that series.

Also, a separate vote shall be held whenever required by the 1940 Act or any rule thereunder.

Preemptive Rights

The shares of the Funds do not have any preemptive rights.

Baillie Gifford ETF Trust – Statement of Additional Information

Trustee Nominations

Any shareholder may nominate a person to become a Trustee. See "*Trustees and Trust Officers—Trustee Nominations by Shareholders*" above.

Rights on Termination

Upon termination of a Fund, whether pursuant to liquidation of the Trust or otherwise, shareholders of such Fund are entitled to share pro rata in the net assets of the Fund available for distribution to shareholders.

Tax Reporting

As required by U.S. federal law, U.S. federal tax information will be furnished to applicable shareholders for each calendar year early in the succeeding year.

Liability

Under Massachusetts law shareholders could, under certain circumstances, be held personally liable for the obligations of a Fund of which they are shareholders. However, the Declaration of Trust disclaims shareholder liability for acts or obligations of a Fund and requires that notice of such disclaimer be given in each agreement, obligation or instrument entered into or executed by the Trust or the Trustees. The risk of a shareholder incurring financial loss on account of that liability is considered remote since it may arise only in very limited circumstances.

The Declaration of Trust provides for indemnification out of Fund property for all loss and expense of any shareholder held personally liable for the obligations of the Fund. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is considered remote since it is limited to circumstances in which the disclaimer is inoperative and a Fund itself would be unable to meet its obligations.

Complaints

The Funds have adopted a policy with respect to handling of shareholder complaints. The Funds' policy works with existing policies of the Manager to receive and address complaints with respect to its pooled vehicles. Shareholders who have a direct client relationship with Baillie Gifford should contact their client contact with respect to any complaint. For those shareholders who do not have a direct Baillie Gifford contact, the Funds' website contains additional information identifying contacts to receive and administer complaints.

Contractual Arrangements

The Trust enters into contractual arrangements with various parties, including, among others, the Funds' investment adviser, custodian, transfer agent, accountants, and their affiliates, who provide services to

the Funds. Shareholders are not parties to any such contractual arrangements, and those contractual arrangements are not intended to and will not create in any shareholder any right to enforce them directly against the service providers or to seek any remedy under them directly against the service providers.

This SAI provides information concerning the Trust and the Funds that you should consider in determining whether to purchase shares of any Fund. Neither this SAI, nor the related Prospectus, is intended, or should be read, to be or to give rise to an agreement or contract between the Trust or any Fund and any investor, or to give rise to any rights in any shareholder or other person other than any rights under federal or state law that may not be waived.

Forum for Adjudication of Disputes

Article IX, Section 7(b) (the **"Forum Selection Provision"**) of the Trust's Amended and Restated Agreement and Declaration of Trust dated October 2, 2025, as amended from time to time (the **"Declaration of Trust"**) provides that state and federal courts sitting within the Commonwealth of Massachusetts shall be the sole and exclusive forums for various shareholder actions or proceedings brought on behalf of the Trust or against the Trust, its Trustees, officers or employees, including actions for breach of fiduciary duty.

This Forum Selection Provision may limit a shareholder's ability to bring a claim in a judicial forum that it finds favorable or convenient for disputes with Trustees, officers or employees of the Trust and the Trust's service providers, which may discourage such lawsuits with respect to such claims. If a court were to find the forum selection provision contained in the Declaration of Trust to be inapplicable or unenforceable in an action, the Trust may incur additional costs associated with resolving such action in other jurisdictions. The Forum Selection Provision shall not apply to claims arising under the U.S. federal securities laws.

**Distributions**

It is generally the policy of each Fund to declare and pay out, at least annually, dividends to its shareholders as follows:

- Investment Company Taxable Income

Each Fund will distribute substantially all of its investment company taxable income (which, computed without regard to the dividends-paid deduction, includes dividends and any interest it receives from investments and the excess of net short-term capital gain over net long-term capital loss, in each case determined with reference to any loss carryforwards).

Baillie Gifford ETF Trust – Statement of Additional Information

- Net Capital Gains

Each Fund will distribute substantially all of its net capital gains (that is, the excess of net long-term capital gains over net short-term capital loss, in each case determined with reference to any loss carryforwards), if any.

A Fund may make such distributions more frequently as determined by the Trustees of the Trust to the extent permitted by applicable regulations.

Notwithstanding the foregoing, each of the Funds may determine to retain investment company taxable income, so computed, subject to the distribution requirements applicable to regulated investment companies under the Code, and/or net capital gain, and pay a Fund-level tax on any such retained amounts.

Distributions Are Payable in Shares

Except as provided below, distributions of income and capital gain are generally payable in full and fractional shares of the particular Fund, based upon the NAV determined as of the close of unrestricted trading on the Exchange on the record date for each dividend or distribution.

Shareholders, however, may elect to receive their distributions in cash. The election may be made at any time by submitting a written request directly to the Trust. In order for a change to be in effect for any dividend or distribution, it must be received by the Trust ten days prior to such dividend or distribution.

**Tax**

The following discussion addresses certain U.S. federal income tax considerations that may be relevant to investors that (a) are citizens or residents of the U.S., or corporations, partnerships, or other entities created or organized under the laws of the U.S. or any political subdivision thereof, or estates that are subject to U.S. federal income taxation regardless of the source of their income or trusts if (i) a court within the United States is able to exercise primary supervision over the administration of the trust and one or more U.S. persons have the authority to control all substantial decisions of the trust or (ii) the trust has a valid election in effect under applicable Treasury regulations to be treated as a U.S. person and (b) hold, directly or indirectly, shares of a Fund as a capital asset ("**U.S. shareholders**").

The following discussion provides only limited information about the U.S. federal income tax treatment of shareholders that are not U.S. shareholders, and it does not address the U.S. federal income tax treatment of shareholders that are subject to special tax regimes such as certain financial institutions, insurance companies, dealers in securities or foreign currencies,

U.S. shareholders whose functional currency (as defined in Section 985 of the Code) is not the U.S. dollar, persons investing through defined contribution plans and other tax-qualified plans, and persons that hold shares in a Fund as part of a "straddle," "conversion transaction," "hedge," or other integrated investment strategy. All such prospective and actual shareholders are urged to consult their own tax advisors with respect to the U.S. tax treatment of an investment in shares of a Fund.

No Fund has sought an opinion of legal counsel as to any specific U.S. tax matters. The discussion below as it relates to U.S. federal income tax consequences is based upon the Code and regulations, rulings, and judicial decisions thereunder as of the date hereof. Such authorities may be repealed, revoked, or modified (possibly on a retroactive basis) so as to result in U.S. federal income tax consequences different from those discussed below.

This discussion is for general information purposes only. Prospective and actual shareholders should consult their own tax advisors with respect to their particular circumstances and the effect of state, local, or foreign tax laws to which they may be subject.

Each Fund – Separate Tax Entity

Each Fund is treated as a separate entity for U.S. federal income tax purposes. Each Fund has elected or, in the case of a new Fund, intends to elect to be treated as a regulated investment company eligible for taxation under the provisions of Subchapter M of the Code and intends to qualify each year as such.

Test for Special Tax Treatment

In order to qualify for the special tax treatment accorded regulated investment companies and their shareholders, a Fund must, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;1. derive at least 90% of its gross income for each taxable year from (i) dividends, interest, payments with respect to certain securities
loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including but not limited
to gains from options, futures, or forward contracts) derived with respect to its business of investing in such stock, securities, or
currencies and (ii) net income from interests in "qualified publicly traded partnerships" (as defined below) (collectively,
 "**qualifying income** ");

&nbsp;&nbsp;&nbsp;&nbsp;2. diversify its holdings so that, at the end of each quarter of its taxable year, (i) at least 50% of the market value of the Fund's
assets consists of cash and cash items (including receivables), U.S. government securities, securities of other regulated investment companies,
and other

Baillie Gifford ETF Trust – Statement of Additional Information

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| | |
|:---|:---|
|  | securities limited in respect of any one issuer to a value not greater than 5% of the value of the Fund's total assets and to not more than 10% of the outstanding voting securities of such issuer, and (ii) not more than 25% of the value of its assets is invested, including through corporations in which the Fund owns a 20% or more voting stock interest, (x) in the securities (other than those of the U.S. government or other regulated investment companies) of any one issuer or of two or more issuers which the Fund controls and which are engaged in the same, similar, or related trades or businesses, or (y) in the securities of one or more qualified publicly traded partnerships (as defined below); and |
| 3. | distribute with respect to each taxable year at least 90% of the sum of its investment company taxable income (as that term is defined in the Code, but without regard to the deduction for dividends paid—generally, taxable ordinary income and the excess, if any, of net short-term capital gain over net long-term capital loss) and net tax-exempt interest income, if any, for such year. |

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In general, for purposes of the 90% gross income requirement described in paragraph (1) above, income derived from a partnership will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership which would be qualifying income if realized directly by the regulated investment company.

However, 100% of the net income derived from an interest in a "qualified publicly traded partnership" (a partnership (i) the interests in which are traded on an established securities market or readily tradable on a secondary market or the substantial equivalent thereof and (ii) that derives less than 90% of its income from the qualifying income described in paragraph (1)(i) above) will be treated as qualifying income.

In general, such entities will be treated as partnerships for federal income tax purposes because they meet the passive income requirement under Section 7704(c)(2) of the Code.

In addition, although in general the passive loss rules of the Code do not apply to regulated investment companies, such rules do apply to a regulated investment company with respect to items attributable to an interest in a qualified publicly traded partnership.

For purposes of the diversification test in (2) above, identification of the issuer (or, in some cases, issuers) of a particular Fund investment can depend on the terms and conditions of that investment.

In some cases, identification of the issuer (or issuers) is uncertain under current law, and an adverse determination or future guidance by the IRS with respect to issuer identification for a particular type of investment may adversely affect the Fund's ability to meet the diversification test in (2) above.

Also, for purposes of the diversification test in (2) above, the term "outstanding voting securities of such issuer" will include the equity securities of a qualified publicly traded partnership.

If a Fund qualifies as a regulated investment company that is accorded special tax treatment, it will not be subject to U.S. federal income tax on income or gains paid to its shareholders in a timely manner in the form of dividends (including Capital Gain Dividends, as defined below).

Failure to Meet Test for Special Tax Treatment

If a Fund were to fail to meet the income, diversification or distribution test described above, the Fund could in some cases cure such failure, including by paying a Fund-level tax, paying interest, making additional distributions, or disposing of certain assets.

If a Fund were ineligible to or otherwise did not cure such failure for any year, or if a Fund were otherwise to fail to qualify as a regulated investment company accorded special tax treatment in any taxable year, it would be subject to tax on its taxable income at corporate rates, and all distributions from earnings and profits, including any distributions of net tax-exempt income and net capital gain, would be taxable to U.S. shareholders as dividend income.

Some portions of such distributions may be eligible for the dividends-received deduction in the case of corporate shareholders and may be eligible to be treated as "qualified dividend income" in the case of shareholders taxed as individuals, provided, in both cases, the shareholder meets certain holding period and other requirements in respect of the Fund's shares (as described below).

In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest and make substantial distributions before requalifying as a regulated investment company that is accorded special tax treatment.

Retaining Net Capital Gains

As noted above, each of the Funds intends to distribute at least annually to its shareholders all or substantially all of its investment company taxable income (computed without regard to the dividends-paid deduction) and its net capital gains.

Baillie Gifford ETF Trust – Statement of Additional Information

Notwithstanding the foregoing, each Fund may determine to retain investment company taxable income and/or net capital gains, and pay a Fund-level tax on any such retained amounts, subject to the distribution requirements applicable to regulated investment companies under the Code.

If a Fund retains any net capital gains, it will be subject to tax at the regular corporate rate on the amount retained, but may designate the retained amount as undistributed capital gains in a timely notice to its shareholders who (i) will be required to include in income for federal income tax purposes, as long-term capital gain, their shares of such undistributed amount, and (ii) will be entitled to credit their proportionate shares of the tax paid by the Fund on such undistributed amount against their federal income tax liabilities, if any, and to claim refunds on a properly filed U.S. tax return to the extent the credit exceeds such liabilities.

If a Fund timely makes the designation discussed in the prior sentence, for U.S. federal income tax purposes, the tax basis of shares owned by a shareholder of the Fund will be increased by an amount equal to the difference between the amount of undistributed capital gains included in the shareholder's gross income under clause (i) of the preceding sentence and the tax deemed paid by the shareholder under clause (ii) of the preceding sentence.

A Fund is not required to, and there can be no assurance that a Fund will, make this designation if it retains all or a portion of its net capital gain in a taxable year.

In determining its net capital gains, including in connection with determining the amount available to support a Capital Gain Dividend (as defined below), its taxable income, and its earnings and profits, a regulated investment company generally may elect to treat part or all of any post-October capital loss (defined as any net capital loss attributable to the portion of the taxable year after October 31 or, if there is no such loss, the net long-term capital loss or net short-term capital loss attributable to such portion of the taxable year) or late-year ordinary loss (generally, its net ordinary loss from the sale, exchange or other taxable disposition of property, attributable to the portion of the taxable year after October 31) as if incurred in the succeeding taxable year.

Excise Tax

If a Fund fails to distribute in a calendar year an amount at least equal to the sum of 98% of its ordinary income for such year and 98.2% of its capital gain net income for the one-year period ending October 31 of such year (or for the one-year period ending December 31 of such year if the Fund so elects), plus any retained amount

from the prior year, the Fund will be subject to a nondeductible 4% excise tax on the undistributed amounts.

For these purposes, a Fund's ordinary gains and losses from the sale, exchange or other taxable disposition of property that would otherwise be taken into account after October 31 of a calendar year generally are treated as arising on January 1 of the following calendar year, unless the Fund has made an election to use December 31, instead of October 31, for purposes of the excise tax; if the Fund makes the election to use December 31, no such gains or losses will be so treated.

Also, for these purposes, a Fund will be treated as having distributed any amount on which it is subject to corporate income tax for the taxable year ending within the calendar year.

Each of the Funds intends generally to make distributions sufficient to avoid imposition of the 4% excise tax, although there can be no assurance that each Fund will be able to do so.

Personal Holding Companies

In addition, if a Fund is a "personal holding company" (as defined in Section 542 of the Code) for U.S. federal income tax purposes, the Fund will potentially need to adjust the timing of its distributions to its shareholders in order to avoid a Fund-level tax on its "undistributed personal holding company income" (as defined in Section 545 of the Code). Generally, a Fund will be a personal holding company if, at any time during the last half of its taxable year, more than 50% of its shares are owned, directly or indirectly, by five or fewer individuals and/or certain pension trusts, private foundations, charitable trusts or trusts providing for the payment of supplemental unemployment benefits. In the event that a Fund is a personal holding company, the Fund will seek to make distributions sufficient to avoid a Fund-level tax under the personal holding company rules, although there can be no assurance it will be able to do so.

Tax on Fund Distributions

Distributions are generally taxable to shareholders even if they are paid from income or gains earned by a Fund before a shareholder's investment (and thus were included in the price the shareholder paid for its shares).

Distributions are taxable whether shareholders receive them in cash or in additional shares.

A dividend paid to shareholders by a Fund in January of a year generally is deemed to have been paid by the Fund on December 31 of the preceding year, if the dividend was declared and payable to shareholders of record on a date in October, November or December of that preceding year.

Baillie Gifford ETF Trust – Statement of Additional Information

Investment Income

For U.S. federal income tax purposes, distributions of investment income are generally taxable to shareholders as ordinary income.

Distributions of investment income reported by a Fund as derived from "qualified dividend income" are taxed in the hands of individuals at the rates applicable to long-term capital gain, provided holding period and other requirements are met at both the shareholder and Fund level as described more fully below.

In order for some portion of the dividends received by a Fund shareholder to be "qualified dividend income" that is eligible for taxation at long-term capital gain rates, the Fund must meet holding period and other requirements with respect to some portion of the dividend-paying stocks in its portfolio and the shareholder must meet holding period and other requirements with respect to the Fund's shares.

In general, a dividend will not be treated as qualified dividend income (at either the Fund or shareholder level):

&nbsp;&nbsp;&nbsp;&nbsp;1. if the dividend is received with respect to any share of stock held for fewer than 61 days during the 121-day period beginning on
the date that is 60 days before the date on which such share becomes ex-dividend with respect to such dividend (or, in case of certain
preferred stock, 91 days during the 181-day period beginning 90 days before such date);

&nbsp;&nbsp;&nbsp;&nbsp;2. to the extent that the recipient is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with
respect to positions in substantially similar or related property;

&nbsp;&nbsp;&nbsp;&nbsp;3. if the recipient elects to have the dividend income treated as investment income for purposes of the limitation on deductibility of
investment interest; or

&nbsp;&nbsp;&nbsp;&nbsp;4. if the dividend is received from a foreign corporation that is (a) not eligible for the benefits of a comprehensive income tax treaty
with the U.S. (with the exception of dividends paid on stock of such a foreign corporation that is readily tradable on an established
security market in the U.S.), or (b) treated as a passive foreign investment company ()"**PFIC** ").

If the aggregate qualified dividends received by a Fund during any taxable year are 95% or more of its gross income (excluding the excess of net long-term capital gain over net short-term capital loss), then 100% of the Fund's dividends (other than dividends properly reported

Capital Gain Dividends) will be eligible to be treated as qualified dividend income. For this purpose, the only gain included in the term "gross income" is the excess of net short-term capital gain over net long-term capital loss.

In general, dividends of net investment income received by corporate shareholders of a Fund will qualify for the dividends-received deduction generally available to corporations to the extent they are properly reported by the Fund as being attributable to the amount of eligible dividends received by the Fund from domestic corporations for the taxable year.

In general, a dividend received by a Fund will not be treated as a dividend eligible for the dividends-received deduction (1) if it has been received with respect to any share of stock that the Fund has held for less than 46 days (91 days in the case of certain preferred stock) during the 91-day period beginning on the date which is 45 days before the date on which such share becomes ex-dividend with respect to such dividend (during the 181-day period beginning 90 days before such date in the case of certain preferred stock) or (2) to the extent that the Fund is under an obligation (pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property.

Moreover, the dividends-received deduction may be disallowed or reduced (1) if the corporate shareholder fails to satisfy the foregoing requirements with respect to its shares of the Fund or (2) by application of various provisions of the Code (for instance, the dividends-received deduction is reduced in the case of a dividend received on debt-financed portfolio stock—generally, stock acquired with borrowed funds).

There can be no assurances that a significant portion of a Fund's distributions will be eligible for the corporate dividends-received deduction. The percentage of ordinary income distributions eligible for the corporate dividends-received deduction for each Fund for the prior fiscal year is disclosed in the Trust's Form N-CSR filing, which is available on the SEC's website.

Any distribution of income that is attributable to dividend income received by a Fund on securities it temporarily purchased from a counterparty pursuant to a repurchase agreement that is treated for U.S. federal income tax purposes as a loan by the Fund will not constitute qualified dividend income to individual shareholders and will not be eligible for the dividends-received deduction for corporate shareholders.

Capital Gains

Taxes on distributions of capital gains are determined by how long a Fund owned (or is deemed to have owned)

Baillie Gifford ETF Trust – Statement of Additional Information

the investments that generated them, rather than how long a shareholder has owned his or her shares.

Tax rules can alter a Fund's holding period on investments and thereby affect the tax treatment of gain or loss on such investments. Distributions of net capital gain from the sale of investments that the Fund owned (or is deemed to have owned) for more than one year and that are properly reported by the Fund as capital gain dividends ("**Capital Gain Dividends**") are generally taxable to shareholders as long-term capital gains, taxed to individuals at reduced rates relative to ordinary income. Distributions of gains from the sale of investments that a Fund owned (or is deemed to have owned) for one year or less are generally taxable to shareholders as ordinary income.

Distributions from capital gains are generally made after applying any available capital loss carryforwards.

The IRS and the Department of the Treasury have issued regulations that impose special rules in respect of Capital Gain Dividends received through partnership interests constituting "applicable partnership interests" under Section 1061 of the Code.

Medicare Contribution Tax

The Code generally imposes a 3.8% Medicare contribution tax on the net investment income of certain individuals, trusts and estates to the extent their income exceeds certain threshold amounts. For these purposes, "net investment income" generally includes, among other things, (i) distributions paid by the Fund of net investment income and capital gain, including Capital Gain Dividends, as described above, and (ii) any net gain from the sale, exchange, or other taxable disposition of Fund shares. Shareholders are advised to consult their tax advisors regarding the possible implications of this additional tax on their investment in a Fund.

Sale, Exchange or Other Taxable Disposition of Shares

A sale, exchange or other taxable disposition of shares in a Fund will generally give rise to a capital gain or loss.

In general, any capital gain or loss realized upon a taxable disposition of shares will be treated as long-term capital gain or loss if the shares have been held by a shareholder for more than 12 months. Otherwise, the gain or loss on the taxable disposition of Fund shares will be treated as short-term capital gain or loss. However, any loss realized upon a taxable disposition of shares held by a shareholder for six months or less will be treated as long-term, rather than short-term, to the extent of any Capital Gain Dividends received (or deemed received) by the shareholder with respect to the shares.

Furthermore, all or a portion of any loss realized upon a taxable disposition of Fund shares will be disallowed if other shares of the Fund (or substantially identical shares) are purchased (including as a result of dividend reinvestment) within 30 days before or after the disposition. In such a case, the basis of the newly purchased shares will be adjusted to reflect the disallowed loss.

Return of Capital Distributions

If a Fund makes a distribution to a shareholder in excess of its current and accumulated earnings and profits in any taxable year, the excess distribution will be treated as a return of capital to the extent of the shareholder's tax basis in its shares, and thereafter as capital gain.

A return of capital is not taxable, but it reduces the shareholder's tax basis in its shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition by the shareholder of its shares.

Capital Loss Carryforwards

Capital losses in excess of capital gains ("**net capital losses**") are not permitted to be deducted against a Fund's net investment income. Instead, potentially subject to certain limitations, a Fund is able to carry net capital losses from any taxable year forward to subsequent taxable years to offset capital gains, if any, realized during such subsequent taxable years.

Distributions from capital gains are generally made after applying any available capital loss carryforwards.

Capital loss carryforwards are reduced to the extent they offset current-year net realized capital gains, whether a Fund retains or distributes such gains.

A Fund may carry net capital losses forward to one or more subsequent taxable years without expiration. A Fund must apply such carryforwards first against gains of the same character.

The amounts of any capital loss carryforwards available to a Fund will be shown in the notes to the financial statements once available.

Hedging and Similar Transactions

*Transactions in Derivative Instruments*

A Fund's transactions in derivative instruments (e.g., futures or options transactions, forward contracts and swap agreements), or any other hedging, short sale, securities loan or similar transactions, may be subject to one or more special tax rules (e.g., notional principal contract, constructive sale, mark-to-market, straddle, wash sale, and short sale rules).

These rules may affect whether gains and losses recognized by a Fund are treated as ordinary or capital,

Baillie Gifford ETF Trust – Statement of Additional Information

accelerate income to such Fund, defer losses to such Fund, or cause adjustments in the holding periods of such Fund's securities, thereby affecting, among other things, whether capital gains and losses are treated as short-term or long-term. These rules could therefore affect the amount, timing and/or character of distributions to shareholders.

Each of the Funds will determine whether to make any available elections pertaining to such transactions. Because these and other tax rules applicable to these types of transactions are in some cases uncertain under current law, an adverse determination or future guidance by the IRS with respect to these rules (which determination or guidance could be retroactive) may affect whether a Fund has made sufficient distributions, and otherwise satisfied the relevant requirements, to maintain its qualification as a regulated investment company and avoid a Fund-level tax.

*Book Income and Taxable Income*

Certain of a Fund's investments in derivative instruments and foreign currency-denominated instruments, and any of a Fund's transactions in foreign currencies and hedging activities, are likely to produce a difference between its book income and its taxable income.

If a Fund's book income exceeds its taxable income, the distribution (if any) of such excess generally will be treated as (i) a dividend to the extent of the Fund's remaining earnings and profits, (ii) thereafter, as a return of capital to the extent of the recipient's basis in the shares, and (iii) thereafter, as gain from the sale or exchange of a capital asset.

If a Fund's book income is less than its taxable income, the Fund could be required to make distributions exceeding book income to qualify as a regulated investment company that is accorded special tax treatment and to avoid a Fund-level tax.

*Foreign Currency Transactions and Related Hedging Transactions*

A Fund's transactions in foreign currencies, foreign currency-denominated debt securities and certain foreign currency options, futures contracts and forward contracts (and similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned. Such ordinary income treatment may accelerate Fund distributions to shareholders and increase the distributions taxed to shareholders as ordinary income. Any net ordinary losses so created cannot be carried forward by the Fund to offset income or gains earned in subsequent taxable years.

Foreign currency gains are generally treated as qualifying income for purposes of the 90% gross income

requirement described above. There is a remote possibility that the Secretary of the Treasury will issue contrary tax regulations with respect to foreign currency gains that are not directly related to a regulated investment company's principal business of investing in stocks or securities (or options or futures with respect to stocks or securities), and such regulations could apply retroactively.

Investments in Other Regulated Investment Companies

A Fund's investments in shares of other mutual funds, ETFs or other companies that are treated as regulated investment companies (each, an "**underlying RIC**"), can cause the Fund to be required to distribute greater amounts of net investment income or net capital gain than the Fund would have distributed had it invested directly in the securities held by the underlying RIC, rather than in shares of the underlying RIC. Further, the amount or timing of distributions from a Fund qualifying for treatment as a particular character (e.g., long-term capital gain, eligibility for dividends-received deduction, etc.) will not necessarily be the same as it would have been had such Fund invested directly in the securities held by the underlying RIC.

If a Fund receives dividends from an underlying RIC, and the underlying RIC reports such dividends as qualified dividend income, then the Fund is permitted in turn to report a portion of its distributions as qualified dividend income, provided it meets holding period and other requirements with respect to shares of the underlying RIC.

If a Fund receives dividends from an underlying RIC and the underlying RIC reports such dividends as eligible for the dividends-received deduction, then the Fund is permitted in turn to report its distributions derived from those dividends as eligible for the dividends-received deduction as well, provided it meets holding period and other requirements with respect to shares of the underlying RIC.

Investment in Securities of Certain Foreign Corporations

Income, proceeds and gains received by a Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries.

Tax treaties between certain countries and the U.S. may reduce or eliminate such taxes.

If more than 50% of a Fund's assets at taxable year end consists of the securities of foreign corporations, the Fund may elect to permit shareholders who are U.S. citizens or residents or U.S. corporations to claim a credit or deduction (but not both) on their income tax returns for their pro rata portion of qualified taxes paid by the Fund to foreign countries in respect of foreign securities the Fund held for at least the minimum period

Baillie Gifford ETF Trust – Statement of Additional Information

specified in the Code. In such a case, shareholders will include in gross income from foreign sources their pro rata shares of such taxes.

A shareholder's ability to claim a foreign tax credit or deduction in respect of foreign taxes paid by a Fund may be subject to certain limitations imposed by the Code, as a result of which a shareholder may not get a full credit or deduction (if any) for the amount of such taxes. In particular, shareholders must hold their Fund shares (without protection from risk of loss) on the ex-dividend date and for at least 15 additional days during the 31-day period surrounding the ex-dividend date to be eligible to claim a foreign tax credit with respect to a given dividend.

Shareholders that do not itemize on their federal income tax returns may claim a credit (but not a deduction) for such foreign taxes.

Shareholders that are not subject to U.S. federal income tax, and those who invest in a Fund through tax-advantaged accounts (including those who invest through tax-advantaged retirement plans), generally will receive no benefit from any tax credit or deduction passed through by the Fund.

A Fund's investments that are treated as equity investments for U.S. federal income tax purposes in certain PFICs could potentially subject the Fund to a U.S. federal income tax (including interest charges) on distributions received from the company or on gains from the sale of its investment in such PFIC. This tax cannot be eliminated by making distributions to shareholders of the Fund. However, if certain conditions are met, a Fund may elect to avoid the imposition of that tax. For example, a Fund may elect, pursuant to Sections 1293 and 1295 of the Code, to treat a PFIC as a "qualified electing fund" (a "**QEF election**"), in which case the Fund will be required to include its share of the company's income and net capital gain annually, regardless of whether it receives any distribution from the company. A Fund also may make an election, pursuant to Section 1296 of the Code, to mark the gains (and to a limited extent losses) in such holdings "to the market" as though it had sold and repurchased its holdings in those PFICs on the last day of the Fund's taxable year (a "**mark-to-market election**").

Such gains and losses are treated as ordinary income and loss.

The QEF and mark-to-market elections may accelerate the recognition of income (without the receipt of cash) and increase the amount required to be distributed by a Fund to avoid taxation. Making either of these elections therefore may require a Fund to liquidate other investments (including when it is not advantageous to do so) to meet its distribution requirements, which also may

accelerate the recognition of gain and affect the Fund's total return.

Dividends paid by PFICs will not be eligible to be treated as "qualified dividend income."

A foreign corporation is a PFIC if: (i) 75% or more of its gross income for the taxable year is passive income, or (ii) the average percentage of the assets (generally by value, but by adjusted tax basis in certain cases) held by such corporation during the taxable year which produce or are held for the production of passive income is at least 50%.

Generally, passive income for this purpose means dividends, interest (including income equivalent to interest), royalties, rents, annuities, the excess of gain over losses from certain property transactions and commodities transactions, and foreign currency gains.

Passive income for this purpose does not include rents and royalties received by the foreign corporation from active business activities and certain income received from related persons. Because it is not always possible to identify a foreign corporation as a PFIC, in some instances, a Fund may incur the tax and interest charges described above.

A foreign corporation in which a Fund invests will not be treated as a PFIC with respect to the Fund if such corporation is a controlled foreign corporation ("**CFC**") for U.S. federal income tax purposes and the Fund holds (directly, indirectly, or constructively) 10% or more of the voting interests in or total value of such corporation. In such a case, the Fund generally would be required to include in gross income each year, as ordinary income, its share of certain amounts of the CFC's income, whether or not the CFC distributes such amounts to the Fund.

Investments in Certain Debt Obligations

Some debt obligations with a fixed maturity date of more than one year from the date of issuance (and zero-coupon debt obligations with a fixed maturity date of more than one year from the date of issuance) will be treated as debt obligations that are issued originally at a discount.

Generally, the original issue discount ("**OID**") is treated as interest income and is included in a Fund's income and required to be distributed by the Fund over the term of the debt security, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt security. In addition, payment-in-kind securities will give rise to income which is required to be distributed and is taxable even though a Fund holding the security receives no cash payment on the security during the year.

Baillie Gifford ETF Trust – Statement of Additional Information

Some debt obligations with a fixed maturity date of more than one year from the date of issuance that are acquired by the Fund in the secondary market may be treated as having market discount. Very generally, market discount is the excess of the stated redemption price of a debt obligation (or in the case of an obligation issued with OID, its "**revised issue price**") over the purchase price of such obligation. Generally, any gain recognized on the disposition of, and any partial payment of principal on, a debt security having market discount is treated as ordinary income to the extent the gain, or principal payment, does not exceed the "accrued market discount" on such debt security. Alternatively, the Fund may elect to accrue market discount currently, in which case the Fund will be required to include the accrued market discount in the Fund's income (as ordinary income) and thus distribute it over the term of the debt security, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt security. The rate at which the market discount accrues, and thus is included in the Fund's income, will depend upon which of the permitted accrual methods the Fund elects.

Some debt obligations with a fixed maturity date of one year or less from the date of issuance that are acquired by a Fund may be treated as having OID or, in certain cases, "acquisition discount" (very generally, the excess of the stated redemption price over the purchase price). A Fund will be required to include the OID or acquisition discount in income (as ordinary income) and thus distribute it over the term of the debt security, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt security.

The rate at which OID or acquisition discount accrues, and thus is included in the Fund's income, will depend upon which of the permitted accrual methods the Fund elects. If a Fund holds the foregoing kinds of obligations, or other obligations subject to special rules under the Code, it may be required to pay out as an income distribution each year an amount which is greater than the total amount of cash interest the Fund actually received.

Such distributions may be made from the cash assets of the Fund or, if necessary, by disposition of portfolio securities including at a time when it may not be advantageous to do so. These dispositions may cause the Fund to realize higher amounts of short-term capital gains (generally taxed to shareholders at ordinary income tax rates) and, in the event the Fund realizes net capital gains from such transactions, its shareholders may receive a larger Capital Gain Dividend than if the Fund had not held such obligations.

Very generally, where a Fund purchases a bond at a price that exceeds the redemption price at maturity— that is, at a premium—the premium is amortizable over the remaining term of the bond. In the case of a taxable bond, if the Fund makes an election applicable to all such bonds it purchases, which election is irrevocable without consent of the IRS, the Fund reduces the current taxable income from the bond by the amortized premium and reduces its tax basis in the bond by the amount of such offset; upon the disposition or maturity of such bonds, the Fund is permitted to deduct any remaining premium allocable to a prior period.

A portion of the OID accrued on certain high yield discount obligations may not be deductible to the issuer and will instead be treated as a dividend paid by the issuer for purposes of the dividends-received deduction. In such cases, if the issuer of the high yield discount obligations is a domestic corporation, dividend payments by the Fund may be eligible for the dividends-received deduction to the extent attributable to the deemed dividend portion of such OID.

Investments in debt obligations that are at risk of or in default present special tax issues for a Fund. Tax rules are not entirely clear about issues such as when a Fund may cease to accrue interest, OID or market discount; whether or to what extent a Fund should recognize market discount on a debt obligation; when and to what extent a Fund may take deductions for bad debts or worthless securities; and how a Fund should allocate payments received on obligations in default between principal and income. These and other related issues will be addressed by a Fund when, as and if it invests in such securities, in order to seek to ensure that it distributes sufficient income to preserve its status as a regulated investment company and does not become subject to U.S. federal income or excise tax.

Tax Shelter Reporting Regulations

Under Treasury regulations, if a shareholder recognizes a loss of at least $2 million in any single taxable year or $4 million in any combination of taxable years for an individual shareholder or $10 million in any single taxable year or $20 million in any combination of taxable years for a corporate shareholder, the shareholder must file with the IRS a disclosure statement on Form 8886.

Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a regulated investment company are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all regulated investment companies. The fact that a loss is reportable under these regulations does not affect the legal

Baillie Gifford ETF Trust – Statement of Additional Information

determination of whether the taxpayer's treatment of the loss is proper.

Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

Shares Purchased Through Tax-Advantaged Accounts

Special tax rules apply to investments though defined contribution plans and other tax-qualified plans or tax-advantaged accounts.

Shareholders should consult their tax advisors to determine the suitability of shares of a Fund as an investment through such plans and arrangements and the precise effect of such an investment in their particular tax situations.

Tax-Exempt Shareholders

Under current law, each of the Funds serves to "block" (that is, prevent the attribution to shareholders of) unrelated business taxable income ("**UBTI**") from being realized by tax-exempt shareholders.

Notwithstanding this "blocking" effect, a tax-exempt shareholder could realize UBTI by virtue of its investment in a Fund if shares in the Fund constitute debt-financed property in the hands of the tax-exempt shareholder within the meaning of Section 514(b) of the Code.

Backup Withholding

A Fund generally is required to withhold and remit to the U.S. Department of the Treasury a percentage of the taxable distributions paid to any individual shareholder who fails to properly furnish such Fund with a correct taxpayer identification number, who has under-reported dividend or interest income, or who fails to certify to such Fund that he or she is not subject to such withholding. Backup withholding is not an additional tax. Any amounts withheld may be credited against the shareholder's U.S. federal income tax liability, provided the appropriate information is furnished to the IRS.

For a foreign person (as defined below) to qualify for exemption from the backup withholding tax and for reduced withholding tax rates under income tax treaties, the foreign investor must comply with special certification and filing requirements. Foreign investors in a Fund should consult their tax advisors in this regard.

Foreign Shareholders

Distributions by a Fund to shareholders that are not "U.S. persons" within the meaning of the Code ("**foreign persons**") properly reported by the Fund as (1) Capital Gain Dividends, (2) short-term capital gain dividends and (3) interest-related dividends, each as defined and

subject to certain conditions described below, generally are not subject to withholding of U.S. federal income tax.

In general, the Code defines (1) "short-term capital gain dividends" as distributions of net short-term capital gains in excess of net long-term capital losses and (2) "interest-related dividends" as distributions from U.S. source interest income of types similar to those not subject to U.S. federal income tax if earned directly by an individual foreign person, in each case to the extent such distributions are properly reported as such by the Fund in a written notice to shareholders.

The exceptions to withholding for Capital Gain Dividends and short-term capital gain dividends do not apply to (a) distributions to an individual foreign person who was present in the U.S. for a period or periods aggregating 183 days or more during the year of the distribution and (b) distributions attributable to gain that is treated as effectively connected with the conduct by the foreign person of a trade or business within the United States under special rules regarding the disposition of U.S. real property interests.

The exception to withholding for interest-related dividends does not apply to distributions to a foreign shareholder (w) that has not provided a satisfactory statement that the beneficial owner is not a U.S. person, (x) to the extent that the dividend is attributable to certain interest on an obligation if the foreign person is the issuer or a 10% shareholder of the issuer, (y) that is within certain foreign countries that have inadequate information exchange with the U.S., or (z) to the extent the dividend is attributable to interest paid by a person that is a related person of the foreign person and the foreign person is a CFC. If a Fund invests in an underlying RIC that pays Capital Gain Dividends, short-term capital gain dividends or interest-related dividends to the Fund, such distributions retain their character as not subject to withholding if properly reported when paid by the Fund to foreign shareholders. A Fund is permitted to report such part of its dividends as short-term capital gain and/or interest-related dividends as are eligible, but is not required to do so.

In the case of Fund shares held through an intermediary, the intermediary may withhold even if a Fund reports all or a portion of such payments as short-term capital gain or interest-related dividends to shareholders.

Foreign persons should contact their intermediaries regarding the application of these rules to their accounts.

Distributions by a Fund to beneficial holders of shares who are foreign persons other than Capital Gain Dividends, short-term capital gain dividends and interest-related dividends (e.g., dividends attributable to dividend and foreign-source interest income or to short-term capital gains or U.S. source interest income to which the

Baillie Gifford ETF Trust – Statement of Additional Information

exception from withholding described above does not apply) are generally subject to withholding of U.S. federal income tax at a rate of 30% (or lower applicable treaty rate).

A beneficial holder of Fund shares who is a foreign person is not, in general, subject to U.S. federal income tax on gains (and is not allowed a deduction for losses) realized on a sale, exchange or other taxable disposition of such shares of a Fund unless (i) such gain is "effectively connected" with the conduct of a trade or business carried on by such holder within the U.S. or (ii) in the case of an individual holder, the holder is present in the U.S. for a period or periods aggregating 183 days or more during the year of the sale and certain other conditions are met.

If a foreign person is eligible for the benefits of a tax treaty, any effectively connected income or gain will generally be subject to U.S. federal income tax on a net basis only if it is also attributable to a permanent establishment maintained by the shareholder in the U.S. More generally, foreign persons who are residents in a country with an income tax treaty with the U.S. may obtain different tax results than those described herein, and are urged to consult their tax advisors.

A beneficial holder of Fund shares who is a foreign person may be subject to state, local or foreign taxes, and to the U.S. federal estate tax in addition to the U.S. federal income tax rules described above.

Certain Additional Withholding and Reporting Requirements

Shareholders that are U.S. persons and own, directly or indirectly, more than 50% of a Fund could be required to report annually their "financial interest" in a Fund's "foreign financial accounts," if any, on FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR).

Shareholders should consult a tax advisor regarding the applicability to them of this reporting requirement.

Sections 1471-1474 of the Code and the U.S. Treasury and IRS guidance issued thereunder (collectively, "**FATCA**") generally require a Fund to obtain information sufficient to identify the status of each of its shareholders under FATCA or under an applicable intergovernmental agreement (an "**IGA**") between the United States and a foreign government.

If a shareholder fails to provide the requested information or otherwise fails to comply with FATCA or an IGA, a Fund may be required to withhold under FATCA at a rate of 30% with respect to that shareholder on ordinary dividends it pays. The IRS and the Department of Treasury have issued proposed regulations providing that these withholding rules will not apply to Capital Gain Dividends the Fund pays.

If a payment by a Fund is subject to FATCA withholding, the Fund is required to withhold even if such payment would otherwise be exempt from withholding under the rules applicable to foreign persons described above (e.g., short-term capital gain dividends and interest-related dividends).

Each prospective investor is urged to consult its tax advisor regarding the applicability of FATCA and any other reporting requirements with respect to the prospective investor's own situation, including investments through an intermediary.

Taxation on Creations and Redemptions of Creation Units

An Authorized Participant who exchanges securities for Creation Units generally will recognize a gain or a loss. The gain or loss will be equal to the difference between the market value of the Creation Units at the time and the sum of the exchanger's aggregate basis in the securities surrendered plus the amount of cash paid for such Creation Units. A person who redeems Creation Units will generally recognize a gain or loss equal to the difference between the exchanger's basis in the Creation Units and the sum of the aggregate market value of any securities received plus the amount of any cash received for such Creation Units. The IRS, however, may assert that a loss realized upon an exchange of securities for Creation Units (or vice versa) cannot currently be deducted under the rules governing "wash sales" (for a person who does not mark-to-market its portfolio) or on the basis that there has been no significant change in economic position.

Any capital gain or loss realized upon the creation of Creation Units will generally be treated as long-term capital gain or loss if the securities exchanged for such Creation Units have been held for more than one year. Any capital gain or loss realized upon the redemption of Creation Units will generally be treated as long-term capital gain or loss if shares comprising the Creation Units have been held for more than one year. Otherwise, such capital gains or losses will generally be treated as short-term capital gains or losses. Any loss upon a redemption of Creation Units held for six months or less may be treated as long-term capital loss to the extent of any amounts treated as distributions to the applicable Authorized Participant of long-term capital gain with respect to the Creation Units (including any amounts credited to the Authorized Participant as undistributed capital gains).

Authorized Participants who are dealers in securities are subject to the tax rules applicable to dealers, which may result in tax consequences to such Authorized Participants different from those set forth above.

Baillie Gifford ETF Trust – Statement of Additional Information

The Fund has the right to reject an order for Creation Units if the purchaser (or a group of purchasers) would, upon obtaining the Creation Units so ordered, own 80% or more of the outstanding shares and if, pursuant to Section 351 of the Code, the Fund would have a basis in the deposit securities different from the market value of such securities on the date of deposit. The Fund also has the right to require the provision of information necessary to determine beneficial share ownership for purposes of the 80% determination. If the Fund does issue Creation Units to a purchaser (or a group of purchasers) that would, upon obtaining the Creation Units so ordered, own 80% or more of the outstanding shares, the purchaser (or group of purchasers) will generally not recognize gain or loss upon the exchange of securities for Creation Units.

Persons purchasing or redeeming Creation Units should consult their own tax advisors with respect to the tax treatment of any creation or redemption transaction and whether the wash sales rule applies and when a loss may be deductible.

**<u>Financial Statements</u>**

Financial statements of Baillie Gifford International Concentrated Growth Equities Fund, Baillie Gifford Long Term Global Growth Fund and Baillie Gifford U.S. Equity Growth Fund for the fiscal year ended December 31, 2024, are incorporated by reference to the Baillie Gifford Funds' filing on [Form N-CSR, filed with the SEC on March 4, 2025 (SEC Accession No. 0001104659-25-020192](https://www.sec.gov/ix?doc=/Archives/edgar/data/1120543/000110465925020192/tm251686d1_ncsr.htm)).

These financial statements have been incorporated by reference herein in reliance on the report of Cohen & Company, Ltd., Baillie Gifford Funds' independent registered public accounting firm, also incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing.

Unaudited financial statements of Baillie Gifford International Concentrated Growth Equities Fund, Baillie Gifford Long Term Global Growth Fund and Baillie Gifford U.S. Equity Growth Fund for the six months ended June 30, 2025, are incorporated by reference to the Baillie Gifford Funds' filing on [Form N-CSRS, filed with the SEC on September 3, 2025 (Accession Number: 0001104659-25-086815)](https://www.sec.gov/ix?doc=/Archives/edgar/data/1120543/000110465925086815/tm2510131d1_ncsrs.htm).

**PART C. OTHER INFORMATION**

**Item 28. Exhibits.**

 

The following Exhibits are filed herewith or incorporated by reference:

 

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| | | |
|:---|:---|:---|
| (a) | [1.](http://www.sec.gov/Archives/edgar/data/2060280/000110465925098747/tm2525881d1_ex99-xa.htm) | [Amended and Restated Agreement and Declaration of Trust of Registrant, dated October 2, 2025, incorporated by reference to the registration statement of the Trust on Form N-1A filed October 10, 2025.](https://www.sec.gov/Archives/edgar/data/2060280/000110465925098747/tm2525881d1_ex99-xa.htm) |
|  | [2.](tm2525881d3_ex99-xax2.htm) | [Form of Second Amended and Restated Agreement and Declaration of Trust, filed herewith.](tm2525881d3_ex99-xax2.htm) |

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(b) [Copy of By-Laws of Registrant, incorporated by reference to the registration statement of the Trust on Form N-1A filed October 10, 2025.](https://www.sec.gov/Archives/edgar/data/2060280/000110465925098747/tm2525881d1_ex99-xb.htm)

(c) Portions of Amended and Restated Agreement and Declaration of Trust and By-Laws Relating to Shareholders'
Rights. (See [(a)](https://www.sec.gov/Archives/edgar/data/2060280/000110465925098747/tm2525881d1_ex99-xa.htm) and [(b)](https://www.sec.gov/Archives/edgar/data/2060280/000110465925098747/tm2525881d1_ex99-xb.htm) above).

(d) [Investment Management Agreement between Baillie Gifford Overseas Limited and the Registrant, on behalf of each Fund, dated December 9, 2025, filed herewith.](tm2525881d3_ex99-xd.htm)

(e) [Distribution Agreement between Baillie Gifford Funds Services LLC and the Registrant, dated December 9, 2025, filed herewith.](tm2525881d3_ex99-xe.htm)

(f) Not applicable.

(g) [1.](tm2525881d3_ex99-xgx1.htm) [Form of Custody Agreement between the Registrant and Bank of New York Mellon, filed herewith.](tm2525881d3_ex99-xgx1.htm)

[(i)](tm2525881d3_ex99-xgx1xi.htm) [Form of Supplement to the Global Custody Agreement Hong Kong-China – Stock Connect between the Registrant and The Bank of New York Mellon, filed herewith.](tm2525881d3_ex99-xgx1xi.htm)

[2.](tm2525881d3_ex99-xgx2.htm) [Form of Foreign Custody Manager Agreement between the Registrant and The Bank of New York Mellon, filed herewith.](tm2525881d3_ex99-xgx2.htm)

(h) [1.](tm2525881d3_ex99-xhx1.htm) [Form of Fund Administration and Accounting Agreement between the Registrant and The Bank of New York Mellon, filed herewith.](tm2525881d3_ex99-xhx1.htm)

[2.](tm2525881d3_ex99-xhx2.htm) [Form of Authorized Participant Agreement, filed herewith.](tm2525881d3_ex99-xhx2.htm)

[3.](tm2525881d3_ex99-xhx3.htm) [Form of Transfer Agency and Service Agreement between the Registrant and The Bank of New York Mellon, filed herewith.](tm2525881d3_ex99-xhx3.htm)

[4.](http://www.sec.gov/Archives/edgar/data/2060280/000110465925098747/tm2525881d1_ex99-xhx4.htm) [Form of Indemnification Agreement between the Registrant and each Trustee, incorporated by reference to the registration statement of the Trust on Form N-1A filed October 10, 2025.](https://www.sec.gov/Archives/edgar/data/2060280/000110465925098747/tm2525881d1_ex99-xhx4.htm)

(i) [Opinion and Consent of Ropes & Gray LLP as to the Registrant's shares, filed herewith.](tm2525881d3_ex99-xi.htm)

[(j)](tm2525881d3_ex99-xj.htm) [Consent of Independent Registered Public Accounting Firm, filed herewith.](tm2525881d3_ex99-xj.htm)

(k) Not applicable.

(l) Not applicable.

(m) [Plan of Distribution Pursuant to Rule 12b-1, filed herewith.](tm2525881d3_ex99-xm.htm)

(n) Not applicable.

(o) Reserved.

(p) [1.](tm2525881d3_ex99-xpx1.htm) [Code of Ethics of the Registrant, filed herewith.](tm2525881d3_ex99-xpx1.htm)

[2.](tm2525881d3_ex99-xpx2.htm) [Code of Ethics of Baillie Gifford Overseas Limited and Baillie Gifford Funds Services LLC, filed herewith.](tm2525881d3_ex99-xpx2.htm)

(q) [Power of Attorney for Howard W. Chin, Pamela M. J. Cox, John D. Kavanaugh, Maureen A. Miller, Donald P. Sullivan Jr., Michael Stirling-Aird, and Lindsay Cockburn, dated October 2, 2025, incorporated by reference to the registration statement of the Trust on Form N-1A filed October 10, 2025.](https://www.sec.gov/Archives/edgar/data/2060280/000110465925098747/tm2525881d1_ex99-xq.htm)

**Item 29. Persons Controlled By or Under Common Control With the Registrant**.

Not applicable.

**Item 30. Indemnification.**

Article VIII of the Registrant's Amended and Restated Agreement and Declaration of Trust (as further amended from time to time, the "Declaration of Trust") (See Exhibit (a) hereto) provides for indemnification of trustees and officers. The effect of this provision is to provide indemnification for each of the Registrant's trustees and officers against liabilities and counsel fees reasonably incurred in connection with the defense of any legal proceeding in which such trustee or officer may be involved by reason of being or having been a trustee or officer, except with respect to any matter as to which such trustee or officer shall have been adjudicated to be liable to the Trust or its Shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office. As to any matter disposed of without an adjudication by a court or other body, indemnification will be provided to the Registrant's trustees and officers if (a) such indemnification is approved by a majority of the disinterested trustees, or (b) an opinion of independent legal counsel is obtained that such indemnification would not protect the trustee or officer against any liability to which he would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of duties.

The Registrant has also contractually agreed to indemnify each Trustee. The contractual agreement between the Trust and each Trustee delineates certain procedural aspects relating to indemnification and advancement of expenses and provides for indemnification and advancement to the fullest extent permitted by the Declaration of Trust and By-Laws of the Trust, as amended, and the laws of The Commonwealth of Massachusetts, the Securities Act of 1933, as amended, and the 1940 Act, as amended.

Insofar as indemnification for liability arising under the Securities Act of 1933, as amended, may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933, as amended, and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933, as amended, and will be governed by the final adjudication of such issue.

**Item 31. Business and Other Connections of the Investment Adviser**.

The Registrant's investment adviser, Baillie Gifford Overseas Limited ("BGO"), is registered under the Investment Advisers Act of 1940 and regulated by the Financial Conduct Authority of the United Kingdom, and as such is engaged in the provision of investment advisory and management services to a variety of public and private investment pools and private accounts. Except as set forth below, the directors and officers of BGO, have been engaged during the last two fiscal years in no business, profession, vocation or employment of a substantial nature other than as directors or officers of BGO or certain of BGO's corporate affiliates. The business and other connections of the officers and directors of BGO are listed in Schedules A and D of its Form ADV as currently on file with the SEC, the text of which Schedules are hereby incorporated herein by reference. The file number of BGO's Form ADV is 801-21051. The address of BGO and its corporate affiliates is Calton Square, 1 Greenside Row, Edinburgh, UK.

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| | |
|:---|:---|
| **Name and Title** | **<u>Non-Baillie Gifford business, profession, vocation or</u>** |
|  | **<u>employment</u>** |
| N/A |  |

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**Item 32. Principal Underwriters**.

(a) Baillie Gifford Funds Services LLC, the principal underwriter of the Registrant, also serves as principal underwriter for Baillie Gifford Funds and Baillie Gifford Institutional Trust.

(b) Directors, Officers or Partners of the Distributor:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;(1) Name and Principal Business Address | &nbsp;&nbsp;(2) Positions and Offices<br> with Underwriter | &nbsp;&nbsp;(3) Positions and Offices <br> with Fund |
| &nbsp;&nbsp;Lesley-Anne Archibald<br> 780 Third Avenue, 43rd Floor, New York, NY 10017 | &nbsp;&nbsp;Chairperson and Director | &nbsp;&nbsp;Vice President |
| &nbsp;&nbsp; Nick Wood<br> Calton Square 1 Greenside Row Edinburgh, United Kingdom EH1 3AN | &nbsp;&nbsp;Chief Executive Officer and Director | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Garry Porteous<br> Calton Square 1 Greenside Row Edinburgh, United Kingdom EH1 3AN | &nbsp;&nbsp;Chief Compliance Officer and Director | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Janice Parise<br> Calton Square 1 Greenside Row Edinburgh, United Kingdom EH1 3AN | &nbsp;&nbsp;Financial and Operations Principal | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Kathrin Hamilton<br> Calton Square 1 Greenside Row Edinburgh, United Kingdom EH1 3AN | &nbsp;&nbsp;Director | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Claire Mazur<br> 780 Third Avenue, 43rd Floor, New York, NY 10017 | &nbsp;&nbsp;Director | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Kirsten Ross<br> 780 Third Avenue, 43rd Floor, New York, NY 10017 | &nbsp;&nbsp;Director | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Sally Mayer<br> Calton Square 1 Greenside Row Edinburgh, United Kingdom EH1 3AN | &nbsp;&nbsp;Secretary | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; Jane Hogg<br> Calton Square 1 Greenside Row Edinburgh, United Kingdom EH1 3AN | &nbsp;&nbsp;Finance Officer | &nbsp;&nbsp;N/A |

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(c) Not applicable.

**Item 33. Location of Accounts and Records.**

The records required by Section 31(a) and Rule 31a-1 through 3 under the 1940 Act will be maintained by Registrant at its offices, Calton Square, 1 Greenside Row, Edinburgh, Scotland, UK EH1 3AN, except that: (i) Transfer Agent and Custodian (located at 240 Greenwich Street, New York, NY 10286) for Registrant, will maintain the records required by subparagraphs (a)(1), (b)(1)-(5) and (6)-(8) of Rule 31a-1 and by Rule 31a-2; and (ii) BGO, located at Calton Square, 1 Greenside Row, Edinburgh, Scotland, UK EH1 3AN will maintain the records required by Rule 31a-1(f) and Rule 31a-2(e).

**Item 34. Management Services**.

Not applicable.

**Item 35. Undertakings**.

Not applicable.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended (the "1933 Act"), and the Investment Company Act of 1940, as amended, the Registrant has duly caused this Pre-Effective Amendment to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of Edinburgh, Scotland, on the 22<sup>nd</sup> day of January, 2026.

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| | |
|:---|:---|
| **BAILLIE GIFFORD ETF TRUST** | **BAILLIE GIFFORD ETF TRUST** |
| By: | /s/ Michael Stirling-Aird |
| Name: | Michael Stirling-Aird |
| Title: | President (Principal Executive Officer) |

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Pursuant to the requirements of the 1933 Act, this Pre-Effective Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the dates indicated:

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| | | |
|:---|:---|:---|
| Signature | Title | Date |
| /s/ Howard W. Chin\* | Trustee | January 22, 2026 |
| Howard W. Chin |  |  |
| /s/ Pamela M. J. Cox\* | Trustee | January 22, 2026 |
| Pamela M. J. Cox |  |  |
| /s/ John D. Kavanaugh\* | Trustee | January 22, 2026 |
| John D. Kavanaugh |  |  |
| /s/ Maureen A. Miller\* | Trustee | January 22, 2026 |
| Maureen A. Miller |  |  |
| /s/ Donald P. Sullivan Jr.\* | Trustee | January 22, 2026 |
| Donald P. Sullivan Jr. |  |  |
| /s/ Michael Stirling-Aird | Trustee & President (Principal Executive Officer) | January 22, 2026 |
| Michael Stirling-Aird | Trustee & President (Principal Executive Officer) |  |
| /s/ Lindsay Cockburn | Treasurer (Principal Financial and Accounting Officer) | January 22, 2026 |
| Lindsay Cockburn | Treasurer (Principal Financial and Accounting Officer) |  |

---

---

| | |
|:---|:---|
| \*By: | /s/ Michael Stirling-Aird |
| Michael Stirling-Aird\*\* | Michael Stirling-Aird\*\* |
| Date: January 22, 2026 | Date: January 22, 2026 |

---

\*\* Attorney-in-Fact pursuant to a Power of Attorney executed on October 2, 2025 and filed as an exhibit to the registration statement of the Trust on Form N-1A filed on October 10, 2025.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Exhibit No.** | **Exhibit Title** |
| &nbsp;&nbsp; [(a)(2)](tm2525881d3_ex99-xax2.htm) | [Form of Second Amended and Restated Agreement and Declaration of Trust.](tm2525881d3_ex99-xax2.htm) |
| &nbsp;&nbsp;[(d)](tm2525881d3_ex99-xd.htm) | [Investment Management Agreement between Baillie Gifford Overseas Limited and the Registrant, on behalf of each Fund, dated December 9, 2025.](tm2525881d3_ex99-xd.htm) |
| &nbsp;&nbsp;[(e)](tm2525881d3_ex99-xe.htm) | [Distribution Agreement between Baillie Gifford Funds Services LLC and the Registrant, dated December 9, 2025.](tm2525881d3_ex99-xe.htm) |
| &nbsp;&nbsp;[(g)(1)](tm2525881d3_ex99-xgx1.htm) | [Form of Custody Agreement between the Registrant and Bank of New York Mellon.](tm2525881d3_ex99-xgx1.htm) |
| &nbsp;&nbsp;[(g)(1)(i)](tm2525881d3_ex99-xgx1xi.htm) | [Form of Supplement to the Global Custody Agreement Hong Kong-China – Stock Connect between the Registrant and The Bank of New York Mellon.](tm2525881d3_ex99-xgx1xi.htm) |
| &nbsp;&nbsp;[(g)(2)](tm2525881d3_ex99-xgx2.htm) | [Form of Foreign Custody Manager Agreement between the Registrant and The Bank of New York Mellon.](tm2525881d3_ex99-xgx2.htm) |
| &nbsp;&nbsp;[(h)(1)](tm2525881d3_ex99-xhx1.htm) | [Form of Fund Administration and Accounting Agreement between the Registrant and The Bank of New York Mellon.](tm2525881d3_ex99-xhx1.htm) |
| &nbsp;&nbsp;[(h)(2)](tm2525881d3_ex99-xhx2.htm) | [Form of Authorized Participant Agreement.](tm2525881d3_ex99-xhx2.htm) |
| &nbsp;&nbsp;[(h)(3)](tm2525881d3_ex99-xhx3.htm) | [Form of Transfer Agency and Service Agreement between the Registrant and The Bank of New York Mellon.](tm2525881d3_ex99-xhx3.htm) |
| &nbsp;&nbsp;[(i)](tm2525881d3_ex99-xi.htm) | [Opinion and Consent of Ropes & Gray LLP as to the Registrant's shares.](tm2525881d3_ex99-xi.htm) |
| &nbsp;&nbsp;[(j)](tm2525881d3_ex99-xj.htm) | [Consent of Independent Registered Public Accounting Firm.](tm2525881d3_ex99-xj.htm) |
| &nbsp;&nbsp;[(m)](tm2525881d3_ex99-xm.htm) | [Plan of Distribution Pursuant to Rule 12b-1.](tm2525881d3_ex99-xm.htm) |
| &nbsp;&nbsp;[(p)(1)](tm2525881d3_ex99-xpx1.htm) | [Code of Ethics of the Registrant.](tm2525881d3_ex99-xpx1.htm) |
| &nbsp;&nbsp;[(p)(2)](tm2525881d3_ex99-xpx2.htm) | [Code of Ethics of Baillie Gifford Overseas Limited and Baillie Gifford Funds Services LLC.](tm2525881d3_ex99-xpx2.htm) |

---

## Ex-99.(A)(2)

**Exhibit 99.(a)(2)**

BAILLIE GIFFORD ETF TRUST

<u>SECOND AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST</u> 

THIS SECOND AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST made at Boston, Massachusetts this 22<sup>nd</sup> day of January, 2026 by the Trustees hereunder and the holders of shares of beneficial interest issued hereunder and to be issued hereunder as hereinafter provided, amending and restating the Amended and Restated Agreement and Declaration of Trust of the Trust, dated October 2, 2025 (the "Amended and Restated Declaration of Trust"):

WITNESSETH that

WHEREAS, this Trust has been formed to carry on the business of an investment company; and

WHEREAS, the Trustees have agreed to manage all property coming into their hands as trustees of a Massachusetts voluntary association with transferable shares in accordance with the provisions hereinafter set forth;

NOW, THEREFORE, the Amended and Restated Declaration of Trust is hereby amended and restated to read in its entirety as follows, and the Trustees do hereby declare that they will hold all cash, securities and other assets, which they may from time to time acquire in any manner as Trustees hereunder, IN TRUST to manage and dispose of the same upon the following terms and conditions for the benefit of the holders from time to time of shares in this Trust as hereinafter set forth.

ARTICLE I

Name and Definitions

<u>Section 1.</u> This Trust shall be known as "Baillie Gifford ETF Trust" and the Trustees shall conduct the business of the Trust under that name or any other name as they may from time to time determine.

<u>Section 2.</u> <u>Definitions</u>. Whenever used herein, unless otherwise required by the context or specifically provided:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Trust" refers to the Massachusetts business trust established by the Agreement and Declaration of Trust dated February 24, 2025, as amended or restated from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Trustees" refers to the persons signatory hereto, so long as they continue in office in accordance with the terms of this Declaration of Trust, and all other persons who may from time to time be duly elected or appointed in accordance with Article IV hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "Proceeding" includes without limitation any threatened, pending or completed claim, demand, discovery request, request for testimony or information, action, suit, arbitration, alternative dispute mechanism, investigation, hearing or other proceeding, including any appeal from any of the foregoing, whether civil, criminal, administrative or investigative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Shares" means the equal proportionate units of interest into which the beneficial interest in the Trust or in the Trust property belonging to any Series or in any class of shares (as the context may require) shall be divided from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "Shareholder" means a record owner of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "1940 Act" refers to the Investment Company Act of 1940 and the Rules and Regulations thereunder, all as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The terms "Commission" and "principal underwriter" shall have the meanings given them in the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "Agreement and Declaration of Trust," "Declaration of Trust" or "Declaration" shall mean this Amended and Restated Agreement and Declaration of Trust, as amended or restated from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "By-Laws" shall mean the By-Laws of the Trust, as amended or restated from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "Secretary of the Trust" shall mean the person appointed to act as the secretary of the Trust by the Trustees from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "Series Company" refers to the form of registered open-end investment company described in Section 18(f)(2) of the 1940 Act or in any successor statutory provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "Series" refers to any series of Shares established and designated under or in accordance with the provisions of Article III;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "Multi-Class Series" refers to any Series established and designated as Multi-Class Series under or in accordance with the provisions of Article III, Section 6; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The terms "class" and "class of Shares" refer to each class of Shares into which the Shares of any Multi-Class Series may from time to time be divided in accordance with the provisions of Article III.

ARTICLE II

Purpose of Trust

The purpose of the Trust is to provide investors a managed investment primarily in securities (including options), debt instruments, commodities, commodity contracts and options thereon, and to carry on such other business as the Trustees may from time to time determine pursuant to their authority under this Declaration of Trust or Massachusetts law.

ARTICLE III

Shares

<u>Section 1.</u> <u>Division of Beneficial Interest</u>. The beneficial interest in the Trust shall at all times be divided into an unlimited number of Shares, with a par value of $0.00000001 per share. Subject to the provisions of Section 6 of this Article III, each Share shall have voting rights as provided in Article V hereof, and holders of the Shares of any Series or class shall be entitled to receive dividends, when and as declared with respect thereto in the manner provided in Article VI, Section 1 hereof. Except as otherwise provided in Section 6 of this Article III with respect to Shares of Multi-Class Series, no Share shall have any priority or preference over any other Share of the same Series with respect to dividends or distributions upon termination of the Trust or of such Series made pursuant to Article VIII, Section 4 hereof. Except as otherwise provided in Section 6 of this Article III with respect to Shares of Multi-Class Series, all dividends and distributions shall be made ratably among all Shareholders of a particular Series from the assets belonging to such Series according to the number of Shares of such Series held of record by such Shareholders on the record date for any dividend or distribution or on the date of termination, as the case may be. Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Trust. The Trustees may from time to time divide or combine the Shares of any particular Series or class into a greater or lesser number of Shares of that Series or class without thereby changing the proportionate beneficial interest of the Shares of that Series or class in the assets belonging to that Series or attributable to that class or in any way affecting the rights of Shares of any other Series or class.

<u>Section 2.</u> <u>Ownership of Shares</u>. The ownership of Shares shall be recorded on the books of the Trust or a transfer or similar agent for the Trust, which books shall be maintained separately for the Shares of each Series and class. No certificates certifying the ownership of Shares shall be issued except as the Trustees may otherwise determine from time to time. The Trustees may make such rules as they consider appropriate for the transfer of Shares of each Series and class and similar matters. The record books of the Trust as kept by the Trust or any transfer or similar agent, as the case may be, shall be conclusive as to who are the Shareholders of each Series and class and as to the number of Shares of each Series and class held from time to time by each.

<u>Section 3.</u> <u>Investments in the Trust</u>. The Trustees shall accept investments in the Trust from such persons and on such terms and for such consideration as they from time to time authorize, including any condition that Shares may be offered for purchase only in aggregations of such number of Shares ("Creation Units"), and in full, but not fractional, multiples thereof, as the Trustees may from time to time authorize, and the Trustees may, at any time and from time to time, charge fees for effecting purchases of Shares at such rates as the Trustees may establish, as

and to the extent permitted under the 1940 Act and any rules, regulations or exemptive relief thereunder.

<u>Section 4.</u> <u>Status of Shares and Limitation of Personal Liability</u>. Shares shall be deemed to be personal property giving only the rights provided in this instrument. Every Shareholder by virtue of having become a Shareholder shall be held to have expressly assented and agreed to the terms hereof and to have become a party hereto. The death of a Shareholder during the continuance of the Trust shall not operate to terminate the Trust nor entitle the representative of any deceased Shareholder to an accounting or to take any action in court or elsewhere against the Trust or the Trustees, but entitles such representative only to the rights of said deceased Shareholder under this Trust. Ownership of Shares shall not entitle the Shareholder to any title in or to the whole or any part of the Trust property or right to call for a partition or division of the Trust property or for an accounting, nor shall the ownership of Shares constitute the Shareholders partners. Neither the Trust nor the Trustees, nor any officer, employee or agent of the Trust, shall have any power to bind personally any Shareholders, nor, except as specifically provided herein, to call upon any Shareholder for the payment of any sum of money or assessment whatsoever other than such as the Shareholder may at any time personally agree to pay.

<u>Section 5.</u> <u>Power of Trustees to Change Provisions Relating to Shares</u>. Notwithstanding any other provisions of this Declaration of Trust and without limiting the power of the Trustees to amend the Declaration of Trust as provided elsewhere herein, the Trustees shall have the power to amend this Declaration of Trust, at any time and from time to time, in such manner as the Trustees may determine in their sole discretion, without the need for Shareholder action, so as to add to, delete, replace or otherwise modify any provisions relating to the Shares contained in this Declaration of Trust for the purpose of (i) responding to or complying with any regulations, orders, rulings or interpretations of any governmental agency or any laws, now or hereafter applicable to the Trust, or (ii) designating and establishing Series or classes in addition to those established in Section 6 of this Article III; provided that before adopting any such amendment without Shareholder approval the Trustees shall determine that it is consistent with the fair and equitable treatment of all Shareholders. The establishment and designation of any Series in addition to the Series established and designated in Section 6 of this Article III shall be effective upon the execution by a majority of the then Trustees of an amendment to this Declaration of Trust, taking the form of a complete restatement or otherwise, setting forth such establishment and designation and the relative rights and preferences of such Series, or as otherwise provided in such instrument. The establishment and designation of any class of Shares shall be effective upon either the execution by a majority of the then Trustees of an amendment to this Declaration of Trust or the adoption by vote or written consent of a majority of the then Trustees of a resolution setting forth such establishment and designation and the relative rights and preferences of such class and such eligibility requirements for investment therein as the Trustees may determine, or as otherwise provided in such amendment or resolution.

Without limiting the generality of the foregoing, the Trustees may, without the approval of Shareholders, for the above-stated purposes, amend the Declaration of Trust to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) create one or more Series or classes of Shares (in addition to any Series or classes already existing or otherwise) with such rights and preferences and such eligibility requirements for investment therein as the Trustees shall determine and reclassify any or all outstanding Shares as shares of particular Series or classes in accordance with such eligibility requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) amend any of the provisions set forth in paragraphs (a) through (j) of Section 6 of this Article III;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) combine one or more Series or classes of Shares into a single Series or class on such terms and conditions as the Trustees shall determine or consolidate, merge or transfer assets of the Trust or a Series as set forth in Article IX, Section 5 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) change or eliminate any eligibility requirements for investment in Shares of any Series or class, including without limitation the power to provide for the issue of Shares of any Series or class in connection with any merger or consolidation of the Trust with another trust or company or any acquisition by the Trust of part or all of the assets of another trust or company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) change the designation of any Series or class of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) change the method of allocating dividends among the various Series and classes of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) allocate any specific assets or liabilities of the Trust or any specific items of income or expense of the Trust to one or more Series or classes of Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) specifically allocate assets to any or all Series or create one or more additional Series which are preferred over all other Series in respect of assets specifically allocated thereto or any dividends paid by the Trust with respect to any net income, however determined, earned from the investment and reinvestment of any assets so allocated or otherwise and provide for any special voting or other rights with respect to such Series or any classes of Shares thereof.

<u>Section 6. Establishment and Designation of Series and Classes</u>.

Without limiting the authority of the Trustees set forth in Section 5, <u>inter alia</u>, to establish and designate any further Series or classes or to modify the rights and preferences of any Series or class, each of the Series set forth in the table below shall be, and are hereby, established and designated, each of which is authorized as of the date hereof to issue one class of Shares, with such rights and preferences as may be determined from time to time by the Trustees:

---

| |
|:---|
| **Series** |
| &nbsp;&nbsp;Baillie Gifford Emerging Markets ETF |
| &nbsp;&nbsp;Baillie Gifford International Alpha ETF |
| &nbsp;&nbsp;Baillie Gifford International Concentrated Growth ETF |

---

Baillie Gifford Long Term Global Growth ETF <br> <u>Baillie Gifford U.S. Equity Growth ETF</u>

Shares of each Series established in this Section 6 shall have the following rights and preferences relative to Shares of each other Series, and Shares of each class of a Multi-Class Series shall have such rights and preferences relative to other classes of the same Series as are set forth below, together with such other rights and preferences relative to such other classes as are set forth in any resolution of the Trustees establishing and designating such class of Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Assets belonging to Series</u>. Subject to the provisions of paragraph (c) of this Section 6:

All consideration received by the Trust for the issue or sale of Shares of a particular Series, together with all assets in which such consideration is invested or reinvested, all income, earnings, profits and proceeds thereof from whatever source derived, including, without limitation, any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be, shall irrevocably belong to that Series for all purposes, subject only to the rights of creditors of that Series, and shall be so recorded upon the books of account of the Trust. Such consideration, assets, income, earnings, profits and proceeds thereof, from whatever source derived, including, without limitation, any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds, in whatever form the same may be, are herein referred to as "assets belonging to" that Series. In the event that there are any assets, income, earnings, profits and proceeds thereof, funds or payments which are not readily identifiable as belonging to any particular Series (collectively "General Assets"), the Trustees shall allocate such General Assets to, between or among any one or more of the Series established and designated from time to time in such manner and on such basis as they, in their sole discretion, deem fair and equitable, and any General Asset so allocated to a particular Series shall belong to that Series. Each such allocation by the Trustees shall be conclusive and binding upon the Shareholders of all Series for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Liabilities Belonging to Series</u>. Subject to the provisions of paragraph (c) of this Section 6:

The assets belonging to each particular Series shall be charged solely with the liabilities of the Trust in respect to that Series, the expenses, costs, charges and reserves attributable to that Series, and any general liabilities of the Trust which are not readily identifiable as belonging to any particular Series but which are allocated and charged by the Trustees to and among any one or more of the Series established and designated from time to time in a manner and on such basis as the Trustees in their sole discretion deem fair and equitable. The liabilities, expenses, costs, charges and reserves so charged to a Series are herein referred to as "liabilities belonging to" that Series. Each allocation of liabilities, expenses, costs, charges and reserves by the Trustees shall be conclusive and binding upon the Shareholders of all Series for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Apportionment of Assets etc. in Case of Multi-Class Series</u>. In the case of any Multi-Class Series, to the extent necessary or appropriate to give effect to the relative rights and preferences of any classes of Shares of such Series, (i) any assets, income, earnings, profits, proceeds, liabilities, expenses, charges, costs and reserves belonging or attributable to that Series may be allocated or attributed to a particular class of Shares of that Series or apportioned among two or more classes of Shares of that Series; and (ii) Shares of any class of such Series may have priority or preference over shares of other classes of such Series with respect to dividends or distributions upon termination of the Trust or of such Series or class or otherwise, provided that no Share shall have any priority or preference over any other Shares of the same class and that all dividends and distributions to Shareholders of a particular class shall be made ratably among all Shareholders of such class according to the number of Shares of such class held of record by such Shareholders on the record date for any dividend or distribution or on the date of termination, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Dividends, Distributions, Redemptions and Repurchases</u>. Notwithstanding any other provisions of this Declaration of Trust, including, without limitation, Article VI, no dividend or distribution (including, without limitation, any distribution paid upon termination of the Trust or of any Series or class) with respect to, nor any redemption or repurchase of, the Shares of any Series or class shall be effected by the Trust other than from the assets belonging to such Series or attributable to such class, nor shall any Shareholder of any particular Series or class otherwise have any right or claim against the assets belonging to any other Series or attributable to any other class except to the extent that such Shareholder has such a right or claim hereunder as a Shareholder of such other Series or class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Voting</u>. Notwithstanding any of the other provisions of this Declaration of Trust, including, without limitation, Section 1 of Article V, the Shareholders of any particular Series or class shall not be entitled to vote on any matters as to which such Series or class is not affected. On any matter submitted to a vote of Shareholders, all Shares then entitled to vote shall, except as otherwise provided in the By-Laws, be voted in the aggregate as a single class without regard to Series or class of Shares, except that (1) when required by the 1940 Act or when the Trustees shall have determined that the matter affects one or more Series or classes of Shares materially differently, Shares shall be voted by individual Series or class and (2) when the matter affects only the interests of one or more Series or classes, only Shareholders of such Series or classes shall be entitled to vote thereon. There shall be no cumulative voting in the election of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Equality</u>. Except to the extent necessary or appropriate to give effect to the relative rights and preferences of any classes of Shares of a Multi-Class Series, all the Shares of each particular Series shall represent an equal proportionate interest in the assets belonging to that Series (subject to the liabilities belonging to that Series), and each Share of any particular Series shall be equal to each other Share of that Series. All the Shares of each particular class of Shares within a Multi-Class Series shall represent an equal proportionate interest in the assets belonging to such Series that are attributable to such class (subject to the liabilities attributable to such class), and each Share of any particular class within a Multi-Class Series shall be equal to each other Share of such class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Fractions</u>. Any fractional Share of a Series or class shall carry proportionately all the rights and obligations of a whole Share of that Series or class, including rights with respect to voting, receipt of dividends and distributions, redemption of Shares (subject to any condition that Shares may be offered for redemption only in aggregations of Creation Units, and in full, but not fractional, multiples thereof, as the Trustees may from time to time authorize) and termination of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Exchange Privilege</u>. The Trustees shall have the authority to provide that the holders of Shares of any Series or class shall have the right to exchange said Shares for Shares of one or more other Series or classes of Shares in accordance with such requirements and procedures as may be established by the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Combination of Series or Classes</u>. Without limiting the authority of the Trustees set forth in Article IX, Section 5 hereof, the Trustees shall have the authority, without the approval of the Shareholders of any Series or class unless otherwise required by applicable law, to combine the assets and liabilities belonging to any two or more Series or attributable to any class into assets and liabilities belonging to a single Series or attributable to a single class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Elimination of Series or Class</u>. At any time that there are no Shares outstanding of any particular Series previously established and designated, the Trustees may amend this Declaration of Trust to abolish that Series and rescind the establishment and designation thereof, such amendment to be effected in the manner provided in Section 5 of this Article III for the establishment and designation of Series. At any time that there are no Shares outstanding of any particular class previously established and designated of a Multi-Class Series, the Trustees may abolish that class and rescind the establishment and designation thereof, either by amending this Declaration of Trust in the manner provided in Section 5 of this Article III for the establishment and designation of classes (if such class was established and designated by an amendment to this Declaration of Trust), or by vote or written consent of a majority of the then Trustees (if such class was established and designated by Trustee vote or written consent).

<u>Section 7.</u> <u>No Preemptive Rights</u>. Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Trust or Series or class.

<u>Section 8.</u> <u>Derivative Claims</u>. No Shareholder shall have the right to bring or maintain any court action, proceeding or claim on behalf or for the benefit of the Trust or any Series without first making demand on the Trustees requesting the Trustees to bring or maintain such action, proceeding or claim. Such demand shall be excused only when the plaintiff makes a specific showing that irreparable injury to the Trust or Series would otherwise result. Such demand shall be mailed to the Secretary of the Trust at the Trust's principal office and shall set forth in reasonable detail the nature of the proposed court action, proceeding or claim and the essential facts relied upon by the Shareholder to support the allegations made in the demand. The Trustees shall consider such demand within 45 days of its receipt by the Trust and shall advise the Shareholder submitting such demand whether they require additional reasonable time within which to conduct an inquiry into the allegations made in the demand. In their sole discretion, the Trustees may submit the matter to a vote of Shareholders of the Trust or of any Series or Class of Shares, as appropriate. Any decision by the Trustees to bring, maintain or settle (or not to bring,

maintain or settle) such court action, proceeding or claim, or to submit the matter to a vote of Shareholders, shall be made by the Trustees in their sole business judgment and shall be binding upon the Shareholders, and no court action, proceeding or suit shall be brought or maintained after a decision to reject such a demand. Any decision by the Trustees to bring or maintain a court action, proceeding or suit on behalf of the Trust or a Series shall be subject to the right of the Shareholders under Article V, Section 1 hereof to vote on whether or not such court action, proceeding or suit should or should not be brought or maintained.

<u>Section 9.</u> <u>Direct Claims</u>. No class of Shareholders shall have the right to bring or maintain a direct action or claim for monetary damages against the Trust or the Trustees predicated upon an express or implied right of action under this Declaration of Trust or the 1940 Act (excepting rights of action permitted under Section 36(b) of the 1940 Act), nor shall any single Shareholder, who is similarly situated to one or more other Shareholders with respect to an alleged injury, have the right to bring such an action, unless the class of Shareholders or single Shareholder has obtained authorization from the Trustees to bring the action. The requirement of authorization shall not be excused under any circumstances, including claims of alleged interest on the part of the Trustees. A request for authorization shall be mailed to the Secretary of the Trust at the Trust's principal office and shall set forth with reasonable detail the nature of the proposed court action, proceeding or claim and the essential facts relied upon by the class of Shareholders or single Shareholder to support the allegations made in the request. The Trustees shall consider such request within 45 days after its receipt by the Trust and shall advise the Shareholder submitting such demand whether they require additional reasonable time within which to conduct an inquiry into the allegations made in the demand. In their sole discretion, the Trustees may submit the matter to a vote of Shareholders of the Trust or of any Series or Class of Shares, as appropriate. Any decision by the Trustees to settle or to authorize (or not to settle or to authorize) such court action, proceeding or claim, or to submit the matter to a vote of Shareholders, shall be binding upon the class of Shareholders or single Shareholder seeking authorization.

ARTICLE IV

The Trustees

<u>Section 1.</u> <u>Election and Tenure</u>. The number of Trustees shall be the number of persons that have signed this Declaration of Trust until changed by the Trustees, and the Trustees may fix the number of Trustees, fill vacancies in the Trustees, including vacancies arising from an increase in the number of Trustees, or remove Trustees with or without cause. Each Trustee shall serve during the continued lifetime of the Trust until he or she dies, resigns, retires or is removed, or, if sooner, until the next meeting of Shareholders called for the purpose of electing Trustees and until the election and qualification of his or her successor. Any Trustee may resign at any time by written instrument signed by him or her and delivered to any officer of the Trust or to a meeting of the Trustees. Such resignation shall be effective upon receipt unless specified to be effective at some other time. Except to the extent expressly provided in a written agreement with the Trust, no Trustee resigning and no Trustee removed shall have any right to any compensation for any period following his or her resignation or removal, or any right to damages on account of such removal. The Shareholders may fix the number of Trustees and elect Trustees

at any meeting of Shareholders called by the Trustees for that purpose and to the extent required by applicable law, including paragraphs (a) and (b) of Section 16 of the 1940 Act. The Trustees need not be Shareholders.

<u>Section 2.</u> <u>Effect of Death, Resignation, etc. of a Trustee</u>. The death, declination, resignation, retirement, removal or incapacity of the Trustees, or any of them, shall not operate to annul the Trust or to revoke any existing agency created pursuant to the terms of this Declaration of Trust.

<u>Section 3.</u> <u>Powers</u>. Subject to the provisions of this Declaration of Trust, the business of the Trust shall be managed by the Trustees, and they shall have all powers necessary or convenient to carry out that responsibility including the power to engage in securities transactions of all kinds on behalf of the Trust. Without limiting the foregoing, the Trustees may adopt By-Laws not inconsistent with this Declaration of Trust providing for the regulation and management of the affairs of the Trust and may amend and repeal them without Shareholder approval to the extent that such By-Laws do not reserve that right to the Shareholders; they may fill vacancies, including vacancies caused by enlargement of their number, and may remove Trustees with or without cause; they may elect and remove, with or without cause, such officers and appoint and terminate such agents as they consider appropriate; they may appoint from their own number and terminate one or more committees consisting of one or more Trustees which may exercise the powers and authority of the Trustees to the extent that the Trustees determine; they may employ one or more custodians of the assets of the Trust and may authorize such custodians to employ subcustodians and to deposit all or any part of such assets in a system or systems for the central handling of securities or with a Federal Reserve Bank; they may list the Shares of any Series on one or more national securities exchanges or other trading markets, facilitate the trading of such Shares at market prices on such national securities exchanges or other trading markets and cease such operation and/or listing at any time, in accordance with applicable law and applicable rules of the exchange or trading market; they may retain a transfer agent or a shareholder servicing agent, or both, to arrange for the listing and trading of Shares on one or more national securities exchanges, as appropriate; they may provide for the distribution of Shares by the Trust, through one or more principal underwriters or otherwise; they may retain, with respect to any Series whose Shares trade on a national securities exchange, one or more market makers, exchange specialists, listing and other agents necessary for the calculation of such Series' intraday indicative value; they may set record dates for the determination of Shareholders with respect to various matters; and they may, in general, delegate such authority as they consider desirable to any officer of the Trust, to any committee of the Trustees and to any agent or employee of the Trust or to any such custodian or underwriter.

Without limiting the foregoing, and in addition to the power and authority granted to the Trustees elsewhere in this Declaration of Trust, the Trustees shall have power and authority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To invest and reinvest cash, and to hold cash uninvested;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To sell, exchange, lend, pledge, mortgage, hypothecate, lease, write options with respect to or otherwise deal in any property rights relating to any or all of the assets of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To vote or give assent, or exercise any rights of ownership, with respect to stock or other securities or property; and to execute and deliver proxies or powers of attorney to such person or persons as the Trustees shall deem proper, granting to such person or persons such power and discretion with relation to securities or property as the Trustees shall deem proper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To exercise powers and rights of subscription or otherwise which in any manner arise out of ownership of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To hold any security or property in a form not indicating any trust, whether in bearer, unregistered or other negotiable form, or in its own name or in the name of a custodian or subcustodian or a nominee or nominees or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Subject to the provisions of Article III, Section 3, to allocate assets, liabilities, income and expenses of the Trust to a particular Series or to apportion the same among two or more Series, provided that any liabilities or expenses incurred by a particular Series shall be payable solely out of the assets of that Series; and, to the extent necessary or appropriate to give effect to the preferences and special or relative rights and privileges of any Classes of Shares, to allocate assets, liabilities, income and expenses of a Multi-Class Series to a particular Class of Shares of that Multi-Class Series or to apportion the same among two or more Classes of Shares of that Multi-Class Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) To consent to or participate in any plan for the reorganization, consolidation or merger of any corporation or issuer of any security which is held in the Trust; to consent to any contract, lease, mortgage, purchase or sale of property by such corporation or issuer; and to pay calls or subscriptions with respect to any security held in the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) To join with other security holders in acting through a committee, depositary, voting trustee or otherwise, and in that connection to deposit any security with, or transfer any security to, any such committee, depositary or trustee, and to delegate to them such power and authority with relation to any security (whether or not so deposited or transferred) as the Trustees shall deem proper, and to agree to pay, and to pay, such portion of the expenses and compensation of such committee, depositary or trustee as the Trustees shall deem proper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To litigate, compromise, arbitrate or otherwise adjust claims in favor of or against the Trust or any matter in controversy, including but not limited to claims for taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) To enter into joint ventures, general or limited partnerships and any other combinations or associations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) To borrow funds or other property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) To endorse or guarantee the payment of any notes or other obligations of any person; and to make contracts of guaranty or suretyship, or otherwise assume liability for payment of such notes or other obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) To purchase and pay for entirely out of Trust property such insurance as they may deem necessary or appropriate for the conduct of the business of the Trust, including, without limitation, insurance policies insuring the assets of the Trust and payment of distributions and principal on its portfolio investments, and insurance policies insuring the Shareholders, Trustees, officers, employees, agents, investment advisers, principal underwriters or independent contractors of the Trust individually against all claims and liabilities of every nature arising by reason of holding, being or having held any such office or position, or by reason of any action alleged to have been taken or omitted by any such person as Trustee, officer, employee, agent, investment adviser, principal underwriter or independent contractor, including any action taken or omitted that may be determined to constitute negligence, whether or not the Trust would have the power to indemnify such person against liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) To pay pensions as deemed appropriate by the Trustees and to adopt, establish and carry out pension, profit-sharing, share bonus, share purchase, savings, thrift and other retirement, incentive and benefit plans, trusts and provisions, including the purchasing of life insurance and annuity contracts as a means of providing such retirement and other benefits, for any or all of the Trustees, officers, employees and agents of the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) To engage in any other lawful act or activity in which corporations organized under the Massachusetts Business Corporation Act, as amended from time to time, may engage.

The foregoing enumeration of the powers and authority of the Trustees shall be read as broadly and liberally as possible, it being the intent of the foregoing to in no way limit the Trustees' powers and authority.

The Trustees shall not in any way be bound or limited by any present or future law or custom in regard to investments by Trustees. The Trustees shall not be required to obtain any court order to deal with any assets of the Trust or take any other action hereunder.

Except as otherwise provided herein or from time to time in the By-Laws, any action to be taken by the Trustees may be taken (A) by a majority of the Trustees present at a meeting of the Trustees (a quorum being present), within or without The Commonwealth of Massachusetts, including any meeting held by means of a conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other at the same time (participation by which means shall for all purposes constitute presence in person at a meeting), or (B) by written consents of a majority of the Trustees (which written consents shall be filed with the records of the meetings of the Trustees and shall be treated for all purposes as a vote taken at a meeting of Trustees).

<u>Section 4.</u> <u>Payment of Expenses by the Trust</u>. The Trustees are authorized to pay or cause to be paid out of the principal or income of the Trust, or partly out of principal and partly out of income, as they deem fair, all expenses, fees, charges, taxes and liabilities incurred or arising in connection with the Trust, or in connection with the management thereof, including but not limited to, the Trustees' compensation and such expenses and charges for the services of the Trust's officers, employees, administrators, investment advisers or managers, principal underwriter, auditor, counsel, custodian, transfer agent, shareholder servicing agent, and such

other agents or independent contractors, listing fees and expenses, and such other expenses and charges, as the Trustees may deem necessary or proper to incur.

<u>Section 5.</u> <u>Payment of Expenses by Shareholders</u>. The Trustees shall have the power, as frequently as they may determine, to cause each Shareholder, or each Shareholder of any particular Series or class, to pay directly, in advance or arrears, for charges of the Trust's custodian, transfer agent, shareholder servicing or similar agent, an amount fixed from time to time by the Trustees, by setting off such charges due from such Shareholder from declared but unpaid dividends owed such Shareholder and/or by reducing the number of Shares in the account of such Shareholder by that number of full and/or fractional Shares which represents the outstanding amount of such charges due from such Shareholder.

<u>Section 6.</u> <u>Ownership of Assets of the Trust</u>. Title to all of the assets of the Trust shall at all times be considered as vested jointly in the Trustees.

<u>Section 7.</u> <u>Advisory, Management and Distribution Contracts</u>. Subject to such requirements and restrictions as may be set forth in the By-Laws, the Trustees may, at any time and from time to time, contract for exclusive or nonexclusive advisory and/or management services for the Trust or for any Series or class with any corporation, trust, association or other organization (the "Manager"); and any such contract may contain such other terms as the Trustees may determine, including without limitation, authority for a Manager to determine from time to time without prior consultation with the Trustees what investments shall be purchased, held, sold or exchanged and what portion, if any, of the assets of the Trust shall be held uninvested and to make changes in the Trust's investments. The Trustees may also, at any time and from time to time, contract with the Manager or any other corporation, trust, association or other organization, appointing it exclusive or nonexclusive distributor or principal underwriter for the Shares, every such contract to comply with such requirements and restrictions as may be set forth in the By-Laws; and any such contract may contain such other terms as the Trustees may determine.

The fact that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any of the Shareholders, Trustees or officers of the Trust is a shareholder, director, officer, partner, trustee, employee, manager, adviser, principal underwriter, distributor or affiliate or agent of or for any corporation, trust, association or other organization, or of or for any parent or affiliate of any organization, with which an advisory or management contract, or principal underwriter's or distributor's contract or transfer, shareholder servicing or other agency contract may have been or may hereafter be made, or that any such organization, or any parent or affiliate thereof, is a Shareholder or has an interest in the Trust, or that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any corporation, trust, association or other organization with which an advisory or management contract or principal underwriter's or distributor's contract, or transfer, shareholder servicing or other agency contract may have been or may hereafter be made also has an advisory or management contract, or principal underwriter's or distributor's contract or transfer, shareholder servicing or other agency contract with one

or more other corporations, trusts, associations or other organizations, or has other business or interests

shall not affect the validity of any such contract or disqualify any Shareholder, Trustee or officer of the Trust from voting upon or executing the same or create any liability or accountability to the Trust or its Shareholders.

ARTICLE V

Shareholders' Voting Powers and Meetings

<u>Section 1.</u> <u>Voting Powers</u>. The Shareholders shall have power to vote only (i) for the election of Trustees as provided in Article IV, Section 1, (ii) with respect to any amendment of this Declaration of Trust to the extent and as provided in Article IX, Section 8, (iii) to the same extent as the stockholders of a Massachusetts business corporation as to whether or not a court action, proceeding or claim should or should not be brought or maintained derivatively or as a class action on behalf of the Trust or the Shareholders, (iv) with respect to the termination of the Trust or any Series or class to the extent and as provided in Article IX, Section 4 and (v) with respect to such additional matters relating to the Trust as may be required by applicable law, including the 1940 Act, this Declaration of Trust, the By-Laws or any registration of the Trust with the Commission (or any successor agency) or any state, or as the Trustees may consider necessary or desirable. Each whole Share shall be entitled to one vote as to any matter on which it is entitled to vote and each fractional Share shall be entitled to a proportionate fractional vote. There shall be no cumulative voting in the election of Trustees. Shares may be voted in person or by proxy. A proxy with respect to Shares held in the name of two or more persons shall be valid if executed by any one of them unless at or prior to exercise of the proxy the Trust receives a specific written notice to the contrary from any one of them. A proxy purporting to be executed by or on behalf of a Shareholder shall be deemed valid unless challenged at or prior to its exercise and the burden of proving invalidity shall rest on the challenger. At any time when no Shares of a Series or class are outstanding the Trustees may exercise all rights of Shareholders of that Series or class with respect to matters affecting that Series or class and may with respect to that Series or class take any action required by law, this Declaration of Trust or the By-Laws to be taken by the Shareholders thereof.

<u>Section 2.</u> <u>Voting Power and Meetings</u>. Meetings of the Shareholders may be called by the Chair of the Board, if any, or by the President or the Trustees for the purpose of electing Trustees as provided in Article IV, Section 1 and for such other purposes as may be prescribed by law, by this Declaration of Trust or by the By-Laws. Meetings of the Shareholders may also be called by the Chair of the Board, if any, or by the President or the Trustees from time to time for the purpose of taking action upon any other matter deemed by the Trustees to be necessary or desirable. A meeting of Shareholders may be held at any place (or virtually by telephonic or any electronic means) designated by the Trustees. Notice of any meeting of Shareholders, stating the time and place of the meeting, shall be given or caused to be given by the Trustees to each Shareholder by mailing such notice, postage prepaid, at least seven days before such meeting, at the Shareholder's address as it appears on the records of the Trust, or by facsimile or other electronic transmission, at least seven days before such meeting, to the telephone or facsimile

number or e-mail or other electronic address most recently furnished to the Trust (or its agent) by the Shareholder. Whenever notice of a meeting is required to be given to a Shareholder under this Declaration of Trust or the By-Laws, a written waiver thereof, executed before or after the meeting by such Shareholder or his attorney thereunto authorized and filed with the records of the meeting, shall be deemed equivalent to such notice. No notice of the time, place or purpose of any meeting of Shareholders need be given to any Shareholder who attends such meeting in person or by proxy.

<u>Section 3.</u> <u>Quorum and Required Vote</u>. Except when a larger quorum is required by law, by the By-Laws or by this Declaration of Trust, 40% of the Shares entitled to vote shall constitute a quorum at a Shareholders' meeting. When any one or more Series or classes is to vote as a single class separate from any other Shares which are to vote on the same matters as a separate class or classes, 40% of the Shares of each such class entitled to vote shall constitute a quorum at a Shareholders' meeting of that class. Any meeting of Shareholders may be adjourned from time to time by a majority of the votes properly cast upon the question, whether or not a quorum is present, and the meeting may be held as adjourned within a reasonable time after the date set for the original meeting without further notice. When a quorum is present at any meeting, a majority of the Shares voted shall decide any questions and a plurality shall elect a Trustee, except when a larger vote is required by any provision of this Declaration of Trust or the By-Laws or by law. If any question on which the Shareholders are entitled to vote would adversely affect the rights of any Series or class of Shares, the vote of a majority (or such larger vote as is required as aforesaid) of the Shares of such Series or class which are entitled to vote, voting separately, shall also be required to decide such question.

<u>Section 4.</u> <u>Action by Written Consent</u>. Any action taken by Shareholders may be taken without a meeting if Shareholders holding a majority of the Shares entitled to vote on the matter (or such larger proportion thereof as shall be required by any express provision of this Declaration of Trust or by the By-Laws) and holding a majority (or such larger proportion as aforesaid) of the Shares of any Series or class entitled to vote separately on the matter consent to the action in writing and such written consents are filed with the records of the meetings of Shareholders. Such consent shall be treated for all purposes as a vote taken at a meeting of Shareholders.

<u>Section 5.</u> <u>Record Dates</u>. For the purpose of determining the Shareholders of any Series or class who are entitled to vote or act at any meeting or any adjournment thereof, the Trustees may from time to time fix a time, which shall be not more than 90 days before the date of any meeting of Shareholders, as the record date for determining the Shareholders of such Series or class having the right to notice of and to vote at such meeting and any adjournment thereof, and in such case only Shareholders of record on such record date shall have such right, notwithstanding any transfer of Shares on the books of the Trust after the record date. For the purpose of determining the Shareholders of any Series or class who are entitled to receive payment of any dividend or of any other distribution, the Trustees may from time to time fix a date, which shall be on or before the date for the payment of such dividend or such other payment, as the record date for determining the Shareholders of such Series or class having the right to receive such dividend or distribution. Without fixing a record date the Trustees may for voting and/or distribution purposes close the register or transfer books for one or more Series or

classes for all or any part of the period prior to a meeting of Shareholders or the payment of a distribution. Nothing in this Section shall be construed as precluding the Trustees from setting different record dates for different Series or classes.

<u>Section 6.</u> <u>Additional Provisions</u>. The By-Laws may include further provisions for Shareholders' votes and meetings and related matters.

ARTICLE VI

Net Income, Distributions, and Redemptions and Repurchases

<u>Section 1.</u> <u>Distributions of Net Income</u>. The Trustees shall each year, or more frequently if they so determine in their sole discretion, distribute to the Shareholders of each Series, in Shares of that Series, cash or otherwise, an amount approximately equal to the net income attributable to the assets belonging to such Series and may from time to time distribute to the Shareholders of each Series, in Shares of that Series, cash or otherwise, such additional amounts, but only from the assets belonging to such Series, as they may authorize. Except as otherwise permitted by paragraph (c) of Section 6 of Article III in the case of Multi-Class Series, all dividends and distributions on Shares of a particular Series shall be distributed pro rata to the holders of that Series in proportion to the number of Shares of that Series held by such holders and recorded on the books of the Trust at the date and time of record established for the payment of such dividend or distributions.

The manner of determining net income, income, asset values, capital gains, expenses, liabilities and reserves of any Series or class may from time to time be altered as necessary or desirable in the judgment of the Trustees to conform such manner of determination to any other method prescribed or permitted by applicable law. Net income shall be determined by the Trustees or by such person as they may authorize at the times and in the manner provided in the By-Laws. Determinations of net income of any Series or class and determinations of income, asset value, capital gains, expenses and liabilities made by the Trustees, or by such person as they may authorize, in good faith, shall be binding on all parties concerned. The foregoing sentence shall not be construed to protect any Trustee, officer or agent of the Trust against any liability to the Trust or its security holders to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.

If, for any reason, the net income of any Series or class determined at any time is a negative amount, the pro rata share of such negative amount allocable to each Shareholder of such Series or class shall constitute a liability of such Shareholder to that Series or class which shall be paid out of such Shareholder's account at such times and in such manner as the Trustees may from time to time determine (x) out of the accrued dividend account of such Shareholder, (y) by reducing the number of Shares of that Series or class in the account of such Shareholder or (z) otherwise.

<u>Section 2.</u> <u>Redemptions and Repurchases</u>. The Trust shall purchase such Shares as are offered by any Shareholder for redemption, upon the presentation of a proper instrument of transfer together with a request directed to the Trust or a person designated by the Trust that the Trust purchase such Shares or in accordance with such other procedures or methods for redemption as the Trustees may from time to time authorize, including any condition that Shares may be offered for redemption only in aggregations of Creation Units, and in full, but not fractional, multiples thereof, as the Trustees may from time to time authorize; and the Trust will pay therefor the net asset value thereof, as determined in accordance with the By-Laws, next determined, provided that, if so authorized by the Trustees, the Trust and any Series may, at any time and from time to time, charge fees for effecting such redemption at such rates as the Trustees may establish as and to the extent permitted under the 1940 Act and any rules, regulations or exemptive relief thereunder. The Trustees shall have the unrestricted power to determine from time to time the number of Shares constituting a Creation Unit for each Series or class. Payment for said Shares, except to the extent permitted by the 1940 Act and any applicable exemptive relief therefrom, shall be made by the Trust to the Shareholder within seven days after the date on which the request is made. The obligation set forth in this Section 2 is subject to the provision that in the event that any time the New York Stock Exchange is closed for other than weekends or holidays, or if permitted by the rules of the Commission during periods when trading on the New York Stock Exchange is restricted or during any emergency which makes it impracticable for the Trust to dispose of the investments of the applicable Series or to determine fairly the value of the net assets belonging to such Series or attributable to any class thereof or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Trustees. Thereafter, Shareholders shall have no right of redemption or payment until the Trustees declare the end of the suspension or the suspension terminates or expires pursuant to the 1940 Act or any rules, regulations or exemptive relief thereunder. The Trust may also purchase or repurchase Shares at a price not exceeding the net asset value of such Shares in effect when the purchase or repurchase or any contract to purchase or repurchase is made.

If the Trustees determine that such payment is advisable in the interest of the remaining Shareholders of the Series the Shares of which are being redeemed, the redemption price, less any applicable fees or charges, may in any case or cases be paid wholly or partly in kind in accordance with such procedures or methodologies that the Trustees may from time to time may adopt for such Series or class, including, in the case of Shares of any Series or class issued only in Creation Units, procedures restricting the right of redemption to Creation Units by not allowing redemptions of partial or fractional Creation Units if so determined by the Trustees. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. In no case shall the Trust be liable for any delay of any corporation or other person in transferring securities selected for delivery as all or part of any payment in kind.

<u>Section 3.</u> <u>Redemptions at the Option of the Trust</u>. The Trust shall have the right at its option and at any time to redeem Shares of any Shareholder at the net asset value thereof as described in Section 1 of this Article VI: (i) if at such time such Shareholder owns Shares of any Series or class having an aggregate net asset value of less than an amount determined from time to time by the Trustees; or (ii) to the extent that such Shareholder owns Shares equal to or in

excess of a percentage determined from time to time by the Trustees of the outstanding Shares or of any Series or class; or (iii) if the Trustees determine that such Shareholder is engaging in conduct that is harmful to the Trust or any Series or Class; or (iv) if the Trustees determine otherwise such redemption to be necessary or appropriate.

ARTICLE VII

Compensation and Limitation of Liability of Trustees

<u>Section 1.</u> <u>Compensation</u>. The Trustees as such shall be entitled to reasonable compensation from the Trust; they may fix the amount of their compensation. Nothing herein shall in any way prevent the employment of any Trustee for advisory, management, legal, accounting, investment banking or other services and payment for the same by the Trust.

<u>Section 2.</u> <u>Limitation of Liability</u>. The Trustees shall not be responsible or liable in any event for any neglect or wrong-doing of any officer, agent, employee, Manager or principal underwriter of the Trust, nor shall any Trustee be responsible for the act or omission of any other Trustee, but nothing herein contained shall protect any Trustee against any liability to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.

Every note, bond, contract, instrument, certificate or undertaking and every other act or thing whatsoever issued, executed or done by or on behalf of the Trust or the Trustees or any of them in connection with the Trust shall be conclusively deemed to have been issued, executed or done only in or with respect to their or his or her capacity as Trustees or Trustee, and such Trustees or Trustee shall not be personally liable thereon.

ARTICLE VIII

Indemnification

<u>Section 1.</u> <u>Indemnification of Trustees</u>. The Trust shall indemnify each of its Trustees and officers (each hereafter referred to as a "Covered Person") against any and all liabilities and expenses actually and reasonably incurred by the Covered Person in any Proceeding in which the Covered Person may be or may have been involved as a party or otherwise or with which the Covered Person may be or may have been threatened, while in office or thereafter, by reason of any alleged act or omission as a trustee of the Trust or by reason of his or her being or having been a Covered Person, except with respect to any matter as to which the Covered Person shall have been finally adjudicated in a decision on the merits in a relevant Proceeding not to have acted in good faith in the reasonable belief that his or her action was in the best interests of the Trust and except that the Covered Person shall not be indemnified against any liability to the Trust to which the Covered Person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office. The Trust may, by written agreement, undertake to cause certain expenses incurred by any such Covered Person to be paid from time to time by the Trust in advance of the final

disposition of any such Proceeding in accordance with guidance issued by the Securities and Exchange Commission and as described in the applicable Indemnification Agreement.

<u>Section 2.</u> <u>Indemnification Not Exclusive</u>. The right of indemnification hereby provided shall not be exclusive of or affect any other rights to which any such Trustee may be entitled. Nothing contained in this Article VIII shall affect any rights to indemnification to which personnel of the Trust, other than Covered Persons, and other persons may be entitled by contract or otherwise under law, nor the power of the Trust to purchase and maintain liability insurance on behalf of such person.

<u>Section 3.</u> <u>Indemnification of Shareholders</u>. In case any Shareholder or former Shareholder shall be held to be personally liable solely by reason of his or her being or having been a Shareholder of the Trust or of a particular Series or Class and not because of his or her acts or omissions or for some other reason, the Shareholder or former Shareholder (or his or her heirs, executors, administrators or other legal representatives or, in the case of a corporation or other entity, its corporate or other general successor) shall be entitled out of the assets of the Series (or attributable to the Class) of which he or she is a Shareholder or former Shareholder to be held harmless from and indemnified against all loss and expense arising from such liability.

ARTICLE IX

Miscellaneous

<u>Section 1.</u> <u>Trustees, Shareholders, etc. Not Personally Liable; Notice</u>. All persons extending credit to, contracting with or having any claim against the Trust or any Series or class shall look only to the assets of the Trust, or, to the extent that the liability of the Trust may have been expressly limited by contract to the assets of a particular Series or attributable to a particular class, only to the assets belonging to the relevant Series or attributable to the relevant class, for payment under such credit, contract or claim; and neither the Shareholders nor the Trustees, nor any of the Trust's officers, employees or agents, whether past, present or future, shall be personally liable therefor. Nothing in this Declaration of Trust shall protect any Trustee against any liability to which such Trustee would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee.

Every note, bond, contract, instrument, certificate or undertaking made or issued on behalf of the Trust by the Trustees, by any officer or officers or otherwise shall give notice that this Declaration of Trust is on file with the Secretary of the Commonwealth of Massachusetts and shall recite that the same was executed or made by or on behalf of the Trust or by them as Trustee or Trustees or as officer or officers or otherwise and not individually and that the obligations of such instrument are not binding upon any of them or the Shareholders individually but are binding only upon the assets and property of the Trust or upon the assets belonging to the Series or attributable to the class for the benefit of which the Trustees have caused the note, bond, contract, instrument, certificate or undertaking to be made or issued, and may contain such further recital as he or she or they may deem appropriate, but the omission of any such recital

shall not operate to bind any Trustee or Trustees or officer or officers or Shareholders or any other person individually.

<u>Section 2.</u> <u>Trustee's Good Faith Action, Expert Advice, No Bond or Surety</u>. The exercise by the Trustees of their powers and discretions hereunder shall be binding upon everyone interested. A Trustee shall be liable for his or her own willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee, and for nothing else, and shall not be liable for errors of judgment or mistakes of fact or law. The Trustees may take advice of counsel or other experts with respect to the meaning and operation of this Declaration of Trust, and shall be under no liability for any act or omission in accordance with such advice or for failing to follow such advice. The Trustees shall not be required to give any bond as such, nor any surety if a bond is required.

For the sake of clarification and without limiting any foregoing provision, the appointment, designation or identification of a Trustee as the chairperson of the Trustees, the lead or assistant lead disinterested Trustee, a member or chairperson of a committee of the Trustees, an expert on any topic or in any area (including audit committee financial expert) or having any other special appointment, designation or identification, shall not (a) impose on that person any duty, obligation or liability that is greater than the duties, obligations and liabilities imposed on that person as a Trustee in the absence of the appointment, designation or identification or (b) affect in any way such Trustee's rights or entitlement to indemnification, and no Trustee who has special skills or expertise, or is appointed, designated or identified as aforesaid, shall (x) be held to a higher standard of care by virtue thereof or (y) be limited with respect to any indemnification to which such Trustee would otherwise be entitled.

<u>Section 3.</u> <u>Liability of Third Persons Dealing with Trustees</u>. No person dealing with the Trustees shall be bound to make any inquiry concerning the validity of any transaction made or to be made by the Trustees or to see to the application of any payments made or property transferred to the Trust or upon its order.

<u>Section 4.</u> <u>Termination of Trust, Series or Class</u>. Unless terminated as provided herein, the Trust shall continue without limitation of time. The Trust may be terminated at any time by vote of at least 66-2/3% of the Shares of each Series entitled to vote and voting separately by Series, or by the Trustees by written notice to the Shareholders. Any Series or class may be terminated at any time by vote of at least 66-2/3% of the Shares of that Series or class, or by the Trustees by written notice to the Shareholders of that Series or class.

Upon termination of the Trust (or any Series or class, as the case may be), after paying or otherwise providing for all charges, taxes, expenses and liabilities belonging, severally, to each Series (or the applicable Series or attributable to the particular class, as the case may be), whether due or accrued or anticipated as may be determined by the Trustees, the Trust shall, in accordance with such procedures as the Trustees consider appropriate, reduce the remaining assets belonging, severally, to each Series (or the applicable Series or attributable to the particular class, as the case may be), to distributable form in cash or shares or other securities, or any combination thereof, and distribute the proceeds belonging to each Series (or the applicable Series or attributable to the particular class, as the case may be), to the Shareholders of that

Series (or class, as the case may be), as a Series (or class, as the case may be), ratably according to the number of Shares of that Series (or class, as the case may be) held by the several Shareholders on the date of termination.

<u>Section 5.</u> <u>Merger and Consolidation</u>. The Trustees may cause the Trust, or any one or more series of the Trust, to be merged into or consolidated with another trust, series, partnership, corporation or company or its shares exchanged under or pursuant to any state or federal statute, if any, or otherwise to the extent permitted by law; provided that in all respects not governed by statute or applicable law, the Trustees shall have power to prescribe the procedure necessary or appropriate to accomplish a sale of assets, merger or consolidation.

<u>Section 6.</u> <u>Filing of Copies, Reference, Headings</u>. The original or a copy of this instrument and of each amendment hereto shall be kept at the office of the Trust where it may be inspected by any Shareholder. A copy of this instrument and of each amendment hereto shall be filed by the Trust with the Secretary of the Commonwealth of Massachusetts and with any other governmental office where such filing may from time to time be required. Anyone dealing with the Trust may rely on a certificate by an officer of the Trust as to whether or not any such amendments have been made and as to any matters in connection with the Trust hereunder; and, with the same effect as if it were the original, may rely on a copy certified by an officer of the Trust to be a copy of this instrument or of any such amendments. In this instrument and in any such amendment, references to this instrument, and all expressions like "herein," "hereof" and "hereunder," shall be deemed to refer to this instrument as amended or affected by any such amendments. Headings are placed herein for convenience of reference only and shall not be taken as a part hereof or to control or affect the meaning, construction or effect of this instrument. This instrument may be executed in any number of counterparts each of which shall be deemed an original.

<u>Section 7.</u> <u>Applicable Law</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) This Declaration of Trust is made in the Commonwealth of Massachusetts, and it is created under and is to be governed by and construed
and administered according to the laws of said Commonwealth. The Trust shall be of the type commonly called a Massachusetts business trust,
and, without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The state and federal courts sitting within the Commonwealth of Massachusetts shall be the sole and exclusive forums for any shareholder
(including a beneficial owner of shares) to bring (i) any action or proceeding brought on behalf of the Trust, (ii) any action asserting
a claim for breach of a fiduciary duty owed by any Trustee, officer or employee, if any, of the Trust to the Trust or the Trust's
shareholders, (iii) any action asserting a claim against the Trust, its Trustees, officers or employees, if any, arising pursuant to any
provision of the Massachusetts Business Corporation Act, the Massachusetts Uniform Trust Code, or any state securities law, in each case
as amended from time to time, or this Declaration of Trust or the Trust's Bylaws; or (iv) any action asserting a claim against the
Trust, its Trustees, officers or employees, if any, governed by the internal affairs doctrine.

This paragraph (b) of Article IX, Section 7 of this Declaration of Trust shall not apply with respect to claims arising under the U.S. federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;(c) If any provision or provisions of this Section shall be held to be invalid, illegal or unenforceable as applied to any person or entity
or circumstance for any reason whatsoever, then, to the fullest extent permitted by law, the validity, legality and enforceability of
such provisions in any other circumstance and of the remaining provisions of this Section (including, without limitation, each portion
of any sentence of this Section containing any such provision held to be invalid, illegal or unenforceable that is not itself held to
be invalid, illegal or unenforceable), and the application of such provision to other persons or entities and circumstances, shall not
in any way be affected or impaired thereby.

<u>Section 8.</u> <u>Amendments</u>. This Declaration of Trust may be amended at any time by an instrument in writing signed by a majority of the then Trustees when authorized so to do by vote of a majority of the Shares entitled to vote with respect to such amendment, except that amendments described in Article III, Section 5 or Article III, Section 6 hereof or having the purpose of changing the name of the Trust or of any Series or class of Shares or of supplying any omission, curing any ambiguity or curing, correcting or supplementing any defective or inconsistent provision contained herein shall not require authorization by Shareholder vote.

Nothing contained in the Declaration shall permit the amendment of the Declaration of Trust (i) to impair the exemption from personal liability of the Shareholders, former Shareholders, Trustees, former Trustees, officers, employees or agents, (ii) to permit assessments upon Shareholders of the Trust, or (iii) to eliminate or limit the rights to indemnification provided in Article VIII with respect to actions or omissions of persons entitled to indemnification under such Article prior to such amendment.

<u>Section 9.</u> <u>Enforceability</u>. If any provision of this Declaration of Trust is found by a court of competent jurisdiction to be invalid or unenforceable for any reason, it is the intent and agreement of the Trustees and the holders of shares of beneficial interest issued hereunder and to be issued hereunder that the invalidity or unenforceability of any provision of this Declaration of Trust shall not affect the validity or enforceability of any other provision of this Declaration of Trust, and any invalid or unenforceable provision of this Declaration of Trust shall be modified so as to be enforced to the maximum extent of its validity or enforceability.

<u>Section 10.</u> <u>Addresses</u>. The address of the Trust is 780 Third Avenue, 43rd Floor, New York, NY 10017. The address of each Trustee is c/o Baillie Gifford Overseas Limited, 780 Third Avenue, 43rd Floor, New York, NY 10017. The Trust's resident agent is CT Corporation System, 155 Federal Street, Suite 700, Boston, Massachusetts 02110.

IN WITNESS WHEREOF, each of the undersigned has hereunto set his hand as of the day and year first above written.

---

| |
|:---|
| Howard W. Chin, Trustee |
| Pamela M.J. Cox, Trustee |
| John Kavanaugh, Trustee |
| Maureen A. Miller, Trustee |
| Donald P. Sullivan, Jr., Trustee |
| Michael Stirling-Aird, Trustee |

---

[Signature Page to Second Amended and Restated Agreement and Declaration of Trust of Baillie Gifford ETF Trust]

## Ex-99.(D)

**Exhibit 99.(d)**

INVESTMENT MANAGEMENT AGREEMENT

FOR BAILLIE GIFFORD ETF TRUST

INVESTMENT MANAGEMENT AGREEMENT made as of December 9, 2025 (this "Agreement") by and between Baillie Gifford ETF Trust, an unincorporated business trust organized under the laws of The Commonwealth of Massachusetts (the "Trust"), on behalf of each of the series listed on Schedule A attached hereto (each, a "Fund" and together, the "Funds"), and Baillie Gifford Overseas Ltd., a company incorporated in Scotland (the "Manager").

W I T N E S S E T H

WHEREAS, the Trust is engaged in business as an open-end series management investment company and is so registered under the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the Manager is engaged in the business of rendering investment advisory and management services and is registered as an investment adviser under the Investment Advisers Act of 1940 and regulated in the United Kingdom by the competent financial services and market regulatory authorities in that jurisdiction; and

WHEREAS, the Trust desires to retain the Manager to furnish investment advisory services and certain other services to the Funds;

NOW, THEREFORE, the parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Appointment of Manager</u>. The Trust hereby appoints the Manager to act as investment manager of the Funds for the period and on the terms herein set forth. The Manager accepts such appointment and agrees to render the services herein set forth, for the compensation

herein provided. The Manager may from time to time enter into agreements, including sub-advisory agreements and participating affiliate arrangements, with respect to a Fund with one or more persons with such terms and conditions as the Manager may determine and delegate to such person (including any sub-adviser) any of its obligations hereunder, subject to the Manager's supervision, provided that such agreements have been approved in accordance with applicable provisions of the 1940 Act and any rules, regulations or orders of the Securities and Exchange Commission thereunder. In all instances, the Manager must oversee the provision of any delegated obligations, the Manager must bear the separate costs of employing any such other party, and no delegation will relieve the Manager of any of its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Duties of Manager</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Investment Advisory Services*. The Manager, at its expense, (i) will furnish continuously an investment program for the Funds, (ii) will determine, subject to the overall supervision of the Trustees of the Trust, what investments shall be purchased, accepted, held, sold, converted, lent exchanged, or otherwise traded in or disposed of by the Funds and what portion, if any, of the assets of the Funds will be held uninvested, and (iii) shall, on behalf of the Funds, make changes in the investments of the Funds. Any investment purchases or sales made by the Manager shall at all times conform to, and be in accordance with, any requirements imposed by: (1) the provisions of the Agreement and Declaration of Trust (the "Declaration of Trust") and Bylaws (the "Bylaws") of the Trust, each as amended and/or restated from time to time; (2) each Fund's prospectus and statement of additional information (each, a "Registration Statement") in effect from time to time, including any applicable investment policies set forth therein; (3) the 1940 Act and any rules or regulations thereunder (including, but not limited to, Rule 6c-11), as amended from time to time; (4) any other applicable provisions of federal law;

and (5) the applicable listing standards of any national securities exchange on which a Fund's shares are listed for trading (each, a "Listing Exchange"). For the avoidance of doubt, the Manager shall have the authority to act as agent for the Trust and/or any Fund in entering into any investment-related contracts on behalf of the Trust and/or such Fund(s) that it deems necessary, appropriate, advisable, or incidental to its management of the Funds' investment programs in accordance with this Agreement and applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Management and Administrative Services*. Subject always to the supervision of the Trustees of the Trust and to the provisions of the Declaration of Trust, the Bylaws and the 1940 Act and the rules thereunder (including, but not limited to, Rule 6c-11), the Manager shall, to the extent such services are not required to be performed by others pursuant to a services agreement, custody agreement, transfer agency agreement or other similar agreement, also manage, supervise and conduct the other affairs and business of the Funds and matters incidental thereto, and, in connection therewith, shall be responsible for: (i) maintaining, or supervising the maintenance by third parties, of such books and records of the Funds as may be required by applicable federal or state law; (ii) overseeing the Trust's insurance relationships; (iii) preparing for the Trust (or assisting counsel, auditors and/or other service providers in the preparation of) all required prospectuses, statements of additional information, shareholder reports, proxy statements, tax returns and other materials provided to the Trust's shareholders and Trustees and reports to, and other filings with, the Securities and Exchange Commission, any other governmental agency or Listing Exchange (the Trust agrees to supply or cause to be supplied to the Manager all necessary financial and other information in connection with the foregoing); (iv) providing, or supporting the provision of, educational materials regarding the Funds; (v) responding, or aiding in the response, to shareholder inquiries or ad-hoc servicing requests; (vi)

receiving and answering correspondence, or supporting activities in connection therewith; (vii) providing access to portfolio management personnel; (viii) facilitating or assisting the Trust's principal underwriter in facilitating the processing of purchases and redemptions of Fund shares in Creation Units by Authorized Participants (as such terms are defined in the Registration Statement); (ix) determining, or supporting the determination of, amounts of dividends and distributions payable by the Funds; (x) overseeing all relationships between the Trust and its custodian(s), transfer agent(s) and accounting services agent(s), including the negotiation of agreements and the supervision of the performance of such agreements; (xi) supervising and coordinating matters relating to the operation of each Fund, including any necessary coordination among the custodian(s), transfer agent(s), accounting services agent(s), accountants, attorneys, auction agents, Listing Exchanges, lead market makers and other parties performing services or operational functions for a Fund; and (xii) authorizing and directing any of the Manager's directors, officers and employees who may be elected as Trustees or officers of the Trust to serve in the capacities in which they are elected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Manager, and any affiliate thereof, shall be free to render similar services to other investment companies and other clients and to engage in other activities, so long as the services rendered to the Funds hereunder are not impaired. The Trust acknowledges that it is possible that, based on the Funds' investment objectives and policies, certain other funds or accounts managed by the Manager or its affiliates may, at times, take investment positions or engage in investment techniques that are contrary to positions taken or techniques engaged in on behalf of a Fund. Notwithstanding the foregoing, the Manager will at all times endeavor to treat all of its clients in a fair and equitable manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Manager shall provide, without cost to the Funds, all necessary office space and the services of executive personnel for administering the affairs of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Manager shall, at its own expense, place all orders for the purchase and sale of portfolio securities for the accounts of the Funds with issuers, brokers or dealers selected by the Manager. In executing portfolio transactions and selecting brokers or dealers, the Manager will use its best efforts to seek, on behalf of the Funds, the best overall terms available. In assessing the best overall terms available for any transaction, the Manager shall consider all factors it deems relevant, including the breadth of the market in the security, the financial condition and execution capabilities of the broker or dealer, and the reasonableness of the commission, if any (for the specific transaction and on a continuing basis). In evaluating the best overall terms available and in selecting the broker or dealer to execute a particular transaction, the Manager may also consider the brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934) provided by such broker or dealer to any Fund or other accounts over which the Manager or any affiliate of the Manager exercises investment discretion. The Manager is authorized to cause a Fund to pay to a broker or dealer who provides such brokerage and research services a commission for executing a portfolio transaction for the Fund which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if, but only if, the Manager determines in good faith that such commission is reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or in terms of all of the accounts over which the Manager or any affiliate of the Manager exercises investment discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) On occasions when the Manager deems the purchase or sale of a security to be in the best interest of a Fund as well as other accounts, the Manager, to the extent permitted by applicable laws and regulations, may, but shall be under no obligation to, aggregate the securities to be so sold or purchased in order to obtain the most favorable price or lower brokerage commissions and efficient execution. In such event, allocation of the securities so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Manager in the manner it considers to be equitable and consistent with its fiduciary obligations to the applicable Fund and to such other account. Such aggregation may operate to the advantage or disadvantage of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) During the term of this Agreement, and in consideration of the fees payable to the Manager hereunder, including, for the avoidance of doubt, the components of the Unitary Fee (as defined below) described in Section 4 hereof, the Manager undertakes that it will pay all of the ordinary operating expenses of the Funds, except for: (i) fees payable hereunder, (ii) expenses incurred in connection with any distribution plan adopted by the Trust pursuant to Rule 12b-1 under the 1940 Act, (iii) investment-related expenses of any kind, including all fees and expenses incurred with respect to the acquisition, holding and/or disposition of portfolio securities, and any expenses incurred with respect to the reorganization, restructuring or workout-related expenses related to any investment, and the execution of portfolio transactions (such as brokerage commissions, clearing and settlement costs, and any other kind of transaction expenses and costs associated with tax reclaims or similar actions, including any fees paid on a contingent basis); (iv) borrowing and other investment-related costs and fees, including interest, commitment and other fees and costs; (v) acquired fund fees and expenses; (vi) taxes (including, but not limited to, income, excise, transfer and withholding taxes, including any accrued deferred

tax liability) and governmental fees; (vii) litigation expenses of any kind (including fees and expenses of counsel retained by or on behalf of the Trust or a Fund, judgments, amounts paid in settlement, fines, penalties, fees of expert witnesses, document production fees, and all other liabilities, costs or expenses) and any fees, costs or expenses payable by the Trust or a Fund pursuant to indemnification or advancement obligations to which the Trust or such Fund may be subject (pursuant to contract or otherwise); (viii) custody or other expenses attributable to negative interest rates on investments or cash; (ix) short dividend expense; (x) salaries and other compensation or expenses, including travel expenses, of any of the Trust's executive officers and employees, if any, who are not officers, directors, shareholders, members, partners or employees of the Manager or its subsidiaries or affiliates; (xi) organizational expenses and both initial and ongoing Securities and Exchange Commission registration fees of the Trust and the Funds; (xii) costs related to any meetings of shareholders, including any costs associated with the preparation, printing, filing and transmission of proxy or information statements and proxy solicitation; (xiii) fees or expenses payable or other costs incurred in connection with a Fund's securities lending program, if any, including any securities lending agent fees, as governed by a separate securities lending agreement; (xiv) any other expenses which are capitalized in accordance with generally accepted accounting principles; (xv) other nonrecurring or extraordinary expenses (as determined by a majority of the Trustees who are not "interested persons" of the Trust); and (xvi) such other expenses as approved by a majority of the board of trustees of the Trust (the "Board"). For the avoidance of doubt, nothing herein requires the Manager to pay or bear any extraordinary expenses or investment-related expenses of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The payment or assumption by the Manager of any expenses of the Trust or any Fund that the Manager is not obligated by this Agreement or otherwise to pay or assume shall

not obligate the Manager to pay or assume the same or any similar expenses of the Trust or a Fund on any subsequent occasion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Other Agreements, Etc</u>. It is understood that any of the shareholders, Trustees, officers and employees of the Trust may be a partner, shareholder, director, officer or employee of, or be otherwise interested in, the Manager, and in any person controlled or under common control with the Manager, and that the Manager and any person controlled by or under common control with the Manager may have an interest in the Trust. It is also understood that the Manager and any person controlled by or under common control with the Manager may have advisory, management, service or other contracts with other organizations and persons and may have other interests and businesses. Nothing in this Agreement shall prevent the Manager or any "affiliated person" (as defined in the 1940 Act) of the Manager from acting as investment adviser or manager and/or principal underwriter for another person, firm or corporation and shall not in any way limit or restrict the Manager or any such affiliated person from buying, selling or trading any securities for its or their own accounts or the accounts of others for whom it or they may be acting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Compensation of Manager</u>. (a) As full compensation for the services and facilities furnished by the Manager under this Agreement, the Trust, on behalf of each Fund, agrees to pay to the Manager a unitary management fee at the annual rate provided for in Schedule A attached hereto (the "Unitary Management Fee"). Such fees shall be computed and accrued daily and payable quarterly. It is contemplated that a portion of the Unitary Management Fee shall be an advisory fee deemed to be compensation for investment advisory services, including those set forth in paragraph 2(a) of this Agreement, and the remainder of the Unitary Management Fee shall be deemed to be compensation for management and

administrative services, including those set forth in paragraph 2(b) of this Agreement. The Board may determine, in its sole discretion and, for the avoidance of doubt, without the need for approval by a Fund's shareholders, which portion of the Unitary Management Fee is for advisory services and which portion of the Unitary Management Fee is for management and administrative services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For any period less than a full quarter during which this Agreement is in effect, the compensation payable to the Manager hereunder shall be prorated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Limitation of Liability of Manager</u>. The Manager shall give the Trust the benefit of its best judgment in rendering services hereunder. In the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations or duties hereunder (collectively, "disabling conduct") on the part of the Manager, the Manager shall not be subject to liability to the Trust, any Fund or to any shareholder of any Fund for any act or omission in the course of, or connected with, rendering services hereunder, including, without limitation, any error of judgment or mistake of law or for any loss suffered by any of them in connection with the matters to which this Agreement is related, except to the extent specified in Section 36(b) of the 1940 Act concerning loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Term, Termination, Amendment and Renewal of this Agreement</u>. (a) This Agreement shall become effective with respect to the Trust on the date first written above. Unless terminated as herein provided, this Agreement shall remain in full force and effect with respect to each Fund for two years from that Fund's Effective Date as set forth in Schedule A and shall continue in full force and effect with respect to that Fund for successive periods of one year thereafter, but only so long as each continuance is approved (i) by either the Trustees of the

Trust or by vote of a "majority of the outstanding voting securities" (as defined in the 1940 Act) of the Fund, and, in either event, (ii) by vote of a majority of the Trustees of the Trust who are not parties to this Agreement or "interested persons" (as defined in the 1940 Act) of any such party, cast in person at a meeting called for the purpose of voting on such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may be terminated as to the Trust or as to any Fund at any time without the payment of any penalty by vote of the Trustees of the Trust or by vote of a "majority of the outstanding voting securities" (as defined in the 1940 Act) of the applicable Fund or by the Manager, on sixty days' written notice to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement shall automatically terminate in the event of its "assignment" (as defined in the 1940 Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement may be amended in a manner consistent with the 1940 Act, including the interpretation thereof that amendments that do not increase the compensation of the Manager for advisory services or otherwise fundamentally alter the advisory relationship of the Trust with the Manager do not require shareholder approval if approved by the requisite majority of the Trustees who are not parties to this Agreement or "interested persons" (as defined in the 1940 Act) of any such party. For the avoidance of doubt, unless required by the 1940 Act, shareholder approval shall not be required for amendments that (i) alter the component of the Unitary Fee paid in respect of the services, other than advisory services, described hereunder and/or (ii) amend or supplement the list of services, other than advisory services, provided by the Manager to the Trust or any Fund hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any approval, renewal or amendment of this Agreement with respect to a Fund by vote of a "majority of the outstanding voting securities" (as defined in the 1940 Act) of that Fund, by the Trustees of the Trust, or by a majority of the Trustees of the Trust who are not

parties to this Agreement or "interested persons" (as defined in the 1940 Act) of any such party, shall be effective to approve, renew or amend the Agreement with respect to that Fund notwithstanding (i) that the approval, renewal or amendment has not been so approved as to any other Fund, or (ii) that the approval, renewal or amendment has not been approved by the vote of a "majority of the outstanding voting securities" (as defined in the 1940 Act) of the Trust as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Use of Name</u>. The Manager owns the name "Baillie Gifford ETF Trust" which may be used by the Trust only with the consent of the Manager. The Manager consents to the use by the Trust of the name "Baillie Gifford ETF Trust" or any other name embodying the name "Baillie Gifford" into such forms as the Manager shall in writing approve, but only on condition and so long as (i) this Agreement shall remain in full force and (ii) the Trust shall fully perform, fulfill and comply with all provisions of this Agreement expressed herein to be performed, fulfilled or complied with by it. No such name shall be used by the Trust at any time or in any place or for any purposes or under any conditions except as provided in this section. The foregoing authorization by the Manager to the Trust to use said name as part of a business or name is not exclusive of the right of the Manager itself to use, or to authorize others to use, the same; the Trust acknowledges and agrees that as between the Manager and the Trust, the Manager has the exclusive right so to authorize others to use the same; the Trust acknowledges and agrees that as between the Manager and the Trust, the Manager has the exclusive right so to use, or authorize others to use, said name and the Trust agrees to take such action as may reasonably be requested by the Manager to give full effect to the provisions of this section (including, without limiting the generality of the foregoing, the Trust agrees that, upon any termination of this Agreement by either party or upon the violation of any of its provisions by the

Trust, the Trust will, at the request of the Manager made within six months after the Manager has knowledge of such termination or violation, use its best efforts to change the name of the Trust so as to eliminate all reference, if any, to the name "Baillie Gifford" and will not thereafter transact any business in a name containing the name "Baillie Gifford" in any form or combination whatsoever, or designate itself as the same entity as or successor to an entity of such name, or otherwise use the name "Baillie Gifford" or any other reference to the Manager. Such covenants on the part of the Trust shall be binding upon it, its trustees, officers, stockholders, creditors and all other persons claiming under or through it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Voting</u>. The Manager will be entitled to give voting instructions to the Funds' custodian in respect of the exercise of any voting or other rights attached to any investment of the Funds at the discretion of the Manager or as the Trust may instruct from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Trading and Administrative Services</u>. The Manager is authorized to contract with Baillie Gifford & Co or other affiliated entities controlling, controlled by or under common control with the Manager for the provision to the Manager of trading services and administrative services as the Manager may require. The Manager will alone be responsible for paying any fees charged and expenses incurred by Baillie Gifford & Co or such other affiliated entity in connection with the provision of such services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Scope of Trust's Obligations</u>. A copy of the Declaration of Trust is on file with the Secretary of The Commonwealth of Massachusetts. The Manager acknowledges that the obligations of or arising out of this Agreement are not binding upon any of the Trust's Trustees, officers, employees, agents or shareholders individually, but are binding solely upon the assets and property of the Trust. The Manager further acknowledges that the assets and liabilities of each Fund are separate and distinct and that the obligations of or arising out of this Agreement

concerning a Fund are binding solely upon the assets or property of such Fund and not upon the assets or property of any other Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Additional Disclosures</u>. The Trust agrees and acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Trust has received and accepts the Manager's Additional Disclosures Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Trust has received and has read, understood and agrees to, the Manager's Order Execution and Trade Handling Policy and in particular agrees that, for instruments admitted to trading on a regulated market, a multilateral trading facility or an organized trading facility (collectively referred to as a "Trading Venue"), it consents to the Manager arranging for the execution of an order in such instruments outside a Trading Venue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the purposes of this Section 11, "Additional Disclosures Document" means the document entitled "Baillie Gifford Additional Disclosures Document" consisting of a disclosure notice and policy information in relation to the management of a portfolio of assets by the Manager on a fully discretionary basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Governing Law</u>. This Agreement is governed by and to be construed in accordance with the laws of the Commonwealth of Massachusetts without giving effect to conflict of laws principles thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Miscellaneous</u>. (a) This Agreement supersedes any and all oral or written agreements heretofore made relating to the subject matter hereof and contains the entire understanding and agreement of the parties with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Headings in this Agreement are for ease of reference only and shall not constitute a part of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Should any portion of this Agreement for any reason be held void in law or equity, the remainder of the Agreement shall be construed to the extent possible as if such voided portion had never been contained herein.

*[The remainder of this page has been intentionally left blank]*

IN WITNESS WHEREOF the parties hereto have caused this Agreement to be duly executed as of the date first written above.

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| |
|:---|
| BAILLIE GIFFORD ETF TRUST, on behalf of<br> each of its series set forth in Schedule A attached hereto |
| By: <u>/s/ Michael Stirling-Aird</u> |
| Name: Michael Stirling-Aird |
| Title: President |
| BAILLIE GIFFORD OVERSEAS LIMITED |
| By: <u>/s/ Adam Conn</u> |
| Name: Adam Conn |
| Title: Director |

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*[Signature Page to Baillie Gifford ETF Trust Investment Management Agreement]*

**<u>Schedule A</u>**

to the Investment Management Agreement for Baillie Gifford ETF Trust

**Funds, Effective Date and Compensation to the Manager**

The Unitary Fee payable by the Trust on behalf of each Fund shall be computed at the annual rate equal to the percentage of that Fund's average daily net assets noted below:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Annual<br> Fee Rate** | &nbsp;&nbsp;**Effective Date of <br> Fee Rate** |
| &nbsp;&nbsp;Baillie Gifford Emerging Markets ETF | &nbsp;&nbsp;0.79% | &nbsp;&nbsp;December 9, 2025 |
| &nbsp;&nbsp;Baillie Gifford International Alpha ETF | &nbsp;&nbsp;0.59% | &nbsp;&nbsp;December 9, 2025 |
| &nbsp;&nbsp;Baillie Gifford International Concentrated Growth ETF | &nbsp;&nbsp;0.72% | &nbsp;&nbsp;December 9, 2025 |
| &nbsp;&nbsp;Baillie Gifford Long Term Global Growth ETF | &nbsp;&nbsp;0.70% | &nbsp;&nbsp;December 9, 2025 |
| &nbsp;&nbsp;Baillie Gifford U.S. Equity Growth ETF | &nbsp;&nbsp;0.65% | &nbsp;&nbsp;December 9, 2025 |

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*[The remainder of this page has been intentionally left blank]*

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| |
|:---|
| BAILLIE GIFFORD ETF TRUST, on behalf of<br> each of its series as set forth above |
| By: <u>/s/ Michael Stirling-Aird</u> |
| Name: Michael Stirling-Aird |
| Title: President |
| BAILLIE GIFFORD OVERSEAS LIMITED |
| By: <u>/s/ Adam Conn</u> |
| Name: Adam Conn |
| Title: Director |

---

*[Signature Page to Schedule A to Baillie Gifford ETF Trust Investment Management Agreement]*

## Ex-99.(E)

**Exhibit 99.(e)**

DISTRIBUTION AGREEMENT

between

BAILLIE GIFFORD ETF TRUST

and

BAILLIE GIFFORD FUNDS SERVICES LLC

December 9, 2025

Baillie Gifford ETF Trust, a Massachusetts business trust (the "Trust"), is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), and has registered shares of beneficial interest ("Shares") of each series listed on Appendix A, as it may be amended from time to time by agreement between Baillie Gifford Funds Services LLC (the "Distributor") and the Trust (each such series thereof, as appropriate, a "Fund") under the Securities Act of 1933, as amended (the "1933 Act"), to be offered for sale to the public in accordance with the terms and conditions set forth in the then-current prospectus of the Trust (the "Prospectus") and in the then-current statement of additional information (the "SAI"), each as supplemented from time to time. Shares will generally only be issued in aggregations constituting of Creation Units, as such term is defined in the Trust's registration statement filed with the Securities and Exchange Commission (the "Commission") on Form N-1A, as it may be amended from time to time (the "Registration Statement"), only to Authorized Participants (as defined in the Registration Statement) in accordance with applicable Federal and State securities laws. Shares are, or are anticipated to be, listed for trading on one or more national securities exchanges (the "Exchanges"). As of the date of this Agreement, each Fund offers only one class of Shares, and is intended to operate as an exchange traded fund. This Agreement appoints the Distributor to act as distributor with respect to such Shares. The parties hereto intend that, in the event a Fund in the future offers a class of non-exchange traded Shares that are individually redeemable, and such Fund desires to appoint the Distributor as distributor with respect to such Shares, this agreement will be amended as appropriate or a new agreement will be entered into between the parties in relation to the distribution of such Shares. All capitalized terms used but not defined in this Agreement shall have the meaning ascribed to such terms in the Registration Statement.

In this connection, the Trust desires that the Distributor (i) act as distributor of the Funds with respect to the creation and redemption of Creation Units of each Fund and (ii) hold itself available to review and approve orders for such Creation Units in the manner set forth in the Registration Statement. The Distributor has advised the Trust that it is willing to provide to the Trust the services described herein subject to the terms and conditions set forth below, and it is accordingly agreed by and between the Trust and the Distributor as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Appointment of the Distributor*. The Trust hereby appoints the Distributor as the sole distributor of the Funds with respect to the creation and redemption of Creation Units of each Fund on the terms and for the period set forth in this Agreement and subject to the registration requirements of the federal securities laws and of the laws governing the sale of securities in the

various states, and the Distributor hereby accepts such appointment and agrees to act in such capacity hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Sale of Shares*. The Distributor agrees to serve as the distributor of the Funds in connection with the review and approval of all purchase and redemption orders of Creation Units of each Fund by Authorized Participants that have executed an authorized participant agreement (each, an "Authorized Participant Agreement") with the Distributor which is accepted by the transfer agent of the Trust (the "Transfer Agent"). Nothing herein shall affect or limit the right and ability of the Transfer Agent to accept Fund Securities, Deposit Securities, and related Cash Components through or outside the Clearing Process and as provided in and in accordance with the Registration Statement. The Trust acknowledges that the Distributor shall not be obligated to approve any certain number of orders for Creation Units. In connection with the foregoing, the Distributor further agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor will use reasonable best efforts to promote and/or facilitate the purchase of Creation Units through Authorized Participants in accordance with the procedures set forth in the Registration Statement and the Authorized Participant Agreements, provided, however, that the Trust reserves the right to suspend sales and the Distributor's authority to review and approve orders for Creation Units on behalf of the Trust. Upon due notice to the Distributor, the Trust shall suspend the Distributor's authority to review and approve Creation Units if, in the judgment of the Trust, it is in the best interests of the Trust to do so. Suspension will continue for such period as may be determined by the Trust. It is understood that the Distributor does not undertake to offer or sell all or any specific number or amount of Shares or Creation Units, that it is acting as an agent of each Fund and not as a principal, and that it is not obligated to buy any Shares or Creation Units for its own account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor will not make offers or sales of Shares and will not approve orders for the purchase or redemption of Creation Units by Authorized Participants except in the manner set forth in the Prospectus and/or SAI. The Distributor agrees to comply with any procedures that are established in connection with the offer and sale of Shares, or purchase or redemption of Creation Units, and the Distributor agrees not to make offers or sales of any Shares, or approve purchase and redemption orders of any Creation Units, and agrees to require all Authorized Participants not to make any such offers or sales except in compliance with any such procedures. In this regard, the Distributor agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No offer or sale of Shares will be made in any state or jurisdiction, or to any prospective investor located in any state or jurisdiction, where Shares have not been registered or qualified for offer and sale under applicable state securities laws unless Shares are exempt from the registration or qualification requirements of such laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) At the request of the Trust, the Distributor shall execute Authorized Participant Agreements with registered broker-dealers and other eligible entities to act as Authorized Participants, which Agreements are accepted by the Transfer Agent and provide for the purchase and redemption of Creation Units of the Funds by such Authorized Participants as set forth in the Registration Statement from time to time. The Distributor shall instruct Authorized Participants that the Prospectus must be distributed in accordance with: (i) the 1933

Act, the Securities Exchange Act of 1934, the 1940 Act, and the rules and regulations made or adopted thereunder; (ii) any exemptive order issued to the Trust, any investment adviser to a Fund or any of their affiliates by the Commission; (iii) the Rules (as defined below); and (iv) the rules of, and orders issued by the Commission to, the Exchanges. The Distributor shall not be liable for an Authorized Participant's failure to comply with these requirements. Unless otherwise agreed by the Distributor and a Fund, the Distributor will be responsible for reviewing Authorized Participant Agreements and confirming that they are properly completed, provided that the Trust and the Distributor may rely on information provided by Authorized Participants concerning their customers and have no obligation to verify the accuracy of that information and that the Distributor may delegate responsibility for such confirmations to Authorized Participants with respect to their customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor will furnish to Authorized Participants only such information concerning a Fund and the offering of Shares as may be contained in the Prospectus, and such other materials as the Distributor has prepared and which comply with applicable laws, rules and regulations and with applicable rules, interpretations and guidance of the Financial Industry Regulatory Authority, Inc. ("FINRA") (collectively, the "Rules"). For purposes of the offering of Shares, the Trust will furnish to the Distributor copies of the Prospectus (or before the effective date of the Trust's registration statement with respect to a Fund under the 1933 Act, copies of the preliminary prospectus), copies of the SAI (or before the effective date of the Trust's registration statement with respect to the Fund under the 1933 Act, copies of the preliminary statement of additional information) which the Distributor will furnish to Authorized Participants as required by applicable law and regulations, copies of semi-annual reports and annual audited reports of the Trust's books and accounts made by independent public accountants regularly retained by the Trust, the Authorized Participant Agreement, and such other documents as the Distributor may reasonably request for the purpose of carrying out the Distributor's duties hereunder. Additional copies of these materials will be furnished in such numbers as the Distributor may reasonably request for purposes of the offering. For the avoidance of doubt, the Distributor shall ensure that all direct requests for the Prospectus, SAI, product descriptions and periodic Fund reports, as applicable, are fulfilled. In addition, the Distributor will use commercially reasonable efforts to provide each Exchange with copies of the Prospectus, SAI, and product descriptions to be provided to purchasers in the secondary market. The Distributor will use commercially reasonable efforts to make it known in the brokerage community that the Prospectus and SAI are available, including (i) advising each Exchange on behalf of their member firms of the same, (ii) making such disclosure in all Trust marketing materials prepared and/or filed by the Distributor with FINRA, and (iii) as may otherwise be required by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Compensation*. The Distributor shall be entitled to no compensation or reimbursement of expenses from the Trust for the services to be provided by the Distributor pursuant to this Agreement. The Distributor and its affiliates may receive compensation from the Investment Adviser related to the Distributor's services hereunder or for additional services as may be agreed to between the Investment Adviser and Distributor from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Purchase of Shares*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust may reject purchase orders where, in the judgment of the Trust, such rejection is in the best interest of the Trust or a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Orders for Creation Units shall be directed to the Funds' Transfer Agent, for acceptance on behalf of a Fund. The Distributor shall work with the Transfer Agent to review and approve orders placed by Authorized Participants and transmitted to the Transfer Agent. At or prior to the time of delivery of any of Creation Units, the Distributor will cause Authorized Participants to pay or cause to be paid to the custodian of the Fund's assets, for the Trust's account, an amount in cash or other consideration as described from time to time in the Fund's Prospectus equal to the aggregate NAV of such Creation Units. Sales of Creation Units shall be deemed to be made when and where accepted by the Funds' Transfer Agent. The Funds' custodian and Transfer Agent shall be identified in its Prospectus or SAI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor shall approve, and generate and maintain (or cause to be generated and maintained) confirmations of Creation Unit purchase order acceptances and transmit (or cause to be transmitted) such confirmations to the Authorized Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *1933 Act Registration*. The Trust agrees that it will use its best efforts to maintain the effectiveness of its Registration Statement. The Trust further agrees to prepare and to file any amendments to the Registration Statement or supplemental information to the Prospectus or SAI as may be necessary in order to comply with the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. *1940 Act Registration*. The Trust is registered under the 1940 Act as an open-end management investment company, and will use its best efforts to maintain such registration and to comply with the requirements of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. *State Blue Sky Qualification*. At the Distributor's request, each Fund will take such steps as may be necessary and feasible to qualify Shares for offer and sale in states, territories or dependencies of the United States, the District of Columbia, and the Commonwealth of Puerto Rico (individually, "Jurisdiction" and collectively, "Jurisdictions"), in accordance with the laws and regulations thereof, and to renew or extend any such qualification; provided, however, that a Fund will not be required to qualify Shares or to maintain the qualification of Shares in any jurisdiction where it deems such qualification disadvantageous to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. *Duties of the Distributor*. The Distributor agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor will furnish to the Trust any pertinent information required to be inserted with respect to the Distributor as the Distributor within the purview of all applicable laws and regulations in any reports or registrations required to be filed by the Trust with any governmental authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor will not make any representations inconsistent with the information contained in the Prospectus, SAI, or Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor will maintain such records as required by the Rules and as may be reasonably required for a Fund or its Transfer Agent to respond to shareholder requests or

complaints, and to permit each Fund to maintain proper accounting records, and the Distributor will make such records available to the Fund and its investor servicing agent upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In performing its duties under this Agreement, the Distributor will comply with all requirements of the Prospectus and SAI and all Rules with respect to the offer, purchase, sale and distribution of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Distributor shall maintain telephonic, facsimile and/or access to direct computer communications links with the applicable Transfer Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Distributor shall maintain compliance policies and procedures (a "Compliance Program") that are reasonably designed to prevent violations of the Federal Securities Laws (as defined in Rule 38a-1 of the 1940 Act) with respect to its services under this Agreement, and shall provide any and all information with respect to the Compliance Program, including without limitation, information and certifications with respect to material violations of the Compliance Program and any material deficiencies or changes therein, as may be reasonably requested by the Trust's Chief Compliance Officer or Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Distributor shall promptly forward any complaints concerning the Trust that it receives to the Trust, assist in resolving such complaints to the extent any such complaints relate to its responsibilities as the distributor for the Funds and maintain a log of such complaints to the extent required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Distributor shall maintain, at its expense, an errors and omissions insurance policy adequate to cover services provided by it hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. *Allocation of Costs*. Each Fund will pay the costs and expenses associated with the composition and the printing of sufficient copies of its Prospectus and of the SAI as are reasonably required for periodic distribution to its current shareholders, and the Distributor will pay the costs and expenses associated with the printing of sufficient copies of the Prospectus and of the SAI as are reasonably required in connection with the offer, sale and distribution of Shares or Creation Units to offerees and investors. The Trust will also pay the expense of registering Shares for sale under federal securities laws, including the preparation and filing of any required registration statements under the 1940 Act and 1933 Act, and for qualifying Shares under state blue sky laws pursuant to paragraph 7. The Distributor will bear its own expenses normally attributable to the offer and sale of Shares or Creation Units, other than those to be paid by a Fund, including any costs and expenses associated with any filings with FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. *Exculpation and Indemnification*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor will not be liable to the Trust for any error of judgment or mistake of law or for any loss suffered by the Trust in connection with the performance by the Distributor of its duties under this Agreement, except a loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services, or a loss resulting from willful misfeasance, bad faith or gross negligence on the part of the Distributor or any of its officers, directors, members, managers, employees or agents (collectively, the "Affiliates") in the performance of

their duties under this Agreement, or from reckless disregard by the Distributor or its Affiliates of their obligations or duties under this Agreement. Notwithstanding anything in this Agreement to the contrary, the Distributor shall not be liable for any consequential, incidental, exemplary, punitive, special or indirect damages, whether or not the likelihood of such damages was known by the Distributor, or for damages occurring directly or indirectly by reason of circumstances beyond its reasonable control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust agrees to indemnify and hold harmless the Distributor and its Affiliates and each person, if any, who controls the Distributor within the meaning of Section 15 of the 1933 Act (each such indemnified party, a "Trust Indemnitee") against any loss, liability, claim, damages or expense (including the reasonable cost of investigating or defending any alleged loss, liability, claim, damages, or expense and reasonable counsel fees and disbursements incurred in connection therewith), arising by reason of any person acquiring any Shares, based upon the ground that any registration statement, prospectus, statement of additional information, investor reports, application to qualify Shares under the securities laws of any Jurisdiction, or other information filed or made public by the Trust (as from time to time amended) included an untrue statement of a material fact or omitted to state a material fact required to be stated or necessary in order to make the statements made not misleading. However, the Trust does not agree to indemnify any Trust Indemnitee or hold any Trust Indemnitee harmless to the extent that the statement or omission was made in reliance upon, and in conformity with, information furnished to the Trust by or on behalf of the Distributor.

In no case (i) is the indemnity of the Trust to be deemed to protect a Trust Indemnitee against any liability to the Trust or its shareholders to which such Trust Indemnitee otherwise would be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under this Agreement, or (ii) is the Trust to be liable to a Trust Indemnitee under the indemnity agreement contained in this Section 10(b) with respect to any claim made against such Trust Indemnitee unless such Trust Indemnitee shall have notified the Trust in writing of the claim within a reasonable time after the summons or other first written notification giving information of the nature of the claim shall have been served upon such Trust Indemnitee (or after such Trust Indemnitee shall have received notice of service on any designated agent). However, failure to notify the Trust of any claim shall not relieve the Trust from any liability which it may have to a Trust Indemnitee otherwise than on account of its indemnity agreement contained in this Section 10(b).

The Trust shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce any claims subject to this indemnity provision. If the Trust elects to assume the defense of any such claim, the defense shall be conducted by counsel chosen by the Trust and satisfactory to the indemnified defendants in the suit whose approval shall not be unreasonably withheld. In the event that the Trust elects to assume the defense of any suit and retain counsel, the indemnified defendants shall bear the fees and expenses of any additional counsel retained by them. If the Trust does not elect to assume the defense of a suit, it will reimburse the indemnified defendants for the reasonable fees and expenses of any counsel retained by the indemnified defendants.

The Trust agrees to notify the Distributor promptly of the commencement of any litigation or proceedings against it or any other Trust Indemnitee in connection with the issuance or sale of any of its Shares or of the purchase or redemption of any Creation Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor will indemnify and hold harmless the Trust and its officers, trustees, agents, and any person who controls the Trust within the meaning of Section 15 of the 1933 Act, from and against any losses, claims, damages or liabilities, joint or several, to which any of them may become subject under the 1933 Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings in respect thereof) arise out of, or are based upon, any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, the Prospectus, the SAI or any application to qualify Shares under the securities laws of any Jurisdiction, or arise out of, or are based upon, the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, which statement or omission was made in reliance upon and in conformity with information furnished in writing to the Trust or any of its officers, trustees and agents by or on behalf of the Distributor specifically for inclusion therein, and will reimburse the Trust and its officers, trustees, agents and such controlling persons for any legal or other expenses reasonably incurred by any of them in investigating, defending or preparing to defend any such action, proceeding or claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. *Duration*. This Agreement will take effect with respect to the Trust on the date first set forth above. Unless terminated as herein provided, this Agreement shall remain in full force and effect with respect to each Fund for two years from that Fund's Date Added as set forth in Schedule A and shall continue in full force and effect with respect to that Fund for successive periods of one year thereafter, but only so long as its continuance is specifically approved at least annually (i) by the trustees of the Trust or by the vote of a majority of the outstanding voting securities of a Fund as to that Fund and (ii) by the vote of a majority of the trustees of the Trust who are not "interested persons," as such term is defined in Section 2(a)(19) of the 1940 Act ("Independent Trustees"), of the Trust cast in person at a meeting called for the purpose of voting on such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. *Termination*. This Agreement may be terminated (i) by the Distributor at any time without penalty upon sixty (60) days' written notice to the Trust (which notice may be waived by the Trust); or (ii) by the Trust at any time without penalty upon sixty (60) days' written notice to the Distributor (which notice may be waived by the Distributor). Section 10 will survive termination of this Agreement. This Agreement will terminate automatically in the event of its assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. *Amendment*. Any amendment to this Agreement will be in writing and will be subject to approval either by action of the trustees of the Trust or at a meeting of the shareholders of a Fund by the affirmative vote of a majority of the outstanding shares of the Fund, and by a majority of the Independent Trustees of the Trust by vote cast in person at a meeting called for the purpose of voting on such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. *Certain Definitions*. For the purposes of this Agreement, the "affirmative vote of a majority of the outstanding shares" of a Fund means the affirmative vote, at a duly called and held meeting of shareholders of the Fund, (a) of the holders of 67% or more of the shares of the

Fund present (in person or by proxy) and entitled to vote at the meeting, if the holders of more than 50% of the outstanding shares of the Fund entitled to vote at the meeting are present in person or by proxy or (b) of the holders of more than 50% of the outstanding shares of the Fund entitled to vote at the meeting, whichever is less. For the purposes of this Agreement, the terms "interested person" and "assignment" have their respective meanings defined in the 1940 Act, subject, however, to the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Commission or its staff; and the term "approve at least annually" will be construed in a manner consistent with the 1940 Act and the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Commission or its staff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. *Disclaimer of Trustee and Shareholder Liability*. The Distributor understands and agrees that the obligations of the Trust or a Fund under this Agreement are not binding upon any Trustee or shareholder of the Trust or a Fund, as applicable, personally, but bind only the Trust or the Fund, as applicable, and the Trust's or the Fund's property, as applicable. A copy of the Trust's Amended and Restated Agreement and Declaration of Trust, as amended from time to time, is on file with the Secretary of The Commonwealth of Massachusetts, and notice is hereby given that this Agreement is executed on behalf of the Trustees of the Trust as Trustees and not individually and that the obligations of or arising out of this Agreement are not binding on any of the Trustees, officers or shareholders individually, but are binding only upon the trust property of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. *Notices*. All written notices given pursuant to this Agreement will be sent to a party at the address set forth herein (or such other address as may be specified by a party in a written notice to the other party) and are deemed given upon receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. *Section Headings*. The headings for each paragraph of this Agreement are for descriptive purposes only, and such headings are not to be construed or interpreted as part of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. *Governing Law*. This Agreement is governed by and will be construed in accordance with the substantive laws of the State of New York which are applicable to contracts made and entirely to be performed therein, without regard to the place of performance hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. *Regulation S-P.* In accordance with the Commission's Regulation S-P ("Regulation S-P"), nonpublic personal financial information relating to investors in the Funds provided by, or at the direction of, the Trust to the Distributor, or collected or retained by the Distributor shall be considered confidential information. The Distributor agrees that it shall not use such confidential information for any purpose other than to carry out its obligations under this Agreement, and further agrees that it shall not give, sell or in any way transfer or disclose such confidential information to any person or entity, other than (i) affiliates of the Distributor who have entered into contractual arrangements with the Trust, and then only to the extent necessary to carry out the obligations under such contractual arrangements, (ii) at the direction of the Trust, (iii) as required by law, or (iv) subject to (i) above, as permitted by law. The Distributor represents that it has in place and shall maintain physical, electronic, and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of records and information related to investors in the Funds. The Distributor

warrants that prior to disclosing such confidential information to any person or entity as permitted in the previous sentence, the Distributor shall obtain a representation from such person or entity that the person or entity has in place similar procedural safeguards designed to meet the objectives set forth in this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. *Anti-Money Laundering Compliance*. Each of the Distributor and the Trust acknowledges that it is a financial institution subject to the USA Patriot Act of 2001 and the Bank Secrecy Act (collectively the "AML Acts"), which require, among other things, that financial institutions adopt compliance programs to guard against money laundering. Each represents and warrants to the other that it is in compliance with and will continue to comply with the AML Acts and applicable regulations in all relevant respects.

The Distributor shall include specific contractual provisions regarding anti-money laundering compliance obligations in all future agreements entered into by the Distributor with any Authorized Participant that is authorized to effect transactions in Shares.

Each of the Distributor and the Trust agrees that it will take such further steps, and cooperate with the other as may be reasonably necessary, to facilitate compliance with the AML Acts, including but not limited to the provision of copies of its written procedures, policies and controls related thereto ("AML Operations"). The Distributor undertakes that it will grant to the Trust, the Trust's anti-money laundering compliance officer and regulatory agencies reasonable access to copies of the Distributor's AML Operations, books and records pertaining to the Trust only. It is expressly understood and agreed that the Trust and the Trust's compliance officer shall have no access to any of the Distributor's AML Operations, books or records pertaining to other clients of the Distributor.

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| | |
|:---|:---|
| BAILLIE GIFFORD ETF TRUST | BAILLIE GIFFORD ETF TRUST |
| By: | <u>/s/ Michael Stirling-Aird</u> |
|  | Name: Michael Stirling-Aird |
|  | Title: President |

---

*Accepted*:

BAILLIE GIFFORD FUNDS SERVICES LLC

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| | |
|:---|:---|
| By: | <u>/s/ Lesley-Anne Archibald</u> |
|  | Name: Lesley-Anne Archibald |
|  | Title: Chair |

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*[Signature Page to Baillie Gifford ETF Trust Distribution Agreement]*

**<u>Appendix A</u>**

to the Distribution Agreement between Baillie Gifford ETF Trust and Baillie Gifford Funds Services LLC

---

| | | |
|:---|:---|:---|
| **Investment<br> Company** | **Series** | **Date Added** |
| Baillie Gifford ETF Trust | Baillie Gifford Emerging Markets ETF | December 9, 2025 |
| Baillie Gifford ETF Trust | Baillie Gifford International Alpha ETF | December 9, 2025 |
| Baillie Gifford ETF Trust | Baillie Gifford International Concentrated Growth ETF | December 9, 2025 |
| Baillie Gifford ETF Trust | Baillie Gifford Long Term Global Growth ETF | December 9, 2025 |
| Baillie Gifford ETF Trust | Baillie Gifford U.S. Equity Growth ETF | December 9, 2025 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;BAILLIE GIFFORD ETF TRUST, on behalf of<br> each of its series as set forth above | &nbsp;&nbsp;BAILLIE GIFFORD ETF TRUST, on behalf of<br> each of its series as set forth above |
| &nbsp;&nbsp;By | &nbsp;&nbsp;&nbsp;/s/ Michael Stirling-Aird |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;&nbsp;Michael Stirling-Aird |
| &nbsp;&nbsp;Title: | &nbsp;&nbsp;&nbsp;President |
| &nbsp;&nbsp;BAILLIE GIFFORD FUNDS SERVICES LLC | &nbsp;&nbsp;BAILLIE GIFFORD FUNDS SERVICES LLC |
| &nbsp;&nbsp;By | &nbsp;&nbsp;&nbsp;/s/ Lesley-Anne Archibald |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;&nbsp;Lesley-Anne Archibald |
| &nbsp;&nbsp;Title: | &nbsp;&nbsp;&nbsp;Chair |

---

*[Signature Page to Schedule A to Baillie Gifford ETF Trust Distribution Agreement]*

## Ex-99.(G)(1)

Exhibit 99.(g)(1)

![](tm2525881d3_ex99-xgx1img01.jpg)

**CUSTODY AGREEMENT**

**By and Between**

**THE BANK OF NEW YORK MELLON**

**And**

**BAILLIE GIFFORD ETF TRUST**

**TABLE OF CONTENTS**

**1.** **DEFINITIONS** **1** 

**2.** **APPOINTMENT OF CUSTODIAN; ACCOUNTS** **3** 

2.1 Appointment
 of Custodian 3

2.2 Establishment
 of Accounts 4

**3.** **AUTHORIZED PERSONS AND INSTRUCTIONS; ELECTRONIC ACCESS** **4** 

3.1 Authorized
 Persons 4

3.2 Instructions 5

3.3 BNY
 Actions Without Instructions 6

3.4 Funds
 Transfers 7

3.5 Electronic
 Access 7

**4.** **SUBCUSTODIANS, DEPOSITORIES AND AGENTS** **7** 

4.1 Use
 of Subcustodians and Depositories 7

4.2 Liability
 for Subcustodians 8

4.3 Liability
 for Depositories 8

4.4 Use
 of Agents 8

**5.** **CORPORATE ACTIONS** **9** 

5.1 Notification 9

5.2 Exercise
 of Rights 9

5.3 Partial
 Redemptions, Payments, Etc. 9

**6.** **SETTLEMENT** **9** 

6.1 Settlement
 Instructions 9

6.2 Settlement
 Funds 9

6.3 Settlement
 Practices 10

**7.** **TAX MATTERS** **10** 

7.1 Tax
 Obligations 10

7.2 Payments 11

**8.** **CREDITS AND ADVANCES** **11** 

8.1 Contractual
 Settlement and Income 11

8.2 Advances 11

8.3 Payment 11

8.4 Securing
 Payment 12

8.5 Setoff 12

8.6 Currency
 Conversion 13

**9.** **STATEMENTS; BOOKS AND RECORDS; THIRD PARTY DATA** **13** 

9.1 Statements 13

9.2 Books
 and Records 13

9.3 Third
 Party Data 13

**10.** **DISCLOSURES** **14** 

10.1 Required
 Disclosure 14

10.2 Foreign
 Exchange Transactions 14

10.3 Investment
 of Cash 15

i

**11.** **REGULATORY MATTERS** **15** 

11.1 USA
 PATRIOT Act 15

11.2 Sanctions;
 Anti-Money Laundering 15

**12.** **COMPENSATION** **16** 

12.1 Fees
 and Expenses 16

12.2 Other
 Compensation 17

**13.** **REPRESENTATIONS, WARRANTIES AND COVENANTS** **17** 

13.1 BNY 17

13.2 Customer 18

**14.** **LIABILITY** **18** 

14.1 Standard
 of Care 18

14.2 Limitation
 of Liability 18

14.3 Force
 Majeure 20

14.4 Indemnification 20

**15.** **CONFIDENTIALITY** **21** 

15.1 Confidentiality
 Obligations 21

15.2 Exceptions 21

**16.** **TERM AND TERMINATION** **21** 

16.1 Term 21

16.2 Termination 21

16.3 Effect
 of Termination 22

16.4 Survival 22

**17.** **GENERAL** **23** 

17.1 Non-Custody
 Assets 23

17.2 Assignment 23

17.3 Amendment 23

17.4 Governing
 Law/Forum 23

17.5 Business
 Continuity/Disaster Recovery 24

17.6 Non-Fiduciary
 Status 24

17.7 Notices 24

17.8 Entire
 Agreement 24

17.9 No
 Third Party Beneficiaries 24

17.10 Counterparts 24

17.11 Interpretation 25

17.12 No
 Waiver 25

17.13 Headings 25

17.14 Severability 25

17.15 Limitations
 and liabilities of the Trustees and Several Obligations of the Series 25

**CUSTODY AGREEMENT**

This Custody Agreement is made and entered into as of the latest date set forth on the signature page hereto (the "**Effective Date**") by and between **THE BANK OF NEW YORK MELLON**, a New York state chartered bank ("**BNY**"), and **BAILLIE GIFFORD ETF TRUST**, a Massachusetts business trust, on behalf of each of its respective Series (collectively, "**Customer**"). BNY and Customer are collectively referred to as the "**Parties**" and individually as a "**Party**".

**RECITALS**

WHEREAS, Customer wishes to appoint BNY as the custodian of certain of its assets, and BNY is willing to provide such services on the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and intending to be legally bound, the Parties agree as follows.

**1.** **DEFINITIONS**

Whenever used in this Agreement, the following words have the meanings set forth below:

"**1940 Act**" means the U.S. Investment Company Act of 1940, as amended.

"**Account**" or "**Accounts**" has the meaning set forth in Section 2.2.

"**Act**" has the meaning set forth in Section 10.1(a).

"**Affiliate**" means, with respect to any entity, any other entity that directly or indirectly controls, is controlled by or under common control with such entity.

"**Affiliate Securities**" has the meaning set forth in Section 8.4.

"**Agreement**" means, collectively, this Custody Agreement, any Exhibits hereto and any other documents incorporated herein by reference.

"**Anti-Money Laundering Laws**" means all anti-money laundering and counter-terrorist financing laws, rules, regulations, executive orders and requirements administered by any governmental authority of the United States (including the U.S. Bank Secrecy Act, the U.S.A. PATRIOT Act, the Money Laundering Control Act, and regulations of the U.S. Treasury Department which implement such acts) or any other applicable domestic or foreign authority with jurisdiction over Customer.

"**Assets**" has the meaning set forth in Section 2.1(a).

"**Authorized Person**" has the meaning set forth in Section 3.1.

"**BNY**" has the meaning set forth in the introductory paragraph.

"**Cash**" means the money and currency of any jurisdiction which BNY accepts for deposit in an Account.

"**Confidential Information**" means, with respect to a Party, the terms of this Agreement and all non-public business and financial information of such Party (including, with respect to Customer, information regarding the Accounts and including, with respect to BNY, information regarding its practices and procedures related to the services provided hereunder) disclosed to the other Party in connection with this Agreement.

"**Customer**" has the meaning set forth in the introductory paragraph.

"**Data Terms Website**" means *http://www.bny.com/products/assetservicing/vendoragreement.pdf* or any successor website the address of which is provided by BNY to Customer.

"**Depository**" means the Depository Trust Company, Euroclear, Clearstream Banking S.A., the Canadian Depository System, CLS Bank and any other securities depository, book-entry system or clearing agency authorized to act as a system for the central handling of securities pursuant to the laws of the applicable jurisdiction, and any successors to, and/or nominees of, any of the foregoing.

"**Effective Date**" has the meaning set forth in the introductory paragraph.

"**Electronic Access Services**" means such services made available by BNY or a BNY Affiliate to Customer to electronically access information relating to the Accounts and/or transmit Instructions.

"**Electronic Signature**" means an image, representation or symbol inserted into an electronic copy of the Agreement by electronic, digital or other technological methods.

"**Foreign Depository**" means an "Eligible Securities Depository" (as defined in Rule 17f-7 under the 1940 Act) identified by BNY to Customer from time to time.

"**Instructions**" means, with respect to this Agreement, instructions issued to BNY by way of (a) one of the following methods (each as and to the extent specified by BNY as available for use in connection with the services hereunder): (i) the Electronic Access Services; (ii) third-party electronic communication services containing, where applicable, appropriate authorization codes, passwords or authentication keys, or otherwise appearing on their face to have been transmitted by an Authorized Person or (iii) third-party institutional trade matching utilities used to effect transactions in accordance with such utility's customary procedures or (b) such other method as may be agreed upon by the Parties and that appear on their face to have been transmitted by an Authorized Person.

"**Market Data**" means pricing, valuations or other commercially sourced data applicable to any Security. Market Data also includes security identifiers, bond ratings and classification data.

"**Market Data Providers**" means vendors and analytics providers and any other Person providing Market Data to BNY.

"**Non-Custody Assets**" has the meaning set forth in Section 17.1.

"**Oral Instructions**" means, with respect to this Agreement, spoken instructions issued to BNY and reasonably believed by BNY to be from an Authorized Person.

"**Party**" or "**Parties**" has the meaning set forth in the introductory paragraph.

"**Person**" or "**Persons**" means any entity or individual.

"**Sanctions**" means all economic sanctions laws, rules, regulations, executive orders and requirements administered by any governmental authority of the United States (including the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury) or any other applicable domestic or foreign authority with jurisdiction over Customer.

"**Securities**" means all (a) debt and equity securities and (b) instruments representing rights or interests therein, including rights to receive, subscribe to or purchase the foregoing; in each case as may be agreed upon from time to time by BNY and Customer and which are from time to time delivered to or received by BNY and/or any Subcustodian for deposit in an Account.

"**Series**" means the respective portfolios, if any, of Customer listed on Appendix I to this Agreement. If no portfolios are listed on Appendix I to this Agreement then a reference to a Series means Customer.

"**Standard of Care**" has the meaning set forth in Section 14.1.

"**Subcustodian**" means a bank or other financial institution (other than a Depository) that is selected and used by BNY or a BNY Affiliate (acting as subcustodian) in connection with the settlement of transactions and/or custody of Assets hereunder, and any successors to, and/or nominees of, any of the foregoing.

"**Tax Information**" means all accurate, relevant and necessary information with respect to the Accounts or with respect to Customer's identification or classification for purposes of Tax Obligations, in each case as may be required by applicable tax laws or by a tax authority inquiry, or as may be requested by BNY in connection with the matters in Section 7.

"**Tax Obligations**" means taxes, withholding, certification and reporting requirements, claims for exemptions or refund, interest, penalties, additions to tax and other related expenses.

"**Third Party Data**" has the meaning set forth in Section 9.3(a).

**2.** **APPOINTMENT OF CUSTODIAN; ACCOUNTS** 

**2.1** **Appointment of Custodian** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer
 hereby appoints BNY as custodian of all Securities and Cash to be held under, and in accordance
 with the terms of, this Agreement (collectively, "**Assets** "), and BNY hereby
 accepts such appointment and agrees to safekeep Customer Assets in accordance with the terms
 of this Agreement. The Parties acknowledge and agree that BNY's duties pursuant to
 such appointment will be limited solely to those duties expressly undertaken pursuant to
 this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding
 the foregoing, BNY has no obligation pursuant to this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) With
 respect to any Assets until they are actually received in an Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To
 inquire into, make recommendations, supervise or determine the suitability of any transactions
 affecting any Account or to question any Instructions (it being understood that BNY shall,
 if applicable, review an Instruction to confirm it has been provided by an Authorized Person);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To
 monitor the Securities in the Accounts to determine whether Customer complies with limitations
 on ownership or any restrictions on investors provided for by local law, regulations or market
 practice, or provisions in the issuer's articles of incorporation or by-laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) To
 determine the adequacy of title to, or the validity or genuineness of, any Assets received
 by it or delivered by it pursuant to this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) With
 respect to any matters related to: the establishment maintenance, operation or termination
 of Customer; or the offer, sale or distribution of the shares of, or interests in, Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Operational
 terms, procedures and processes supporting the services described herein are set out in a
 separate service level description, a current version of which will be available upon request
 at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Cash
 held hereunder may be subject to additional deposit terms and conditions issued by BNY or
 the applicable Subcustodian from time to time, including rates of interest and deposit account
 access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If
 Customer engages in securities lending activities, such activities will be subject to certain
 additional and/or modified terms to be set forth in a separate written agreement between
 Customer and BNY or a BNY Affiliate.

**2.2** **Establishment of Accounts** 

BNY will establish and maintain a separate account for each Series in which BNY will hold Assets relating to the relevant Series as provided herein (each, an "**Account**," and collectively, the "**Accounts**"). The Account of each Series established under this Agreement shall be maintained separately from the Account of each other Series and BNY shall segregate on its books and records the Securities of each Series from any other securities in the possession of BNY. Except as otherwise contemplated in this Agreement or as provided by applicable law or regulation, the Assets shall be and remain the sole property of Customer, and BNY shall not lend, rehypothecate or pledge any Securities held in the Accounts.

**3.** **AUTHORIZED PERSONS AND INSTRUCTIONS; ELECTRONIC ACCESS** 

**3.1** **Authorized Persons** 

Promptly following the Effective Date, Customer and/or its designee (including any of Customer's investment managers) will furnish BNY with one or more written lists or other

documentation acceptable to BNY specifying the names and titles of, or otherwise identifying, all Persons authorized to act on behalf of Customer (with respect to a particular Series, if applicable) with respect to this Agreement (each, an "**Authorized Person**"). Customer will be responsible for keeping such lists and/or other documentation current, and will update such lists and/or other documentation, as necessary from time to time, pursuant to Instructions.

**3.2** **Instructions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except
 as otherwise expressly provided in this Agreement, BNY will have no obligation to take any
 action hereunder unless and until it receives Instructions issued in accordance with this
 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customer
 will be responsible for ensuring that (i) only Authorized Persons issue Instructions
 to BNY and (ii) all Authorized Persons safeguard and treat with reasonable care any
 user and authorization codes, passwords and authentication keys used in connection with the
 issuance of Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Where
 Customer may or is required to issue Instructions, such Instructions will be issued by an
 Authorized Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) BNY
 will be entitled to deal with any Authorized Person until notified otherwise pursuant to
 Instructions, and will be entitled to act and rely upon any Instruction received by BNY from
 an Authorized Person or from a person reasonably believed by BNY to be an Authorized Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All
 Instructions must include all information necessary, and must be delivered substantially
 in accordance with such methods and such format as BNY may require and be received within
 BNY's established cut-off times, as specified to Customer to enable BNY to act upon
 such Instructions. BNY shall make available to Customer information concerning requirements
 applicable to the methods, formats and cut-off times that apply to BNY's processing
 of Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) BNY
 may in its sole reasonable discretion decline to act upon any Instructions that do not comply
 with requirements set forth in Section 3.2(d) or that conflict with applicable
 law or regulations or BNY's operating policies and practices, in which event BNY will
 promptly notify Customer unless prevented from doing so by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Customer
 acknowledges that while it is not part of BNY's normal practices and procedures to
 accept Oral Instructions, BNY may in certain limited circumstances accept Oral Instructions.
 In such event, such Oral Instructions will be deemed to be Instructions for purposes of this
 Agreement. An Authorized Person issuing such an Oral Instruction will promptly confirm such
 Oral Instruction to BNY in writing. Notwithstanding the foregoing, Customer agrees that the
 fact that such written confirmation is not received by BNY, or that such written confirmation
 contradicts the Oral Instruction, will in no way affect (i) BNY's reliance on
 such Oral Instruction or (ii) the validity or enforceability of transactions authorized
 by such Oral Instruction and effected by BNY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Customer
 acknowledges and agrees that it is fully informed of the protections and risks associated
 with the various methods of transmitting Instructions to BNY and that there may be more secure
 methods of transmitting Instructions than the method selected by the sender. Customer agrees
 that the security procedures, if any, to be followed by Customer and BNY with respect to
 the transmission and authentication of Instructions provide to Customer a commercially reasonable
 degree of protection in light of its particular needs and circumstances.

**3.3** **BNY Actions Without Instructions** 

Without limiting the obligations of the Parties described in Section 11 below, Customer hereby authorizes BNY, without Instructions to take any administrative or ministerial actions with respect to the Accounts that it deems reasonably necessary or appropriate to perform its obligations under this Agreement, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Receive
 income and other payments due to the Accounts; provided, however, that BNY will have no duty
 to pursue collection of any amount due to an Account, including for Securities in default,
 if such amount is not paid when due; it being understood BNY will endeavor to make available
 information to enable the Customer to determine if any payments have not been received or
 if such Security is in default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Carry
 out any exchanges of Securities or other corporate actions not requiring discretionary decisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Facilitate
 access by Customer or its designee to ballots or online systems to assist it in the voting
 of proxies received by BNY in its capacity as custodian for eligible positions of Securities
 held in the Accounts (excluding bankruptcy matters), all of which will be exercised by Customer
 or its designee and not by BNY;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Forward
 to Customer or its designee information (or summaries of information) that BNY receives in
 its capacity as custodian from Depositories or Subcustodians concerning Securities in the
 Accounts (excluding bankruptcy matters);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Forward
 to Customer or its designee an initial notice of bankruptcy cases relating to Securities
 held in the Accounts and a notice of any required action related to such bankruptcy cases
 as may be received by BNY in its capacity as custodian. Unless otherwise expressly agreed
 in writing with Customer, BNY will take no further action nor provide further notification
 related to the bankruptcy case;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Unless
 otherwise elected by Customer, and in accordance with BNY's standard terms and conditions,
 provide class action filing services for settled claims related to Securities with industry
 recognized identifiers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Endorse
 for collection checks, drafts or other negotiable instruments received for the Accounts;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Execute
 and deliver, solely in its capacity as custodian, certificates, documents or instruments
 incidental to BNY's performance under this Agreement.

**3.4** **Funds Transfers** 

With respect to each Instruction for a Cash transfer, when the Instruction is to credit or pay a party by both a name and a unique numeric or alpha-numeric identifier (e.g., IBAN or ABA or account number), BNY and any other bank participating in the Cash transfer will be entitled to rely solely on such numeric or alpha-numeric identifier, even if it identifies a party different from the party named. Such reliance on an identifier will apply to beneficiaries named in the Instruction, as well as any financial institution that is designated in the Instruction to act as an intermediary in such Cash transfer. To the extent permitted by applicable law, the parties will be bound by the rules of any transfer system used to effect a Cash transfer under this Agreement.

**3.5** **Electronic Access** 

If Customer elects to use the Electronic Access Services in connection with this Agreement, the use thereof will be subject to any terms and conditions contained in a separate written agreement between the Parties or their Affiliates. However, if an Authorized Person elects, with BNY's prior consent, to transmit Instructions through a third-party electronic communications service, BNY will not be responsible or liable for the reliability or availability of any such service.

**4.** **SUBCUSTODIANS, DEPOSITORIES AND AGENTS** 

**4.1** **Use of Subcustodians and Depositories** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY
 will be entitled to utilize Subcustodians and Depositories in connection with its performance
 hereunder; provided that BNY will not utilize a Subcustodian that is an "Eligible Foreign
 Custodian" (as defined in Rule 17f-5 under the 1940 Act) to hold "Foreign
 Assets" (as defined in such Rule 17f-5) until after BNY is informed, pursuant
 to such means as determined by BNY, that Customer's board of directors or similar governing
 body or Customer's " Foreign Custody Manager" (as defined in such Rule 17f-5)
 has determined that utilization of such Subcustodian satisfies the applicable requirements
 of such Rule 17f-5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BNY
 will only utilize Subcustodians that have entered into an agreement with BNY or a BNY Affiliate,
 and Assets held through a Subcustodian will be held subject to the terms and conditions of
 such Subcustodian's respective agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assets
 deposited in a Depository will be held subject to the rules, procedures, terms and conditions
 of such Depository. Subcustodians may hold Assets in Depositories in which such Subcustodians
 participate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In
 connection with each Depository utilized by BNY that is a "securities depository"
 (as defined in Rule 17f-4 under the 1940 Act), BNY (a) will exercise due care in
 accordance with reasonable commercial standards in discharging its duties as a securities
 intermediary to obtain and thereafter maintain Securities or financial assets deposited or
 held in such Depository and (b) will provide, promptly upon request by Customer, such
 reports as are available concerning the internal accounting controls and financial strength
 of BNY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) With
 respect to each Foreign Depository, BNY will exercise reasonable care, prudence and diligence
 (a) to provide Customer with an analysis of the custody risks associated with maintaining
 assets with the Foreign Depository and (b) to monitor such custody risks on a continuing
 basis and promptly notify Customer of any material change in such risks. Customer acknowledges
 and agrees that such analysis and monitoring will be made on the basis of, and limited by,
 information gathered from certain Subcustodians or through publicly available information
 otherwise obtained by BNY, and will not include any evaluation of the matters referenced
 in Section 14.2(b)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Unless
 otherwise required by local law or practice or a particular Subcustodian agreement, Assets
 deposited with Subcustodians or Depositories may be held in a commingled account in the name
 of, as applicable, BNY, a BNY Affiliate or the applicable Subcustodian, for its clients.
 Custodian shall identify on its books and records the Assets belonging to the Customer, whether
 held directly or indirectly through Depositories, Foreign Depositories, or Subcustodians.

**4.2** **Liability for Subcustodians** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY
 will exercise the Standard of Care in selecting, retaining and monitoring Subcustodians.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With
 respect to Assets held by a Subcustodian, BNY will be liable to Customer for the activities
 of such Subcustodian under this Agreement to the extent that BNY would have been liable to
 Customer under this Agreement if BNY had performed such activities itself in the relevant
 market in which such Subcustodian is located; provided, however, that with respect to Securities
 held by a Subcustodian that is not a BNY Affiliate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) BNY's
 liability will be limited solely to the extent resulting directly from BNY's failure
 to exercise the Standard of Care in selecting, retaining, and monitoring such Subcustodian;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To
 the extent that BNY is not liable pursuant to Section 4.2(b)(i), BNY's sole responsibility
 to Customer will be to: (A) take reasonable and appropriate action to recover from such
 Subcustodian, and (B) forward to Customer any amounts so recovered (exclusive of reasonable
 costs and expenses incurred by BNY in connection therewith).

**4.3** **Liability for Depositories** 

BNY will have no responsibility or liability for the activities of any Depository arising out of or relating to this Agreement or any cost or burden imposed on the transfer or holding of Assets held with such Depository; provided that, for clarity, BNY remains responsible for its own acts and omissions pursuant to the terms of this Agreement.

**4.4** **Use of Agents** 

BNY may appoint agents, including BNY Affiliates, on such terms and conditions as it deems appropriate to perform its obligations hereunder. Except as otherwise specifically provided herein, no such appointment will discharge BNY from its obligations hereunder.

For the avoidance of doubt, BNY shall be liable to Customer for the acts or omissions of a BNY Affiliate under this Agreement to the same extent that BNY would have been liable under this Agreement if BNY had performed such act or omission itself.

**5.** **CORPORATE ACTIONS** 

**5.1** **Notification** 

BNY will notify Customer or its designee of rights or discretionary corporate actions as promptly as practicable under the circumstances, provided that BNY has actually received, in its capacity as custodian, notice of such right or discretionary corporate action from the relevant issuer, or from a Subcustodian, Depository or third party vendor. Without actual receipt of such notice by BNY, BNY will have no responsibility or liability for failing to so notify Customer.

**5.2** **Exercise of Rights** 

Whenever there are voluntary rights that may be exercised or alternate courses of action that may be taken with respect to Securities in an Account, Customer or its designee will be responsible for making any decisions relating thereto and for instructing BNY to act. In order for BNY to act, Customer must issue Instructions using, or directly referencing, the BNY-issued corporate actions instruction form, and include all the required information fields therein. Such Instructions must be addressed as BNY may request by the deadline specified by BNY, together with any amount which is required to be paid in carrying out any such action. In the event BNY does not receive such Instructions together with any required amount prior to its specified deadlines, BNY will not be liable for failure to take any action relating to, or to exercise any rights conferred by, such Securities.

**5.3** **Partial Redemptions, Payments, Etc.** 

BNY will advise Customer or its designee upon its notification, in its capacity as custodian, of a partial redemption, partial payment or other action with respect to a Security affecting fewer than all such Securities held within an Account. If BNY or any Subcustodian or Depository holds any Securities affected by one of the events described, BNY or such Subcustodian or Depository may select the Securities to participate in such partial redemption, partial payment or other action in any non-discriminatory manner that it customarily uses to make such selection.

**6.** **SETTLEMENT** 

**6.1** **Settlement Instructions** 

Promptly after the execution of each Securities transaction, Customer will issue to BNY Instructions to settle such transaction. Unless otherwise agreed by BNY and subject to Section 8.1, Assets will be credited to the relevant Account only when actually received by BNY.

**6.2** **Settlement Funds** 

For the purpose of settling a Securities transaction, Customer will provide BNY with sufficient immediately available funds or Securities, as applicable, in the relevant Account

by such time and date as conditions in the relevant market dictate or are otherwise required, in each case, to enable BNY to settle such transaction in the country of settlement and in the currency to be used to settle such transaction.

**6.3** **Settlement Practices** 

Securities transactions will be settled using practices customary in the jurisdiction or market where the transaction occurs. Customer understands that when BNY is instructed to deliver Securities against payment, delivery of such Securities and receipt of payment related to such Securities may not be completed simultaneously and can also be made without payment. Customer assumes full responsibility for all risks involved in connection with BNY's delivery of Securities or Cash in accordance with such practices.

**7.** **TAX MATTERS** 

**7.1** **Tax Obligations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To
 the extent that BNY has received the Tax Information within the time stipulated, BNY will
 perform the following services with respect to Tax Obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unless
 prohibited by law or regulation, at the reasonable request of Customer, BNY will provide
 to Customer such information received by BNY in its capacity as custodian that could, in
 Customer's reasonable belief, assist Customer or its designee in the submission of
 any reports or returns with respect to Tax Obligations. An Authorized Person will inform
 BNY in writing as to which party or parties will receive information from BNY;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) BNY
 will, upon receipt of sufficient Tax Information from Customer (as reasonably determined
 by BNY), file claims for exemptions or refunds with respect to withheld taxes in those markets
 where it provides such services and subject to BNY's service level description (in
 each case as made available to Customer from time to time). Where Customer (for whatever
 reason) fails or neglects to provide BNY with or to review and confirm the Tax Information
 within the time stipulated by BNY, then such failure or neglect may result in the disapplication
 of withholding tax relief or the obligation on Customer to immediately return amounts already
 refunded by a tax authority. Customer may, however, elect to appoint its own tax agent to
 file claims for exemptions or refunds in any or all markets, with advance notice to BNY of
 such appointment and subject to such terms as separately agreed in writing between Customer
 and BNY; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) BNY
 or the applicable Subcustodian will withhold appropriate amounts, as required by applicable
 tax laws, with respect to amounts received and is authorized to debit the relevant Account
 in the amount of a Tax Obligation and to pay such amount to the appropriate taxing authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customer's
 receipt of the foregoing services is dependent upon its subscription to BNY's information
 reporting system, and Customer will be responsible for enrolling its designated Authorized
 Persons in such system. Customer acknowledges that BNY may, at any time, amend the scope
 of its tax service offering and notice of such changes will be made available to BNY's
 customers through its information

reporting system. Such changes may require additional documentation, attestations or declarations to be entered into by Customer in order to continue receiving the relevant tax service in a particular market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Customer
 will be responsible for understanding its Tax Obligations, and will be solely responsible
 and liable for all Tax Obligations with respect to any Assets held on behalf of Customer
 and any transaction related thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Customer
 will provide BNY with Tax Information to enable BNY to comply with BNY's obligations
 under any applicable tax laws or with any tax authority enquiry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Customer
 acknowledges and agrees that none of BNY nor any BNY Affiliate is a tax adviser and none
 of BNY nor any BNY Affiliate will, under any circumstances, provide tax advice to Customer.
 Customer will obtain its own independent tax advice for any tax-related matters or Tax Obligations.

**7.2** **Payments** 

Where BNY receives Instructions to make distributions or transfers out of an Account in order to pay Customer's third party service providers, Customer acknowledges that in making such payments BNY is acting in an administrative capacity, and not as the payor, for tax information reporting and withholding purposes.

**8.** **CREDITS AND ADVANCES** 

**8.1** **Contractual Settlement and Income** 

BNY may, in its sole discretion, as a matter of bookkeeping convenience, credit the relevant Account with the proceeds resulting from the purchase, sale, redemption or other delivery or receipt of Securities, or interest, dividends or other distributions payable on Securities prior to its actual receipt thereof. All such credits will be conditional until BNY's actual receipt of such proceeds and may be reversed by BNY to the extent that such proceeds are not received. Actual receipt of proceeds with respect to a transaction will not be deemed to have occurred, and the transaction will not be considered final, until BNY has received sufficient immediately available funds or Securities specifically applicable to such transaction that, under applicable local law, rule or practice, are irreversible.

**8.2** **Advances** 

If BNY receives an Instruction that, if processed, would result in an overdraft in an Account, BNY may, in its sole discretion, advance funds in any currency hereunder; however, BNY will have no obligation to advance its own funds.

**8.3** **Payment** 

If: (a) BNY has advanced funds to an Account; (b) an overdraft has occurred in an Account (including overdrafts incurred in connection with the settlement of securities transactions, funds transfers or foreign exchange transactions) or (c) Customer is for any other reason indebted to BNY in connection with this Agreement, Customer agrees to pay BNY (on demand or upon becoming aware thereof) the amount of such advance, overdraft or

indebtedness, plus accrued interest at a rate then charged by BNY to its institutional custody clients in the relevant currency.

**8.4** **Securing Payment** 

In order to secure payment of Customer's obligations relating to a Series (whether or not matured) to BNY or any BNY Affiliate, relating to or arising in connection with this Agreement or any other agreement with BNY or any BNY Affiliate, and in addition to any preference, lien or other rights and security interest to which BNY or such BNY Affiliate may be entitled under applicable law or any other agreement, Customer hereby pledges and grants to BNY and such BNY Affiliate, and agrees BNY and such BNY Affiliate will have to the maximum extent permitted by law, a continuing first lien and security interest in: (a) all of Customer's and such Series' right, title and interest in and to the Account relating to such Series and the Assets now or hereafter held in such Account (including proceeds thereof) and (b) any other property at any time held by BNY or any BNY Affiliate relating to such Series; provided that Customer does not hereby grant a security interest in any Securities issued by an affiliate (as defined in Section 23A of the U.S. Federal Reserve Act and related implementing regulations (Regulation W, 12 C.F.R. part 223)) of BNY (such securities, "**Affiliate Securities**") with the exception of Affiliate Securities that (i) constitute "eligible affiliated mutual fund securities" as defined in Section 223.24(c) of Regulation W (12 C.F.R. 223.24(c)) and (ii) meet the requirements in Section 223.24(c) of Regulation W (12 C.F.R. 223.24(c)). Customer represents, warrants and covenants that it owns the Assets in the Accounts, and such other property at any time held by BNY or any BNY Affiliate relating to Customer, free and clear of all liens, claims and security interests (except for those granted in accordance with this Agreement or as otherwise acknowledged in writing by BNY), and that the first lien and security interest granted herein with respect to each Series will be subject to no setoffs, counterclaims or other liens prior to or on a parity with it in favor of any third party (other than specific liens granted preferred status by statute). Customer will take any additional steps required to assure BNY of such priority security interest, including notifying third parties or obtaining their consent. BNY will be entitled to collect from the relevant Account sufficient Cash for reimbursement, and if such Cash is insufficient, to sell Securities in such Account to the extent necessary to obtain reimbursement; provided, however, BNY shall not be entitled to collect amounts in excess of the reimbursement amount. In this regard, BNY will be entitled to all the rights and remedies of a pledgee, secured creditor and/or securities intermediary under applicable laws, rules and regulations as then in effect as if Customer or the relevant Series is in default.

**8.5** **Setoff** 

BNY has the right to debit any Cash for any amount payable by Customer in connection with any and all obligations (whether or not matured) of Customer relating to a Series to BNY or any BNY Affiliate, relating to or arising under this Agreement or any other agreement with BNY or any BNY Affiliate. In addition to the rights of BNY or such BNY Affiliate under applicable law or any other agreement, at any time when Customer has not honored any of its obligations relating to a Series to BNY or such BNY Affiliate, BNY will have the right without notice to Customer to retain or set-off against any obligations relating to such Series any cash BNY or any BNY Affiliate may directly or indirectly hold with respect to such Series, and any obligations (whether or not matured) that BNY or any BNY Affiliate may have with respect to such Series in any currency. Any such cash or obligation relating to a Series may be transferred to BNY and any BNY Affiliate in order to

effect the above rights. BNY will endeavor to notify Customer prior to any exercise of its set-off rights under this Agreement if reasonably practicable under the circumstances, and in any event promptly thereafter.

**8.6** **Currency Conversion** 

BNY is hereby authorized to effect any necessary currency conversions in order to exercise its rights under this Section 8 at BNY's own rate of exchange then prevailing.

**9.** **STATEMENTS; BOOKS AND RECORDS; THIRD PARTY DATA** 

**9.1** **Statements** 

BNY will make available to Customer, through the Electronic Access Services, a monthly statement (or report for such other time period as the Parties may agree upon from time to time) reflecting all transfers to or from the Accounts during such month and all holdings in the Accounts as of the last business day of such month (or as of such other date(s) as the Parties may agree upon from time to time). Customer will review each such statement and, within ninety (90) days of when such statement is made available by BNY, notify BNY of any exception or objection thereto. Notwithstanding the foregoing, Customer may notify BNY of any such exceptions or objections at any time.

**9.2** **Books and Records** 

The books and records, directly pertaining to the Accounts, which are in the possession of BNY will be the property of Customer. Such books and records will be prepared and maintained as required by the 1940 Act and the rules thereunder. BNY will identify on its books and records the Assets belonging to Customer with respect to each Series whether held directly or indirectly through Subcustodians or Depositories. Securities held in the Accounts will be held in registered form in the name of BNY or one of its nominees and will be segregated on BNY's books and records from BNY's own property. Customer and its authorized representatives will have the right, at Customer's own expense and with reasonable prior written notice to BNY, to have reasonable access to those books and records directly pertaining to the Accounts. Any such access will occur during BNY's normal business hours and will be subject to BNY's applicable security policies and procedures. Upon Customer's reasonable request, copies of those books and records directly pertaining to the Accounts will be provided by BNY to Customer or its authorized representative.

**9.3** **Third Party Data** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer
 acknowledges that BNY will be receiving, utilizing and relying on Market Data and other data
 provided by Customer and/or by third parties in connection with its performance of the services
 hereunder (collectively, "**Third Party Data** "). BNY is entitled to rely
 without inquiry on all Third Party Data provided to BNY hereunder (and all Instructions related
 to Third Party Data), and BNY makes no assurances or warranties in relation to the accuracy
 or completeness of Third Party Data and will not be responsible or liable for any losses
 or damages incurred as a result of any Third Party Data that is inaccurate or incomplete.
 BNY may follow Instructions with respect to Third Party Data, even if such Instructions direct
 BNY to override its usual procedures and data sources or if BNY, in performing services

for itself or others (including services similar to those performed for Customer), receives different Third Party Data for the same or similar Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Although
 statements and reports provided by BNY hereunder with respect to the Accounts may contain
 values of, and pricing information in relation to, Securities held pursuant to this Agreement,
 BNY does not undertake any duty or responsibility under this Agreement to report such values
 or pricing information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Certain
 Market Data may be the intellectual property of Market Data Providers, which impose additional
 terms and conditions upon Customer's use of such Market Data. Such additional terms
 and conditions can be found on the Data Terms Website. Customer agrees to those terms and
 conditions as they are posted on the Data Terms Website from time to time.

**10.** **DISCLOSURES** 

**10.1** **Required Disclosure** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With
 respect to Securities that are registered under the U.S. Securities Exchange Act of 1934,
 as amended, or that are issued by an issuer registered under the 1940 Act, the U.S. Shareholder
 Communications Act of 1985 (the "**Act**") requires BNY to disclose to issuers
 of such Securities, upon their request, the name, address and securities position of BNY's
 clients who are "beneficial owners" (as defined in the Act) of the issuer's
 Securities, unless the beneficial owner objects to such disclosure. The Act defines a "beneficial
 owner" as any person who has or shares the power to vote a security (pursuant to an
 agreement or otherwise) or who directs the voting of a security. Customer has designated
 on the signature page hereof whether (i) as beneficial owner, it objects to the
 disclosure of its name, address and securities position to any U.S. issuer that requests
 such information pursuant to the Act for the specific purpose of direct communications between
 such issuer and Customer or (ii) it requires BNY to contact the relevant investment
 manager with respect to relevant Securities to make the decision as to whether it objects
 to the disclosure of the beneficial owner's name, address and securities position to
 any U.S. issuer that requests such information pursuant to the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With
 respect to certain Securities issued outside the United States, BNY may disclose information
 to issuers of Securities as required by the organizational documents of the relevant issuer
 or in accordance with local market practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In
 connection with any disclosure contemplated by this Section 10, Customer agrees to work
 reasonably with BNY to supply BNY with any required information.

**10.2** **Foreign Exchange Transactions** 

In connection with this Agreement, Customer may enter into foreign exchange transactions (including foreign exchange hedging transactions) with BNY or a BNY Affiliate acting as a principal through customary channels. Customer may issue standing Instructions with respect to any such foreign exchange transactions, subject to any terms, rules or limitations that apply to any foreign exchange facility made available to Customer. With respect to any such foreign exchange transactions, BNY or such BNY Affiliate is acting as a principal counterparty on its own behalf which may retain any profits from such

foreign exchange transactions, and is not acting as a fiduciary or agent for, or on behalf of, Customer, a Series, an investment manager or any Account.

**10.3** **Investment of Cash** 

In connection with this Agreement, Customer may issue standing Instructions to invest Cash in one or more sweep investment vehicles. Such investment vehicles may be offered by a BNY Affiliate or by a client of BNY, and BNY may receive compensation therefrom. By making investment vehicles available, BNY and its Affiliates will not be deemed to have recommended, endorsed or guaranteed any such investment vehicle in any way or otherwise to have acted as a fiduciary or agent for, or on behalf of, Customer, its investment manager or any Account. BNY will have no liability for any loss incurred on any such investments. Customer understands that Cash may be uninvested if it is received or reconciled to an Account after the applicable deadline to be swept into Customer's selected investment vehicle.

**11.** **REGULATORY MATTERS** 

**11.1** **USA PATRIOT Act** 

Section 326 of the U.S. Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (including its implementing regulations) requires BNY to implement a customer identification program pursuant to which BNY must obtain certain information from Customer in order to verify Customer's identity prior to establishing an Account. Accordingly, prior to establishing an Account, Customer will be required to provide BNY with certain information, including Customer's name, physical address, tax identification number and other pertinent identifying information, to enable BNY to verify Customer's identity. Customer acknowledges that BNY cannot establish an Account unless and until BNY has successfully performed such verification.

**11.2** **Sanctions; Anti-Money Laundering** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Throughout
 the term of this Agreement, Customer: (i) will have in place and will implement policies
 and procedures designed to prevent violations of Sanctions, including measures to accomplish
 effective and timely scanning of all relevant data with respect to its clients (to the extent
 the Assets are client assets) and with respect to incoming or outgoing assets or transactions
 relating to this Agreement; (ii) will use reasonable efforts to ensure that neither
 Customer nor any of its Affiliates, directors, officers, employees or clients (to the extent
 the Assets are client assets) is an individual or entity that is, or is owned or controlled
 by an individual or entity that is: (A) the target of Sanctions or (B) located,
 organized or resident in a country or territory that is, or whose government is, the target
 of Sanctions and (iii) will not, directly or indirectly, use the Accounts in any manner
 that would result in a violation by Customer or BNY of Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customer
 acknowledges and agrees that, in connection with the services provided by BNY under this
 Agreement, each of Customer's authorized participants is not a customer or joint customer
 with BNY. Customer (and not BNY) has the responsibility to, and will, fulfill any compliance
 requirement or obligation with respect to each of its authorized participants under all Anti-Money
 Laundering

Laws. Without limiting any obligation imposed on Customer by Anti-Money Laundering Laws, throughout the term of this Agreement, Customer will maintain a compliance program with respect to its authorized participants that includes the following: (i) a know-your-customer program in order to understand and verify the identity of each authorized participant, in accordance with the requirements of the Bank Secrecy Act and the relevant regulations thereunder, (ii) a transaction surveillance and monitoring program, and (iii) a policy for identifying and reporting any suspicious transactions and/or activities with respect to each authorized participant to the appropriate law enforcement and regulatory authorities and to BNY where related to the services provided by BNY hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Customer
 will promptly provide to BNY such information as BNY reasonably requests in connection with
 the matters referenced in this Section 11.2, including information regarding (i) the
 Accounts, (ii) the Assets and the source thereof, (iii) the identity of any individual
 or entity having or claiming an interest therein, and (iv) Customer's anti-money
 laundering and Sanctions compliance programs and any related records and/or transaction information,
 including with respect to any authorized participant, regardless of whether such request
 is made under USA PATRIOT Act Section 314(b) (where applicable). Customer will
 cooperate with BNY and provide assistance reasonably requested by BNY in connection with
 any anti-money laundering and terrorist financing or Sanctions inquiries. Prior to delivering
 to BNY the assets of any authorized participant, Customer will obtain from each such authorized
 participant, and will continue to maintain in effect throughout the term of this Agreement,
 any consents or waivers that may be required under applicable law in order to comply with
 the foregoing obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) BNY
 may decline to act or provide services in respect of any Account, and take such other actions
 as it, in its reasonable discretion, deems necessary or advisable, in connection with the
 matters referenced in this Section 11.2. If BNY declines to act or provide services
 as provided in the preceding sentence, except as otherwise prohibited by applicable law or
 official request, BNY will inform Customer as soon as reasonably practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) While
 Customer remains responsible for the matters set forth in sub-sections (a) and (b) of
 this Section 11.2, BNY acknowledges that certain duties relating to such matters may
 be delegated by Customer to its transfer agent service provider.

**12.** **COMPENSATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1 Fees and Expenses**

In consideration of BNY's services provided hereunder, Customer will (a) pay to BNY the fees set forth in the agreed upon fee schedule (as such fee schedule is agreed in writing among Customer and BNY and (b) reimburse BNY for any reasonable out-of-pocket expenses incurred by BNY in connection therewith. Unless otherwise agreed by the Parties, such amounts will be payable to BNY within thirty (30) days of Customer's receipt of the relevant invoice. Without limiting BNY's other rights set forth in this Agreement, BNY may charge interest on

overdue amounts at a rate then charged by BNY to its institutional custody clients in the relevant currency.

Notwithstanding the foregoing, BNY agrees that pursuant to separate contractual arrangements between Customer and Baillie Gifford Overseas Limited ("BGOL"), Customer's investment adviser, BGOL may pay some or all of the amounts due and payable by Customer under this Agreement on behalf of Customer. BNY further agrees that Customer's payment obligations hereunder may be satisfied by BGOL, provided that such payment by BGOL is equal to or greater than the amount due and payable by Customer under this Agreement. Nothing herein shall be construed to limit Customer's ultimate responsibility for amounts due and payable under this Agreement in the event BGOL does not make such payment and, for the avoidance of doubt, nothing in this Section 12.1 shall limit the rights of BNY contemplated in Sections 8.4 and 8.5 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2 Other Compensation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer
 acknowledges that, as part of BNY's compensation, BNY will earn interest on Cash balances
 held by BNY (including disbursement balances, balances arising from purchase and sale transactions
 and when Cash otherwise remains uninvested) as provided in BNY's compensation disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where
 an error or omission has occurred under this Agreement that results in an unintended gain,
 provided that Customer is put in the same or equivalent position as it would have been in
 had such error or omission not occurred, any such gain will be solely for the account of
 BNY without any duty to report such gain to Customer.

**13.** **REPRESENTATIONS, WARRANTIES AND COVENANTS** 

**13.1** **BNY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY
 represents and warrants that: (a) it is duly organized, validly existing and in good
 standing in its jurisdiction of organization; (b) it has the requisite corporate power
 and authority to enter into and to carry out the transactions contemplated by this Agreement;
 (c) it is a bank having the qualifications set forth in Section 26(a)(1) of
 the 1940 Act; and (d) the individual executing this Agreement on its behalf has the
 requisite authority to bind BNY to this Agreement including by Electronic Signature, and
 any such Electronic Signature represents an intent to enter into this Agreement and an agreement
 with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BNY
 represents and warrants that it is qualified to act as a custodian pursuant to Section 17f-1
 of the 1940 Act as of the date hereof and at all times shall maintain such qualification,
 and that it shall confirm such qualification in writing to Customer upon the request of Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) BNY
 represents and warrants that it is conducting its business in compliance with all applicable
 statutes, laws, rules and regulations applicable to it by virtue of the services provided
 hereunder.

**13.2** **Customer** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer
 represents and warrants that: (i) it is duly organized, validly existing and in good
 standing in its jurisdiction of organization; (ii) it has the requisite corporate power
 and authority to enter into and to carry out the transactions contemplated by this Agreement;
 and (iii) the individual executing this Agreement on its behalf has the requisite authority
 to bind Customer to this Agreement including by Electronic Signature, and any such Electronic
 Signature represents an intent to enter into this Agreement and an agreement with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customer
 represents, warrants and covenants that (i) it or the relevant investment manager has
 determined that the custody arrangements of each Depository maintaining "Foreign Assets"
 (as defined in Rule 17f-5 under the 1940 Act) provide reasonable safeguards against
 the custody risks associated with maintaining assets with such Depository within the meaning
 of Rule 17f-7 under the 1940 Act and (ii) it shall manage its borrowings, including
 without limitation any advance or overdraft (including any daylight overdraft) in an Account,
 so that the aggregate of its total borrowings for each Series do not exceed the amount
 such Series is permitted to borrow under the 1940 Act to the extent that any such exceedance
 would impair BNY's security interest as provided in Section 8.4 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Customer
 represents and warrants that all actions taken, or to be taken, by or on behalf of Customer
 in connection with establishing, maintaining, operating or terminating Customer (including,
 any offer, sale or distribution of the shares of, or interest in, Customer) shall be done
 in compliance with all applicable U.S. state and federal securities laws and regulations
 and all other applicable laws and regulations of all applicable jurisdictions.

**14.** **LIABILITY** 

**14.1** **Standard of Care** 

In performing its duties under this Agreement, BNY will exercise the standard of care and diligence that a professional custodian would observe in these affairs taking into account the prevailing rules, practices, procedures and circumstances in the relevant market ("**Standard of Care**").

**14.2** **Limitation of Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY's
 liability arising out of or relating to this Agreement will be limited solely to those direct
 damages that are caused by BNY's failure to perform its obligations under this Agreement
 in accordance with the Standard of Care. In no event will BNY or Customer be liable for any
 indirect, incidental, consequential, exemplary, punitive or special losses or damages, or
 for any loss of revenues, profits or business opportunity, arising out of or relating to
 this Agreement (whether or not foreseeable and even if BNY or Customer, as applicable, has
 been advised of the possibility of such losses or damages).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding
 anything to the contrary set forth in this Agreement, in no event will BNY be liable for
 any losses or damages arising out of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Customer's
 or an Authorized Person's decision to invest in or hold Assets in any particular country,
 including any losses or damages arising out of or relating to: (A) the financial infrastructure
 of a country; (B) a country's prevailing custody and settlement practices; (C) nationalization,
 expropriation or other governmental actions; (D) a country's regulation of the
 banking or securities industry; (E) currency and exchange controls, restrictions, devaluations,
 redenominations, fluctuations or asset freezes; (F) laws, rules, regulations or orders
 that at any time prohibit or impose burdens or costs on the transfer of Assets to, by or
 for the account of Customer or (G) market conditions which affect the orderly execution
 of securities transactions or affect the value of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) BNY's
 reliance on Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) BNY's
 receipt or acceptance of fraudulent, forged or invalid Securities (or Securities which are
 otherwise not freely transferable or deliverable without encumbrance in any relevant market);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) For
 any matter with respect to which BNY is required to act only upon the receipt of Instructions,
 (A) BNY's failure to act in the absence of such Instructions or (B) Instructions
 that are late or incomplete or do not otherwise satisfy the requirements of Section 3.2(e),
 whether or not BNY acted upon such Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) BNY
 receiving or transmitting any data to or from Customer or any Authorized Person via any non-secure
 method of transmission or communication selected by Customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Customer's
 or an Authorized Person's decision to invest in Securities or to hold Cash in any currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The
 insolvency of any Person, including a Subcustodian that is not a BNY Affiliate, Depository,
 broker, bank or a counterparty to the settlement of a transaction or to a foreign exchange
 transaction, except to the extent arising directly from BNY's failure to exercise the
 Standard of Care in selecting, retaining, and monitoring a Subcustodian that is not a BNY
 Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Any
 inability of BNY, a Subcustodian or any of their respective agents to file claims for exemptions
 or refunds or otherwise obtain relief from Tax Obligations due to (A) Customer's
 failure to provide, or delay in providing, Tax Information to BNY, (B) any failure of
 Customer to comply with applicable tax laws, or (C) any failure or refusal of any taxing
 authority to provide such relief; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) The
 use of any third party appointed or selected by Customer, or by BNY at the express request
 of Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 BNY is in doubt as to any action it should or should not take, either pursuant to, or in
 the absence of, Instructions, BNY may, at its own expense, obtain the advice of either
 reputable counsel of its own choosing or counsel to Customer, and BNY

will not be liable for acting in accordance with such advice. Where circumstances permit, BNY will notify Customer of BNY's engagement of counsel.

**14.3** **Force Majeure** 

BNY will not be responsible or liable for any failure or delay in the performance of its obligations under this Agreement to the extent caused, directly or indirectly, by natural disasters, fire, acts of God, strikes, work stoppages beyond the Bank's control, acts of war or terrorism, general civil unrest, actual or threatened epidemics, disease, act of any government, governmental authority or police or military authority, declared or threatened state of emergency, legal constraint, the interruption, loss or malfunction of utilities or transportation, communications or computer systems, or any other similar events beyond its reasonable control. BNY will use commercially reasonable efforts to minimize the effect of any such events.

**14.4** **Indemnification** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer
 will indemnify and hold harmless BNY from and against all losses, costs, expenses, damages
 and liabilities (including reasonable and documented outside counsel fees and expenses) ("Losses")
 incurred by BNY directly arising out of or relating to BNY's performance under this
 Agreement, except to the extent resulting from BNY's negligence, willful misconduct
 or failure to perform its obligations under this Agreement in accordance with the Standard
 of Care. The Parties agree that the foregoing will include reasonable and documented outside
 counsel fees and expenses incurred by BNY in its successful defense of claims that are asserted
 by Customer against BNY arising out of or relating to BNY's performance under this
 Agreement. Any obligations of Customer under this Section 14.4 with respect to a particular
 Series will not be satisfied out of the assets of another Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject
 to the limitations of liability contained in this Agreement, including, without limitation,
 this Section 14, BNY shall indemnify and hold Customer and each Series harmless
 from and against any and all direct losses, damages, costs and charges ("Liabilities"),
 in each case, which are incurred by the Customer or the applicable Series as the direct
 result of BNY's negligence, bad faith, fraud, reckless disregard of its duties hereunder,
 willful misconduct or failure to perform its obligations under this Agreement in accordance
 with the Standard of Care; provided, however, BNY shall not indemnify Customer or any Series for
 any Liabilities arising out of the Customer's or any Series' negligence, bad
 faith, fraud, reckless disregard of its duties hereunder, or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding
 any other provision in this Agreement or applicable law to the contrary and except as may
 be agreed upon in writing by the Parties, BNY and Customer, on behalf of itself and each
 Series, agree that to the extent that BNY or any BNY Affiliate would be liable hereunder
 for Liabilities, in no event shall BNY's and such BNY Affiliate's total maximum
 aggregate liability under Section 14.2(b) above of this Agreement, whether based
 on a claim in contract or in tort, law or equity, for any reason and upon any cause of action
 whatsoever, exceed twelve (12) months' fees (based on the fees paid by the Customer
 on behalf of the applicable Series for the services provided pursuant to this Agreement
 during the preceding 12 month period immediately preceding the event giving rise to the

Liabilities); provided, however, this damage cap shall not apply to those Liabilities which are caused by BNY's gross negligence, willful misconduct, or fraud.

**15.** **CONFIDENTIALITY** 

**15.1** **Confidentiality Obligations** 

Each Party agrees to use the Confidential Information of the other Party solely to accomplish the purposes of this Agreement and, except in connection with such purposes or as otherwise permitted herein, not to disclose such information to any other Person without the prior written consent of the other Party. Notwithstanding the foregoing, BNY may: (a) use Customer's Confidential Information in connection with certain functions performed on a centralized basis by BNY, its Affiliates and joint ventures and their service providers (including audit, accounting, risk, legal, compliance, sales, administration, product communication, relationship management, compilation and analysis of customer-related data and storage); (b) disclose such information to its Affiliates and joint ventures and to its and their service providers who are subject to confidentiality obligations and (c) store the names and business contact information of Customer's employees and representatives relating to this Agreement on the systems or in the records of its Affiliates and joint ventures and its and their service providers. In addition, BNY may aggregate information regarding Customer and the Accounts on an anonymized basis with other similar client data for BNY's and its Affiliates' reporting, research, product development and distribution, and marketing purposes; provided that neither BNY nor any of its Affiliates shall distribute such aggregated information in a format that identifies any Customer or that can be reverse engineered to identify a particular Customer.

**15.2** **Exceptions** 

The Parties' respective obligations under Section 15.1 will not apply to any such information: (a) that is, as of the time of its disclosure or thereafter becomes, part of the public domain through a source other than the receiving Party; (b) that was known to the receiving Party as of the time of its disclosure and was not otherwise subject to confidentiality obligations; (c) that is independently developed by the receiving Party without reference to such information; (d) that is subsequently learned from a third party not known to be under a confidentiality obligation to the disclosing Party or (e) that is required to be disclosed pursuant to applicable law, rule, regulation, requirement of any law enforcement agency, court order or other legal process or at the request of a regulatory authority.

**16.** **TERM AND TERMINATION** 

**16.1** **Term** 

The term of this Agreement will commence on the Effective Date and will continue in effect until terminated in accordance with the provisions herein.

**16.2** **Termination** 

Each Party may terminate this Agreement with respect to one or more Series by giving to the counter-Party a notice in writing specifying the date of such termination, which will be not less than ninety (90) days after the date of such notice.

**16.3** **Effect of Termination** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In
 the event notice of termination is given by Customer, it shall be accompanied by a notice
 designating a successor custodian or custodians. In the event such notice is given by BNY,
 Customer shall, on or before the termination date, deliver to BNY a notice designating a
 successor custodian or custodians. In the absence of such designation by Customer, BNY may
 designate a successor custodian which shall be a bank or trust company having not less than
 $2,000,000 aggregate capital, surplus, and undivided profits. Upon the date set forth in
 such notice this Agreement shall terminate, and BNY shall upon receipt of a notice of acceptance
 by the successor custodian on that date deliver directly to the successor custodian all Securities
 and money then owned by Customer and held by it as BNY (other than Securities which cannot
 be delivered to the successor custodian), after deducting all fees, expenses, and other amounts
 for the payment or reimbursement of which it shall then be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 a successor custodian is not designated by Customer or BNY in accordance with the preceding
 sub-section (a) of this Section 16.3, Customer shall upon the date specified in
 the notice of termination of this Agreement and upon the delivery by BNY of all Securities
 (other than Securities which cannot be delivered to Customer) and money then owned by Customer
 be deemed to be its own custodian and BNY shall thereby be relieved of all duties and responsibilities
 pursuant to this Agreement, other than the duty with respect to Securities which cannot be
 delivered to Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 applicable, in connection with a termination of this Agreement BNY will follow such reasonable
 Instructions as Customer issues concerning the transfer of custody of records, Assets and
 other items; provided that (a) BNY will have no responsibility or liability for shipping
 and insurance costs associated therewith and (b) full payment has been made to BNY of
 its compensation, costs, expenses and other amounts to which it is entitled hereunder. If
 any Assets remain in any Account after termination, BNY may deliver to Customer such Assets
 as contemplated in this Section. The terms of this Agreement (including the terms relating
 to fees payable to BNY) will continue to apply from day to day until any transferable Asset
 is transferred in accordance with this Section, except that no additional Cash or Securities
 may be deposited with BNY or any Subcustodian after such date other than with BNY's
 express prior consent, and Customer will have a continuing obligation to provide BNY as soon
 as possible with the details of the Person or Persons to whom the remaining Assets are to
 be transferred

**16.4** **Survival** 

Any and all provisions of this Agreement which by their nature or effect are required or intended to be observed, kept or performed after the expiration or termination of this Agreement will survive the expiration or any termination of this Agreement and remain binding upon and for the Parties' benefit, including Section 13 (Representations, Warranties and Covenants); Section 14 (Liability); Section 15 (Confidentiality); Section 16.3 (Effect of Termination); Section 16.4 (Survival) and Section 17.4 (Governing Law/Forum).

**17.** **GENERAL** 

**17.1** **Non-Custody Assets** 

At Customer's request pursuant to Instructions, subject to BNY's approval and as an accommodation to Customer, BNY will provide consolidated recordkeeping services reflecting on statements provided to Customer securities and other assets not held by BNY ("**Non-Custody Assets**"). Non-Custody Assets will be designated on BNY's books as "assets not held in custody" or by other similar designation and will not constitute Assets for purposes of this Agreement. Customer acknowledges and agrees that, notwithstanding anything contained elsewhere in this Agreement, (a) Customer will have no security entitlement against BNY with respect to Non-Custody Assets; (b) BNY will rely, without independent verification, on information provided by Customer or its designee regarding Non-Custody Assets (including positions and market valuations) and (c) BNY will have no responsibility whatsoever with respect to Non-Custody Assets or the accuracy of any information maintained on BNY's books or set forth on account statements concerning Non-Custody Assets.

**17.2** **Assignment** 

Neither Party may, without the other Party's prior written consent, assign any of its rights or delegate any of its duties under this Agreement (whether by change of control, operation of law or otherwise); provided, however that BNY may, without the prior written consent of Customer, assign this Agreement or any of its rights, or delegate any of its duties hereunder: (a) to any BNY Affiliate; (b) to any successor to the business of BNY to which this Agreement relates, in which event BNY agrees to provide notice of such successor to Customer or (c) as otherwise permitted in this Agreement; provided further that any entity to which this Agreement is assigned by BNY without the prior written consent of Customer pursuant to a foregoing item (a), (b) or (c) will satisfy the requirements for serving as a custodian for a registered investment company. Any purported assignment or delegation by a Party in violation of this provision will be voidable at the option of the other Party. This Agreement will be binding upon, and inure to the benefit of, the Parties and their respective permitted successors and assigns.

**17.3** **Amendment** 

This Agreement may be amended or modified only in a written agreement signed by an authorized representative of each Party. For purposes of the foregoing, email exchanges between the Parties will not be deemed to constitute a written agreement.

**17.4** **Governing Law/Forum** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 substantive laws of the state of New York (without regard to its conflicts of law provisions)
 will govern all matters arising out of or relating to this Agreement, including the establishment
 and maintenance of the Accounts and for purposes of the Uniform Commercial Code and all issues
 specified in Article 2(1) of the Hague Securities Convention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Party irrevocably agrees that all legal actions or proceedings brought by it against the
 other Party arising out of or relating to this Agreement will be brought solely and exclusively
 before the state or federal courts situated in New York City,

New York. Each Party irrevocably submits to personal jurisdiction in such courts and waives any objection which it may now or hereafter have based on improper venue or *forum non conveniens*. The Parties hereby unconditionally waive, to the fullest extent permitted by applicable law, any right to a jury trial with respect to any such actions or proceedings.

**17.5** **Business Continuity/Disaster Recovery** 

BNY will implement business continuity and disaster recovery plans designed to minimize interruptions of service and ensure recovery of systems and applications used to provide the services under this Agreement. Such plans will cover the facilities, systems, applications and employees that are critical to the provision of the services hereunder, and will be tested at least annually to validate whether the recovery strategies, requirements, and protocols are viable and sustainable.

**17.6** **Non-Fiduciary Status** 

Customer hereby acknowledges and agrees that BNY is not a fiduciary by virtue of accepting and carrying out its obligations under this Agreement and has not accepted any fiduciary duties, responsibilities or liabilities with respect to its services hereunder, including with respect to the management, investment advisory or sub-advisory functions of Customer.

**17.7** **Notices** 

Other than routine communications in the ordinary course of providing or receiving services hereunder (including Instructions), notices given hereunder will be: (a) addressed to BNY or Customer at the address set forth on the signature page (or such other address as either Party may designate in writing to the other Party) and (b) delivered either (i) by hand delivery, by certified mail, or by overnight delivery service, in each case with receipt acknowledged and postage or charges prepaid or (ii) by email (as a signed attachment). All notices given in accordance with this Section will be effective upon receipt.

**17.8** **Entire Agreement** 

This Agreement constitutes the sole and entire agreement among the Parties with respect to the matters dealt with herein, and merges, integrates and supersedes all prior and contemporaneous discussions, agreements and understandings between the Parties, whether oral or written, with respect to such matters.

**17.9** **No Third Party Beneficiaries** 

This Agreement is entered into solely between, and may be enforced only by, the Parties. Each Party intends that this Agreement will not, and no provision of this Agreement will be interpreted to, benefit, or create any right or cause of action in or on behalf of, any party or entity other than the Parties.

**17.10** **Counterparts** 

This Agreement may be executed in any number of counterparts, either manually or by Electronic Signature, each of which will be deemed an original, and said counterparts

when taken together will constitute one and the same instrument and may be sufficiently evidenced by one set of counterparts. Executed counterparts may be delivered by facsimile or email.

**17.11** **Interpretation** 

The terms and conditions of this Agreement are the result of negotiations between the Parties. The Parties intend that this Agreement will not be construed in favor of or against a Party by reason of the extent to which such Party or its professional advisors participated in the preparation or drafting of this Agreement.

**17.12** **No Waiver** 

No failure or delay by a Party to exercise any right, remedy or power it has under this Agreement will impair or be construed as a waiver of such right, remedy or power. A waiver by a Party of any provision or any breach of any provision will not be construed to be a waiver by such Party of such provision in any other instance or any succeeding breach of such provision or a breach of any other provision.

**17.13** **Headings** 

All section and subsection headings in this Agreement are included for convenience of reference only and will not be considered in the interpretation of the scope or intent of any provision of this Agreement.

**17.14** **Severability** 

The invalidity, illegality or unenforceability of any provision of this Agreement will not affect the validity, legality or enforceability of any other provision, and if any provision is held to be unenforceable as a matter of law, the other provisions will remain in full force and effect. In such case, the Parties will negotiate in good faith to replace each illegal, invalid or unenforceable provision with a valid, legal and enforceable provision that fulfills as closely as possible the original intent of the Parties.

**17.15** **Limitations and liabilities of the Trustees and Several Obligations of the Series** 

A copy of the Declaration of Trust of the Customer is on file with the Secretary of the Commonwealth of Massachusetts, and notice is hereby given that this instrument is executed on behalf of the Trustees of the Customer as Trustees and not individually and that the obligations of this instrument are not binding upon any of the Trustees individually but are binding only upon the assets and property of the applicable Series. BNY acknowledges and agrees that any obligations and liabilities of the Customer or any Series arising hereunder shall not be binding upon any of the shareholders, Trustees, officers or employees of the Customer, as provided in the Customer's charter documents, and that, to the extent the Trustees are regarded as entering into this Agreement, they do so only in their capacity as trustees and not individually. BNY further acknowledges and agrees that it shall look solely to the property of the applicable Series for the performance of any obligation or liability of the Customer hereunder.

[Signature page follows]

**IN WITNESS WHEREOF**, the Parties have executed this Agreement as of the Effective Date.

---

| | |
|:---|:---|
| **THE BANK OF NEW YORK MELLON** | **BAILLIE GIFFORD ETF TRUST, IN ITS OWN CAPACITY AND ON BEHALF OF EACH OF THE SERIES** |
| By: | By: |
| Name: | Name: |
| Title: | Title: |
| Date: | Date: |

---

---

| | |
|:---|:---|
| **Address for Notice:** | **Address for Notice:** |
| &nbsp;&nbsp;&nbsp;The Bank of New York Mellon | &nbsp;&nbsp;&nbsp;BAILLIE GIFFORD ETF TRUST |
| &nbsp;&nbsp;&nbsp;____________________________________ | &nbsp;&nbsp;&nbsp;780 Third Avenue, 43<sup>rd</sup> Floor |
| &nbsp;&nbsp;&nbsp;____________________________________ | &nbsp;&nbsp;&nbsp;New York, New York 10017 |
| &nbsp;&nbsp;&nbsp;Attention: ____________________________ |  |
|  | &nbsp;&nbsp;&nbsp;With a copy to |
|  | &nbsp;&nbsp;&nbsp;BAILLIE GIFFORD ETF TRUST |
|  | &nbsp;&nbsp;&nbsp;Calton Square, 1 Greenside Row, Edinburgh, EH1 |
|  | &nbsp;&nbsp;&nbsp;3AN______________________________________________ |
|  | &nbsp;&nbsp;&nbsp;____________________________________________ |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Attention: _North American Shareholder Services team________________________________ |

---

&nbsp;&nbsp;Pursuant to Section 10.1(a):<br>[ ] as beneficial owner, Customer OBJECTS to disclosure<br>[ ] as beneficial owner, Customer DOES NOT OBJECT to disclosure<br>[ ] BNY will CONTACT THE RELEVANT INVESTMENT MANAGER with respect to relevant Securities to make the decision whether it objects to disclosure<br>IF NO BOX IS CHECKED, BNY <u>WILL RELEASE</u> SUCH INFORMATION UNTIL IT RECEIVES A CONTRARY INSTRUCTION FROM CUSTOMER.<br>

BNY 40 Act ETF Custody (revised 8.25.2022)

**APPENDIX I** 

**Baillie Gifford ETF Trust**

Series

1. Baillie
 Gifford International Concentrated Growth Equities Fund

2. Baillie
 Gifford U.S. Equity Growth Fund

3. Baillie
 Gifford Long Term Global Growth Fund

4. Baillie
 Gifford Emerging Markets Equities Fund

5. Baillie
Gifford International Alpha Fund

## Ex-99.(G)(1)(I)

**Exhibit 99.(g)(1)(i)**

**SUPPLEMENT TO THE GLOBAL CUSTODY AGREEMENT**

**HONG KONG - CHINA – STOCK CONNECT SERVICE**

*(SPSA Account* single sided *DVP model (non –in control/BNY instructed settlement on standard SPSA sales settlement, HSBC and 2 Designated Connect Broker "Plus" Service RVP/DVP; and RDVP- and in-control/BNY instructed settlement of purchases (with Delayed RVP option*)

Date:

To: The Bank of New York Mellon

Re: Hong Kong - China – Stock Connect Service

Dear Sir or Madam:

Reference is made to the global custody agreement entered into between Baillie Gifford ETF Trust (**Client**) and The Bank of New York Mellon as custodian (**BNY**) dated [*date*], as amended or supplemented from time to time (**CA**). This letter (**Letter**) serves as a supplement to the CA.

This Letter relates to the Hong Kong - China – Stock Connect Service (as the same is defined in the Rules of the Stock Exchange of Hong Kong and as hereafter referred to in this Letter, the **China Connect Service** or **Connect**). Connect is a trading and clearing service between Shanghai Stock Exchange, Shenzhen Stock Exchange, China Securities Depository and Clearing Corporation Limited (**China Connect Clearing House**), the Stock Exchange of Hong Kong (**SEHK**) and the Hong Kong Stock Exchange's clearing and nominee company, Hong Kong Securities Clearing Company Ltd. (**HKSCC**). The service applies to securities (**China Connect Securities**) listed and traded on a China Connect Market via the China Connect Service.

Where used in this Letter, the term **China Connect Market System** has the meaning given to it in the Rules of the SEHK and the terms **China Connect Market, China Connect Market Operator** and **China Connect Clearing Participant** have the meanings given to them in the General Rules of the Central Clearing and Settlement Service established and operated by HKSCC (**CCASS**), as may be amended from time to time.

Client has indicated that it wishes to utilise the China Connect Service with respect to each account listed on Appendix A hereto (hereafter each a **Portfolio**) and this Letter sets out with respect to each Portfolio the terms and conditions upon which BNY supports and provides access to Connect. Client enters this Letter with BNY on behalf of each Portfolio separately and not jointly

&nbsp;&nbsp;&nbsp;&nbsp;(a) In respect of the China Connect Securities, BNY will (and is authorised
to):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as required by BNY or as agreed and instructed, establish, maintain and operate a segregated account/ or sub-account/ledger of a securities account for a particular Portfolio in accordance with the CA and on BNY's books and records (each a **BNY China Connect Account/Record**); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at BNY's appointed subcustodian, the Hong Kong and Shanghai Banking Corporation Limited (**Subcustodian**), direct the establishment and maintenance in the books and records of the Subcustodian of an account for each separate Portfolio for the deposit, custody and safekeeping of such securities (each a **China Connect Account**).

Client acknowledges and agrees that in respect of the China Connect Securities and Connect, the Subcustodian and its clearing affiliate is a participant with HKSCC and Client is deciding with respect to each Portfolio to utilise the Special Segregated Account (SPSA) offering

available at HKSCC through the Subcustodian for multiple broker appointment and dealing in China Connect Securities. An SPSA account or accounts will be established and maintained with HKSCC with respect to each separate Portfolio using the applicable identity and i.d. code and Client shall provide all information as is reasonably required to open and maintain the same. In respect of sales and purchases of China Connect Securities, Client may appoint Hong Kong and Shanghai Banking Corporation Limited and its broker affiliate company HSBC Securities Brokers (Asia) Limited (**HSBC Broker**) as its broker or such other brokers as it may from time to time include in its SPSA "Plus" service (any such other broker being a **Designated Connect Broker**) and any other HKSCC approved participant Stock Connect broker (**Other Broker**). References hereafter to "**Broker**" will be a reference to any of HSBC Broker, a Designated Connect Broker or any Other Broker.

Client is referred to the matters in paragraphs (i) and (j) below regarding HKSCC and its account with China Connect Clearing House.

&nbsp;&nbsp;&nbsp;&nbsp;(b) In accordance with the requirements of the China Connect Service for trades
of China Connect Securities to be on market, Client agrees and undertakes to ensure that all transfers of China Connect Securities into
or out of a relevant SPSA account/China Connect Account that it instructs BNY to effect will not, unless permitted by the China Securities
Regulatory Commission (**CSRC**), be in relation to the trading of China Connect Securities other than through the relevant China Connect
Market System.

&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) Client instructions issued to BNY for trades of China Connect Securities
through Connect (**Instructions**) must be in the China Connect Service format required by BNY (as specified in the BNY service level
description (**Service Level Description**) from time to time) and such Instructions must be received by BNY where required by the
BNY deadline (as specified in the Service Level Description from time to time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Client shall be responsible for all trade instructions issued to its Broker
engaged for trades in China Connect Securities (and as such instructions affect the service as provided by BNY under this Letter). Client
is engaging its own Broker(s). BNY is not party to any brokerage arrangement or agreement entered into between Client and any Broker and
takes no responsibility for such brokerage services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Client must ensure that Instructions it provides to BNY are correct and
at all times consistent with the trading instructions it issues to a Broker. However, sales transactions will be settled against the trading
instructions Client issues to the Broker and independent of Instructions to BNY. Purchases will be settled on the basis of Instructions
as issued by BNY to the Subcustodian. Client acknowledges and agrees that, prior to issuing trading instructions, it must ensure each
applicable Portfolio has: (1) sufficient Yuan Renminbi – CNH or, as the case may be, so long as permitted through the China Connect
Market System, US Dollars-USD or Hong Kong Dollars-HKD, for a purchase of China Connect Securities in its cash account (**Cash Account**);
and/or (2) sufficient China Connect Securities for a sale of China Connect Securities in its BNY China Connect Account/Record and corresponding
SPSA account/China Connect Account

&nbsp;&nbsp;&nbsp;&nbsp;(d) Client
shall provide such information as may be required for Connect, including the particulars of its appointed Brokers from time to time and
Client authorises BNY to disclose such details to the Subcustodian. Client acknowledges and agrees that the pre-trade checking procedure
of SEHK will be carried out against the relevant SPSA account(s) and balances of

securities must be satisfactory for this procedure and for Client's executing Brokers (and Client is responsible for ensuring sufficient China Connect Securities for a sale as noted in paragraph (c) above). Client further authorises the performance of all acts and taking of all actions (such acts and actions described in this paragraph (d), the **Settlement Tasks**) which either of BNY or the Subcustodian considers in its discretion necessary for completing the settlement of trades of China Connect Securities. Settlement Tasks shall include but are not limited to generating settlement instructions in respect of the trades and effecting the transfer of the relevant China Connect Securities of a trade into or out of the relevant SPSA account/China Connect Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) **Standard Settlement**-Client acknowledges and agrees that settlement of sale or purchase trades may not occur on the trade date. Client's title, property or interests in China Connect Securities shall be subject to the "Securities on-hold" provisions of the General Rules of CCASS pursuant to which title, property or interest in any China Connect Securities shall not pass to a purchaser unless and until HKSCC has received payment in full for such securities and such payment is good and irrevocable or otherwise agreed by HKSCC. Accordingly, settlement can occur on trade date if executing brokers and their cash clearing bank agents are able to utilise the same day cash settlement run to achieve settlement on trade date but this is not mandatory and settlement may still occur later than the trade date (T+1) where the same day cash settlement run is not utilised and a buying broker/counterparty's payment is only received fully and irrevocably in the morning of T+1 (local time). For a sale (which will be settled in accordance with the trading instructions issued by Client to its Broker independent of Instructions of Client to BNY), Subcustodian will debit the relevant China Connect Securities from the relevant SPSA account/China Connect Account and provide provisional credit of settlement and proceeds which BNY will then credit to the Cash Account(s) on the trade date. However, the Subcustodian may reverse/recall any provisional credit (and BNY reserves the right to reverse/recall such credit as made in a Cash Account) in the event of buying broker/counterparty default or any other failure to receive funds. (Standard Settlement for sales is not, therefore, suitable for all entities because of this risk and account set up and Client should elect for settlement models as referred to below). Where there is a requirement for a reversal/recall of credit, Client shall be responsible for having available funds for such reversal/recall and BNY reserves the right to charge the relevant Cash Account for the expenses of providing funds (including in circumstances where the Subcustodian requires the payment of such expenses). Such remedies as may be available for recovery will be for Client to pursue through HKSCC under the General Rules of CCASS and its Default Participant policy and the defaulting buying broker/counterparty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **"Plus" Service Settlement** - For a sale, where HSBC Broker or a Designated Connect Broker is executing broker (and which will be settled in accordance with the trading instructions issued by Client to HSBC Broker or such Designated Connect Broker independent of Instructions of Client to BNY), the settlement is not subject to provisional credit, but instead is always on the basis that the trade will be on a delivery versus payment basis on trade date subject to Client meeting its requirements under paragraph (c) above (i.e., this is offered synthetic delivery versus payment).

**(**iii**)RDVP/RRVP**-SEHK has also implemented Real Time Delivery Versus Payment (RDVP/RRVP) settlement for SPSA transactions but, this is not a mandatory settlement feature, it is dependent on Client agreeing this with the Broker. RDVP/RRVP will also be dependent on the correct instructions being in place (as referred to in the Service Level Description). For RDVP, the Subcustodian will auto create settlement instructions reflecting the broker trade instruction/trade alledgement. However, since the Subcustodian is auto creating and matching the settlement instruction purely against the Broker trade

instruction/trade alledgement in accordance with Client's requirement for settlement to be on a single sided instruction basis (BNY will not be instructing), the Subcustodian will do this but should the Broker have specified the standard market settlement mode in its trade instruction/trade alledgement, the Subcustodian will not match the Broker instruction/trade alledgement since this would result in settlement being other than RDVP. Any unmatched trade will fail. On the settlement instruction being created/matched and once necessary checks have been made, the trade is released for settlement. The relevant China Connect Securities are then put on hold in the selling broker's account but RDVP settlement will also require cash being received by the selling broker's cash account by 18:00 HKT (for HKD or USD) or 19:00 HKT (for CNH). Failure of the stock receiver/buying broker to make the cash transfer will result in trade failure (but the China Connect Securities will not transfer to the account of the stock receiver/buying broker's account in the event of a failed sale). If cash is received by the required time, HKSCC will release the China Connect Securities and settlement is on trade date.

RRVP is not supported on a single sided instruction basis, BNY must be in receipt of an Instruction from Client and any unmatched trades (including as to settlement mode) will fail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **Purchase Settlement**- Purchase trades and their settlement will be dependent on the executing Broker for Client meeting the requirements of full, good and irrevocable payment to HKSCC (settlement can occur on trade date or may be deferred to T+1 as explained under subparagraph (e)(i) above or can be deferred where delayed settlement is agreed) and will be on a receive versus payment basis. Where HSBC Broker (or another Designated Connect Broker offering the "Plus" service) is the executing Broker for a purchase trade, settlement will occur on trade date (or a date instructed for deferred settlement, where agreed) on a receive versus payment basis notwithstanding the market/HKSCC good and irrevocable payment requirement (i.e., this is offered synthetic receive versus payment).

Paragraph (g) below also details the exceptional circumstances in which trades may fail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Client acknowledges and agrees that BNY shall not be liable for paying and/or reporting any tax, levy, impost, duty, assessment, deduction, charge or withholding of a similar nature, and any addition, penalty or interest payable in connection with any failure to pay or any delay in paying any of the same that may be charged or chargeable on or in respect of the holding, trading and/or income, interests and other entitlements that may be derived from the China Connect Securities in the relevant BNY China Connect Account/Record or SPSA account/China Connect Account (**Taxes**), nor responsible for the obligation to withhold Taxes or comply with any filing or registration obligations regarding Taxes except as otherwise required by any applicable law, rule, operating procedure, order, directive, notice, guidance, market practice or request (in all cases whether or not having the force of law) of any government agency, court of competent jurisdiction, central depository, exchange, clearing or settlement facility and/or any regulatory or supervisory authority (the foregoing, **Applicable Requirements**). Where BNY or any of its affiliates, or the Subcustodian or any of its affiliates, are required to do any of the above by such Applicable Requirements, Client undertakes to reimburse and indemnify BNY or its affiliates on demand for the amount of Taxes that BNY has paid and to provide such information as BNY may require to fulfil its duties within the timeframe which BNY advises. For the avoidance of doubt, Client acknowledges and agrees that neither the Subcustodian nor BNY is providing Client with any advice in relation to Taxes nor is the Subcustodian or BNY acting as agent or representative with respect to such Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Connect is a no fail market although trades can fail in certain circumstances
(including if Client fails to adhere to the terms of this Letter and including if instructions to BNY are not forthcoming, cannot be matched
or are late). Where there is a failure of delivery of China Connect Securities from the relevant SPSA account/China Connect Account to
the executing Broker, a buy-in procedure may be commenced under provisions of the General Rules of CCASS against that executing Broker.
The executing Broker will be permitted to submit an explanation to HKSCC within a short duration at the end of that trading day to explain
the shortfall due from a failed delivery from an SPSA account. If HKSCC accepts the explanation, the "Securities on hold"
provisions for delivery (and withholding from selling arrangement) will not apply to all China Connect Securities of that same security/share
or ISIN in the relevant SPSA account/China Connect Account and pending deliveries will be processed for settlement with the failed trade
being subject to buy-in procedure. HKSCC may grant a buy-in exemption in respect of a failed delivery from an SPSA account but this will
be subject to evidencing that there are sufficient securities available to cover the shortfall. If the conditions are met, the buy-in
will be waived, however, in the absence of waiver a buy-in will be enforced the next trading day. Client may be made responsible for the
costs/penalty resulting from any default by the executing Broker where buy-in is utilised. Where there is a failure on a purchase, the
Broker may settle in the market and hold shares on its participant account, but cash will not be debited from the applicable Cash Account,
however, the Broker may claim its cost of funding and expenses from Client. Client acknowledges and agrees it understands and accepts
the matters set out in this paragraph (g) (together with paragraph (e) above).

&nbsp;&nbsp;&nbsp;&nbsp;(h) Client acknowledges and agrees that it is the
investor in the China Connect Securities and shall be responsible for the consequences of trading of China Connect Securities through
the China Connect Service. Client therefore further acknowledges and agrees that it understands and shall comply with all applicable laws,
rules, regulations, orders, directives, guidelines, market practice, operating procedures, or policies or requests of any central depository,
exchange, clearing or settlement facility and/or any regulatory or supervisory authority with competent jurisdiction (whether or not having
the force of law and as the same may be amended) which shall include, but is not limited to, China Connect Clearing House, HKSCC, SEHK,
a China Connect Market Operator and CCASS generally and as each of the same concern the China Connect Service, activities arising from
the China Connect Service and/or investments in China Connect Securities. Such applicable laws, rules and regulations shall include, but
shall not be limited to: (i) any restrictions on investments in China Connect Securities (**Investment Restrictions**); (ii) percentage
limits that may be imposed on the maximum holdings of a non-PRC (People's Republic of China) investor (either on its own or in aggregate
with other non-PRC investors) in China Connect Securities (**Foreign Ownership Limits**); and (iii) disclosure of interest reporting
obligations in respect of China Connect Securities (**Disclosures of Interest**). For the avoidance of doubt, Client acknowledges and
agrees that: (i) BNY's duties and service provision does not comprise any investment advice and BNY takes no responsibility for
advising or verifying whether Client or any Portfolio is eligible to invest in China Connect Securities and Client should undertake its
own due diligence and take advice under its own laws, regulations and applicable investment criteria/limitations as to the suitability
of such investment; and (ii) neither BNY nor the Subcustodian shall be responsible for monitoring any Investment Restrictions or Foreign
Ownership Limits applicable to any China Connect Securities or for making any Disclosures of Interest in any China Connect Securities.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Client acknowledges and agrees that China Connect Securities are held centrally by HKSCC for the account
of the CCASS Participant (in this case, the Subcustodian and its affiliate) in an omnibus account with China Connect Clearing House and
that HKSCC and China Connect Clearing House are intermediaries and depositories in Hong Kong and the People's Republic of China
and, accordingly will be subject to the requirements and laws of these jurisdictions and as the same apply to Client's title, property
or interests in such China Connect Securities.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Client understands that China Connect Securities
are uncertificated and are held by HKSCC in computerised form in the account maintained by HKSCC with China Connect Clearing House, and,
as such, that the China Connect Securities credited to a China Connect Account are not registered or recorded with China Connect Clearing
House in Client's name, a Portfolio's name, Subcustodian's name or BNY's name. All China Connect Securities
will be recorded in the name of HKSCC with China Connect Clearing House. BNY does not take responsibility for Client's investment
in China Connect Securities and Client's title, property and interest in China Connect Securities and any ability to enforce the
same by virtue of this registration (and the position of HKSCC stated under paragraph (i) above) and the relevant property rights, insolvency
rules and procedures and remedies under the laws and regulations of Hong Kong or the People's Republic of China (and any conflict
between the same).

&nbsp;&nbsp;&nbsp;&nbsp;(k) Client acknowledges and agrees that under the General Rules of CCASS, if HKSCC receives insufficient funds
or securities from the China Connect Clearing House to meet HKSCC's aggregate liabilities to China Connect Clearing Participants,
it may make a partial or pro rata payment or delivery to China Connect Clearing Participants to whom such liabilities are due, and that
should HKSCC elect to make such a partial or pro rata payment or delivery with respect to Client's China Connect Service transactions
Client hereby indemnifies and shall hold BNY harmless, and, further, Client shall have no recourse against BNY for the balance of any
money or securities.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Client acknowledges and agrees that there are certain responsibilities, risks and limitations presented
to, and imposed upon, it in respect of use of the China Connect Service. These include the following (such list is not exhaustive): Investment
Restrictions, Foreign Ownership Limits and Disclosures of Interest (all as detailed above), unavailability of an investor compensation
fund, lack of support for certain trading strategies (such as day trading and short selling), limitations on exercise of shareholder rights
and benefits, suspension of trading without cause or notice, trade failure or trade rejection at SEHK, tax liability, strict settlement
practices, loss recovery limitations, market rules, counterparty insolvency risk and responsibility for the matters under paragraph (j)
above.

&nbsp;&nbsp;&nbsp;&nbsp;(m) Client acknowledges and agrees that BNY shall not be liable, or in any way responsible, for acts, omissions,
errors, timeliness, default and/or solvency of any Broker, stock exchange, depositary or clearing entity in connection with the China
Connect Service.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Client shall indemnify and hold BNY harmless from any liabilities,
costs and expenses (including, without limitation, overdraft charges and market fines): (i) arising from the provision of BNY's
services for the China Connect Service; and (ii) arising from any provision of Instructions to BNY that- (x) are late or received after
specified deadlines, (y) do not match an instruction to a Broker or which require a trade of a type not supported under BNY's services
in respect of Connect or (z) in general, are not in accordance with BNY's requirements as referred to in this Letter. Further,
Client shall have no recourse against BNY

for any loss, cost, expense, claim or action arising from broker error or infringement in connection with transactions for China Connect Securities.

&nbsp;&nbsp;&nbsp;&nbsp;(o) Client acknowledges and agrees that it will pay the fees and expenses to BNY for BNY's services
under this Letter as agreed between Client and BNY (and as such fees and expenses are amended from time to time).

&nbsp;&nbsp;&nbsp;&nbsp;(p) If Client wishes to terminate its use of the China Connect Service under this Letter with BNY with respect
to a particular Portfolio it will provide 30 days written notice of termination to BNY. BNY may terminate its services under this Letter
with respect to a particular Portfolio by 60 days written notice of termination to Client. Client agrees that the Subcustodian may terminate
or cease to provide its services or support the China Connect Service either generally or in respect of Client or a particular Portfolio
and Client is at particular risk of such termination if paragraphs (c) and (d) above or any other terms of this Letter with respect to
the relevant Portfolio are breached (**HSBC Termination**). BNY shall by written notice to Client terminate its services under this
Letter with respect to the relevant Portfolio at such time that the HSBC Termination takes place and notwithstanding the 60 day notice
provision set forth above BNY's services under this Letter shall terminate at the time that the HSBC Termination takes place.

Without limitation to the foregoing, Client authorises BNY and the Subcustodian to perform any such acts (or refrain from taking any such acts) as BNY or the Subcustodian considers in their respective discretion necessary or advisable for complying with CCASS and all relevant market rules for the China Connect Service, and with all instructions issued to BNY or a Broker and all Settlement Tasks and other requirements (whether in relation to Taxes or otherwise). Client further agrees to provide all assistance that BNY may reasonably require in performing such acts required by applicable law or regulation.

This Letter and the agreements, undertakings and indemnities given herein are supplemental and additional to the provisions of the CA. This Letter shall be governed by and construed in accordance with the same governing law as in the CA. For the avoidance of doubt, this Letter does not affect the duties or obligations of BNY under the FCMA.

*[Remainder of page intentionally left blank; signature page follows]*

Agreed and accepted

---

| |
|:---|
| By: |
| Name: Michael Stirling-Aird |
| Title: President |
| For and on behalf of |
| Baillie Gifford ETF Trust |

---

Acknowledged

---

| |
|:---|
| By: |
| Name: |
| Title: |
| The Bank of New York Mellon |

---

*[Signature Page to Supplement to the Global Custody Agreement Hong Kong - China – Stock Connect Service]*

<u>Appendix A</u>

## Ex-99.(G)(2)

**Exhibit 99.(g)(2)**

**FOREIGN CUSTODY MANAGER AGREEMENT**

**AGREEMENT** made as of _________________ by and between each entity listed on Annex I attached hereto, on behalf of their respective series of the entity (the "Fund") and The Bank of New York Mellon ("BNY").

**W I T N E S S E T H:**

**WHEREAS**, the Fund desires to appoint BNY as a Foreign Custody Manager on the terms and conditions contained herein;

**WHEREAS**, BNY desires to serve as a Foreign Custody Manager and perform the duties set forth herein on the terms and conditions contained herein;

**NOW THEREFORE**, in consideration of the mutual promises hereinafter contained in this Agreement, the Fund and BNY hereby agree as follows:

**ARTICLE I.<br> DEFINITIONS**

Whenever used in this Agreement, the following words and phrases, unless the context otherwise requires, shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **"Board"** shall mean the board of directors or board of trustees, as the case may be, of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **"Eligible Foreign Custodian"** shall have the meaning provided in the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **"Monitoring System"** shall mean a system established by BNY to fulfill the Responsibilities specified in clauses (d) and (e) of Section 1 of Article III of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **"Responsibilities"** shall mean the responsibilities delegated to BNY under the Rule as a Foreign Custody Manager with respect to each Specified Country and each Eligible Foreign Custodian selected by BNY, as such responsibilities are more fully described in Article III of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **"Rule"** shall mean Rule 17f-5 under the Investment Company Act of 1940, as amended on June 12, 2000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **"Specified Country"** shall mean each country listed on Schedule I attached hereto and each country, other than the United States, constituting the primary market for a security with respect to which the Fund has given settlement instructions to The Bank of New York Mellon as custodian (the "Custodian") under its Custody Agreement with the Fund.

**ARTICLE II.<br> BNY AS A FOREIGN CUSTODY MANAGER**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Fund on behalf of its Board hereby delegates to BNY with respect to each Specified Country the Responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. BNY accepts the Board's delegation of Responsibilities with respect to each Specified Country and agrees in performing the Responsibilities as a Foreign Custody Manager to exercise reasonable care, prudence and diligence such as a person having responsibility for the safekeeping of the Fund's assets would exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. BNY shall provide to the Board at such times as the Board deems reasonable and appropriate based on the circumstances of the Fund's foreign custody arrangements written reports notifying the Board of the placement of assets of the Fund with a particular Eligible Foreign Custodian within a Specified Country and of any material change in the arrangements (including the contract governing such arrangements) with respect to assets of the Fund with any such Eligible Foreign Custodian.

**ARTICLE III.<br> RESPONSIBILITIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Subject to the provisions of this Agreement, BNY shall with respect to each Specified Country select an Eligible Foreign Custodian. In connection therewith, BNY shall: (a) determine that assets of the Fund held by such Eligible Foreign Custodian will be subject to reasonable care, based on the standards applicable to custodians in the relevant market in which such Eligible Foreign Custodian operates, after considering all factors relevant to the safekeeping of such assets, including, without limitation, those contained in paragraph (c)(1) of the Rule; (b) determine that the Fund's foreign custody arrangements with each Eligible Foreign Custodian are governed by a written contract with the Custodian which will provide reasonable care for the Fund's assets based on the standards specified in paragraph (c)(1) of the Rule; (c) determine that each contract with an Eligible Foreign Custodian shall include the provisions specified in paragraph (c)(2)(i)(A) through (F) of the Rule or, alternatively, in lieu of any or all of such (c)(2)(i)(A) through (F) provisions, such other provisions as BNY determines will provide, in their entirety, the same or a greater level of care and protection for the assets of the Fund as such specified provisions; (d) monitor pursuant to the Monitoring System the appropriateness of maintaining the assets of the Fund with a particular Eligible Foreign Custodian pursuant to paragraph (c)(1) of the Rule and the performance of the contract governing such arrangement; and (e) advise the Fund whenever BNY determines under the Monitoring System that an arrangement (including, any material change in the contract governing such arrangement) described in preceding clause (d) no longer meets the requirements of the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. For purposes of preceding Section 1 of this Article, BNY's determination of appropriateness shall not include, nor be deemed to include, any evaluation of Country Risks associated with investment in a particular country. For purposes hereof, "Country Risks" shall mean systemic risks of holding assets in a particular country including but not limited to (a) an Eligible Foreign Custodian's use of any depositories that act as or operate a system or a transnational system for the central handling of securities or any equivalent book-entries; (b) such country's financial infrastructure; (c) such country's prevailing custody and settlement practices; (d) nationalization, expropriation or other governmental actions; (e) regulation of the banking or securities industry; (f) currency controls, restrictions, devaluations or fluctuations; and (g) market conditions which affect the orderly execution of securities transactions or affect the value of securities.

**ARTICLE IV.<br> REPRESENTATIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Fund hereby represents that: (a) this Agreement has been duly authorized, executed and delivered by the Fund, constitutes a valid and legally binding obligation of the Fund enforceable in accordance with its terms, and, to the Fund's knowledge, no statute, regulation, rule, order, judgment or contract binding on the Fund prohibits the Fund's execution or performance of this Agreement; (b) this Agreement has been approved and ratified by the Board at a meeting duly called and at which a quorum was at all times present, and (c) the Board or the Fund's investment advisor has considered the Country Risks associated with investment in each Specified Country and will have considered such risks prior to any settlement instructions being given to the Custodian with respect to any other country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. BNY hereby represents that: (a) BNY is duly organized and existing under the laws of the State of New York, with full power to carry on its businesses as now conducted, and to enter into this Agreement and to perform its obligations hereunder; (b) this Agreement has been duly authorized, executed and delivered by BNY, constitutes a valid and legally binding obligation of BNY enforceable in accordance with its terms, and no statute, regulation, rule, order, judgment or contract binding on BNY prohibits BNY's execution or performance of this Agreement; and (c) BNY has established and will maintain the Monitoring System.

**ARTICLE V.<br> CONCERNING BNY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. BNY shall not be liable for any costs, expenses, damages, liabilities or claims, including attorneys' and accountants' fees, sustained or incurred by, or asserted against, the Fund except to the extent the same arises out of the failure of BNY to exercise the care, prudence and diligence required by Section 2 of Article II hereof. In no event shall BNY be liable to the Fund, the Board, or any third party for special, indirect or consequential damages, or for lost profits or loss of business, arising in connection with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Fund shall indemnify and hold harmless BNY from and against any and all costs, expenses, damages, liabilities or claims, including attorneys' and accountants' fees, sustained or incurred by, or asserted against, BNY by reason or as a result of any action or inaction, or arising out of BNY's performance hereunder, provided that the Fund shall not indemnify BNY to the extent any such costs, expenses, damages, liabilities or claims arises out of BNY's failure to exercise the reasonable care, prudence and diligence required by Section 2 of Article II hereof. In no event shall the Fund be liable to BNY or any third party for special, indirect or consequential damages, or for lost profits or loss of business, arising in connection with this Agreement, even if previously informed of the possibility of such damages and regardless of the form of action it being understood and agreed that no Fund shall claim as a special, indirect, or consequential damage or lost profits any obligation to indemnify or reimburse BNY in connection with Country Risk related costs, expenses, damages, liabilities or claims, including attorneys' and accountants' fees, sustained or incurred by, or asserted against BNY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Subject to the limitations of liability contained in this Agreement, including, without limitation, this Article V, BNY shall indemnify and hold the Fund harmless from and against any and all direct losses, damages, costs and charges ("Liabilities"), in each case, which are incurred

by the Fund as the direct result of BNY's failure to exercise the reasonable care, prudence and diligence required by Section 2 of Article II of this Agreement, provided, however, that under no circumstances shall BNY have any obligation to indemnify the Fund for any losses, damages, costs and charges that relate to or arise from Country Risk; provided further, BNY shall not indemnify a Fund for any Liabilities arising out of the Fund's negligence, bad faith, fraud, reckless disregard of its duties hereunder, or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Notwithstanding any other provision in this Agreement or applicable law to the contrary and except as may be agreed upon in writing by the parties, BNY and the Fund agree that to the extent that BNY would be liable hereunder for Liabilities, in no event shall BNY's total maximum aggregate liability under Article V, Section 3 of this Agreement, whether based on a claim in contract or in tort, law or equity, for any reason and upon any cause of action whatsoever, exceed twelve (12) months' fees (based on the fees paid by the Fund for the services provided pursuant to this Agreement during the preceding 12 month period immediately preceding the event giving rise to the Liabilities); provided, however, this damage cap shall not apply to those Liabilities which are caused by BNY's gross negligence, willful misconduct, or fraud.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. For its services hereunder, the Fund agrees to pay to BNY such compensation and out-of-pocket expenses as shall be mutually agreed. Notwithstanding the foregoing, BNY agrees that pursuant to separate contractual arrangements between the Fund and Baillie Gifford Overseas Limited ("BGOL"), the Fund's investment adviser, BGOL may pay some or all of the amounts due and payable by the Fund under this Agreement on behalf of the Fund. BNY further agrees that the Fund's payment obligations hereunder may be satisfied by BGOL, provided that such payment by BGOL is equal to or greater than the amount due and payable by the Fund under this Agreement. Nothing herein shall be construed to limit the Fund's ultimate responsibility for amounts due and payable under this Agreement in the event BGOL does not make such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. BNY shall have only such duties as are expressly set forth herein. In no event shall BNY be liable for any Country Risks associated with investments in a particular country.

**ARTICLE VI.<br> MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This Agreement constitutes the entire agreement between the Fund and BNY as a foreign custody manager, and no provision in the Custody Agreement between the Fund and the Custodian shall affect the duties and obligations of BNY hereunder, nor shall any provision in this Agreement affect the duties or obligations of the Custodian under the Custody Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any notice or other instrument in writing, authorized or required by this Agreement to be given to BNY, shall be sufficiently given if received by it at its offices at 240 Greenwich Street, New York, New York 10286, or at such other place as BNY may from time to time designate in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any notice or other instrument in writing, authorized or required by this Agreement to be given to the Fund shall be sufficiently given if received by it at its offices at 780 Third Avenue, 43<sup>rd</sup> Foor New York, New York 10017 and with a copy to Calton Square, 1 Greenside Row, Edinburgh, EH1 3AN or at such other place as the Fund may from time to time designate in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions shall not in any way be affected thereby. This Agreement may not be amended or modified in any manner except by a written agreement executed by both parties. This Agreement shall extend to and shall be binding upon the parties hereto, and their respective successors and assigns; provided however, that this Agreement shall not be assignable by either party without the written consent of the other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. This Agreement shall be construed in accordance with the substantive laws of the State of New York, without regard to conflicts of laws principles thereof. The Fund and BNY hereby consent to the jurisdiction of a state or federal court situated in New York City, New York in connection with any dispute arising hereunder. The Fund and BNY each hereby irrevocably waives, to the fullest extent permitted by applicable law, any objection which it may now or hereafter have to the laying of venue of any such proceeding brought in such a court and any claim that such proceeding brought in such a court has been brought in an inconvenient forum. The Fund and BNY each hereby irrevocably waives any and all rights to trial by jury in any legal proceeding arising out of or relating to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The parties hereto agree that in performing hereunder, BNY is acting solely on behalf of the Fund and no contractual or service relationship shall be deemed to be established hereby between BNY and any other person by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute only one instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. This Agreement shall terminate simultaneously with the termination of the Custody Agreement between the Fund and the Custodian, and may otherwise be terminated by either party giving to the other party a notice in writing specifying the date of such termination, which shall be not less than thirty (30) days after the date of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. A copy of the Declaration of Trust of the Fund is on file with the Secretary of the Commonwealth of Massachusetts, and notice is hereby given that this instrument is executed on behalf of the Trustees of the Fund as Trustees and not individually and that the obligations of this instrument are not binding upon any of the Trustees individually but are binding only upon the assets and property of the applicable series. BNY acknowledges and agrees that any obligations and liabilities of the Fund or any series arising hereunder shall not be binding upon any of the shareholders, Trustees, officers or employees of the Fund, as provided in the Fund's charter documents, and that, to the extent the Trustees are regarded as entering into this Agreement, they do so only in their capacity as trustees and not individually. BNY further acknowledges and agrees that it shall look solely to the property of the applicable Fund for the performance of any obligation or liability of the Fund hereunder.

**IN WITNESS WHEREOF**, the Fund and BNY have caused this Agreement to be executed by their respective officers, thereunto duly authorized, as of the date first above written.

---

| |
|:---|
| **BAILLIE GIFFORD ETF TRUST, IN ITS OWN CAPACITY AND ON BEHALF OF EACH OF THE FUNDS OR SERIES IDENTIFIED IN ANNEX I** |
| By: |
| Title: |
| **THE BANK OF NEW YORK MELLON** |
| By: |
| Title: |

---

**ANNEX I**

---

| | |
|:---|:---|
| **Fund Name** | **Tax Identification** |

---

**Baillie Gifford ETF Trust**

**Series**

**Baillie Gifford International Concentrated Growth Equities ETF (EIN:)**

**Baillie Gifford U.S. Equity Growth ETF (EIN:)**

**Baillie Gifford Long Term Global Growth ETF (EIN:)**

**Baillie Gifford Emerging Markets Equities ETF (EIN:)**

**Baillie Gifford International Alpha ETF (EIN:)**

**SCHEDULE I**

**Specified Countries**

**[ ]**

## Ex-99.(H)(1)

**Exhibit 99.(h)(1)**

![](tm2525881d3_ex99-xhx1img001.jpg)

**<u>FUND ADMINISTRATION AND ACCOUNTING AGREEMENT</u>**

THIS AGREEMENT is made as of _____________________ by and between each Trust listed on the signature page hereto (each a "Fund", and collectively the "Funds" as applicable) and The Bank of New York Mellon, a New York corporation authorized to do a banking business ("BNY").

<u>W</u> <u>I T N E S S E T H</u> :

WHEREAS, each Fund is an investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, each Fund desires to retain BNY to provide for the portfolios identified on Exhibit A hereto (each, a "Series") the services described herein, and BNY is willing to provide such services, all as more fully set forth below;

NOW, THEREFORE, in consideration of the mutual promises and agreements contained herein, the parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions.</u> 

Whenever used in this Agreement, unless the context otherwise requires, the following words shall have the meanings set forth below:

<u>"1933 Act"</u> means the Securities Act of 1933, as amended.

<u>"1934 Act"</u> means the Securities Exchange Act of 1934, as amended.

"<u>1940 Act</u>" means the Investment Company Act of 1940, as amended.

"<u>Applicable Authorities</u>" means all laws applicable to each Fund, each Series or BNY, including without limitation the Securities Laws and all other applicable rules, regulations, official interpretations and guidance of a regulatory entity or agency having jurisdiction over the Fund or BNY.

"<u>Authorized Person</u>" shall mean each person, whether or not an officer or an employee of a Fund, duly authorized by the Board to execute this Agreement and to give Instructions on behalf

of such Fund as set forth in Exhibit B hereto and each Authorized Person's scope of authority may be limited by setting forth such limitation in a written document signed by both parties hereto. From time to time each Fund may deliver a new Exhibit B to add or delete any person and BNY shall be entitled to rely on the last Exhibit B received by BNY.

"<u>BNY Affiliate</u>" shall mean any office, branch, or subsidiary of The Bank of New York Mellon Corporation.

"<u>Board</u>" shall mean a Fund's board of directors, board of trustees, general partner or manager, as applicable.

"<u>Confidential Information</u>" shall have the meaning given in Section 22 of this Agreement.

"<u>Documents</u>" shall mean such other documents, including but not limited to, Board resolutions, including resolutions of the Fund's Board authorizing the execution, delivery and performance of this Agreement by the Fund, and opinions of outside counsel, as BNY may reasonably request, in writing, from time to time, in connection with its provision of services under this Agreement.

"<u>Instructions</u>" shall mean Oral Instructions or written communications actually received by BNY by S.W.I.F.T., tested telex, letter, facsimile transmission, or other method or system specified by BNY as available for use in connection with the services hereunder, from an Authorized Person or person believed in good faith to be an Authorized Person.

"<u>Investment Advisor</u>" shall mean the entity identified by the Funds to BNY as the entity having investment responsibility with respect to the Funds.

"<u>Net Asset Value</u>" shall mean the per share value of a Fund, calculated in the manner described in the Funds' Offering Materials.

"<u>Offering Materials</u>" shall mean the Funds' currently effective prospectus, statement of additional information, and most recently filed registration statement with the SEC relating to shares of the Fund, each as amended, restated or supplemented from time to time.

"<u>Organizational Documents</u>" shall mean certified copies of a Fund's agreement and declaration of trust, articles of incorporation, certificate of incorporation, certificate of formation or organization, certificate of limited partnership, bylaws, limited partnership agreement, memorandum of association, limited liability company agreement, operating agreement, confidential offering memorandum, material contracts, Offering Materials, all SEC exemptive orders issued to a Fund, required filings or similar documents of formation or organization, as applicable, delivered to and received by BNY.

"<u>Oral Instructions</u>" shall mean oral instructions received by BNY under permissible circumstances reasonably specified by BNY, in writing to the Funds, or otherwise acceptable to BNY in its sole discretion, as being from an Authorized Person or person reasonably believed in good faith by BNY to be an Authorized Person.

"<u>SEC</u>" means the United States Securities and Exchange Commission.

"<u>Securities Laws</u>" means the 1933 Act, the 1934 Act and the 1940 Act.

"<u>Shares</u>" means the shares of beneficial interest of any series or class of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Appointment.</u>

Each Fund hereby appoints BNY as its agent for the term of this Agreement to perform the services described herein. BNY hereby accepts such appointment and agrees to perform the duties hereinafter set forth. BNY undertakes to comply with all applicable requirements of Applicable Authorities having jurisdiction over BNY by virtue of the services BNY is providing to the Fund and Series hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Representations and Warranties.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) Each Fund hereby represents and warrants to BNY, which representations and warranties shall be deemed to be continuing, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement has been duly authorized, executed and delivered by such Fund in accordance with all requisite action of the Board and constitutes a valid and legally binding obligation of such Fund, enforceable in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's Investment Advisor is in good standing and qualified to do business in each jurisdiction in which the nature or conduct of its business requires such qualification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It is conducting its business in material compliance with all applicable laws and regulations, both state and federal, has made and will continue to make all necessary filings including tax filings and has obtained all regulatory licenses, approvals and consents necessary to carry on its business as now conducted; there is no statute, regulation, rule, order or judgment binding on it and no provision of its Organizational Documents, nor of any mortgage, indenture, credit agreement or other contract binding on it or affecting its property which would prohibit its execution or performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The method of valuation of securities and the method of computing the Net Asset Value shall be as set forth in the Offering Materials of the Funds. To the extent the performance of any services described in Schedule I attached hereto by BNY in accordance with the then effective Offering Materials for the Fund would violate any applicable laws or regulations, the Fund shall reasonably promptly so notify BNY in writing and thereafter shall either furnish BNY with the appropriate values of securities, net asset value or other computation, as the case may be, or, instruct BNY in writing to value securities and/or compute Net Asset Value or other computations in a manner the Fund specifies in writing, and either the furnishing of such values or the giving of such instructions shall constitute a representation by the Fund that the same is consistent with all applicable laws and regulations and

with its Offering Materials, all subject to confirmation by BNY as to its capacity to act in accordance with the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The terms of this Agreement, the fees and expenses associated with this Agreement and any benefits accruing to BNY or to the Investment Advisor to or sponsor of a Fund in connection with this Agreement, including but not limited to any [fee waivers, conversion cost reimbursements, upfront payments, signing payments or periodic payments] made or required to be made by BNY to such Investment Advisor or sponsor or any affiliate of a Fund relating to this Agreement have been fully disclosed to the Board of each Fund and that, if required by applicable law, such Board has approved or will approve the terms of this Agreement, any such fees and expenses and any such benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each person named on Exhibit B hereto is duly authorized by such Fund to be an Authorized Person hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) It has implemented, and is acting in accordance with, procedures reasonably designed to ensure that it will disseminate to all market participants, other than Authorized Participants (as defined in its Prospectus and Statement of Additional Information), each calculation of net asset value provided by BNY hereunder to Authorized Participant at the time BNY provides such calculation to Authorized Participants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Without limiting the provisions in Section 22 herein, the Fund shall treat as confidential the terms and conditions of that certain fee agreement between the Fund and BNY and shall not disclose the terms of such fee agreement nor authorize disclosure thereof to any other person, except (i) to its employees, regulators, examiners, internal and external accountants, auditors, and counsel, (ii) for a summary description of this Agreement in the Offering Materials with the prior written approval of BNY, (iii) to any other person when required by a court order or legal process, or (iv) whenever advised by its counsel that it would be liable for a failure to make such disclosure. The Fund shall instruct its employees, regulators, examiners, internal and external accountants, auditors, and counsel who may be

afforded access to such information of the Fund's obligations of confidentiality hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Fund shall promptly notify BNY in writing of any and all legal proceedings or securities investigations filed or commenced against any Fund, the Investment Advisor or the Board which, in the reasonable opinion of the Fund and its counsel, could have a material impact on BNY's provision of the services or its reputation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) BNY hereby represents and warrants to each Fund, which representations and warranties shall be deemed to be continuing, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is conducting its business in material compliance with laws and regulations applicable to the services provided hereunder, both state and federal; has made and will continue to make all necessary filings including tax filings and has obtained all regulatory licenses, approvals and consents necessary to carry on its business as now conducted; there is no statute, regulation, rule, order or judgment binding on it; and no provision of its charter or by-laws, nor of any mortgage, indenture, credit agreement or other contract binding on it or affecting its property that would prohibit its execution or performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It has and will continue to have access to the necessary facilities, equipment and personnel to perform its duties and obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No legal or administrative proceedings have been instituted or threatened which would impair BNY's ability to perform its duties and obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Its entrance into this Agreement shall not cause a material breach or be in material conflict with any other agreement or obligation of BNY or any law or regulation applicable to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Agreement has been duly authorized, executed and delivered by BNY in accordance with all requisite action and constitutes a valid and legally binding obligation of

BNY, enforceable in accordance with its terms, except as the same may be limited by bankruptcy, insolvency, creditors' rights or equitable principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Delivery of Documents.</u>

Each Fund shall promptly provide, deliver, or cause to be delivered from time to time, to BNY the Fund's Organizational Documents, a copy of any and all SEC exemptive orders issued to the Fund and Documents and other materials used in the distribution of Shares and all amendments thereto as may be necessary for BNY to perform its duties hereunder. BNY shall not be deemed to have notice of any information (other than information supplied by BNY) contained in such Organizational Documents or Documents or other materials until they are actually received by BNY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Duties and Obligations of BNY.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) Subject to the direction and control of each Fund's Board and the provisions of this Agreement, BNY shall provide to each Fund the administrative services and the valuation and computation services listed on Schedule I attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) In performing hereunder, BNY shall provide, at its expense, office space, facilities, equipment and personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(III) BNY shall not provide any services relating to the management, investment advisory or sub-advisory functions of any Fund, distribution of shares of any Fund, maintenance of any Fund's financial records or other services normally performed by the Funds' respective counsel or independent auditors and the services provided by BNY do not constitute, nor shall they be construed as constituting, legal advice or the provision of legal services for or on behalf of the Fund or any other person, and each Fund acknowledges that BNY does not provide public accounting or auditing services or advice and will not be making any tax filings, or doing any tax reporting on its behalf, other than those specifically agreed to hereunder or separately agreed in writing among the Parties. The scope of services provided by BNY under this Agreement shall not be increased as a result of new or revised regulatory or other requirements that may become applicable, unless the parties hereto expressly agree in writing to any such increase in the scope of services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(IV) BNY shall, no more than once in a rolling 12 month period, and upon request, (i) provide a copy of its most recent SSAE-18 or equivalent external audit report to the Fund, which the Fund may disclose solely to its internal or external auditors that are subject to written confidentiality obligations to use reasonable care to safeguard the report and prohibit disclosure to any third party and use for any purpose other than evaluating BNY's security controls; (ii) engage a third party provider to perform penetration testing of the BNY systems used to provide the services and provide the Fund, upon request, confirmation of such testing; and (iii) participate in the Fund's reasonable due diligence information security questionnaire process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(V) Nothing in this Agreement shall limit or restrict BNY, any BNY Affiliate or any officer or employee thereof from acting for or with any third parties, and providing services similar or identical to same or all of the services provided hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(VI) BNY may apply to an Authorized Person of any Fund for Instructions with respect to any matter arising in connection with BNY's performance hereunder for such Fund, and BNY shall not be liable for any action taken or omitted to be taken by it in good faith without negligence or willful misconduct in accordance with such Instructions. Such application for Instructions may, at the option of BNY, set forth in writing any action proposed to be taken or omitted to be taken by BNY with respect to its duties or obligations under this Agreement and the date on and/or after which such action shall be taken, and BNY shall not be liable for any action taken or omitted to be taken in accordance with a proposal included in any such application on or after the date specified therein unless, prior to taking or omitting to take any such action, BNY has received Instructions from an Authorized Person in response to such application specifying the action to be taken or omitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(VII) BNY may consult with counsel to the appropriate Fund, or its own counsel, and may rely on and shall be fully protected with respect to anything done or omitted to be done by it, in good faith, with respect the advice or opinion of such counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(VIII) Notwithstanding any other provision contained in this Agreement or Schedule I attached hereto, BNY shall have no duty or obligation to determine, or advise or notify any Fund of: (i) the taxable nature of any distribution or amount received or deemed received by, or payable to, a Fund, (ii) the taxable nature or effect on a Fund or its shareholders of any corporate

actions, class actions, tax reclaims, tax refunds or similar events, (iii) the taxable nature or taxable amount of any distribution or dividend paid, payable or deemed paid, by a Fund to its shareholders; or (iv) the effect under any federal, state, or foreign income tax laws of a Fund making or not making any distribution or dividend payment, or any election with respect thereto. Further, BNY is not responsible for the identification of securities requiring U.S. tax treatment that differs from treatment under U.S. generally accepted accounting principles. BNY is solely responsible for processing such securities, as identified by the Fund or its Authorized Persons, in accordance with U.S. tax laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(IX) BNY shall have no duties or responsibilities whatsoever except such duties and responsibilities as are specifically and expressly set forth in this Agreement and Schedule I.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(X) BNY, in performing the services required of it under the terms of this Agreement, shall be entitled to rely fully on the accuracy and validity of any and all Instructions, explanations, information, specifications, Documents and documentation furnished to it by a Fund and shall have no duty or obligation to review the accuracy, validity or propriety of such Instructions, explanations, information, specifications, Documents or documentation, including, without limitation, evaluations of securities; the amounts or formula for calculating the amounts and times of accrual of Funds' or Series' liabilities and expenses; the amounts receivable and the amounts payable on the sale or purchase of securities; and amounts receivable or amounts payable for the sale or redemption of Fund Shares effected by or on behalf of a Fund. In the event BNY's computations hereunder rely, in whole or in part, upon information, including, without limitation, bid, offer or market values of securities or other assets, or accruals of interest or earnings thereon, from a pricing or similar service utilized, or subscribed to, by BNY which the Fund directs BNY to utilize, and which BNY in its reasonable judgment deems reliable, BNY shall not be responsible for, under any duty to inquire into, or deemed to make any assurances with respect to, the accuracy or completeness of such information. Without limiting the generality of the foregoing, BNY shall not be required to inquire into any valuation of securities or other assets by a Fund or any third party described in this sub-section (X) even though BNY in performing services similar to the services provided pursuant to this Agreement for others may receive different valuations of the same or different securities of the same issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(XI) BNY, in performing the services required of it under the terms of this

Agreement, shall not be responsible for determining whether any interest accruable to a Fund is or will be actually paid, but will accrue such interest until otherwise instructed by such Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(XII) BNY shall not be responsible for damages (including without limitation damages caused by delays, failure, errors, interruption or loss of data) which occurring directly or indirectly by reason of circumstances beyond its reasonable control in the performance of its duties under this Agreement including, without limitation, work stoppages beyond BNY's control, mechanical breakdowns, flood or catastrophe, acts of God or of a public enemy, failures of transportation, interruptions, loss, or malfunctions of utilities, action or inaction of civil or military authority, national emergencies, war, terrorism, riot, sabotage, non-performance by a third party, failure of the mails, communications, computer (hardware or software) services, or functions or malfunctions of the internet, firewalls, encryption systems or security devices caused by any of the above. Nor shall BNY be responsible for delays or failures to supply the information or services specified in this Agreement where such delays or failures are caused by the failure of any person(s) other than BNY to supply any instructions, explanations, information, specifications or documentation deemed necessary by BNY in the performance of its duties under this Agreement. In the event that a Fund reasonably believes that the occurrence of any such event described in the previous paragraphs will substantially prevent, hinder or delay performance of the services contemplated by this Agreement for more than five (5) consecutive business days, the Fund may take commercially reasonable actions to mitigate the impact of such services not being provided, including, but not limited to, at the Fund's expense, contracting with another service provider to provide such services during such period; provided, that the Fund shall consult with BNY in good faith in connection with any such mitigation and BNY shall provide the Fund reasonable assistance in good faith in connection therewith; provided, further, that BNY shall resume providing, and the Fund shall pay for, such services when BNY resumes providing them. Notwithstanding anything set forth in this Section 5(XII), (a) in no event shall the Fund be obligated to pay any fees under this Agreement to BNY with respect to any services not actually provided during any event described in this Section 5(XII), and (b) the Fund shall have no responsibility to pay BNY for services temporarily performed by a third party service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(XIII) In the event of equipment failure, work stoppage, governmental action, communication disruption or other impossibility of performance beyond BNY's control, BNY

shall take reasonable steps to minimize service interruptions. BNY will implement business resiliency and disaster recovery plans designed to minimize interruptions of services and ensure recovery of systems and applications used to provide the services. Such plans shall cover the facilities, systems, applications and employees that are critical to the provision of the services and specify recovery time and recovery point objectives. BNY will regularly review such plans and at least once per year will conduct independent third party testing of same, attestations of which will be provided to the Funds upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(XIV) BNY shall not be responsible for delays or failures to supply the information or services specified in this Agreement where such delays or failures are caused by the failure of any Authorized Person to supply any instructions, explanations, information, specifications or documentation deemed necessary by BNY in the performance of its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Duties and Obligations of the Funds.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) Each Fund shall cause its officers, advisors, sponsor, distributor, legal counsel, independent accountants, current administrator (if any), transfer agent, and any other service provider to cooperate with BNY and to provide BNY, upon written request, with such information, documents and advice relating to such Fund as is within the possession or knowledge of such persons, and which in the opinion of BNY, is necessary in order to enable BNY to perform its duties hereunder. In connection with its duties hereunder, BNY shall not be responsible for, under any duty to inquire into, or be deemed to make any assurances with respect to the accuracy, validity or propriety of any information, documents or advice provided to BNY by any of the aforementioned persons. BNY shall not be liable for any loss, damage or expense resulting from or arising out of the failure of the Fund to cause any information, documents or advice to be provided to BNY as provided herein and shall be held harmless by each Fund when acting in reliance upon such information, documents or advice relating to such Fund. All fees or costs charged by such persons shall be borne by the appropriate Fund. In the event that any services performed by BNY hereunder may rely, in whole or in part, upon information obtained from a third party service utilized or subscribed to by BNY which BNY in its reasonable judgment deems

reliable, BNY shall not have any responsibility or liability for, under any duty to inquire into, or deemed to make any assurances with respect to, the accuracy or completeness of such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) Each Fund shall furnish BNY with any and all instructions, explanations, information, specifications and documentation deemed necessary or requested by BNY in the performance of its duties hereunder, including, without limitation, the amounts or written formula for calculating the amounts and times of accrual of Fund liabilities and expenses, and the value of any securities lending related collateral investment account(s). BNY shall not be required to include as Fund liabilities and expenses, nor as a reduction of net asset value, any accrual for any federal, state, or foreign income taxes unless the Fund shall have specified to BNY in Instructions the precise amount of the same to be included in liabilities and expenses or used to reduce net asset value. Each Fund shall also furnish BNY with bid, offer, or market values (or fair values calculated pursuant to procedures adopted by the Fund) of securities if BNY notifies such Fund that same are not available to BNY from a security pricing or similar service utilized, or subscribed to, by BNY which the Fund directs BNY to utilize, and which BNY in its reasonable judgment deems reliable at the time such information is required for calculations hereunder. At any time and from time to time, the Fund also may furnish BNY with bid, offer, or market values (or fair values calculated pursuant to procedures adopted by the Fund) of securities and instruct BNY in Instructions to use such information in its calculations hereunder. BNY shall at no time be required or obligated to commence or maintain any utilization of, or subscriptions to, any securities pricing or similar service. In no event shall BNY be required to determine, or have any obligations with respect to, whether a market price represents any fair or true value, nor to adjust any price to reflect any events or announcements, including, without limitation, those with respect to the issuer thereof, it being agreed that all such determinations and considerations shall be solely for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Allocation of Expenses.</u>

Except as otherwise provided herein, all customary, reasonable, and necessary costs and expenses arising or incurred in connection with the performance of this Agreement shall be paid by the appropriate Fund, including but not limited to, organizational costs and costs of maintaining corporate existence, taxes, interest, brokerage fees and commissions, insurance premiums, compensation and expenses of such Fund's trustees, directors, officers or employees, legal, accounting and audit expenses, management, advisory, sub-advisory, administration and

shareholder servicing fees, charges of custodians, transfer and dividend disbursing agents, expenses (including clerical expenses) incident to the issuance, redemption or repurchase of Fund shares or membership interests, as applicable, fees and expenses incident to the registration or qualification under the Securities Laws, state or other applicable securities laws of the Fund or its shares or membership interests, as applicable, costs (including printing and mailing costs) of preparing and distributing Offering Materials, reports, notices and proxy material to such Fund's shareholders or members, as applicable, all expenses incidental to holding meetings of such Fund's trustees, directors and shareholders, and extraordinary expenses as may arise, including litigation affecting such Fund and legal obligations relating thereto for which the Fund may have to indemnify its trustees, directors, officers, managers, and/or members, as may be applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Portfolio Compliance Services.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) If Schedule I contains a requirement for BNY to provide the Fund with portfolio compliance services, such services shall be provided pursuant to the terms of this Section 8 (the "Portfolio Compliance Services"). The precise compliance review and testing services to be provided shall be as directed by each Fund and as mutually agreed between BNY and such Fund, and the results of BNY's Portfolio Compliance Services shall be detailed in a portfolio compliance summary report (the "Compliance Summary Report") prepared on a periodic basis as mutually agreed. Each Compliance Summary Report shall be subject to review and approval by the Fund. If mutually agreed upon in connection with BNY's performance of Portfolio Compliance Services, BNY shall identify portfolio limitations described in a Fund's Offering Materials and monitor such Fund's compliance on a post-trade basis with such portfolio limitations specifically described therein or otherwise in accordance with Instructions, in each case, in accordance with this Section 8. BNY shall have no responsibility or obligation to provide Portfolio Compliance Services other that those services specifically listed in Schedule I.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) The Fund will examine each Compliance Summary Report delivered to it by BNY and notify BNY of any error, omission or discrepancy within ten (10) business days of its receipt. The Fund agrees to notify BNY promptly in writing if it fails to receive any such Compliance Summary Report. The Fund further acknowledges that unless it notifies BNY of any error, omission or discrepancy within ten (10) business days of receipt of the Compliance Summary Report, such Compliance Summary Report shall be deemed final and shall not be

reissued. In addition, if the Fund learns of any out-of-compliance condition before receiving a Compliance Summary Report reflecting such condition, the Fund will notify BNY of such condition within two (1) business day after discovery thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(III) While BNY will endeavor to identify out-of-compliance conditions, BNY does not and could not for the fees charged, make any guarantees, representations or warranties with respect to its ability to identify all such conditions. In the event of any errors or omissions in the performance of Portfolio Compliance Services, the Fund's sole and exclusive remedy and BNY's sole liability shall be limited to re-performance by BNY of the Portfolio Compliance Services affected and in connection therewith the correction of any error or omission, if practicable and the preparation of a corrected report, at no cost to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Rule 38a-1 and Regulatory Administration Services.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) If Schedule I contains a requirement for BNY to provide the Fund with compliance support services related to Rule 38a-1 promulgated under the 1940 Act and/or Regulatory Administration services, such services shall be provided pursuant to the terms of this Section 9 (such services, collectively hereinafter referred to as the "Regulatory Support Services").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) Notwithstanding anything in this Agreement to the contrary, the Regulatory Support Services provided by BNY under this Agreement are administrative in nature and do not constitute, nor shall they be construed as constituting, legal advice or the provision of legal services for or on behalf of the Fund or any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(III) All work product produced by BNY in connection with its provision of Regulatory Support Services under this Agreement is subject to review and approval by the Fund and by the Fund's legal counsel. The Regulatory Support Services performed by BNY under this Agreement will be at the request and direction of the Fund and/or its chief compliance officer (the "Fund's CCO"), as applicable. BNY disclaims liability to the Fund, and the Fund is solely responsible, for the selection, qualifications and performance of the Fund's CCO and the adequacy and effectiveness of the Fund's compliance program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Standard of Care; Indemnification.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) In performing its duties under this Agreement, BNY will exercise the reasonable care, prudence, expertise and diligence that a professional fund administrator providing the same services to registered exchanged traded funds, such as the Fund, would observe in these affairs taking into account the prevailing rules, practices, procedures and circumstances in the relevant market ("Standard of Care").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) Subject always to Section 10(V) below and except as otherwise provided herein, BNY and any BNY Affiliate shall not be liable for any costs, expenses, damages, liabilities or claims (including attorneys' and accountants' fees) incurred by or asserted against a Fund, except those costs, expenses, damages, liabilities or claims, arising out of BNY's or such BNY Affiliate's negligence, bad faith or willful misconduct. In no event shall BNY or any BNY Affiliate be liable to any Fund or any third party for any special, indirect or consequential damages, or lost profits or loss of business, arising under or in connection with this Agreement, even if previously informed of the possibility of such damages and regardless of the form of action. BNY and any BNY Affiliate providing services hereunder shall not be liable for any loss, damage or expense, including counsel fees and other costs and expenses of a defense against any claim or liability, resulting from, arising out of, or in connection with its performance hereunder, including its actions or omissions, the incompleteness or inaccuracy of any specifications or other information furnished by the Fund, or for delays caused by circumstances beyond BNY's control, unless such loss, damage or expense arises out of BNY's bad faith, negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(III) Each Fund, severally and not jointly, shall indemnify and hold harmless BNY and any BNY Affiliate providing services hereunder from and against any and all costs, expenses, damages, liabilities and claims (including claims asserted by a Fund), and reasonable attorneys' and accountants' fees relating thereto, which are sustained or incurred or which may be asserted against BNY or any BNY Affiliate providing services hereunder, by reason of or as a result of any action taken or omitted to be taken by BNY or any BNY Affiliate without bad faith, gross negligence, or willful misconduct, or in reliance upon (i) any law, act, regulation or interpretation of the same even though the same may thereafter have been altered, changed, amended or repealed, (ii) such Fund's Offering Materials or Documents (excluding information

provided by BNY), (iii) any Instructions, or (iv) any opinion of legal counsel for such Fund or BNY, or arising out of transactions or other activities of such Fund which occurred prior to the commencement of this Agreement; <u>provided</u>, that no Fund shall indemnify BNY nor any BNY Affiliate for costs, expenses, damages, liabilities or claims for which BNY or any BNY Affiliate is liable under the preceding sub-section. This indemnity shall be a continuing obligation of each Fund, its successors and assigns notwithstanding the termination of this Agreement. Without limiting the generality of the foregoing, each Fund, severally and not jointly, shall indemnify BNY and any BNY Affiliate providing services hereunder against and save BNY and any BNY Affiliate harmless from any loss, damage or expense, including counsel fees and other costs and expenses of a defense against any claim or liability, arising from any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Errors in records or instructions, explanations, information, specifications or documentation of any kind, as the case may be, supplied to BNY by any third party described above or by or on behalf of a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Action or inaction taken or omitted to be taken by BNY or any BNY Affiliate pursuant to Instructions of the Fund or otherwise without negligence, bad faith or willful misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any action taken or omitted to be taken by BNY in good faith in accordance with the advice or opinion of counsel for a Fund or its own counsel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any use in violation of Applicable Authorities or other improper use by a Fund or its agents, distributor or investment advisor of any valuations or computations supplied by BNY pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The method of valuation of the securities and the method of computing each Series' net asset value; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any valuations of securities, other assets, or the net asset value provided by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(IV) Actions taken or omitted in reliance on Instructions or upon any information, order, indenture, stock certificate, membership certificate, power of attorney, assignment, affidavit or other instrument reasonably believed by BNY in good faith to be from an

Authorized Person, or upon the opinion of legal counsel for a Fund or its own counsel, shall be conclusively presumed to have been taken or omitted in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(V) Subject to the limitations of liability contained in this Agreement, including, without limitation, this Section 10, BNY shall indemnify and hold the Fund harmless from and against any and all direct losses, damages, costs and charges ("Liabilities"), in each case, which are incurred by the Fund as the direct result of BNY's negligence, bad faith, fraud, reckless disregard of its duties hereunder, willful misconduct or failure to perform its obligations under this Agreement in accordance with the Standard of Care; provided, however, BNY shall not indemnify a Fund for any Liabilities arising out of the Fund's negligence, bad faith, fraud, reckless disregard of its duties hereunder, or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(VI) Notwithstanding the foregoing or any other provision in this Agreement or applicable law to the contrary and except as may be agreed upon in writing by the parties, BNY and each Fund agree that to the extent that BNY or any BNY Affiliate providing services hereunder would otherwise be liable hereunder, in no event shall BNY's and such BNY Affiliate's total maximum aggregate liability under this Agreement, whether based on a claim in contract or in tort, law or equity, for any reason and upon any cause of action whatsoever, exceed twelve (12) months' fees (based on the fees paid by the applicable Fund for the services provided pursuant to this Agreement during the preceding 12 month period immediately preceding the event giving rise to the Loss) (the "Damage Cap"); provided, however, the Damage Cap shall not apply to those Losses which are caused by BNY's or such BNY Affiliate's gross negligence, willful misconduct, or fraud.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Compensation.</u>

For the services provided hereunder, each Fund agrees to pay BNY such compensation as is mutually agreed to in writing by each Fund and BNY from time to time and such reasonable out-of-pocket expenses (<u>e.g.</u>, telecommunication charges, postage and delivery charges, record retention costs, reproduction charges and transportation and lodging costs) as are incurred by BNY in performing its duties hereunder. Except as hereinafter set forth, compensation shall be calculated and accrued daily and paid monthly. Each Fund authorizes BNY to debit such Fund's custody account for all amounts due and payable hereunder. BNY shall deliver to each Fund

invoices for services rendered promptly after debiting such Fund's custody account with an indication that payment has been made. Upon termination of this Agreement before the end of any month, the compensation for such part of a month shall be prorated according to the proportion which such period bears to the full monthly period and shall be payable within sixty (60) days after the receipt of the invoice for services through the effective date of termination of this Agreement. For the purpose of determining compensation payable to BNY, each Fund's net asset value shall be computed at the times and in the manner specified in the Fund's Offering Materials.

Notwithstanding the foregoing, BNY agrees that pursuant to separate contractual arrangements between the Funds and Baillie Gifford Overseas Limited ("BGOL"), the Funds' investment adviser, BGOL may pay some or all of the amounts due and payable by the Funds under this Agreement on behalf of the Funds. BNY further agrees that the Funds' payment obligations hereunder may be satisfied by BGOL, provided that such payment by BGOL is equal to or greater than the amount due and payable by the Funds under this Agreement. Nothing herein shall be construed to limit the Funds' ultimate responsibility for amounts due and payable under this Agreement in the event BGOL does not make such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Records; Visits.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) The books and records pertaining to each Fund and such Fund's Series which are in the possession or under the control of BNY shall be the property of the Fund. The Fund and Authorized Persons shall have access to such books and records at all times during BNY's normal business hours. Upon the reasonable request of the Fund, copies of any such books and records shall be provided by BNY to the Fund or to an Authorized Person, at the Fund's expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) BNY shall keep all books and records with respect to each Series' books of account, records of each Series' securities transactions and all other books and records as BNY is required to maintain pursuant to Rule 31a-1 of the 1940 Act in connection with the services provided hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Term of Agreement.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) This Agreement shall be effective on the date first written above and, unless terminated pursuant to its terms, shall continue until 11:59 PM on the date which is the third anniversary of such date (the "Initial Term"), at which time this Agreement shall terminate, unless renewed in accordance with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) This Agreement shall automatically renew for successive terms of one (1) year each (each, a "Renewal Term"), unless the Fund or BNY gives written notice to the other party of its intent not to renew and such notice is received by the other party not less than ninety (90) days prior to the expiration of the Initial Term or the then-current Renewal Term (a "Non-Renewal Notice"). In the event a party provides a Non-Renewal Notice, this Agreement shall terminate at 11:59 PM on the last day of the Initial Term or Renewal Term, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(III) If a party materially breaches this Agreement (a "Defaulting Party") the other party (the "Non-Defaulting Party") may give written notice thereof to the Defaulting Party ("Breach Notice"), and if such material breach shall not have been remedied within thirty (30) days after the Breach Notice is given, then the Non Defaulting Party may terminate this Agreement by giving written notice of termination to the Defaulting Party ("Breach Termination Notice"), in which case this Agreement shall terminate as of 11:59 PM on the 30th day following the date the Breach Termination Notice is given, or such later date as may be specified in the Breach Termination Notice (but not later than the last day of the Initial Term or then-current Renewal Term, as appropriate). In all cases, termination by the Non-Defaulting Party shall not constitute a waiver by the Non-Defaulting Party of any other rights it might have under this Agreement or otherwise against the Defaulting Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(IV) Notwithstanding any other provision of this Agreement, a party may in its sole discretion terminate this Agreement immediately by sending notice thereof to the other party upon the happening of any of the following: (i) the other party commences as debtor any case or proceeding under any bankruptcy, insolvency or similar law, or there is commenced against the other party any such case or proceeding; (ii) the other party commences as debtor any case or proceeding seeking the appointment of a receiver, conservator, trustee, custodian or similar official for the other party or any substantial part of its property or there is commenced against the other party any such case or proceeding; (iii) the other party makes a general assignment for the benefit of creditors; or (iv) the other party admits in any recorded medium, written, electronic or otherwise, its inability to pay its debts as they come due. A party may exercise its termination right under this Section 13(IV) at any time after the occurrence of any of the foregoing events notwithstanding that such event may cease to be continuing prior to such exercise, and any delay in exercising this right shall not be construed as a waiver or other extinguishment of that right.

Any exercise by a party of its termination right under this Section 13(IV) shall be without any prejudice to any other remedies or rights available to such party and shall not be subject to any fee or penalty, whether monetary or equitable. Notwithstanding the provisions of Section 19, notice of termination under this Section 13(IV) shall be considered given and effective when given, not when received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Amendment.</u>

This Agreement may not be amended, changed or modified in any manner except by a written agreement executed by BNY and the Fund to be bound thereby, and authorized or approved by such Fund's Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Assignment; Subcontracting.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) This Agreement shall extend to and shall be binding upon the parties hereto, and their respective successors and assigns; provided, however, that this Agreement shall not be assignable or delegable by any Fund without the written consent of BNY, or by BNY without the written consent of the affected Fund. For the avoidance of doubt, transfer of this Agreement to a successor entity resulting from the merger or reorganization of a Fund shall not constitute an assignment hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) Notwithstanding the foregoing: (i) BNY may assign or transfer this Agreement to any BNY Affiliate or transfer this Agreement in connection with a sale of a majority or more of its assets, equity interests or voting control, provided that BNY gives the Funds thirty (30) days' prior written notice of such assignment or transfer and such assignment or transfer does not impair the provision of services under this Agreement in any material respect, and the assignee or transferee agrees to be bound by all terms of this Agreement in place of BNY; (ii) BNY may subcontract with, hire, engage or otherwise outsource to any BNY Affiliate with respect to the performance of any one or more of the functions, services, duties or obligations of BNY under this Agreement but any such

subcontracting, hiring, engaging or outsourcing shall not relieve BNY of any of its duties or liabilities hereunder it being understood that BNY shall be responsible for the compensation of such BNY Affiliate; (iii) BNY may subcontract with, hire, engage or otherwise outsource to an unaffiliated third party with respect to the performance of any one or more of the functions, services, duties or obligations of BNY under this Agreement but any such subcontracting, hiring, engaging or outsourcing shall (A) require the prior written consent of the Fund and (B) limit BNY's liability such that BNY shall only be liable for failure to reasonably select such unaffiliated third party, and BNY shall have no liability for any acts or omissions to act of such unaffiliated third party; and (iv) BNY, in the course of providing certain additional services requested by a Fund, including but not limited to, Typesetting, Money Market Fund, or eBoard Book services ("Vendor Eligible Services") as further described in Schedule I, may in its sole discretion, enter into an agreement or agreements with a financial printer, or electronic services provider ("Vendor") to provide BNY with the ability to generate certain reports or provide certain functionality. BNY shall not be obligated to perform any of the Vendor Eligible Services unless an agreement between BNY and the Vendor for the provision of such services is then-currently in effect, and shall only be liable for the failure to reasonably select the Vendor. Upon request, BNY will disclose the identity of the Vendor and the status of the contractual relationship, and a Fund is free to attempt to contract directly with the Vendor for the provision of the Vendor Eligible Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(III) As compensation for the Vendor Eligible Services rendered by BNY pursuant to this Agreement, the Fund will pay to BNY such fees as may be agreed to in writing by the Fund and BNY. In turn, BNY will be responsible for paying the Vendor's fees. For the avoidance of doubt, BNY anticipates that the fees it charges hereunder will be more than the fees charged to it by the Vendor, and BNY will retain the difference between the amount paid to BNY hereunder and the fees BNY pays to the Vendor as compensation for the additional services provided by BNY in the course of making the Vendor Eligible Services available to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(IV) BNY shall notify the Funds promptly following the execution of any agreement that would result in, or would be expected to result in, a change of control of BNY; provided that such information is publicly available information and that BNY makes such information available to its clients generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(IV) Any purported assignment or transfer in violation of this Section 15 will be voidable at the option of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Governing Law; Consent to Jurisdiction.</u>

This Agreement shall be construed in accordance with the laws of the State of New York, without regard to conflict of laws principles thereof. Each Fund hereby consents to the

jurisdiction of a state or federal court situated in New York City, New York in connection with any dispute arising hereunder, and waives to the fullest extent permitted by law its right to a trial by jury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Severability.</u>

In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations shall not in any way be affected or impaired thereby, and if any provision is inapplicable to any person or circumstances, it shall nevertheless remain applicable to all other persons and circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>No Waiver.</u>

Each and every right granted to BNY or the Funds hereunder or under any other document delivered hereunder or in connection herewith, or, after giving effect to the provisions of this Agreement, allowed it by law or equity, shall be cumulative and may be exercised from time to time. No failure on the part of BNY or a Fund to exercise, and no delay in exercising, any right will operate as a waiver thereof, nor will any single or partial exercise by BNY or a Fund of any right preclude any other or future exercise thereof or the exercise of any other right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Notices.</u>

All notices, requests, consents and other communications pursuant to this Agreement in writing shall be sent as follows:

if to a Fund, at

Baillie Gifford ETF Trust

780 Third Avenue, 43<sup>rd</sup> Floor

New York, New York 10017

with a copy to:

Baillie Gifford ETF Trust

Calton Square

1 Greenside Row

Edinburgh, EH1 3AN

Attention: North American Shareholder Services team

if to BNY, at

The Bank of New York Mellon

240 Greenwich Street

New York, New York 10286

Attention: ETF Operations

with a copy to:

The Bank of New York Mellon

240 Greenwich Street

New York, New York 10286

Attention: Legal Dept. – Asset Servicing

or at such other place as may from time to time be designated in writing. Notices hereunder shall be effective upon receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Counterparts</u>.

This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original; but such counterparts together shall constitute only one instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Several Obligations.</u>

The parties acknowledge that the obligations of the Funds hereunder are several and not joint, that no Fund shall be liable for any amount owing by another Fund and that the Funds have executed one instrument for convenience only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Confidentiality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) Each party shall keep confidential any information relating to the other party's business ("Confidential Information"). Confidential Information shall include (a) any data or information that is competitively sensitive material, and not generally known to the public, including, but not limited to, information about product plans, marketing strategies, finances, operations, customer relationships, customer profiles, customer lists, sales estimates, business plans, and internal performance results relating to the past, present or future business activities of a Fund or BNY and their respective subsidiaries and affiliated companies; (b) any scientific or technical information, design, process, procedure, formula, or improvement that is commercially

valuable and secret in the sense that its confidentiality affords a Fund or BNY a competitive advantage over its competitors; (c) all confidential or proprietary concepts, documentation, reports, data, specifications, computer software, source code, object code, flow charts, databases, inventions, know-how, and trade secrets, whether or not patentable or copyrightable; and (d) anything designated as confidential. Notwithstanding the foregoing, information shall not be Confidential Information and shall not be subject to such confidentiality obligations if it: (a) is already known to the receiving party at the time it is obtained; (b) is or becomes publicly known or available through no wrongful act of the receiving party; (c) is rightfully received from a third party who, to the best of the receiving party's knowledge, is not under a duty of confidentiality; (d) is released by the protected party to a third party without restriction; (e) is requested or required to be disclosed by the receiving party pursuant to a court order, subpoena, governmental or regulatory agency request or law; (f) is relevant to the defense of any claim or cause of action asserted against the receiving party; (g) is Fund information provided by BNY in connection with an independent third party compliance or other review; (h) is released in connection with the provision of services under this Agreement; or (i) has been or is independently developed or obtained by the receiving party. If either party is required to disclose Confidential Information as a result of a court order, subpoena or similar legal duress, then that party may disclose such Confidential Information, provided that the disclosing party, if not prohibited from doing so, shall undertake reasonable efforts to give the other party prompt prior written notice upon its receipt of any such order or subpoena and provided further that failure to provide such notice shall not give rise to any liability. The provisions of this Section 22 shall survive termination of this Agreement for a period of one (1) year after such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) The Bank of New York Mellon Corporation is a global financial organization that provides services to clients through its affiliates and subsidiaries in multiple jurisdictions (the "BNY Group"). The BNY Group may centralize functions including audit, accounting, risk, legal, compliance, sales, administration, product communication, relationship management, storage, compilation and analysis of customer-related data, and other functions (the "Centralized Functions") in one or more affiliates, subsidiaries and third-party service providers. Solely in connection with the Centralized Functions, (i) the Fund consents to the disclosure of and authorizes BNY to disclose information regarding the Fund ("Customer-Related Data") to the

BNY Group and to its third-party service providers who are subject to substantially similar confidentiality obligations to those in this Section 22 with respect to such information and (ii) BNY may store the names and business contact information of the Fund's employees and representatives on the systems or in the records of the BNY Group or its service providers. The BNY Group may aggregate Customer-Related Data with other data collected and/or calculated by the BNY Group, and notwithstanding anything in this Agreement to the contrary the BNY Group will own all such aggregated data, provided that the BNY Group shall not distribute the aggregated data in a format that identifies Customer-Related Data with a particular customer or the Fund or where the Fund can be identified . The Fund confirms that it is authorized to consent to the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(III) During the term of the Agreement, BNY will implement and maintain an information security program ("ISP") with written policies and procedures reasonably designed to protect the confidentiality and integrity of the Funds' Confidential Information provided to BNY in accordance with this Agreement and when in BNY's possession or under BNY's control ("Customer Data"). The ISP will include administrative, technical and physical safeguards, appropriate to the type of Customer Data concerned, reasonably designed to: (i) maintain the integrity, confidentiality and availability of Customer Data; (ii) protect against anticipated threats or hazards to the security or integrity of Customer Data; (iii) protect against unauthorized access to or use of Customer Data that could result in substantial harm or inconvenience to Customer or its clients, and (iv) provide for secure disposal of Customer Data. BNY's program is dynamic and may be modified to address technological changes or changes in the threat landscape, BNY's business activities or other factors. BNY reserves the right to modify the ISP at any time, provided that BNY shall not diminish the overall level of protection this rider is intended to provide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Limitations and liabilities of the Trustees and Several Obligations of the Series</u>.

A copy of the Declaration of Trust of each Fund is on file with the Secretary of the Commonwealth of Massachusetts, and notice is hereby given that this instrument is executed on behalf of the Trustees of the Funds as Trustees and not individually and that the obligations of this instrument are not binding upon any of the Trustees individually but are binding only upon

the assets and property of the applicable Series. BNY acknowledges and agrees that any obligations and liabilities of the Funds or any Series arising hereunder shall not be binding upon any of the shareholders, Trustees, officers or employees of the Funds, as provided in the Funds' charter documents, and that, to the extent the Trustees are regarded as entering into this Agreement, they do so only in their capacity as trustees and not individually. BNY further acknowledges and agrees that it shall look solely to the property of the applicable Fund or Series for the performance of any obligation or liability of such Fund or Series hereunder.

[Signature page follows.]

IN WITNESS WHEREOF, the parties hereto have caused the foregoing instrument to be executed by their duly authorized officers and their seals to be hereunto affixed, all as of the latest date set forth below.

---

| |
|:---|
| BAILLIE GIFFORD ETF TRUST, on behalf of<br> each Fund identified on Exhibit A attached hereto |
| By: |
| Name: |
| Title: |
| Date: |
| THE BANK OF NEW YORK MELLON |
| By: |
| Name: |
| Title: |
| Date: |

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**<u>EXHIBIT A</u>**

**Baillie Gifford ETF Trust**

<u>Series</u>

&nbsp;&nbsp;&nbsp;&nbsp;1. Baillie Gifford International Concentrated Growth Equities Fund

&nbsp;&nbsp;&nbsp;&nbsp;2. Baillie Gifford U.S. Equity Growth Fund

&nbsp;&nbsp;&nbsp;&nbsp;3. Baillie Gifford Long Term Global Growth Fund

&nbsp;&nbsp;&nbsp;&nbsp;4. Baillie Gifford Emerging Markets Equities Fund

&nbsp;&nbsp;&nbsp;&nbsp;5. Baillie Gifford International Alpha Fund

**<u>EXHIBIT B</u>**

I, [Name] , of Baillie Gifford ETF Trust, a Massachusetts business trust (the "Fund"), do hereby certify that:

The following individuals serve in the following positions with the Fund, and each has been duly elected or appointed by the Board of the Fund to each such position and qualified therefor in conformity with the Fund's Organizational Documents, and the signatures set forth opposite their respective names are their true and correct signatures. Each such person is designated as an Authorized Person under the Fund Administration and Accounting Agreement dated as of ___________________, 2025, between the Fund and The Bank of New York Mellon.

---

| | | |
|:---|:---|:---|
| Name | Position | Signature |

---

**<u>SCHEDULE I</u>**

<u>Schedule of Services</u>

[ ]

## Ex-99.(H)(2)

**Exhibit 99.(h)(2)**

**AUTHORIZED PARTICIPANT AGREEMENT** 

**FOR** 

**BAILLIE GIFFORD ETF TRUST**

This Authorized Participant Agreement (this "Agreement") is entered into by and between Baillie Gifford Funds Services LLC, as distributor (the "Distributor") and [Participant's Name and NSCC#] (the "Authorized Participant" or the "AP") and is subject to acceptance by The Bank of New York Mellon (the "Transfer Agent"), transfer agent for Baillie Gifford ETF Trust (the "Trust") and an Index Receipt Agent as that term is defined in the rules of the National Securities Clearing Corporation ("NSCC"). The Trust is an open-end management investment company organized as a Massachusetts business trust and consists of separate series (each, a "Fund" and collectively, the "Funds") as set forth in <u>Annex I</u> hereto, as it may be amended from time to time. The Distributor, the Transfer Agent and the Authorized Participant acknowledge and agree that the Trust is an intended third-party beneficiary of this Agreement and shall receive the benefits contemplated by this Agreement to the extent specified herein and be able to enforce its terms as if it were a party hereto. The Distributor has been retained to provide services as principal underwriter of the Trust acting on an agency basis in connection with the sale and distribution of shares of beneficial interest (sometimes referred to as "Shares"), of each of the Funds.

As specified in the Trust's prospectus and statement of additional information ("SAI") incorporated therein, each as supplemented or amended from time to time, (collectively, the "Prospectus") included as part of the Trust's registration statement, as amended, on Form N-1A ("Registration Statement"), the Shares of any Fund offered thereby may be purchased or redeemed only in aggregations of a specified number of Shares referred to therein and herein as a "Creation Unit." All references to "cash" shall refer to U.S. Dollars ("USD"). The number of Shares constituting a Creation Unit of each Fund is set forth in the Prospectus. Creation Units of Shares may be purchased only by or through an Authorized Participant that has entered into an Authorized Participant Agreement with the Distributor. The Prospectus provides that Creation Units generally will be sold in exchange for an in-kind deposit of a designated portfolio of securities (the "Deposit Securities") and/or an amount of cash computed as described in the Prospectus (the "Cash Component"), plus a purchase "Transaction Fee" as described in the Prospectus, delivered to the Trust by the Authorized Participant for its own account or acting on behalf of another party. Together, the Deposit Securities and the Cash Component constitute the "Fund Deposit." References to the Prospectus are to the then-current Prospectus as it may be supplemented or amended from time to time. Capitalized terms not otherwise defined herein are used herein as defined in the Prospectus.

This Agreement is intended to set forth certain premises and the procedures by which the Authorized Participant may purchase and/or redeem Creation Units of Shares (i) through the Continuous Net Settlement ("CNS") clearing processes of NSCC as such processes have been enhanced to effect purchases and redemptions of Creation Units, such processes being referred to herein as the "CNS Clearing Process," or (ii) outside the CNS Clearing Process (i.e., through the manual process of The Depository Trust Company ("DTC") (the "DTC Process"). The procedures for processing an order to purchase Shares (each a "Purchase Order") and an order to redeem Shares (each a "Redemption Order") are described in <u>Annex II</u> to this Agreement. All Purchase and Redemption Orders must be made pursuant to the procedures set forth in <u>Annex II</u> hereto, as it may be amended by the Trust from time to time as set forth in Section 17 herein. An Authorized Participant may not cancel a Purchase Order or a Redemption Order after the Fund's order window cut-off time in accordance with <u>Annex II</u> hereto.

Nothing in this Agreement shall obligate the Authorized Participant to create or redeem one or more Creation Units of Shares or to sell, offer or promote the Shares.

**The parties hereto in consideration of the premises and of the mutual agreements contained herein agree as follows:** 

**1. STATUS OF AUTHORIZED PARTICIPANT AND DISTRIBUTOR.** 

(a) The Authorized Participant hereby represents, covenants and warrants that with respect to Purchase Orders or Redemption Orders of Creation Units of Shares of any Fund (i) through the CNS Clearing Process, it is a member of NSCC and an authorized participant in the CNS System of NSCC (as defined in each Fund's Prospectus, a "Participating Party"); (ii) outside the CNS Clearing Process, it is a DTC Participant (as defined in the Fund's Prospectus, a "DTC Participant"); and (iii) it has the ability to transact through the Federal Reserve System. Any change in the foregoing status of the Authorized Participant shall automatically terminate this Agreement, and the Authorized Participant shall give immediate written notice to the Distributor, the Transfer Agent and the Trust of such change. The Authorized Participant may place Purchase Orders or Redemption Orders for Creation Units either through the CNS Clearing Process or outside the CNS Clearing Process, subject to the procedures for purchase and redemption set forth in this Agreement, including <u>Annex II</u> hereto ("Execution of Orders").

(b) The Authorized Participant represents, covenants and warrants that it (i) is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended ("the "1934 Act"); (ii) is qualified to act as a broker or dealer in the states or other jurisdictions where it transacts business with respect to this Agreement; and (iii) is a member in good standing of the Financial Industry Regulatory Authority ("FINRA"). The Authorized Participant agrees that it will maintain such registrations, qualifications and membership in good standing and in full force and effect throughout the term of this Agreement. Any change in the foregoing status of the Authorized Participant shall result in the automatic termination of this Agreement and the Authorized Participant shall give immediate written notice to the Distributor, the Transfer Agent and the Trust of such change. The Authorized Participant agrees to comply in all material respects with all applicable U.S. federal securities laws, the laws of the states or other jurisdictions concerned, and the rules and regulations promulgated thereunder, and all applicable rules of FINRA and any other self-regulatory organization of which it is a member, to the extent such law, rules and regulations relate to the Authorized Participant's obligations under this Agreement. The Authorized Participant further represents and warrants that it will not offer or sell or promote Shares of any Fund of the Trust in any state or jurisdiction where they may not lawfully be offered and/or sold. In the case of a non-U.S. Authorized Participant, such Authorized Participant must meet the criteria set forth in 1(b)(i) through (iii) above in order to be authorized to enter into this Agreement.

(c) If the Authorized Participant is offering or selling Shares of any Fund in jurisdictions outside the several states, territories and possessions of the United States, the Authorized Participant nevertheless agrees (i) to observe the applicable laws of the jurisdiction in which such offer and/or sale is made; (ii) to comply with applicable disclosure requirements of the Securities Act of 1933, as amended (the "1933 Act"), and the rules and regulations promulgated thereunder; and (iii) to conduct its business in accordance with the spirit of the rules of FINRA.

(d) Each party to this Agreement acknowledges that it is a financial institution subject to the USA PATRIOT Act of 2001 and the Bank Secrecy Act (collectively, the "AML Acts"), which require, among other things, that financial institutions adopt compliance programs to guard against money laundering. Each party represents and warrants that it is in compliance and will continue to comply with the AML Acts and applicable rules thereunder (collectively, "AML Laws"), including FINRA Rule 3310, in all relevant respects. The Authorized Participant agrees to cooperate with the Trusts, Transfer Agent and the Distributor to satisfy anti-money laundering due diligence policies of the Trusts and the Distributor, which may include annual compliance certifications and periodic due diligence reviews and/or other requests deemed necessary or appropriate by the Trust or the Distributor to ensure compliance with AML Laws. The Authorized Participant also agrees to provide for screening of its own new and existing customers against the sanctions lists maintained by the United States (including the Office of Foreign Assets Control), European Union, United Kingdom, and United Nations. The Authorized Participant represents that (1) it is subject to and has implemented an anti-money laundering compliance program that is consistent with the requirements of 31 U.S.C. § 5318(h) and will update such program as necessary to implement changes in applicable laws and guidance; (2) it will continue to implement its customer identification program and beneficial ownership procedures in a manner consistent with the AML Acts; and (3) it will annually certify to the Trust and/or the Distributor that the representations and undertakings in this paragraph remain accurate. The Authorized Participant will not knowingly take, or refrain from taking, any action that would cause the Trust or the Distributor to be in violation of applicable anti-money laundering laws or sanctions.

(e) The Authorized Participant represents, covenants and warrants that it has implemented and shall maintain policies, procedures and internal controls reasonably designed to prevent and detect violations by those acting on its behalf of any applicable anti-corruption laws or regulations including self-regulatory organization regulations;

giving money or anything of value to obtain or retain business or favorable treatment; and making any bribe, rebate, payoff, influence payment, kickback or other unlawful payment to any person, including but not limited to domestic or foreign government officials or employees, customers and commercial counterparties.

(f) The Authorized Participant represents, covenants and warrants that neither it nor anyone acting on its behalf will, in connection with this agreement, make or authorize, directly or indirectly: (i) any improper payment or promise to pay, or (ii) any gift or promise to give any money or anything of value to any governmental official, customer, or commercial counterparty for the purpose of improperly influencing any official act or decision of such official, customer, or commercial counterparty or inducing him or her to use his or her influence improperly.

(g) The Authorized Participant understands and acknowledges that the method by which Creation Units will be created and traded may raise certain issues under applicable securities laws. For example, because new Creation Units may be issued and sold by the Trust on an ongoing basis, depending upon the facts and circumstances, at any point a "distribution," as such term is used in the 1933 Act, may be deemed to have occurred at any point. The Authorized Participant understands and acknowledges that some activities on its part, depending on the circumstances and under certain possible interpretations of applicable law, may result in its being deemed a participant in a distribution in a manner which could subject it to the prospectus delivery and related provisions of the 1933 Act that normally would be applicable to a statutory underwriter. The Authorized Participant should review the description of the Trust's offering in the SAI and consult with its own counsel in connection with entering into this Agreement and placing an Order (defined below). The Authorized Participant also understands and acknowledges that dealers who are not "underwriters" but are effecting transactions in Shares, whether or not participating in the distribution of Shares, may be required to deliver a prospectus.

(h) The Authorized Participant has the capability to send and receive authenticated communications to and from (i) the Distributor, (ii) the Custodian (as defined below in Section 5 hereof), (iii) the Subcustodian (as defined below in Section 5 hereof) in the case of International Funds (see Section 5 below), and (iv) the Authorized Participant's custodian. The Authorized Participant shall confirm such capability to the satisfaction of the Distributor, the Custodian and the Subcustodian prior to placing its first order with the Transfer Agent (whether it is a Purchase Order or a Redemption Order).

(i) The Authorized Participant represents, covenants and warrants that during the term of this Agreement, it will not be an "affiliated person", as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), of a Fund, a promoter or a principal underwriter of a Fund or an "affiliated person" of such persons due to ownership of Shares. The Authorized Participant shall give prompt notice to the Distributor, Transfer Agent and the Trust of any change to the foregoing status.

**2. EXECUTION OF PURCHASE ORDERS AND REDEMPTION ORDERS.** 

(a) All Purchase Orders or Redemption Orders shall be made in accordance with the terms of the Prospectus and, where applicable, the procedures described in <u>Annex II</u> hereto. Each party hereto agrees to comply with the provisions of such documents to the extent applicable to it. In the event of a conflict between the Prospectus and any procedures described in this Agreement, including the procedures described in <u>Annex II</u> hereto, the Prospectus shall control. It is contemplated that the telephone lines used by the Transfer Agent and the Distributor will be recorded, and the Authorized Participant hereby consents to the recording of all calls with the Transfer Agent and the Distributor in connection with the purchase and redemption of Creation Units, provided that the Transfer Agent and the Distributor, as applicable, shall promptly provide copies of recordings of any such calls to the Authorized Participant upon the request of the Authorized Participant, unless such recordings have been erased or destroyed prior to receipt of such request. The parties agree that either party may use such recordings in connection with any dispute or proceeding relating to this Agreement. The Trust reserves the right to issue additional or other procedures relating to the manner of purchasing or redeeming Creation Units and the Authorized Participant agrees to comply with such procedures as may be issued from time to time, upon reasonable notice thereof, including but not limited to the Cash Collateral Settlement Procedures that are referenced in <u>Annex II</u> hereto.

(b) The Authorized Participant acknowledges and agrees that delivery of a Purchase Order or Redemption Order shall be irrevocable upon the Authorized Participant's submission of such Order in accordance with <u>Annex II</u> hereto; provided that the Trust and the Distributor on behalf of the Trust reserves the right to reject any Purchase Order in

accordance with the terms of the Prospectus and related documents until the trade is released as described in <u>Annex II</u> hereto and any Redemption Order that is not in "good order" as defined in the Prospectus.

(c) With respect to any Redemption Order, the Authorized Participant also acknowledges and agrees to return to the Trust any dividend, interest, distribution or other corporate action paid to it in respect of any Deposit Security that is transferred to the Authorized Participant that, based on the valuation of such Deposit Security at the time of transfer, should, in accordance with the terms of the instrument or corporate action and industry custom in the applicable market, have been paid to the Trust. With respect to any Redemption Order, the Authorized Participant also acknowledges and agrees that, alternatively, the Trust is entitled to reduce the amount of money or other proceeds due to the Authorized Participant by an amount equal to any dividend, interest, distribution or other corporate action to be paid to it in respect of any Deposit Security that is transferred to the Authorized Participant that, based on the valuation of such Deposit Security at the time of transfer, should be paid to the Fund. With respect to any Purchase Order, the Transfer Agent, on behalf of the Trust, acknowledges and agrees to return to the Authorized Participant any dividend, interest, distribution or other corporate action paid to the Trust in respect of any Deposit Security that is transferred to the Trust that, based on the valuation of such Deposit Security at the time of transfer, should, based on the valuation of such Deposit Security at the time of transfer, have been paid to the Authorized Participant. Likewise, with respect to any Purchase Order, the Trust acknowledges and agrees to return to the Authorized Participant any dividend, interest, distribution or other corporate action paid to it in respect of any Deposit Security that is transferred to the Trust that, based on the valuation of such Deposit Security at the time of transfer, should, in accordance with the terms of the instrument or corporate action and industry custom in the applicable market, have been paid to the Authorized Participant. With respect to any Purchase Order, the Transfer Agent, on behalf of the Trust, also acknowledges and agrees that the Authorized Participant is entitled to reduce the amount of money or other proceeds due to the Trust by an amount equal to any dividend, interest, distribution or other corporate action to be paid to it in respect of any Deposit Security that is transferred to the Trust that, based on the valuation of such Deposit Security at the time of transfer, should be paid to the Authorized Participant.

**3. NSCC.** 

Solely with respect to Purchase Orders or Redemption Orders effected through the CNS Clearing Process, the Authorized Participant, as a Participating Party, hereby authorizes the Transfer Agent to transmit to the NSCC on behalf of the Authorized Participant such instructions, including amounts of the Deposit Securities and Cash Component as are necessary, consistent with the instructions issued by the Authorized Participant to the Transfer Agent. The Authorized Participant agrees to be bound by the terms of such instructions issued by the Transfer Agent and reported to NSCC as though such instructions were issued by the Authorized Participant directly to NSCC.

**4. PROSPECTUS, MARKETING MATERIALS AND REPRESENTATIONS.** 

(a) The Authorized Participant understands that a current Prospectus and all required reports for each applicable Fund are available at <u>www.bailliegifford.com/ETFs</u> (or any successor website). The Distributor will provide to the Authorized Participant electronic copies of the then-current Prospectus or summary prospectus, if applicable upon request. The Distributor represents, warrants and agrees that it will promptly notify the Authorized Participant when a revised, supplemented or amended Prospectus for any Fund is available and deliver or otherwise make available to the Authorized Participant electronic copies of such revised, supplemented or amended Prospectus or summary prospectus so as to enable the Authorized Participant to comply with any obligation it may have to deliver such Prospectus and/or summary prospectus to customers. The Distributor will make such revised, supplemented or amended Prospectus available to the Authorized Participant no later than its effective date. The Distributor shall be deemed to have complied with this Section 4 when the Distributor has transmitted such revised, supplemented or amended Prospectus or summary prospectus by e-mail to [i<u>nsert e-mail address</u>], in printable form. The Authorized Participant represents, warrants and agrees that it shall deliver the then-current Prospectus or summary prospectus to its customers in connection with the purchase of Shares in accordance with 1933 Act prospectus delivery requirements. The Authorized Participant agrees, at the request of the Distributor, to deliver proxy material, annual and other reports of the Funds or other similar information that the Funds are obligated to deliver to their shareholders to the Authorized Participant's customers that custody Shares with the Authorized Participant, after transmission by the Distributor of such documents in electronic form.

(b) The Authorized Participant represents, warrants and agrees that it will not make any representations concerning Shares other than those that are contained in Trust's then-current Prospectus or in any promotional materials or sales literature furnished to the Authorized Participant by the Distributor. Subject to Section 4(c) below, the Authorized Participant agrees not to furnish or cause to be furnished to any person or display or publish any Marketing Materials, except such information and materials as may be furnished to the Authorized Participant by the Distributor and such other information and materials as may be approved in writing by the Distributor, provided that any such other information and materials prepared by the Authorized Participant comply with applicable FINRA rules. The Authorized Participant understands that, except in the event and to the extent any of the Funds offers a mutual fund share class in the future in reliance on applicable exemptive relief, neither the Trust nor any of its Funds may be advertised or marketed as an open-end investment company (*i.e.*, as a mutual fund), which offers redeemable securities, and that any advertising materials will prominently disclose that the Shares are not individually redeemable shares of the Trust. In addition, except in the event and to the extent any of the Funds offers a mutual fund share class in the future in reliance on applicable exemptive relief, the Authorized Participant understands that any advertising material that addresses redemptions of Shares, including the Prospectus, will disclose that the owners of Shares may acquire Shares and tender Shares for redemption to the Trust in whole Creation Units only.

(c) Notwithstanding the foregoing, the Authorized Participant may, without the written approval of the Distributor, prepare and circulate, in the regular course of its business, sales commentary and research reports that include information, opinions or recommendations relating to Shares (i) for public dissemination, provided that such sales commentary and research reports compare the relative merits and benefits of Shares with other products and are not used for purposes of marketing Shares and (ii) for internal use by the Authorized Participant. The Authorized Participant may with the prior express written approval of the Trust or the Distributor prepare and circulate in the regular course of its business or for internal use, research reports (as such term is defined in FINRA Rule 2241 or any successor rule), institutional communications and correspondence (as such terms are defined in FINRA Rule 2210 or any successor rule) and other similar materials that include information, opinions or recommendations relating to Shares (the "Authorized Participant Institutional Communications"), provided that such Authorized Participant Institutional Communications comply with applicable FINRA rules. Neither the Distributor, the Trust nor the Transfer Agent shall have any liability or responsibility for such research reports and materials.

(d) Each of the Distributor and the Authorized Participant agrees to provide to the other party such information as may be reasonably requested by the Distributor or the Authorized Participant, as the case may be, in connection with performing due diligence with respect to this Agreement. For the avoidance of doubt, the Authorized Participant shall bear its own expenses incurred in connection with such due diligence investigation.

(e) The Authorized Participant represents that it has procedures in place that are reasonably designed to protect the privacy of non-public personal consumer/customer financial information to the extent required by applicable laws, rules and regulations and will continue to do so throughout the term of this Agreement.

**5. SUBCUSTODIAN ACCOUNT.** 

The Authorized Participant understands and agrees that in the case of each Fund that invests in securities traded on non-U.S. Exchanges (an "International Fund"), the Trust has caused The Bank of New York Mellon acting in its capacity as the Trust's custodian ("Custodian") to maintain with the applicable subcustodian ("Subcustodian") for such Fund an account in the relevant foreign jurisdiction to which the Authorized Participant shall deliver or cause to be delivered in connection with the purchase of a Creation Unit the securities (*see* <u>Annex IV</u>) and any other cash amounts (or the cash value of all or a part of such securities, in the case of a permitted or required cash purchase or "cash in lieu" amount), with any appropriate adjustments as advised by such Fund, in accordance with the terms and conditions applicable to such account in such jurisdiction.

**6. TITLE TO SECURITIES; RESTRICTED SHARES.** 

The Authorized Participant represents that upon delivery of a portfolio of Deposit Securities to the Custodian and/or the relevant Subcustodian in accordance with the terms of the Prospectus, (i) the Trust will acquire good and unencumbered title to such securities, free and clear of all liens, restrictions, charges and encumbrances and not subject to any adverse claims, including, without limitation, any restriction upon the sale or transfer of such

securities and (ii) no such securities are "restricted securities" as such term is used in Rule 144(a)(3)(i) promulgated under the 1933 Act in the hands of the Authorized Participant immediately prior to any such delivery.

The Distributor represents that upon delivery of Deposit Securities to the Authorized Participant in connection with a Redemption Order, the Authorized Participant will acquire good and unencumbered title to such securities, free and clear of all liens, restrictions, charges and encumbrances, and not subject to any adverse claims, and that such Deposit Securities will not be "restricted securities" as such term is used in Rule 144(a)(3)(i) under the 1933 Act. The Authorized Participant represents that it is a qualified institutional buyer as defined in Rule 144A(a) under the 1933 Act.

**7. CASH COMPONENT AND FEES.** 

(a) <u>For Funds that Invest in Securities traded on U.S. Exchanges ("Domestic Funds"):</u> The Authorized Participant hereby agrees that in connection with a Purchase Order for any Domestic Fund, it will make available in same day funds for each purchase of Shares an amount of cash sufficient to pay the Cash Component and any other amounts of cash due to the Trust in connection with the purchase of any Creation Unit of Shares (including the purchase Transaction Fee for in-kind and cash purchases and the additional variable charge for cash purchases (when, in the sole discretion of the Trust, cash purchases are available or specified as described in the Prospectus)) (the "Cash Amount") which shall be made through DTC to an account maintained by the Custodian and shall be provided in same day or immediately available funds on or before the settlement date in accordance with the Trust's Prospectus ("Contractual Settlement Date"). The Authorized Participant hereby agrees to ensure that the Cash Amount will be received by the Trust on or before the Contractual Settlement Date, and in the event payment of such Cash Amount has not been made by such Contractual Settlement Date, the Authorized Participant agrees, in connection with a Purchase Order, to pay the full cash amount, plus interest, computed at such reasonable rate as may be specified by the Trust from time to time. The Trust reserves the right to revoke acceptance of any Purchase Order in the event payment of the Cash Amount has not been made by such Contractual Settlement Date.

(b) <u>For International Funds</u>: The Authorized Participant hereby agrees that in connection with a Purchase Order for any International Fund, it will make available in same day funds for each purchase of Shares the Cash Amount as described in Section 7(a) above which shall be made via Fed Funds Wire to an account maintained by the Custodian and shall be provided in same day or immediately available funds at least one business day before the Contractual Settlement Date, unless otherwise agreed to by the parties. The Authorized Participant hereby agrees to ensure that the Cash Amount will be received by the Trust on or before the Contractual Settlement Date, and in the event payment of such Cash Amount has not been made by such Contractual Settlement Date, the Authorized Participant agrees, in connection with a Purchase Order, to pay the full Cash Amount, plus interest, computed at such reasonable rate as may be specified by the Trust from time to time. The Trust reserves the right to revoke acceptance of any Purchase Order in the event payment of the Cash Amount has not been made by such Contractual Settlement Date.

**8. ROLE OF AUTHORIZED PARTICIPANT; PROXY.** 

(a) Each party acknowledges and agrees that for all purposes of this Agreement, the Authorized Participant will be deemed to be an independent contractor, and will have no authority to act as agent for the Trust, any Fund, the Distributor, the Custodian, the Subcustodian or the Transfer Agent in any matter or in any respect. The Authorized Participant agrees to make itself and its employees available, upon request, during normal business hours to consult with the Trust, the Distributor, the Custodian, the Subcustodian, the Transfer Agent or the Authorized Participant's custodian or their designees concerning the performance of the Authorized Participant's responsibilities under this Agreement.

(b) In executing this Agreement, the Authorized Participant agrees that it shall be bound by the applicable obligations of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the Prospectus.

(c) The Authorized Participant agrees, to the extent required by applicable law, to maintain records of all sales of Shares made by or through it and to furnish copies of such records to the Trust or the Distributor upon the request of the Trust or the Distributor.

(d) Agent for Proxy. The Authorized Participant represents, covenants and warrants that, from time to time, it may be a Beneficial Owner or legal owner of Shares (as that term is defined in Rule 16a-1(a)(2) of the 1934 Act). The Authorized Participant agrees to irrevocably appoint the Distributor as its agent and proxy with full authorization and power to vote (or abstain from voting) its beneficially or legally owned Shares which the Authorized Participant has not rehypothecated and which the Authorized Participant is or may be entitled to vote at any meeting of shareholders of a Fund held after the effective date of this Agreement, whether annual or special and whether or not an adjourned meeting, or, if applicable, to give written consent with respect thereto. The Distributor shall vote (or abstain from voting) such Shares in the same proportion as the votes (or abstentions) of all other shareholders of the corresponding Fund on any matter submitted to a vote of the shareholders of such Fund. The Authorized Participant acknowledges that the Distributor will not exercise discretion or otherwise provide advice or guidance to the Authorized Participant or any other party in connection with any vote (or abstention thereof). The Distributor may carry out its responsibilities hereunder through an agent, nominee, attorney or such other third party as it deems necessary or appropriate, to the extent allowable pursuant to applicable law.

(e) For purposes of this Section 8, beneficially owned Shares shall not include those Shares for which the Authorized Participant is the record owner but which are held for the benefit of third parties or in customer or fiduciary accounts in the ordinary course of business, unless the Authorized Participant instructs the Distributor in writing otherwise. The Authorized Participant acknowledges that the Distributor will not exercise the voting rights applicable to such Shares unless the Authorized Participant instructs the Distributor in writing otherwise. For the avoidance of doubt, it shall be the responsibility of the Authorized Participant to instruct the Distributor in writing as to which Shares will/will not be voted by the agent and proxy pursuant to this Section. The Authorized Participant represents that it has all the necessary legal power and authority to vote, and to appoint an agent and proxy to vote, all such Shares as contemplated herein. The Authorized Participant hereby agrees to indemnify and hold harmless the Distributor from and against any loss, liability, cost or expense suffered or incurred by such Distributor resulting directly from losses, liabilities or expenses resulting from this Proxy other than those arising from the gross negligence, bad faith or willful misconduct of the Distributor.

(f) The Distributor, as proxy for the Authorized Participant hereunder: (i) is hereby given full power of substitution and revocation; (ii) may act through such agents, nominees, or attorneys as it may appoint from time to time; and (iii) may provide voting instructions to such agents, nominees, or substitute attorneys in any lawful manner deemed appropriate by it, including in writing, by telephone, facsimile, electronically (including through the internet) or otherwise. The powers of such agent and proxy shall include (without limiting its general powers hereunder) the power to receive and waive any notice of any meeting on behalf of the Authorized Participant. The Distributor may terminate this irrevocable proxy (i.e., Sections 8(d) through 8(f)) after sixty (60) days written notice to the Authorized Participant and termination of this irrevocable proxy by itself shall not serve to terminate the Agreement.

**9. AUTHORIZED PERSONS OF THE AUTHORIZED PARTICIPANT.** 

(a) Concurrently with the execution of this Agreement and from time to time thereafter as may be requested by the Trust or the Distributor, the Authorized Participant shall deliver to the Distributor and the Trust, with copies to the Transfer Agent at the address specified below, duly certified as appropriate by its Secretary or other duly authorized official, a certificate substantially in the form attached hereto as <u>Annex III</u> to this Agreement, setting forth the names and signatures of all persons authorized to give instructions relating to any activity contemplated hereby or any other notice, request or instruction on behalf of the Authorized Participant (each such person an "Authorized Person"). Such certificate may be accepted and relied upon by the Distributor and the Transfer Agent as conclusive evidence of the facts set forth therein and shall be considered to be in full force and effect until delivery to the Distributor and the Transfer Agent of a superseding certificate bearing a subsequent date (or the termination of this Agreement, if earlier). Upon the termination or revocation of authority of such Authorized Person by the Authorized Participant, the Authorized Participant shall give prompt written notice of such fact to the Distributor and the Transfer Agent and such notice shall be effective upon receipt by the Distributor and Transfer Agent. The Transfer Agent shall issue to each Authorized Participant a unique personal identification number ("PIN Number") by which such Authorized Participant shall be identified and instructions issued by the Authorized Participant hereunder shall be authenticated. The PIN Number shall be kept confidential and only provided to Authorized Persons. If after issuance, an Authorized Participant's PIN Number is changed, the new PIN Number will become effective on a date mutually agreed upon by the Authorized Participant and the Transfer Agent. The Transfer Agent agrees promptly to cancel the PIN Number assigned to an Authorized Person upon receipt of notice from the Authorized Participant that an

Authorized Person's authority to act for it has been terminated. The Transfer Agent and Distributor shall assume that all instructions and Purchase Orders and Redemption Orders issued to them using a PIN Number have been properly placed by an Authorized Person, unless the Transfer Agent or Distributor, as the case may be, has actual knowledge to the contrary because they received from the Authorized Participant written notice as set forth above that such person is no longer authorized to act on behalf of the Authorized Participant or the Authorized Participant has properly revoked such PIN Number as provided herein and such party has had a reasonable period of time to act thereon. Neither the Distributor nor the Transfer Agent shall have any obligation to verify that an Order is being placed, or an instruction is being given, by an Authorized Person.

**10. REDEMPTION.** 

(a) The Authorized Participant understands and agrees that Redemption Orders may be submitted only on days that the U.S. stock exchange where the Shares are principally listed (as specified in the Prospectus) (the "Listing Exchange") is open for trading or business and that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account.

(b) The Authorized Participant represents, warrants and agrees on behalf of itself and any party for which it acts (a "Participant Client") that, as of the close of a Business Day on which it has placed any Redemption Order for the purpose of redeeming a Creation Unit of Shares of any Fund, it or the Participant Client, as the case may be, will own (within the meaning of Rule 200 of Regulation SHO) or have arranged to borrow for delivery to the Trust on or prior to the settlement date of the Redemption Order the number of Shares of the relevant Fund to be redeemed as a Creation Unit. In either case, the Authorized Participant acknowledges that: (i) it has or if, applicable, its Participant Client has full legal authority and legal right to tender for redemption the requisite number of Shares of the applicable Fund and to receive the entire proceeds of the redemption and (ii) if such Shares submitted for redemption have been loaned or pledged to another party or are the subject of a repurchase agreement, securities lending agreement or any other arrangement affecting legal or beneficial ownership of such Shares being tendered there are no restrictions precluding the tender and delivery of such Shares (including borrowed shares, if any) for redemption, free and clear of liens, on the redemption settlement date. In the event that the Distributor and/or the Trust has reason to believe that the Authorized Participant does not own or have available for delivery the requisite number of Shares of the relevant Fund to be redeemed as a Creation Unit to deliver by the settlement date, the Distributor and/or the Trust may require the Authorized Participant to deliver or execute supporting documentation evidencing ownership or its right to deliver sufficient Shares of the relevant Fund in order for the Redemption Order to be in good order and, if such documentation is not satisfactory to the Distributor and/or the Trust, in their reasonable discretion, the Distributor may reject the Redemption Order. Failure to deliver or execute the requested supporting documentation may result in the Authorized Participant's Redemption Order being rejected as not in good order. In the event that the Authorized Participant receives Fund securities and cash (where applicable), the value of which exceeds the net asset value of the Creation Units of the applicable Fund redeemed at the time of redemption, the Authorized Participant agrees to pay, on the same business day it is notified, or cause the Participant Client to pay, on such day, to the applicable Fund an amount in cash equal to the difference.

**11. BENEFICIAL OWNERSHIP.** 

(a) The Authorized Participant represents and warrants to the Distributor, Transfer Agent, and the Trust that (based upon the number of outstanding Shares of each such Fund made publicly available by the Trust) either (i) it does not, and will not in the future, hold for the account of any single Beneficial Owner (or group of related Beneficial Owners or Beneficial Owners acquiring Shares as a result of a series of related Creation Orders) of Shares of the relevant Fund, eighty percent (80%) or more of the currently outstanding Shares of such relevant Fund, so as to cause the Fund to have a basis in the portfolio securities deposited with the Fund different from the market value of such portfolio securities on the date of such deposit, pursuant to section 351 of the Internal Revenue Code of 1986, as amended, or (ii) it is carrying all of the Deposit Securities as a dealer and as inventory in connection with its market making activities and the Deposit Securities will be marked to market under section 475 of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations thereunder, prior to being deposited with the Fund, and the Authorized Participant will adjust the basis of the Deposit Securities to their fair market value immediately prior to their being deposited with the Fund. Such representation and warranty shall be deemed repeated with respect to each Creation Order for each Fund. The Authorized Participant understands and agrees that

the order form relating to any Creation Order of any Fund shall state substantially the same foregoing representations and warranties.

(b) The Trust, the Distributor and the Transfer Agent shall have the right to reasonably require information from the Authorized Participant regarding Share ownership of each Fund and to rely thereon to the extent necessary to make a determination regarding ownership of eighty percent (80%) or more of the currently outstanding Shares of any Fund by one or more Beneficial Owner(s) as a condition to the acceptance of a deposit of Deposit Securities.

**12. INDEMNIFICATION.** 

**This Section 12 shall survive the termination of this Agreement.** 

(a) The Authorized Participant hereby agrees to indemnify and hold harmless the Distributor, the Trust and each Fund, the Transfer Agent and their respective subsidiaries, affiliates, trustees, directors, officers, partners, members, employees and agents, and each person, if any, who controls such persons within the meaning of Section 15 of the 1933 Act (each an "AP Indemnified Party") from and against any claim, loss, liability, damage and cost and expense (including reasonable attorneys' fees) ("Losses") suffered or incurred by such AP Indemnified Party in connection with, arising out of or as a result of (i) any breach by the Authorized Participant of any provision of this Agreement that relates to such Authorized Participant; (ii) any representation provided by the Authorized Participant herein that is false or misleading or omits material information necessary to make the statement contained therein complete; (iii) any failure on the part of the Authorized Participant to perform any of its obligations set forth in the Agreement; (iv) any failure by the Authorized Participant to comply with applicable laws to the extent relating to its role as an authorized participant hereunder, including applicable rules and regulations of self-regulatory organizations, except the Authorized Participant shall not be required to indemnify an AP Indemnified Party to the extent that such failure was caused by the Authorized Participant's reasonable adherence to instructions given or representations made by such AP Indemnified Party; (v) actions of such AP Indemnified Party taken in reasonable reliance upon any instructions issued in accordance with <u>Annex II</u> (including Parts A, B and C thereto) hereto (as each may be amended from time to time) reasonably believed by the AP Indemnified Party to be genuine and to have been given by the Authorized Participant, except to the extent that the Authorized Participant had previously revoked a PIN Number used in giving such instructions and such revocation was given by the Authorized Participant and received by the Transfer Agent in accordance with the terms of Section 9 hereto, or (vi)(1) any representation by the Authorized Participant, its employees or its agents or other representatives about the Shares, any AP Indemnified Party, the Trust or any Fund that is not consistent with the Trust's then-current Prospectus made in connection with the offer or the solicitation of an offer to buy or sell Shares and (2) any untrue statement of a material fact or alleged untrue statement of a material fact contained in any research reports, marketing material or Communications described in Section 4 hereof or any omission of a material fact or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading to the extent that such statement or omission relates to the Shares, Creation Units, any AP Indemnified Party, the Trust or any Fund. The Authorized Participant and the Distributor understand and agree that the Trust as a third-party beneficiary to this Agreement is entitled and intends to proceed directly against the Authorized Participant in the event that the Authorized Participant fails to perform any of its obligations pursuant to this Agreement that benefit the Trust.

(b) The Distributor hereby agrees to indemnify and hold harmless the Authorized Participant and its respective subsidiaries, affiliates, directors, officers, employees and agents, and each person, if any, who controls such persons within the meaning of Section 15 of the 1933 Act (each a "Distributor Indemnified Party") from and against any Losses incurred by such Distributor Indemnified Party in connection with, arising out of or as a result of the Distributor's bad faith, gross negligence or willful misconduct with respect to (i) any breach by the Distributor of any provision of this Agreement that relates to the Distributor; (ii) any failure on the part of the Distributor to perform any of its obligations set forth in this Agreement; (iii) any failure by the Distributor to comply with applicable laws, including rules and regulations of self-regulatory organizations as such relates to the Distributor with respect to its role as principal underwriter hereunder; or (iv) any untrue statement of a material fact contained in the Prospectus or arise out of or are based upon the omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading. The Distributor shall not be liable to any Distributor Indemnified Party for any damages arising out of (i) mistakes or errors in data provided to the Distributor by a Distributor Indemnified Party; (ii) mistakes or errors by, or out of interruptions or delays of communications with a Distributor Indemnified Party, to the extent such errors, mistakes or delays were caused by a

breakdown in communications networks outside of the control of the Distributor, including, but not limited to, extreme weather, an Act of God or other similar event outside the control of the Distributor or the Transfer Agent; or (iii) any action of a service provider to the Trust, except to the extent such service provider acted under the direction of the Distributor and the Distributor acted grossly negligent in taking or failing to take an action. The Distributor shall not be liable under the indemnity agreement contained in this Section with respect to any claim made against any Distributor Indemnified Party unless the Distributor Indemnified Party shall have notified the Distributor in writing of the claim within a reasonable time after the summons or other first written notification giving information of the nature of the claim shall have been served upon the Distributor Indemnified Party (or after the Distributor Indemnified Party shall have received notice of service on any designated agent). However, failure to notify the Distributor of any claim shall not relieve the Distributor from any liability that it may have to any Distributor Indemnified Party against whom such action is brought otherwise than on account of the indemnity agreement contained in this Section and shall only release it from such liability under this Section to the extent it has been materially prejudiced by such failure to receive notice.

(c) This Section 12 shall not apply and a party shall not have an obligation to indemnify the other and its related indemnified persons to the extent that any Losses are directly caused by, incurred as a result of, or in connection with, any gross negligence, bad faith, or willful misconduct on the part of the party seeking to be indemnified. The term "affiliate" in this Section 12 shall include, with respect to any person, entity or organization, any other person, entity or organization which directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with such person, entity or organization.

(d) The applicable indemnifying party shall be entitled, at its option, to exercise sole control and authority over the defense and settlement of such action. The indemnifying party is not authorized to accept any settlement that does not provide the applicable indemnified party with a complete release or that imposes liability not covered by these indemnifications or places restrictions on the indemnified party or causes reputational harm to the indemnified party, in each case, without the prior written consent of the indemnified party.

(e) If any indemnification in this Section 12 is unavailable to a Distributor Indemnified Party or AP Indemnified Party, or is insufficient to hold a Distributor Indemnified Party or AP Indemnified Party harmless in respect of any Losses referred to therein, then each applicable indemnifying party shall contribute to the amount paid or payable by such Distributor Indemnified Party or AP Indemnified Party as a result of such Losses in such proportion as is appropriate to reflect the relative fault of the Distributor or the Trust on the one hand, and of the Authorized Participant, on the other hand, in connection with, to the extent applicable, the statements, omissions or actions that resulted in such Losses as well as any other relevant equitable considerations. The amount paid or payable by a party as a result of the Losses referred to in this Section 12(e) shall be deemed to include any legal or other fees or expenses reasonably directly incurred by such party in connection with investigating, preparing to defend or defending any action, suit or proceeding (each a "Proceeding") related to such Losses; provided that, for the avoidance of doubt, neither a Distributor Indemnified Party nor an AP Indemnified Party shall be entitled to receive an amount from any indemnifying party pursuant to this Section 12(e) that is greater than the amount such Distributor Indemnified Party or Participant Indemnified Party would have received otherwise under this Section 12 if an indemnity had been available.

**13. LIMITATION OF LIABILITY.** 

(a) The parties undertake to perform such duties and only such duties as are expressly set forth herein, or expressly incorporated herein by reference, and no implied covenants or obligations shall be read into this Agreement against any party.

(b) The Authorized Participant and the Distributor understand and agree that the Trust as a third-party beneficiary to this Agreement with full rights to enforce its terms directly against the Authorized Participant.

(c) No party shall be responsible or liable for any failure or delay in the performance of their obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; terrorism; sabotage; epidemics or pandemics; riots; interruptions; loss or malfunction of utilities, computer (hardware or software) or communications service; accidents; labor disputes; acts of civil or military authority or governmental actions.

(d) Each party may conclusively rely upon, and shall be fully protected in acting or refraining from acting upon, any communication authorized under this Agreement and the procedures described or incorporated herein and upon any written or oral instruction, notice, request, direction or consent reasonably believed by them to be genuine.

(e) No party shall be liable to the Authorized Participant or to any other person for any damages arising out of mistakes or errors in data provided to the Distributor or the Transfer Agent by a third party, or out of interruptions or delays of electronic means of communications with the Distributor or the Transfer Agent.

(f) The Transfer Agent shall not be required to advance, expend or risk its own funds or otherwise incur or become exposed to financial liability under this Agreement in the performance of its role referenced in this Agreement, except as may be required as a result of its own gross negligence, willful misconduct or bad faith.

(g) <u>Tax Liability</u>. To the extent any payment of any transfer tax, sales or use tax, stamp tax, recording tax, value added tax or any other similar tax or government charge applicable to the creation or redemption of any Creation Unit of Shares of any Fund made pursuant to this Agreement is imposed, the Authorized Participant shall be responsible for the payment of such tax or government charge regardless of whether or not such tax or charge is imposed directly on the Authorized Participant. To the extent the Trust or the Distributor is required by law to pay any such tax or charge, the Authorized Participant agrees to promptly indemnify such party for any such payment, together with any applicable penalties, additions to tax or interest thereon. The Distributor agrees to use its best efforts to notify the Authorized Participant of all transfer taxes, sales or use taxes, stamp taxes, recording taxes, value added taxes or any other similar tax or government charge that the Authorized Participant may incur in the future in connection with the creation or redemption of any Creation Unit of Shares.

**14. INFORMATION ABOUT FUND DEPOSITS.** 

The Distributor represents and the Authorized Participant acknowledges that the number and names of the designated portfolio of Deposit Securities to be included in the current Fund Deposit for each Fund will be made available by NSCC on each day that the Listing Exchange is open for trading and will also be made available on each such day through the facilities of the NSCC.

**15. ACKNOWLEDGMENT.** 

The Authorized Participant acknowledges receipt of the Prospectus and represents that it has reviewed and understands such documents.

**16. NOTICES.** 

Except as otherwise specifically provided in this Agreement, all notices required or permitted to be given pursuant to this Agreement shall be given in writing and delivered by personal delivery or by postage prepaid registered or certified United States first class mail, return receipt requested, or by electronic mail or similar means of same day delivery (with a confirming copy by mail). Unless otherwise notified in writing, all notices to the Trust shall be at the address, or electronic mail address as follows:

**The Trust** 

BAILLIE GIFFORD ETF TRUST

780 Third Avenue, 43<sup>rd</sup> Floor

New York, NY 10017

Attn: North American Shareholder Services Team

E-Mail: <u>northamericanvehiclesteam@bailliegifford.com</u>

All notices to the Authorized Participant, the Distributor and the Transfer Agent shall be directed to the address, or electronic mail address indicated below the signature line of such party.

**17. EFFECTIVENESS, TERMINATION AND AMENDMENT.** 

(a) This Agreement shall become effective upon delivery to and execution by the Distributor. A "Business Day" shall mean any day the Listing Exchange and the New York Stock Exchange is open for regular trading. This Agreement may be terminated at any time by any party upon sixty (60) calendar days' prior written notice to the other parties unless earlier terminated by the Distributor in the event of a breach of this Agreement or the procedures described or incorporated herein. This Agreement may be terminated immediately by a party at such time as the Trust or the Distributor becomes insolvent or becomes the subject of a bankruptcy proceeding or winding up. This Agreement supersedes any prior such agreement between or among the parties.

**18. GOVERNING LAW; CONSENT TO JURISDICTION.** 

This Agreement shall be governed by and construed in accordance with the laws of the State of New York (regardless of the laws that might otherwise govern under applicable New York conflict of laws principles) as to all matters, including matters of validity, construction, effect, performance and remedies. Each party hereto irrevocably consents to the jurisdiction of the courts of the State of New York located in the Borough of Manhattan and of the U.S. District Courts for the Southern District of New York and the appellate courts therefrom in such State in connection with any action, suit or other proceeding arising out of or relating to this Agreement or any action taken or omitted hereunder, and waives any claim of *forum non conveniens* and any objections as to laying of venue. Each party further waives personal service of any summons, complaint or other process and agrees that service thereof may be made by certified or registered mail directed to such party at such party's address for purposes of notices hereunder. EACH PARTY HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT.

**19. SUCCESSORS AND ASSIGNS.** 

This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns.

**20. ASSIGNMENT.** 

Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any party without the prior written consent of the other parties, which shall not be unreasonably withheld, except that any entity into which a party hereto may be merged or converted or with which it may be consolidated or any entity resulting from any merger, conversion or consolidation to which such party hereunder shall be a party, or any entity succeeding to all or substantially all of the business of the party, shall be the successor of the party under this Agreement, so long as the acquiring entity or affiliate is able to comply and fulfill the duties and obligations under this Agreement. The party resulting from any such merger, conversion, consolidation or succession shall notify the other parties hereto of the change. Any purported assignment in violation of the provisions hereof shall be null and void.

**21. INTERPRETATION.** 

The article and section headings contained in this Agreement are solely for the purpose of reference, are not part of the agreement of the parties and shall not in any way affect the meaning or interpretation of this Agreement.

**22. ENTIRE AGREEMENT.** 

This Agreement, along with any other agreement or instrument delivered pursuant to this Agreement, supersedes all prior agreements and understandings between the parties with respect to the subject matter hereof.

**23. SEVERANCE.** 

If any provision of this Agreement is held by any court or any act, regulation, rule or decision of any other governmental or supra national body or authority or regulatory or self-regulatory organization to be invalid, illegal or unenforceable for any reason, it shall be invalid, illegal or unenforceable only to the extent so held and shall not affect the validity, legality or enforceability of the other provisions of this Agreement and this Agreement will be construed as if such invalid, illegal or unenforceable provision had never been contained herein, unless the Distributor determines in its discretion, after consulting with each Trust, that the provision of this Agreement that was held invalid, illegal or unenforceable does affect the validity, legality or enforceability of one or more other provisions of this Agreement, and that this Agreement should not be continued without the provision that was held invalid, illegal or unenforceable, and in that case, upon the Distributor's notification of each Trust of such a determination, this Agreement shall immediately terminate and the Distributor will so notify the Authorized Participant immediately.

**24. NO STRICT CONSTRUCTION.** 

The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction will be applied against any party.

**25. SURVIVAL.** 

Sections 4 (Prospectus, Marketing Materials and Representations), 12 (Indemnification), 13 (Limitation of Liability) and 18 (Governing Law; Consent to Jurisdiction) hereof, as well as this Section 25, shall survive the termination of this Agreement.

**26. OTHER USAGES.** 

The following usages shall apply in interpreting this Agreement: (i) references to a governmental or quasigovernmental agency, authority or instrumentality shall also refer to a regulatory body that succeeds to the functions of such agency, authority or instrumentality; and (ii) "including" means "including, but not limited to."

**27. COUNTERPARTS.** 

This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement. A telecopied facsimile of an executed counterpart of this Agreement, or an electronically transmitted PDF copy of an executed counterpart of this Agreement, shall be sufficient to evidence the binding agreement of each party to the terms hereof. This Agreement may be executed by electronic signature, including but not limited to digital signatures, electronic signatures created through commercially available electronic signature platforms, or other electronic methods that demonstrate intent to authenticate and adopt this Agreement. Electronic signatures shall have the same legal effect, validity, and enforceability as handwritten signatures. Each party waives any defence to the enforcement of this Agreement based on the lack of handwritten signature, to the extent permitted by applicable law.

**IN WITNESS WHEREOF,** the parties have caused this Agreement to be executed and delivered as of the day and year written below.

DATED: ____________, 20___

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| **BAILLIE GIFFORD FUND SERVICES: LLC** |
| By: |
| Title: |
| Address: |
| Telephone: |
| Email: |
| **[NAME OF AUTHORIZED PARTICIPANT]** |
| By: |
| Title: |
| Address: |
| Telephone: |
| Email: |

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**ACCEPTED BY: THE BANK OF NEW YORK MELLON, AS TRANSFER AGENT** 

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| By: |
| Title: |
| Address: |
| Telephone: |
| Email: |

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*[Signature Page to Baillie Gifford ETF Trust Authorized Participant Agreement]*

**ANNEX I** 

**TO** 

**AUTHORIZED PARTICIPANT AGREEMENT FOR** 

**BAILLIE GIFFORD ETF TRUST** 

**BAILLIE GIFFORD ETF TRUST**

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ticker<br> Symbol** | **T-1** | **Deposit<br> Securities (%)** |
| **Baillie Gifford Emerging Markets ETF** | **BGEG** | ✔ | **110%** |
| **Baillie Gifford International Alpha ETF** | **BGIA** | ✔ | **110%** |
| **Baillie Gifford International Concentrated Growth ETF** | **BGCG** | ✔ | **110%** |
| **Baillie Gifford Long Term Global Growth ETF** | **BGGG** | ✔ | **110%** |
| **Baillie Gifford U.S. Equity Growth ETF** | **BGUS** |  | **110%** |

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**ANNEX II** 

**TO** 

**AUTHORIZED PARTICIPANT AGREEMENT** 

**FOR BAILLIE GIFFORD ETF TRUST** 

**<u>PROCEDURES FOR PROCESSING</u>**

**<u>PURCHASE ORDERS AND REDEMPTION ORDERS</u>**

This <u>Annex II</u> to the Authorized Participant Agreement sets forth the procedures to be used in processing (1) a Purchase Order for the purchase of Shares of Baillie Gifford ETF Trust (the "Trust") in Creation Units of each Fund and (2) a Redemption Order for the redemption of Shares of the Trust in Creation Units of each Fund of the Trust. Capitalized terms, unless otherwise defined in this <u>Annex II</u>, have the meanings attributed to them in the Authorized Participant Agreement. This <u>Annex II</u> is to be read in conjunction with the Prospectus. To the extent the provisions of this <u>Annex II</u> are inconsistent with the Prospectus, the Prospectus controls.

In order to place a Purchase Order, an Authorized Participant is required to have signed an Authorized Participant Agreement. Upon acceptance of the Authorized Participant Agreement and execution thereof by the Trust and in connection with the initial Purchase Order submitted by the Authorized Participant, the Transfer Agent will assign a PIN Number to each Authorized Person authorized to act for an Authorized Participant. This will allow an Authorized Participant, through its Authorized Person(s), to place a Purchase Order or Redemption Order with respect to the purchase or redemption of Creation Units of Shares of the Trust. **Purchase and Redemption Orders will only be accepted in accordance with the Prospectus.**

**ANNEX II – PART A** 

**TO** 

**AUTHORIZED PARTICIPANT AGREEMENT** 

**FOR BAILLIE GIFFORD ETF TRUST** 

**<u>TO PLACE A PURCHASE ORDER FOR</u>**

**<u>CREATION UNIT(S) OF SHARES OF ONE OR MORE FUNDS OF</u>**

**<u>BAILLIE GIFFORD ETF TRUST</u>**

**1.** **PLACING A PURCHASE ORDER.** 

The Authorized Participant ("AP") submitting an order to create shall submit such orders containing the information required by the Transfer Agent in one of the following manners: (a) through the Transfer Agent's electronic order entry system, as such may be made available and constituted from time to time, the use of which shall be subject to the terms and conditions of the Electronic Services Agreement**,** incorporated herein by reference; or (b) by telephone to the Transfer Agent according to the procedures set forth below. The order so transmitted is hereinafter referred to as the "Purchase Order" and the Business Day on which a Purchase Order is made is hereinafter referred to as the "Order Date." NOTE THAT COMMUNICATION THROUGH THE ELECTRONIC ORDER ENTRY SYSTEM OR BY TELEPHONE CALL INITIATES THE ORDER PROCESS BUT DOES NOT ALONE COMPLETE A PURCHASE ORDER. A PURCHASE ORDER IS ONLY COMPLETED UPON ISSUANCE OF A CONFIRMATION NUMBER BY THE TRANSFER AGENT AND TRANSMISSION OF THE WRITTEN PURCHASE ORDER FROM THE AP AS DESCRIBED BELOW. *Notwithstanding the foregoing, the Trust may, but is not required to, permit Non-Standard Orders until 4:00 p.m., Eastern time, or until the market close (in the event the Exchange closes early).*

Purchase Orders may be initiated only on days that the Listing Exchange is open for trading. Purchase Orders may only be made in whole Creation Units of Shares of each Fund of the Trust. A Purchase Order must be initiated by an Authorized Person of the AP before the closing time of the regular trading session on the Listing Exchange, which is ordinarily 4:00 p.m. Eastern Time (the "Order Cutoff Time"). The submission of a Purchase Order by the AP to the Transfer Agent must include the terms of the Purchase Order, the appropriate ticker symbols when referring to each Fund and the PIN Number of the Authorized Person.

If the AP uses the electronic order entry system to initiate a Purchase Order, the system automatically notifies the Transfer Agent that a Purchase Order has been received. The Distributor reviews the terms of the Purchase Order and accepts or rejects the order terms within the system. The system automatically generates and delivers an electronic Purchase Order to the AP. Such transmission of the written Purchase Order shall indicate approval of the Purchase Order. If the Purchase Order is rejected, the electronic system will promptly notify the AP of the rejection.

To begin a Purchase Order using the telephonic method, the AP must call the Transfer Agent at 1-844-545-1258 or such other number as BNYM may from time to time designate in writing to the AP. The telephone call must be answered and concluded prior to the Order Cutoff Time. During the telephone call, upon verifying the authenticity of the Authorized Person (as determined by the use of the appropriate PIN Number), the Transfer Agent will request that the AP convey the terms of the Purchase Order, including the appropriate ticker symbols for each Fund, and to record such terms on a written Purchase Order in the form attached hereto as <u>Annex II – Part C (or subsequently notified by the Transfer Agent to the AP from time to time)</u>. After the AP has placed the Purchase Order, the Transfer Agent will read the terms of the Purchase Order back to the AP and the AP must confirm that the Purchase Order has been taken correctly by the Transfer Agent. If the AP confirms that the Purchase Order has been taken correctly, the Transfer Agent will issue a confirmation number to the AP and then the AP will fax the Purchase Order Form to the Transfer Agent at 1-732-667-9478 or 1-732-667-9549or such other number as the Transfer Agent may from time to time designate in writing to the AP and email the Purchase Order Form to BNYMETFOrderDesk@bny.com.

Purchase Orders placed after the closing time of the regular trading session on the Listing Exchange, if accepted, will receive the next Business Day's net asset value ("NAV") per Creation Unit.

A PURCHASE ORDER IS COMPLETE WHEN THE TRANSFER AGENT ISSUES A CONFIRMATION NUMBER AND THE AP TRANSMITS THE PURCHASE ORDER FORM TO THE TRANSFER AGENT. A PURCHASE ORDER CANNOT BE CANCELED BY THE AP AFTER THE FUND'S ORDER WINDOW CUT-OFF TIME. INCOMING TELEPHONE CALLS ARE QUEUED AND WILL BE HANDLED IN THE SEQUENCE RECEIVED. ACCORDINGLY, THE AP SHOULD NOT HANG UP AND REDIAL. CALLS MUST BE CONCLUDED PRIOR TO THE ORDER CUTOFF TIME. CALLS THAT ARE IN PROGRESS OR ARE UNANSWERED IN THE QUEUE AT OR AFTER THE ORDER CUTOFF TIME WILL BE VERBALLY DENIED. INCOMING CALLS THAT ARE RECEIVED AFTER THE APPLICABLE ORDER CUTOFF TIME WILL BE VERBALLY DENIED, AND ANY INCOMING CALLS RECEIVED AFTER THE ORDER CUTOFF TIME WILL NOT BE ANSWERED BY THE TRANSFER AGENT. ALL TELEPHONE CALLS WILL BE RECORDED AND TIME-STAMPED BY THE TRANSFER AGENT.

**2.** **RECEIPT OF TRADE CONFIRMATION.** 

Subject to the conditions that a properly completed Purchase Order has been placed by the AP not later than the Order Cutoff Time and that the Distributor does not reject such Purchase Order in accordance with Section 3 below, the Distributor will accept the Purchase Order on behalf of the Trust and will confirm in writing to the AP that its Purchase Order has been accepted within 45 minutes after the Order Cutoff Time on the Order Date. Once the Purchase Order has been received by the Transfer Agent, the Transfer Agent transmits the Purchase Order to the Distributor for acceptance. The Distributor signs the approved written Purchase Order (indicating the time of its signature). The AP is advised that, if an error occurs in calculating a Fund's NAV and that error is greater than or equal to (1/2) of 1% of the NAV per Share, the Custodian will reprocess the Purchase Order and notify the AP. If there is a loss to the Fund as a result of such error in calculating the NAV, the AP will be required to pay the additional value in cash. If there is a Fund benefit, the amount of the benefit will be returned to the AP.

Until such time as the Distributor confirms acceptance thereof, any Purchase Order remains subject to rejection by the Trust in accordance with Section 3 below.

**3.** **REJECTING PURCHASE ORDERS.** 

Notwithstanding anything to the contrary in the Authorized Participant Agreement, the Trust and the Distributor reserve the right to reject acceptance of any Purchase Order in accordance with the terms of the Prospectus. The Distributor shall notify the AP of a rejection of any Purchase Order. The Distributor and the Trust are under no duty, however, to give notification of any defects or irregularities in the delivery of Fund Deposits nor shall either of them incur any liability for the failure to give any such notification.

The Trust acknowledges its agreement to return to the AP or any party for which it is acting any dividend, interest, distribution or other corporate action paid to the Trust in respect of any Deposit Security that is transferred to the Trust that, based on the valuation of such Deposit Security at the time of transfer, should have been paid to the AP or any party for which it is acting.

**4.** **CONTRACTUAL SETTLEMENT.** 

(a) <u>Through the CNS Clearing Process</u>:

(1) Except as provided below, Deposit Securities of any Domestic Fund must be delivered through the NSCC to a DTC account maintained at the Funds' Custodian on or before the Domestic Contractual Settlement Date (defined below). The AP must also make available on or before the Contractual Settlement Date, by means satisfactory to the Trust, immediately available or same day funds estimated by the Trust to be sufficient to pay the Cash Component next determined after acceptance of the Purchase Order, together with the applicable purchase Transaction Fee (as described in the Prospectus). Any excess funds will be returned following settlement of the issue of the Creation Unit of Shares of the Trust. The "Domestic Contractual Settlement Date" is the earlier of (i) the date upon which all of the required Deposit Securities, the Cash Component and any other cash amounts which may be due are delivered to the Trust and (ii) the trade date plus one (T+1) Business Day. Except as provided in the next two paragraphs, a Creation Unit of Shares of any Fund will be issued through the CNS system and the payment of the Cash Component and the purchase Transaction Fee through CNS in accordance with the terms, conditions and guarantees as set forth in CNS agreements which the Custodian and AP have entered into.

**The use of CNS, a net settlement system, creates a fungible position in the Transfer Agent's DTC account, as such there may not be a one to one relationship between the internal and external records until all Deposit Security Transactions are settled at NSCC.** 

(2) The Trust reserves the right to accept a basket of securities and/or cash that differs from a basket of Deposit Securities and/or cash published or transacted on a Business Day, or to permit or require the substitution of an amount of cash (i.e., a "cash in lieu" amount) to be added to the Cash Component to replace any Deposit Security of a Fund which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process (discussed below). Additional cost, if any, to acquire the omitted securities will be at the expense of the AP.

(3) Any settlement outside the CNS Clearing Process is subject to additional requirements and fees as discussed in the Prospectus.

(b) <u>Outside the CNS Clearing Process – International Funds</u>:

(1) Except as provided below, Deposit Securities of any International Fund must be delivered to an account maintained at the applicable local Subcustodian on or before the International Contractual Settlement Date (defined below). The AP must also make available on or before the International Contractual Settlement Date, by means satisfactory to the Trust, immediately available or same day funds estimated by the Trust to be sufficient to pay the Cash Component next determined after acceptance of the Purchase Order, together with the applicable purchase Transaction Fee (as described in the Prospectus). Any excess funds will be returned following settlement of the issue of the Creation Unit of Shares. The "International Contractual Settlement Date" with respect to each International Fund is the earlier of (i) the date upon which all of the required Deposit Securities, the Cash Component and any other cash amounts which may be due are delivered to the Trust and (ii) the latest day for settlement on the customary settlement cycle in the jurisdiction(s) where any of the securities of such International Fund are customarily traded.

(2) Except as provided in the next two paragraphs, a Creation Unit of Shares in any International Fund will not be issued until the transfer of good title to the Trust of the portfolio of Deposit Securities and the payment of the Cash Component and the purchase Transaction Fee have been completed**.** When the Subcustodian confirms to the Custodian that the required securities included in the Fund Deposit (or, when permitted in the sole discretion of the Trust, the cash value thereof) have been delivered to the account of the relevant Subcustodian**,** the Custodian will cause the delivery of the Creation Unit of Shares.

(3) The Trust reserves the right to accept a basket of securities and/or cash that differs from a basket of Deposit Securities and/or cash published or transacted on a Business Day, or to permit or require the substitution of an amount of cash (*i.e.*, a "cash in lieu" amount) to be added to the Cash Component to replace any Deposit Security. If the Trust notifies the Distributor and Transfer Agent via the order platform or electronic means that a "cash in lieu" amount will be accepted, the AP shall deliver, on behalf of itself or the party on whose behalf it is acting, the "cash in lieu" amount, with any appropriate adjustments as advised by the Trust which may include any difference between the actual cost to the Trust to acquire an omitted security and the value of the security had the security been delivered in kind. Additional amounts, if any, shall be included in the calculation of the Cash Component to be received. Any excess amounts will be returned to the AP following settlement of the issue of the Creation Unit of Shares.

(4) In the event that a Fund Deposit is incomplete on the settlement date for a Creation Unit of Shares because certain or all of the Deposit Securities are missing, the Trust may issue a Creation Unit of Shares notwithstanding such deficiency in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by such the AP's delivery and maintenance of collateral consisting of cash having a value at least equal to the percentage identified in <u>Annex I</u> of the value of the missing Deposit Securities. The parties hereto further agree that the Trust, acting in good faith, may purchase the missing Deposit Securities at any time and the AP agrees to accept liability for any shortfall between the cost to the Trust of purchasing such securities and the value of the collateral, which may be sold by the Trust at such time, and in such manner, as the Trust may determine in its sole discretion.

**5.** **CASH PURCHASES.** 

When, in the sole discretion of the Trust, cash purchases of Creation Units of Shares are available or specified for a Fund, such purchases shall be effected in essentially the same manner as in-kind purchases thereof. In the case of a cash purchase or where the cash equivalent value of one or more Deposit Securities is being deposited in lieu of such Deposit Security, the AP must pay the cash equivalent of the Deposit Securities it would otherwise be required to provide through an in-kind purchase, plus the same Cash Component required to be paid by an in-kind purchaser. In addition, to offset the Trust's brokerage, transaction, and other costs associated with using the cash to purchase the requisite Deposit Securities, the AP may be required to pay an additional Transaction Fee or adjustment as advised by the Trust which may include any difference between the actual cost to the Trust to acquire the Deposit Securities and the value of the Deposit Securities had the Deposit Securities been delivered. Such Transaction Fees and additional amounts, if any, shall be included in the calculation of the Cash Component to be received. Any excess amounts will be returned to the AP following settlement of the issue of the Creation Unit of Shares. Cash purchases are considered "Custom Orders" for purposes of a Fund's Order Cutoff Time.

**6.** **CUSTOM BASKETS.** 

The Trust has developed procedures for creations using baskets of securities and/or cash that differ from a basket of Deposit Securities and/or cash published or transacted on a Business Day (a "Custom Creation Basket"). In order for an AP to deliver a Custom Basket to the Distributor or Transfer Agent and the Trust in connection with a purchase order rather than the basket of Deposit Securities published by NSCC together with the Cash Amount, any cash in lieu amounts and any other cash fees, the Distributor, the Funds' investment adviser, or Trust must notify the AP that the Fund would like to effect the purchase through a Custom Creation Basket and identify the contents of the Custom Creation Basket on or prior to the time the AP calls with its Purchase Order and the AP must agree to deliver the Custom Creation Basket in connection with the purchase. Prior to trade date, the Transfer Agent must notify NSCC of the Deposit Securities in the Custom Creation Basket. For the avoidance of doubt, where an AP submits an order with certain positions marked as *cash in lieu*, such order is not subject to this provision.

**ANNEX II — PART B** 

**TO** 

**AUTHORIZED PARTICIPANT AGREEMENT** 

**FOR BAILLIE GIFFORD ETF TRUST** 

**<u>TO PLACE A REDEMPTION ORDER FOR</u>**

**<u>CREATION UNIT(S) OF SHARES OF ONE OR MORE FUNDS OF</u>**

**<u>BAILLIE GIFFORD ETF TRUST</u>**

**1.** **PLACING A REDEMPTION ORDER.** 

The Authorized Participant ("AP") submitting a request to redeem shall submit such request containing the information required by the Transfer Agent in one of the following manners: (a) through the Transfer Agent's electronic order entry system, as such may be made available and constituted from time to time, the use of which shall be subject to the terms and conditions of the Electronic Services Agreement, incorporated herein by reference; or (b) by telephone to the Transfer Agent according to the procedures set forth below. The request so transmitted is hereinafter referred to as the "Redemption Order" and the Business Day on which a Redemption Order is made is hereinafter referred to as the "Order Date." NOTE THAT COMMUNICATION THROUGH THE ELECTRONIC ORDER ENTRY SYSTEM OR BY TELEPHONE CALL INITIATES THE ORDER PROCESS BUT DOES NOT ALONE COMPLETE A REDEMPTION ORDER. A REDEMPTION ORDER IS ONLY COMPLETED UPON ISSUANCE OF A CONFIRMATION NUMBER AND TRANSMISSION OF THE WRITTEN REDEMPTION ORDER FROM THE AP AS DESCRIBED BELOW.

Redemption Orders may be initiated only on days that the Listing Exchange is open for trading. Redemption Orders may only be made in whole Creation Units of Shares of each Fund. A Redemption Order may be initiated by an Authorized Person of the AP before the closing time of the regular trading session on the Listing Exchange, which is ordinarily 4:00 p.m. Eastern Time (the "Order Cutoff Time"). The submission of a Redemption Order by the AP to the Transfer Agent must include the terms of the Redemption Order, the appropriate ticker symbols for each Fund and the PIN Number of the Authorized Person.

If the AP uses the electronic order entry system to initiate a Redemption Order, the system automatically notifies the Transfer Agent of the receipt of such Redemption Order. The Distributor reviews the electronic Redemption Order and accepts or rejects the order terms within the system. The system automatically generates and delivers an electronic Redemption Order to the AP. Such transmission of the Redemption Order shall indicate approval of the Redemption Order. If the Distributor rejects the order, the electronic system will promptly notify the AP of the rejection.

To begin a Redemption Order using the telephonic method, the AP must call the Transfer Agent at 1-844-545-1258 or such other number as the Transfer Agent may from time to time designate in writing to the AP. The telephone call must be answered and concluded prior to the Order Cutoff Time. During the telephone call, upon verifying the authenticity of the Authorized Person (as determined by the use of the appropriate PIN Number), the Transfer Agent will request that the AP convey the terms of the Redemption Order, including the appropriate ticker symbols for each Fund, and to record the terms of the Redemption Order on the form attached hereto as <u>Annex II – Part C</u> (or subsequently notified by the Transfer Agent to the AP from time to time). After the AP has placed the Redemption Order, the Transfer Agent reads the terms of the Redemption Order back to the AP. The AP then must confirm that the Redemption Order has been taken correctly by the Transfer Agent. If the AP confirms that the Redemption Order has been taken correctly, the Transfer Agent will issue a confirmation number to the AP and then the AP will fax the Redemption Order Form to the Transfer Agent at 1-732-667-9478 or 1-732-667-9549 or such other number as the Transfer Agent may from time to time designate in writing to the AP and email the Redemption Order Form to BNYMETFOrderDesk@bny.com.

Redemption Orders placed after the closing time of the regular trading session on the Listing Exchange, if accepted, will receive the next Business Day's net asset value ("NAV") per Creation Unit.

A REDEMPTION ORDER IS COMPLETE WHEN THE TRANSFER AGENT ISSUES THE CONFIRMATION NUMBER AND THE AP TRANSMITS THE REDEMPTION ORDER FORM TO THE TRANSFER AGENT. A REDEMPTION ORDER CANNOT BE CANCELED BY THE AP AFTER THE FUND'S ORDER WINDOW CUT-OFF TIME. INCOMING TELEPHONE CALLS ARE QUEUED AND WILL BE HANDLED IN THE SEQUENCE RECEIVED. ACCORDINGLY, THE AP SHOULD NOT HANG UP AND REDIAL. CALLS MUST BE CONCLUDED PRIOR TO THE ORDER CUTOFF TIME TO BE PROCESSED ON THE ORDER DATE AND AT THE ORDER DATE'S NAV. FOR CALLS THAT ARE IN PROGRESS OR ARE UNANSWERED IN THE QUEUE AT OR AFTER THE ORDER CUTOFF TIME, THE BNYM ETF REPRESENTATIVE WILL VERBALLY ALERT THE AP THAT THE ORDER CUTOFF TIME HAS PASSED AND THAT THE REDEMPTION ORDER CAN NO LONGER BE PROCESSED ON THE ORDER DATE. ALL TELEPHONE CALLS WILL BE RECORDED AND TIME STAMPED BY THE TRANSFER AGENT.

**2.** **RECEIPT OF CONFIRMATION.** 

Subject to the condition that a properly completed Redemption Order has been placed by the AP not later than the Order Cutoff Time, the Distributor will accept the Redemption Order on behalf of the Trust and will confirm in writing to the AP that its Redemption Order has been accepted within 45 minutes after the designated Order Cutoff Time on the Business Day that the Redemption Order is received. If a Redemption Order is completed after the Order Cutoff Time on the Order Date, the Distributor will accept the Redemption Order for processing on the next-following Business Day within 45 minutes of receiving the completed Redemption Order. The Distributor signs the approved written Redemption Order (indicating the time of its signature). The AP is advised that, if an error occurs in calculating a Fund's NAV and that error is greater than or equal to (1/2) of 1% of the NAV per Share, the Custodian will reprocess the Redemption Order and notify the AP. If there is a loss to the Fund as a result of such error in calculating the NAV, the AP will be required to pay the additional value in cash. If there is a Fund benefit, the amount of the benefit will be returned to the AP.

**3.** **REJECTING OR SUSPENDING REDEMPTION ORDERS.** 

The right of redemption may be suspended or the date of payment postponed with respect to a Fund: (i) for any period during which the Listing Exchange is closed (other than customary weekend and holiday closings); (ii) for any period during which trading on the Listing Exchange is suspended or restricted; (iii) for any period during which an emergency exists as a result of which disposal of the shares of such Fund or determination of such Fund's NAV is not reasonably practicable; or (iv) in such other circumstances as permitted by the SEC.

**4.** **TAKING DELIVERY OF DEPOSIT SECURITIES.** 

The Deposit Securities constituting in-kind redemption proceeds will be delivered to the appropriate account, which must be indicated in the AP's Standing Redemption Instructions. An Authorized Person of the AP may amend the AP's Standing Redemption Instructions from time to time by writing to the Transfer Agent and the Trust in a form approved by the Trust. A redeeming Beneficial Owner or the AP acting on behalf of such Beneficial Owner must maintain an appropriate securities broker-dealer, bank or other custody arrangements to which account such Deposit Securities will be delivered. Redemptions of Shares for Deposit Securities will be subject to compliance with applicable U.S. federal and state securities laws.

**5.** **CONTRACTUAL SETTLEMENT.** 

(a) <u>Through the CNS Clearing Process</u>:

(1) Except as provided below, the Shares of any Domestic Fund must be delivered through the NSCC to a DTC account maintained at the applicable custodian of the Domestic Fund on or before the Domestic Contractual Settlement Date (defined below). The Trust will make available on the Domestic Contractual Settlement Date the Cash Component next determined after acceptance of the Redemption Order, less the applicable Transaction Fee (as described in the Prospectus). The "Domestic Contractual Settlement Date" is the date upon which all of the required Shares (and any Transaction Fee in excess of the Cash Component) must be delivered to the Trust and the Deposit

Securities, any cash in lieu amounts and Cash Component less the Transaction Fee are delivered by the Trust to the AP (ordinarily trade date plus one (T+1) Business Day). Except as provided in the next two paragraphs, the Deposit Securities representing Creation Units of Shares and the Cash Component (less the Transaction Fee) will be delivered concurrently with the transfer of good title to the Trust of the required number of Shares through the NSCC's Continuous Net Settlement (CNS) system and the delivery of any Transaction Fee in excess of the Cash Component through CNS.

**The use of CNS, a net settlement system, creates a fungible position in the Transfer Agent's DTC account, as such there may not be a one to one relationship between the internal and external records until all Deposit Security Transactions are settled at NSCC.** 

(2) The Trust reserves the right to deliver a basket of securities and/or cash that differs from a basket of Deposit Securities and/or cash published or transacted on a Business Day, or to permit or require the substitution of an amount of cash (i.e., a "cash in lieu" amount) to be added to the Cash Component to replace any Deposit Security of a Fund which may not be available in sufficient quantity for delivery or which may not be eligible for transfer through the CNS Clearing Process, or which may not be eligible for transfer through the systems of DTC and hence not eligible for transfer through the CNS Clearing Process (discussed below) and will be at the expense of the Fund and will affect the value of all Shares of such Fund; but the Trust, subject to the approval of the Board, may adjust the Transaction Fee within the parameters described in the Prospectus to protect existing shareholders. Any settlement outside the CNS Clearing Process is subject to additional requirements and fees.

(3) In the event that the number of Shares is insufficient on the settlement date for Creation Unit(s) of Shares, the Trust may deliver the Deposit Securities notwithstanding such deficiency in reliance on the AP's undertaking to deliver the missing Shares as soon as possible, which undertaking shall be secured by such AP's delivery and maintenance of collateral consisting of cash having a value at least equal to the percentage amount set forth in <u>Annex I</u> of the value of the missing Shares. The parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement procedures, which such procedures shall be provided to the AP by the Transfer Agent upon request. The parties hereto further agree that the Trust, acting in good faith, may purchase the missing Shares at any time and the AP agrees to accept liability for any shortfall between the cost to the Trust of purchasing such Shares and the value of the collateral, which may be sold by the Trust at such time, and in such manner, as the Trust may determine in its sole discretion.

(b) <u>Outside the CNS Clearing Process – International Funds</u>:

(1) Except as provided below, the Shares of any International Fund must be delivered to an account maintained at the Funds' Custodian on or before the Business Day immediately following the date on which the NAV of the redemption was calculated. The Trust will also make available on the International Contractual Settlement Date, immediately available or same day funds sufficient to pay the Cash Component next determined after acceptance of the Redemption Order, less the applicable Transaction Fee (as described in the Prospectus). The "International Contractual Settlement Date" of an International Fund is the earlier of (i) the date upon which all of the Deposit Securities and any Transaction Fee in excess of the Cash Component are delivered to the AP and (ii) the latest day for settlement on the customary settlement cycle in the jurisdiction(s) where any of the securities of such International Fund are customarily traded.

(2) Deliveries of redemption proceeds by a Fund generally will be made within one (1) Business Day. Due to the schedule of holidays in certain countries, however, the delivery of in-kind Deposit Securities of International Funds may take longer than one Business Day after the day on which the Redemption Order is placed.

(3) Except as provided in the next two paragraphs, the Deposit Securities will not be delivered until the transfer of good title to the Trust of the required Creation Unit(s) of Shares and any Transaction Fee in excess of the Cash Component have been completed. When the Custodian confirms that the required Shares and Transaction Fee or, when permitted in the sole discretion of the Trust, the cash collateral has been received by the account**,** the Custodian will cause the delivery of the Deposit Securities.

(4) The Trust reserves the right to deliver a basket of securities and/or cash that differs from a basket of Deposit Securities and/or cash published or transacted on a Business Day, or to permit or require the substitution of an amount of cash (i.e., a "cash in lieu" amount) to be added to the Cash Component to replace any Deposit Security. Additional cost, if any, to acquire the omitted securities will be at the expense of the AP.

(5) In the event that the number of Shares is insufficient on the settlement date for Creation Unit(s) of Shares (Order Date +1), the Trust may deliver the Deposit Securities notwithstanding such deficiency in reliance on the AP's undertaking to deliver the missing Shares as soon as possible, which undertaking shall be secured by such AP's delivery on Order Date +1 and subsequent maintenance of collateral consisting of cash having a value at least equal to the percentage amount set forth in <u>Annex I</u> of the value of the missing Shares. The parties hereto agree that the delivery of such collateral shall be made in accordance with the Cash Collateral Settlement procedures, which such procedures shall be provided to the AP by the Transfer Agent upon request. The parties hereto further agree that the Trust, acting in good faith, may purchase the missing Shares at any time and the AP agrees to accept liability for any shortfall between the cost to the Trust of purchasing such Shares and the value of the collateral, which may be sold by the Trust at such time, and in such manner, as the Trust may determine in its sole discretion.

**6.** **CASH REDEMPTIONS.** 

In the event that, in the sole discretion of the Trust, cash redemptions are permitted or required by the Trust, proceeds will be paid to the AP redeeming Shares on behalf of the redeeming investor as soon as practicable after the date of redemption.

**7.** **CUSTOM BASKETS.** 

The Trust has developed procedures for redemptions using baskets securities and/or cash that differ from a basket of Deposit Securities and/or cash published or transacted on a Business Day (a "Custom Redemption Basket"). In order for an AP to receive a Custom Redemption Basket from the Distributor or Transfer Agent and the Trust in connection with a Redemption Order rather than the basket of Deposit Securities published by NSCC together with the Cash Amount, any cash in lieu amounts and any other cash fees, the Distributor, the Funds' investment adviser, or the Trust must notify the AP that the Fund would like to effect the redemption through a Custom Redemption Basket and identify the contents of the Custom Redemption Basket on or prior to the time the AP calls with its Redemption Order and the AP must agree to accept the Custom Redemption Basket in connection with the redemption. Prior to trade date, the Transfer Agent must notify NSCC of the Deposit Securities in the Custom Redemption Basket. For the avoidance of doubt, where an AP submits an order with certain positions marked as cash in lieu, such order is not subject to this provision.

**8.** **STANDING REDEMPTION INSTRUCTIONS.** 

<u>Annex V</u> hereto contains the AP's Standing Redemption Instructions, which include information identifying the account(s) into which Deposit Securities of each Fund and any other redemption proceeds should be delivered by the Trust pursuant to a Redemption Order.

**ANNEX II – PART C**

**TO**

**AUTHORIZED PARTICIPANT AGREEMENT**

**FOR BAILLIE GIFFORD ETF TRUST** 

**Baillie Gifford Funds Services LLC, DISTRIBUTOR**

**BANK OF NEW YORK MELLON, TRANSFER AGENT**

**CREATION/REDEMPTION ORDER FORM**

**BAILLIE GIFFORD ETF TRUST**

______________________________________________________________

CONTACT INFORMATION FOR ORDER EXECUTION:

Telephone Order Desk: 1-844-545-1258

Facsimile Number: Fax: 1-732-667-9478 / 9549

Email: <u>BNYMETFOrderDesk@bny.com</u>

__________________________________________________________________________________________________________________________

Participant must complete all items in Part 1. The Distributor and/or Transfer Agent, in their discretion may reject any order not submitted in complete form.

I. **<u>TO BE COMPLETED BY PARTICIPANT:</u>**

---

| | |
|:---|:---|
| Trade Date: _____________________________ | Time of Order: ___________________________ |
| Your Name: _____________________________ | Firm Name: ______________________________ |
| NSCC Participant Number: ___________________ | DTC Participant Number: ____________________ |
| Telephone Number: __________________________ | Fax Number: _____________________________ |

---

**Type of order: *(Check One)***

Creation *<u> </u> Redemption* 

---

| | |
|:---|:---|
| **Baillie Gifford International Alpha ETF** | **____________** |
| **Baillie Gifford International Concentrated Growth ETF** | **____________** |
| **Baillie Gifford Long Term Global Growth ETF** | **____________** |
| **Baillie Gifford U.S. Equity Growth ETF** | **____________** |
| **Baillie Gifford Emerging Markets ETF** | **____________** |

---

If creation/redemption is a custom basket order, indicate the restricted security name, ticker and number of shares to be settled in cash as part of the Cash Component.

Name _____________________________________ Symbol _________ Number of Shares_______________________

Name _____________________________________ Symbol _________ Number of Shares_______________________

**Participant intends to sell or otherwise dispose of the units being created as soon, as is reasonably practicable.**

# Of Creation / Redemption Units (CU) Transacted: Number of CU's: _______________

---

| | |
|:---|:---|
| **(One CU** = *XXX**)*** | Number written out: ______________ |

---

Order #:

Authorized Person's Signature

**II. <u>TO BE COMPLETED BY DISTRIBUTOR OR TRANSFER AGENT:</u>**

This certifies that the above order has been:

___________Accepted by the Distributor (in the case of creations)

___________Declined-Reason: ______________________________________

___________ ________ ____________________________ <br> Date Time Authorized Signature

**III.**  **<u>TO BE COMPLETED ONLY IF CREATION ORDER IS DECLINED DUE TO 80 PERCENT TESTS:</u>** 

The participant represents and warrants to the Distributor and the Transfer Agent that either (i) it does not hold for the account of any single Beneficial Owner of the ETF's, 80 percent (80%) or more of outstanding ETF's or (ii) if it does hold for the account of any single Beneficial Owner the ETF's, 80 percent (80%) or more of outstanding ETF's, that such a circumstance would not cause the Fund to have a basis in the Index Securities deposited with the Fund different from the market value of such Index Securities on the date of such deposit, pursuant to Section 351 of the Internal Revenue Code of 1986, as amended.

  <br> Authorized Signature

**ANNEX III – PART A** 

**TO** 

**AUTHORIZED PARTICIPANT AGREEMENT** 

**FOR BAILLIE GIFFORD ETF TRUST** 

**<u>FORM OF LIST OF CERTIFIED AUTHORIZED</u>**

**<u>PERSONS OF THE AUTHORIZED PARTICIPANT</u>**

The following are the names, titles, signatures , phone numbers, and email addresses of all persons (each an "Authorized Person") authorized to give instructions relating to any activity contemplated by this Authorized Participant Agreement for Baillie Gifford ETF Trust (the "Agreement") or any other notice, request or instruction on behalf of the Authorized Participant pursuant to the Agreement.

---

| |
|:---|
| Authorized Participant: |
| Name: __________________ |
| Title: __________________ |
| Signature: __________________ |
| Phone: __________________ |
| Email: __________________ |
| Name: __________________ |
| Title: __________________ |
| Signature: __________________ |
| Phone: __________________ |
| Email: __________________ |
| Name: __________________ |
| Title: __________________ |
| Signature: __________________ |
| Phone: __________________ |
| Email: __________________ |
| Date: _________________ |
| Certified By: _________________ |
| Name: _________________ |
| Title: _______________________ |

---

**ANNEX III- PART B** 

**TO AUTHORIZED PARTICIPANT AGREEMENT** 

**FOR BAILLIE GIFFORD ETF TRUST** 

[On AP's Firm Letterhead]

[DATE]

The Bank of New York Mellon

Attn: ETF Services

240 Greenwich Street

New York, NY 10286

Re: Addendum to the Certificate of Authorized Persons for [Name of AP] under the Authorized Participant Agreement for the Baillie Gifford ETF Trust (the "Agreement")

Ladies and Gentlemen:

Pursuant to the Agreement, following are the names, titles, signatures, phone numbers, and email addresses of additional Authorized Persons (as defined in the Agreement) of <u>[Name of AP]</u> (the "AP") authorized to give instructions relating to any activity contemplated by the Agreement or any other notice, request or instruction on behalf of the AP pursuant to the Agreement. This list of Authorized Persons is an addendum and adds Authorized Persons to the AP's most recently executed certificate (entitled "Certified Authorized Persons of the Authorized Participant, Baillie Gifford ETF Trust") preceding the date set forth above.

---

| | |
|:---|:---|
| Name: | Name: |
| Title: | Title: |
| Signature: | Signature: |
| Phone: | Phone: |
| Email: | Email: |
| Name : | Name : |
| Title: | Title: |
| Signature: | Signature: |
| Phone: | Phone: |
| Email: | Email: |

---

Please provide PIN numbers for such Authorized Persons who are not already established in the Transfer Agent's system.

Very truly yours, <br>  

**ANNEX IV** 

**TO** 

**AUTHORIZED PARTICIPANT AGREEMENT** 

**FOR BAILLIE GIFFORD ETF TRUST** 

**<u>INTERNATIONAL FUND SUBCUSTODIAN ACCOUNTS FOR</u>**

**<u>DELIVERY OF DEPOSIT SECURITIES</u>**

The Subcustodian accounts into which an AP should deposit the securities constituting the Deposit Securities of each International Fund of Baillie Gifford ETF Trust are set forth below:

**Baillie Gifford Emerging Markets ETF**

Account Name: __________________

Account Number: __________________

Other Reference Number: __________________

**Baillie Gifford International Alpha ETF**

Account Name: __________________

Account Number: __________________

Other Reference Number: __________________

**Baillie Gifford International Concentrated Growth ETF**

Account Name: __________________

Account Number: __________________

Other Reference Number: __________________

**Baillie Gifford Long Term Global Growth ETF**

Account Name: __________________

Account Number: __________________

Other Reference Number: __________________

**Baillie Gifford U.S. Equity Growth ETF**

Account Name: __________________

Account Number: __________________

Other Reference Number: __________________

**ANNEX V** 

**TO** 

**AUTHORIZED PARTICIPANT AGREEMENT** 

**FOR BAILLIE GIFFORD ETF TRUST** 

**<u>THE AP ACCOUNTS</u>**

**<u>FOR DELIVERY OF DEPOSIT SECURITIES</u>**

The accounts into which Baillie Gifford ETF Trust should deposit the securities constituting the Deposit Securities of each Fund upon redemption by the AP are set forth below:

Name of AP: __________________

Account Name: __________________

Account Number: __________________

Other Reference Number: __________________

**ANNEX VI** 

**TO** 

**AUTHORIZED PARTICIPANT AGREEMENT** 

**FOR BAILLIE GIFFORD ETF TRUST** 

**ORDER ENTRY SYSTEM TERMS AND CONDITIONS** 

This Annex shall govern use by an Authorized Participant of the electronic order entry system for placing Purchase Orders and Redemption Orders for Shares (the "System"). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Authorized Participant Agreement (the "AP Agreement"). In the event of any conflict between the terms of this Annex VI and the main body of the AP Agreement with respect to the placing of Purchase Orders and Redemption Orders, the terms of this Annex VI shall control.

1. (a) Authorized Participant shall provide to the Transfer Agent a duly executed authorization letter, in a form satisfactory to Transfer Agent, identifying those Authorized Persons who will access the System. Authorized Participant shall notify the Transfer Agent promptly in writing, including, but not limited to, by electronic mail, in the event that any person's status as an Authorized Person is revoked or terminated, in order to give the Transfer Agent a reasonable opportunity to terminate such Authorized Person's access to the System. The Transfer Agent shall promptly revoke access of such Authorized Person to the electronic entry systems through which Purchase Orders and Redemption are submitted by such person on behalf of the Authorized Participant.

(b) It is understood and agreed that each Authorized Person shall be designated as an authorized user of Authorized Participant for the purpose of the AP Agreement. Upon termination of the AP Agreement, the Authorized Participant's and each Authorized Person's access rights with respect to System shall be immediately revoked.

2. Transfer Agent grants to Authorized Participant a personal, nontransferable and nonexclusive license to use the System solely for the purpose of transmitting Purchase Orders and Redemption Orders and otherwise communicating with Transfer Agent in connection with the same. Authorized Participant shall use the System solely for its own internal and proper business purposes. Except as set forth herein, no license or right of any kind is granted to Authorized Participant with respect to the System. Authorized Participant acknowledges that Transfer Agent and its suppliers retain and have title and exclusive proprietary rights to the System. Authorized Participant further acknowledges that all or a part of the System may be copyrighted or trademarked (or a registration or claim made therefor) by Transfer Agent or its suppliers. Authorized Participant shall not take any action with respect to the System inconsistent with the foregoing acknowledgments. Authorized Participant may not copy, distribute, sell, lease or provide, directly or indirectly, the System or any portion thereof to any other person or entity without Transfer Agent's prior written consent. Authorized Participant may not remove any statutory copyright notice or other notice included in the System. Authorized Participant shall reproduce any such notice on any reproduction of any portion of the System and shall add any statutory copyright notice or other notice upon Transfer Agent's request.

3. (a) Authorized Participant acknowledges that any user manuals or other documentation (whether in hard copy or electronic form) (collectively, the "Material"), which is delivered or made available to Authorized Participant regarding the System is the exclusive and confidential property of Transfer Agent. Authorized Participant shall keep the Material confidential by using the same care and discretion that Authorized Participant uses with respect to its own confidential property and trade secrets, but in no event less than reasonable care. Authorized Participant may make such copies of the Material as is reasonably necessary for Authorized Participant to use the System and shall reproduce Transfer Agent's proprietary markings on any such copy. The foregoing shall not in any way be deemed to affect the copyright status of any of the Material which may be copyrighted and shall apply to all Material whether or not copyrighted. TRANSFER AGENT AND ITS SUPPLIERS MAKE NO WARRANTIES, EXPRESS OR IMPLIED, CONCERNING THE MATERIAL OR ANY PRODUCT OR SERVICE, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

(b) Upon termination of the Agreement for any reason, Authorized Participant shall return to Transfer Agent all copies of the Material which is in Authorized Participant 's possession or under its control.

4. Authorized Participant agrees that it shall have sole responsibility for maintaining adequate security and control of the user IDs, passwords and codes for access to the System, which shall not be disclosed to any third party without the prior written consent of Transfer Agent. Transfer Agent shall be entitled to rely on the information received by it from the Authorized Participant and Transfer Agent may assume that all such information was transmitted by or on behalf of an Authorized Person regardless of by whom it was actually transmitted, unless the Authorized Participant shall have notified the Transfer Agent a reasonable time prior that such person is not an Authorized Person.

5. Transfer Agent shall have no liability in connection with the use of the System, the access granted to the Authorized Participant and its Authorized Persons hereunder, or any transaction effected or attempted to be effected by the Authorized Participant hereunder, except for damages incurred by the Authorized Participant as a direct result of Transfer Agent's negligence or willful misconduct. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, IT IS HEREBY AGREED THAT IN NO EVENT SHALL TRANSFER AGENT OR ANY MANUFACTURER OR SUPPLIER OF EQUIPMENT, SOFTWARE OR SERVICES BE RESPONSIBLE OR LIABLE FOR ANY SPECIAL, INDIRECT, OR CONSEQUENTIAL DAMAGES WHICH THE AUTHORIZED PARTICIPANT MAY INCUR OR EXPERIENCE BY REASON OF ITS HAVING ENTERED INTO OR RELIED ON THIS AGREEMENT, OR IN CONNECTION WITH THE ACCESS GRANTED TO THE AUTHORIZED PARTICIPANT HEREUNDER, OR ANY TRANSACTION EFFECTED OR ATTEMPTED TO BE EFFECTED BY THE AUTHORIZED PARTICIPANT HEREUNDER, EVEN IF TRANSFER AGENT OR SUCH MANUFACTURER OR SUPPLIER HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, NOR SHALL TRANSFER AGENT OR ANY SUCH MANUFACTURER OR SUPPLIER BE LIABLE FOR ACTS OF GOD, MACHINE OR COMPUTER BREAKDOWN OR MALFUNCTION, INTERRUPTION OR MALFUNCTION OF COMMUNICATION FACILITIES, LABOR DIFFICULTIES OR ANY OTHER SIMILAR OR DISSIMILAR CAUSE BEYOND SUCH PERSON'S REASONABLE CONTROL.

6. Transfer Agent reserves the right to revoke Authorized Participant's access to the System, with written notice, upon any breach by the Authorized Participant of the terms and conditions of this Annex VI.

7. Transfer Agent shall acknowledge through the System its receipt of each Purchase Order or Redemption Order communicated through the System, and in the absence of such acknowledgment Transfer Agent shall not be liable for any failure to act in accordance with such orders and Authorized Participant may not claim that such Purchase Order or Redemption Order was received by Transfer Agent. Transfer Agent may in its discretion decline to act upon any instructions or communications that are insufficient or incomplete or are not received by Transfer Agent in sufficient time for Transfer Agent to act upon, or in accordance with such instructions or communications.

8. Authorized Participant agrees to use reasonable efforts consistent with its own procedures used in the ordinary course of business to prevent the transmission through the System of any software or file which contains any viruses, worms, harmful component or corrupted data and agrees not to use any device, software, or routine to interfere or attempt to interfere with the proper working of the Systems.

9. Authorized Participant acknowledges and agrees that encryption may not be available for every communication through the System, or for all data. Authorized Participant agrees that Transfer Agent may deactivate any encryption features at any time, without notice or liability to Authorized Participant, for the purpose of maintaining, repairing or troubleshooting its systems.

## Ex-99.(H)(3)

**Exhibit 99.(h)(3)**

![](tm2525881d3_ex99-h3img001.jpg)

**TRANSFER AGENCY AND SERVICE AGREEMENT**

THIS AGREEMENT is made as of __________ by and between each Trust (hereinafter each a "Trust", and collectively the "Trusts" as applicable) on behalf of each of their respective series (hereinafter, each a "Fund") listed on Appendix A hereto (as such Appendix be amended from time to time) and THE BANK OF NEW YORK MELLON, a New York corporation authorized to do a banking business having its principal office and place of business at 240 Greenwich Street, New York, New York 10286 (the "Bank").

WHEREAS, the Trust , on behalf of a Fund, will ordinarily issue for purchase and redeem shares of the applicable Fund (the "Shares") only in aggregations of Shares known as "Creation Units", as referred to in the prospectus of the Trust from time to time (each a "Creation Unit") the composition of which shall be specified by the Trust with respect to a Fund from time to time;

WHEREAS, The Depository Trust Company, a limited purpose trust company organized under the laws of the State of New York ("DTC"), or its nominee (Cede & Co.), will be the registered owner (the "Shareholder") of all Shares; and

WHEREAS, the Trust, on behalf of a Fund, desires to appoint the Bank as its transfer agent, dividend disbursing agent, and agent in connection with certain other activities, and the Bank desires to accept such appointment;

NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto agree as follows:

1. <u>Terms of Appointment; Duties of the Bank</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Subject to the terms and conditions set forth in this Agreement, the Trust, on behalf of its Funds, hereby employs and appoints the Bank to act as, and the Bank agrees to act as, its transfer agent for the authorized and issued Shares, and as the Trust's dividend disbursing agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Pursuant to such appointment, the Bank agrees that it will perform the following services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In accordance with the terms and conditions of this Agreement and Authorized Participant Agreements prepared by the Trust's distributor ("Distributor"), a copy of which is attached hereto as Exhibit A and in accordance with a Fund's current prospectus and statement of additional information, and any effective amendments thereto actually provided to the Bank, the Bank shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Perform and facilitate the performance of purchases and redemptions of Creation Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Prepare and transmit by means of DTC's book-entry system payments for dividends and distributions on or with respect to the Shares declared by the Trust on behalf of the applicable Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Maintain separate and distinct records for each Fund with respect to the record of the name and address of the Shareholder and the number of Shares issued by a Fund and held by the Shareholder in a Fund and maintain the record of the name and address of each Authorized Participant (as defined in the Authorized Participant Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Record the issuance of Shares of each Fund and maintain a record of the total number of Shares for each Fund which are outstanding, and, based upon data provided to it by the Trust, the total number of authorized Shares. The Bank shall have no obligation, when recording the issuance of Shares, to monitor the issuance of such Shares or to take cognizance of any laws relating to the issue or sale of such Shares, which functions shall be the sole responsibility of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Prepare and transmit to the Trust and the Trust's administrator and to any applicable securities exchange (as specified to the Bank by the Trust or its administrator) information with respect to purchases and redemptions of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) On days that the Trust, on behalf of a Fund, may accept orders for purchases or redemptions of Shares (pursuant to the Authorized Participant Agreement), calculate and transmit to the Distributor and the Trust's administrator the number of outstanding Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) On days that the Trust, on behalf of a Fund, may accept orders for purchases or redemptions of Shares (pursuant to the Authorized Participant Agreement), transmit to the Trust and DTC the amount of Shares purchased on such day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Confirm to DTC the number of Shares issued to the Shareholder, as DTC may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Prepare and deliver other reports, information and documents to DTC as DTC may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Extend the voting rights to the Shareholder for extension by DTC to DTC participants and the beneficial owners of Shares in accordance with policies and procedures of DTC for book-entry only securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Distribute or maintain, as directed by the Trust, amounts related to a Fund's purchases and redemptions of Creation Units, dividends and distributions, variation margin on derivative securities and collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Send to the National Securities Clearance Corporation ("NSCC") on the evening of each trade day a portfolio composition file for each Fund displaying the individual securities and the weightings that make up each Fund's basket for the following trade day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) Create and maintain separate and distinct books and records for a Fund of the Trust specified by the Trust in Schedule A attached hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) Prepare a monthly report of all purchases and redemptions of Shares during such month on a gross transaction basis, and identify and make available information to the Trust on a daily basis the net number of Shares either redeemed or purchased on such Business Day and with respect to each Authorized Participant purchasing or redeeming Shares, the amount of Shares purchased or redeemed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) Receive from the Distributor (as defined in the Participant Agreement) or from its agent purchase orders from Authorized Participants (as defined in the Participant Agreement) for Creation Unit aggregations of Shares received in good form and accepted by or on behalf of the Trust by the Distributor, generate or cause to be generated and transmitted confirmation of receipt of purchase orders to Authorized Participants; promptly transmit appropriate trade instructions to the NSCC, if applicable, and

pursuant to such orders issue the appropriate number of Shares of and hold such Shares in the account of the Shareholder of a Fund of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) Receive from the Authorized Participants redemption requests, deliver the appropriate documentation thereof to The Bank of New York as custodian for the Trust (the "Custodian"), generate and transmit or cause to be generated and transmitted confirmation of receipt of such redemption requests to the Authorized Participants submitting the same; transmit appropriate trade instructions to the NSCC, if applicable, and redeem the appropriate number of Creation Unit aggregations of Shares held in the account of the Shareholder and at the appropriate time as and when it receives the relevant securities or monies paid to it by the Custodian with respect to any redemption, pay over or cause to be paid over in the appropriate manner, such relevant securities or monies, if any, to the redeeming Authorized Participant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) Confirm the name, U.S taxpayer identification number and principal place of business of each Authorized Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) The Bank may execute transactions directly with Authorized Participants to the extent necessary or appropriate to enable the Bank to carry out any of the duties set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) Process any request from an Authorized Participant to change its account registration (including, without limitation, the processing of changes to any Personal Identification Numbers (PINS) or other identification procedures used by the Bank in connection with transactions by Authorized Participants);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) Except as otherwise instructed by the Trust, on behalf of a Fund, the Bank shall process all transactions for each Fund in accordance with the policies and procedures mutually agreed upon between the Trust and the Bank with respect to the proper net asset value to be applied to purchases received in good order by the Bank or from an Authorized Participant before any cut-offs established by the Trust, and such other matters set forth in items (i) through (xvii) above as these policies and procedures are intended to address. The Bank shall report to the Trust any known exceptions to the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Bank may maintain and manage, as agent for the Trust and its Funds, such accounts as the Bank shall deem necessary for the performance of its duties under this Agreement, including, but not limited to, the processing of Creation Unit purchases and redemptions; accepting and effectuating the registration and maintenance of accounts, and the purchase and redemption of Creation Units in such accounts, in accordance with instructions transmitted to and received by the Bank by transmission from NSCC on behalf of Authorized Participants; and (2) issue instructions to a Fund's banks for the settlement of transactions between the Fund and NSCC (acting on behalf of the applicable Authorized Participant); and the payment of dividends and distributions. The Bank may maintain such accounts at financial institutions deemed appropriate by the Bank in accordance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In addition to the services set forth in the above sub-section 1.2(a), the Bank shall: perform the customary services of a transfer agent and dividend disbursing agent including, but not limited to, maintaining the account of the Shareholder, maintaining the items set forth on Schedule A attached hereto, and performing such services identified in each Authorized Participant Agreement. The Bank shall provide the office facilities and the personnel required by it to perform the services contemplated herein at no additional cost to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The following shall be delivered by the Bank to DTC participants as identified by DTC as the Shareholder for book-entry only securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Annual and semi-annual reports of the Trust and its Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Trust proxies, proxy statements and other proxy soliciting materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Fund prospectuses and amendments and supplements thereto, including stickers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Other communications as the Trust may from time to time identify as required by law or as the Trust may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Bank shall provide additional services, if any, as may be agreed upon in writing by the Trust and the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Bank shall keep records relating to the services to be performed hereunder, in the form and manner required by applicable laws, rules, and regulations under the Investment Company Act of 1940, as amended (the "1940 Act") and to the extent required by Section 31 of the 1940 Act and the rules thereunder (the "Rules") and (ii) the Commodity Exchange Act ("CEA") in connection with the services provided hereunder for any Fund identified to the Bank in writing as being a commodity pool operated by a registered commodity pool operator. All such books and records shall be the property of the Trust, will be preserved, maintained and made available in accordance with such Section, Rules and the CEA and related regulations, and will be surrendered promptly to the Trust on and in accordance with its request or upon termination of this Agreement in the format reasonably specified by the Fund. The Trust and any of its authorized persons shall have access to such books and records in the possession or under control of the Bank at all times during the Bank's normal business hours. Upon the reasonable request of the Trust, copies of any such books and records in the possession or under the control of the Bank shall be provided by Bank to the Trust or any of its authorized persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Bank shall preserve for the period(s) required by (i) the 1940 Act and the CEA, as applicable, and (ii) any court order, regulatory action or subpoena communicated to the Bank by the Funds, the books and records required to be maintained thereunder. All such books and records shall be maintained in a form reasonably acceptable to the applicable Fund, and shall be reasonably arranged and indexed by the Bank in a manner that permits reasonably prompt location, access and retrieval of any particular record, including, if requested by a Fund, within the time period specified by applicable regulators. The Bank shall not destroy any files, records or documents created or maintained by the Bank pursuant to this Agreement except in accordance with its record retention policy as communicated to the Trusts from time to time or if such destruction is authorized by the Trust by means of written Instructions. Notwithstanding the above, if the format specified by the Fund is not a format the Bank utilizes to maintain the books and records, the Trust shall pay the expenses reasonably incurred by the Bank in converting such books and records to the requested format.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 The Bank agrees to promptly notify the Trust in the event of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any of the representations and warranties of the Bank in Section 3 below cease to be true and correct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Bank is for any reason materially unable to perform any of its obligations under this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as may be prohibited by applicable law, any legal, regulatory or administrative proceedings that have been instituted against the Bank, which would materially impair the Bank's ability to perform its duties and obligations under this Agreement.

2. <u>Fees and Expenses</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 The Bank shall receive from the Trust such compensation for the Bank's services provided pursuant to this Agreement as may be agreed to from time to time in a written fee schedule approved by the parties. The fees are accrued daily and billed monthly and shall be due and payable upon receipt of the invoice as set out under Section 2.3 below. Upon the termination of this Agreement before the end of any month, the fee for the part of the month before such termination shall be prorated according to the proportion which such part bears to the full monthly period and shall be payable upon the date of termination of this Agreement. The parties agree that any new fees and/or expenses to be charged to a Fund that are related to any changes to the services required by any new applicable law, rule or regulation shall be mutually agreed upon in advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 In addition to the fee paid under Section 2.1 above, the Trust, on behalf of a Fund, agrees to reimburse the Bank for reasonable out-of-pocket expenses, including but not limited to confirmation production, postage, forms, telephone, microfilm, microfiche, tabulating proxies, records storage, or advances incurred by the Bank for the items set out in the fee schedule or relating to dividend distributions and reports (whereas all expenses related to creations and redemptions of a Fund's securities shall be borne by the relevant Authorized Participant in such creations and redemptions). In addition, any other expenses incurred by the Bank at the request or with the consent of the Trust, will be reimbursed by the Trust on behalf of a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 The Trust, on behalf of its Funds, agrees to pay all fees and reimbursable expenses within thirty business days following the receipt of the respective billing notice accompanied by supporting documentation, as appropriate. Postage for mailing of dividends, proxies, Trust reports and other mailings to all shareholder accounts shall be advanced to the Bank by the Trust, on behalf of a Fund, at least seven (7) days prior to the mailing date of such materials following receipt of a billing invoice detailing the postage amount due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 The Trust, on behalf of its Funds, hereby represents and warrants to the Bank that (i) the terms of this Agreement, (ii) the fees and expenses associated with this Agreement, and (iii) any benefits accruing to the Bank or to the adviser to, or sponsor of, the Trust in connection with this Agreement, including, but not limited to, any fee waivers, reimbursements, or payments made, or to be made, by the Bank to such adviser or sponsor or to any affiliate of the Trust relating to this Agreement have been fully disclosed to the Board of Trustees of the Trust and that, if required by applicable law, such Board of Trustees has approved or will approve the terms of this Agreement, and any such fees, expenses, and benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 Notwithstanding the foregoing, the Bank agrees that pursuant to separate contractual arrangements between the Trust and Baillie Gifford Overseas Limited ("BGOL"), the Funds' investment adviser, BGOL may pay some or all of the amounts due and payable by the Trust under this Agreement on behalf of the Trust. The Bank further agrees that the Trust's payment obligations hereunder may be satisfied by BGOL, provided that such payment by BGOL is equal to or greater than the amount due and payable by the Trust under this Agreement. Nothing herein shall be construed to limit the Trust's ultimate responsibility for amounts due and payable under this Agreement in the event BGOL does not make such payment.

3. <u>Representations and Warranties of the Bank</u>

The Bank represents and warrants to the Trust that:

It is and will continue to be a banking company duly organized and existing and in good standing under the laws of the State of New York.

It is and will continue to be duly qualified to carry on its business in the State of New York.

It is and will continue to be empowered under applicable laws and by its Charter and By-Laws to act as transfer agent and dividend disbursing agent and to enter into, and perform its obligations under, this Agreement.

All requisite corporate proceedings have been taken to authorize it to enter into and perform this Agreement.

It has and will continue to have access to the necessary facilities, equipment and personnel to perform its duties and obligations under this Agreement.

It is and will continue to be duly registered as a transfer agent under Section 17A(c)(2) of the Securities Exchange Act of 1934, as amended, (the "1934 Act") and it will remain so registered for the duration of this Agreement.

It is and will continue to be in full material compliance with federal and state laws applicable to its duties under this Agreement.

This Agreement, when executed and delivered by the parties hereto, will constitute a legal, valid and binding obligation of the Bank enforceable against the Bank in accordance with its terms.

The Agreement's execution and performance will not cause a material breach or be in material conflict with any other agreement or obligation of the Bank or any law or regulation applicable to it.

4. <u>Representations and Warranties of the Trust</u>

The Trust, on behalf of its Funds, represents and warrants to the Bank that:

It is duly organized and existing and in good standing under the laws of Delaware.

It is empowered under applicable laws and by its Agreement and Declaration of Trust and By-Laws to enter into and perform this Agreement.

It is an open-end management investment company registered under the 1940 Act.

A registration statement under the Securities Act of 1933, as amended, on behalf of each of each Fund will remain effective, and appropriate state securities law filings have been made and will continue to be made, with respect to all Shares of the Trust being offered for sale, in each case as required by applicable law.

The Trust hereby represents and warrants that it has established and implemented policies and procedure reasonably designed to maintain the confidentiality of any information relating to shareholders and potential shareholder information as contemplated by Regulation S-P promulgated by the Securities and Exchange Commission.

5. <u>Indemnification</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 The Bank shall not be responsible for, and the Trust, on behalf of itself and each Fund, severally and not jointly, shall indemnify and hold the Bank and its directors, officers, employees and agents harmless from and against, any and all losses, damages, costs, charges, reasonable counsel fees, including, without

limitation, those incurred by the Bank in a successful defense of any claims by the Trust, payments, expenses and liability ("Losses") which may be sustained or incurred by or which may be asserted against the Bank in connection with or relating to this Agreement or the Bank's actions or omissions with respect to this Agreement, or as a result of acting upon any instructions reasonably believed by the Bank to have been duly authorized by the Trust or upon reasonable reliance of information or records given or made by the Trust; provided that in each case such actions or omissions are taken in accordance with the Standard of Care and without negligence, bad faith, fraud, reckless disregard of its duties, or willful misconduct, and except for any Losses for which the Bank has accepted liability pursuant to Article 6 of this Agreement. In no event shall the Trust be liable for special, indirect or consequential damages, regardless of the form of action and even if the same were foreseeable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Subject to the limitations of liability contained in this Agreement, including, without limitation, Section 6 below, Bank shall indemnify and hold the Trust and each Fund harmless from and against any and all direct losses, damages, costs and charges ("Liabilities"), in each case, which are incurred by the Trust on behalf of a Fund as the direct result of BNY's negligence, bad faith, fraud, reckless disregard of its duties hereunder, or willful misconduct; provided, however, BNY shall not indemnify the Trust or any Fund for any Liabilities arising out of the Trust's or a Fund's negligence, bad faith, fraud, reckless disregard of its duties hereunder, or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 This indemnification provision shall apply to actions taken or omissions pursuant to this Agreement or an Authorized Participant Agreement.

6. <u>Standard of Care and Limitation of Liability</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In performing its responsibilities under this Agreement, the Bank agrees to exercise reasonable care, prudence, expertise and diligence such as a person having responsibility for providing transfer agent services to investment companies registered under the 1940 Act would exercise (the "Standard of Care"); provided that, Bank assumes no responsibility and shall not be liable for any loss or damages arising out of the Bank's performance of or failure to perform its duties under this Agreement except to the extent such losses or damages arise out of the Bank's willful misconduct, bad faith, fraud, reckless disregard of its duties or negligence; provided further, Bank's liability hereunder shall be subject to the limitations of liability contained in this Agreement including, without limitation, Article 6(b) below. The parties agree that any encoding or payment processing errors shall be governed by this Standard of Care, and not Section 4-209 of the Uniform Commercial Code which shall be superseded by this Article. In no event, and notwithstanding any provision herein to the contrary, shall either party be liable to the other party for any special, indirect, incidental, punitive or consequential damages of any kind whatsoever (including, without limitation, attorneys' fees relating thereto) under any provision of this Agreement or for any such damages arising out of any act or failure to act hereunder, whether or not such party has advance notice thereof. For purposes of this Agreement, none of the following, on its own and considered in isolation, shall be or be deemed a breach of the Bank's standard or care:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The conclusive reliance on or use by the Bank or its agents or subcontractors of information, records, documents, data or services which (i) are received by the Bank or its agents or subcontractors, and (ii) have been prepared, maintained or performed by the Trust or any other person or firm on behalf of the Trust including but not limited to any previous transfer agent or registrar.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The conclusive reliance on, or the carrying out by the Bank or its agents or subcontractors of, any instructions or requests of the Trust or instructions or requests on behalf of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The offer or sale of Shares by or for the Trust in violation of any requirement under the federal securities laws or regulations, or the securities laws or regulations of any state that such Shares be registered in such state, or any violation of any stop order or other determination or ruling by any federal agency, or by any state with respect to the offer or sale of Shares in such state.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the generality of the foregoing and notwithstanding any other provision in this Agreement or applicable law to the contrary and except as may be agreed upon in writing by the parties, Bank, the Trust and each Fund agree that to the extent that Bank or any Bank affiliate providing services hereunder would otherwise be liable hereunder, in no event shall Bank's and such Bank affiliate's total maximum aggregate liability under this Agreement, whether based on a claim in contract or in tort, law or equity, for any reason and upon any cause of action whatsoever, exceed twelve (12) months' fees (based on the fees paid by the Trust on behalf of the applicable for the services provided pursuant to this Agreement during the preceding 12 month period immediately preceding the event giving rise to the Loss) (the "Damage Cap"); provided, however, the Damage Cap shall not apply to those Losses which are caused by Bank's or such Bank affiliate's gross negligence, willful misconduct, or fraud.

7. <u>Concerning the Bank</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Bank may employ agents or attorneys-in-fact which are not affiliates of the Bank with the prior written consent of the Trust (which consent shall not be unreasonably withheld), and shall not be liable for any loss or expense arising out of, or in connection with, the actions or omissions to act of such agents or attorneys-in-fact, provided that the Bank acts in good faith and with reasonable care in the selection and retention of such agents or attorneys-in-fact.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Bank may, at its own expense and without the prior consent of the Trust, enter into subcontracts, agreements and understandings with any Bank affiliate, whenever and on such terms and conditions as it deems necessary or appropriate to perform its services hereunder. No such subcontract, agreement or understanding shall discharge Bank from its obligations hereunder, and the Bank will be liable for the acts and omissions of any affiliate of the Bank as if the Bank provided such services directly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 The Bank shall be entitled to conclusively rely upon any written or oral instruction actually received by the Bank and reasonably believed by the Bank to be duly authorized and delivered. The Trust agrees to forward to the Bank written instructions confirming oral instructions by the close of business of the same day that such oral instructions are given to the Bank. The Trust, on behalf of its Funds, agrees that the fact that such confirming written instructions are not received or that contrary written instructions are received by the Bank shall in no way affect the validity or enforceability of transactions authorized by such oral instructions and effected by the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 The Bank shall not be responsible for damages (including without limitation damages caused by delays, failure, errors, interruption or loss of data) which occurring directly or indirectly by reason of circumstances beyond its reasonable control in the performance of its duties under this Agreement including, without limitation, work stoppages beyond the Bank's control, mechanical breakdowns, flood or catastrophe, acts of God, failures of transportation, interruptions, loss, or malfunctions of utilities, action or inaction of civil or military authority, national emergencies, public enemy, war, terrorism, riot, sabotage, non-performance by a third party, failure of the mails, communications, computer (hardware or software) services, or functions or malfunctions of the internet, firewalls, encryption systems or security devices caused by any of the above. Nor shall Bank be responsible for delays or failures to supply the information or services specified in this Agreement where such delays or failures are caused by the failure of any

person(s) other than Bank to supply any instructions, explanations, information, specifications or documentation deemed necessary by Bank in the performance of its duties under this Agreement.

In the event of equipment failure, work stoppage, governmental action, communication disruption or other impossibility of performance beyond Bank's control, Bank shall take reasonable steps to minimize service interruptions. The Bank will implement business resiliency and disaster recovery plans designed to minimize interruptions of services and ensure recovery of systems and applications used to provide the services. Such plans shall cover the facilities, systems, applications and employees that are critical to the provision of the services and specify recovery time and recovery point objectives. The Bank will regularly review such plans and at least once per year will conduct independent third party testing of same, attestations of which will be provided to the Trust upon request.

In the event that the Trust reasonably believes that the occurrence of any such event described in the previous paragraphs will substantially prevent, hinder or delay performance of the services contemplated by this Agreement for more than five (5) consecutive business days, the Trust may take commercially reasonable actions to mitigate the impact of such services not being provided, including, but not limited to, at the Trust's expense, contracting with another service provider to provide such services during such period; provided, that the Trust shall consult with the Bank in good faith in connection with any such mitigation and the Bank shall provide the Trust reasonable assistance in good faith in connection therewith; provided, further, that the Bank shall resume providing, and the Trust shall pay for, such services when the Bank resumes providing them. Notwithstanding anything set forth in this Section 7.3, (a) in no event shall the Trust be obligated to pay any fees under this Agreement to the Bank with respect to any services not actually provided during any event described in this Section 7.3, and (b) the Trust shall have no responsibility to pay the Bank for services temporarily performed by a third party service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 The Bank shall have no duties or responsibilities whatsoever except such duties and responsibilities as are specifically set forth in this Agreement and the Authorized Participant Agreement, and no covenant or obligation shall be implied against the Bank in connection with this Agreement, except as set forth in this Agreement and the Authorized Participant Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 At any time the Bank may apply to an officer of the Trust, but is not obligated to do so, for written instructions with respect to any matter arising in connection with the Bank's duties and obligations under this Agreement, and the Bank, its agents, and subcontractors shall not be liable for any action taken or omitted to be taken by such parties in good faith in accordance with such instructions. Such application by the Bank for instructions from an officer of the Trust may, at the option of the Bank, set forth in writing any action proposed to be taken or omitted to be taken by the Bank with respect to its duties or obligations under this Agreement and the date on and/or after which such action shall be taken, and the Bank shall not be liable for any action taken or omitted to be taken in good faith in accordance with a proposal included in any such application on or after the date specified therein unless, prior to taking or omitting to take any such action, the Bank has received written or oral instructions in response to such application specifying the action to be taken or omitted. In connection with the foregoing, the Bank may, at its own expense, consult with legal counsel of its own choosing, but is not obligated to do so, and advise the Trust if any instructions provided by the Trust at the request of the Bank pursuant to this Article or otherwise would, to the Bank's knowledge, cause the Bank to take any action or omit to take any action contrary to any law, rule, regulation or commercially reasonable practice for similarly situated service providers. In the event a situation or circumstance arises whereby the Bank adopts a course of conduct in reliance upon written legal advice it has received (which need not be a formal opinion of counsel) and the course of conduct is not identical to the course of conduct contained in the instructions received from the Trust, the Bank may rely upon and follow the written legal advice without liability hereunder provided it otherwise acts in compliance with this Agreement and notifies the Trust in writing of its determination in advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 The Bank, its agents and subcontractors may act upon any paper or document, reasonably believed to be genuine and to have been signed by the proper person or persons, or upon any instruction, information, data, records or documents provided to the Bank or its agents or subcontractors by or on behalf of the Trust by machine readable input, telex, CRT data entry or other similar means authorized by the Trust, and shall not be held to have notice of any change of authority of any person, until receipt of written notice thereof from the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 The Bank shall retain title to and ownership of any and all data bases, computer programs, screen formats, report formats, interactive design techniques, derivative works, inventions, discoveries, patentable or copyrightable matters, concepts, expertise, patents, copyrights, trade secrets, and other related legal rights utilized by the Bank in connection with the services provided by the Bank hereunder. Notwithstanding the foregoing, the parties hereto acknowledge that the Trust shall retain all ownership rights in Trust data residing on the Bank's electronic system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 Notwithstanding any provisions of this Agreement to the contrary, the Bank shall be under no duty or obligation to inquire into, and shall not be liable for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The legality of the issue, sale or transfer of any Shares, the sufficiency of the amount to be received in connection therewith, or the authority of the Trust, on the behalf of a Fund, to request such issuance, sale or transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The legality of the purchase of any Shares, the sufficiency of the amount to be paid in connection therewith, or the authority of the Trust, on the behalf of a Fund, to request such purchase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The legality of the declaration of any dividend by the Trust, on the behalf of a Fund, or the legality of the issue of any Shares in payment of any stock dividend; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The legality of any recapitalization or readjustment of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 Bank shall, no more than once in a rolling 12 month period, and upon request, (i) provide a copy of its most recent SSAE-18 or equivalent external audit report to the Trust, which the Trust may disclose solely to its internal or external auditors that are subject to written confidentiality obligations to use reasonable care to safeguard the report and prohibit disclosure to any third party and use for any purpose other than evaluating Bank's security controls; (ii) engage a third party provider to perform penetration testing of the Bank systems used to provide the services and provide the Trust, upon request, confirmation of such testing; and (iii) participate in the Trust's reasonable due diligence information security questionnaire process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 The Bank shall cooperate with the Trust's independent public accountants and shall take reasonable actions to provide such information, as may be reasonably requested by the Trust from time to time, to such accountants for the expression of their opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 During the term of the Agreement, the Bank will implement and maintain an information security program ("ISP") with written policies and procedures reasonably designed to protect the confidentiality and integrity of the Trust's confidential information provided to the Bank in accordance with this Agreement and when in the Bank's possession or under the Bank's control ("Customer Data"). The ISP will include administrative, technical and physical safeguards, appropriate to the type of Customer Data concerned, reasonably designed to: (i) maintain the integrity, confidentiality and availability of Customer Data; (ii) protect against anticipated threats or hazards to the security or integrity of Customer Data; (iii) protect against unauthorized access to or use of Customer Data that could result in substantial harm or inconvenience to Customer or its clients, and (iv) provide for secure disposal of Customer Data.

The Bank's program is dynamic and may be modified to address technological changes or changes in the threat landscape, the Bank's business activities or other factors. The Bank reserves the right to modify the ISP at any time, provided that the Bank shall not diminish the overall level of protection this rider is intended to provide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12 In the event of a declared Security Incident (as defined below), Bank will (i) promptly notify the Trust, (ii) provide updates to the Trust regarding Bank's response and (iii) use reasonable efforts to implement measures designed to prevent a reoccurrence of Security Incidents of a similar nature. For purposes of this Agreement, "Security Incident" shall mean any known (i) breach of nonpublic personal information as defined in the Gramm-Leach-Bliley Act of 1999 that is notifiable under state law or (ii) loss or unauthorized access, disclosure, use, alteration or destruction of Customer Data or (iii) successful attempt to gain unauthorized access to, or disrupt or misuse a component of the Bank's network that directly impacts its provision of the services or any known unsuccessful attempt to do the same that in the Bank's reasonable determination is sufficiently serious enough to notify to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13 Each of the parties acknowledges and agrees that given the nature of the services to be provided by Bank with respect to the Trust, it is the present intention of each party not to share or otherwise disseminate to the other party Customer Information in connection with this Agreement. "Customer Information" shall mean all non-public, personally identifiable information as defined by Gramm-Leach-Bliley Act of 1999, as amended, and its implementing regulations (e.g., SEC Regulation S-P and Federal Reserve Board Regulation P). To the extent Customer Information is shared with Bank and SEC Regulation S-P and Federal Reserve Board Reg P apply, each party agrees comply with the elements of SEC Regulation S-P and Federal Reserve Board Reg P applicable to it and, with respect to BNY and for the avoidance of doubt, BNY agrees to comply with Section 7.11 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.14 On a quarterly basis, the Bank will provide to the Trust a certification in connection with Rule 38a-1 under the 1940 Act, including an attestation as to whether there have been any material changes to the summaries of policies and procedures provided to the Trust, and sub-certifications related to the Sarbanes-Oxley Act of 2002. The Bank reserves the right to amend and update its compliance program and the measurement tools and certifications provided thereunder from time to time in order to address changing regulatory and industry developments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.15 The Bank will maintain, at all times during the term of this Agreement, insurance of the types and in the amounts as are commercially reasonable, taking into account the nature of its business, the associated risks and the cost and availability of insurance having commercially viable terms and conditions. The Bank agrees to provide the Trust with certificates of its applicable insurance coverage, and shall provide an update at the Trust's written request, but no more frequently than annually.

8. <u>Providing of Documents by the Trust and Transfers of Shares</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 The Trust, on behalf of its Funds, shall promptly furnish to the Bank with a copy of its Declaration of Trust and all amendments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 In the event that DTC ceases to be the Shareholder, the Bank shall re-register the Shares in the name of the successor to DTC as Shareholder upon receipt by the Bank of such documentation and assurances as it may reasonably require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 The Bank shall have no responsibility whatsoever with respect to of any beneficial interest in any of the Shares owned by the Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 The Trust, on behalf of its Funds, shall deliver to the Bank the following documents on or before the effective date of any increase, decrease or other change in the total number of Shares authorized to be issued, to the extent applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A certified copy of the amendment to the Trust's Declaration of Trust with respect to such increase, decrease or change; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An opinion of counsel for the Trust, in a form satisfactory to the Bank, with respect to (i) the validity of the Shares, the obtaining of all necessary governmental consents, whether such Shares are fully paid and non-assessable and the status of such Shares under the Securities Act of 1933, as amended, and any other applicable federal law or regulations (<u>i.e.</u>, if subject to registration, that they have been registered and that the Registration Statement has become effective or, if exempt, the specific grounds therefore), (ii) the status of the Trust with regard to the 1940 Act, and (iii) the due and proper listing of the Shares on all applicable securities exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 Prior to the issuance of any additional Shares pursuant to stock dividends, stock splits or otherwise, and prior to any reduction in the number of Shares outstanding, the Trust shall deliver to the Bank:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A certified copy of the order or consent of each governmental or regulatory authority required by law as a prerequisite to the issuance or reduction of such Shares, as the case may be, and an opinion of counsel for the Trust that no other order or consent is required; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (b) At the reasonable request of the Bank, an opinion of counsel for the Trust, in a form satisfactory to the Bank, with respect to (i) the validity of the Shares, the obtaining of all necessary governmental consents, whether such Shares are fully paid and non-assessable and the status of such Shares under the Securities Act of 1933, as amended, and any other applicable federal law or regulations (<u>i.e.</u>, if subject to registration, that they have been registered and that the Registration Statement has become effective or, if exempt, the specific grounds therefore with respect to all Shares being offered for sale), (ii) the status of the Trust with regard to the 1940 Act, and (iii) the due and proper listing of the Shares on all applicable securities exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 The Bank and the Trust agree that all books, records, confidential, non-public, or proprietary information and data pertaining to the business of the other party which are exchanged or received pursuant to the negotiation or the carrying out of this Agreement shall remain confidential, shall be used by the other party hereto solely for the purpose of rendering or receiving services pursuant to, or otherwise in accordance with, this Agreement; and shall not be voluntarily disclosed to any person other than its auditors, accountants, regulators, employees, agents, attorneys-in-fact or counsel, except (i) as may be required in carrying out this this Agreement and (ii) as may be, or may become required by law, by administrative or judicial order or by rule, provided that the disclosing party shall give prompt notice to the other party of any such disclosure to the extent practicable and permitted by applicable law and upon the non-disclosing party's request, the disclosing party will use reasonable efforts to obtain assurances from the relevant authority that confidential treatment will be accorded to the information that is required to be disclosed. To the extent required to be disclosed to third parties in carrying out this Agreement, the disclosing party shall require such third party to treat confidentially such information commensurate with this Section 8.6. Nothing in this Agreement shall be deemed to authorize the Bank to waive attorney-client, work product or other legal privilege by or on behalf of the Trust or its investment adviser. The Bank has established and maintains policies and measures reasonably designed to protect the confidentiality of customer information, and will subject information hereunder to such policies and measures. The foregoing confidentiality obligation shall not apply to any information to the extent: (i) it is already known to the receiving party at the time it is obtained; (ii) it is or becomes publicly known or available through no wrongful act of the

receiving party: (iii) it is rightfully received from a third party who, to the receiving party's knowledge, is not under a duty of confidentiality; (iv) it is released by the protected party to a third party without restriction; or (v) it has been or is independently developed or obtained by the receiving party without reference to the information provided by the protected party. The parties acknowledge and agree that any breach or threatened breach of this Section would cause financial damage and irreparable harm to the non-breaching party for which money damages will not be an adequate remedy. Accordingly, in the event of a breach or threatened breach of this Section, the non-breaching party, in addition to, and not in limitation of, all other rights and remedies such party may have, shall be entitled to an injunction restraining disclosure or misuse, in whole or in part, of any confidential information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 In case of any requests or demands for the inspection of the Shareholder records of the Trust, the Bank will promptly employ reasonable commercial efforts to notify the Trust and secure instructions from an authorized officer of the Trust as to such inspection. The Bank reserves the right, however, to exhibit the Shareholder records to any person whenever it is advised by its counsel that it may be held liable for the failure to exhibit the Shareholder records when requested pursuant to, or required by, applicable law, regulation or legal process.

9. <u>Termination of Agreement</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 This Agreement shall be effective on the date first written above and, unless terminated pursuant to its terms, shall continue until 11:59 PM on the date which is the third anniversary of such date (the "Initial Term"), at which time this Agreement shall terminate, unless renewed in accordance with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 This Agreement shall automatically renew for successive terms of one (1) year each (each, a "Renewal Term"), unless the Trust or the Bank gives written notice to the other party of its intent not to renew and such notice is received by the other party not less than ninety (90) days prior to the expiration of the Initial Term or the then-current Renewal Term (a "Non-Renewal Notice"). In the event a party provides a Non-Renewal Notice, this Agreement shall terminate at 11:59 PM on the last day of the Initial Term or Renewal Term, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 If a party materially breaches this Agreement (a "Defaulting Party") the other party (the "Non Defaulting Party") may give written notice thereof to the Defaulting Party ("Breach Notice"), and if such material breach shall not have been remedied within thirty (30) days after the Breach Notice is given, then the Non Defaulting Party may terminate this Agreement by giving written notice of termination to the Defaulting Party ("Breach Termination Notice"), in which case this Agreement shall terminate as of 11:59 PM on the 30th day following the date the Breach Termination Notice is given, or such later date as may be specified in the Breach Termination Notice (but not later than the last day of the Initial Term or then-current Renewal Term, as appropriate). In all cases, termination by the Non Defaulting Party shall not constitute a waiver by the Non Defaulting Party of any other rights it might have under this Agreement or otherwise against the Defaulting Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 Notwithstanding any other provision of this Agreement, a party may in its sole discretion terminate this Agreement immediately by sending notice thereof to the other party upon the happening of any of the following: (i) the other party commences as debtor any case or proceeding under any bankruptcy, insolvency or similar law, or there is commenced against the other party any such case or proceeding; (ii) the other party commences as debtor any case or proceeding seeking the appointment of a receiver, conservator, trustee, custodian or similar official for the other party or any substantial part of its property or there is commenced against the other party any such case or proceeding; (iii) the other party makes a general assignment for the benefit of creditors; or (iv) the other party admits in any recorded medium, written, electronic or otherwise, its inability to pay its debts as they come due. A party may exercise its

termination right under this Section 9.4 at any time after the occurrence of any of the foregoing events notwithstanding that such event may cease to be continuing prior to such exercise, and any delay in exercising this right shall not be construed as a waiver or other extinguishment of that right. Any exercise by a party of its termination right under this Section 9.4 shall be without any prejudice to any other remedies or rights available to such party and shall not be subject to any fee or penalty, whether monetary or equitable. Notwithstanding the provisions of Section 17, notice of termination under this Section 9.4 shall be considered given and effective when given, not when received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 Should the Trust exercise its right to terminate, all out-of-pocket expenses associated with the movement of records and material will be borne by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 The terms of Article 2 (with respect to fees and expenses incurred prior to termination), Article 5 and Article 6 shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 Upon termination of the Agreement, the Bank will (i) surrender all records maintained by the Bank in accordance with Section 1.2(e) above, and (ii) at the Trust's request, offer assistance in converting, within a reasonable time frame agreed to by the parties, the transition of the Trust's records from the Bank's systems to the services or systems designated by the Trust for such transition, subject to compensation of the Bank for such assistance at its standard rates and fees in effect at that time.

10. <u>Additional Fund</u>

In the event that the Trust establishes one or more additional fund of Shares with respect to which it desires to have the Bank render services as transfer agent under the terms hereof, it shall so notify the Bank in writing, and if the Bank agrees in writing to provide such services, such additional issuance shall become Shares hereunder.

11. <u>Assignment</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 Neither this Agreement nor any rights or obligations hereunder may be assigned by either party without the written consent of the other party. Notwithstanding the foregoing, the Bank may assign or delegate certain of its obligations hereunder to an affiliate or subsidiary of the Bank without the Trust's prior written consent, provided that the Bank shall remain responsible for the actions and omissions of such affiliate or subsidiary as if such actions or omissions were taken by the Bank. The Bank shall notify the Trust promptly following the execution of any agreement that would result in, or would be expected to result in, a change of control of Bank; provided that such information is publicly available information and that Bank makes such information available to its clients generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 This Agreement shall inure to the benefit of and be binding upon the parties and their respective permitted successors and assigns.

12. <u>Severability and Beneficiaries</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, the legality and enforceability of the remaining provisions shall not in any way be affected thereby provided that the obligation of the Trust to pay is conditioned upon provision of services to the Trust by the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 This Agreement is solely for the benefit of the Bank and the Trust, on behalf of its Funds, and none of any Participant (as defined in the Authorized Participant Agreement), the Distributor, any

Shareholder or beneficial owner of any Shares shall be or be deemed a third party beneficiary of this Agreement.

13. <u>Amendment</u>

This Agreement may be amended or modified by a written agreement executed by both parties.

14. <u>New York Law to Apply</u>

This Agreement shall be construed in accordance with the substantive laws of the State of New York, without regard to conflicts of laws principles thereof. The Trust and the Bank hereby consent to the jurisdiction of a state or federal court situated in New York City, New York in connection with any dispute arising hereunder. The Trust, on behalf of its Funds, and the Bank hereby irrevocably waive, to the fullest extent permitted by applicable law, any objection which it may now or hereafter have to the laying of venue of any such proceeding brought in such a court and any claim that such proceeding brought in such a court has been brought in an inconvenient forum. The Trust and the Bank each hereby irrevocably waives any and all rights to trial by jury in any legal proceeding arising out of or relating to this Agreement.

15. [<u>Reserved</u>.]

16. <u>Merger of Agreement</u>

This Agreement constitutes the entire agreement between the parties hereto and supersedes any prior agreement with respect to the subject matter hereof whether oral or written.

17. <u>Notices</u>

All notices and other communications as required or permitted hereunder shall be in writing and sent by first class mail, postage prepaid, addressed as follows or to such other address or addresses of which the respective party shall have notified the other.

If to the Bank:

The Bank of New York Mellon

240 Greenwich Street

New York, New York 10286

Attention: ETF Operations

with a copy to:

The Bank of New York Mellon

240 Greenwich Street

New York, New York 10286

Attention: Legal Dept. – Asset Servicing

If to the Trust:

Baillie Gifford ETF Trust

780 Third Avenue, 43<sup>rd</sup> Floor

New York, New York 10017

with a copy to:

Baillie Gifford ETF Trust

Calton Square

1 Greenside Row

Edinburgh, EH1 3AN

Attention: North American Shareholder Services team

18. <u>Information Sharing</u>

The Bank of New York Mellon Corporation is a global financial organization that provides services to clients through its affiliates and subsidiaries in multiple jurisdictions (the "BNY Group"). The BNY Group may centralize functions including audit, accounting, risk, legal, compliance, sales, administration, product communication, relationship management, storage, compilation and analysis of customer-related data, and other functions (the "Centralized Functions") in one or more affiliates, subsidiaries and third-party service providers. Solely in connection with the Centralized Functions, (i) the Trust consents to the disclosure of and authorizes the Bank to disclose information regarding the Trust ("Customer-Related Data") to the BNY Group and to its third-party service providers who are subject to confidentiality obligations with respect to such information and (ii) the Bank may store the names and business contact information of the Trust's employees and representatives on the systems or in the records of the BNY Group or its service providers. The BNY Group may aggregate Customer-Related Data with other data collected and/or calculated by the BNY Group, and notwithstanding anything in this Agreement to the contrary the BNY Group will own all such aggregated data, provided that the BNY Group shall not distribute the aggregated data in a format that identifies Customer-Related Data with a particular customer or can be reverse engineered to identify Customer-Related Data with a particular customer. Each Trust, on behalf of its Funds, confirms that it is authorized to consent to the foregoing.

19. <u>Counterparts</u>

This Agreement may be executed by the parties hereto in any number of counterparts, each of which shall be deemed an original, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

20. <u>Limitations and liabilities of the Trustees and Several Obligations of the Funds</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1 A copy of the Declaration of Trust of the Trust is on file with the Secretary of the Commonwealth of Massachusetts, and notice is hereby given that this instrument is executed on behalf of the Trustees of the Trust as Trustees and not individually and that the obligations of this instrument are not binding upon any of the Trustees individually but are binding only upon the assets and property of the applicable Fund. The Bank acknowledges and agrees that any obligations and liabilities of the Trust or any Fund arising hereunder shall not be binding upon any of the shareholders, Trustees, officers or employees of the Trust, as provided in the Trust's charter documents, and that, to the extent the Trustees are regarded as entering into this Agreement, they do so only in their capacity as trustees and not individually. The Bank further acknowledges and agrees that it shall look solely to the property of the applicable Fund for the performance of any obligation or liability of the Trust hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2 <u>Obligations of Trusts and Funds Not Joint</u>. For the avoidance of doubt, each Trust listed on Appendix A hereto is acknowledged to have separately executed this Agreement on behalf of itself and its Funds and this Agreement shall be deemed to be a separate agreement with respect to each Trust. Under no circumstances, and notwithstanding anything in this Agreement to the contrary, shall any one Trust or its Funds be liable for the obligations, actions or omissions of any other Trust or its Funds under this Agreement.

[Signature page follows.]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in their names and on their behalf by and through their duly authorized officers, as of the latest date set forth below.

---

| | |
|:---|:---|
| BAILLIE GIFFORD ETF TRUST, IN ITS OWN CAPACITY AND ON BEHALF OF EACH FUND OF THE TRUST LISTED ON APPENDIX A | BAILLIE GIFFORD ETF TRUST, IN ITS OWN CAPACITY AND ON BEHALF OF EACH FUND OF THE TRUST LISTED ON APPENDIX A |
| By: |  |
|  | Name: |
|  | Title: |
|  | Date: |
| THE BANK OF NEW YORK MELLON | THE BANK OF NEW YORK MELLON |
| By: |  |
|  | Name: |
|  | Title: |
|  | Date: |

---

**<u>APPENDIX A</u>**

**<u>Baillie Gifford ETF Trust</u>**

**<u>Funds</u>**

**<u>Baillie Gifford International Concentrated Growth Equities Fund</u>**

**<u>Baillie Gifford U.S. Equity Growth Fund</u>**

**<u>Baillie Gifford Long Term Global Growth Fund</u>**

**<u>Baillie Gifford Emerging Markets Equities Fund</u>**

**<u>Baillie Gifford International Alpha Fund</u>**

**<u>SCHEDULE A</u>**

**<u>Books And Records To Be Maintained By The Bank</u>**

Source Documents requesting Creations and Redemptions

Details of orders, Authorized Participant, order size, order date.

Correspondence/Authorized Participant Inquiries

Reconciliations, bank statements, copies of canceled checks, cash proofs

Daily/Monthly reconciliation of outstanding Shares between the Trust and DTC

Dividend Records

Year-end Statements and Tax Forms

**<u>EXHIBIT A</u>**

Form of Authorized Participant Agreement

## Ex-99.(I)

**Exhibit 99.(i)**

---

| | |
|:---|:---|
| ![](tm2525881d3_ex99-iimg001.jpg) | ROPES & GRAY LLP |
| ![](tm2525881d3_ex99-iimg001.jpg) | PRUDENTIAL TOWER |
| ![](tm2525881d3_ex99-iimg001.jpg) | 800 BOYLSTON STREET |
| ![](tm2525881d3_ex99-iimg001.jpg) | BOSTON, MA 02199-3600 |
| ![](tm2525881d3_ex99-iimg001.jpg) | WWW.ROPESGRAY.COM |

---

January 22, 2026

Baillie Gifford ETF Trust

780 Third Avenue

43<sup>rd</sup> Floor

New York, NY 10017

Dear Ladies and Gentlemen:

We are furnishing this opinion in connection with Pre-Effective Amendment No. 1 under the Securities Act of 1933, as amended (the "Act"), and Amendment No. 1 under the Investment Company Act of 1940, as amended, to the Registration Statement on Form N-1A of Baillie Gifford ETF Trust (the "Trust") for the registration of an indefinite number of shares of beneficial interest (the "Shares"), of Baillie Gifford Emerging Markets ETF, Baillie Gifford International Alpha ETF, Baillie Gifford International Concentrated Growth ETF, Baillie Gifford Long Term Global Growth ETF, and Baillie Gifford U.S. Equity Growth ETF (the "Funds"). We assume for purposes of this opinion that each of the Shares will be sold by the Trust for the consideration described in the Registration Statement of the Trust on Form N-1A, as amended to the date of such sale, and that such consideration will in each event be at least equal to the net asset value per Share of such Shares.

We have examined an executed copy of your Amended and Restated Agreement and Declaration of Trust, dated October 2, 2025 (the "Declaration of Trust"), on file in the offices of the Secretary of The Commonwealth of Massachusetts, and the Bylaws of the Trust, as amended to the date hereof, and are familiar with the actions taken by your Trustees to authorize the issue and sale to the public from time to time of authorized and unissued Shares. We have further examined such other documents and records as we have deemed necessary for the purpose of this opinion.

Based on the foregoing, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The beneficial interests in the Fund's series are divided into an unlimited number of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The issue and sale of the authorized but unissued Shares has been duly authorized under Massachusetts law. Upon the original issue and sale by the Trust of any of such authorized but unissued Shares and upon receipt by the Trust of the authorized consideration therefor in an amount not less than the applicable net asset value, the Shares so issued and sold

will be validly issued, fully paid and, except as described in the following paragraph, nonassessable by the Trust.

The Trust is an entity of the type commonly known as a "Massachusetts business trust." Under Massachusetts law, shareholders could, under certain circumstances, be held personally liable for the obligations of the Trust. However, the Declaration of Trust disclaims shareholder liability for acts or obligations of the Trust and requires that notice of such disclaimer be given in every note, bond, contract, instrument, certificate or undertaking made or issued on behalf of the Trust. The Declaration of Trust provides for indemnification out of the property of the particular series of shares for all loss and expense of any shareholder or former shareholder of such series (or his or her heirs, executors, administrators or other legal representatives, or, in the case of a corporation or other entity, its corporate or other general successor) held personally liable solely by reason of his or her being or having been a shareholder. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which the series itself would be unable to meet its obligations.

We understand that this opinion is to be used in connection with the registration of an indefinite number of Shares for offering and sale pursuant to the Act. We consent to the filing of this opinion with and as part of your Registration Statement on Form N-1A (File Nos. 333-290830 and 811-24127) relating to such offering and sale.

---

| |
|:---|
| Very truly yours, |
| <u>/s/ Ropes & Gray LLP</u> |
| Ropes & Gray LLP |

---

## Ex-99.(J)

**Exhibit 99.(j)**

![](tm2525881d3_ex99-xjimg01.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of our report dated February 26, 2025, relating to the financial statements and financial highlights of Baillie Gifford International Concentrated Growth Equities Fund, Baillie Gifford Long Term Global Growth Fund, and Baillie Gifford U.S. Equity Growth Fund, each a series of Baillie Gifford Funds, which are included in Form N-CSR for the year ended December 31, 2024, and to the references to our firm under the headings "Financial Highlights" in the Prospectus and "Other Key Service Providers" and "Financial Statements" in the Statement of Additional Information.

/s/ Cohen & Company, Ltd.

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

January 21, 2026

![](tm2525881d3_ex99-xjimg02.jpg)

## Ex-99.(M)

**Exhibit 99.(m)**

**<u>PLAN OF DISTRIBUTION</u>**

**<u>PURSUANT TO RULE 12b-1</u>**

This Distribution Plan (the "<u>Plan</u>") is made pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"), by Baillie Gifford ETF Trust, a Massachusetts business trust (the "<u>Trust</u>") registered with the Securities and Exchange Commission as an open-end management investment company under the 1940 Act, on behalf of the series of the Trust listed on Exhibit A hereto, as may be amended from time to time (each, a "<u>Fund</u>" and, collectively, the "<u>Funds</u>").

**Recitals**

&nbsp;&nbsp;&nbsp;&nbsp;A. The Trust is registered with the Securities and Exchange Commission as an open-end management investment
company under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;B. The Plan has been approved as to each Fund by a vote of the Board of Trustees of the Trust (the " <u>Board</u> "),
including a majority of the Trustees who are not interested persons (as defined in the 1940 Act) of the Trust and who have no direct or
indirect financial interest in the operation of the Plan or in any agreements related to the Plan (the " <u>Independent Trustees</u> "),
cast in person at a meeting called for the purpose of voting on the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;C. In approving the Plan, the Board determined, with respect to each Fund, in the exercise of the Board's
reasonable business judgment and in light of its fiduciary duties, that there is a reasonable likelihood that the Plan will benefit the
Fund and its shareholders.

**Terms of Plan**

&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust is hereby authorized to utilize the assets of a Fund to finance certain activities in connection
with the promotion and distribution of the shares of a Fund (whether in aggregations of creation units or otherwise), and the provision
of services to the shareholders, of such Fund, as described herein.

&nbsp;&nbsp;&nbsp;&nbsp;2. The Trust is hereby authorized to pay to a Fund's principal underwriter (the " <u>Distributor</u> ")
or any other third-party provider, out of the assets of such Fund and to obtain the services specified in paragraph 3 below for such Fund,
an amount computed at an annual percentage rate of the average daily net assets of such Fund, as set forth in Exhibit A, together with
any applicable gross receipts tax, sales tax, value added tax, compensating tax or similar exaction imposed by any federal, state or local
government (provided, however, that the aggregate of those taxes shall not exceed 10%). All or a portion of these fees may be paid to financial services firms or other persons engaged pursuant to a written agreement to provide
services authorized under paragraph 3 below (such written agreement shall describe the services to be performed pursuant to the agreement
and specify the amount of, or the method for determining, the compensation to the person engaged). The Distributor may assign to any party
its rights to receive any amounts payable under this Plan; and any such assignment shall not constitute an assignment of any agreement
under which such payments are made. In the event of such assignment, the Distributor shall provide written

notice to the Board at the next regularly-scheduled meeting of the Board following the assignment, which notice shall include the name of the party to whom such rights were assigned, the date of such assignment and a general description of the services provided by the assignee in return for such payments.

&nbsp;&nbsp;&nbsp;&nbsp;3. Payments may be made under the preceding paragraph for one or more of the following: (a) the payment of
compensation and ongoing commissions (including incentive compensation) to securities dealers, financial institutions and other organizations
which render distribution and administrative services in connection with the distribution and promotion of creation unit size aggregations
of a Fund's shares; (b) the printing and distribution of reports and prospectuses for the use of potential investors; (c) preparing
and distributing sales literature; (d) providing advertising and engaging in other promotional activities, including direct mail solicitation,
and television, radio newspaper and other media advertisements; and (e) such other services and activities as may from time to time be
consistent with policies or procedures approved by the Board or as may otherwise be agreed upon by Board and the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;4. In addition to the payments which the Trust is authorized to make under this Plan, to the extent that
the Distributor or any affiliate may make other payments that are deemed to be payments by the Trust or any Fund for the financing of
any activity primarily intended to result in the sale of shares issued by a Fund within the context of Rule 12b-1 under the 1940 Act,
such payments shall be deemed to have been made pursuant to this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;5. The Treasurer of the Trust, or other persons acting under his or her direction, and the Distributor shall
provide, and the Trustees shall review, at least quarterly, a written report of amounts expended pursuant to this Plan, if any, and the
purposes for which such expenditures were made. Upon request, the Distributor shall provide to the Board such other information as may
reasonably be required for them to review the continuing appropriateness of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;6. This Plan is effective as of the date first set forth above for the Funds identified in Exhibit A. This
Plan will become effective immediately as to any other Fund upon approval by the Board and any shareholder approvals then required (if
any) by the 1940 Act or the rules thereunder. Thereafter, this Plan shall continue in effect for each Fund from year to year, provided
that continuance is specifically approved at least annually by a vote of the Trustees, including a majority of the Independent Trustees,
cast in person (or by such other means as is consistent with applicable law or exemptive or other relief or guidance provided by the Securities
and Exchange Commission) at a meeting called for the purpose of voting on such continuance. This Plan may be terminated as to any Fund
at any time, without penalty, by the vote of a majority of the Independent Trustees or by the vote of a majority of the outstanding shares
of the Fund, as applicable. The Trust, by vote of a majority of the Independent Trustees or of the holders of a majority of a Fund's
shares, may terminate as to that Fund any agreement with any person relating to the implementation of this Plan, without penalty, upon
not more than 60 days' written notice to the other party. Any such related agreement shall automatically terminate upon its assignment.
This Plan is applicable from time to time to one or more Funds, but that applies

separately to each Fund, and is severable in all respects. Consequently, this Plan or any agreement entered into hereunder may be modified, continued or terminated as to one Fund without affecting any other Fund.

&nbsp;&nbsp;&nbsp;&nbsp;7. This Plan shall not be amended to increase materially the amount to be spent for distribution by the Trust
hereunder as to any Fund without approval of the shareholders of the affected Fund to the extent required by the 1940 Act. Each material
amendment to this Plan shall be approved by the vote of the Trustees, including a majority of the Independent Trustees, cast in person
(or by such other means as is consistent with applicable law or exemptive or other relief or guidance provided by the Securities and Exchange
Commission) at a meeting called for the purpose of voting on such amendment.

&nbsp;&nbsp;&nbsp;&nbsp;8. The Trust shall preserve in an easily accessible place copies of this Plan and all related agreements
and reports made pursuant to this Plan for a period of not less than six years, the first two years in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;9. The Trust's current Agreement and Declaration of Trust is on file with the Secretary of the Commonwealth
of Massachusetts. This Plan is executed or made by or on behalf of the Trust by an officer as an officer and not individually. The obligations
of this Plan are not binding upon any Trustee, officer or shareholder of a Fund individually but are binding only upon the assets and
property of the Trust or upon the assets belonging to the applicable Fund. The rights and any liabilities and obligations of any one Fund
are separate and distinct from those of any other Fund.

**<u>EXHIBIT A</u>**

Funds to Which this Plan Applies

(as of December 9, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Annual Rate** |
| &nbsp;&nbsp;Baillie Gifford Emerging Markets ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Baillie Gifford International Alpha ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Baillie Gifford International Concentrated Growth ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Baillie Gifford Long Term Global Growth ETF | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Baillie Gifford U.S. Equity Growth ETF | &nbsp;&nbsp;0.25% |

---

## Ex-99.(P)(1)

**Exhibit 99.(p)(1)**

**Baillie Gifford ETF Trust**

**Code of Ethics Pursuant to Rule 17j-1**

&nbsp;&nbsp;&nbsp;&nbsp;**I.** Background, Purpose, and Application of Substantive Provisions Solely to Independent Trustees

The Trustees recognise that the knowledge of present or future portfolio transactions and, in certain instances, the power to influence portfolio transactions which may be possessed by certain officers, employees and Trustees of the Trust and its appointed investment adviser, could place such individuals, if they engage in personal transactions in securities which are eligible for investment by the Trust, in a position where their personal interest may conflict with that of the Trust.

In view of this and the provisions of Rule 17j-1(b)(1) under the 1940 Act, the Trust has determined to adopt this Code of Ethics (this "Code") to specify and prohibit certain types of transactions deemed to create conflicts of interest (or at least the potential for, or the appearance of, such conflicts), and to establish reporting requirements and implementation procedures with respect to all Access Persons (as such term is defined in Rule 17j-1) of the Funds.

Except for the Independent Trustees, all Access Persons of the Funds are currently subject to a code of ethics of the Funds' investment adviser or distributor or its affiliate that has been adopted pursuant to Rule 17j-1 of the Act with respect to the Funds (an "Adviser Code"). It is the policy of the Funds that all current, and in the future any new, Access Persons of the Funds who are not Independent Trustees shall be subject to, and shall adhere to, an Adviser Code. Any Access Person other than an Independent Trustee is not subject to this Code except that the violation by any such person of any Adviser Code to which he or she is subject shall also constitute a violation of this Code. A copy of each current Adviser Code is appended as <u>Exhibit B</u> hereto. Accordingly, the substantive provisions of this Code, as set forth below, apply only to the Independent Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;**II.** General Principles

The Trust adopts the following general principles to guide the actions of its Independent Trustees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The interests of the Trust's shareholders are paramount, and all of the Independent Trustees must
conduct themselves and their operations with a view to placing the interests of the shareholders before their own.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. All personal transactions in securities by the Independent Trustees must be accomplished so as to seek
to avoid even the appearance of a conflict of interest with the interests of the Trust and its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Independent Trustees must avoid actions or activities that allow (or appear to allow) them to profit
or benefit from their position with respect to the Trust or that otherwise calls into question their independence or judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Independent Trustees are prohibited from disclosing to others, in breach of a duty of confidentiality,
material non-public information obtained in connection with their service for the Trust or engaging in the purchase or sale (or recommending
or suggesting that any other person engage in the purchase or sale) of any security to which such information relates.

&nbsp;&nbsp;&nbsp;&nbsp;**III.** Definitions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. "Security" shall have the same meaning as that set out in Section 2(a)(36) of the 1940 Act,
except that it shall not include

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Securities issued by the Government of the United States or an agency thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Shares of registered open-end mutual funds not organised as unit investment trusts, unless advised by Baillie Gifford Overseas Ltd
("the Adviser") or any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. "Beneficial Ownership" of a Security shall mean any "direct or indirect pecuniary interest"
therein, as those terms are defined in Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, provided, however, that beneficial
ownership shall not include interests in securities in any account over which the interest holder does not have direct or indirect influence
or control, such as automatic dividend reinvestment accounts, automatic employer-sponsored savings and stock programs, blind trust accounts,
money market accounts and IRA, Keogh and 401K accounts which the interest holder cannot control or influence. Examples of "Beneficial
Ownership" of a security may, depending on the particular circumstances, include (or be presumed to include) the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Instances where the Independent Trustee directly or indirectly profits or shares in the profit derived from a transaction in the subject
security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Securities held by members of the Independent Trustee's immediate family sharing the same household;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Indirect ownership interest through a fund, company or other entity that is controlled by the Independent Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. An Independent Trustee's interest in securities held in trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. An Independent Trustee's right to acquire the subject security through the exercise or conversion of options or other derivative
instruments.

These examples are for illustrative purposes only, and any questions an Independent Trustee may have about the definition above, or about its application to particular interests in securities, should be directed to the Chief Compliance Officer of the Trust (the "CCO") or his or her delegate.

&nbsp;&nbsp;&nbsp;&nbsp;**IV.** Prohibited Purchases and Sales of Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. No Independent Trustee shall in connection with the purchase or sale, directly or indirectly, by such person of a Security held or to be acquired by the Trust or any Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Employ any device, scheme or artifice to defraud such Trust or Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Make to the Trust or any Fund any untrue statement of a material fact or omit to state to such Trust or Fund a material fact necessary
in order to make the statement made, in light of the circumstances under which it is made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Engage in any act, practice or course of business which would operate as a fraud or deceit upon such Trust or Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Engage in any manipulative practice with respect to the Trust or any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In connection with Section 4(a), it shall be impermissible for an Independent Trustee to purchase
or sell, directly or indirectly, any Security (or any option to purchase or sell such Security) in which he or she has, or by reason of
such transaction acquires, any direct or indirect beneficial ownership and which he or she knows at the time of such purchase or sale:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. is being considered for purchase or sale by a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. is being purchased or sold by a Fund.

This prohibition shall apply if the Independent Trustee's transaction occurs within 15 days before or after either (a) the purchase or sale of such Security by a Fund or (b) the consideration of such purchase or sale by a Fund or the Adviser on behalf of a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Any Independent Trustee who questions whether a contemplated transaction is prohibited by this Code should
discuss the transaction with the CCO, or his or her delegate, prior to proceeding with the transaction. The CCO, or his or her delegate,
may institute such additional operational steps as he or she deems appropriate to make clear to Trustees what securities have been disclosed
in board materials or meetings as being purchased, sold or considered for purchase or sale within the timeframes for this Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;**V.** Additional Requirements for each Independent Trustee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Insider Trading Policy</u>. It is unlawful for Independent Trustees to use material non-public information
in violation of the federal securities laws. Accordingly, Independent Trustees will abide by the Insider Trading Policy attached to this
Code as <u>Exhibit A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Gifts and Entertainment</u>. No Independent Trustee shall accept or receive any gift or entertainment,
or any other form of inducement of more than de minimis value from any person or entity that an Independent Trustee knows or should know
does business with or on behalf of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;**VI.** Annual Written Report to the Board

At least once a year, the CCO of the Trust shall provide the Board a written report that includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Issues arising under this Code</u> - the report will describe any issue(s) that arose during the previous year or relevant reporting
period, including material Code violations, and any resulting sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Certification</u> - the report will certify to the Board that the Trust has adopted measures reasonably necessary to prevent its
personnel from violating this Code of Ethics adopted pursuant to Rule 17j-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;**VII.** Records

The Trust shall maintain the following records which shall be available for examination by representatives of the Securities and Exchange Commission:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. A copy of this Code and any other code which is or has been in effect within the past 5 years, shall be
maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. A record of any violation of this Code and any action taken as a result of such violation shall be maintained
in an easily accessible place for a period of not less than 5 years following the end of the fiscal year in which the violation occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. A copy of each report submitted by an Independent Trustee under this Code shall be maintained for at least
5 years after the end of the fiscal year in which the report is made, the first 2 years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. A copy of each annual report to the Board shall be maintained for at least 5 years from the end of the
fiscal year in which it is made, the first 2 years in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** Miscellaneous

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Confidentiality</u> - all reports and other information filed with the Trust pursuant to this Code shall
be treated as confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Interpretation</u> - the Board may from time to time adopt such interpretations of this Code as it deems
appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Periodic review</u> - The CCO of the Trust shall report to the Board at least annually as to the operation
of this Code and shall address in any such report the need (if any) for further changes or modifications to this Code

**<u>Exhibit A</u>**

**<u>Insider Trading Policy</u>**

While the law concerning insider trading is not static, it is generally understood that the federal securities laws prohibit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) trading by an insider, while aware of material, non-public information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) trading by a non-insider, while aware of material, non-public information, where the information either
was disclosed to the non-insider in violation of an insider's duty to keep it confidential or was misappropriated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) an insider communicating material, non-public information to others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) a non-insider communicating material, non-public information to others where the information either was
disclosed to the non-insider in violation of an insider's duty to keep it confidential or was misappropriated; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) trading while aware of material, non-public information regarding a tender offer.

It is the Trust's policy that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) no Independent Trustee may trade in any security, either personally or on behalf of others, while aware
of material, non-public information relating to the issuer of that security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) no Independent Trustee may communicate material, non-public information to any other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) no Independent Trustee aware of material, non-public information may recommend trading a security in an
issuer to which the information relates, or otherwise recommend the purchase or sale of any such security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) no Independent Trustee shall trade in violation of federal securities laws in a security subject to a
tender offer while aware of material, non-public information relating to the tender offer or the issuer of the security.

The foregoing should be understood as a brief synopsis of a complex legal subject matter and shall not be deemed to prohibit conduct that is otherwise lawful and consistent with an Independent Trustee's fiduciary duty.

Any questions regarding this policy should be referred to the CCO or to counsel to the Independent Trustees.

**<u>Exhibit B</u>**

**BGOL Code of Ethics Manual**

**1.** **Purpose** 

At Baillie Gifford, we fulfil our fiduciary duty to clients as investment managers and advisers. We commit to prioritising their interests, treating them fairly, and delivering positive outcomes. We avoid any conflicts where our interests might take precedence over theirs, guided by our Code of Ethics ('Code').

Our compliance culture and ethics are crucial to both clients and regulators. Clients view the Code as a reflection of our Firm's culture and often inquire about code violations to gauge this culture.

Regulators emphasise 'culture' and 'conduct,' seeing culture as the business's DNA that shapes behaviour and ethics. We have built our reputation through individual conduct, acting with integrity and in our clients' interests.

The Code, enforced across all regulated entities and approved by our Group Compliance Committee, ensures regulatory compliance\*. It includes:

&nbsp;&nbsp;&nbsp;&nbsp;· Ethical principles aligned with global conduct regulations.

&nbsp;&nbsp;&nbsp;&nbsp;· Conflicts of Interest guidance.

&nbsp;&nbsp;&nbsp;&nbsp;· Policy requirements, such as personal account dealing, inducements, and outside business interests.

**2.** **How this policy embodies 'our shared beliefs'** 

Our clients come first.

We act with integrity, judging our actions and intentions through the eyes of our clients. We strive for excellence across all areas of the Firm and every contribution plays a role in developed trusted long-term partnerships with our clients.

**3.** **Ethical principles** 

All Partners and staff must adhere to the Firm's guiding ethical principles, which align with regulatory conduct rules and codes of conduct from various professional organisations of which you may be a member.

In both personal and business life, we face ethical issues that require careful consideration. When making decisions, we must consider their impact on clients, ensure the decision-making process is fair and thorough, involve all relevant stakeholders, and identify any competing or conflicting interests.

The Ethical Principles are designed to prompt these considerations and help ensure that we put our clients interests first. They are as follows:

Fairness

Act fairly when dealing with clients and counterparties of Baillie Gifford by being impartial, objective, and honest. Examples of unfair conduct include:

&nbsp;&nbsp;&nbsp;&nbsp;· Misleading a client about the risks of an investment.

&nbsp;&nbsp;&nbsp;&nbsp;· Misleading a client about the likely performance of a product by providing inappropriate projections of
future returns.

&nbsp;&nbsp;&nbsp;&nbsp;· Failing to acknowledge or resolve mistakes in dealing with clients.

Honest and integrity

Act honestly and with integrity in your role, avoiding actions that could harm Baillie Gifford's reputation or are deceitful, oppressive, or improper. Use fair methods to win or retain business. Avoid offering lavish gifts, frequent hospitality, or engaging in 'pay to play' practices. Baillie Gifford is committed to conducting business fairly and has zero tolerance for bribery. Examples of conduct breaching honesty and integrity include:

&nbsp;&nbsp;&nbsp;&nbsp;· Falsifying documents.

&nbsp;&nbsp;&nbsp;&nbsp;· Providing false information to clients, regulators, auditors, or third parties.

&nbsp;&nbsp;&nbsp;&nbsp;· Mismarking investment values.

&nbsp;&nbsp;&nbsp;&nbsp;· Misleading others about accepted risks.

&nbsp;&nbsp;&nbsp;&nbsp;· Failing to disclose personal dealings, gifts, political contributions, or outside interests as required
by the Code of Ethics.

Adherence to law and regulation

Follow applicable laws, regulations, and professional standards in your activities, applying them to the best of your knowledge and ability. Be open and cooperative with Baillie Gifford's regulators. Familiarise yourself with and adhere to policies within the Personal Responsibilities section of the Group Compliance Manual. Examples of conduct that might breach openness and cooperation with regulators include:

&nbsp;&nbsp;&nbsp;&nbsp;· Providing false or inaccurate information to regulators.

&nbsp;&nbsp;&nbsp;&nbsp;· Failing to supply requested documents or information within the required time.

&nbsp;&nbsp;&nbsp;&nbsp;· Not attending interviews or answering questions from regulators.

Market conduct

When executing transactions, engaging in market dealings or communicating with counterparties, uphold market integrity and adhere to good practices and conduct expected of

market participants. Comply with relevant market codes and exchange rules. Examples of poor market conduct include:

&nbsp;&nbsp;&nbsp;&nbsp;· Insider dealing.

&nbsp;&nbsp;&nbsp;&nbsp;· Unlawful disclosure of material non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;· Market manipulation through inappropriate trading activities.

&nbsp;&nbsp;&nbsp;&nbsp;· Market manipulation through inappropriate communication activities.

&nbsp;&nbsp;&nbsp;&nbsp;· Using non-recorded electronic communication devices and/or applications for regulatory business activities.

Loyalty to clients

Put our clients' interests ahead of your own and manage any conflicts of interest fairly and effectively. Avoid conflicts when possible, and manage and disclose them according to Baillie Gifford's conflict procedures. Use Baillie Gifford's investment recommendations and proprietary information exclusively for clients. Examples of disloyalty to clients include:

&nbsp;&nbsp;&nbsp;&nbsp;· Prioritising Baillie Gifford profits over client interests.

&nbsp;&nbsp;&nbsp;&nbsp;· Misuse of proprietary information for personal gain.

&nbsp;&nbsp;&nbsp;&nbsp;· Not informing clients about potential conflicts of interest that could affect investment decisions.

Maintaining confidentiality

Respect client confidentiality by not using or disclosing information about current, former, or prospective clients for unethical or illegal purposes. Share confidential client data with outside parties only when absolutely necessary, and obtain authorisation if required. If unsure, consult the Information Security policy which outlines data security classifications and handling rules. Examples of conduct which would breach confidentiality include:

&nbsp;&nbsp;&nbsp;&nbsp;· Unauthorised sharing of client information with a third party.

&nbsp;&nbsp;&nbsp;&nbsp;· Improper use of client data for personal gain.

&nbsp;&nbsp;&nbsp;&nbsp;· Negligent data handling leading to unauthorised access to sensitive information, compromising client privacy
and trust.

Transparency

If you suspect a conflict of interest or believe there might be a perception of one, disclose the details to your Head of Department, the Compliance Department, or the relevant chairperson. Examples of conduct which would be untransparent include:

&nbsp;&nbsp;&nbsp;&nbsp;· Personally owning shares in a company and not disclosing this potential conflict to a group of decision-makers
discussing a potential transaction in shares of the company on behalf of clients.

&nbsp;&nbsp;&nbsp;&nbsp;· Not fully disclosing all personal shareholdings in an initial or annual Code of Ethics declaration.

&nbsp;&nbsp;&nbsp;&nbsp;· Not fully disclosing all information requested by the Compliance Department or a regulator.

**4.** **Conflicts of interest** 

Conflicts can arise between Baillie Gifford, its Partners and employees, and a client. Conflicts can also arise between multiple clients. Situations giving rise to a conflict include:

&nbsp;&nbsp;&nbsp;&nbsp;· Individuals making financial gains or avoiding losses at the client's expense.

&nbsp;&nbsp;&nbsp;&nbsp;· Having personal interest in the outcome of services or transactions that differs from the client's
interest.

&nbsp;&nbsp;&nbsp;&nbsp;· Financial or other incentive which favours one client over another.

&nbsp;&nbsp;&nbsp;&nbsp;· Individual is in the same business as the client; and

&nbsp;&nbsp;&nbsp;&nbsp;· Inducements from individuals in relation to client services (monetary, goods, or services).

You have a responsibility to identify potential conflicts from both a personal and Firm activity perspective.

This is supported through adherence to this Code and can be ensured by your vigilant identification, management or avoidance, and disclosure of conflicts of interest.

If you identify a new potential or unavoidable conflict at either a personal or Firm level, you have a duty to disclose to the Compliance department via the Conduct & Market Oversight team, using the following e-mail address: CodeofEthicsQueries@bailliegifford.com (secure mailbox).

**5.** **Policy** 

The following policy points are supplemented by a series of underlying supporting documents which also include guidance on how to use the Firm's Code of Ethics System.

General

Upon starting your employment and annually thereafter, you must:

&nbsp;&nbsp;&nbsp;&nbsp;· Read and understand the Code thoroughly.

&nbsp;&nbsp;&nbsp;&nbsp;· Submit a Code of Ethics declaration, disclosing your personal account broker accounts, shareholdings,
outside business interests, political contributions from the last two years, and certify your understanding.

Note: Additional disclosure requirements for specific roles are detailed in the PA dealing supporting document and entity-specific compliance policies.

On an ongoing basis, you must:

&nbsp;&nbsp;&nbsp;&nbsp;· Follow the Firm's guiding ethical principles.

&nbsp;&nbsp;&nbsp;&nbsp;· Take responsibility for personal compliance risks related to the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;· Use the Firm's Code of Ethics System to obtain pre-clearance for personal activities (where required)
and log compliance records.

&nbsp;&nbsp;&nbsp;&nbsp;· Understand that the Compliance Department is available for advice but prioritises client and Firm matters
over personal issues of staff.

In addition:

&nbsp;&nbsp;&nbsp;&nbsp;· The Head of Compliance (whom failing, a delegate) can clarify the Code's meaning and provide waivers
in exceptional cases, except where it would breach regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;· A material violation of the Code may result in disciplinary action, remuneration clawback, or reporting
a Conduct Rule breach to the UK Financial Conduct Authority and other applicable regulators.

Report any potential violations immediately to the Conduct & Market Oversight team at CodeofEthicsQueries@bailliegifford.com (secure mailbox).

Personal account dealing

Baillie Gifford prioritises clients' interests, ensuring they receive the best possible trade execution. To uphold this standard, you must avoid actions that could disadvantage clients through personal account (PA) dealing. The Firm permits PA dealing under specific restrictions, allowing you and your connected persons to conduct investment transactions within these guidelines. You must also ensure that PA dealing does not detract from your primary job responsibilities.

Note: "Connected persons" and a list of applicable securities are fully defined within the PA Dealing supporting document.

PA dealing is prohibited where:

&nbsp;&nbsp;&nbsp;&nbsp;· You know Baillie Gifford is actively considering an investment opportunity.

&nbsp;&nbsp;&nbsp;&nbsp;· Baillie Gifford is trading applicable securities for clients.

&nbsp;&nbsp;&nbsp;&nbsp;· You or Baillie Gifford possess material non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;· It involves misuse or improper disclosure of confidential or proprietary information related to clients
or trading.

In addition:

&nbsp;&nbsp;&nbsp;&nbsp;· Do not advise, recommend or procure others to enter transactions prohibited under our PA dealing requirements.
This includes disclosure of information or opinion which is likely to result in such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;· Do not enter a PA deal or insurance contract to hedge against deferred remuneration risks

&nbsp;&nbsp;&nbsp;&nbsp;· Obtain pre-clearance using the System before PA dealing in applicable securities. After pre-clearance,
instruct the PA deal with your broker by the close of business the next working day.

&nbsp;&nbsp;&nbsp;&nbsp;· Avoid buying and selling, or selling and buying, the same or equivalent securities within 60 days.

&nbsp;&nbsp;&nbsp;&nbsp;· If you have specific knowledge of a pending Investment Trust share buy-back, refrain from PA dealing in
that Investment Trust until completion.

&nbsp;&nbsp;&nbsp;&nbsp;· Profits from PA dealing in violation of the Code may be subject to disgorgement.

Specific to the Investment department:

&nbsp;&nbsp;&nbsp;&nbsp;· Investment team members cannot PA deal within seven days before or after clients in a strategy they are
involved in have traded the same security. If unaware of pending client activity when requesting pre-clearance, you will not violate the
Code.

&nbsp;&nbsp;&nbsp;&nbsp;· Inform decision-making groups if you own shares in a company under discussion and consider withdrawing
from discussions if there is an unmanageable conflict of interest. Compliance can provide advice and record-keeping support case-by-case.

Inducements

&nbsp;&nbsp;&nbsp;&nbsp;· Do not accept gifts, favours, entertainment, hospitality, or other inducements of material value that
could influence your decision-making or make you feel obligated to someone or their company.

&nbsp;&nbsp;&nbsp;&nbsp;· Similarly, do not offer such inducements that could influence the recipient's decision-making or
make them feel obligated to you or Baillie Gifford.

&nbsp;&nbsp;&nbsp;&nbsp;· Soliciting gifts, hospitality, entertainment, or anything of value is prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;· Giving or receiving cash gifts is also prohibited, and no cash donations should be made in connection
with clients or prospective clients.

&nbsp;&nbsp;&nbsp;&nbsp;· All staff must consider political contributions from a conflict of interest and transparency perspective.

There are specific US "pay-to-play" requirements that introduce pre-clearance requirements, detailed in the Inducements supporting document.

&nbsp;&nbsp;&nbsp;&nbsp;· Giving or receiving gifts is acceptable if the gift is below approximately £50 (or equivalent in
another currency) in value and does not occur frequently. Options for scenarios where

the value is greater are detailed in the Inducements supporting document, along with record-keeping requirements.

&nbsp;&nbsp;&nbsp;&nbsp;· Exercise discretion in the value and frequency of business lunches, dinners, and entertainment or hospitality
you give or receive. Further details are included in the Inducements supporting document.

&nbsp;&nbsp;&nbsp;&nbsp;· Some clients have specific Code of Ethics requirements that may exceed our own. Consider these additional
requirements when giving gifts or entertainment.

Outside business interests

&nbsp;&nbsp;&nbsp;&nbsp;· Be able to identify, disclose to Compliance and manage any outside activities or personal associations
that could negatively impact your job performance, conflict with Baillie Gifford's interests and/or harm client relationships. If
you have any concerns, seek advice from Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;· Disclose proposed external positions promptly to Compliance, and in some cases, obtain pre-clearance based
on the relevance to Baillie Gifford's business, your role, and your regulatory registrations. Further details are included in the
Outside Business Interests supporting document.

&nbsp;&nbsp;&nbsp;&nbsp;· The Compliance Conduct & Market Oversight team, using the Code of Ethics System, handles all outside
business interest disclosures and shares relevant information with the Human Resources, Group Governance Services, and Anti-Financial
Crime Departments. If needed, the team will secure approval from the Head of Compliance (whom failing, a delegate) and the Chief Compliance
Officer of any relevant Baillie Gifford entity, confirming receipt or requesting further information. Partners or Chief Executive Officers
of Baillie Gifford subsidiary companies must also obtain approval from a Managing Partner for external appointments.

**6.** **Monitoring** 

The Group Compliance Monitoring Team is responsible for the compliance monitoring plan which, using a risk-based approach, seeks to provide assurance on our regulated activities. Where our risk assessment indicates monitoring is required, the Group Compliance Monitoring Team monitor for compliance with this policy. Where appropriate, a report of the results of this monitoring will be provided to the Group Compliance Committee or relevant board and the results of this monitoring will be taken into consideration when assessing the ongoing knowledge and competence of affected individuals.

**7.** **Record keeping** 

The Code of Ethics System is the repository for Code of Ethics activity records.

The Incident Management System is the repository for Code of Ethics violation records. This may prompt the creation and retention of records by the Conduct Assurance Group if a material violation is identified which prompts a conduct rule breach assessment.

All Code of Ethics activity and violation records are maintained in accordance with the Records Management Policy in the Group Compliance Manual.

&nbsp;&nbsp;&nbsp;&nbsp;**Code of ethics – Supporting document (Inducements)**

<u>Disclosure</u>

A key aspect of Baillie Gifford's Inducements Policy is disclosure. Under our procedures, all gifts (other than de minimis) and hospitality which are given or received are recorded in the Code of Ethics System. Disclosures should be made to your normal gifts and entertainment representatives for Trading, Investors and Clients Department, and Compliance for all other departments. Likewise, all members of staff should consider if an inducement which has been offered or received should be disclosed to a client, or potential client. This will depend upon the circumstances of each case and the Compliance Conduct & Market Oversight team can provide guidance (<u>CodeofEthicsQueries@bailliegifford.com).</u>

<u>Gifts</u>

&nbsp;&nbsp;&nbsp;&nbsp;· Gifts given or received which are of a de minimis nature due to their characteristics or likely cost are
unlikely to give grounds for suggestions of undue influence and are therefore exempt from record keeping requirements. Typical examples
of de minimis gifts would include umbrellas, diaries and pens with advertising logos for the donor company.

&nbsp;&nbsp;&nbsp;&nbsp;· All gifts given or received which are not de minimis must be recorded in the Code of Ethics System. It
is generally acceptable for members of staff to retain gifts received that are below £50 in value (or equivalent in another currency),
provided this is not with undue frequency. In the case of gifts received above £50 in value (or equivalent in another currency),
you should consult with your Head of Department as to the appropriate course of action. In most cases gifts above £50 (or equivalent
in another currency) which are received should be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Surrendered to the Philanthropy Team for use for charitable purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Returned to the third party concerned; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Distributed amongst the Department in the case of perishable gifts.

Where the member of staff wishes to retain a gift above £50 (or equivalent in another currency), then the estimated cost of the gift above this limit should be paid to the Baillie Gifford Charity of the Year with details of this donation included with the Code of Ethics System record.

&nbsp;&nbsp;&nbsp;&nbsp;· Similarly, gifts above £50 in value (or equivalent in another currency) should generally not be
given by a member of staff.

&nbsp;&nbsp;&nbsp;&nbsp;· Promotional competition/prizes – In offering any promotional competition or prizes, you should:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Consider the likely impact or influence the prize would have on the recipient; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Consult with a Partner or the relevant Board on the likely impact of the competition on the brand of Baillie
Gifford.

In all cases the prize offered should be of reasonable value, i.e., it should not be excessive or inappropriate. Any competition prizes won by a member of staff at a business-related event, e.g., a conference or seminar, should be recorded for transparency in the Code of Ethics System.

<u>Entertainment</u>

Business lunches/dinners –

&nbsp;&nbsp;&nbsp;&nbsp;· The establishment and maintenance of strong relationships with our clients, suppliers, intermediaries,
and consultants is integral to our ability to provide effective investment management services. Routine business lunches or dinners are
good mechanisms for building and maintaining relationships and are unlikely to give grounds for suggestion of undue influence unless they
become overly frequent or are unduly lavish. Overly frequent and unduly lavish are not defined terms and a common-sense approach should
be adopted. A good test to apply is to consider how such a dinner would be perceived by a third party and to use your judgement accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;· Routine business lunches and dinners given do not require to be recorded in the Code of Ethics System.
These should be recorded in Baillie Gifford's expenses system. The Business Expense Claims procedure will provide an adequate control
over the magnitude of costs incurred by Baillie Gifford when giving such lunches and dinners. If a lunch or dinner is likely to be perceived
as hospitality (rather than routine business), then the Entertainment/Hospitality procedures below should be followed.

&nbsp;&nbsp;&nbsp;&nbsp;· Many of Baillie Gifford's clients (particularly those US clients covered by ERISA) are subject to
specific reporting requirements regarding their acceptance of business lunches and dinners. For Baillie Gifford to ensure that it can
provide clients with their required information, the following additional information should be recorded on the Business Expense Claim
Form, with respect to any clients for whom we have hosted a business lunch or dinner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The name of the client being entertained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The names of the individuals being entertained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The total cost of the lunch or dinner.

&nbsp;&nbsp;&nbsp;&nbsp;· Generally, routine business lunches and dinners received do not need to be reported. The exception to
this is business lunches and dinners received from UK or European financial institution or intermediary that provides advice or portfolio
management services to retail clients (UK/EU MiFID firms). Such lunches and dinners do need to be recorded in the Code of Ethics System.

Hospitality given –

&nbsp;&nbsp;&nbsp;&nbsp;· All members of staff must exercise discretion in offering hospitality. Members of staff should not provide
extravagant or excessive entertainment to a client, prospective client,

or any person or entity that does or seeks to do business with or on behalf of Baillie Gifford or our clients. Similarly, a member of staff should not provide entertainment to such parties with undue frequency. Extravagant, excessive and undue frequency are not defined terms, and a common-sense approach should be adopted. A good test to apply is to consider how provision of entertainment would be perceived by a third party and to use your judgement accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;· Except for occasions where the client is a UK/EU MiFID firm (see below), members of staff may provide
entertainment or hospitality, such as a dinner (unconnected with business), sporting, charitable or cultural event of reasonable value
provided that the person or Baillie Gifford is present at the event. If the person or Baillie Gifford is not present, then the entertainment
becomes a gift and the procedures above apply.

&nbsp;&nbsp;&nbsp;&nbsp;· In considering the hospitality or entertainment event, you should note that attending expensive or exclusive
sporting or cultural events can draw criticism. Invitations should not be offered if they could be construed as being unusual or risk
creating a sense of obligation to the host or bias in their favour. In situations of any doubt, consult with your Head of Department.

&nbsp;&nbsp;&nbsp;&nbsp;· All entertainment or hospitality must be recorded in the Code of Ethics System.

&nbsp;&nbsp;&nbsp;&nbsp;· For UK/EU MiFID firms, standalone hospitality that is not directly linked to a business event, e.g. sporting
events, is prohibited (this restriction applies to hospitality provided to UK/EU MiFID firms only and not to hospitality provided to UK
or Overseas segregated clients or suppliers). Acceptable minor non-monetary benefits provided during a business meeting, conference, seminar,
or training event are permitted. An acceptable minor non-monetary benefit is one which can enhance the quality of service provided to
the client and consists of hospitality of a reasonable value such as food and drink. Baillie Gifford have set a guidance limit of £100
(or equivalent in another currency) per head to allow a reasonable level of hospitality at business events involving UK/EU MiFID firms.

&nbsp;&nbsp;&nbsp;&nbsp;· In the case of Baillie Gifford offering hospitality, travel expenses will ordinarily be paid for by the
recipient of the entertainment or hospitality. However, there may be occasions where reasonable accommodation costs can be provided by
Baillie Gifford subject to this meeting the general principles of this Policy.

Hospitality received –

&nbsp;&nbsp;&nbsp;&nbsp;· All members of staff must exercise discretion in accepting hospitality. Members of staff should not accept
extravagant or excessive entertainment from a client, prospective client, a business in which Baillie Gifford invests, or any person or
entity that does or seeks to do business with or on behalf of Baillie Gifford or our clients. Similarly, a member of staff should not
accept entertainment from such parties with undue frequency. Extravagant, excessive and undue frequency are not defined terms, and a common-sense
approach should be adopted. A good test to apply is to consider how acceptance of entertainment would be perceived by a third party and
to use your judgement accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;· Members of staff may accept entertainment or hospitality, such as a dinner (unconnected with business),
sporting, charitable or cultural event of reasonable value provided that the person or firm providing the entertainment is present at
the event. If the person or firm is not present, then the entertainment becomes a gift and the procedures above apply.

&nbsp;&nbsp;&nbsp;&nbsp;· It is the policy of the firm not to accept standalone hospitality from broker firms. For this purpose,
standalone hospitality would include invitations to and attendance at sporting or cultural events and

&nbsp;&nbsp;&nbsp;&nbsp;· any associated travel, accommodation, drinks, and meals. This policy would not affect routine business
lunches or dinners, or reasonable hospitality attached to conferences or other educational events or social events which are distributed
widely and of a de minimis nature (i.e., under £100 (or equivalent in another currency) per head). This covers by way of example
a broker drinks evening at which the broader asset management community is invited.

&nbsp;&nbsp;&nbsp;&nbsp;· In considering the hospitality or entertainment event, you should note that attending expensive or exclusive
sporting or cultural events can draw criticism. Invitations should not be accepted if they could be construed as being unusual or risk
creating a sense of obligation to the host or bias in their favour. In situations of any doubt, consult with your Head of Department.

&nbsp;&nbsp;&nbsp;&nbsp;· All entertainment or hospitality must be recorded in the Code of Ethics System. In many cases the value
of an event will not be clear. Here, you should give your best estimate of the value at the time the decision is taken, considering the
street value of the event in the eyes of a third party. Do not hesitate to ask the host for further information about the event (e.g.,
cost) to reach a decision.

&nbsp;&nbsp;&nbsp;&nbsp;· In the case of a member of staff receiving hospitality or entertainment, travel and accommodation costs
should be paid for by that member of staff or a request made to the organiser of the event that the individual member of staff be invoiced
for these costs. Where the third party has arranged a discounted hotel rate or other reduction in the cost of the accommodation or travel,
it is reasonable for the member of staff to accept this reduced rate. Likewise, where the host provides communal transport, which is not
excessive or unduly lavish, for example the use of a minibus.

<u>Political contributions</u>

&nbsp;&nbsp;&nbsp;&nbsp;· All members of staff are required to give due consideration to any political contributions from a general
conflict of interest and transparency perspective. Staff are required to disclose to the Compliance Department, any political contributions
that may give rise to an actual conflict of interest, a potential conflict of interest or the perception of one.

&nbsp;&nbsp;&nbsp;&nbsp;· All members of staff are required to confirm on an annual basis, that they have disclosed to the Compliance
Department any political contributions made to US federal, state, or local officials and any political fundraising activity in the US.
This disclosure forms part of the Annual Code of Ethics Declaration that staff submit via the Code of Ethics System.

&nbsp;&nbsp;&nbsp;&nbsp;· Supporting compliance with US requirements, Baillie Gifford maintains a bespoke US Political Contributions
procedure which all staff eligible to make political contributions to candidates in a US federal, state and municipal election must ensure
they and their connected persons comply with. The procedure is –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o All members of Baillie Gifford staff are required
to obtain preclearance from Compliance before either they or a connected person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ make any political contributions, either directly or indirectly, to US federal, state or local officials;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ participate in any political fund-raising activity in the US.

Preclearance requests should be submitted by email to Baillie Gifford Group's US-based Compliance Counsel and Compliance Conduct & Market Oversight team (<u>CodeofEthicsQueries@bailliegifford.com).</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o All members of Baillie Gifford staff must confirm on an annual basis, that they have disclosed to the
Compliance Department any political contributions made to US federal, state or local officials and any political fund-raising activity
in the US. This disclosure will form part of the Annual Code of Ethics Declaration that staff submit via the Code of Ethics system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o In addition to requirement (2) above, BGFS Registered Representatives must confirm on a quarterly basis
that they have disclosed to the Compliance Department any political contributions made to US federal, state or local officials and any
political fund-raising activity in the US. The disclosure should be submitted via the Code of Ethics system upon request from the Compliance
Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Upon joining the firm, all new members of staff must disclose to the Compliance Department any political
contributions made to US federal, state or local officials and any political fund-raising activity in the US within the previous two years.
This disclosure will form part of the existing Personal Compliance Responsibilities Certificate that all new staff are required to submit
upon joining the firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o "Contribution" means any gift, subscription, loan, advance, or deposit of money or anything
of value, whether direct or indirect, made for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ (A) The purpose of influencing any election for federal, state or local office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ (B) Payment of debt incurred in connection with any such election; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ (C) Transition or inaugural expenses of the successful candidate for state or local office.

&nbsp;&nbsp;&nbsp;&nbsp;· Staff are encouraged to speak to members of the Compliance Ethics or North American Compliance teams as
applicable if they require guidance or assistance regarding political contributions.

<u>Specific jurisdictional / entity requirements</u>

&nbsp;&nbsp;&nbsp;&nbsp;· US (BGFS) – Registered persons of BGFS are not permitted to give or receive any gifts of value more
than $100 per individual per year to another FINRA member's registers persons. Small gifts of less than $100 per year per recipient
are aggregated toward the annual gift limit. For further information on BGFS's Gifts and Entertainment policy, please see the BGFS
Written Supervisory Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;· South Korea (BGO) – South Korea's Anti-Graft Law introduced a general prohibition on giving
anything of value and/or benefits to Korean public officials. The Law provides specific threshold limits and several exceptions, including
for giving of meals and gifts, and entertainment expenses. Any activity conducted locally by BGO and its employees or representatives
in or into South Korea must be strictly in compliance with the prohibition on making of any "improper request" and associated
narrow list of exceptions. "Improper requests" include requests that Public Officials take an action in violation of law regardless
of whether accompanied by giving cash or other benefit. Examples include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Request a Public Officials go beyond his/her authority or deviate from established laws, or due requirements,
procedures, or standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Request a Public Officials to grant an approval on or permit or an exemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Request a Public Officials to sway a public investigation or assessment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Request a Public Officials to sway an allocation of subsidies.

Please contact Compliance for specific guidance in this area.

&nbsp;&nbsp;&nbsp;&nbsp;**Ethics – Supporting document (Outside business interests)**

**<u>Outside business interests and personal associations</u>**

A personal conflict of interest can arise in relation to certain outside business interests or personal associations. Members of staff must ensure that they do not engage in any activities that would detract, divert from or conflict with the proper performance of their Baillie Gifford employment or would conflict with the interests of the firm or our clients. Members of staff must also ensure that any personal association does not affect, or reasonably appear to affect, our conduct or actions in Baillie Gifford and therefore conflict with our duties to clients or the firm.

To ensure that we comply with the requirements of global regulation, we require members of staff and Partners to inform Compliance at CodeofEthicsQueries@bailliegifford.com of any external interests at any time during employment.

**<u>Types of outside business interests</u>**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Outside business interest** | &nbsp;&nbsp;**Disclosure requirements** |
| &nbsp;&nbsp;Paid work out with Baillie Gifford | &nbsp;&nbsp; In general, all regular paid work out with Baillie Gifford should be disclosed to Compliance |

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| | |
|:---|:---|
|  | &nbsp;&nbsp;(CodeofEthicsQueries@bailliegifford.com). In addition, such work should also be agreed with your line manager and/or head of department as appropriate.<br>Discretion can be used for any ad-hoc paid work that is de minimis in nature and has no obvious connection to Baillie Gifford business. Such paid work is unlikely to require disclosure.  |
| &nbsp;&nbsp; Business related external directorships, non-executive directorships, or other external board/committee appointments<br>Business related would include:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Public companies.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Private companies in which Baillie Gifford invests or is likely to invest.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Trade bodies or professional bodies.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Clients.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Suppliers. | &nbsp;&nbsp; All such positions must be disclosed to Compliance (email <u>CodeofEthicsQueries@bailliegifford.com</u>).<br>Compliance approval is mandatory for positions linked to investee companies (public and private) and clients, along with Head of Department approval and in the case of Partners and CEO's of Baillie Gifford subsidiary companies, Managing Partner approval.<br>Compliance can advise if additional approval and/or disclosure requirements exist in other scenarios. |
| &nbsp;&nbsp; Non-business related external directorships or non-executive directorships<br>Non-business related would include:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Private family run businesses.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· One-person limited companies.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Charitable organisations or not for Profit organisations (where not a client). | &nbsp;&nbsp; All such appointments must be disclosed to Compliance (email to <u>CodeofEthicsQueries@bailliegifford.com</u>).<br>No additional approval is required. |
| &nbsp;&nbsp;&nbsp;&nbsp; External investment or finance related roles at educational, charitable, religious, or social organisations<br>Investment or finance related roles would include:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investment adviser.<br>| &nbsp;&nbsp; All investment adviser related roles should be disclosed to Compliance (email to <u>CodeofEthicsQueries@bailliegifford.com</u>).<br>In addition, such roles should also be agreed with your line manager and/or Head of Department as appropriate. |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Trustee. <br> · Treasurer. |  |
| &nbsp;&nbsp;Politically exposed appointments | &nbsp;&nbsp; A politically exposed person, or 'PEP', is an individual who is or has, at any time in the preceding year, been entrusted with prominent public functions, or is an immediate family member, or a known close associate of such a person), whether paid or unpaid.<br>All such appointments must be disclosed to Compliance (email to <u>CodeofEthicsQueries@bailliegifford.com</u>).<br>In addition, such roles should also be disclosed to your line manager and/or Head of Department as appropriate. |

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Outside business interest disclosures should be emailed to the Compliance Conduct & Market Oversight team (CodeofEthicsQueries@bailliegifford.com) at the earliest opportunity. Where possible, this should be prior to the commencement of any role or appointment.

Disclosures should contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;· Date the outside business interest commenced or ceased.

&nbsp;&nbsp;&nbsp;&nbsp;· Name of the external company/organisation and brief description of what they do.

&nbsp;&nbsp;&nbsp;&nbsp;· Brief description of your role/involvement.

&nbsp;&nbsp;&nbsp;&nbsp;· Details of any remuneration if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;· Details of any connection to Baillie Gifford (e.g., client or prospective client, investee company, broker,
supplier etc.).

Please note that outside business interest disclosures are not one-off in nature. Members of staff have an ongoing obligation to notify Compliance at the earliest opportunity if there is a change in circumstances, e.g., change in role/involvement; change in remuneration; the outside interest has subsequently become a client, investee company or supplier etc.

If applicable, the Compliance Conduct & Market Oversight team will obtain approval from the Head of Compliance (whom failing, a delegate) on your behalf and will either confirm that this has been received or will request further information if required.

Please note that Partners or Chief Executive Officers of Baillie Gifford subsidiary companies who require to seek approval from the managing Partners for external appointments, must seek this approval themselves.

**<u>Specific jurisdictional / entity requirements</u>**

&nbsp;&nbsp;&nbsp;&nbsp;· UK (FCA regulated roles) – The Firm is required to ensure that individuals in FCA regulated roles
are fit and proper to perform the activities for which they are regulated and that they do not engage in any activities which could conflict
with the performance of their role. In addition to the above requirements, individuals in regulated roles must inform Compliance when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o They become aware that a company, partnership, or unincorporated association of which the individual has
been controller, director, senior manager, partner, or company secretary (either during the time they held the position or within one
year of such involvement) has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Been put into liquidation, wound up, ceased trading, had a receiver or administrator appointed or entered
into a voluntary arrangement with its creditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Been adjudged by a court liable for any fraud, misfeasance, wrongful trading, or misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Been investigated or been involved in an investigation by an inspector appointed under companies or any
other legislation, or required to produce documents to the Secretary of State, or any other authority, under any such legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Been convicted of any criminal offence, censured, disciplined, or publicly criticised, by any inquiry,
by the Takeover Panel or any governmental or statutory authority, or any other regulatory body.

&nbsp;&nbsp;&nbsp;&nbsp;· US (BGFS) – Registered Persons of BGFS are required to obtain prior written approval from the Chief
Compliance Officer of BGFS for any Contractor, Director, Officer or Partner appointments or any work for which they expect to receive
compensation outside of their Baillie Gifford employment. Please note that this supersedes the requirement to obtain approval from the
Head of Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;· Hong Kong (BGAHK) – Licensed Persons of BGA(HK) are required to obtain prior written approval from
the Compliance Officer of BGA(HK) for any Director appointments or any work for which they will receive compensation outside of their
Baillie Gifford employment. The Compliance Conduct & Market Oversight team will co-ordinate this. In addition to the above, there
are also SFC Notification requirements relating to any directorships, partnerships or proprietorships taken on by a licenced representative.
The BGA(HK) Compliance Officer will advise on the relevant steps to take with regards to this notification.

&nbsp;&nbsp;&nbsp;&nbsp;· Singapore (BGAS) – BGAS Representatives, Senior Managers, Relevant Professionals, and Directors
are additionally required to obtain prior written approval from the Group Compliance Department for any Director appointments or any work
for which they will receive compensation outside of their Baillie Gifford employment. In addition to the above, any change in the business
interests or substantial shareholdings of the CEO or any

Directors of BGAS provided in form 11 must be notified to the MAS, as set out in the BGAS Compliance Manual. The BGAS Compliance Officer will advise on the relevant steps to take regarding this notification.

**<u>Personal Associations</u>**

We also must take steps to ensure that any personal interest or personal association does not affect, or reasonably appear to affect, our conduct or actions in Baillie Gifford and therefore conflict with our duties to clients or the firm. Any Significant Relationship with another person working in a relevant business connected to Baillie Gifford may need to be disclosed by email to the Compliance Department (CodeofEthicsQueries@bailliegifford.com).

Relevant businesses would include:

&nbsp;&nbsp;&nbsp;&nbsp;· Investment managers

&nbsp;&nbsp;&nbsp;&nbsp;· Brokers

&nbsp;&nbsp;&nbsp;&nbsp;· Clients of Baillie Gifford

&nbsp;&nbsp;&nbsp;&nbsp;· Consultants/advisers to clients of Baillie Gifford or investors in Baillie Gifford funds

&nbsp;&nbsp;&nbsp;&nbsp;· Companies in which Baillie Gifford invests on behalf of our clients

&nbsp;&nbsp;&nbsp;&nbsp;· Other organisations with which Baillie Gifford has a contractual relationship.

A relationship with another person would be deemed significant if an independent third party might reasonably consider that it could affect your actions or those of a personal associate (whether or not it does so affect your conduct). If you have a relationship with an associated person that could potentially give rise to a conflict of interest, or the perception of one, then this should be disclosed to the Compliance Department. The Compliance Department will determine if the relationship needs to be recorded and whether any action needs to be taken to manage the conflict.

Please note that personal associations can extend beyond the definition of connected person under PA Dealing, i.e., personal association disclosure requirements are not limited to immediate family members living in your household. Some examples of potential personal associations that may need to be disclosed are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· A close friend works at a supplier and is directly involved in the Baillie Gifford account and/or you
are directly involved in the appointment of that supplier.

&nbsp;&nbsp;&nbsp;&nbsp;· A close friend works at an audit firm and is directly involved in an external review of your department.

&nbsp;&nbsp;&nbsp;&nbsp;· An extended family member works at a company that Baillie Gifford invests in for clients, in a role where
they are likely to have access to sensitive business information.

Each scenario will be considered on a case-by-case basis to establish what, if any, conflict risk there is and determine if the personal association needs to be recorded. Under the general requirement to disclose conflicts of interest, members of staff should be mindful of any personal associations within Baillie Gifford that could potentially give rise to a conflict of interest and disclose accordingly.

These disclosures are designed to ensure that our work is carried out on behalf of clients in an environment that is free from any suggestion of improper influence. If you are in any doubt as to whether a business interest or personal association or relationship needs to be disclosed, please contact a member of the Compliance Department for guidance.

&nbsp;&nbsp;&nbsp;&nbsp;**Code of ethics – Supporting document (Personal account dealing)**

&nbsp;&nbsp;&nbsp;&nbsp; Various links to documents and video guides are included within this supporting document:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Document Library tab within the Code of Ethics System – <u>Link</u>.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Related documents & links section of the Compliance – Code of Ethics Exchange page – <u>Link</u>.<br>Please note that all Personal account (PA) dealing information saved within the Code of Ethics System will be treated confidentially and will be maintained by Compliance. However, records are available for inspection by authorised members of the staff of regulatory authorities supervising Baillie Gifford's investment business.<br>

In general, Baillie Gifford's PA dealing requirements apply to you and your "connected persons", for investment holdings and transactions in "in-scope assets". There may also be additional jurisdictional / entity level requirements which apply if you perform a specific role. The key definitions are as follows:

**<u>Connected persons</u>** **–**

&nbsp;&nbsp;&nbsp;&nbsp;· Immediate family which includes spouses, cohabitants, children under the age of 18 and immediate family members
sharing the same household.

&nbsp;&nbsp;&nbsp;&nbsp;· Parents/in-laws or other persons where decision making as to their investments is taken by them under advice
from you.

&nbsp;&nbsp;&nbsp;&nbsp;· Organisations for whom you have an active investment advisory input (this could include charities, churches,
clubs etc).

&nbsp;&nbsp;&nbsp;&nbsp;· Trusts where, as trustee, you exercise investment influence (i.e., as sole trustee or a trustee exercising
a considerable influence.

&nbsp;&nbsp;&nbsp;&nbsp;· Syndicates where you, friends and/or family group together for the purpose of purchasing shares.

**<u>In-scope assets</u>** **–**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Type** | &nbsp;&nbsp;**Covered by <br> Code of Ethics<br> Policy?** | &nbsp;&nbsp;**Pre-clearance<br> Required?** | &nbsp;&nbsp;**Include in <br> Code of Ethics<br> Declaration?** |
| &nbsp;&nbsp;Equity securities (publicly traded) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Derivatives (futures and options) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Corporate Debt Instruments | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Government securities | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;BG managed Investment Trusts | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Non-BG managed Investment Trusts | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;BG managed OEICs | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Non-BG managed OEICs, Unit Trusts, mutual funds or other open-end vehicles | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Private companies: New issues, IPOs, private placements, Equity Crowd funding | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Venture Capital Trusts (VCTs), Enterprise Investment Scheme (EIS), business angel investments | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Spread betting on a covered security | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Spread betting on financial markets or non-financial instruments | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;ETPs (Exchange traded products) including ETFs (Exchange traded funds) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Cash ISAs | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Cryptocurrencies | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Structured Deposits in instruments covered by the Policy | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Structured Deposits in instruments not covered by the Policy | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Certificate of Deposit | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Fixed Term Deposit | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Fixed Term Bond | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Peer-to-peer lending | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Default fund(s) investments held within Baillie Gifford's workplace pension (ARC) | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Type** | &nbsp;&nbsp;**Covered by <br> Code of Ethics<br> Policy?** | &nbsp;&nbsp;**Pre-clearance<br> Required?** | &nbsp;&nbsp;**Include in <br> Code of Ethics<br> Declaration?** |
| &nbsp;&nbsp;Covered securities held within Baillie Gifford's workplace pension (ARC) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Investments within the Baillie Gifford Select SIPP | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Covered securities held within an ISA, SIPP, share plan or Variable Insurance Product | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Covered securities held within a discretionary portfolio management service | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Covered securities acquired through a corporate action | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Sale of nil-paid rights or the part sale of nil-paid rights to fund a partial take up of new shares | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Free shares acquired through a de-mutualisation | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Employee Incentive Share Schemes (Connected Persons) | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Monthly direct debit investments (in covered securities) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Transfer of covered security | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes |

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Note: This list is not all-inclusive and may be updated from time to time. If unsure, please contact the Compliance Conduct & Market Oversight team for guidance (<u>CodeofEthicsQueries@bailliegifford.com).</u>

For further clarification:

&nbsp;&nbsp;&nbsp;&nbsp;· the following securities are exempt from pre-clearance and reporting obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Purchases or sales of securities that are direct obligations of the government of the United States or
United Kingdom, bankers' acceptances, bank certificates of deposit, commercial paper, high-quality short-term debt instruments (including
repurchase agreements).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Shares of money market mutual funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Shares of registered open-end management investment companies other than the Baillie Gifford sponsored
OEICs and mutual funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Shares of US unit investment trusts (i.e., variable insurance contracts that are funded by insurance company
separate accounts organised as unit investment trusts) that are invested exclusively in one or more registered investment companies. Please
note that UK Investment Trusts are not exempt securities and that pre-clearance requirements apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o FX or cryptocurrency transactions.

&nbsp;&nbsp;&nbsp;&nbsp;· the following securities are exempt from pre-clearance obligations, but revised holdings will need to
be disclosed in your annual Code of Ethics declaration in January:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Purchases effected upon the exercise of rights (e.g., automatic reinvestment of dividends) provided by
an issuer pro rata to all holders of a class of its securities to the extent such rights were acquired from such issuer, and sales of
such rights so acquired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Personal transactions effected under a discretionary portfolio management service where there is no prior
communication in connection with the transaction between the portfolio manager and the relevant member of staff or other person for whose
account the transaction is executed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Personal transactions in any default fund available in Baillie Gifford's workplace pension available
through Aegon's ARC platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Ongoing monthly transactions in an automatic investment plan, where permission was obtained for the initial
investment and there has been no change to the standing instruction thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Sales automatically placed by the broker to cover ongoing management fees.

**<u>Procedures for PA dealing</u>**

Prior to undertaking a PA deal, you are required to:

&nbsp;&nbsp;&nbsp;&nbsp;· Obtain permission to use your desired broker (it is only necessary to follow this procedure on the first
occasion of using a particular stockbroker); and

&nbsp;&nbsp;&nbsp;&nbsp;· To obtain internal pre-clearance from the Code of Ethics System (every time a PA deal is undertaken).

It is important that you take all reasonable steps to ensure that these procedures are followed by whoever is dealing. The onus is on you to raise awareness with your connected persons, obtain pre-clearance for proposed PA dealing and ensure that contract notes / trade confirmations are sent to Compliance.

**<u>Procedures for obtaining broker permission</u>**

Before you or a Connected Person begins to place transactions with a particular firm of stockbroker's or on-line dealing platform, broker permission must be obtained and an account setup within the Code of Ethics System. The reason for this is to inform the broker that you work for Baillie Gifford and to ensure that brokers supply to Compliance, no later than 30 days after the end of the quarter in which the trading activity occurred, duplicate copies of confirmations of all personal securities transactions.

Broker notification letters can be used to notify the broker and are located in the related documents & links section of the Code of Ethics Exchange page – <u>link</u>.

Broker notification letters are not required for the following:

&nbsp;&nbsp;&nbsp;&nbsp;· Transactions undertaken in an automatic investment plan, including the Baillie Gifford workplace pension
available through Aegon's ARC platform.

&nbsp;&nbsp;&nbsp;&nbsp;· If you broker operates a transaction data feed to Baillie Gifford's Code of Ethics System. The procedure
for obtaining broker consent via a data feed through the Code of Ethics System is in the related documents & links section of the
Code of Ethics Exchange page.

&nbsp;&nbsp;&nbsp;&nbsp;· Where
 the broker or online dealing platform is unable to provide duplicate copies of personal transactions
 directly to Baillie Gifford. In this case, you must execute your own trade request in the
 system and attach a trade confirmation to the record. You can do this by following the 'Quick
 Guide to Executing Trade Requests' which is found in Document Library tab within the
 Code of Ethics System – <u>Link.</u> 

**<u>Procedures for obtaining PA dealing pre-clearance</u>**

You are also required to obtain electronic internal pre-clearance from the Code of Ethics System – <u>link</u>. Pre-clearance of a PA deal will remain valid until close of business on the next business day from the time permission is obtained. If the proposed transaction is not completed during the period in which the pre-clearance is granted, the member of staff must seek additional pre-clearance prior to completing the transaction. In the case of postal deals (e.g., deals that require an application form or instruction form to be completed, i.e., dealing is not direct through a broker); your dealing instruction should be sent within this pre-clearance period, although the trade itself does not have to be executed during the period.

The 'Quick Guide to Trade Requests' video sets out the procedures for submitting Trade Requests through the Code of Ethics System and is in the Document Library tab of the System – <u>Link.</u>

Please note that proposed PA deals in IPOs or Private Companies will require the use of the Private Transactions section of the System. The 'Quick Guide to Private Transactions' video in the Document Library tab of the System provides guidance. The key difference is that Compliance will need to review each request manually and, before providing approval, will need to obtain assurance that no conflicts with client interests will arise due to prospective PA deals in IPOs or Private Companies where client activity may also be taking place at the same time.

<u>Special circumstances – Practical procedures</u>

&nbsp;&nbsp;&nbsp;&nbsp;· Remote Access to the Code of Ethics System – Remote access is available on all Baillie Gifford devices.
If you are away from the office (e.g., on business or on holiday), trade requests can be submitted through all BG devices.

&nbsp;&nbsp;&nbsp;&nbsp;· Maternity/Parental Leave – If you are out of the office on maternity leave, or a period of flexible
parental leave exceeding four weeks, there is no requirement for you to obtain PA dealing permission for any trades conducted by you (or
a Connected Person) during this leave. If applicable, shareholdings in the Code of Ethics System can be amended upon your return to the
office.

&nbsp;&nbsp;&nbsp;&nbsp;· Limit Orders – The use of buy or sell limit orders is not prohibited under this policy, however,
these must be carefully managed as pre-clearance is only valid until close of business on the next business day from the time permission
is obtained. If, upon expiry of the permission period, the limit price has not been met, you must obtain fresh permission via the Code
of Ethics System or ensure the limit instruction is cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;· Stop Loss Orders – As for limit orders, stop loss orders (i.e. instruction to automatically sell
securities if the share price reaches a pre-determined minimum price) are not prohibited under this policy, however, these must be carefully
managed as pre-clearance is only valid until close of business on the next business day from the time permission is obtained. If you wish
to maintain a stop loss instruction beyond the permission period, fresh permission must be obtained via the Code of Ethics System.

<u>Reporting requirements</u>

&nbsp;&nbsp;&nbsp;&nbsp;· Initial – All new members of staff are required to disclose all personal securities holdings n which
they have any direct or indirect holdings to the Compliance Department, within 10 days of commencing employment. The information provided
must be current and no more than 45 days prior to the date the person joined the firm. Initial Code of Ethics Declarations must be submitted
to Compliance via the Code of Ethics System and will be prompted by Compliance providing a new start induction and support to the new
member of staff.

&nbsp;&nbsp;&nbsp;&nbsp;· Annual – Each member of staff is also required to file an annual report disclosing all personal
securities holdings in January each year. The information must be current as of a date no more than 45 days prior to the date the report
was submitted. Annual Code of Ethics Declarations must be submitted electronically via the Code of Ethics System. The 'Quick Guide
to Annual Declaration' video sets out the procedures for submitting your declaration through the Code of Ethics System and is in
the Document Library tab of the System.

<u>Specific jurisdictional / entity requirements</u>

&nbsp;&nbsp;&nbsp;&nbsp;· Singapore (BGAS) – There are ongoing pre-clearance and holdings requirements that apply to all BGAS
representatives with each required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o obtain pre-clearance for all in-scope assets) detailed in the table above and, in addition, also for non-BG
managed OEICs, Unit Trusts, mutual funds or other open-end vehicles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o ensure trade confirmations are entered into the Code of Ethics System within 7 days of the trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o ensure changes in interest in all security types are entered into the Code of Ethics System within 7 days
of the change.

Hong Kong (BGAHK) – A semi-annual holdings disclosure requirement applies to all BGAHK employees, licensed persons, Managers-in-Charge, Directors, other than non-executive directors. Each member of staff is required to file a report disclosing all personal securities holdings semi-annually in January and July each year. The information must be current and no more than 45 days prior to the date the report is submitted. Holdings reports must include shares owned through an automatic investment plan. This semi-annual exercise is coordinated and managed by Compliance.

## Ex-99.(P)(2)

**Exhibit 99.(p)(2)**

**BGOL Code of Ethics Manual**

**1.** **Purpose** 

At Baillie Gifford, we fulfil our fiduciary duty to clients as investment managers and advisers. We commit to prioritising their interests, treating them fairly, and delivering positive outcomes. We avoid any conflicts where our interests might take precedence over theirs, guided by our Code of Ethics ('Code').

Our compliance culture and ethics are crucial to both clients and regulators. Clients view the Code as a reflection of our Firm's culture and often inquire about code violations to gauge this culture.

Regulators emphasise 'culture' and 'conduct,' seeing culture as the business's DNA that shapes behaviour and ethics. We have built our reputation through individual conduct, acting with integrity and in our clients' interests.

The Code, enforced across all regulated entities and approved by our Group Compliance Committee, ensures regulatory compliance\*. It includes:

&nbsp;&nbsp;&nbsp;&nbsp;· Ethical principles aligned with global conduct regulations.

&nbsp;&nbsp;&nbsp;&nbsp;· Conflicts of Interest guidance.

&nbsp;&nbsp;&nbsp;&nbsp;· Policy requirements, such as personal account dealing, inducements, and outside business interests.

**2.** **How this policy embodies 'our shared beliefs'** 

Our clients come first.

We act with integrity, judging our actions and intentions through the eyes of our clients. We strive for excellence across all areas of the Firm and every contribution plays a role in developed trusted long-term partnerships with our clients.

**3.** **Ethical principles** 

All Partners and staff must adhere to the Firm's guiding ethical principles, which align with regulatory conduct rules and codes of conduct from various professional organisations of which you may be a member.

In both personal and business life, we face ethical issues that require careful consideration. When making decisions, we must consider their impact on clients, ensure the decision-making process is fair and thorough, involve all relevant stakeholders, and identify any competing or conflicting interests.

The Ethical Principles are designed to prompt these considerations and help ensure that we put our clients interests first. They are as follows:

Fairness

Act fairly when dealing with clients and counterparties of Baillie Gifford by being impartial, objective, and honest. Examples of unfair conduct include:

&nbsp;&nbsp;&nbsp;&nbsp;· Misleading a client about the risks of an investment.

&nbsp;&nbsp;&nbsp;&nbsp;· Misleading a client about the likely performance of a product by providing inappropriate projections of
future returns.

&nbsp;&nbsp;&nbsp;&nbsp;· Failing to acknowledge or resolve mistakes in dealing with clients.

Honest and integrity

Act honestly and with integrity in your role, avoiding actions that could harm Baillie Gifford's reputation or are deceitful, oppressive, or improper. Use fair methods to win or retain business. Avoid offering lavish gifts, frequent hospitality, or engaging in 'pay to play' practices. Baillie Gifford is committed to conducting business fairly and has zero tolerance for bribery. Examples of conduct breaching honesty and integrity include:

&nbsp;&nbsp;&nbsp;&nbsp;· Falsifying documents.

&nbsp;&nbsp;&nbsp;&nbsp;· Providing false information to clients, regulators, auditors, or third parties.

&nbsp;&nbsp;&nbsp;&nbsp;· Mismarking investment values.

&nbsp;&nbsp;&nbsp;&nbsp;· Misleading others about accepted risks.

&nbsp;&nbsp;&nbsp;&nbsp;· Failing to disclose personal dealings, gifts, political contributions, or outside interests as required
by the Code of Ethics.

Adherence to law and regulation

Follow applicable laws, regulations, and professional standards in your activities, applying them to the best of your knowledge and ability. Be open and cooperative with Baillie Gifford's regulators. Familiarise yourself with and adhere to policies within the Personal Responsibilities section of the Group Compliance Manual. Examples of conduct that might breach openness and cooperation with regulators include:

&nbsp;&nbsp;&nbsp;&nbsp;· Providing false or inaccurate information to regulators.

&nbsp;&nbsp;&nbsp;&nbsp;· Failing to supply requested documents or information within the required time.

&nbsp;&nbsp;&nbsp;&nbsp;· Not attending interviews or answering questions from regulators.

Market conduct

When executing transactions, engaging in market dealings or communicating with counterparties, uphold market integrity and adhere to good practices and conduct expected of

market participants. Comply with relevant market codes and exchange rules. Examples of poor market conduct include:

&nbsp;&nbsp;&nbsp;&nbsp;· Insider dealing.

&nbsp;&nbsp;&nbsp;&nbsp;· Unlawful disclosure of material non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;· Market manipulation through inappropriate trading activities.

&nbsp;&nbsp;&nbsp;&nbsp;· Market manipulation through inappropriate communication activities.

&nbsp;&nbsp;&nbsp;&nbsp;· Using non-recorded electronic communication devices and/or applications for regulatory business activities.

Loyalty to clients

Put our clients' interests ahead of your own and manage any conflicts of interest fairly and effectively. Avoid conflicts when possible, and manage and disclose them according to Baillie Gifford's conflict procedures. Use Baillie Gifford's investment recommendations and proprietary information exclusively for clients. Examples of disloyalty to clients include:

&nbsp;&nbsp;&nbsp;&nbsp;· Prioritising Baillie Gifford profits over client interests.

&nbsp;&nbsp;&nbsp;&nbsp;· Misuse of proprietary information for personal gain.

&nbsp;&nbsp;&nbsp;&nbsp;· Not informing clients about potential conflicts of interest that could affect investment decisions.

Maintaining confidentiality

Respect client confidentiality by not using or disclosing information about current, former, or prospective clients for unethical or illegal purposes. Share confidential client data with outside parties only when absolutely necessary, and obtain authorisation if required. If unsure, consult the Information Security policy which outlines data security classifications and handling rules. Examples of conduct which would breach confidentiality include:

&nbsp;&nbsp;&nbsp;&nbsp;· Unauthorised sharing of client information with a third party.

&nbsp;&nbsp;&nbsp;&nbsp;· Improper use of client data for personal gain.

&nbsp;&nbsp;&nbsp;&nbsp;· Negligent data handling leading to unauthorised access to sensitive information, compromising client privacy
and trust.

Transparency

If you suspect a conflict of interest or believe there might be a perception of one, disclose the details to your Head of Department, the Compliance Department, or the relevant chairperson. Examples of conduct which would be untransparent include:

&nbsp;&nbsp;&nbsp;&nbsp;· Personally owning shares in a company and not disclosing this potential conflict to a group of decision-makers
discussing a potential transaction in shares of the company on behalf of clients.

&nbsp;&nbsp;&nbsp;&nbsp;· Not fully disclosing all personal shareholdings in an initial or annual Code of Ethics declaration.

&nbsp;&nbsp;&nbsp;&nbsp;· Not fully disclosing all information requested by the Compliance Department or a regulator.

**4.** **Conflicts of interest** 

Conflicts can arise between Baillie Gifford, its Partners and employees, and a client. Conflicts can also arise between multiple clients. Situations giving rise to a conflict include:

&nbsp;&nbsp;&nbsp;&nbsp;· Individuals making financial gains or avoiding losses at the client's expense.

&nbsp;&nbsp;&nbsp;&nbsp;· Having personal interest in the outcome of services or transactions that differs from the client's
interest.

&nbsp;&nbsp;&nbsp;&nbsp;· Financial or other incentive which favours one client over another.

&nbsp;&nbsp;&nbsp;&nbsp;· Individual is in the same business as the client; and

&nbsp;&nbsp;&nbsp;&nbsp;· Inducements from individuals in relation to client services (monetary, goods, or services).

You have a responsibility to identify potential conflicts from both a personal and Firm activity perspective.

This is supported through adherence to this Code and can be ensured by your vigilant identification, management or avoidance, and disclosure of conflicts of interest.

If you identify a new potential or unavoidable conflict at either a personal or Firm level, you have a duty to disclose to the Compliance department via the Conduct & Market Oversight team, using the following e-mail address: CodeofEthicsQueries@bailliegifford.com (secure mailbox).

**5.** **Policy** 

The following policy points are supplemented by a series of underlying supporting documents which also include guidance on how to use the Firm's Code of Ethics System.

General

Upon starting your employment and annually thereafter, you must:

&nbsp;&nbsp;&nbsp;&nbsp;· Read and understand the Code thoroughly.

&nbsp;&nbsp;&nbsp;&nbsp;· Submit a Code of Ethics declaration, disclosing your personal account broker accounts, shareholdings,
outside business interests, political contributions from the last two years, and certify your understanding.

Note: Additional disclosure requirements for specific roles are detailed in the PA dealing supporting document and entity-specific compliance policies.

On an ongoing basis, you must:

&nbsp;&nbsp;&nbsp;&nbsp;· Follow the Firm's guiding ethical principles.

&nbsp;&nbsp;&nbsp;&nbsp;· Take responsibility for personal compliance risks related to the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;· Use the Firm's Code of Ethics System to obtain pre-clearance for personal activities (where required)
and log compliance records.

&nbsp;&nbsp;&nbsp;&nbsp;· Understand that the Compliance Department is available for advice but prioritises client and Firm matters
over personal issues of staff.

In addition:

&nbsp;&nbsp;&nbsp;&nbsp;· The Head of Compliance (whom failing, a delegate) can clarify the Code's meaning and provide waivers
in exceptional cases, except where it would breach regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;· A material violation of the Code may result in disciplinary action, remuneration clawback, or reporting
a Conduct Rule breach to the UK Financial Conduct Authority and other applicable regulators.

Report any potential violations immediately to the Conduct & Market Oversight team at CodeofEthicsQueries@bailliegifford.com (secure mailbox).

Personal account dealing

Baillie Gifford prioritises clients' interests, ensuring they receive the best possible trade execution. To uphold this standard, you must avoid actions that could disadvantage clients through personal account (PA) dealing. The Firm permits PA dealing under specific restrictions, allowing you and your connected persons to conduct investment transactions within these guidelines. You must also ensure that PA dealing does not detract from your primary job responsibilities.

Note: "Connected persons" and a list of applicable securities are fully defined within the PA Dealing supporting document.

PA dealing is prohibited where:

&nbsp;&nbsp;&nbsp;&nbsp;· You know Baillie Gifford is actively considering an investment opportunity.

&nbsp;&nbsp;&nbsp;&nbsp;· Baillie Gifford is trading applicable securities for clients.

&nbsp;&nbsp;&nbsp;&nbsp;· You or Baillie Gifford possess material non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;· It involves misuse or improper disclosure of confidential or proprietary information related to clients
or trading.

In addition:

&nbsp;&nbsp;&nbsp;&nbsp;· Do not advise, recommend or procure others to enter transactions prohibited under our PA dealing requirements.
This includes disclosure of information or opinion which is likely to result in such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;· Do not enter a PA deal or insurance contract to hedge against deferred remuneration risks

&nbsp;&nbsp;&nbsp;&nbsp;· Obtain pre-clearance using the System before PA dealing in applicable securities. After pre-clearance,
instruct the PA deal with your broker by the close of business the next working day.

&nbsp;&nbsp;&nbsp;&nbsp;· Avoid buying and selling, or selling and buying, the same or equivalent securities within 60 days.

&nbsp;&nbsp;&nbsp;&nbsp;· If you have specific knowledge of a pending Investment Trust share buy-back, refrain from PA dealing in
that Investment Trust until completion.

&nbsp;&nbsp;&nbsp;&nbsp;· Profits from PA dealing in violation of the Code may be subject to disgorgement.

Specific to the Investment department:

&nbsp;&nbsp;&nbsp;&nbsp;· Investment team members cannot PA deal within seven days before or after clients in a strategy they are
involved in have traded the same security. If unaware of pending client activity when requesting pre-clearance, you will not violate the
Code.

&nbsp;&nbsp;&nbsp;&nbsp;· Inform decision-making groups if you own shares in a company under discussion and consider withdrawing
from discussions if there is an unmanageable conflict of interest. Compliance can provide advice and record-keeping support case-by-case.

Inducements

&nbsp;&nbsp;&nbsp;&nbsp;· Do not accept gifts, favours, entertainment, hospitality, or other inducements of material value that
could influence your decision-making or make you feel obligated to someone or their company.

&nbsp;&nbsp;&nbsp;&nbsp;· Similarly, do not offer such inducements that could influence the recipient's decision-making or
make them feel obligated to you or Baillie Gifford.

&nbsp;&nbsp;&nbsp;&nbsp;· Soliciting gifts, hospitality, entertainment, or anything of value is prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;· Giving or receiving cash gifts is also prohibited, and no cash donations should be made in connection
with clients or prospective clients.

&nbsp;&nbsp;&nbsp;&nbsp;· All staff must consider political contributions from a conflict of interest and transparency perspective.

There are specific US "pay-to-play" requirements that introduce pre-clearance requirements, detailed in the Inducements supporting document.

&nbsp;&nbsp;&nbsp;&nbsp;· Giving or receiving gifts is acceptable if the gift is below approximately £50 (or equivalent in
another currency) in value and does not occur frequently. Options for scenarios where

the value is greater are detailed in the Inducements supporting document, along with record-keeping requirements.

&nbsp;&nbsp;&nbsp;&nbsp;· Exercise discretion in the value and frequency of business lunches, dinners, and entertainment or hospitality
you give or receive. Further details are included in the Inducements supporting document.

&nbsp;&nbsp;&nbsp;&nbsp;· Some clients have specific Code of Ethics requirements that may exceed our own. Consider these additional
requirements when giving gifts or entertainment.

Outside business interests

&nbsp;&nbsp;&nbsp;&nbsp;· Be able to identify, disclose to Compliance and manage any outside activities or personal associations
that could negatively impact your job performance, conflict with Baillie Gifford's interests and/or harm client relationships. If
you have any concerns, seek advice from Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;· Disclose proposed external positions promptly to Compliance, and in some cases, obtain pre-clearance based
on the relevance to Baillie Gifford's business, your role, and your regulatory registrations. Further details are included in the
Outside Business Interests supporting document.

&nbsp;&nbsp;&nbsp;&nbsp;· The Compliance Conduct & Market Oversight team, using the Code of Ethics System, handles all outside
business interest disclosures and shares relevant information with the Human Resources, Group Governance Services, and Anti-Financial
Crime Departments. If needed, the team will secure approval from the Head of Compliance (whom failing, a delegate) and the Chief Compliance
Officer of any relevant Baillie Gifford entity, confirming receipt or requesting further information. Partners or Chief Executive Officers
of Baillie Gifford subsidiary companies must also obtain approval from a Managing Partner for external appointments.

**6.** **Monitoring** 

The Group Compliance Monitoring Team is responsible for the compliance monitoring plan which, using a risk-based approach, seeks to provide assurance on our regulated activities. Where our risk assessment indicates monitoring is required, the Group Compliance Monitoring Team monitor for compliance with this policy. Where appropriate, a report of the results of this monitoring will be provided to the Group Compliance Committee or relevant board and the results of this monitoring will be taken into consideration when assessing the ongoing knowledge and competence of affected individuals.

**7.** **Record keeping** 

The Code of Ethics System is the repository for Code of Ethics activity records.

The Incident Management System is the repository for Code of Ethics violation records. This may prompt the creation and retention of records by the Conduct Assurance Group if a material violation is identified which prompts a conduct rule breach assessment.

All Code of Ethics activity and violation records are maintained in accordance with the Records Management Policy in the Group Compliance Manual.

&nbsp;&nbsp;&nbsp;&nbsp;**Code of ethics – Supporting document (Inducements)**

<u>Disclosure</u>

A key aspect of Baillie Gifford's Inducements Policy is disclosure. Under our procedures, all gifts (other than de minimis) and hospitality which are given or received are recorded in the Code of Ethics System. Disclosures should be made to your normal gifts and entertainment representatives for Trading, Investors and Clients Department, and Compliance for all other departments. Likewise, all members of staff should consider if an inducement which has been offered or received should be disclosed to a client, or potential client. This will depend upon the circumstances of each case and the Compliance Conduct & Market Oversight team can provide guidance (<u>CodeofEthicsQueries@bailliegifford.com).</u>

<u>Gifts</u>

&nbsp;&nbsp;&nbsp;&nbsp;· Gifts given or received which are of a de minimis nature due to their characteristics or likely cost are
unlikely to give grounds for suggestions of undue influence and are therefore exempt from record keeping requirements. Typical examples
of de minimis gifts would include umbrellas, diaries and pens with advertising logos for the donor company.

&nbsp;&nbsp;&nbsp;&nbsp;· All gifts given or received which are not de minimis must be recorded in the Code of Ethics System. It
is generally acceptable for members of staff to retain gifts received that are below £50 in value (or equivalent in another currency),
provided this is not with undue frequency. In the case of gifts received above £50 in value (or equivalent in another currency),
you should consult with your Head of Department as to the appropriate course of action. In most cases gifts above £50 (or equivalent
in another currency) which are received should be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Surrendered to the Philanthropy Team for use for charitable purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Returned to the third party concerned; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Distributed amongst the Department in the case of perishable gifts.

Where the member of staff wishes to retain a gift above £50 (or equivalent in another currency), then the estimated cost of the gift above this limit should be paid to the Baillie Gifford Charity of the Year with details of this donation included with the Code of Ethics System record.

&nbsp;&nbsp;&nbsp;&nbsp;· Similarly, gifts above £50 in value (or equivalent in another currency) should generally not be
given by a member of staff.

&nbsp;&nbsp;&nbsp;&nbsp;· Promotional competition/prizes – In offering any promotional competition or prizes, you should:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Consider the likely impact or influence the prize would have on the recipient; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Consult with a Partner or the relevant Board on the likely impact of the competition on the brand of Baillie
Gifford.

In all cases the prize offered should be of reasonable value, i.e., it should not be excessive or inappropriate. Any competition prizes won by a member of staff at a business-related event, e.g., a conference or seminar, should be recorded for transparency in the Code of Ethics System.

<u>Entertainment</u>

Business lunches/dinners –

&nbsp;&nbsp;&nbsp;&nbsp;· The establishment and maintenance of strong relationships with our clients, suppliers, intermediaries,
and consultants is integral to our ability to provide effective investment management services. Routine business lunches or dinners are
good mechanisms for building and maintaining relationships and are unlikely to give grounds for suggestion of undue influence unless they
become overly frequent or are unduly lavish. Overly frequent and unduly lavish are not defined terms and a common-sense approach should
be adopted. A good test to apply is to consider how such a dinner would be perceived by a third party and to use your judgement accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;· Routine business lunches and dinners given do not require to be recorded in the Code of Ethics System.
These should be recorded in Baillie Gifford's expenses system. The Business Expense Claims procedure will provide an adequate control
over the magnitude of costs incurred by Baillie Gifford when giving such lunches and dinners. If a lunch or dinner is likely to be perceived
as hospitality (rather than routine business), then the Entertainment/Hospitality procedures below should be followed.

&nbsp;&nbsp;&nbsp;&nbsp;· Many of Baillie Gifford's clients (particularly those US clients covered by ERISA) are subject to
specific reporting requirements regarding their acceptance of business lunches and dinners. For Baillie Gifford to ensure that it can
provide clients with their required information, the following additional information should be recorded on the Business Expense Claim
Form, with respect to any clients for whom we have hosted a business lunch or dinner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The name of the client being entertained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The names of the individuals being entertained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The total cost of the lunch or dinner.

&nbsp;&nbsp;&nbsp;&nbsp;· Generally, routine business lunches and dinners received do not need to be reported. The exception to
this is business lunches and dinners received from UK or European financial institution or intermediary that provides advice or portfolio
management services to retail clients (UK/EU MiFID firms). Such lunches and dinners do need to be recorded in the Code of Ethics System.

Hospitality given –

&nbsp;&nbsp;&nbsp;&nbsp;· All members of staff must exercise discretion in offering hospitality. Members of staff should not provide
extravagant or excessive entertainment to a client, prospective client,

or any person or entity that does or seeks to do business with or on behalf of Baillie Gifford or our clients. Similarly, a member of staff should not provide entertainment to such parties with undue frequency. Extravagant, excessive and undue frequency are not defined terms, and a common-sense approach should be adopted. A good test to apply is to consider how provision of entertainment would be perceived by a third party and to use your judgement accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;· Except for occasions where the client is a UK/EU MiFID firm (see below), members of staff may provide
entertainment or hospitality, such as a dinner (unconnected with business), sporting, charitable or cultural event of reasonable value
provided that the person or Baillie Gifford is present at the event. If the person or Baillie Gifford is not present, then the entertainment
becomes a gift and the procedures above apply.

&nbsp;&nbsp;&nbsp;&nbsp;· In considering the hospitality or entertainment event, you should note that attending expensive or exclusive
sporting or cultural events can draw criticism. Invitations should not be offered if they could be construed as being unusual or risk
creating a sense of obligation to the host or bias in their favour. In situations of any doubt, consult with your Head of Department.

&nbsp;&nbsp;&nbsp;&nbsp;· All entertainment or hospitality must be recorded in the Code of Ethics System.

&nbsp;&nbsp;&nbsp;&nbsp;· For UK/EU MiFID firms, standalone hospitality that is not directly linked to a business event, e.g. sporting
events, is prohibited (this restriction applies to hospitality provided to UK/EU MiFID firms only and not to hospitality provided to UK
or Overseas segregated clients or suppliers). Acceptable minor non-monetary benefits provided during a business meeting, conference, seminar,
or training event are permitted. An acceptable minor non-monetary benefit is one which can enhance the quality of service provided to
the client and consists of hospitality of a reasonable value such as food and drink. Baillie Gifford have set a guidance limit of £100
(or equivalent in another currency) per head to allow a reasonable level of hospitality at business events involving UK/EU MiFID firms.

&nbsp;&nbsp;&nbsp;&nbsp;· In the case of Baillie Gifford offering hospitality, travel expenses will ordinarily be paid for by the
recipient of the entertainment or hospitality. However, there may be occasions where reasonable accommodation costs can be provided by
Baillie Gifford subject to this meeting the general principles of this Policy.

Hospitality received –

&nbsp;&nbsp;&nbsp;&nbsp;· All members of staff must exercise discretion in accepting hospitality. Members of staff should not accept
extravagant or excessive entertainment from a client, prospective client, a business in which Baillie Gifford invests, or any person or
entity that does or seeks to do business with or on behalf of Baillie Gifford or our clients. Similarly, a member of staff should not
accept entertainment from such parties with undue frequency. Extravagant, excessive and undue frequency are not defined terms, and a common-sense
approach should be adopted. A good test to apply is to consider how acceptance of entertainment would be perceived by a third party and
to use your judgement accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;· Members of staff may accept entertainment or hospitality, such as a dinner (unconnected with business),
sporting, charitable or cultural event of reasonable value provided that the person or firm providing the entertainment is present at
the event. If the person or firm is not present, then the entertainment becomes a gift and the procedures above apply.

&nbsp;&nbsp;&nbsp;&nbsp;· It is the policy of the firm not to accept standalone hospitality from broker firms. For this purpose,
standalone hospitality would include invitations to and attendance at sporting or cultural events and

&nbsp;&nbsp;&nbsp;&nbsp;· any associated travel, accommodation, drinks, and meals. This policy would not affect routine business
lunches or dinners, or reasonable hospitality attached to conferences or other educational events or social events which are distributed
widely and of a de minimis nature (i.e., under £100 (or equivalent in another currency) per head). This covers by way of example
a broker drinks evening at which the broader asset management community is invited.

&nbsp;&nbsp;&nbsp;&nbsp;· In considering the hospitality or entertainment event, you should note that attending expensive or exclusive
sporting or cultural events can draw criticism. Invitations should not be accepted if they could be construed as being unusual or risk
creating a sense of obligation to the host or bias in their favour. In situations of any doubt, consult with your Head of Department.

&nbsp;&nbsp;&nbsp;&nbsp;· All entertainment or hospitality must be recorded in the Code of Ethics System. In many cases the value
of an event will not be clear. Here, you should give your best estimate of the value at the time the decision is taken, considering the
street value of the event in the eyes of a third party. Do not hesitate to ask the host for further information about the event (e.g.,
cost) to reach a decision.

&nbsp;&nbsp;&nbsp;&nbsp;· In the case of a member of staff receiving hospitality or entertainment, travel and accommodation costs
should be paid for by that member of staff or a request made to the organiser of the event that the individual member of staff be invoiced
for these costs. Where the third party has arranged a discounted hotel rate or other reduction in the cost of the accommodation or travel,
it is reasonable for the member of staff to accept this reduced rate. Likewise, where the host provides communal transport, which is not
excessive or unduly lavish, for example the use of a minibus.

<u>Political contributions</u>

&nbsp;&nbsp;&nbsp;&nbsp;· All members of staff are required to give due consideration to any political contributions from a general
conflict of interest and transparency perspective. Staff are required to disclose to the Compliance Department, any political contributions
that may give rise to an actual conflict of interest, a potential conflict of interest or the perception of one.

&nbsp;&nbsp;&nbsp;&nbsp;· All members of staff are required to confirm on an annual basis, that they have disclosed to the Compliance
Department any political contributions made to US federal, state, or local officials and any political fundraising activity in the US.
This disclosure forms part of the Annual Code of Ethics Declaration that staff submit via the Code of Ethics System.

&nbsp;&nbsp;&nbsp;&nbsp;· Supporting compliance with US requirements, Baillie Gifford maintains a bespoke US Political Contributions
procedure which all staff eligible to make political contributions to candidates in a US federal, state and municipal election must ensure
they and their connected persons comply with. The procedure is –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o All members of Baillie Gifford staff are required
to obtain preclearance from Compliance before either they or a connected person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ make any political contributions, either directly or indirectly, to US federal, state or local officials;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ participate in any political fund-raising activity in the US.

Preclearance requests should be submitted by email to Baillie Gifford Group's US-based Compliance Counsel and Compliance Conduct & Market Oversight team (<u>CodeofEthicsQueries@bailliegifford.com).</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o All members of Baillie Gifford staff must confirm on an annual basis, that they have disclosed to the
Compliance Department any political contributions made to US federal, state or local officials and any political fund-raising activity
in the US. This disclosure will form part of the Annual Code of Ethics Declaration that staff submit via the Code of Ethics system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o In addition to requirement (2) above, BGFS Registered Representatives must confirm on a quarterly basis
that they have disclosed to the Compliance Department any political contributions made to US federal, state or local officials and any
political fund-raising activity in the US. The disclosure should be submitted via the Code of Ethics system upon request from the Compliance
Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Upon joining the firm, all new members of staff must disclose to the Compliance Department any political
contributions made to US federal, state or local officials and any political fund-raising activity in the US within the previous two years.
This disclosure will form part of the existing Personal Compliance Responsibilities Certificate that all new staff are required to submit
upon joining the firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o "Contribution" means any gift, subscription, loan, advance, or deposit of money or anything
of value, whether direct or indirect, made for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ (A) The purpose of influencing any election for federal, state or local office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ (B) Payment of debt incurred in connection with any such election; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ (C) Transition or inaugural expenses of the successful candidate for state or local office.

&nbsp;&nbsp;&nbsp;&nbsp;· Staff are encouraged to speak to members of the Compliance Ethics or North American Compliance teams as
applicable if they require guidance or assistance regarding political contributions.

<u>Specific jurisdictional / entity requirements</u>

&nbsp;&nbsp;&nbsp;&nbsp;· US (BGFS) – Registered persons of BGFS are not permitted to give or receive any gifts of value more
than $100 per individual per year to another FINRA member's registers persons. Small gifts of less than $100 per year per recipient
are aggregated toward the annual gift limit. For further information on BGFS's Gifts and Entertainment policy, please see the BGFS
Written Supervisory Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;· South Korea (BGO) – South Korea's Anti-Graft Law introduced a general prohibition on giving
anything of value and/or benefits to Korean public officials. The Law provides specific threshold limits and several exceptions, including
for giving of meals and gifts, and entertainment expenses. Any activity conducted locally by BGO and its employees or representatives
in or into South Korea must be strictly in compliance with the prohibition on making of any "improper request" and associated
narrow list of exceptions. "Improper requests" include requests that Public Officials take an action in violation of law regardless
of whether accompanied by giving cash or other benefit. Examples include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Request a Public Officials go beyond his/her authority or deviate from established laws, or due requirements,
procedures, or standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Request a Public Officials to grant an approval on or permit or an exemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Request a Public Officials to sway a public investigation or assessment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Request a Public Officials to sway an allocation of subsidies.

Please contact Compliance for specific guidance in this area.

&nbsp;&nbsp;&nbsp;&nbsp;**Ethics – Supporting document (Outside business interests)**

**<u>Outside business interests and personal associations</u>**

A personal conflict of interest can arise in relation to certain outside business interests or personal associations. Members of staff must ensure that they do not engage in any activities that would detract, divert from or conflict with the proper performance of their Baillie Gifford employment or would conflict with the interests of the firm or our clients. Members of staff must also ensure that any personal association does not affect, or reasonably appear to affect, our conduct or actions in Baillie Gifford and therefore conflict with our duties to clients or the firm.

To ensure that we comply with the requirements of global regulation, we require members of staff and Partners to inform Compliance at CodeofEthicsQueries@bailliegifford.com of any external interests at any time during employment.

**<u>Types of outside business interests</u>**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Outside business interest** | &nbsp;&nbsp;**Disclosure requirements** |
| &nbsp;&nbsp;Paid work out with Baillie Gifford | &nbsp;&nbsp; In general, all regular paid work out with Baillie Gifford should be disclosed to Compliance |

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| | |
|:---|:---|
|  | &nbsp;&nbsp;(CodeofEthicsQueries@bailliegifford.com). In addition, such work should also be agreed with your line manager and/or head of department as appropriate.<br>Discretion can be used for any ad-hoc paid work that is de minimis in nature and has no obvious connection to Baillie Gifford business. Such paid work is unlikely to require disclosure. |
| &nbsp;&nbsp; Business related external directorships, non-executive directorships, or other external board/committee appointments<br>Business related would include:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Public companies.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Private companies in which Baillie Gifford invests or is likely to invest.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Trade bodies or professional bodies.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Clients.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Suppliers. | &nbsp;&nbsp; All such positions must be disclosed to Compliance (email <u>CodeofEthicsQueries@bailliegifford.com</u>).<br>Compliance approval is mandatory for positions linked to investee companies (public and private) and clients, along with Head of Department approval and in the case of Partners and CEO's of Baillie Gifford subsidiary companies, Managing Partner approval.<br>Compliance can advise if additional approval and/or disclosure requirements exist in other scenarios. |
| &nbsp;&nbsp; Non-business related external directorships or non-executive directorships<br>Non-business related would include:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Private family run businesses.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· One-person limited companies.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Charitable organisations or not for Profit organisations (where not a client). | &nbsp;&nbsp; All such appointments must be disclosed to Compliance (email to <u>CodeofEthicsQueries@bailliegifford.com</u>).<br>No additional approval is required. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; External investment or finance related roles at educational, charitable, religious, or social organisations<br>Investment or finance related roles would include:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investment adviser. <br>| &nbsp;&nbsp; All investment adviser related roles should be disclosed to Compliance (email to <u>CodeofEthicsQueries@bailliegifford.com</u>).<br>In addition, such roles should also be agreed with your line manager and/or Head of Department as appropriate. |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Trustee.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Treasurer. |  |
| &nbsp;&nbsp;Politically exposed appointments | &nbsp;&nbsp; A politically exposed person, or 'PEP', is an individual who is or has, at any time in the preceding year, been entrusted with prominent public functions, or is an immediate family member, or a known close associate of such a person), whether paid or unpaid.<br>All such appointments must be disclosed to Compliance (email to <u>CodeofEthicsQueries@bailliegifford.com</u>).<br>In addition, such roles should also be disclosed to your line manager and/or Head of Department as appropriate. |

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Outside business interest disclosures should be emailed to the Compliance Conduct & Market Oversight team (CodeofEthicsQueries@bailliegifford.com) at the earliest opportunity. Where possible, this should be prior to the commencement of any role or appointment.

Disclosures should contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;· Date the outside business interest commenced or ceased.

&nbsp;&nbsp;&nbsp;&nbsp;· Name of the external company/organisation and brief description of what they do.

&nbsp;&nbsp;&nbsp;&nbsp;· Brief description of your role/involvement.

&nbsp;&nbsp;&nbsp;&nbsp;· Details of any remuneration if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;· Details of any connection to Baillie Gifford (e.g., client or prospective client, investee company, broker,
supplier etc.).

Please note that outside business interest disclosures are not one-off in nature. Members of staff have an ongoing obligation to notify Compliance at the earliest opportunity if there is a change in circumstances, e.g., change in role/involvement; change in remuneration; the outside interest has subsequently become a client, investee company or supplier etc.

If applicable, the Compliance Conduct & Market Oversight team will obtain approval from the Head of Compliance (whom failing, a delegate) on your behalf and will either confirm that this has been received or will request further information if required.

Please note that Partners or Chief Executive Officers of Baillie Gifford subsidiary companies who require to seek approval from the managing Partners for external appointments, must seek this approval themselves.

**<u>Specific jurisdictional / entity requirements</u>**

&nbsp;&nbsp;&nbsp;&nbsp;· UK (FCA regulated roles) – The Firm is required to ensure that individuals in FCA regulated roles
are fit and proper to perform the activities for which they are regulated and that they do not engage in any activities which could conflict
with the performance of their role. In addition to the above requirements, individuals in regulated roles must inform Compliance when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o They become aware that a company, partnership, or unincorporated association of which the individual has
been controller, director, senior manager, partner, or company secretary (either during the time they held the position or within one
year of such involvement) has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Been put into liquidation, wound up, ceased trading, had a receiver or administrator appointed or entered
into a voluntary arrangement with its creditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Been adjudged by a court liable for any fraud, misfeasance, wrongful trading, or misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Been investigated or been involved in an investigation by an inspector appointed under companies or any
other legislation, or required to produce documents to the Secretary of State, or any other authority, under any such legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Been convicted of any criminal offence, censured, disciplined, or publicly criticised, by any inquiry,
by the Takeover Panel or any governmental or statutory authority, or any other regulatory body.

&nbsp;&nbsp;&nbsp;&nbsp;· US (BGFS) – Registered Persons of BGFS are required to obtain prior written approval from the Chief
Compliance Officer of BGFS for any Contractor, Director, Officer or Partner appointments or any work for which they expect to receive
compensation outside of their Baillie Gifford employment. Please note that this supersedes the requirement to obtain approval from the
Head of Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;· Hong Kong (BGAHK) – Licensed Persons of BGA(HK) are required to obtain prior written approval from
the Compliance Officer of BGA(HK) for any Director appointments or any work for which they will receive compensation outside of their
Baillie Gifford employment. The Compliance Conduct & Market Oversight team will co-ordinate this. In addition to the above, there
are also SFC Notification requirements relating to any directorships, partnerships or proprietorships taken on by a licenced representative.
The BGA(HK) Compliance Officer will advise on the relevant steps to take with regards to this notification.

&nbsp;&nbsp;&nbsp;&nbsp;· Singapore (BGAS) – BGAS Representatives, Senior Managers, Relevant Professionals, and Directors
are additionally required to obtain prior written approval from the Group Compliance Department for any Director appointments or any work
for which they will receive compensation outside of their Baillie Gifford employment. In addition to the above, any change in the business
interests or substantial shareholdings of the CEO or any

Directors of BGAS provided in form 11 must be notified to the MAS, as set out in the BGAS Compliance Manual. The BGAS Compliance Officer will advise on the relevant steps to take regarding this notification.

**<u>Personal Associations</u>**

We also must take steps to ensure that any personal interest or personal association does not affect, or reasonably appear to affect, our conduct or actions in Baillie Gifford and therefore conflict with our duties to clients or the firm. Any Significant Relationship with another person working in a relevant business connected to Baillie Gifford may need to be disclosed by email to the Compliance Department (CodeofEthicsQueries@bailliegifford.com).

Relevant businesses would include:

&nbsp;&nbsp;&nbsp;&nbsp;· Investment managers

&nbsp;&nbsp;&nbsp;&nbsp;· Brokers

&nbsp;&nbsp;&nbsp;&nbsp;· Clients of Baillie Gifford

&nbsp;&nbsp;&nbsp;&nbsp;· Consultants/advisers to clients of Baillie Gifford or investors in Baillie Gifford funds

&nbsp;&nbsp;&nbsp;&nbsp;· Companies in which Baillie Gifford invests on behalf of our clients

&nbsp;&nbsp;&nbsp;&nbsp;· Other organisations with which Baillie Gifford has a contractual relationship.

A relationship with another person would be deemed significant if an independent third party might reasonably consider that it could affect your actions or those of a personal associate (whether or not it does so affect your conduct). If you have a relationship with an associated person that could potentially give rise to a conflict of interest, or the perception of one, then this should be disclosed to the Compliance Department. The Compliance Department will determine if the relationship needs to be recorded and whether any action needs to be taken to manage the conflict.

Please note that personal associations can extend beyond the definition of connected person under PA Dealing, i.e., personal association disclosure requirements are not limited to immediate family members living in your household. Some examples of potential personal associations that may need to be disclosed are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· A close friend works at a supplier and is directly involved in the Baillie Gifford account and/or you
are directly involved in the appointment of that supplier.

&nbsp;&nbsp;&nbsp;&nbsp;· A close friend works at an audit firm and is directly involved in an external review of your department.

&nbsp;&nbsp;&nbsp;&nbsp;· An extended family member works at a company that Baillie Gifford invests in for clients, in a role where
they are likely to have access to sensitive business information.

Each scenario will be considered on a case-by-case basis to establish what, if any, conflict risk there is and determine if the personal association needs to be recorded. Under the general requirement to disclose conflicts of interest, members of staff should be mindful of any personal associations within Baillie Gifford that could potentially give rise to a conflict of interest and disclose accordingly.

These disclosures are designed to ensure that our work is carried out on behalf of clients in an environment that is free from any suggestion of improper influence. If you are in any doubt as to whether a business interest or personal association or relationship needs to be disclosed, please contact a member of the Compliance Department for guidance.

&nbsp;&nbsp;&nbsp;&nbsp;**Code of ethics – Supporting document (Personal account dealing)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Various links to documents and video guides are included within this supporting document:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Document Library tab within the Code of Ethics System – <u>Link</u>.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Related documents & links section of the Compliance – Code of Ethics Exchange page – <u>Link</u>.<br>Please note that all Personal account (PA) dealing information saved within the Code of Ethics System will be treated confidentially and will be maintained by Compliance. However, records are available for inspection by authorised members of the staff of regulatory authorities supervising Baillie Gifford's investment business.<br>

In general, Baillie Gifford's PA dealing requirements apply to you and your "connected persons", for investment holdings and transactions in "in-scope assets". There may also be additional jurisdictional / entity level requirements which apply if you perform a specific role. The key definitions are as follows:

**<u>Connected persons</u> –**

&nbsp;&nbsp;&nbsp;&nbsp;· Immediate family which includes spouses, cohabitants, children under the age of 18 and immediate family members
sharing the same household.

&nbsp;&nbsp;&nbsp;&nbsp;· Parents/in-laws or other persons where decision making as to their investments is taken by them under advice
from you.

&nbsp;&nbsp;&nbsp;&nbsp;· Organisations for whom you have an active investment advisory input (this could include charities, churches,
clubs etc).

&nbsp;&nbsp;&nbsp;&nbsp;· Trusts where, as trustee, you exercise investment influence (i.e., as sole trustee or a trustee exercising
a considerable influence.

&nbsp;&nbsp;&nbsp;&nbsp;· Syndicates where you, friends and/or family group together for the purpose of purchasing shares.

**<u>In-scope assets</u> –**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Type** | &nbsp;&nbsp;**Covered by <br> Code of Ethics<br> Policy?** | &nbsp;&nbsp;**Pre-clearance<br> Required?** | &nbsp;&nbsp;**Include in <br> Code of Ethics<br> Declaration?** |
| &nbsp;&nbsp;Equity securities (publicly traded) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Derivatives (futures and options) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Corporate Debt Instruments | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Government securities | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;BG managed Investment Trusts | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Non-BG managed Investment Trusts | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;BG managed OEICs | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Non-BG managed OEICs, Unit Trusts, mutual funds or other open-end vehicles | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Private companies: New issues, IPOs, private placements, Equity Crowd funding | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Venture Capital Trusts (VCTs), Enterprise Investment Scheme (EIS), business angel investments | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Spread betting on a covered security | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Spread betting on financial markets or non-financial instruments | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;ETPs (Exchange traded products) including ETFs (Exchange traded funds) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Cash ISAs | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Cryptocurrencies | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Structured Deposits in instruments covered by the Policy | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Structured Deposits in instruments not covered by the Policy | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Certificate of Deposit | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Fixed Term Deposit | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Fixed Term Bond | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Peer-to-peer lending | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Default fund(s) investments held within Baillie Gifford's workplace pension (ARC) | &nbsp;&nbsp;No | &nbsp;&nbsp;No | &nbsp;&nbsp;No |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Type** | &nbsp;&nbsp;**Covered by <br> Code of Ethics<br> Policy?** | &nbsp;&nbsp;**Pre-clearance<br> Required?** | &nbsp;&nbsp;**Include in <br> Code of Ethics<br> Declaration?** |
| &nbsp;&nbsp;Covered securities held within Baillie Gifford's workplace pension (ARC) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Investments within the Baillie Gifford Select SIPP | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Covered securities held within an ISA, SIPP, share plan or Variable Insurance Product | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Covered securities held within a discretionary portfolio management service | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Covered securities acquired through a corporate action | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Sale of nil-paid rights or the part sale of nil-paid rights to fund a partial take up of new shares | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Free shares acquired through a de-mutualisation | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Employee Incentive Share Schemes (Connected Persons) | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Monthly direct debit investments (in covered securities) | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Transfer of covered security | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No | &nbsp;&nbsp;Yes |

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Note: This list is not all-inclusive and may be updated from time to time. If unsure, please contact the Compliance Conduct & Market Oversight team for guidance (<u>CodeofEthicsQueries@bailliegifford.com).</u>

For further clarification:

&nbsp;&nbsp;&nbsp;&nbsp;· the following securities are exempt from pre-clearance and reporting obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Purchases or sales of securities that are direct obligations of the government of the United States or
United Kingdom, bankers' acceptances, bank certificates of deposit, commercial paper, high-quality short-term debt instruments (including
repurchase agreements).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Shares of money market mutual funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Shares of registered open-end management investment companies other than the Baillie Gifford sponsored
OEICs and mutual funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Shares of US unit investment trusts (i.e., variable insurance contracts that are funded by insurance company
separate accounts organised as unit investment trusts) that are invested exclusively in one or more registered investment companies. Please
note that UK Investment Trusts are not exempt securities and that pre-clearance requirements apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o FX or cryptocurrency transactions.

&nbsp;&nbsp;&nbsp;&nbsp;· the following securities are exempt from pre-clearance obligations, but revised holdings will need to
be disclosed in your annual Code of Ethics declaration in January:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Purchases effected upon the exercise of rights (e.g., automatic reinvestment of dividends) provided by
an issuer pro rata to all holders of a class of its securities to the extent such rights were acquired from such issuer, and sales of
such rights so acquired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Personal transactions effected under a discretionary portfolio management service where there is no prior
communication in connection with the transaction between the portfolio manager and the relevant member of staff or other person for whose
account the transaction is executed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Personal transactions in any default fund available in Baillie Gifford's workplace pension available
through Aegon's ARC platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Ongoing monthly transactions in an automatic investment plan, where permission was obtained for the initial
investment and there has been no change to the standing instruction thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Sales automatically placed by the broker to cover ongoing management fees.

**<u>Procedures for PA dealing</u>**

Prior to undertaking a PA deal, you are required to:

&nbsp;&nbsp;&nbsp;&nbsp;· Obtain permission to use your desired broker (it is only necessary to follow this procedure on the first
occasion of using a particular stockbroker); and

&nbsp;&nbsp;&nbsp;&nbsp;· To obtain internal pre-clearance from the Code of Ethics System (every time a PA deal is undertaken).

It is important that you take all reasonable steps to ensure that these procedures are followed by whoever is dealing. The onus is on you to raise awareness with your connected persons, obtain pre-clearance for proposed PA dealing and ensure that contract notes / trade confirmations are sent to Compliance.

**<u>Procedures for obtaining broker permission</u>**

Before you or a Connected Person begins to place transactions with a particular firm of stockbroker's or on-line dealing platform, broker permission must be obtained and an account setup within the Code of Ethics System. The reason for this is to inform the broker that you work for Baillie Gifford and to ensure that brokers supply to Compliance, no later than 30 days after the end of the quarter in which the trading activity occurred, duplicate copies of confirmations of all personal securities transactions.

Broker notification letters can be used to notify the broker and are located in the related documents & links section of the Code of Ethics Exchange page – <u>link</u>.

Broker notification letters are not required for the following:

&nbsp;&nbsp;&nbsp;&nbsp;· Transactions undertaken in an automatic investment plan, including the Baillie Gifford workplace pension
available through Aegon's ARC platform.

&nbsp;&nbsp;&nbsp;&nbsp;· If you broker operates a transaction data feed to Baillie Gifford's Code of Ethics System. The procedure
for obtaining broker consent via a data feed through the Code of Ethics System is in the related documents & links section of the
Code of Ethics Exchange page.

&nbsp;&nbsp;&nbsp;&nbsp;· Where
 the broker or online dealing platform is unable to provide duplicate copies of personal transactions
 directly to Baillie Gifford. In this case, you must execute your own trade request in the
 system and attach a trade confirmation to the record. You can do this by following the 'Quick
 Guide to Executing Trade Requests' which is found in Document Library tab within the
 Code of Ethics System – <u>Link.</u> 

**<u>Procedures for obtaining PA dealing pre-clearance</u>**

You are also required to obtain electronic internal pre-clearance from the Code of Ethics System – <u>link</u>. Pre-clearance of a PA deal will remain valid until close of business on the next business day from the time permission is obtained. If the proposed transaction is not completed during the period in which the pre-clearance is granted, the member of staff must seek additional pre-clearance prior to completing the transaction. In the case of postal deals (e.g., deals that require an application form or instruction form to be completed, i.e., dealing is not direct through a broker); your dealing instruction should be sent within this pre-clearance period, although the trade itself does not have to be executed during the period.

The 'Quick Guide to Trade Requests' video sets out the procedures for submitting Trade Requests through the Code of Ethics System and is in the Document Library tab of the System – <u>Link.</u>

Please note that proposed PA deals in IPOs or Private Companies will require the use of the Private Transactions section of the System. The 'Quick Guide to Private Transactions' video in the Document Library tab of the System provides guidance. The key difference is that Compliance will need to review each request manually and, before providing approval, will need to obtain assurance that no conflicts with client interests will arise due to prospective PA deals in IPOs or Private Companies where client activity may also be taking place at the same time.

<u>Special circumstances – Practical procedures</u>

&nbsp;&nbsp;&nbsp;&nbsp;· Remote Access to the Code of Ethics System – Remote access is available on all Baillie Gifford devices.
If you are away from the office (e.g., on business or on holiday), trade requests can be submitted through all BG devices.

&nbsp;&nbsp;&nbsp;&nbsp;· Maternity/Parental Leave – If you are out of the office on maternity leave, or a period of flexible
parental leave exceeding four weeks, there is no requirement for you to obtain PA dealing permission for any trades conducted by you (or
a Connected Person) during this leave. If applicable, shareholdings in the Code of Ethics System can be amended upon your return to the
office.

&nbsp;&nbsp;&nbsp;&nbsp;· Limit Orders – The use of buy or sell limit orders is not prohibited under this policy, however,
these must be carefully managed as pre-clearance is only valid until close of business on the next business day from the time permission
is obtained. If, upon expiry of the permission period, the limit price has not been met, you must obtain fresh permission via the Code
of Ethics System or ensure the limit instruction is cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;· Stop Loss Orders – As for limit orders, stop loss orders (i.e. instruction to automatically sell
securities if the share price reaches a pre-determined minimum price) are not prohibited under this policy, however, these must be carefully
managed as pre-clearance is only valid until close of business on the next business day from the time permission is obtained. If you wish
to maintain a stop loss instruction beyond the permission period, fresh permission must be obtained via the Code of Ethics System.

<u>Reporting requirements</u>

&nbsp;&nbsp;&nbsp;&nbsp;· Initial – All new members of staff are required to disclose all personal securities holdings n which
they have any direct or indirect holdings to the Compliance Department, within 10 days of commencing employment. The information provided
must be current and no more than 45 days prior to the date the person joined the firm. Initial Code of Ethics Declarations must be submitted
to Compliance via the Code of Ethics System and will be prompted by Compliance providing a new start induction and support to the new
member of staff.

&nbsp;&nbsp;&nbsp;&nbsp;· Annual – Each member of staff is also required to file an annual report disclosing all personal
securities holdings in January each year. The information must be current as of a date no more than 45 days prior to the date the report
was submitted. Annual Code of Ethics Declarations must be submitted electronically via the Code of Ethics System. The 'Quick Guide
to Annual Declaration' video sets out the procedures for submitting your declaration through the Code of Ethics System and is in
the Document Library tab of the System.

<u>Specific jurisdictional / entity requirements</u>

&nbsp;&nbsp;&nbsp;&nbsp;· Singapore (BGAS) – There are ongoing pre-clearance and holdings requirements that apply to all BGAS
representatives with each required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o obtain pre-clearance for all in-scope assets) detailed in the table above and, in addition, also for non-BG
managed OEICs, Unit Trusts, mutual funds or other open-end vehicles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o ensure trade confirmations are entered into the Code of Ethics System within 7 days of the trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o ensure changes in interest in all security types are entered into the Code of Ethics System within 7 days
of the change.

&nbsp;&nbsp;&nbsp;&nbsp;· Hong Kong (BGAHK) – A semi-annual holdings disclosure requirement applies to all BGAHK employees,
licensed persons, Managers-in-Charge, Directors, other than non-executive directors. Each member of staff is required to file a report
disclosing all personal securities holdings semi-annually in January and July each year. The information must be current and no more than
45 days prior to the date the report is submitted. Holdings reports must include shares owned through an automatic investment plan. This
semi-annual exercise is coordinated and managed by Compliance.