# EDGAR Filing Document

**Accession Number:** 0001981627
**File Stem:** 0001104659-25-103141
**Filing Date:** 2025-10
**Character Count:** 31539
**Document Hash:** 7496c60f814df26577dbdec5c567365c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-103141.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0001104659-25-103141

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251028

**DATE AS OF CHANGE**: 20251028

**EFFECTIVENESS DATE**: 20251028

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GMO ETF Trust
- **CENTRAL INDEX KEY:** 0001981627

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-274096
- **FILM NUMBER:** 251424698

**BUSINESS ADDRESS:**
- **STREET 1:** 53 STATE STREET
- **STREET 2:** FLOOR 33
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109
- **BUSINESS PHONE:** 212-309-6231

**MAIL ADDRESS:**
- **STREET 1:** 53 STATE STREET
- **STREET 2:** FLOOR 33
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** 2023 ETF Series Trust II
- **DATE OF NAME CHANGE:** 20230614

## Series and Classes Contracts Data

### GMO Dynamic Allocation ETF (Series ID: S000094781)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000263321 | GMO Dynamic Allocation ETF | GMOD            |

**GMO Dynamic Allocation ETF**

**Summary Prospectus**<br> **October 28, 2025**<br>

**GMO Dynamic Allocation ETF**

Principal U.S. Listing Exchange for the Fund: NYSE Arca, Inc.

Ticker Symbol: GMOD

Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. You can find the Fund's prospectus, statement of additional information and other information about the Fund online at <u>https://www.gmo.com/americas/investment-capabilities/etfs</u>. You can also get this information at no cost by calling 1-617-346-7646, by sending an email request to SHS@gmo.com, or by contacting your financial intermediary. The Fund's [prospectus and statement of additional information](https://www.sec.gov/ix?doc=/Archives/edgar/data/1981627/000110465925080885/tm2517330d2_485bpos.htm), each dated October 28, 2025, each as may be revised and/or supplemented from time to time, are incorporated by reference into this summary prospectus.

**Investment Objective**

The GMO Dynamic Allocation ETF (the "Fund") seeks positive total return.

**Fees and Expenses**

The table below describes the fees and expenses that you may pay if you buy, hold or 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 table and Example below.**

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses**<br> (Expenses that you pay each year as a percentage of the value of your investment)** | |
| Management fee | 0.50% |
| Distribution and service (12b-1) fees | 0.00% |
| Other expenses<sup>1</sup> | 0.00% |
| Acquired fund fees and expenses<sup>1</sup> | 0.23% |
| Total annual Fund operating expenses | 0.73% |
| Fee Waiver<sup>2</sup> | (0.23)% |
| Total Annual Fund Operating Expenses After Fee Waiver | 0.50% |

---

<sup>1</sup> Based on estimated amounts for the current fiscal year.

<sup>2</sup> GMO has contractually agreed to waive or reduce its management fee, through at least November 2, 2026, to the extent necessary to offset the management fees that are borne by the Fund as a result of the Fund's investment in Underlying Funds (defined below).

**Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The one year amount shown reflects applicable expense waivers noted in the Expense Tables. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $51 | $210 |

---

**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 may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example above, affect the Fund's performance. Because the Fund had not commenced operations prior to the most recent fiscal year end, it does not yet have a portfolio turnover rate to provide.

**Principal Investment Strategies**

The Fund is an actively managed ETF that seeks to achieve its investment objective by owning a balanced portfolio of equity investments, fixed-income investments, and liquid alternative strategies. Initially, the Fund will most likely operate as a fund of funds investing primarily in shares of other investment companies managed by GMO (including other series of the Trust) and third parties (collectively, "Underlying Funds") but is also permitted to invest directly in securities and other investments in lieu of, or in addition to, investing in Underlying Funds.

GMO uses its quantitative multi-year forecasts of returns among asset classes, together with its assessment of the relative risks of asset classes and other factors, to determine the asset classes in which the Fund invests and how much the Fund invests in each asset class. An important component of those forecasts is GMO's expectation that valuations ultimately revert to their fundamental fair (or intrinsic) value over a complete market cycle. GMO changes the Fund's asset class exposures in response to changes in GMO's investment outlook and its assessment of market valuations. Under normal circumstances, GMO intends to invest between 40% and 80% of the Fund's net assets in equity investments, including Underlying Funds that invest primarily in equities. The factors GMO considers and investment methods GMO uses can change over time.

The Fund is permitted to invest in any asset class (e.g., U.S., non-U.S., and emerging market equity; U.S., non-U.S., and emerging market fixed income (including asset-backed securities and municipal bonds); and commodities), strategy (e.g., long/short and event-driven strategies), sector, country, or region and at times may have substantial exposure to a single asset class, industry, sector, country, region, issuer, or currency and companies with similar market capitalizations. In addition, the Fund is not restricted in its exposure to any particular market and may invest in securities of companies of any market capitalization and, in the case of debt instruments, of any credit quality (including below investment grade securities, commonly referred to as "high yield" or "junk bonds"), maturity and duration. In addition, the Fund may lend its portfolio securities.

In seeking to achieve the Fund's investment objective, GMO may invest a significant portion of the Fund's net assets in cash and cash equivalents.

The Fund also may invest in the GMO U.S. Treasury Fund, a mutual fund advised by GMO, or in money market funds unaffiliated with GMO, and directly in the types of investments typically held by money market funds.

**Principal Risks of Investing in the Fund**

The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly. Many factors can affect this value, and you may lose money by investing in the Fund or your investment in the Fund could underperform other investments. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. References to investments include those held directly by the Fund and indirectly through the Fund's investments in Underlying Funds. Some of the Underlying Funds are non-diversified investment companies under the Investment Company Act of 1940, as amended, and therefore a decline in the market price of a particular security held by those funds may affect their performance more than if they were diversified investment companies. The principal risks of investing in the Fund are summarized below and are all considered a "principal risk of investing in the Fund regardless of the order in which it appears. For a more complete discussion of these risks, see "Additional Principal Risk Information."

&nbsp;&nbsp;&nbsp;&nbsp;● *Management and Operational Risk* – The Fund runs the risk that GMO's investment techniques will fail to produce intended results. GMO uses quantitative
 models as part of its investment process. GMO's models may not accurately predict future market movements. In addition, GMO's
 models rely on assumptions and data that are subject to limitations (e.g., inaccuracies, staleness) that could adversely affect their
 predictive value. The Fund also runs the risk that GMO's assessment of an investment, including a security's fundamental
 fair (or intrinsic) value, is wrong or that deficiencies in GMO's or another service provider's internal systems or controls
 will cause losses for the Fund or impair Fund operations.

&nbsp;&nbsp;&nbsp;&nbsp;● *Market Risk - Equities* – The market price of an equity in the Fund's portfolio may decline due to factors affecting the issuer or its industry
 or the economy and equity markets generally. If the Fund purchases an equity for less than its fundamental fair (or intrinsic) value
 as assessed by GMO, the Fund runs the risk that the market price of the equity will not appreciate or will decline (for example,
 if GMO's assessment proves to be incorrect or the market fails to recognize the equity's intrinsic value). The Fund also
 may purchase equities that typically trade at higher multiples of current earnings than other securities, and the market prices of
 these equities often are more sensitive to changes in future earnings expectations and interest rates than the market prices of equities
 trading at lower multiples. Declines in stock market prices generally are likely to reduce the net asset value of the Fund's
 shares *.* When the Fund writes put options on a stock index, the value of those options will decline when the value of that
 index declines. The value of an index depends on the value of the equity securities in the index. Also, the Fund's investment
 strategy of writing put options on stock indices can be expected to cause that strategy to underperform relative to those indices
 when the value of those indices rises sharply.

&nbsp;&nbsp;&nbsp;&nbsp;● *Non-U.S. Investment Risk* – The market prices of many non-U.S. securities fluctuate more than those of U.S. securities. Many non-U.S. securities
 markets are less stable, smaller, less liquid, and less regulated than U.S. securities markets, and the cost of trading in those
 markets often is higher than in U.S. securities markets. In addition, non-U.S. securities issuers often are not subject to as much
 regulation as U.S. issuers, and the reporting, recordkeeping, accounting, custody, and auditing standards to which those issuers
 are subject often are not as rigorous as U.S. standards. In addition, the Fund is subject to taxation by countries other than the
 United States, 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. Also, the Fund needs a license to invest directly
 in securities traded in many non-U.S. securities markets, and the Fund is subject to the risk that its license is terminated or suspended.
 In some non-U.S. securities markets, prevailing custody and trade settlement practices (e.g., the requirement to pay for securities
 prior to receipt) expose the Fund to credit and other risks. Further, adverse changes in investment regulations, capital requirements
 or exchange controls could adversely affect the value of the Fund's investments. The risks above (such as substantial price
 fluctuations and market instability, illiquidity and lack of regulation) and other risks (e.g., nationalization, expropriation or
 other confiscation of assets of non-U.S. issuers, difficulties enforcing legal judgments or contractual rights and geopolitical
 risks) tend to be higher for investments in the securities of issuers tied economically to emerging countries. The economies of emerging
 countries often depend predominantly on only a few industries or commodities and often are more volatile than the economies of developed
 countries.

&nbsp;&nbsp;&nbsp;&nbsp;● *Market Risk - Fixed Income* – The market price of a fixed income investment can decline due to market-related factors, including rising interest
 or inflation rates and widening credit spreads, or decreased liquidity due, for example, to market uncertainty about the value of
 a fixed income investment (or class of fixed income investments).

&nbsp;&nbsp;&nbsp;&nbsp;● *Derivatives and Short Sales Risk* – The use of derivatives involves the risk that their value may not change as expected relative to changes in
 the value of the underlying assets, pools of assets, rates, currencies or indices. Derivatives also present other risks, including
 market risk, illiquidity risk, currency risk, credit risk, leveraging risk, commodities risk and counterparty risk. The market price
 of an option is affected by many factors, including changes in the market prices or dividend rates of underlying securities (or in
 the case of indices, the securities in such indices); the time remaining before expiration; changes in interest rates or exchange
 rates; and changes in the actual or perceived volatility of the relevant index or underlying securities. The Fund typically creates
 short investment exposure by selling securities short or by taking a derivative position in which the value of the derivative moves
 in the opposite direction from the price of an underlying asset, pool of assets, rate, currency or index. Specifically, the net asset
 value of the Fund's shares will be adversely affected if the equities or other assets that are the subject of the Fund's
 short exposures appreciate in value. The risk of loss associated with derivatives that provide short investment exposure and short
 sales of securities is theoretically unlimited.

&nbsp;&nbsp;&nbsp;&nbsp;● *Futures Contracts Risk* – The loss to the Fund resulting from its use of futures contracts is potentially unlimited. Futures markets are highly volatile,
 and the use of futures contracts increases the volatility of the Fund's net asset value. A liquid market may not exist for
 any particular futures contract at any particular time, and the Fund may be unable when it wishes to terminate its exposure under
 that contract. When the Fund uses futures contracts for hedging purposes, it runs the risk that changes in the prices of the contracts
 will not correlate perfectly with changes in the securities, index, or other asset underlying the contracts or movements in the prices
 of the Fund's investments that are subject to the hedge. In addition, the Fund may be unable to recover or may be delayed in
 recovering margin or other amounts deposited with a futures commission merchant or futures clearinghouse. Foreign futures contracts
 are often less liquid and more volatile than U.S. futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;● *Credit Risk* –
 The Fund runs the risk that the issuer or guarantor of a fixed income investment (including a sovereign or quasi-sovereign debt issuer)
 or the obligor of an obligation underlying an asset-backed security will be unable or unwilling to satisfy its obligation to pay
 principal and interest or otherwise to honor its obligations in a timely manner or at all. The market price of a fixed income investment
 will normally decline as a result of the failure of an issuer, guarantor, or obligor to meet its payment obligations or in anticipation
 of such a failure. Below investment grade investments have speculative characteristics, and negative changes in economic conditions
 or other circumstances are more likely to impair the ability of issuers of those investments to make principal and interest payments
 than issuers of investment grade investments. In addition, investments in emerging country sovereign or quasi-sovereign debt are
 subject to a heightened risk that the issuer responsible for repayment of the debt may be unable or unwilling to pay interest and
 repay principal when due, and the Fund may lack recourse against the issuer in the event of a default. Investments in quasi-sovereign
 debt also are subject to the risk that the issuer will default independently of its sovereign.

&nbsp;&nbsp;&nbsp;&nbsp;● *Fund of Funds Risk* – The Fund is indirectly exposed to all of the risks of an investment in the underlying funds in which it invests, including
 the risk that those underlying funds will not perform as expected. In addition, the Fund indirectly bears its pro rata
 portion of an underlying fund's fees and expenses in addition to the fees and expenses borne by the Fund. As a result, shareholders
 will be subject to two layers of fees and expenses when the Fund invests in underlying funds.

&nbsp;&nbsp;&nbsp;&nbsp;● *Currency Risk* –
 Fluctuations in exchange rates can adversely affect the market value of the Fund's foreign currency holdings and investments
 denominated in foreign currencies.

&nbsp;&nbsp;&nbsp;&nbsp;● *ETF Risks* –
 The Fund is an ETF and, as a result of this structure, is exposed to the following risks:

o *Costs of Buying or Selling Shares Risk*. Due to the costs of buying or selling Fund shares, including brokerage commissions imposed by
 brokers and the variance in bid-ask spreads, frequent trading of Fund shares may significantly reduce investment results and an investment
 in Fund shares may not be advisable for investors who anticipate regularly making small investments.

o *Limited Authorized Participants, Market Makers and Liquidity Providers Risk*. Because the Fund is an ETF, typically only a limited number
 of institutional investors (known as "Authorized Participants") are authorized to purchase and redeem shares directly
 from the Fund. Retail investors cannot transact directly with the Fund. In addition, there may be a limited number of market makers
 and/or liquidity providers in the marketplace to transact in Fund shares, there may be demand for Fund shares thereby increasing
 the market price above NAV, or lack of demand, which may decrease the market price below NAV, or in stressed market conditions, the
 market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio
 holdings. As a result of these considerations, Fund shares may trade at a material premium or discount to net asset value ("NAV")
 or these factors may, in turn, lead to wider spreads between the bid and ask price of Fund shares. In addition, the Fund may face
 possible delisting if: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption
 orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers
 exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

o *Trading Risk.* Shares of the Fund may trade on the NYSE Arca, Inc. (the "Exchange") above (premium) or below (discount)
 their NAV. In stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity
 in the markets for the Fund's underlying portfolio holdings, which may increase the variance between the market price of the
 Fund shares and the value of its underlying holdings. This can be reflected as a spread between the bid and ask prices for the Fund
 shares quoted during the day or a premium or discount in the closing price from the Fund's NAV. In addition, although the Fund's
 shares are currently listed on the Exchange, there can be no assurance that an active trading market for Fund shares will develop
 or be maintained. Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of the Exchange,
 make trading in shares of the Fund inadvisable.

o *Cash Transactions Risk*. The Fund may effect some of its creations and redemptions for cash, rather than in-kind securities. As a result, the Fund
 may have to sell portfolio securities at inopportune times in order to obtain the cash needed to meet redemption orders. This may
 cause the Fund to sell a security and recognize a capital gain or loss that might not have been incurred if it had made a redemption
 in-kind. The use of cash creations and redemptions may also cause the Fund's shares to trade in the market at wider bid-ask
 spreads or greater premiums or discounts to the Fund's NAV. In effecting creations and redemptions in exchange for cash, the
 Fund may incur certain costs, including brokerage costs in connection with investing cash received and may recognize capital gains
 in connection with cash redemptions, unlike an ETF that effects creations and redemptions only in-kind. In addition, costs could
 be imposed on the Fund which would have the effect of decreasing the Fund's NAV to the extent the costs are not offset by a
 transaction fee payable by an Authorized Participant.

o *National Closed Market Trading Risk.* To the extent that the underlying securities or other instruments held by the Fund trade on foreign
 exchanges or in foreign markets that may be closed when the securities exchange on which the Fund's shares trade is open, there
 are likely to be deviations between the current price of such an underlying security and the last quoted price for the underlying
 security (i.e., the Fund's quote from the closed foreign market). The impact of a closed foreign market on the Fund is likely
 to be greater where a large portion of the Fund's underlying securities or other instruments trade on that closed foreign market
 or when the foreign market is closed for unscheduled reasons. These deviations could result in premiums or discounts to the Fund's
 NAV that may be greater than those experienced by other ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;● *Commodities Risk* – Commodity prices can be extremely volatile, and exposure to commodities can cause the net asset value of the Fund's
 shares to decline or fluctuate significantly in a rapid and unpredictable manner.

● *Illiquidity Risk* – Low trading volume, lack of a market maker, large position size, or legal restrictions increase the risk that the
 Fund or an underlying fund is limited or prevented from selling particular securities or closing derivative positions at desirable
 prices at a particular time or at all.

&nbsp;&nbsp;&nbsp;&nbsp;● *Leveraging Risk* – The use of derivatives, short sales and securities lending can create leverage. Leverage increases the Fund's losses
 when the value of its investments (including derivatives) declines. In addition, the Fund's portfolio will be leveraged if
 it exercises its right to delay payment on a redemption and the value of the Fund's assets declines between the time a redemption
 request is treated as being received by the Fund and the time the Fund liquidates assets to fund that redemption.

&nbsp;&nbsp;&nbsp;&nbsp;● *Counterparty Risk* – The Fund runs the risk that the counterparty to a derivatives contract or a clearing member used by the Fund to hold a cleared
 derivatives contract is unable or unwilling to make timely settlement payments, return the Fund's collateral or otherwise honor
 its obligations.

&nbsp;&nbsp;&nbsp;&nbsp;● *Smaller Company Risk* – Smaller companies may have limited product lines, markets, or financial resources, lack the competitive strength of larger
 companies, have less experienced managers or depend on a few key employees. The securities of companies with smaller market capitalizations
 often are less widely held and trade less frequently and in lesser quantities, and their market prices often fluctuate more, than
 the securities of companies with larger market capitalizations.

&nbsp;&nbsp;&nbsp;&nbsp;● *Market Disruption and Geopolitical Risk* – Geopolitical and other events (e.g., wars, pandemics, sanctions, terrorism, diplomatic tensions, dramatic
 changes in regulatory and/or foreign policy, cyberattacks, and rapid technological developments such as artificial intelligence)
 often disrupt securities markets and adversely affect the general economy or particular economies and markets. Those events, as well
 as other changes in non-U.S. and U.S. economic and political conditions, could exacerbate other risks or otherwise reduce the value
 of the Fund's investments.

&nbsp;&nbsp;&nbsp;&nbsp;● *Market Risk – Asset-Backed Securities* – The market price of asset-backed securities, like that of other fixed income investments, can
 decline for a variety of reasons, including increases in interest rates. In addition, the market price can decrease due to a reduction
 in or decrease in the reliability of their payment streams. Payment streams associated with asset-backed securities held by the Fund
 depend on many factors (e.g., the cash flow generated by the assets backing the securities, deal structure, and creditworthiness
 of any credit-support provider), and a problem in any of these factors can lead to a reduction in the payment stream GMO expected
 the Fund to receive when the Fund purchased the asset-backed security. The liquidity of asset-backed securities (particularly below
 investment grade asset-backed securities) may change over time. During periods of deteriorating economic conditions, such as recessions,
 or periods of rising unemployment, delinquencies and losses generally increase, sometimes dramatically, for asset-backed securities
 whose underlying assets consist of loans, sales contracts, receivables and other obligations.

&nbsp;&nbsp;&nbsp;&nbsp;● *Focused Investment Risk* – Investments in countries, regions, asset classes, sectors, industries, currencies, or issuers that are subject to the
 same or similar risk factors and investments whose market prices are closely correlated are subject to higher overall risk than investments
 that are more diversified or whose market prices are not as closely correlated.

&nbsp;&nbsp;&nbsp;&nbsp;● *Value Investing Risk* – Issuers whose securities GMO believes are undervalued may not realize their business potential, may never be recognized by
 the market as being undervalued and/or may be appropriately priced notwithstanding GMO's assessment. These and other factors
 may cause the price of value stocks to decline, resulting in losses to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;● *New/Smaller Fund Risk* – A new or smaller fund is subject to the risk that its performance may not represent how the fund is expected to or may perform
 in the long term. In addition, new funds have limited operating histories for investors to evaluate and new and smaller funds may
 not attract sufficient assets to achieve investment and trading efficiencies. There can be no assurance that the Fund will achieve
 an economically viable size, in which case it could ultimately liquidate.

**Performance Information**

Because the Fund had not completed a full calendar year of operations as of the date of this prospectus, performance information for the Fund is not included. Updated performance information is available on the Fund's website at https://www.gmo.com/americas/investment-capabilities/etfs. Of course, the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.

**Investment Adviser**

Grantham, Mayo, Van Otterloo & Co. LLC serves as the investment adviser to the Fund.

Investment Team and Senior Members of GMO jointly and primarily responsible for portfolio management of the Fund:

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| | | |
|:---|:---|:---|
| **Investment Team** | **Senior Member<br> (Length of Service with Fund)** | **Title** |
| Asset Allocation | Ben Inker (since inception in 2025) | Co-Head, Asset Allocation Team, GMO |
| Asset Allocation | John Thorndike (since inception in 2025) | Co-Head, Asset Allocation Team, GMO |

---

*For important information about the purchase and sale of shares of the Fund, taxes, and financial intermediary compensation please turn to "Summary Information About Purchasing and Selling Shares, Taxes, and Financial Intermediary Compensation" on page 40 of the Prospectus.*

**Purchase and Sale of Fund Shares**

The Fund issues shares to, and redeems shares from, certain institutional investors known as "Authorized Participants" (typically market makers or other broker-dealers) only in large blocks of Fund shares known as "Creation Units." Creation Unit transactions are generally conducted in exchange for the deposit or delivery of a portfolio of in-kind securities designated by the Fund, cash or a combination of securities and cash.

Individual Fund shares may only be purchased and sold in the secondary market through a broker or dealer at a market price. Because Fund shares trade at market prices rather than at NAV, Fund shares may trade at a price greater than NAV (premium) or less than NAV (discount). When buying or selling shares in the secondary market, you 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) (the "bid-ask spread"). When available, recent information regarding the Fund's NAV, market price, premiums and discounts, and bid-ask spreads will be available at https://www.gmo.com/americas/investment-capabilities/etfs.

**U.S. Tax Information**

The Fund intends to elect to be treated, and intends to qualify and be treated each year, as a regulated investment company (a "RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code") for U.S. federal income tax purposes and to distribute net investment income and net realized capital gains, if any, to shareholders.

Distributions made by the Fund may be taxable as ordinary income, qualified dividend income (if applicable), or long-term capital gains, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or individual retirement account. In that case, you may be taxed when you take a distribution from such account, depending on the type of account, the circumstances of your distribution, and other factors.

**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), GMO or its affiliates may pay the financial intermediary for the sale of Fund shares and related services. 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. Ask your salesperson or visit your financial intermediary's website for more information.