# EDGAR Filing Document

**Accession Number:** 0002060280
**File Stem:** 0001104659-25-122185
**Filing Date:** 2025-12
**Character Count:** 928804
**Document Hash:** b75e74881001ee44c8de338b429785ef
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-122185.hdr.sgml**: 20251218

**ACCESSION NUMBER**: 0001104659-25-122185

**CONFORMED SUBMISSION TYPE**: N-14

**PUBLIC DOCUMENT COUNT**: 17

**FILED AS OF DATE**: 20251218

**DATE AS OF CHANGE**: 20251217

**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-14
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292218
- **FILM NUMBER:** 251581093

**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
**CENTRAL INDEX KEY**: 0002060280

**CENTRAL INDEX KEY**: 0001120543

**CENTRAL INDEX KEY**: 0002060280

**CENTRAL INDEX KEY**: 0001120543

**CENTRAL INDEX KEY**: 0002060280

**CENTRAL INDEX KEY**: 0001120543

## Series and Classes Contracts Data

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

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

### Baillie Gifford International Concentrated Growth Equities Fund (Series ID: S000059107)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000193786 | Institutional Class | BTLSX           |
| C000193787 | Class K             | BTLKX           |

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

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

### Baillie Gifford Long Term Global Growth Fund (Series ID: S000046079)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000144091 | Class 2             | BGLTX           |
| C000144092 | Class 3             | BGLOX           |
| C000144093 | Class 4             | BGLFX           |
| C000144094 | Class 5             | BGADX           |
| C000186040 | Institutional Class | BSGLX           |
| C000186041 | Class K             | BGLKX           |

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

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

### Baillie Gifford U.S. Equity Growth Fund (Series ID: S000026150)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000186036 | Institutional Class | BGGSX           |
| C000186037 | Class K             | BGGKX           |

**As filed with the Securities and Exchange Commission on December 17, 2025**

**Securities Act File No.** 

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

**Washington, D.C. 20549** 

**FORM N-14** 

**(CHECK APPROPRIATE BOX OR BOXES)**

**REGISTRATION STATEMENT** 

***UNDER***

---

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

---

**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** 

**TITLE OF SECURITIES BEING REGISTERED:**

Shares of Beneficial Interest, $0.00000001 par value, of Baillie Gifford International Concentrated Growth ETF, Baillie Gifford Long Term Global Growth ETF and Baillie Gifford U.S. Equity Growth ETF, each a series of the Registrant.

Approximate date of Proposed Offering: June 1, 2026.

It is proposed that this filing will become effective on February 3, 2026 pursuant to Rule 488.

The Registrant has filed a registration statement to register an indefinite amount of the Registrant's securities under the Securities Act of 1933 pursuant to Rule 24f-2 under the Investment Company Act of 1940. In reliance upon such Rule, no filing fee is paid at this time.

**BAILLIE GIFFORD FUNDS**

Baillie Gifford International Concentrated Growth Equities Fund

Baillie Gifford Long Term Global Growth Fund

Baillie Gifford U.S. Equity Growth Fund

**IMPORTANT SHAREHOLDER INFORMATION**

A Joint Special Meeting of Shareholders (the "Meeting") of each 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 "Target Fund"), each a series of Baillie Gifford Funds (the "BG Funds"), will be held as a virtual meeting on April 28, 2026 and will begin at 9:30 a.m. ET. Shareholders may register for the Meeting at the following web address https://www.viewproxy.com/BaillieGifford2/broadridgevsm/. These materials discuss certain proposals to be voted on at the Meeting and contain a Notice of a Joint Special Meeting of Shareholders, a combined Prospectus/Proxy Statement (the "Prospectus/Proxy Statement"), and proxy cards. A proxy card is, in essence, a ballot. When you complete a proxy card, it tells us how you wish to vote on important issues relating to the applicable Target Fund. If you complete, sign and return a proxy card, we will vote your proxy exactly as you tell us. If you simply sign and return a proxy card without indicating how your shares are to be voted, we'll vote your proxy FOR the relevant proposal, which is in accordance with the recommendation of the Board of Trustees of BG Funds as set forth in the Prospectus/Proxy Statement.

We urge you to review carefully the relevant proposal in the Prospectus/Proxy Statement. Then, fill out the enclosed proxy card(s) and return it to us so that we know how you would like to vote. When shareholders return their proxy cards promptly, additional costs related to additional solicitation or mailings may be avoided.

**PLEASE COMPLETE, SIGN AND RETURN the proxy card(s) you receive. It is important that your vote be received no later than April 27, 2026.** 

We welcome your comments. If you have any questions, call Baillie Gifford Overseas Limited ("BGOL") at: 1-844-394-6127.

---

| |
|:---|
| **TELEPHONE AND ONLINE VOTING** |
| &nbsp;&nbsp;&nbsp;For your convenience, you are able to vote by telephone or online 24 hours a day. Please follow the instructions on the enclosed proxy card(s) to vote by telephone or online. |

---

**BAILLIE GIFFORD FUNDS**<br> Baillie Gifford International Concentrated Growth Equities Fund<br> Baillie Gifford Long Term Global Growth Fund<br> Baillie Gifford U.S. Equity Growth Fund<br>**780 Third Avenue**<br> **43rd Floor**<br> **New York, NY 10017**<br>

**NOTICE OF A JOINT SPECIAL MEETING OF SHAREHOLDERS**

**To be held on April 28, 2026**

Dear Shareholder:

On April 28, 2026, Baillie Gifford International Concentrated Growth Equities Fund, Baillie Gifford Long Term Global Growth Fund and Baillie Gifford U.S. Equity Growth Fund (each a "Target Fund"), each a series of Baillie Gifford Funds ("BG Funds"), a Massachusetts business trust, will hold a Joint Special Meeting of Shareholders (the "Meeting"). The Meeting will be held as a held as a virtual meeting on April 28, 2026 and will begin at 9:30 a.m. ET. Shareholders may register for the Meeting at the following web address https://www.viewproxy.com/BaillieGifford2/broadridgevsm/.

The Meeting will be held to consider, for each Target Fund in which you hold shares, a proposal to approve an Agreement and Plan of Reorganization (the "Plan") pursuant to which each Target Fund will be reorganized with and into the corresponding acquiring fund, as indicated below (each, an "Acquiring Fund") (each, a "Reorganization"), as well as to transact such other business as may properly come before the Meeting. It is proposed that, subject to shareholder approval, each Target Fund, which is currently operated as an open-end mutual fund, will be converted into an exchange-traded fund through a Reorganization with and into the corresponding Acquiring Fund.

---

| | | |
|:---|:---|:---|
| **<u>Proposal</u>** | &nbsp;&nbsp;**<u>Target Fund</u>** | **<u>Acquiring Fund</u>** |
| 1 | &nbsp;&nbsp;Baillie Gifford International Concentrated Growth Equities Fund | Baillie Gifford International Concentrated Growth ETF |
| 2 | &nbsp;&nbsp;Baillie Gifford Long Term Global Growth Fund | Baillie Gifford Long Term Global Growth ETF |
| 3 | &nbsp;&nbsp;Baillie Gifford U.S. Equity Growth Fund | Baillie Gifford U.S. Equity Growth ETF |

---

The Plan, which is by and among BG Funds, on behalf of each Target Fund, Baillie Gifford ETF Trust (the "ETF Trust"), on behalf of each Acquiring Fund, and Baillie Gifford Overseas Limited (solely with respect to Section 9.2 of the Plan), provides for: (i) the acquisition of the assets and assumption of the liabilities of each Target Fund by the corresponding Acquiring Fund in exchange for shares of such Acquiring Fund of equal value to the net assets of the applicable Target Fund being acquired; (ii) the *pro rata* distribution of such shares to the shareholders of the applicable Target Fund, and (iii) the complete liquidation and dissolution of each Target Fund, all upon the terms and conditions set forth in the Plan. The Plan has been

ii

filed with the Securities and Exchange Commission as an exhibit to each Acquiring Fund's Registration Statement on Form N-14 of which the combined Prospectus/Proxy Statement is a part.

The Board of Trustees of BG Funds has unanimously approved each Reorganization and Plan and recommends that shareholders of each Target Fund vote "FOR" the Reorganizations. The Board of Trustees of the ETF Trust has also unanimously approved each Reorganization and Plan. The Prospectus/Proxy Statement, which we strongly encourage you to read before voting, contains further explanation and important details relating to each Reorganization. We ask you to read the enclosed information carefully and to submit your vote promptly.

Only shareholders of record who owned shares at the close of business on February 9, 2026 are entitled to vote their shares at the Meeting or any adjournment or postponement thereof. The Prospectus/Proxy Statement and proxy card(s) will be provided by February 27, 2026 and some shareholders may receive these materials before this date. **It is important that your vote be received no later than April 27, 2026.**

By Order of the Board of Trustees of BG Funds,

<u>/s/Gareth Griffiths</u>

Secretary

Baillie Gifford Funds

iii

**It is important that your shares be represented and voted at the Meeting, whether or not you attend the Meeting. You may authorize your proxy by marking your votes on the enclosed proxy card(s), signing and dating it, and mailing it in the business reply envelope provided. You may also authorize your proxy by telephone or on the Internet by following the instructions on the enclosed proxy card(s). If you attend the Meeting, you may withdraw your proxy and vote at the Meeting.**

---

| |
|:---|
| **IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE JOINT SPECIAL MEETING OF SHAREHOLDERS TO BE HELD ON APRIL 28, 2026** |
| **The Notice of Joint Special Meeting of Shareholders and Prospectus/Proxy Statement**<br> **are available online at www.proxyvote.com** |

---

**If you have any questions regarding the proxy or have questions on how to vote, please call our proxy solicitation partner, Broadridge Financial Solutions, Inc. at 866-689-3715. Representatives are available to take your call Monday through Friday 9:00 a.m. to 10:00 p.m., Eastern time.**

iv

**The information contained in this Combined Prospectus/Proxy Statement 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 Combined Prospectus/Proxy Statement is not an offer to sell these securities, and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

**SUBJECT TO COMPLETION**

**DATED DECEMBER 17, 2025**

**COMBINED PROSPECTUS/PROXY STATEMENT**

**Dated [February ___, 2026]**

***RELATING TO THE ACQUISITION OF THE ASSETS OF***

**Baillie Gifford International Concentrated Growth Equities Fund**

**Baillie Gifford Long Term Global Growth Fund**

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

***BY AND IN EXCHANGE FOR SHARES OF***

**Baillie Gifford International Concentrated Growth ETF**

**Baillie Gifford Long Term Global Growth ETF**

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

This combined Prospectus and Proxy Statement (the "Prospectus/Proxy Statement") is a proxy statement for each Target Fund (as defined below) and a prospectus for each Acquiring Fund (as defined below). The address of each Target Fund and Acquiring Fund is 780 Third Avenue, 43rd Floor, New York, NY 10017. The telephone number for each Target Fund and Acquiring Fund is 1-844-394-6127. This Prospectus/Proxy Statement and the enclosed proxy cards were first mailed to shareholders of each Target Fund by February 27, 2026. This Prospectus/Proxy Statement contains information you should know before voting on the following proposals with respect to your Target Fund, as indicated below. You should read this document carefully and retain it for future reference.

---

| | | |
|:---|:---|:---|
| **Proposal** | **Proposal** | &nbsp;&nbsp;**To be voted on<br> by shareholders<br> of:** |
| 1 | To approve an Agreement and Plan of Reorganization by and among Baillie Gifford Funds ("BG Funds"), on behalf of Baillie Gifford International Concentrated Growth Equities Fund ("International Concentrated Growth Equities Fund" or, in context, the "Target Fund"), Baillie Gifford ETF Trust (the "ETF Trust"), on behalf of Baillie Gifford International Concentrated Growth ETF ("International Concentrated Growth ETF" or an "Acquiring Fund"), and Baillie Gifford Overseas Limited, that provides for: (i) the acquisition of the assets and assumption of the liabilities of the Target Fund by the Acquiring Fund in exchange for shares of the Acquiring Fund of equal value to the net assets of the Target Fund being acquired, (ii) the pro rata distribution of such shares to the shareholders of the Target Fund, and (iii) the complete liquidation of the Target Fund, all upon the terms and conditions set forth in the Plan (a "Reorganization" or the "International Concentrated Growth Reorganization"). | &nbsp;&nbsp;Baillie Gifford International Concentrated Growth Equities Fund |

---

v

---

| | | |
|:---|:---|:---|
| **Proposal** | **Proposal** | &nbsp;&nbsp;**To be voted on<br> by shareholders<br> of:** |
| 2 | To approve an Agreement and Plan of Reorganization by and among Baillie Gifford Funds ("BG Funds"), on behalf of Baillie Gifford Long Term Global Growth Fund ("Long Term Global Growth Fund" or, in context, the "Target Fund"), Baillie Gifford ETF Trust (the "ETF Trust"), on behalf of Baillie Gifford Long Term Global Growth ETF ("Long Term Global Growth ETF" or an "Acquiring Fund"), and Baillie Gifford Overseas Limited, that provides for: (i) the acquisition of the assets and assumption of the liabilities of the Target Fund by the Acquiring Fund in exchange for shares of the Acquiring Fund of equal value to the net assets of the Target Fund being acquired, (ii) the pro rata distribution of such shares to the shareholders of the Target Fund, and (iii) the complete liquidation of the Target Fund, all upon the terms and conditions set forth in the Plan (a "Reorganization" or the "Long Term Global Growth Reorganization"). | &nbsp;&nbsp;Baillie Gifford Long Term Global Growth Fund |
| 3 | To approve an Agreement and Plan of Reorganization by and among Baillie Gifford Funds ("BG Funds"), on behalf of Baillie Gifford U.S. Equity Growth Fund ("U.S. Equity Growth Fund" or, in context, the "Target Fund"), Baillie Gifford ETF Trust (the "ETF Trust"), on behalf of Baillie Gifford U.S. Equity Growth ETF ("U.S. Equity Growth ETF" or an "Acquiring Fund"), and Baillie Gifford Overseas Limited, that provides for: (i) the acquisition of the assets and assumption of the liabilities of the Target Fund by the Acquiring Fund in exchange for shares of the Acquiring Fund of equal value to the net assets of the Target Fund being acquired, (ii) the pro rata distribution of such shares to the shareholders of the Target Fund, and (iii) the complete liquidation of the Target Fund, all upon the terms and conditions set forth in the Plan (a "Reorganization" or the "U.S. Equity Growth Reorganization"). | &nbsp;&nbsp;Baillie Gifford U.S. Equity Growth Fund |

---

The terms and conditions of each Reorganization are further described in this Prospectus/Proxy Statement and are set forth in the form of Agreement and Plan of Reorganization (the "Plan").

Each proposal will be considered by shareholders who owned shares of the applicable Target Fund on February 9, 2026 at a Joint Special Meeting of Shareholders (the "Meeting") that will be held on April 28, 2026. The Meeting will be held as a virtual meeting and will begin at 9:30 a.m. ET. Shareholders may register for the Meeting at the following web address https://www.viewproxy.com/BaillieGifford2/broadridgevsm/.

The Board of Trustees of BG Funds (the "Target Fund Board") has fixed the close of business on February 9, 2026, as the record date (the "Record Date") for the determination of Target Fund shareholders entitled to notice of, and to vote at, the Meeting.

**The Target Fund Board unanimously recommends that you vote in favor of (i.e., FOR) the Reorganization of your Target Fund.**

The Target Fund Board is soliciting these proxies on behalf of the Target Funds. With respect to each Target Fund, the Target Fund Board unanimously approved the proposed Reorganization and Plan and determined that participation by each Target Fund in the applicable Reorganization is in the best interests of each Target Fund and that the interests of existing Target Fund shareholders would not be diluted as a result of the Reorganizations. With respect to each Acquiring Fund, the Board of Trustees of the ETF Trust (the "Acquiring Fund Board") also approved the proposed Reorganization and Plan and determined that participation by each Acquiring Fund in the applicable Reorganization is in the best interests of each Acquiring Fund and that the interests of existing Acquiring Fund shareholders, if any, would not be diluted as a result of the Reorganizations.

vi

Each Target Fund and each Acquiring Fund is a series of a registered, open-end management investment company, although each Target Fund is an open-end mutual fund while each Acquiring Fund will operate as an exchange-traded fund ("ETF"). Each Acquiring Fund is a newly organized series of the ETF Trust and currently has no assets or liabilities. Each Acquiring Fund was created specifically in connection with the applicable Reorganization for the purpose of acquiring the assets and assuming the liabilities of the corresponding Target Fund and will not commence operations until the closing date of the Reorganization. Each Target Fund will be the accounting and performance survivor in its respective Reorganization (subject to shareholder approval of such Reorganization), and each Acquiring Fund, as the corporate survivor in the Reorganization, will adopt the accounting and performance history of the corresponding Target Fund. Each Acquiring Fund also will be treated as the successor to the corresponding Target Fund for U.S. federal income tax purposes.

In order to receive shares of an Acquiring Fund as part of a Reorganization, you must hold your Target Fund shares in a brokerage account that can receive and hold shares of an ETF. If you do not currently have such an account, you will need to open one by May 18, 2026. If Target Fund shareholders do not hold their shares of a Target Fund through a brokerage account that can receive and hold shares of an ETF by that date, their position will be liquidated on or about May 19, 2026 and they will receive a cash distribution equal in value to the net asset value of their Target Fund shares less any fees and expenses their intermediary may charge. This Prospectus/Proxy Statement includes additional information on the actions that Target Fund shareholders that do not currently hold their Target Fund shares through a brokerage account that can receive and hold shares of an ETF must take in order to transact in shares of an Acquiring Fund as part of a Reorganization.

This Prospectus/Proxy Statement includes information about the Plan and each Acquiring Fund that you should know before voting on the Plan, which, if approved by Target Fund shareholders, would result in your investing in the relevant Acquiring Fund. You should retain this Prospectus/Proxy Statement for future reference. Additional information about the Target Funds, the Acquiring Funds and the proposed transaction has been filed with the U.S. Securities and Exchange Commission ("SEC") and can be found in the following documents, which are incorporated into this Prospectus/Proxy Statement by reference:

[The prospectus of Baillie Gifford Funds](https://www.sec.gov/ix?doc=/Archives/edgar/data/1120543/000110465925041801/tm253181d1_485bpos.htm) on behalf of the Target Funds, dated April 30, 2025, as supplemented and amended to date (File No. 811-10145; SEC Accession No. 0001104659-25-041801);

[The statement of additional information of Baillie Gifford Funds](https://www.sec.gov/ix?doc=/Archives/edgar/data/1120543/000110465925041801/tm253181d1_485bpos.htm) on behalf of the Target Funds, dated April 30, 2025, as supplemented and amended to date (File No. 811-10145; SEC Accession No. 0001104659-25-041801);

The prospectus of Baillie Gifford ETF Trust on behalf of the Acquiring Funds, dated [ ] (File No. 333-290830; SEC Accession No. [ ]);

The statement of additional information of Baillie Gifford ETF Trust on behalf of the Acquiring Funds, dated [ ] (File No. 333-290830; SEC Accession No. [ ]);

[Semi-Annual Report](https://www.sec.gov/ix?doc=/Archives/edgar/data/1120543/000110465925086815/tm2510131d1_ncsrs.htm) to shareholders of the Target Funds for the fiscal period ending June 30, 2025 (File No. 811-10145; SEC Accession No. 0001104659-25-086815);

[Annual Report](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001120543/000110465925020192/tm251686d1_ncsr.htm) to shareholders of the Target Funds for the fiscal year ending December 31, 2024 (File No. 811-10145; SEC Accession No. 0001104659-25-020192); and

A statement of additional information dated [ ], relating to this Prospectus/Proxy Statement.

You may request a free copy of the statement of additional information relating to this Prospectus/Proxy Statement or a Target Fund's Prospectus without charge by calling Baillie Gifford Overseas Limited ("BGOL") at 1-844-394-6127 or by writing to BGOL, 780 Third Avenue, 43rd Floor, New York, NY 10017.

**THE U.S. SECURITIES AND EXCHANGE COMMISSION HAS NOT APPROVED OR DISAPPROVED THESE SECURITIES OR PASSED UPON THE ADEQUACY OR ACCURACY OF THIS PROSPECTUS/PROXY STATEMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.**

vii

**TABLE OF CONTENTS**

**<u>Page</u>**

---

| | |
|:---|:---|
| **[SUMMARY](#aaa_001)** | **[1](#aaa_001)** |
| **[Why am I receiving a combined Prospectus/Proxy Statement?](#aaa_002)** | **[1](#aaa_002)** |
| **[What are some features of ETFs that differ from mutual funds?](#aaa_003)** | **[1](#aaa_003)** |
| **[What is the Target Fund Board's recommendation regarding the Reorganizations?](#aaa_004)** | **[2](#aaa_004)** |
| **[What will happen if shareholders approve the Reorganizations?](#aaa_005)** | **[3](#aaa_005)** |
| **[How will the Reorganizations affect me as a shareholder?](#aaa_006)** | **[3](#aaa_006)** |
| **[Will the Reorganizations affect the way my investments are managed?](#aaa_007)** | **[4](#aaa_007)** |
| **[Are there any differences in risks between the Target Funds and the Acquiring Funds?](#aaa_008)** | **[4](#aaa_008)** |
| **[How will the total expenses of the Acquiring Funds compare to the total expenses of the Target Funds?](#aaa_009)** | **[5](#aaa_009)** |
| **[Who will pay the costs in connection with the Reorganizations?](#aaa_010)** | **[5](#aaa_010)** |
| **[What are the U.S. federal income tax consequences of the Reorganizations?](#aaa_011)** | **[6](#aaa_011)** |
| **[What is the anticipated timing of the Reorganizations?](#aaa_012)** | **[6](#aaa_012)** |
| **[Is the approval or closing of a Reorganization conditioned on the approval or closing of any other Reorganization?](#aaa_013)** | **[7](#aaa_013)** |
| **[What happens if a Reorganization is not approved?](#aaa_014)** | **[7](#aaa_014)** |
| **[What do I need to do to prepare for the Reorganizations?](#aaa_015)** | **[7](#aaa_015)** |
| **[What will happen if I don't have a brokerage account that can receive and hold ETF shares?](#aaa_016)** | **[8](#aaa_016)** |
| **[Are there other circumstances where a Target Fund shareholder will not be able to receive and hold ETF shares?](#aaa_017)** | **[8](#aaa_017)** |
| **[What if a Reorganization is approved by shareholders and I don't want to hold ETF shares?](#aaa_018)** | **[8](#aaa_018)** |
| **[How will shareholder voting be handled?](#aaa_019)** | **[9](#aaa_019)** |
| **[Why am I receiving two proxy cards?](#aaa_020)** | **[10](#aaa_020)** |
| **[Whom do I contact for further information?](#aaa_021)** | **[10](#aaa_021)** |

---

viii

**SUMMARY**

This is only a summary of certain information contained in this Prospectus/Proxy Statement. You should read the more complete information in the rest of this Prospectus/Proxy Statement, including your Acquiring Fund's Prospectus (enclosed) and the Plan (which has been filed as an exhibit to each Acquiring Fund's Registration Statement on Form N-14 of which this Prospectus/Proxy Statement is a part).

***Why am I receiving a combined Prospectus/Proxy Statement?***

You are receiving a combined Prospectus/Proxy Statement because you own shares of a Target Fund. It is proposed that, subject to shareholder approval, each Target Fund, which is currently operated as an open-end mutual fund, will be converted into an ETF through a Reorganization with and into the corresponding Acquiring Fund. Each Acquiring Fund is a newly organized series of the ETF Trust and currently has no assets or liabilities. Each Acquiring Fund was created specifically in connection with the applicable Reorganization for the purpose of acquiring the assets and assuming the liabilities of the corresponding Target Fund and will not commence operations until the closing date of the Reorganization.

Subject to shareholder approval, each Reorganization will be accomplished in accordance with the Plan between BG Funds, on behalf of the relevant Target Fund, the ETF Trust, on behalf of the relevant Acquiring Fund, and BGOL (solely with respect to Section 9.2 of the Plan). Among other things, the Plan provides for: (1) the acquisition of the assets and the assumption of the liabilities of each Target Fund by the applicable Acquiring Fund in exchange for shares of that Acquiring Fund of equal value to the net assets of the Target Fund being acquired ("Acquiring Fund Shares"); (2) the *pro rata* distribution of such Acquiring Fund Shares to the shareholders of the applicable Target Fund; and (3) the complete liquidation of each Target Fund, all upon the terms and conditions set forth in the Plan.

As a shareholder of a Target Fund, you are entitled to one vote for each share of the Target Fund that you hold on the record date. Information about how you can vote on the Reorganization of your Target Fund is contained in the accompanying materials. Your vote is very important, regardless of the number of Target Fund shares that you hold.

***Why are proposals not involving my fund included in the Prospectus/Proxy Statement?***

To reduce costs, the proposals relating to the Target Funds have been combined into one Prospectus/Proxy Statement. Accordingly, not all proposals may be applicable to each shareholder.

***What are some features of ETFs that differ from mutual funds?***

The following are some unique features of ETFs that differ from mutual funds:

*<u>Sales of ETF Shares on an Exchange throughout the Day</u>.* ETFs provide shareholders with the opportunity to purchase and sell shares throughout the day at market-determined prices, instead of being required to wait to make a purchase or a redemption at the next calculated net asset value ("NAV") per share at the end of the trading day. This means that when a shareholder decides to purchase or sell shares of the ETF, the shareholder can act on that decision immediately by contacting the shareholder's broker to execute the trade. The market price of the ETF may be higher or lower than the then-current pro rata value of the ETF's net assets and may be higher or lower than the ETF's next calculated NAV at the close of the trading day.

*<u>Sales only through a Broker</u>.* While shares of mutual funds, like the Target Funds, may be directly purchased or redeemed from the fund at NAV, individual shares of ETFs, like the Acquiring Funds, may only be purchased and sold on a stock exchange through a broker at market prices. Shares of an Acquiring Fund generally may be

purchased or redeemed directly from the Acquiring Fund only in large blocks of shares ("Creation Units"), and only an authorized participant ("Authorized Participant") may engage in purchase or redemption transactions directly with the Acquiring Fund. Once created, shares of an Acquiring Fund may be purchased and sold through a broker at market prices. When buying and selling shares through a financial intermediary, a shareholder may incur brokerage or other charges determined by the financial intermediary, although ETFs trade with no transaction fees (NTF) on many platforms. In addition, a shareholder of an ETF, such as each Acquiring Fund, may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying or selling shares in the secondary market (the "bid-ask spread"). Because ETF shares trade at market prices rather than at NAV, shares of an ETF may trade at a price less than (discount) or greater than (premium) the then-current pro rata value of an Acquiring Fund's net assets. The trading prices of an ETF's shares in the secondary market will fluctuate continuously throughout trading hours based on the supply and demand for the ETF's shares and shares of the underlying securities held by the ETF, economic conditions and other factors.

*<u>Tax Efficiency</u>.* In a mutual fund, when portfolio securities are sold, including in order to rebalance holdings or to raise cash for redemptions, the sale can create capital gains that impact all taxable shareholders of the mutual fund. In contrast, many ETFs create and redeem their shares in kind. ETFs typically do not recognize capital gain on in-kind distributions in redemption of their shares, which enables them to distribute appreciated securities to redeeming shareholders without recognizing gain on those securities. ETFs are also able to rebalance holdings through in-kind redemptions and therefore can avoid portfolio securities sales. Thus, an ETF's in-kind redemptions generally do not result in taxable distributions for its non-redeeming shareholders and often non-redeeming ETF shareholders in an ETF that creates and redeems its shares in kind only recognize capital gains with respect to their ETF shares when they sell their ETF shares. The Acquiring Funds will issue and redeem shares at NAV only with Authorized Participants and only in Creation Units. Creation Units may be issued and redeemed in-kind for securities or in cash, or a combination of both.

*<u>Transparency</u>*. Currently, each Target Fund only provides periodic disclosure of its complete portfolio holdings, generally quarterly on a lag. Each Acquiring Fund will be an actively-managed transparent ETF that operates with full transparency for its portfolio holdings. Following the Reorganizations, the Acquiring Funds, like other transparent ETFs, will make their portfolio holdings public each business day. This holdings information, along with other information about the Acquiring Funds, will be available on the Acquiring Funds' website at www.bailliegifford.com/ETFs.

*<u>Single Share Class</u>*. The Target Funds offer multiple share classes with different expense structures and eligibility criteria. The Acquiring Funds do not currently offer multiple classes of shares.

***In addition, the Acquiring Funds are subject to certain risks unique to operating as ETFs. For more information,*** see "Are there any differences in risks between the Target Funds and the Acquiring Funds?" ***below.***

***What is the Target Fund Board's recommendation regarding the Reorganizations?***

The Target Fund Board, on behalf of each Target Fund, unanimously recommends that you vote <u>FOR</u> the Reorganization of your Target Fund. The Target Fund Board, on behalf of each Target Fund, considered the proposal to reorganize each Target Fund with and into the corresponding Acquiring Fund at meetings held on June 16 & 18-19, 2025, October 1-2, 2025 and December 8-9, 2025, and at the December 8-9, 2025 meeting, unanimously approved each Reorganization and related Plan and voted to recommend that shareholders of each Target Fund vote to approve the applicable Reorganization and related Plan. The Target Fund Board, including the Trustees who are not "interested persons," as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), of BG Funds, determined that participation by each Target Fund in the applicable Reorganization is in the best interests of each Target Fund and that the interests of existing shareholders of each Target Fund would not be diluted as a result of the applicable Reorganization.

The Acquiring Fund Board, on behalf of each Acquiring Fund, also considered the proposal to reorganize each Target Fund with and into the corresponding Acquiring Fund at meetings held on October 1-2, 2025 and December 8-9, 2025, and at the December 8-9, 2025 meeting, unanimously approved each Reorganization and related Plan. The Acquiring Fund Board, including the Trustees who are not "interested persons," as defined in the 1940 Act, of the ETF Trust, determined that participation by each Acquiring Fund in the applicable Reorganization is in the best interests of each Acquiring Fund and that the interests of existing shareholders of each Acquiring Fund, if any, would not be diluted as a result of the applicable Reorganization.

See the "BACKGROUND AND BOARD'S CONSIDERATIONS RELATING TO THE REORGANIZATIONS" section of this Prospectus/Proxy Statement for more information.

***What will happen if shareholders approve the Reorganizations?***

If a Target Fund's shareholders vote to approve the Reorganization and the closing conditions of the applicable Reorganization under the Plan are satisfied or waived, then shareholders of that Target Fund will become shareholders of the corresponding Acquiring Fund on or about June 1, 2026 and will no longer be shareholders of the Target Fund. Shareholders of the Target Fund will receive shares of the corresponding Acquiring Fund with an equivalent aggregate NAV of the Acquiring Fund. The consummation of each Reorganization is not contingent upon approval of any other Reorganization.

In particular, the Plan provides that (1) the assets of each Target Fund will be acquired by the corresponding Acquiring Fund and the liabilities of each Target Fund will be assumed by the corresponding Acquiring Fund in exchange for Acquiring Fund Shares of equal value to the net assets of the Target Fund being acquired; and (2) the Acquiring Fund Shares received by the applicable Target Fund in the exchange will then be distributed *pro rata* to shareholders of that Target Fund. The Plan also provides that the share classes of each Target Fund will be consolidated prior to the Reorganization, such that each share class, other than Class K, of the applicable Target Fund will be converted into Class K shares with the same aggregate NAV prior to the Reorganization. After the Acquiring Fund Shares are distributed to the applicable Target Fund's shareholders, that Target Fund will be completely liquidated. In addition, the Plan provides that, prior to the Reorganizations, Baillie Gifford International Concentrated Growth Equities Fund will effect a 1-for-3 reverse stock split, or a reverse stock split at such other ratio as the officers of BG Funds may determine, so that the value of each share of the Target Fund immediately prior to the Reorganizations will correspond to approximately the initial per-share NAV of Baillie Gifford International Concentrated Growth ETF shares to be issued. The officers of BG Funds may also determine to carry out a reverse stock split for Baillie Gifford Long Term Global Growth Fund or Baillie Gifford U.S. Equity Growth Fund if the officers determine a reverse stock split is in the best interest of such Target Fund. Following such conversion but prior to the closing of the Reorganizations, each Target Fund shall redeem all fractional shares of the Target Fund outstanding on the records of the Target Fund's transfer agent.

***How will the Reorganizations affect me as a shareholder?***

If a Reorganization is completed with respect to your Target Fund, you will cease to be a shareholder of that Target Fund and will become a shareholder of the corresponding Acquiring Fund. Upon completion of a Reorganization, Target Fund shareholders will own shares of the corresponding Acquiring Fund having an aggregate NAV equal to the aggregate NAV of the shares of such Target Fund that were owned when the Reorganizations happened. Shares of an Acquiring Fund will be transferred to a shareholder's brokerage account. In order to receive shares of an Acquiring Fund as part of the Reorganizations you must hold your Target Fund shares through a brokerage account that can receive and hold shares of an ETF. If you do not currently have such an account, you will need to open one by May 18, 2026. If you do not hold your shares of a Target Fund through a brokerage account that can receive and hold shares of an ETF by that date, your shares will be liquidated on or about May 19, 2026 and you will receive a cash distribution equal in value to the NAV of your Target Fund shares less any fees and expenses your intermediary may charge. For more

information about the brokerage account needed to receive and hold shares of an Acquiring Fund, see "***What do I need to do to prepare for the Reorganizations?***" below. Shares of an Acquiring Fund are not issued in fractional shares. As a result, the applicable Target Fund will redeem any fractional shares held by shareholders at NAV immediately prior to the Reorganizations. Such redemption will result in a cash payment, which will be a taxable sale of shares for shareholders who hold fractional shares in a taxable account. Shareholders should consult their tax advisors to determine the effect of the redemption of fractional shares.

After the Reorganizations, individual shares of each Acquiring Fund may only be purchased and sold on The Nasdaq Stock Market LLC (the "Exchange"), other national securities exchanges, electronic crossing networks and other alternative trading systems. Should a former Target Fund shareholder decide to purchase or sell shares in an Acquiring Fund after a Reorganization, the shareholder will need to place a trade through a broker who will execute the trade on an exchange at prevailing market prices. Because Acquiring Fund Shares trade at market prices rather than at NAV, Acquiring Fund Shares may trade at a price less than (discount) or greater than (premium) the then-current pro rata value of an Acquiring Fund's net assets. As with all ETFs, your broker may charge a commission for purchase and sale transactions, although ETFs trade with no transaction fees (NTF) on many platforms. In addition, it is the ETF Trust's understanding that the brokerage account statements that Acquiring Fund shareholders will receive from financial intermediaries following the Reorganizations will provide information on the market price of the applicable Acquiring Fund's shares and not the NAV per share of such Acquiring Fund as would be the case for a mutual fund.

***Will the Reorganizations affect the way my investments are managed?***

Generally, no. Each other Acquiring Fund will be managed using the same investment objective and substantially similar principal investment strategies currently used by the corresponding Target Fund.

BGOL is the investment adviser for each Target Fund and each Acquiring Fund. The same individuals responsible for the day-to-day portfolio management of each Target Fund as of the date of the combined Prospectus/Proxy Statement will be responsible for the day-to-day portfolio management of the corresponding Acquiring Fund, except that for Baillie Gifford International Concentrated Growth Equities Fund, Spencer Adair will retire as a portfolio manager of the Fund on March 31, 2026 and Kirsty Gibson will become a portfolio manager of the Fund on April 1, 2026. Due to the Acquiring Funds' operation as ETFs, there are expected to be differences in the frequency of portfolio rebalancing and, in some cases, the instruments the portfolio management team uses to achieve exposure to specific issuers. These differences are described in greater detail below.

For a more complete discussion, see the sections of the proposal relating to your Reorganization titled: "COMPARISON OF IMPORTANT FEATURES OF THE FUNDS ‒ *Are there any significant differences between the investment objectives, policies and strategies of the Funds?"* and *"How do the principal investment risks of the Funds compare?"* and *"*COMPARISON OF INVESTMENT OBJECTIVES, STRATEGIES, POLICIES AND RISKS *– How do the investment objectives, strategies, policies and risks of the Funds compare?"* and *"What are the principal investment risks associated with investments in the Funds?"*

***Are there any differences in risks between the Target Funds and the Acquiring Funds?***

Many of the risks associated with owning shares of each Acquiring Fund are similar to the risks associated with owning shares of the corresponding Target Fund. However, there are certain differences in these risks, including the risks associated with each Acquiring Fund's operation as an ETF and the frequency of portfolio rebalancing.

For a more complete discussion of the risks of each Target Fund and the corresponding Acquiring Fund, see the sections of the proposal relating to your Reorganization titled: *"*COMPARISONS OF

INVESTMENT OBJECTIVES, STRATEGIES, POLICIES AND RISKS *– How do the investment objectives, strategies, policies and risks of the Funds compare?"* and *"What are the principal investment risks associated with investments in the Funds?"* The risks of each Acquiring Fund are presented in Exhibit A.

***How will the total expenses of the Acquiring Funds compare to the total expenses of the Target Funds?***

The Acquiring Funds each employ a unitary fee structure pursuant to which each Acquiring Fund pays BGOL a unitary management fee and BGOL bears substantially all operating expenses of the Acquiring Fund, subject to certain exceptions. Following the Reorganizations, the total (net) expense ratio of each Acquiring Fund is expected to be equal to the total (net) expense ratio of Class K shares of the corresponding Target Fund (in each case, calculated as of the year ended December 31, 2024), notwithstanding that the contractual management fee rate for each Acquiring Fund is higher than the contractual unitary advisory fee rate of the corresponding Target Fund (because BGOL is responsible for paying substantially all operating expenses of the Acquiring Funds under the unitary management fee structure, while the Target Funds bear their own operating expenses). The total (net) expense ratio of Baillie Gifford Long Term Global Growth ETF is expected to be higher than the total (net) expense ratios of Classes 3, 4 and 5 of Baillie Gifford Long Term Global Growth Equity Fund.

Comparisons in this Proxy Statement/Prospectus of an Acquiring Fund's total annual fund operating expenses to those of its corresponding Target Fund are based on the expenses of each Target Fund as of a point in time (December 31, 2024). "Other Expenses" of each Target Fund will, however, fluctuate based on, among other factors, the net assets of each Target Fund. It is possible that, as of the Closing Date (as defined below), the expected total annual fund operating expenses of an Acquiring Fund may be higher than those of Class K shares of the corresponding Target Fund, due, for example, to increases in the net assets of the Target Fund between December 31, 2024 and the Closing Date.

For a more detailed comparison of the Funds' fees and expenses, see the sections of the proposal relating to your Reorganization titled "COMPARISON OF IMPORTANT FEATURES OF THE FUNDS ‒ *What are the Funds' investment management fee rates?*" and "*What are the fees and expenses of each Fund and what might they be after the Reorganization?*"

***Who will pay the costs in connection with the Reorganizations?***

BGOL and/or its affiliates will bear all ordinary direct expenses incurred in connection with the Reorganizations, including legal, audit-related, accounting and tax services; certain taxes incurred by the Target Funds or Acquiring Funds (as described below); brokerage and other transaction costs; and any costs directly associated with preparing, filing, printing, and distributing to Target Fund shareholders all materials relating to the Prospectus/Proxy Statement. Certain costs associated with portfolio trading activity in advance of the Reorganizations will be borne by the Funds, as described further below.

Approximately 7.87% of Baillie Gifford International Concentrated Growth Equities Fund's portfolio and 7.05% of Baillie Gifford Long Term Global Growth Fund's portfolio are expected to be sold prior to completion of the Reorganizations as a result of each such Target Fund's holdings of non-transferable assets. Baillie Gifford U.S. Equity Growth holds no non-transferable assets. Such portfolio trading activity may result in the Target Fund realizing capital gains. Based on market values and net assets as of August 31, 2025, realized capital gains as a result of portfolio trading in advance of the Reorganizations for the reasons described above are estimated as follows for each Target Fund: $2,049,997 (1.93% of net assets) for Baillie Gifford International Concentrated Growth Equities Fund and $8,743,987 (0.84% of net assets) for Baillie Gifford Long Term Global Growth Fund. These gains may either be distributable to the remaining shareholders of the applicable Target Fund, with the distribution of

the gains taking place before the Reorganizations or distributable to the shareholders of the corresponding Acquiring Fund, with the distribution of the gains taking place following the Reorganizations and will be taxable to shareholders who hold their shares in a taxable account. Note that this portfolio trading activity is distinct from the Reorganizations, which are expected to qualify as tax-free reorganizations for U.S. federal income tax purposes. Portfolio trading activity in connection with Target Fund selling and Acquiring Fund purchase of non-transferrable assets will result in brokerage and other transaction costs, including trading taxes for the Target Funds and Acquiring Funds, which will be covered by BGOL and/or its affiliates pursuant to the terms of the Plan for the applicable Reorganization.

Additional realized capital gains may result from portfolio trading activity undertaken to meet shareholder redemptions from each Target Fund in advance of the Reorganizations. The size of such redemptions are unknown and capital gains that might be realized as a result of such redemptions are not included in the estimates above. These gains may either be distributable to the remaining shareholders of the applicable Target Fund, with the distribution of the gains taking place before the Reorganizations, or distributable to the shareholders of the corresponding Acquiring Fund, with the distribution of the gains taking place following the Reorganizations, and will be taxable to shareholders who hold their shares in a taxable account. BGOL and/or its affiliates will not bear the brokerage and other transaction costs of any portfolio trading activity undertaken for the purposes of meeting redemptions in advance of the Reorganizations.

For Baillie Gifford Long Term Global Growth Fund, as discussed on page 8 below, shareholders who meet certain requirements may be eligible to transition their investment in Baillie Gifford Long Term Global Growth Fund to a privately placed mutual fund, Baillie Gifford Institutional Long Term Global Growth Fund, a series of Baillie Gifford Institutional Trust (the "BGIT Transition"). Although any shareholder transitions to Baillie Gifford Institutional Long Term Global Growth Fund are expected to be effected primarily on an in-kind basis, in order to facilitate the BGIT Transition, Baillie Gifford Long Term Global Growth Fund expects to engage in some portfolio trading activity as a result of Baillie Gifford Long Term Global Growth Fund's holdings of non-transferable assets. Such portfolio trading activity may result in Baillie Gifford Long Term Global Growth Fund realizing capital gains. These gains may either be distributable to the remaining shareholders of Baillie Gifford Long Term Global Growth Fund, with the distribution of the gains taking place before the BGIT Transition or Reorganization, or distributable to the shareholders of the corresponding Acquiring Fund, with the distribution of the gains taking place following the Reorganization, and will be taxable to shareholders who hold their shares in a taxable account. This portfolio trading activity will result in brokerage and other transaction costs, including trading taxes for Baillie Gifford Long Term Global Growth Fund, which will be covered by BGOL and/or its affiliates. BGOL and/or its affiliates will not bear the costs of any portfolio trading undertaken for the purposes of meeting redemptions in advance of the BGIT Transition.

***What are the federal income tax consequences of the Reorganizations?***

Each Reorganization is expected to constitute a tax-free "reorganization" within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended (the "Code"), for federal income tax purposes and generally is not expected to result in recognition of gain or loss by the applicable Target Fund or its shareholders. However, immediately prior to each Reorganization, most shareholders will receive cash compensation for fractional shares of the applicable Target Fund that they hold. Such shareholders will generally be required to recognize gain or loss upon the receipt of cash for their fractional shares.

As a condition of the closing of each Reorganization, BG Funds and the ETF Trust shall receive an opinion of counsel regarding the federal income tax consequences of the applicable Reorganization(s). Shareholders should consult their tax advisers about tax consequences of each Reorganization, including federal, state and local and foreign tax consequences, as applicable, because the information about tax consequences in this Prospectus/Proxy Statement relates only to the federal income tax consequences of each Reorganization and is only a general summary. For more information, please see the section "U.S. FEDERAL INCOME TAX CONSEQUENCES OF THE REORGANIZATION."

***What is the anticipated timing of the Reorganizations?***

The Meeting is scheduled to occur on April 28, 2026. If the necessary approvals are obtained and all other closing conditions of the Reorganizations under the Plan are satisfied or waived, the Reorganizations are currently expected to be completed on or about June 1, 2026.

***Is the approval or closing of a Reorganization conditioned on the approval or closing of any other Reorganization?***

No. Shareholders of each Target Fund will vote separately on the proposed Reorganization of their respective Target Fund, and a Reorganization will be effected as to a particular Target Fund only if that Target Fund's shareholders approve the Reorganization and certain closing conditions are satisfied or waived. The consummation of each Reorganization is not contingent upon approval of any other Reorganization.

***What happens if a Reorganization is not approved?***

A Reorganization will not be consummated unless it is approved by shareholders of the applicable Target Fund. If a Reorganization is not approved by a Target Fund's shareholders or does not close for any reason, such shareholders will remain shareholders of the applicable Target Fund, and such Target Fund will continue to operate. The Target Fund Board then will consider such other actions, based on evaluations and recommendations from BGOL, as it deems necessary or appropriate for such Target Fund.

***What do I need to do to prepare for the Reorganizations?***

It is important for you to determine whether you hold your shares of a Target Fund in the type of account that can hold the ETF shares that will be received in the applicable Reorganization. If you hold your shares of a Target Fund in an account directly with such Target Fund at the Target Fund's transfer agent or in a brokerage account with a financial intermediary that only allows you to hold mutual fund shares, you will need to set up a brokerage account that allows investment in ETF shares if the applicable Reorganization is approved and you wish to transact in shares of the Acquiring Fund.

<u>Transferring Target Fund Shares to an Already Existing Brokerage Account</u>. Transferring your shares from a Target Fund's transfer agent to a brokerage account should be a simple process. If you have a brokerage account or a relationship with a brokerage firm, please talk to the broker and inform the broker that you would like to transfer a mutual fund position that you hold directly with the applicable Target Fund into your brokerage account. Also inform your broker that such an account will need to be set up to receive and hold ETF shares. If you do not have a brokerage account or a relationship with a brokerage firm, you will need to open an account if the applicable Reorganization is approved and you wish to transact in shares of the Acquiring Fund.

You should provide your broker with a copy of the quarterly statement from the applicable Target Fund. The broker will require your account number with the Target Fund, which can be found on your statement. The broker will help you complete a form to initiate the transfer. Once you sign that form, the broker will submit the form to the transfer agent directly, and the Target Fund shares will be transferred into your brokerage account.

<u>Transferring Target Fund Shares from a Non-Accommodating Brokerage Account to a Brokerage Account that Can Receive and Hold ETF Shares</u>. The broker where you hold Target Fund shares should be able to assist you in changing the characteristics of your brokerage account to an account that is permitted to invest in ETF shares. Contact your broker right away to make the necessary changes to your account.

You can contact your financial advisor or other financial intermediary for further information. You also may contact BGOL at 1-844-394-6127.

***What will happen if I don't have a brokerage account that can receive and hold ETF shares?***

If you hold your Target Fund shares in an account that only allows you to hold shares of mutual funds in the account, you will need to contact your broker or financial intermediary to transfer your shares to an existing or new brokerage account that permits investment in ETF shares. This transfer will need to be completed by May 18, 2026. If you do nothing, you will not receive shares of the Acquiring Fund, your position will be liquidated on or about May 19, 2026 and you will receive a cash distribution equal in value to the NAV of your Target Fund shares less any fees and expenses your intermediary may charge. This event will be a taxable event for shareholders who hold their shares in a taxable account. To participate in the Reorganization and avoid potential tax consequences from liquidation of your investment, please contact your broker or financial intermediary to transfer your shares to an existing or new brokerage account that permits investment in ETF shares. If you think you don't have a brokerage account that can receive and hold the Acquiring Fund Shares you receive in the applicable Reorganization, you may contact BGOL by calling 1-844-394-6127.

***Are there other circumstances where a Target Fund shareholder will not be able to receive and hold ETF shares?***

Omnibus retirement plan recordkeepers may not be able to include ETF shares on their platforms, and in such a case a retirement plan investor may be required by its retirement plan recordkeeper to redeem a Target Fund's shares prior to a Reorganization.

***What if a Reorganization is approved by shareholders and I don't want to hold ETF shares?***

If a Reorganization is approved and you do not want to receive ETF shares in connection with such Reorganization, you may redeem your shares of the applicable Target Fund or you may exchange those shares for shares of another eligible mutual fund managed by BGOL prior to the Reorganization. If a Target Fund shareholder redeems his or her shares and such shares are held in a taxable account, the shareholder will recognize a taxable gain or loss based on the difference between the redeeming shareholder's tax basis in the shares and the amount that the redeeming shareholder receives for them. Shareholders of the Target Funds may exchange their Target Fund shares for shares of the same class of any mutual fund in BG Funds, other than a Target Fund, provided that the fund shares to be acquired in the exchange are available to new investors in such other fund and the shareholder is eligible to invest in such shares. Such an exchange of shares for shares in another fund will generally result in the recognition of taxable gain or loss for shareholders holding shares in a taxable account. If you wish to redeem your Target Fund shares, you are encouraged to submit a redemption request as far in advance of the Closing Date as possible, but, in any event, no later than May 27, 2026. Shareholders who have not opened a brokerage account that can receive and hold Acquiring Fund shares will have their shares liquidated on May 19, 2026 and therefore must submit any redemption requests prior to that date. As ETFs, the Acquiring Funds do not provide for the exchange of shares.

Certain investors in Baillie Gifford Long Term Global Growth Fund may be eligible to participate in the BGIT Transition. Only investors that are "accredited investors" (as defined in the Securities Act of 1933, as amended) and who are able to meet the $25 million minimum investment requirement (or for whom such requirement is waived) will be eligible to participate in the BGIT Transition. The BGIT Transition will cause the participating investors to realize any gains or losses on their shares in Baillie Gifford Long Term Global Growth Fund, but is not expected to cause the Baillie Gifford Long Term Global Growth Fund to recognize gain or loss, except to the extent securities subject to transfer restrictions need to be sold in connection with the BGIT Transition. The BGIT Transition will occur as a complete redemption from Baillie Gifford Long Term Global Growth Fund and a simultaneous purchase of shares of Baillie Gifford Institutional Long Term Global Growth Fund by eligible shareholders who choose to transition. If you believe you may meet the eligibility criteria for the BGIT Transition, please contact BGOL at 1-844-394-6127 for additional details on steps you will need to take in advance of the Reorganization.

***How will shareholder voting be handled?***

Shareholders who own shares of a Target Fund at the close of business on February 9, 2026 (the "Record Date"), will be entitled to vote at the Meeting, and will be entitled to one vote for each share they hold. Approval of a Reorganization by a Target Fund requires the affirmative vote of the holders of a majority of the outstanding voting securities of such Target Fund (as defined in the 1940 Act). The 1940 Act defines "a majority of the outstanding voting securities" of each Target Fund as (a) 67% or more of the voting securities present at the Meeting if the holders of more than 50% of the outstanding voting securities of such Target Fund are present or represented by proxy or (b) more than 50% of the outstanding voting securities of such Target Fund, whichever is less (a "1940 Act Majority Vote"). In the case of Proposal 2, relating to the Reorganization of Baillie Gifford Long Term Global Growth Fund, approval of the Reorganization will also require, in addition to a 1940 Act Majority Vote, the approval by a majority of shareholders who (a) own shares of the Target Fund as of the Record Date, (b) as of the date of the Meeting, did not redeem from the Target Fund in connection with the BGIT Transition, (c) are present in person or by proxy at the Meeting and (d) are entitled to vote on the Reorganization. Broadridge Financial Solutions ("Broadridge") has been retained by the Target Funds to assist in the solicitation of proxies, and collect and tabulate shareholder votes. Broadridge is not affiliated with the Funds.

The Meeting will be held in a virtual format only. Shareholders are invited to attend the Meeting by means of remote audio communication. You will not be able to attend the Meeting in person. To participate in the Meeting, you must register at https://www.viewproxy.com/BaillieGifford2/broadridgevsm/. You will be required to enter your name, an email address, and the control number found on your proxy card or notice you previously received. If you have lost or misplaced your control number, call Baillie Gifford at 1-844-394-6127 to verify your identity and obtain your control number. Requests for registration must be received no later than 5:00p.m. ET on Monday, April 27, 2026. Once your registration is approved, you will receive an email confirming your registration with an event link and optional dial-in information to attend the Meeting. A separate email will follow containing a password to enter at the event link in order to access the Meeting. You may vote during the Meeting at www.proxyvote.com. You will need your control number to vote.

Questions from shareholders to be considered at a Meeting must be submitted to Broadridge at https://www.viewproxy.com/BaillieGifford2/broadridgevsm/ no later than 8:00 a.m. ET on Monday, April 27, 2026.

Shareholders whose shares are held by a broker, bank or other nominee must first obtain a "legal proxy" from the applicable nominee/record holder, who will then provide the shareholder with a newly-issued control number. Obtaining a legal proxy may take several days. Requests for registration should be received no later than 5:00 p.m. ET on Monday, April 27, 2026. Once shareholders have obtained a new control number, they must visit https://www.viewproxy.com/BaillieGifford2/broadridgevsm/ and submit their name and newly issued control number in order to register to participate in and vote at the Meeting.

Any shareholder who does not expect to virtually attend the Meeting is urged to vote using the touch-tone telephone or internet voting instructions that are described on the enclosed proxy card or by indicating voting instructions on the enclosed proxy card, dating and signing it, and returning it in the envelope provided, which needs no postage if mailed in the United States. In order to avoid unnecessary expense, please respond promptly, no matter how large or small your holdings may be. If you wish to wait until the Meeting to vote your shares, you will need to follow the instructions available on the Meeting's website during the Meeting in order to do so.

You can revoke your proxy or change your voting instructions at any time until the vote is taken at the Meeting. For more details about shareholder voting, see the "VOTING INFORMATION" section of this Prospectus/Proxy Statement.

***Why am I receiving two proxy cards?***

In addition to the Meeting, BG Funds is separately holding a meeting on the same day for shareholders of BG Funds to consider a proposal to elect a slate of trustees. As a result, shareholders of the Target Funds will receive a proxy card for both the Reorganization and the trustee election. The proposal to elect trustees is described in a separate proxy statement.

***Whom do I contact for further information?***

If you have any questions regarding the proxy or have questions on how to vote, please call our proxy solicitation partner, Broadridge at 866-689-3715. Representatives are available to take your call Monday through Friday 9:00 a.m. to 10:00 p.m., Eastern time.

**THE TARGET FUND BOARD, ON BEHALF OF EACH TARGET FUND, UNANIMOUSLY RECOMMENDS THAT YOU VOTE TO APPROVE THE REORGANIZATION OF YOUR TARGET FUND.**

**Proposal 1: Baillie Gifford International Concentrated Growth Equities Fund<br> INTO Baillie Gifford International Concentrated Growth ETF**

**COMPARISON OF IMPORTANT FEATURES OF THE FUNDS**

***Are there any significant differences between the investment objectives, policies and strategies of the Funds?***

Baillie Gifford International Concentrated Growth Equities Fund (for purposes of Proposal 1, the "Target Fund") operates as an open-end mutual fund, offering shares that are redeemable on each business day and daily liquidity. Baillie Gifford International Concentrated Growth ETF (for purposes of Proposal 1, the "Acquiring Fund" and, together with the Target Fund, the "Funds") will operate as an ETF. As an ETF, the Acquiring Fund will offer shares that are bought and sold on a national securities exchange, which gives investors the ability to buy their shares throughout the day at the current market price (which may be at a premium or discount to NAV).

The Acquiring Fund will be managed using an investment objective that is identical to that of the Target Fund and principal investment strategies that are substantially similar to those of the Target Fund, as described below.

The Target Fund's and the Acquiring Fund's investment objective is to seek capital appreciation. The Target Fund's and the Acquiring Fund's investment objective may be changed by the applicable Board without shareholder approval.

The Acquiring Fund's principal investment strategies include disclosure noting that the Acquiring Fund may invest in active ETFs, ETFs that track relevant equity indices, American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs") and Global Depositary Receipts ("GDRs").

The Target Fund has adopted a policy to invest, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities. This policy was adopted due to a requirement that applies to any registered fund with "equity" in its name pursuant to Rule 35d-1 under the 1940 Act. Because the Acquiring Fund does not include the word "equity" in its name, it is not required by the 1940 Act to adopt such an investment policy and has not adopted such a policy. The lack of such a policy for the Acquiring Fund does not reflect any material difference in the way the Acquiring Fund will be managed in comparison to the Target Fund.

BGOL does not expect that the differences discussed above will result in any significant changes to the management of the Acquiring Fund.

*Investment Strategies*

The below table shows the Target Fund's and Acquiring Fund's investment objective (which are identical) as well as a redline showing differences in the Funds' summary principal investment strategy disclosure. In each redline, deleted text is shown in red strikethrough and added text is shown in blue underline. Further information about the Target Fund's and Acquiring Fund's respective investment objectives, strategies and risks is contained in the Target Fund's Prospectus and SAI and the Acquiring Fund's Prospectus and SAI. The Target Fund's Prospectus and SAI and the Acquiring Fund's Prospectus and SAI are on file with the SEC. The Target Fund's Prospectus and SAI and Acquiring Fund's Prospectus and SAI are also incorporated herein by reference. For information regarding how to request copies of the SAIs related to either the Target Fund's Prospectus or the Acquiring Fund's Prospectus, please refer to page 55 of this Prospectus/Proxy Statement.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Target Fund** | &nbsp;&nbsp;**Acquiring Fund** |
| &nbsp;&nbsp;Baillie Gifford International Concentrated Growth Equities Fund seeks capital appreciation. | &nbsp;&nbsp;Baillie Gifford International Concentrated Growth ETF seeks capital appreciation. |

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| |
|:---|
| &nbsp;&nbsp;**Redline of Target Fund Investment Strategies Against Acquiring Fund Investment Strategies** |
| &nbsp;&nbsp; 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. <br> Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities. 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 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.<br>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 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.<br>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. |

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Further information about the Target Fund's investment objectives and strategies is contained in the Prospectus and Statement of Additional Information of the Target Fund, which are on file with the SEC.

*Investment Policies and Restrictions*

The Target Fund and the Acquiring Fund have similar fundamental investment restrictions, such that the Reorganization will not result in any material differences in the way the Target Fund has been managed and the way the Acquiring Fund will be managed after the Reorganization occurs, except that the Acquiring Fund will be managed as an ETF. As required by the 1940 Act, both BG Funds and the ETF Trust, on behalf of its series, has adopted certain fundamental investment policies including policies

regarding borrowing money, issuing senior securities, engaging in the business of underwriting, concentrating investments in a particular industry or group of industries, purchasing and selling real estate, making loans, purchasing commodities and purchasing securities consistent with the maintenance of the status of a "diversified" investment company. The non-fundamental investment policies of the Target Fund and the Acquiring Fund are similar, with the exception of the Acquiring Fund not sharing the Target Fund's 80% investment policy, as described above. The differences between the Target Fund's and the Acquiring Fund's fundamental investment policies and non-fundamental policies are set forth in a redline included in Exhibit B. If the Reorganization occurs, the combined Fund will be subject to the fundamental investment policies of the Acquiring Fund. Fundamental investment policies may not be changed without shareholder approval. Non-fundamental policies may be changed without shareholder approval.

***How do the principal investment risks of the Funds compare?***

Many of the risks associated with an investment in the Target Fund and the Acquiring Fund are similar, except that, as a shareholder of the Acquiring Fund, you would also be subject to risks related to the Acquiring Fund's ETF structure. There are other important differences between the principal risks of the Target Fund and the Acquiring Fund identified in the chart below. In addition, while there are certain differences between the Acquiring Fund's and the Target Fund's risk disclosure, the Adviser does not expect the differences in the disclosure or description of such risks to result in or reflect any material differences in how the Acquiring Fund will be managed relative to how the Target Fund is currently managed. For example, the Target Fund and the Acquiring Fund may use different terminology to describe the risks applicable to such Fund's principal investment strategies and the differences may reflect a clarification of the risks associated with an investment in the Acquiring Fund.

The following chart identifies the principal risks associated with each Fund. Each of the principal risks of the Acquiring Fund appears in Exhibit A.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal Risks** | &nbsp;&nbsp;**Target Fund** | &nbsp;&nbsp;**Acquiring<br> Fund** |
| Investment Style Risk | X | X |
| Growth Stock Risk | X | X |
| Long-Term Investment Strategy Risk | X | X |
| Non-U.S. Investment Risk | X | X |
| Non-Diversification Risk | X | X |
| Asia Risk | X | X |
| China Risk | X | X |
| Conflicts of Interest Risk | X | X |
| Currency Risk | X | X |
| Developed Markets Risk | X | X |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal Risks** | &nbsp;&nbsp;**Target Fund** | &nbsp;&nbsp;**Acquiring <br> Fund** |
| Emerging Markets Risk | X | X |
| Equity Securities Risk | X | X |
| ESG Risk | X | X |
| ETF Structure Risk | | X |
| Focused Investment Risk | X | X |
| Geographic Focus Risk | X | X |
| Government and Regulatory Risk | X | X |
| Information Technology Risk | X | X |
| IPO Risk | X | X |
| Large-Capitalization Securities Risk | X | X |
| Liquidity Risk | X | X |
| Market Disruption and Geopolitical Risk | X | X |
| Market Risk | X | X |
| New and Smaller-Sized ETF Risk | | X |
| New and Smaller-Sized Fund Risk | X | |
| Periodic Rebalancing Risk | | X |
| Risk Model Risk | | X |
| Service Provider Risk | X | X |
| Settlement Risk | X | X |
| Small- and Medium-Capitalization Securities Risk | X | X |
| Valuation Risk | X | X |

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***Who manages the Funds?***

The Target Fund is a series of BG Funds. The Acquiring Fund is a series of the ETF Trust. BG Funds and the ETF Trust are each governed by a Board of Trustees, which is responsible for overseeing all business activities of the applicable Funds. The Target Fund Board and the Acquiring Fund Board are comprised of the same individuals, except the Acquiring Fund Board includes an additional individual who also serves as a trustee advisor to the Target Fund Board.

*Investment Adviser of the Funds.* The Target Funds' and the Acquiring Funds' investment adviser is BGOL. BGOL's principal place of business is Calton Square, 1 Greenside Row, Edinburgh EH1 3AN, Scotland. BGOL also has an office in New York City, New York, USA. BGOL is a wholly owned subsidiary of Baillie Gifford & Co, which is controlled by its working partners. BGOL, its parent, Baillie Gifford & Co, and their affiliates are referred to as "Baillie Gifford."

BGOL is a registered investment adviser which, together with its affiliates, advises other 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. BGOL was organized in 1983 and had approximate assets under management of $140.5 billion as of December 31, 2024.

*Portfolio Management.* The same individuals responsible for the day-to-day portfolio management of the Target Fund will be responsible for the day-to-day portfolio management of the Acquiring Fund, subject to the changes described below.

Spencer Adair, Lawrence Burns, and Paulina McPadden are jointly and primarily responsible for the day-to-day management of each of the Target Fund and the Acquiring Fund. Mr. Adair has been a member of the Target Fund's portfolio management team since 2021. Mr. Adair will retire as a portfolio manager on March 31, 2026. Mr. Burns has been a member of the Target Fund's portfolio management team since 2017. Ms. McPadden has been a member of the Target Fund's portfolio management team since 2017. Messrs. Adair and Burns and Ms. McPadden have been portfolio managers of the Acquiring Fund since the Acquiring Fund's inception. On April 1, 2026, Kirsty Gibson will become a portfolio manager of the Funds.

The Statement of Additional Information for the Target Fund dated April 30, 2025, as supplemented (the "Target Fund SAI") and the Statement of Additional Information for the Acquiring Fund dated [February __, 2026] (the "Acquiring Fund SAI"), provide additional information about the portfolio manager's compensation, other accounts managed by the portfolio managers, and the portfolio manager's ownership of securities in the Funds. For information on how to obtain a copy of the Target Fund SAI and the Acquiring Fund SAI, please see the section entitled "INFORMATION ABOUT THE FUNDS."

***What are the Funds' investment management fee rates?***

BG Funds, on behalf of the Target Fund, and BGOL have entered into an Investment Advisory Agreement, as amended, under the terms of which the Target Fund pays a monthly advisory fee to BGOL for investment advisory services that is calculated and accrued daily on the basis of the annual rate noted below and expressed as a percentage of the Target Fund's average daily net assets:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Average Daily Net Assets of the Fund <br> (billions)** | &nbsp;&nbsp;**Annual Advisory Fee Rate at Each Asset Level<br> (percentage of the Fund's average daily net assets)** |
| &nbsp;&nbsp; $0 - $2<br> >$2 - $5<br> Above $5 | &nbsp;&nbsp; 0.40%<br> 0.36%<br> 0.34% |

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BGOL is responsible for providing certain administrative services to Target Fund shareholders as well as coordinating, overseeing and supporting services provided to Target Fund shareholders by third parties, including financial intermediaries that hold accounts with the Target Funds, pursuant to an Administration and Supervisory Agreement between BGOL and BG Funds on behalf of the Target Fund (the "Administration and Supervisory Agreement"). The Administration and Supervisory Agreement also relates to the Class K and Institutional Class shares of other series of BG Funds.

Under the Administration and Supervisory Agreement, the Target Fund pays to BGOL an Administration and Supervisory Fee quarterly, in arrears, with respect to Class K and Institutional Class shares at an annual rate of 0.17% of the Target Fund's average net assets. For the fiscal year ended December 31, 2024, the Target Fund paid Administration and Supervisory Fees equal to 0.17% of the Target Fund's average daily net assets.

The ETF Trust, on behalf of the Acquiring Fund, and BGOL have entered into an Investment Management Agreement (the "Management Agreement"), under which the Acquiring Fund pays BGOL a management fee quarterly for advisory services and for shareholder servicing, administrative and other services. The Acquiring Fund pays for these services under a bundled fee structure (the "Unitary Management Fee"). The

Unitary Management Fee paid by the Acquiring 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 Acquiring Fund's average daily net assets. The Acquiring Fund (and not BGOL) will be responsible for certain other fees and expenses that are not covered by the Unitary Management Fee under the Management Agreement. BGOL may voluntarily reimburse any Unitary Management Fees of the Acquiring Fund 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 Management Fee<br> Rate** (percentage of each Fund's<br> average daily net assets) |
| &nbsp;&nbsp;Baillie Gifford International Concentrated Growth ETF | &nbsp;&nbsp;0.72% |

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Under the Unitary Management Fee, BGOL bears all ordinary operating expenses of the Acquiring Fund, except for those listed below. In addition to bearing the Unitary Management Fee, the Acquiring Fund (and not BGOL) bears the following expenses: (i) expenses incurred in connection with the distribution plan adopted by the ETF 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 ETF Trust or the Acquiring 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 ETF Trust or the Acquiring Fund pursuant to indemnification or advancement obligations to which the ETF Trust or the Acquiring 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 ETF Trust's executive officers and employees, if any, who are not officers, directors, shareholders, members, partners or employees of BGOL or its subsidiaries or affiliates; (x) organizational expenses and both initial and ongoing SEC registration fees of the ETF Trust and the Acquiring Fund; (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 the Acquiring 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 ETF Trust); and (xv) such other expenses as approved by a majority of the Board.

For the fiscal year ended December 31, 2024, after waivers and expense reimbursements, $316,606 was required to be paid by the Target Fund to BGOL for BGOL's investment advisory services provided. Because the Acquiring Fund has not yet commenced operations, no Unitary Management Fees have been paid to BGOL by the Acquiring Fund.

***What are the fees and expenses of each Fund and what are they expected to be after the Reorganization?***

Shareholders of each Fund pay various fees and expenses, either directly or indirectly. The tables below show the fees and expenses that you would pay if you were to buy, hold and sell shares of each Fund. You

may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below. The table below shows the Annual Fund Operating Expenses of the Target Fund as of December 31, 2024 and the pro forma expenses of the combined Acquiring Fund after giving effect to the Reorganization, based on pro forma net assets as of June 30, 2025, as if the Reorganization had taken place on June 30, 2025. The fee tables do not reflect the costs associated with the Reorganization that will be borne by the Fund, if any. Only pro forma combined fees and expenses information is provided for the Acquiring Fund because the Acquiring Fund will not commence operations until the Reorganization is completed.

As shown below, the Reorganization is expected to result in equal or lower total annual operating expenses for shareholders of the Target Fund (calculated as of December 31, 2024).

Target Fund shareholders will not pay any sales load, contingent deferred sales charge, brokerage commission, redemption fee, or other transaction fee in connection with the receipt of ETF shares from the Reorganization.

**<u>Target Fund</u>**

**Annual Fund Operating Expenses** (expenses you pay each year as a percentage of the value of your investment)

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Class K** | &nbsp;&nbsp;**Institutional Class** |
| &nbsp;&nbsp;Management Fees<sup>(a)</sup> | &nbsp;&nbsp;0.57% | &nbsp;&nbsp;0.57% |
| &nbsp;&nbsp;Distribution (12b-1) Fees |  |  |
| &nbsp;&nbsp;Other Expenses | &nbsp;&nbsp;0.33% | &nbsp;&nbsp;0.42% |
| &nbsp;&nbsp;**Total Annual Fund Operating Expenses** | &nbsp;&nbsp;0.90% | &nbsp;&nbsp;0.99% |
| &nbsp;&nbsp;Fee Waiver and/or Expense Reimbursement<sup>(b)</sup> | &nbsp;&nbsp;(0.18)% | &nbsp;&nbsp;(0.18)% |
| &nbsp;&nbsp;**Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(b)</sup>** | &nbsp;&nbsp;0.72% | &nbsp;&nbsp;0.81% |

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*(a)* *The Management Fee consists of an Advisory Fee and an Administration and Supervisory Fee paid by the Fund to Baillie Gifford Overseas Limited.* 

*(b)* *Baillie Gifford Overseas Limited has contractually agreed to waive its fees and/or bear Other Expenses of the Fund until April 30, 2027 to the extent that such Fund's Total Annual Operating Expenses (excluding taxes, sub-accounting expenses and extraordinary expenses) exceed 0.72% for Class K and Institutional Class shares. This contractual agreement may only be terminated by the Board of Trustees of the Trust. Expenses after waiver/reimbursement exceed 0.72% for Institutional Class due to sub-accounting expenses of 0.09%.* 

**<u>Acquiring Fund (*pro forma*)</u>**

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| | |
|:---|:---|
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;Other Expenses<sup>(a)</sup> |  |
| &nbsp;&nbsp;**Total Annual Fund Operating Expenses** | &nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;*(a) Estimated for the current fiscal year.* |  |

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**Example**

The example below is intended to help you compare the cost of investing in the Target Fund with the cost of investing in the Acquiring Fund, both before and after the Reorganization. It assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem 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:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Baillie Gifford International Concentrated Growth Equities Fund – Institutional Class | $83 | $297 | $530 | $1197 |
| Baillie Gifford International Concentrated Growth Equities Fund – Class K | $74 | $269 | $481 | $1091 |
| *Pro Forma* – Baillie Gifford International Concentrated Growth ETF (assuming the Reorganization is completed on June 30, 2025) | $74 | $230 | $401 | $894 |

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**How do the performance records of the Funds compare?** 

The Acquiring Fund is a newly-formed "shell" fund that has not yet commenced operations. The Acquiring Fund has been organized solely in connection with the Reorganization to acquire substantially all of the assets and assume the liabilities of the Target Fund and continue the business of the Target Fund, except that the Acquiring Fund will operate as an ETF instead of an open-end mutual fund. The Acquiring Fund will have no performance history prior to the Reorganization.

Subject to shareholder approval of the Reorganization, the Target Fund will be the "accounting survivor" after the Reorganization. This means that the Acquiring Fund will adopt the historical accounting records and performance of Institutional Class shares of the Target Fund. The Target Fund's past performance is not necessarily an indication of how the Acquiring Fund will perform in the future. For tax purposes, each Acquiring Fund will also succeed to and take into account the items of the corresponding Target Fund described in Section 381(c) of the Code, subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and the Regulations thereunder.

The bar chart and table below provide some indication of the risks of investing in the Target Fund by showing changes in the Target Fund's Institutional Class shares' performance from year-to-year and by showing how the Target Fund's average annual returns for the past one- and five-year periods and since inception compare with those of a broad-based securities market index. The Acquiring Fund will use the MSCI ACWI ex USA Index as its benchmark, which is the same benchmark that the Target Fund uses.

The performance of the other classes, which is shown in the table below, will differ because the classes are subject to different expenses. The Target Fund's past performance, before and after taxes, is not necessarily an indication of how the Target Fund or Acquiring Fund will perform in the future.

**Annual Total Returns – Institutional Class Shares**

![](tm2533177d1_prox03img001.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 Institutional Class shares only, and after-tax returns for other share classes will vary. 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.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total<br> Returns for Periods<br> Ended December 31,<br> 2024** | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**Since Fund 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% |
| &nbsp;&nbsp;Class K Returns Before Taxes | &nbsp;&nbsp;18.55% | &nbsp;&nbsp;10.35% | &nbsp;&nbsp;10.97% |
| &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.*

The Target Fund's past performance is not necessarily an indication of how the Funds will perform in the future. You can obtain updated performance information at http://USmutualfund.bailliegifford.com or by calling the Funds at 1-844-394-6127.

***How do the Funds' portfolio turnover rates compare?***

Each Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect Fund performance. Because the Acquiring Fund has not yet commenced operations, no portfolio turnover rate is available for the Acquiring Fund. The portfolio turnover rate of each Acquiring Fund is not expected to be materially different from the portfolio turnover rate of the corresponding Target Fund.

During the fiscal year ended December 31, 2024, the Target Fund's portfolio turnover rate was 26% of the average value of its portfolio.

***Where can I find more financial and performance information about the Target Fund?***

Attached as Exhibit C below are the financial highlights tables of the Target Fund. Additional information is available in the Target Fund's Prospectus, Statement of Additional Information, and the most recent annual and semi-annual shareholder reports, as applicable. Because the Acquiring Fund has not yet commenced operations, shareholder reports for the Acquiring Fund are not available.

The Target Fund's Prospectus is incorporated herein by reference and is legally deemed to be part of this combined Prospectus/Proxy Statement. The Target Fund's Statement of Additional Information is also incorporated herein by reference.

The Acquiring Fund's Statement of Additional Information is provided in Part B to this Prospectus/Proxy Statement and is legally deemed to be part of this combined Prospectus/Proxy Statement.

Each of these documents has been filed with the SEC and is available, free of charge, by (i) calling toll-free at 1-844-394-6127, (ii) accessing the documents at the Funds' website at http://USmutualfund.bailliegifford.com, or (iii) writing to the Funds at the address listed above. In addition, these documents may be obtained from the EDGAR database on the SEC's Internet site at http://www.sec.gov. You also may obtain this information upon payment of a duplicating fee, by e-mailing the SEC at the following address: publicinfo@sec.gov.

**PROPOSAL 2: Baillie Gifford Long Term Global Growth FUND<br> INTO Baillie Gifford Long Term Global Growth ETF**

**COMPARISON OF IMPORTANT FEATURES OF THE FUNDS**

***Are there any significant differences between the investment objectives, policies and strategies of the Funds?***

Baillie Gifford Long Term Global Growth Fund (for purposes of Proposal 2, the "Target Fund") operates as an open-end mutual fund, offering shares that are redeemable on each business day and daily liquidity. Baillie Gifford Long Term Global Growth ETF (for purposes of Proposal 2, the "Acquiring Fund" and, together with the Target Fund, the "Funds") operates as an ETF. As an ETF, the Acquiring Fund offers shares that are bought and sold on a national securities exchange, which gives investors the ability to buy their shares throughout the day at the current market price (which may be at a premium or discount to NAV).

The Acquiring Fund will be managed using an investment objective that is identical to that of the Target Fund and principal investment strategies that are substantially similar to those of the Target Fund as described below.

The Target Fund's and the Acquiring Fund's investment objective is to seek long-term capital appreciation. The Target Fund's and the Acquiring Fund's investment objective may be changed by the applicable Board without shareholder approval.

The Acquiring Fund's principal investment strategies include disclosure noting that the Acquiring Fund may invest in active ETFs, ETFs that track relevant equity indices, ADRs, EDRs and GDRs.

BGOL does not expect that the differences discussed above will result in any significant changes to the management of the Acquiring Fund.

*Investment Strategies*

The below table shows the Target Fund's and Acquiring Fund's investment objective (which are identical) as well as a redline showing differences in the Funds' summary principal investment strategy disclosure. In each redline, deleted text is shown in red strikethrough and added text is shown in blue underline. Further information about the Target Fund's and Acquiring Fund's respective investment objectives, strategies and risks is contained in the Target Fund's Prospectus and SAI and the Acquiring Fund's Prospectus and SAI. The Target Fund's Prospectus and SAI and the Acquiring Fund's Prospectus and SAI are on file with the SEC. The Target Fund's Prospectus and SAI and the Acquiring Fund's Prospectus and SAI are also incorporated herein by reference. For information regarding how to request copies of the SAIs related to either the Target Fund's Prospectus or the Acquiring Fund's Prospectus, please refer to page 55 of this Prospectus/Proxy Statement.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Target Fund** | &nbsp;&nbsp;**Acquiring Fund** |
| &nbsp;&nbsp;Baillie Gifford Long Term Global Growth Fund seeks to provide long-term capital appreciation. | &nbsp;&nbsp;Baillie Gifford Long Term Global Growth ETF seeks to provide long-term capital appreciation. |

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| |
|:---|
| &nbsp;&nbsp;**Redline of Target Fund Investment Strategies Against Acquiring Fund Investment Strategies** |
| &nbsp;&nbsp; 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. <br>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<br>|

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&nbsp;&nbsp;**Redline of Target Fund Investment Strategies Against Acquiring Fund Investment Strategies**

&nbsp;&nbsp;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.<br>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.<br>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 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.<br>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.<br>

&nbsp;&nbsp;**Redline of Target Fund Investment Strategies Against Acquiring Fund Investment Strategies**

&nbsp;&nbsp;<br> 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.<br>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 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.<br>

Further information about the Target Fund's investment objectives and strategies is contained in the Prospectus and Statement of Additional Information of the Target Fund, which are on file with the SEC.

*Investment Policies and Restrictions*

The Target Fund and the Acquiring Fund have substantially similar fundamental investment restrictions, such that the Reorganization will not result in any material differences in the way the Target Fund has been managed and the way the Acquiring Fund will be managed after the Reorganization occurs, except that the Acquiring Fund will be managed as an ETF. As required by the 1940 Act, both BG Funds and the ETF Trust, on behalf of its series, has adopted certain fundamental investment policies including policies regarding borrowing money, issuing senior securities, engaging in the business of underwriting, concentrating investments in a particular industry or group of industries, purchasing and selling real estate, making loans, purchasing commodities and purchasing securities consistent with the maintenance of the status of a "diversified" investment company. The differences between the Target Fund's and the Acquiring Fund's fundamental investment policies and non-fundamental policies are set forth in a redline included in Exhibit B. If the Reorganization occurs, the combined Fund will be subject to the fundamental investment policies of the Acquiring Fund. Fundamental investment policies may not be changed without shareholder approval. Non-fundamental policies may be changed without shareholder approval.

***How do the principal investment risks of the Funds compare?***

Many of the risks associated with an investment in the Target Fund and the Acquiring Fund are similar, except that, as a shareholder of the Acquiring Fund, you would also be subject to risks related to the Acquiring Fund's ETF structure. There are other important differences between the principal risks of the Target Fund and the Acquiring Fund identified in the chart below. In addition, while there are certain differences between the Acquiring Fund's and the Target Fund's risk disclosure, the Adviser does not expect the differences in the disclosure or description of such risks to result in or reflect any material differences in how the Acquiring Fund will be managed relative to how the Target Fund is currently managed. For example, the Target Fund and the Acquiring Fund may use different terminology to describe the risks applicable to such Fund's principal investment strategies and the differences may reflect a clarification of the risks associated with an investment in the Acquiring Fund.

The following chart identifies the principal risks associated with each Fund. Each of the principal risks of the Acquiring Fund appears in Exhibit A.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal Risks** | &nbsp;&nbsp;**Target Fund** | &nbsp;&nbsp;**Acquiring <br> Fund** |
| Investment Style Risk | X | X |
| Growth Stock Risk | X | X |
| Long-Term Investment Strategy Risk | X | X |
| Non-Diversification Risk | X | X |
| Non-U.S. Investment Risk | X | X |
| Asia Risk | X | X |
| China Risk | X | X |
| Conflicts of Interest Risk | X | X |
| Currency Risk | X | X |
| Developed Markets Risk | X | X |
| Emerging Markets Risk | X | X |
| Equity Securities Risk | X | X |
| ESG Risk | X | X |
| ETF Structure Risk | | X |
| Focused Investment Risk | X | X |
| Government and Regulatory Risk | X | X |
| Information Technology Risk | X | X |
| IPO Risk | X | X |
| Large-Capitalization Securities Risk | X | X |
| Liquidity Risk | X | X |
| Market Disruption and Geopolitical Risk | X | X |
| Market Risk | X | X |
| New and Smaller-Sized ETF Risk | | X |
| Periodic Rebalancing Risk | | X |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal Risks** | &nbsp;&nbsp;**Target Fund** | &nbsp;&nbsp;**Acquiring <br> Fund** |
| Risk Model Risk | | X |
| Service Provider Risk | X | X |
| Settlement Risk | X | X |
| Small- and Medium-Capitalization Securities Risk | X | X |
| Valuation Risk | X | X |

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***Who manages the Funds?***

The Target Fund is a series of BG Funds. The Acquiring Fund is a series of the ETF Trust. BG Funds and the ETF Trust are each governed by a Board of Trustees, which is responsible for overseeing all business activities of the applicable Funds. The Target Fund Board and the Acquiring Fund Board are comprised of the same individuals, except the Acquiring Fund Board includes an additional individual who also serves as a trustee advisor to the Target Fund Board.

*Investment Adviser of the Funds.* The Target Funds' and the Acquiring Funds' investment adviser is BGOL. BGOL's principal place of business is Calton Square, 1 Greenside Row, Edinburgh EH1 3AN, Scotland. BGOL also has an office in New York City, New York, USA. BGOL is a wholly owned subsidiary of Baillie Gifford & Co, which is controlled by its working partners. BGOL, its parent, Baillie Gifford & Co, and their affiliates are referred to as "Baillie Gifford."

BGOL is a registered investment adviser which, together with its affiliates, advises other 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. BGOL was organized in 1983 and had approximate assets under management of $140.5 billion as of December 31, 2024.

*Portfolio Management.* The same individuals responsible for the day-to-day portfolio management of the Target Fund will be responsible for the day-to-day portfolio management of the Acquiring Fund.

Gemma Barkhuizen, John MacDougall, Michael Pye and Mark Urquhart are jointly and primarily responsible for the day-to-day management of each of the Target Fund and the Acquiring Fund. Ms. Barkhuizen has been a member of the Target Fund's portfolio management team since 2022. Mr. MacDougall has been a member of the Target Fund's portfolio management team since 2022. Mr. Pye has been a member of the Target Fund's portfolio management team since 2022. Mr. Urquhart has been a member of the Target Fund's portfolio management team since 2014. Messrs. MacDougall, Pye, and Urquhart and Ms. Barkhuizen have been portfolio managers of the Acquiring Fund since the Acquiring Fund's inception.

The Statement of Additional Information for the Target Fund dated April 30, 2025, as supplemented (the "Target Fund SAI") and the Statement of Additional Information for the Acquiring Fund dated [February __, 2026] (the "Acquiring Fund SAI"), provide additional information about the portfolio manager's compensation, other accounts managed by the portfolio managers, and the portfolio manager's ownership of securities in the Funds. For information on how to obtain a copy of the Target Fund SAI and the Acquiring Fund SAI, please see the section entitled "INFORMATION ABOUT THE FUNDS."

***Are there any important features unique to Proposal 2?***

Certain investors in the Target Fund may be eligible to participate in the BGIT Transition. Only investors that are "accredited investors" (as defined in the Securities Act of 1933, as amended) and who are able to meet the $25 million minimum investment requirement (or for whom such requirement is waived) will be eligible to participate in the BGIT Transition. The BGIT Transition will cause the participating investors to realize any gains or losses on their shares in the Target Fund, but is not expected to cause the Target Fund to recognize gain or loss, except to the extent securities subject to transfer restrictions need to be sold in connection with the BGIT Transition. The BGIT Transition will occur as a complete redemption from the Target Fund and a simultaneous purchase of shares of Baillie Gifford Institutional Long Term Global Growth Fund by eligible shareholders who choose to transition.

***What are the Funds' investment management fee rates?***

BG Funds, on behalf of the Target Fund, and BGOL have entered into an Investment Advisory Agreement, as amended, under the terms of which the Target Fund pays a monthly advisory fee to BGOL for investment advisory services that is calculated and accrued daily on the basis of the annual rate noted below and expressed as a percentage of the Target Fund's average daily net assets:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Average Daily Net Assets of the Fund <br> (billions)** | &nbsp;&nbsp;**Annual Advisory Fee Rate at Each Asset Level <br> (percentage of the Fund's average daily net assets)** |
| &nbsp;&nbsp;$0 - $2<br> >$2 - $5<br> Above $5 | &nbsp;&nbsp;0.45%<br> 0.41%<br> 0.39% |

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BGOL is responsible for providing certain administrative services to Target Fund shareholders as well as coordinating, overseeing and supporting services provided to Target Fund shareholders by third parties, including financial intermediaries that hold accounts with the Target Funds, pursuant to the Administration and Supervisory Agreement. The Administration and Supervisory Agreement also relates to the Class K and Institutional Class shares of other series of BG Funds.

Under the Administration and Supervisory Agreement, the Target Fund pays to BGOL an Administration and Supervisory Fee quarterly, in arrears, with respect to Class K and Institutional Class shares at an annual rate of 0.17% of the Target Fund's average net assets. For the fiscal year ended December 31, 2024, the Target Fund paid Administration and Supervisory Fees equal to 0.17% of the Target Fund's average daily net assets.

The ETF Trust, on behalf of the Acquiring Fund, and BGOL have entered into the Management Agreement, under which the Acquiring Fund pays BGOL a management fee quarterly for advisory services and for shareholder servicing, administrative and other services. The Acquiring Fund pays for these services under the Unitary Management Fee. The Unitary Management Fee paid by the Acquiring 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 Acquiring Fund's average daily net assets. The Acquiring Fund (and not BGOL) will be responsible for certain other fees and expenses that are not covered by the Unitary Management Fee under the Management Agreement. BGOL may voluntarily reimburse any Unitary Management Fees of the Acquiring Fund 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 Management Fee<br> Rate** (percentage of each Fund's<br> average daily net assets) |
| &nbsp;&nbsp;Baillie Gifford Long Term Global Growth ETF | &nbsp;&nbsp;0.70% |

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Under the Unitary Management Fee, BGOL bears all ordinary operating expenses of the Acquiring Fund, except for those listed below. In addition to bearing the Unitary Management Fee, the Acquiring Fund (and not BGOL) bears the following expenses: (i) expenses incurred in connection with the distribution plan adopted by the ETF 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 ETF Trust or the Acquiring 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 ETF Trust or the Acquiring Fund pursuant to indemnification or advancement obligations to which the ETF Trust or the Acquiring 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 ETF Trust's executive officers and employees, if any, who are not officers, directors, shareholders, members, partners or employees of BGOL or its subsidiaries or affiliates; (x) organizational expenses and both initial and ongoing SEC registration fees of the ETF Trust and the Acquiring Fund; (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 the Acquiring 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 ETF Trust); and (xv) such other expenses as approved by a majority of the Board.

For the fiscal year ended December 31, 2024, after waivers and expense reimbursements, $3,452,263 was required to be paid by the Target Fund to BGOL for BGOL's investment advisory services provided. Because the Acquiring Fund has not yet commenced operations, no Unitary Management Fees have been paid to BGOL by the Acquiring Fund.

***What are the fees and expenses of each Fund and what are they expected to be after the Reorganization?***

Shareholders of each Fund pay various fees and expenses, either directly or indirectly. The tables below show the fees and expenses that you would pay if you were to buy, hold and sell shares of each Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below. The table below shows the Annual Fund Operating Expenses of the Target Fund as of December 31, 2024, and the pro forma expenses of the combined Acquiring Fund after giving effect to the Reorganization, based on pro forma net assets as of June 30, 2025, as if the Reorganization had taken place on June 30, 2025. The fee tables do not reflect the costs associated with the Reorganization that will be borne by the Fund, if any, nor does it reflect the costs associated with the BGIT Transition. Only pro forma combined fees and expenses information is provided for the Acquiring Fund because the Acquiring Fund will not commence operations until the Reorganization is completed.

As shown below, the Reorganization is expected to result in equal or lower total annual operating expenses for any shareholders of Class K, Class 2 and Institutional Class Shares of the Target Fund (calculated as of the year ended December 31, 2024). The Reorganization is expected to result in higher total annual operating expenses for shareholders of Class 3, Class 4 and Class 5 of the Target Fund (calculated as of the year ended December 31, 2024).

Target Fund shareholders will not pay any sales load, contingent deferred sales charge, brokerage commission, redemption fee, or other transaction fee in connection with the receipt of ETF shares from the Reorganization.

**<u>Target Fund</u>**

**Annual Fund Operating Expenses** (expenses you pay each year as a percentage of the value of your investment)

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Class K** | &nbsp;&nbsp;**Institutional Class** |
| &nbsp;&nbsp;Management Fees<sup>(a)</sup> | &nbsp;&nbsp;0.62% | &nbsp;&nbsp;0.62% |
| &nbsp;&nbsp;Distribution (12b-1) Fees |  |  |
| &nbsp;&nbsp;Other Expenses<sup>(b)</sup> | &nbsp;&nbsp;0.08% | &nbsp;&nbsp;0.18% |
| &nbsp;&nbsp;**Total Annual Fund Operating Expenses** | &nbsp;&nbsp;0.70% | &nbsp;&nbsp;0.80% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *The Management Fee consists of an Advisory Fee and an Administration and Supervisory Fee paid by the Fund to Baillie Gifford Overseas Limited.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Other Expenses for Institutional Class differ due to sub-accounting expenses.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Baillie Gifford Overseas Limited has contractually agreed to waive its fees and/or bear Other Expenses of the Fund until April 30, 2027 to the extent that such Fund's Total Annual Operating Expenses (excluding taxes, sub-accounting expenses and extraordinary expenses) exceed 0.70% for Class K and Institutional Class shares. This contractual agreement may only be terminated by the Board of Trustees of the Trust.* 

 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 3** | &nbsp;&nbsp;**Class 4** | &nbsp;&nbsp;**Class 5** |
| &nbsp;&nbsp;Advisory Fees | &nbsp;&nbsp;0.45% | &nbsp;&nbsp;0.45% | &nbsp;&nbsp;0.45% | &nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;Service Fees<sup>(a)</sup> | &nbsp;&nbsp;0.17% | &nbsp;&nbsp;0.10% | &nbsp;&nbsp;0.07% | &nbsp;&nbsp;0.02% |
| &nbsp;&nbsp;Other Expenses | &nbsp;&nbsp;0.08% | &nbsp;&nbsp;0.08%<sup>(b)</sup> | &nbsp;&nbsp;0.08%<sup>(b)</sup> | &nbsp;&nbsp;0.08%<sup>(b)</sup> |
| &nbsp;&nbsp;**Total Annual Fund Operating Expenses<sup>(c)</sup>** | &nbsp;&nbsp;0.70% | &nbsp;&nbsp;0.63% | &nbsp;&nbsp;0.60% | &nbsp;&nbsp;0.55% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Service Fees differ between the classes of the Fund to reflect varying levels of shareholder servicing fees payable to Baillie Gifford Overseas Limited.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *4, and 5 were unfunded as of December 31, 2024. Therefore, Other Expenses have been estimated for these Classes based on the Other Expenses of Class 2 shares.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Baillie Gifford Overseas Limited has contractually agreed to waive its fees and/or bear Other Expenses of the Fund until April 30, 2027 to the extent that such Fund's Total Annual Operating Expenses (excluding taxes, sub-accounting expenses and extraordinary expenses) exceed 0.70% for Class 2 shares, 0.63% for Class 3 shares, 0.60% for Class 4 shares and 0.55% for Class 5 shares. This contractual agreement may only be terminated by the Board of Trustees of the Trust.* 

**<u>Acquiring Fund (*pro forma*)</u>**

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| | |
|:---|:---|
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;Other Expenses<sup>(a)</sup> |  |
| &nbsp;&nbsp;**Total Annual Fund Operating Expenses** | &nbsp;&nbsp;0.70% |
| *(a) Estimated for the current fiscal year.* |  |

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**Example**

The example below is intended to help you compare the cost of investing in the Target Fund with the cost of investing in the Acquiring Fund, both before and after the Reorganization. It assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem 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:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Baillie Gifford Long Term Global Growth Fund – Institutional Class | $82 | $255 | $444 | $990 |
| Baillie Gifford Long Term Global Growth Fund – Class K | $72 | $224 | $390 | $871 |
| Baillie Gifford Long Term Global Growth Fund – Class 2 | $72 | $224 | $390 | $871 |
| Baillie Gifford Long Term Global Growth Fund – Class 3 | $64 | $202 | $351 | $786 |
| Baillie Gifford Long Term Global Growth Fund – Class 4 | $61 | $192 | $335 | $750 |
| Baillie Gifford Long Term Global Growth Fund – Class 5 | $56 | $176 | $307 | $689 |
| *Pro Forma* – Baillie Gifford Long Term Global Growth ETF (assuming the Reorganization is completed) | $72 | $224 | $390 | $871 |

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***How do the performance records of the Funds compare?***

The Acquiring Fund is a newly-formed "shell" fund that has not yet commenced operations. The Acquiring Fund has been organized solely in connection with the Reorganization to acquire substantially all of the assets and assume the liabilities of the Target Fund and continue the business of the Target Fund, except that the Acquiring Fund will operate as an ETF instead of a mutual fund. The Acquiring Fund will have no performance history prior to the Reorganization.

Subject to shareholder approval of the Reorganization, the Target Fund will be the "accounting survivor" after the Reorganization. This means that the Acquiring Fund will adopt the historical accounting records and performance of Institutional Class shares of the Target Fund. The Target Fund's past performance is not necessarily an indication of how the Acquiring Fund will perform in the future. For tax purposes, each Acquiring Fund will also succeed to and take into account the items of the corresponding Target Fund described in Section 381(c) of the Code, subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and the Regulations thereunder.

The bar chart and table below provide some indication of the risks of investing in the Target Fund by showing changes in the Target Fund's Institutional Class shares' performance from year-to-year and by showing how the Target Fund's average annual returns for the past one-, five- and ten-year periods compare with those of a broad-based securities market index. The Acquiring Fund will use the MSCI ACWI Index as its benchmark, which is the same benchmark that the Target Fund uses.

The performance of the other classes, which is shown in the table below, will differ because the classes are subject to different expenses. The Target Fund's past performance, before and after taxes, is not necessarily an indication of how the Target Fund or the Acquiring Fund will perform in the future.

**Annual Total Returns – Institutional Class Shares<sup>(1)</sup>**

![](tm2533177d1_prox03img002.jpg)

Highest Quarterly Return: 44.21% (Q2, 2020)

Lowest Quarterly Return: -28.26% (Q2, 2022)

*<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 2 shares, which are currently closed to new investors. The historical Class 2 performance has been adjusted for the higher total annual operating expenses incurred by Institutional Class.*

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 Institutional Class shares only, and after-tax returns for other share classes will vary. 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.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Returns for Periods Ended December 31, 2024<sup>(1)</sup>** | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;Institutional Class Returns Before Taxes | &nbsp;&nbsp;24.92% | &nbsp;&nbsp;13.67% | &nbsp;&nbsp;15.43% |
| &nbsp;&nbsp;Institutional Class Returns After Taxes on Distributions | &nbsp;&nbsp;24.92% | &nbsp;&nbsp;12.77% | &nbsp;&nbsp;14.66% |
| &nbsp;&nbsp;Institutional Class Returns After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp;14.76% | &nbsp;&nbsp;10.95% | &nbsp;&nbsp;12.94% |
| &nbsp;&nbsp;Class K Returns Before Taxes | &nbsp;&nbsp;24.97% | &nbsp;&nbsp;13.76% | &nbsp;&nbsp;15.53% |
| &nbsp;&nbsp;Class 2 Returns Before Taxes | &nbsp;&nbsp;25.01% | &nbsp;&nbsp;13.77% | &nbsp;&nbsp;15.53% |
| &nbsp;&nbsp;Class 3 Returns Before Taxes<sup>(2)</sup> | &nbsp;&nbsp;25.01% | &nbsp;&nbsp;13.77% | &nbsp;&nbsp;15.53% |
| &nbsp;&nbsp;Class 4 Returns Before Taxes<sup>(3)</sup> | &nbsp;&nbsp;25.01% | &nbsp;&nbsp;13.77% | &nbsp;&nbsp;15.53% |
| &nbsp;&nbsp;Class 5 Returns Before Taxes<sup>(4)</sup> | &nbsp;&nbsp;25.01% | &nbsp;&nbsp;13.77% | &nbsp;&nbsp;15.53% |
| &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>(5)</sup> | &nbsp;&nbsp;18.02% | &nbsp;&nbsp;10.57% | &nbsp;&nbsp;9.78% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Performance for Class K and Institutional Class shares prior to their date of inception (April 28, 2017) is derived from the historical performance of Class 2 shares and, for Institutional Class, has been adjusted for the higher total annual operating expenses incurred by Institutional Class.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *Performance for Class 3 shares is derived from the historical performance of Class 2 shares, and has not been adjusted for the lower shareholder servicing fees applicable to Class 3 shares; had it, returns would have been higher.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *Performance for Class 4 shares, which were unfunded as of December 31, 2024, is derived from the historical performance of Class 2 shares, and has not been adjusted for the lower shareholder servicing fees applicable to Class 4 shares; had it, returns would have been higher.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(4)* *Performance for Class 5 shares, which were unfunded as of December 31, 2024, is derived from the historical performance of Class 2 shares, and has not been adjusted for the lower shareholder servicing fees applicable to Class 5 shares; had it, returns would have been higher.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(5)* *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.* 

The Target Fund's past performance is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at http://USmutualfund.bailliegifford.com or by calling the Funds at 1-844-394-6127.

***How do the Funds' portfolio turnover rates compare?***

Each Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect Fund performance. Because the Acquiring Fund has not yet commenced operations, no portfolio turnover rate is available for the Acquiring Fund. The portfolio turnover rate of each Acquiring Fund is not expected to be materially different from the portfolio turnover rate of the corresponding Target Fund.

During the fiscal year ended December 31, 2024, the Target Fund's portfolio turnover rate was 27% of the average value of its portfolio.

***Where can I find more financial and performance information about the Target Fund?***

Attached as Exhibit C below are the financial highlights tables of the Target Fund. Additional information is available in the Target Fund's Prospectus, Statement of Additional Information, and the most recent annual and semi-annual shareholder reports, as applicable. Because the Acquiring Fund has not yet commenced operations, shareholder reports for the Acquiring Fund are not available.

The Target Fund's Prospectus is incorporated herein by reference and is legally deemed to be part of this combined Prospectus/Proxy Statement. The Target Fund's Statement of Additional Information is also incorporated herein by reference.

The Acquiring Fund's Statement of Additional Information is provided in Part B to this Prospectus/Proxy Statement and is legally deemed to be part of this combined Prospectus/Proxy Statement.

Each of these documents has been filed with the SEC and is available, free of charge, by (i) calling toll-free at 1-844-394-6127, (ii) accessing the documents at the Funds' website at http://USmutualfund.bailliegifford.com, or (iii) writing to the Funds at the address listed above. In addition, these documents may be obtained from the EDGAR database on the SEC's Internet site at http://www.sec.gov. You also may obtain this information upon payment of a duplicating fee, by e-mailing the SEC at the following address: publicinfo@sec.gov.

**PROPOSAL 3: Baillie Gifford U.S. Equity Growth FUND<br> INTO Baillie Gifford U.S. Equity Growth ETF**

**COMPARISON OF IMPORTANT FEATURES OF THE FUNDS**

***Are there any significant differences between the investment objectives, policies and strategies of the Funds?***

Baillie Gifford U.S. Equity Growth Fund (for purposes of Proposal 3, the "Target Fund") operates as an open-end mutual fund, offering shares that are redeemable on each business day and daily liquidity. Baillie Gifford U.S. Equity Growth ETF (for purposes of Proposal 3, the "Acquiring Fund" and, together with the Target Fund, the "Funds") operates as an ETF. As an ETF, the Acquiring Fund offers shares that are bought and sold on a national securities exchange, which gives investors the ability to buy their shares throughout the day at the current market price (which may be at a premium or discount to NAV).

The Acquiring Fund will be managed using an investment objective that is identical to that of the Target Fund and principal investment strategies that are substantially similar to those of the Target Fund, as described below.

The Target Fund's and the Acquiring Fund's investment objective is to seek capital appreciation. The Target Fund's and the Acquiring Fund's investment objective may be changed by the applicable Board without shareholder approval.

The Acquiring Fund's principal investment strategies include disclosure noting that the Acquiring Fund may invest in active ETFs and ETFs that track relevant equity indices.

BGOL does not expect that the differences discussed above will result in any significant changes to the management of the Acquiring Fund.

*Investment Strategies*

The below table shows the Target Fund's and Acquiring Fund's investment objective (which are identical) as well as a redline showing differences in the Funds' summary principal investment strategy disclosure. In each redline, deleted text is shown in red strikethrough and added text is shown in blue underline. Further information about the Target Fund's and Acquiring Fund's respective investment objectives, strategies and risks is contained in the Target Fund's Prospectus and SAI and the Acquiring Fund's Prospectus and SAI. The Target Fund's Prospectus and SAI and the Acquiring Fund's Prospectus and SAI are on file with the SEC. The Target Fund's Prospectus and SAI and the Acquiring Fund's Prospectus and SAI are also incorporated herein by reference. For information regarding how to request copies of the SAIs related to either the Target Fund's Prospectus or the Acquiring Fund's Prospectus, please refer to page 55 of this Prospectus/Proxy Statement.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Target Fund** | &nbsp;&nbsp;**Acquiring Fund** |
| &nbsp;&nbsp;Baillie Gifford U.S. Equity Growth Fund seeks capital appreciation. | &nbsp;&nbsp;Baillie Gifford U.S. Equity Growth ETF seeks capital appreciation. |

---

---

| |
|:---|
| &nbsp;&nbsp;**Redline of Target Fund Investment Strategies Against Acquiring Fund Investment Strategies** |
| &nbsp;&nbsp; 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.<br>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.<br>|

---

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| |
|:---|
| &nbsp;&nbsp;**Redline of Target Fund Investment Strategies Against Acquiring Fund Investment Strategies** |
| &nbsp;&nbsp;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").<br>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 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. |

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Further information about the Target Fund's investment objectives and strategies is contained in the Prospectus and Statement of Additional Information of the Target Fund, which are on file with the SEC.

*Investment Policies and Restrictions*

The Target Fund and the Acquiring Fund have substantially similar fundamental investment restrictions, such that the Reorganization will not result in any material differences in the way the Target Fund has been managed and the way the Acquiring Fund will be managed after the Reorganization occurs, except that the Acquiring Fund will be managed as an ETF. As required by the 1940 Act, both BG Funds and the ETF Trust, on behalf of its series, has adopted certain fundamental investment policies including policies regarding borrowing money, issuing senior securities, engaging in the business of underwriting, concentrating investments in a particular industry or group of industries, purchasing and selling real estate, making loans, purchasing commodities and purchasing securities consistent with the maintenance of the status of a "diversified" investment company. The differences between the Target Fund's and the Acquiring Fund's fundamental investment policies and non-fundamental policies are set forth in a redline included in Exhibit B. If the Reorganization occurs, the combined Fund will be subject to the fundamental investment policies of the Acquiring Fund. Fundamental investment policies may not be changed without shareholder approval. Non-fundamental policies may be changed without shareholder approval.

***How do the principal investment risks of the Funds compare?***

Many of the risks associated with an investment in the Target Fund and the Acquiring Fund are similar, except that, as a shareholder of the Acquiring Fund, you would also be subject to risks related to the Acquiring Fund's ETF structure. There are other important differences between the principal risks of the Target Fund and the Acquiring Fund identified in the chart below. In addition, while there are certain differences between the Acquiring Fund's and the Target Fund's risk disclosure, the Adviser does not expect the differences in the disclosure or description of such risks to result in or reflect any material differences in how the Acquiring Fund will be managed relative to how the Target Fund is currently managed. For example, the Target Fund and the Acquiring Fund may use different terminology to describe the risks applicable to such Fund's principal investment strategies and the differences may reflect a clarification of the risks associated with an investment in the Acquiring Fund.

The following chart identifies the principal risks associated with each Fund. Each of the principal risks of the Acquiring Fund appears in Exhibit A.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal Risks** | &nbsp;&nbsp;**Target Fund** | &nbsp;&nbsp;**Acquiring <br> Fund** |
| &nbsp;&nbsp;Investment Style Risk | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Growth Stock Risk | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Long-Term Investment Strategy Risk | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Geographic Focus Risk | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Non-Diversification Risk | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Conflicts of Interest Risk | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Developed Markets Risk | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Equity Securities Risk | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;ESG Risk | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;ETF Structure Risk |  | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Focused Investment Risk | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Government and Regulatory Risk | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Information Technology Risk | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;IPO Risk | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Large-Capitalization Securities Risk | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Liquidity Risk | &nbsp;&nbsp;X | &nbsp;&nbsp;X |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Principal Risks** | &nbsp;&nbsp;**Target Fund** | &nbsp;&nbsp;**Acquiring <br> Fund** |
| &nbsp;&nbsp;Market Disruption and Geopolitical Risk | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Market Risk | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;New and Smaller-Sized ETF Risk |  | &nbsp;&nbsp;X |
| &nbsp;&nbsp;New and Smaller-Sized Funds Risk | &nbsp;&nbsp;X |  |
| &nbsp;&nbsp;Periodic Rebalancing Risk |  | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Risk Model Risk |  | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Service Provider Risk | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Small- and Medium-Capitalization Securities Risk | &nbsp;&nbsp;X | &nbsp;&nbsp;X |
| &nbsp;&nbsp;Valuation Risk | &nbsp;&nbsp;X | &nbsp;&nbsp;X |

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***Who manages the Funds?***

The Target Fund is a series of BG Funds. The Acquiring Fund is a series of the ETF Trust. BG Funds and the ETF Trust are each governed by a Board of Trustees, which is responsible for overseeing all business activities of the applicable Funds. The Target Fund Board and the Acquiring Fund Board are comprised of the same individuals, except the Acquiring Fund Board includes an additional individual who also serves as a trustee advisor to the Target Fund Board.

*Investment Adviser of the Funds.* The Target Funds' and the Acquiring Funds' investment adviser is BGOL. BGOL's principal place of business is Calton Square, 1 Greenside Row, Edinburgh EH1 3AN, Scotland. BGOL also has an office in New York City, New York, USA. BGOL is a wholly owned subsidiary of Baillie Gifford & Co, which is controlled by its working partners. BGOL, its parent, Baillie Gifford & Co, and their affiliates are referred to as "Baillie Gifford."

BGOL is a registered investment adviser which, together with its affiliates, advises other 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. BGOL was organized in 1983 and had approximate assets under management of $140.5 billion as of December 31, 2024.

*Portfolio Management.* The same individuals responsible for the day-to-day portfolio management of the Target Fund will be responsible for the day-to-day portfolio management of the Acquiring Fund.

Dave Bujnowski, Kirsty Gibson, Lillian Li, Gary Robinson and Tom Slater are jointly and primarily responsible for the day-to-day management of each of the Target Fund and the Acquiring Fund. Mr. Bujnowski has been a member of the Target Fund's portfolio management team since 2020. Ms. Gibson has been a member of the Target Fund's portfolio management team since 2016. Ms. Li has been a member of the Target Fund's portfolio management team since 2025. Mr. Robinson has been a member of the Target Fund's portfolio management team since 2016. Mr. Slater has been a member of the Target Fund's portfolio management team since 2016. Messrs. Bujnowski, Robinson, and Slater and Mses. Gibson and Li have been portfolio managers of the Acquiring Fund since the Acquiring Fund's inception.

The Statement of Additional Information for the Target Fund dated April 30, 2025, as supplemented (the "Target Fund SAI") and the Statement of Additional Information for the Acquiring Fund dated [February __, 2026] (the "Acquiring Fund SAI"), provide additional information about the portfolio manager's compensation, other accounts managed by the portfolio managers, and the portfolio manager's ownership of securities in the Funds. For information on how to obtain a copy of the Target Fund SAI and the Acquiring Fund SAI, please see the section entitled "INFORMATION ABOUT THE FUNDS."

***What are the Funds' investment management fee rates?***

BG Funds, on behalf of the Target Fund, and BGOL have entered into an Investment Advisory Agreement, as amended, under the terms of which the Target Fund pays a monthly advisory fee to BGOL for investment advisory services that is calculated and accrued daily on the basis of the annual rate noted below and expressed as a percentage of the Target Fund's average daily net assets:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Average Daily Net Assets of the Fund <br> (billions)** | &nbsp;&nbsp;**Annual Advisory Fee Rate at Each Asset Level <br> (percentage of the Fund's average daily net assets)** |
| &nbsp;&nbsp; $0 - $2<br> >$2 - $5<br> Above $5 | &nbsp;&nbsp; 0.33%<br> 0.29%<br> 0.27% |

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BGOL is responsible for providing certain administrative services to Target Fund shareholders as well as coordinating, overseeing and supporting services provided to Target Fund shareholders by third parties, including financial intermediaries that hold accounts with the Target Funds, pursuant to the Administration and Supervisory Agreement. The Administration and Supervisory Agreement also relates to the Class K and Institutional Class shares of other series of BG Funds.

Under the Administration and Supervisory Agreement, the Target Fund pays to BGOL an Administration and Supervisory Fee quarterly, in arrears, with respect to Class K and Institutional Class shares at an annual rate of 0.17% of the Target Fund's average net assets. For the fiscal year ended December 31, 2024, the Target Fund paid Administration and Supervisory Fees equal to 0.17% of the Target Fund's average daily net assets.

The ETF Trust, on behalf of the Acquiring Fund, and BGOL have entered into the Management Agreement, under which the Acquiring Fund pays BGOL a management fee quarterly for advisory services and for shareholder servicing, administrative and other services. The Acquiring Fund pays for these services under the Unitary Management Fee. The Unitary Management Fee paid by the Acquiring 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 Acquiring Fund's average daily net assets. The Acquiring Fund (and not BGOL) will be responsible for certain other fees and expenses that are not covered by the Unitary Management Fee under the Management Agreement. BGOL may voluntarily reimburse any Unitary Management Fee of the Acquiring Fund 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 Management Fee <br> Rate** (percentage of each Fund's <br> average daily net assets) |
| &nbsp;&nbsp;Baillie Gifford U.S. Equity Growth ETF | &nbsp;&nbsp;0.65% |

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Under the Unitary Management Fee, BGOL bears all ordinary operating expenses of the Acquiring Fund, except for those listed below. In addition to bearing the Unitary Management Fee, the Acquiring Fund (and not BGOL) bears the following expenses: (i) expenses incurred in connection with the distribution plan adopted by the ETF 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 ETF Trust or the Acquiring 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 ETF Trust or the Acquiring Fund pursuant to indemnification or advancement obligations to which the ETF

Trust or the Acquiring 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 ETF Trust's executive officers and employees, if any, who are not officers, directors, shareholders, members, partners or employees of BGOL or its subsidiaries or affiliates; (x) organizational expenses and both initial and ongoing SEC registration fees of the ETF Trust and the Acquiring Fund; (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 the Acquiring 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 ETF Trust); and (xv) such other expenses as approved by a majority of the Board.

For the fiscal year ended December 31, 2024, after waivers and expense reimbursements, $98,052 was required to be paid by the Target Fund to BGOL for BGOL's investment advisory services provided. Because the Acquiring Fund has not yet commenced operations, no Unitary Management Fees fees have been paid to BGOL by the Acquiring Fund.

***What are the fees and expenses of each Fund and what are they expected to be after the Reorganization?***

Shareholders of each Fund pay various fees and expenses, either directly or indirectly. The tables below show the fees and expenses that you would pay if you were to buy, hold and sell shares of each Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below. The table below shows the Annual Fund Operating Expenses of the Target Fund as of December 31, 2024, and the pro forma expenses of the combined Acquiring Fund after giving effect to the Reorganization, based on pro forma net assets as of June 30, 2025, as if the Reorganization had taken place on June 30, 2025. The fee tables do not reflect the costs associated with the Reorganization that will be borne by the Fund, if any. Only pro forma combined fees and expenses information is provided for the Acquiring Fund because the Acquiring Fund will not commence operations until the Reorganization is completed.

As shown below, the Reorganization is expected to result in equal or lower total annual operating expenses for shareholders of the Target Fund (calculated as of December 31, 2024).

Target Fund shareholders will not pay any sales load, contingent deferred sales charge, brokerage commission, redemption fee, or other transaction fee in connection with the receipt of ETF shares from the Reorganization.

**<u>Target Fund</u>**

**Annual Fund Operating Expenses** (expenses you pay each year as a percentage of the value of your investment)

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Class K** | &nbsp;&nbsp;**Institutional Class** |
| &nbsp;&nbsp;Management Fees<sup>(a)</sup> | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;Distribution (12b-1) Fees |  |  |
| &nbsp;&nbsp;Other Expenses | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;**Total Annual Fund Operating Expenses** | &nbsp;&nbsp;1.25% | &nbsp;&nbsp;1.35%<sup>(b)</sup> |
| &nbsp;&nbsp;Fee Waiver and/or Expense Reimbursement<sup>(c)</sup> | &nbsp;&nbsp;(0.60)% | &nbsp;&nbsp;(0.60)% |
| &nbsp;&nbsp;**Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(c)</sup>** | &nbsp;&nbsp;0.65% | &nbsp;&nbsp;0.75% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *The Management Fee consists of an Advisory Fee and an Administration and Supervisory Fee paid by the Fund to Baillie Gifford Overseas Limited.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Total Annual Fund Operating Expenses for the year ended December 31, 2024 do not match the financial statements due to rounding.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Baillie Gifford Overseas Limited has contractually agreed to waive its fees and/or bear Other Expenses of the Fund until April 30, 2027 to the extent that such Fund's Total Annual Operating Expenses (excluding taxes, sub-accounting expenses and extraordinary expenses) exceed 0.65% for Class K and Institutional Class shares. This contractual agreement may only be terminated by the Board of Trustees of the Trust. Expenses after waiver/reimbursement exceed 0.65% for Institutional Class due to sub-accounting expenses of 0.10%.* 

**<u>Acquiring Fund (*pro forma*)</u>**

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| | |
|:---|:---|
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;Other Expenses<sup>(a)</sup> |  |
| &nbsp;&nbsp;**Total Annual Fund Operating Expenses** | &nbsp;&nbsp;0.65% |
| *(a) Estimated for the current fiscal year.* |  |

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**Example**

The example below is intended to help you compare the cost of investing in the Target Fund with the cost of investing in the Acquiring Fund, both before and after the Reorganization. It assumes that you invest $10,000 in the Fund for the time periods indicated, regardless of whether or not you redeem 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:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Baillie Gifford U.S. Equity Growth Fund – Institutional Class | $77 | $368 | $682 | $1572 |
| Baillie Gifford U.S. Equity Growth Fund – Class K | $66 | $337 | $629 | $1458 |
| *Pro Forma* – Baillie Gifford U.S. Equity Growth ETF (assuming the Reorganization is completed) | $66 | $208 | $362 | $810 |

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**How do the performance records of the Funds compare?**

The Acquiring Fund is a newly-formed "shell" fund that has not yet commenced operations. The Acquiring Fund has been organized solely in connection with the Reorganization to acquire substantially all of the assets and assume the liabilities of the Target Fund and continue the business of the Target Fund, except that the Acquiring Fund will operate as an ETF instead of a mutual fund. The Acquiring Fund will have no performance history prior to the Reorganization.

Subject to shareholder approval of the Reorganization, the Target Fund will be the "accounting survivor" after the Reorganization. This means that the Acquiring Fund will adopt the historical accounting records and performance of Institutional Class shares of the Target Fund. The Target Fund's past performance is not necessarily an indication of how the Acquiring Fund will perform in the future. For tax purposes, each Acquiring Fund will also succeed to and take into account the items of the corresponding Target Fund described in Section 381(c) of the Code, subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and the Regulations thereunder.

The bar chart and table below provide some indication of the risks of investing in the Target Fund by showing changes in the Target Fund's Institutional Class shares' performance from year-to-year and by showing how the Target Fund's average annual returns for the past one and five-year periods and since inception compare with those of a broad-based securities market index. The Acquiring Fund will use the S&P 500 Index as its primary benchmark and the Russell 100 Growth Index as its secondary benchmark, which are the same benchmarks that the Target Fund uses.

The performance of the other classes, which is shown in the table below, will differ because the classes are subject to different expenses. The Target Fund's past performance, before and after taxes, is not necessarily an indication of how the Target Fund or Acquiring Fund will perform in the future.

**Annual Total Returns – Institutional Class Shares** **<sup>(1)(2)</sup>**

![](tm2533177d1_proxpro-05img01.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 Institutional Class shares only, and after-tax returns for other share classes will vary. 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.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total <br> Returns for Periods <br> Ended December 31, <br> 2024** | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**Since Fund 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;Class K Returns Before Taxes<sup>(3)</sup> | &nbsp;&nbsp;30.59% | &nbsp;&nbsp;12.86% | &nbsp;&nbsp;16.66% |
| &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;S&P 500 Index<sup>(4)</sup> | &nbsp;&nbsp;25.02% | &nbsp;&nbsp;14.51% | &nbsp;&nbsp;14.89% |
| &nbsp;&nbsp;Russell 1000 Growth Index<sup>(5)</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 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 periods prior to May 1, 2017, the performance shown is based on the performance for Class 1 shares.*

*<sup>(4)</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>(5)</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.*

The Target Fund's past performance is not necessarily an indication of how the Funds will perform in the future. You can obtain updated performance information at http://USmutualfund.bailliegifford.com or by calling the Funds at 1-844-394-6127.

***How do the Funds' portfolio turnover rates compare?***

Each Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect Fund performance. Because the Acquiring Fund has not yet commenced operations, no portfolio turnover rate is available for the Acquiring Fund. The portfolio turnover rate of each Acquiring Fund is not expected to be materially different from the portfolio turnover rate of the corresponding Target Fund.

During the fiscal year ended December 31, 2024, the Target Fund's portfolio turnover rate was 19% of the average value of its portfolio.

***Where can I find more financial and performance information about the Target Fund?***

Attached as Exhibit C below are the financial highlights tables of the Target Fund. Additional information is available in the Target Fund's Prospectus, Statement of Additional Information, and the most recent annual and semi-annual shareholder reports, as applicable. Because the Acquiring Fund has not yet commenced operations, shareholder reports for the Acquiring Fund are not available.

The Target Fund's Prospectus is incorporated herein by reference and is legally deemed to be part of this combined Prospectus/Proxy Statement. The Target Fund's Statement of Additional Information is also incorporated herein by reference.

The Acquiring Fund's Statement of Additional Information is provided in Part B to this Prospectus/Proxy Statement and is legally deemed to be part of this combined Prospectus/Proxy Statement.

Each of these documents has been filed with the SEC and is available, free of charge, by (i) calling toll-free at 1-844-394-6127, (ii) accessing the documents at the Funds' website at http://USmutualfund.bailliegifford.com, or (iii) writing to the Funds at the address listed above. In addition, these documents may be obtained from the EDGAR database on the SEC's Internet site at http://www.sec.gov. You also may obtain this information upon payment of a duplicating fee, by e-mailing the SEC at the following address: <u>publicinfo@sec.gov</u>.

**COMPARISON OF OTHER KEY FEATURES OF THE FUNDS**

***What are the purchase and sale procedures of the Target Funds and Acquiring Funds?***

Baillie Gifford International Concentrated Growth Equities Fund, Baillie Gifford Long Term Global Growth Fund and Baillie Gifford U.S. Equity Growth Fund (each, a "Target Fund" and, together, the "Target Funds") and Baillie Gifford International Concentrated Growth ETF, Baillie Gifford Long Term Global Growth ETF and Baillie Gifford U.S. Equity Growth ETF (each, an "Acquiring Fund" and, together, the "Acquiring Funds") have different procedures for purchasing, exchanging, and redeeming shares, which are summarized below.

<u>Target Funds</u> 

Shares of each Target Fund are sold without a sales charge. Your price for a Target Fund's shares is the Target Fund's NAV which is calculated as of the close of trading on the New York Stock Exchange ("NYSE") (usually 4:00 p.m. Eastern time or the time trading closes on the NYSE, whichever is earlier) every day the NYSE is open. For more information, see the "*Shares—How Shares are Priced*" section of each Target Fund's Prospectus. Initial and subsequent investments in certain classes of Target Fund shares are subject to investment minimums, as set forth in the "*Shares—Restrictions on Buying or Exchanging Shares*" section of each Target Fund's Prospectus(es).

Shares of the Target Funds will be sold at the next NAV calculated after an order is accepted by the Target Fund's transfer agent or a dealer, broker or other service provider. Subject to certain restrictions described in each Target Fund's Prospectus, Target Fund shareholders may exchange from shares of one Target Fund into the same Class of another Target Fund or fund offered in a different prospectus, provided that the investment meets the minimum initial investment and any other requirements of the same Class of the other fund and that the shares of the same Class of the other fund are eligible for sale in the shareholder's state of residence. Further information about conversion of shares between classes of the same Target Fund may be found in the Target Fund's Statement of Additional Information.

<u>Acquiring Funds</u> 

Shares of each Acquiring Fund are also sold without a sales charge. Because the Acquiring Funds are ETFs, however, they issue and redeem shares at NAV only in large blocks of shares (each block of shares is called a "Creation Unit"). Only authorized participants ("Authorized Participants") may engage in purchase or redemption transactions directly with the Acquiring Fund. The NAV of Acquiring Fund Shares, similar to the NAV of Target Fund shares, is determined at the close of regular trading on the NYSE (normally 4:00 p.m. Eastern Time) on each day the NYSE is open. Creation Units are issued and redeemed for cash and/or in-kind for securities. Individual shares of an Acquiring Fund may only be bought and sold in the secondary market through a broker-dealer. 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 an Acquiring Fund (bid) and the lowest price a seller is willing to accept for shares of an Acquiring Fund (ask) when buying or selling shares in the secondary market (the "bid-ask spread").

Shares of Baillie Gifford International Concentrated Growth ETF, Baillie Gifford Long Term Global Growth ETF and Baillie Gifford U.S. Equity Growth ETF are listed for trading on the Exchange. Acquiring Fund 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. There is no minimum

investment required. Acquiring Fund Shares may only be purchased and sold on the secondary market when the NYSE is open for trading.

When buying or selling Acquiring Fund Shares through a broker, you will incur customary brokerage commissions and charges, and you may pay some or all of the spread between the bid and the ask price in the secondary market on each leg of a round trip (purchase and sale) transaction. Authorized Participants may acquire Acquiring Fund Shares directly from an Acquiring Fund, and Authorized Participants may tender their Acquiring Fund Shares for redemption directly to an Acquiring Fund, at NAV per share only in large blocks, or Creation Units, of shares. Purchases and redemptions directly with an Acquiring Fund must follow an Acquiring Fund's procedures, which are described in each Acquiring Fund's Statement of Additional Information. The Acquiring Funds do not have exchange privileges. Additional information and specific instructions explaining how to buy shares of each Acquiring Fund are outlined in each Acquiring Fund's Prospectus under the heading "*Shares*—*How to Buy and Sell Shares*."

***What are the distribution arrangements for the Target Funds and Acquiring Funds?***

<u>Target Funds</u> 

Shares of the Target Funds are sold on a continuous basis by Baillie Gifford Funds Services LLC ("BGFS"), the Funds' principal underwriter.

You will not be charged any sales charges, commissions, or transactions fees in the Reorganizations.

<u>Class 2, Class 3, Class 4 and Class 5 (Baillie Gifford Long Term Global Growth Fund only)</u>

You may purchase or exchange shares of Baillie Gifford Long Term Global Growth Fund by submitting a request directly to BGOL. You may redeem Baillie Gifford Long Term Global Growth Fund's shares on any day the New York Stock Exchange ("NYSE") is open for trading by sending a written request in the form prescribed by BGOL by email to BG Funds at bgnavtrading@bailliegifford.com. The initial investment minimums for Baillie Gifford Long Term Global Growth Fund shares is $25 million for Class 2, $100 million for Class 3, $200 million for Class 4, and $500 million for Class 5. Eligibility for Class 2, Class 3, Class 4 and Class 5 shares shall be determined with reference to the market value of assets managed by BGOL and its affiliates for the shareholder, whether in the Baillie Gifford Long Term Global Growth Fund, another pooled vehicle or otherwise. There are no subsequent investment minimums.

<u>Class K and Institutional Class</u> 

You may purchase Institutional Class or Class K shares of a Target Fund through a financial intermediary and for Class K, you may also email a purchase request to the Bank of New York Mellon (the "Transfer Agent") at bgusinsttrades@bny.com. The initial and subsequent investment minimums for Target Fund shares is $10 million for Class K and none for Institutional Class. There are no subsequent investment minimums imposed by the Fund. If you hold shares through a financial intermediary, the financial intermediary may impose its own, different, investment minimums. You may redeem your Class K and Institutional Class Shares either through your broker or financial intermediary, or by emailing a redemption request to the Transfer Agent at bgusinsttrades@bny.com.

<u>Payments to Broker-Dealers and Other Financial Intermediaries</u>

For Class K and Institutional Class, if you purchase Target Fund shares through a broker-dealer or other financial intermediary, the Target Fund and its related companies may pay the intermediary for services the intermediary provides to Target Fund shareholders. These payments are not primarily intended to result in the sale of Target Fund shares. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Target Fund over another investment. In addition to the fees and expenses described in the "What are the fees and expenses of each Fund and what are they expected to be after the Reorganization?" section above for each Reorganization, your broker-

dealer or financial intermediary may charge commissions or other fees on purchases and sales of the Class K or Institutional Class shares of the Fund. Ask your salesperson or visit your financial intermediary's web site for more information.

<u>Acquiring Funds</u>

BGFS or its agent distributes Creation Units for the Acquiring Funds on an agency basis. BGFS does not maintain a secondary market in shares of the Acquiring Funds.

The ETF Trust has entered into a Distribution Agreement with BGFS ("Acquiring Fund Distribution Agreement"), under which BGFS, as agent, reviews and approves orders by authorized participants to create and redeem Acquiring Fund shares in Creation Units. BGFS is a broker-dealer registered under the Exchange Act and a member of FINRA. The ETF Trust has adopted a plan pursuant to Rule 12b-1 under the 1940 Act (the "ETF Distribution Plan"). However, no distribution payments under Rule 12b-1 have been authorized by the Acquiring Fund Board as of the date of this combined Prospectus/Proxy Statement, and no distribution fees under Rule 12b-1 are currently payable under the Distribution Plan. If the Acquiring Fund Board authorizes distribution payments pursuant to Rule 12b-1 in the future, BGOL or another service provider might collect distribution fees under Rule 12b-1, but only after appropriate authorization by the Acquiring Fund Board and after the Acquiring Funds' 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 Acquiring 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.

BGFS may also enter into agreements with securities dealers ("Dealers") who will assist in the distribution of Acquiring Fund Shares. BGFS will only enter into agreements with firms wishing to purchase Creation Units if the firm qualifies as an Authorized Participant or Depositary Trust Company participant.

***What are other key features of the Funds?***

<u>Other Service Providers</u>

*Target Funds.* The Bank of New York Mellon ("BNY"), 240 Greenwich Street, New York, New York 10286, or an affiliate of BNY, serves as transfer agent, administrator, custodian and fund accounting agent for BG Funds. Cohen & Company, Ltd., 342 North Water Street, Suite 830, Milwaukee, Wisconsin 53202, serves as the independent registered public accounting firm of BG Funds.

*Acquiring Funds.* BNY also serves as the ETF Trust's transfer agent, administrator, custodian and fund accounting agent. Cohen & Company, Ltd., located at 342 N. Water St., Suite 830, Milwaukee, WI 53202, also serves as the ETF Trust's independent registered public accounting firm.

<u>Fiscal Years</u>

The fiscal/tax year end of the Target Funds is December 31. The fiscal/tax year end for the Acquiring Funds will be the same as the Target Funds.

<u>Dividends and Distributions</u>

*Target Funds*. The amount of dividends of net investment income and distributions of net realized long and short-term capital gains payable to shareholders will be determined separately for each Target Fund class. Dividends and distributions are paid separately for each class of Target Fund shares. Dividends from

the net investment income of each Target Fund will be declared and paid annually. The Target Funds will distribute any net realized long- or short-term capital gains at least annually.

*Acquiring Funds.* Ordinarily, dividends from net investment income, if any, are declared and paid at least annually. The Acquiring Funds generally distribute net realized capital gains, if any, to shareholders annually. The Acquiring Funds may also pay a special distribution at the end of a calendar year to comply with federal tax requirements.

<u>Tax</u>

The Target Funds and Acquiring Funds intend to maintain the required level of diversification and otherwise conduct their operations so as to qualify as regulated investment companies for purposes of the Code. The Acquiring Funds, as ETFs, may present certain tax efficiencies for investors as compared to the Target Funds, as mutual funds. ETFs typically redeem their shares with in-kind distributions of assets, and they typically do not recognize capital gain on the in-kind redemption of their shares. The Acquiring Funds will typically create and redeem Creation Units on an in-kind basis, thereby minimizing each Acquiring Fund's recognition of gain with respect to any appreciated securities it redeems in kind. In contrast, when portfolio securities are sold within a Target Fund, the sale can cause the recognition of capital gains within such Target Fund that generally would cause a taxable distribution to all of its shareholders—even if the shareholders may have an unrealized loss on their overall investment in the Target Fund. For more information about the tax implications of investments in the Funds, see each Target Fund Prospectus under the heading "Distributions and Taxes," and each Acquiring Fund's Statement of Additional Information under the heading "Distributions and Taxes."

**BACKGROUND AND BOARD'S CONSIDERATIONS RELATING TO THE REORGANIZATIONS**

On December 9, 2025, the Target Fund Board and the Acquiring Fund Board (collectively, the "Board")<sup>1</sup> approved the Reorganizations on behalf the Target Funds and the Acquiring Funds (collectively, the "Funds"), respectively. For the reasons discussed below, with respect to each Reorganization, the Board, including the Trustees who are not "interested persons," as defined in the 1940 Act, of the Funds (the "Independent Trustees"), determined that participation by each Fund in the applicable Reorganization is in the best interests of each Fund and that the interests of existing shareholders of each Fund, if any, would not be diluted as a result of the applicable Reorganization.

The Board considered the Reorganizations over the course of meetings held on June 16 & 18-19, 2025 (Target Fund Board only),<sup>2</sup> October 1-2, 2025 and December 8-9, 2025. At those meetings, BGOL, the investment adviser to the Funds, and legal counsel to the Funds provided background materials, analyses and other information to the Board regarding, among other things, the topics discussed below, and also responded to questions raised by the Board in connection with the meetings. In connection with the Board's review, the Independent Trustees requested and reviewed written information from BGOL, met with representatives of BGOL, and met in private sessions with independent legal counsel to the Independent Trustees without BGOL present, and reviewed with legal counsel to the Funds and independent legal counsel applicable law and their duties in considering the Reorganizations.

<sup>1</sup> The Target Fund Board and the Acquiring Fund Board are comprised of the same individuals, except the Acquiring Fund Board includes an additional individual who also serves as a trustee advisor to the Target Fund Board.

<sup>2</sup> The Acquiring Fund Board held its organizational meeting on October 1-2, 2025.

The Board considered that BGOL recommended each Reorganization because of operational and tax advantages that each Acquiring Fund, as an ETF, would provide compared to each Target Fund, an open-end mutual fund, as well as other factors, including: the total (net) expense ratio of each Acquiring Fund would be equal to the total (net) expense ratio (giving effect to the current expense limitation) of Class K shares of the corresponding Target Fund (in each case, calculated as of the year ended December 31, 2024); expected lower portfolio transaction costs and greater tax efficiency; the anticipated tax-free nature of each Reorganization transaction; the compatibility of the investment objective and strategies of each Target Fund and the corresponding Acquiring Fund; the continuity of BGOL's management, including portfolio management teams; and the ability of each Acquiring Fund to retain the performance track record of the corresponding Target Fund. The Board also considered that BGOL's recommendation was based on BGOL's view that it would be better able to grow the Acquiring Funds if the Reorganizations take place, and that the reasons for BGOL's view include ongoing trends of net inflows for actively managed ETFs, expected demand for BGOL advised actively managed ETFs, ongoing trends of net outflows from actively managed mutual funds, and the Target Funds' respective asset sizes and recent flows. Additional factors the Board considered in connection with each Reorganization, based on the information provided, included, among others: the ability of Target Fund shareholders to redeem or exchange their shares of the Target Funds prior to the Reorganizations; that BGOL and/or its affiliates will bear the direct expenses incurred in connection with the Reorganizations, as well as trading costs generated by portfolio trading activity prior to the Reorganizations related to non-transferrable securities that would otherwise be borne by the applicable Target Funds; that BGOL would offer certain eligible Target Fund shareholders of Baillie Gifford Long Term Global Growth Fund the ability to transition their Target Fund investment to a privately placed mutual fund with substantially the same investment objective, process, strategies and policies and to a share class with the same or a lower total (net) expense ratio (i.e., the BGIT Transition); the need for Target Fund shareholders to have a brokerage account to receive and hold Acquiring Fund Shares; that there may be circumstances where a Target Fund shareholder may not be able to hold Acquiring Fund Shares and would instead receive cash in exchange for Target Fund shares in the Reorganizations; and that the Acquiring Funds will not issue any fractional shares.

The Board received from BGOL and legal counsel to the Funds written materials containing relevant information about each Acquiring Fund and each proposed Reorganization. The Board reviewed detailed information provided to the Board regarding, among other matters: the investment objective, processes, strategies and policies of each Acquiring Fund and the compatibility of each Target Fund and corresponding Acquiring Fund in this regard; the portfolio management teams and service providers of the Funds; the current total (net) expense ratios of each Target Fund and the anticipated post-Reorganization total (net) expense ratio of each Acquiring Fund; that, pursuant to the Plan, BGOL and/or its affiliates will bear all direct expenses incurred in connection with the Reorganizations; potential cost and federal income tax implications to existing shareholders of the Funds; operational considerations in conjunction with effecting each Reorganization, including the redemption of fractional shares of the Target Funds prior to the Reorganizations and the need for a brokerage account to receive and hold Acquiring Fund Shares; and the general characteristics of the Funds.

In reaching the decision to approve each Reorganization, the Board considered, among other things, the following factors, based on the information provided by BGOL and legal counsel to the Funds:

Fees and Expenses. The Board considered that following each Reorganization, it is expected that the total (net) expense ratio of each Acquiring Fund will be equal to or less than the total (net) expense ratio for each share class offered by the corresponding Target Fund, except that it is expected that the total (net) expense ratio of Baillie Gifford Long Term Global Growth ETF will be higher than the total (net) expense ratio of Class 3 of Baillie Gifford Long Term Global Growth Fund (in each case, calculated as of December 31, 2024). The Board noted that there were no current shareholders of Class 4 or Class 5 of Baillie Gifford Long Term Global Growth Fund. Because each Acquiring Fund will pay a unitary management fee and, subject to certain exclusions, BGOL will be responsible for each Acquiring Fund's ordinary operating expenses, the Board determined that expense ratios were the relevant comparative data point.

Compatibility of Investment Objectives and Strategies. The Board considered that each Target Fund and its corresponding Acquiring Fund have the same investment objective and substantially similar investment strategies. The Board considered that the Target Funds and Acquiring Funds are managed by BGOL and noted BGOL's belief that it would be able to manage the substantially similar investment strategies equally effectively in the corresponding Acquiring Fund's ETF structure.

Continuity of Management. The Board noted that BGOL is the investment adviser to each of the Target Funds and will serve as the investment adviser to each of the Acquiring Funds. The Board considered that BGOL does not anticipate that the Reorganization will result in any decline in the level of services or resources that historically have been provided to each Target Fund. With the exception of Baillie Gifford International Concentrated Growth Equities Fund, each Target Fund's current portfolio management team is expected to manage the corresponding Acquiring Fund following the closing of the Reorganizations. For Baillie Gifford International Concentrated Growth Equities Fund, the current portfolio management team is expected to manage the corresponding Acquiring Fund following the closing of the Reorganization, except that Spencer Adair will retire as a portfolio manager of the Fund on March 31, 2026 and Kirsty Gibson will become a portfolio manager of the Fund on April 1, 2026.

Similar Risks. The Board considered that many of the risks associated with owning shares of each Acquiring Fund are similar to the risks associated with owning shares of the corresponding Target Fund. The Board noted, however, that there are certain differences in these risks, including the risks associated with each Acquiring Fund's ETF structure.

Benefits to BGOL. The Board considered that BGOL's recommendation was based on BGOL's view that it would be better able to grow the Acquiring Funds if the Reorganizations take place, and that the reasons for BGOL's view include ongoing trends of net inflows for actively managed ETFs, expected demand for BGOL advised actively managed ETFs, ongoing trends of net outflows from actively managed mutual funds, and the Target Funds' respective asset sizes and recent flows. The Board noted that the growth of assets in the Acquiring Funds would result in additional asset-based management fees to BGOL. The Board also considered that, under the unitary management fee structure, any reduction in expenses associated with the management and operations of the Acquiring Funds would benefit BGOL, but also noted that the unitary management fee would provide a level of certainty in expenses for Acquiring Fund shareholders. Additionally, the Board considered the benefits to BGOL of transferring existing Target Fund assets to ETFs through the Reorganizations.

Costs of the Reorganizations. The Board considered that, pursuant to the Plan, BGOL and/or its affiliates will bear all direct expenses incurred in connection with the Reorganizations, and that such costs include: legal, audit-related, accounting and tax services; certain taxes incurred by the Funds (as described below); brokerage and other transaction costs; and costs directly associated with preparing, filing, printing, and distributing to Target Fund shareholders all materials relating to the Proxy Statement/Prospectus.

The Board considered that, prior to the completion of the Reorganizations, certain portions of the portfolios of Baillie Gifford International Concentrated Growth Equities Fund and Baillie Gifford Long Term Global Growth Fund are expected to be sold due to non-transferable assets, and noted BGOL's estimates of the percentage of the portfolios to be sold and the realized capital gains that were expected to result from these sales. The Board noted that these realized capital gains may be distributed either to remaining Target Fund shareholders before the Reorganizations or to shareholders of the corresponding Acquiring Fund after the Reorganizations and would be taxable to shareholders that hold their shares in a taxable account. The Board also considered that portfolio trading activity in connection with Target Fund selling and Acquiring Fund purchasing of non-transferable assets would result in brokerage and other transaction costs, including trading taxes incurred by the Funds, which would be covered by BGOL and/or its affiliates pursuant to the Plan.

The Board noted that additional realized capital gains may result from portfolio trading activity undertaken to meet redemptions prior to the Reorganizations. The Board noted that these realized capital gains may be distributed either to remaining Target Fund shareholders before the Reorganizations or to shareholders of the corresponding Acquiring Fund after the Reorganizations and would be taxable to shareholders that hold their shares in a taxable account. The Board considered that BGOL and/or its affiliates would not bear the costs of any portfolio trading activity undertaken to meet shareholder redemptions in advance of the Reorganizations and were not able to provide estimates with respect to such amounts.

The Board also considered that, with respect to each Target Fund, BGOL had contractually agreed to waive its fees and/or bear other expenses of each share class to limit ordinary operating expenses to certain levels through the closing date of the applicable Reorganization.

ETFs Offer Certain Structural Advantages. The Board considered that the ETF structure offers potential benefits to the applicable Funds and shareholders including: through the use of in-kind transactions in connection with creations and redemptions of Acquiring Fund Shares, which may contribute to lower portfolio transaction costs and greater tax efficiency; less cash drag on performance because each Acquiring Fund is not required to buy back or redeem shares directly from shareholders in cash and, as a result, portfolio managers generally do not have to maintain cash in order to provide liquidity for redemptions; and more flexible trading of ETF shares because investors have the ability to buy or sell ETF shares throughout the trading day at current market prices. The Board also considered potential drawbacks associated with the ETF structure; for example, Baillie Gifford International Concentrated Growth Equities Fund and Baillie Gifford Long Term Global Growth Fund may need to gain exposure to certain issuers through alternative instruments—such as holding depositary receipts (such as American Depositary Receipts) instead of shares directly—or otherwise adjust their portfolios such that portfolio composition remains compatible with ETF operations.

ETF Tax Efficiency. The Board considered that the ETF structure offers potential tax efficiencies for investors compared to the open-end mutual fund structure. The Board noted that, unlike open-end mutual funds, ETFs typically acquire securities from and deliver securities to Authorized Participants in the creation and redemption process on an in-kind basis, including for the purpose of making adjustments to the ETF's portfolio, and thereby avoid the realization of taxable capital gains within the ETF in such transactions. Accordingly, the Board noted, investors in an ETF often are only subject to capital gains taxes on their investment in the ETF when they sell their ETF shares.

Ability to Redeem or Exchange Shares of the Target Fund Prior to the Reorganization. The Board considered that, prior to the Reorganizations, Target Fund shareholders who do not wish to invest in an Acquiring Fund may redeem or exchange their Target Fund shares without incurring a redemption fee, front-end sales charge or contingent deferred sales charge, since the Target Funds do not impose any such fees or charges. The Board also considered that BGOL would offer certain eligible Target Fund shareholders of Baillie Gifford Long Term Global Growth Fund the ability to transition their Target Fund investment to a privately placed mutual fund with substantially the same investment objective, process, strategies and policies and to a share class with the same or a lower total (net) expense ratio (i.e., the BGIT Transition).

Tax-Free Nature. The Board considered that each Reorganization is anticipated to be treated as a tax-free reorganization for federal income tax purposes and that each Fund will obtain an opinion of counsel substantially to this effect (based on certain factual representations and certain customary assumptions).

Transparency. The Board considered that, while actively-managed mutual funds (such as the Target Funds) generally provide only periodic disclosure of their complete portfolio holdings, transparent actively-managed ETFs (such as the Acquiring Funds) operate with full, daily transparency of their portfolio holdings. The Board considered that, because the Acquiring Funds will disclose their full holdings every business day, the Acquiring Funds' portfolios will be rebalanced by BGOL less often than other accounts managed by BGOL in similar strategies, and their trades may be grouped together after several trades for other accounts. The Board noted that less frequent rebalancing may be detrimental to an Acquiring Fund if it misses opportunities to sell investments before their value falls or to buy investments before their value rises.

Ability to Retain Performance Track Record. The Board considered that each Acquiring Fund will be able to maintain the corresponding Target Fund's performance track record, which is expected to assist in marketing and distribution efforts. The Board noted that, following the Reorganizations, each Target Fund would be the accounting survivor and each Acquiring Fund would assume the historical performance of the corresponding Target Fund.

Additional factors the Board considered in connection with the Reorganizations, based on the information provided by BGOL and legal counsel to the Funds, included, among others, the following:

Target Fund Shareholders' Need for a Brokerage Account that May Receive and Hold ETF Shares. The Board considered that Target Fund shareholders must have a brokerage account that is permitted to receive and hold ETF shares by a certain date in order to receive Acquiring Fund Shares in the Reorganizations. The Board noted the planned communications and other efforts to facilitate the establishment of appropriate brokerage accounts for such shareholders. The Board considered that Target Fund shareholders who do not have a brokerage account that is permitted to receive and hold ETF shares by such date will not receive shares of the applicable Acquiring Fund in the Reorganizations, will have their Target Fund position liquidated and will receive a cash distribution equal in value to the net asset value of their Target Fund shares, less any fees and expenses their intermediary may charge, and that such distribution will be taxable to shareholders who hold their shares in a taxable account.

There May Be Circumstances Where a Target Fund Shareholder Will Not Be Able to Hold ETF Shares. The Board considered that omnibus retirement plan recordkeepers may not be able to include ETF shares on their platforms, and in such a case a retirement plan investor may be required by its retirement plan recordkeeper to redeem their Target Fund shares prior to the Reorganization.

No Fractional Shares of the Acquiring Funds. The Board noted that each Acquiring Fund will not issue fractional shares so fractional shares of the corresponding Target Fund held by a shareholder immediately prior to the Reorganization will be redeemed at net asset value. The Board further noted that the proceeds of this redemption will result in a cash payment to those shareholders who own fractional shares of a Target Fund, which will be taxable to shareholders who hold their shares in a taxable account.

Based upon all of the information provided and the discussions held in connection with the June 16 & 18-19, 2025 (Target Fund Board only), October 1-2, 2025 and December 8-9, 2025 meetings, including the information and considerations described above, the Board, including the Independent Trustees, determined that participation by each Fund in the applicable Reorganization is in the best interests of the Fund and that the interests of existing shareholders of the Fund, if any, would not be diluted as a result of the applicable Reorganization. The Board unanimously approved each Reorganization and related Plan at the December 8-9, 2025 meeting, and, on behalf of each Target Fund, the Target Fund Board unanimously recommended that shareholders of each Target Fund vote to approve the applicable Reorganization and related Plan. No single factor was determinative in the Board's analysis, but rather the Board considered a variety of factors, including those discussed above. The Board did not allot a particular weight to any one factor or group of factors.

**FOR THE REASONS DISCUSSED ABOVE, THE TARGET FUND BOARD,<br> ON BEHALF OF EACH TARGET FUND, UNANIMOUSLY RECOMMENDS<br> THAT YOU VOTE "<u>FOR</u>" THE REORGANIZATION OF YOUR TARGET FUND**

**INFORMATION ABOUT THE REORGANIZATIONS**

This is only a summary of the Plan. You should read the Plan for more complete information about the Reorganizations. The Plan has been filed as an exhibit to each Acquiring Fund's Registration Statement on Form N-14 of which this Prospectus/Proxy Statement is a part.

***How will the Reorganizations be carried out?***

If the shareholders of the Target Funds approve the Plan, the Reorganizations will be completed after various conditions are satisfied, including the preparation of certain documents. If the shareholders of a Target Fund do not approve the Plan, the Reorganization of that Target Fund will not take place. Each such Target Fund will continue to operate as it currently does, and the Target Fund Board will consider such other actions, based on evaluations and recommendations from BGOL, as it deems necessary or appropriate.

If the Plan is approved by the Target Funds' shareholders, each class of shares of the Target Funds will then be converted into Class K shares prior to the Reorganizations. After such conversion, any fractional shares held by shareholders will be redeemed, and the Target Funds will distribute the redemption proceeds to those shareholders. The redemption of shareholders' fractional shares will be a taxable event for shareholders who hold such fractional shares in a taxable account and those shareholders are encouraged to consult their tax advisors to determine the effect of any such redemption. Target Fund shareholders who do not hold their shares of a Target Fund through a brokerage account that can receive and hold shares of an ETF by May 18, 2026 will have their shares liquidated on or about May 19, 2026 and they will receive a cash distribution equal in value to the NAV of their Target Fund shares less any fees and expenses their intermediary may charge. Additionally, prior to the Reorganizations, Baillie Gifford International Concentrated Growth Equities Fund will effect a 1-for-3 reverse stock split, or a reverse stock split at such other ratio as the officers of BG Funds may determine, so that the value of each share of the Target Fund immediately prior to the Reorganizations will correspond

to approximately the initial per-share NAV of Target Fund Shares of Baillie Gifford International Concentrated Growth ETF to be issued. The officers of BG Funds may also determine to carry out a reverse stock split for Baillie Gifford Long Term Global Growth Fund or Baillie Gifford U.S. Equity Growth Fund if the officers determine a reverse stock split is in the best interest of such Target Fund.

On the closing date, which is scheduled to occur on or about June 1, 2026 (the "Closing Date"), but which may occur on such other date as the officers of the Target Funds and the Acquiring Funds may mutually agree, the Target Funds will transfer all of their assets, free and clear of all liens, encumbrances, and claims whatsoever (except for liens or encumbrances that do not materially detract from the value or use of the Target Funds' assets), to the Acquiring Funds and the Acquiring Funds will assume all liabilities of the Target Funds. In exchange, the Acquiring Funds will issue the Acquiring Fund Shares that have an aggregate NAV equal to the dollar value of the net assets delivered to the Acquiring Funds by BG Funds, on behalf of the Target Funds. BG Funds, on behalf of the Target Funds, will distribute to shareholders the Acquiring Fund Shares it receives. Each shareholder of a Target Fund will receive Acquiring Fund Shares with an aggregate NAV equal to the aggregate NAV of his or her shares of the applicable Target Fund (less the amount of cash in lieu of fractional shares, if any, received immediately prior to the Reorganization). Target Fund shareholders are encouraged to redeem their shares before the close of trading on the NYSE (usually 4:00 p.m. Eastern time or the time trading closes on the NYSE, whichever is earlier), on May 27, 2026. Any shares not redeemed before such time will be exchanged for Acquiring Fund Shares on the Closing Date; and, after such time, Target Fund shareholders wishing to sell their Acquiring Fund Shares must do so on an exchange using their brokerage account. The Target Funds will then liquidate and dissolve.

The obligations under the Plan are subject to various conditions, including, but not limited to:

each Acquiring Fund's Registration Statement on Form N-14 under the Securities Act of 1933, of which this Prospectus/Proxy Statement is a part, shall have been filed with the SEC, such Registration Statement shall have become effective, no stop-order suspending the effectiveness thereof shall have been issued prior to the Closing Date or shall be in effect at the Closing, and no investigation or proceeding for the issuance of such an order shall be pending or threatened on that date;

the shareholders of the relevant Target Fund shall have approved the Reorganization of such Target Fund; and

BG Funds, on behalf of the relevant Target Fund, and the ETF Trust, on behalf of each Acquiring Fund, shall have received a tax opinion described further below, that the Reorganization is a "reorganization" within the meaning of Section 368(a) of the Code and generally is not expected to result in the recognition of gain or loss for federal income tax purposes for any Target Fund, the Acquiring Funds or their shareholders.

BG Funds, on behalf of each Target Fund, and the ETF Trust, on behalf of each Acquiring Fund, may terminate or abandon the Plan at any time before or after the approval of the Plan by the shareholders of each Target Fund.

***Who will pay the expenses of the Reorganizations?***

BGOL and/or its affiliates will bear all ordinary direct expenses incurred in connection with the Reorganizations, including legal, audit-related, accounting and tax services; certain taxes incurred by the Target Funds or Acquiring Funds (as described above under "Who will pay the costs in connection with the Reorganizations?"); brokerage and other transaction costs; and any costs directly associated with preparing, filing, printing, and distributing to the Target Fund shareholders all materials relating to the Prospectus/Proxy Statement.

Notwithstanding any of the foregoing, costs and expenses will in any event be paid by the party directly incurring them if and to the extent that the payment by another party of such costs and expenses would result in the disqualification of such party as a "regulated investment company" within the meaning of Sections 851 and 852 of the Code or in failure of the Reorganizations to be treated as a reorganization described in Section 368(a)(1) of the Code. For additional discussion regarding the costs and expenses incurred in connection with the Reorganizations, see the section of this Prospectus/Proxy Statement titled "SUMMARY ‒ *Who will pay the costs in connection with the Reorganizations?*"

***What are the capitalizations of the Funds and what might the Acquiring Funds' capitalization be after the Reorganizations?***

The following table sets forth as of November 17, 2025, the capitalizations of the Funds. The table also shows the pro forma capitalization of each Acquiring Fund as adjusted to give effect to the proposed Reorganization as of November 17, 2025 and assumes no shareholder redemptions between November 17, 2025 and the Closing Date (including no shareholder redemptions by Baillie Gifford Long Term Global Growth Fund in connection with the BGIT Transition) and that the Reorganization is approved for the corresponding Target Fund. Because significant shareholder redemptions are expected in connection with the BGIT Transition, the capitalization of Baillie Gifford Long Term Global Growth ETF following the Reorganization is likely to differ materially from the pro forma capitalization shown below. If a Reorganization is approved by a Target Fund's shareholders, the shares of each class of such Target Fund will be converted into Class K shares prior to the Reorganization. At the closing of the Reorganization, shareholders of each Target Fund will receive corresponding Acquiring Fund Shares (less the amount of cash in lieu of fractional shares, if any, received immediately prior to the Reorganization) based on the relative NAVs per share of the Funds on the Closing Date.

<u>International Concentrated Growth Reorganization</u>

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Net assets ($) | &nbsp;&nbsp;Total shares<br> outstanding | &nbsp;&nbsp;Net asset <br> value per <br> share ($) \* |
| &nbsp;&nbsp;Target Fund - Institutional Class I\*\* | &nbsp;&nbsp;63329345 | &nbsp;&nbsp;7158965.907 | &nbsp;&nbsp;8.85 |
| &nbsp;&nbsp;Target Fund - Class K\*\* | &nbsp;&nbsp;39750982 | &nbsp;&nbsp;4422607.411 | &nbsp;&nbsp;8.99 |
| &nbsp;&nbsp;Acquiring Fund\*\*\* | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Pro Forma Adjustment | &nbsp;&nbsp;0 | &nbsp;&nbsp;(7458360.318) | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Pro Forma – Acquiring Fund after Reorganization (estimated) | &nbsp;&nbsp;103080327 | &nbsp;&nbsp;4123213 | &nbsp;&nbsp;25 |

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| | |
|:---|:---|
| \* | Per share amounts may not reconcile due to rounding of net assets and/or shares outstanding. |
| \*\* | Holders of Class K shares of the Target Fund will each receive shares of the Acquiring Fund upon closing of the Reorganization as contemplated in the Plan. The Acquiring Fund does not currently offer multiple share classes. |
| \*\*\* | The Acquiring Fund is a shell fund without any shares outstanding and, therefore, no estimated capitalization is available. |
| \*\*\*\* | Pro forma adjustments do not include any costs of the Reorganization that may be borne by the Target Fund. These costs are not expected to be material given that BGOL has agreed to bear all ordinary direct costs as described above. |

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Long Term Global Growth Reorganization

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Net assets ($) | &nbsp;&nbsp;Total shares<br> outstanding | &nbsp;&nbsp;Net asset<br> value per<br> share ($) \* |
| &nbsp;&nbsp; Target Fund -<br> Institutional Class 2\*\* | &nbsp;&nbsp;38967958 | &nbsp;&nbsp;1009477.666 | &nbsp;&nbsp;38.6021 |
| &nbsp;&nbsp; Target Fund -<br> Class 3\*\* | &nbsp;&nbsp;95448204 | &nbsp;&nbsp;2253701.176 | &nbsp;&nbsp;42.3518 |
| &nbsp;&nbsp; Target Fund -<br> Class I\*\* | &nbsp;&nbsp;425178055 | &nbsp;&nbsp;11087370.928 | &nbsp;&nbsp;38.35 |
| &nbsp;&nbsp; Target Fund -<br> Class K\*\* | &nbsp;&nbsp;468004157 | &nbsp;&nbsp;12118128.990 | &nbsp;&nbsp;38.62 |
| &nbsp;&nbsp;Acquiring Fund\*\*\* | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Pro Forma Adjustment | &nbsp;&nbsp;0 | &nbsp;&nbsp;(139254.24) | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Pro Forma – Acquiring Fund after Reorganization (estimated) | &nbsp;&nbsp;1027598374 | &nbsp;&nbsp;26607933 | &nbsp;&nbsp;38.62 |

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| | |
|:---|:---|
| \* | Per share amounts may not reconcile due to rounding of net assets and/or shares outstanding. |
| \*\* | Holders of Class K shares of the Target Fund will each receive shares of the Acquiring Fund upon closing of the Reorganization as contemplated in the Plan. The Acquiring Fund does not currently offer multiple share classes. |
| \*\*\* | The Acquiring Fund is a shell fund without any shares outstanding and, therefore, no estimated capitalization is available. |
| \*\*\*\* | Pro forma adjustments do not include any costs of the Reorganization that may be borne by the Target Fund. These costs are not expected to be material given that BGOL has agreed to bear all ordinary direct costs as described above. |

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<u>U.S. Equity Growth Reorganization</u>

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Net assets ($) | &nbsp;&nbsp;Total shares<br> outstanding | &nbsp;&nbsp;Net asset<br> value per<br> share ($) \* |
| &nbsp;&nbsp; Target Fund -<br> Institutional Class I\*\* | &nbsp;&nbsp;10326887 | &nbsp;&nbsp;359145.671 | &nbsp;&nbsp;28.75 |
| &nbsp;&nbsp; Target Fund -<br> Class K\*\* | &nbsp;&nbsp;8415087 | &nbsp;&nbsp;290626.661 | &nbsp;&nbsp;28.95 |
| &nbsp;&nbsp;Acquiring Fund\*\*\* | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Pro Forma Adjustment | &nbsp;&nbsp;0 | &nbsp;&nbsp;(2381.332) | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Pro Forma – Acquiring Fund after Reorganization (estimated) | &nbsp;&nbsp;18741974 | &nbsp;&nbsp;647391 | &nbsp;&nbsp;28.95 |

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| | |
|:---|:---|
| \* | Per share amounts may not reconcile due to rounding of net assets and/or shares outstanding. |
| \*\* | Holders of Class K shares of the Target Fund will each receive shares of the Acquiring Fund upon closing of the Reorganization as contemplated in the Plan. The Acquiring Fund does not currently offer multiple share classes. |
| \*\*\* | The Acquiring Fund is a shell fund without any shares outstanding and, therefore, no estimated capitalization is available. |
| \*\*\*\* | Pro forma adjustments do not include any costs of the Reorganization that may be borne by the Target Fund. These costs are not expected to be material given that BGOL has agreed to bear all ordinary direct costs as described above. |

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**U.S. FEDERAL INCOME TAX CONSEQUENCES OF THE REORGANIZATIONS**

The following is a general summary of some of the important U.S. federal income tax consequences of the Reorganizations and is based upon the current provisions of the Code, existing U.S. Treasury Regulations thereunder, current administrative rulings of the IRS and published judicial decisions, all of which are subject to change, possibly with retroactive effect. These considerations are general in nature and individual shareholders should consult their own tax advisers as to the federal, state, local, and foreign tax considerations applicable to them and their individual circumstances. These same considerations generally do not apply to shareholders who hold their shares in a tax-advantaged account, such as an individual retirement account (IRA) or qualified retirement plan.

Each Reorganization is intended to qualify for U.S. federal income tax purposes as a tax-free reorganization under Section 368(a) of the Code. As a condition to closing of the Reorganizations, BG Funds, on behalf of the Target Funds, and the ETF Trust, on behalf of the Acquiring Funds, will receive an opinion of Ropes & Gray LLP substantially to the effect that, on the basis of existing provisions of the Code, U.S. Treasury regulations promulgated thereunder, current administrative rules and court decisions, for federal income tax purposes:

● The Reorganization will constitute a "reorganization" within the meaning of Section 368(a) of the Code, and each of the Target Funds and the Acquiring Funds will be a "party to a reorganization" within the meaning of Section 368(b) of the Code;

● Under Sections 361 and 357 of the Code, no gain or loss will be recognized by any Target Fund upon the transfer of all its assets to the corresponding Acquiring Fund solely in exchange for shares of such Acquiring Fund and the assumption by each Acquiring Fund of all the Liabilities of the corresponding Target Fund, or upon the distribution of the shares of such Acquiring Fund to the applicable Target Fund shareholders;

● Under Section 362(b)of the Code, the tax basis in the hands of each Acquiring Fund of each asset transferred from the corresponding Target Fund to such Acquiring Fund in the Reorganization will be the same as the tax basis of such asset in the hands of the corresponding Target Fund immediately prior to the transfer thereof;

● Under Section 1223(2) of the Code, the holding period in the hands of each Acquiring Fund of each asset transferred from the corresponding Target Fund to such Acquiring Fund in the Reorganization will include the applicable Target Fund's holding period for such asset;

● Under Section 1032 of the Code, no gain or loss will be recognized by any Acquiring Fund upon its receipt of all the assets of the corresponding Target Fund solely in exchange for shares of such Acquiring Fund and the assumption by such Acquiring Fund of all the liabilities of the applicable Target Fund as part of the Reorganizations;

● Under Section 354 of the Code, no gain or loss will be recognized by any Target Fund shareholders upon the exchange of their shares of any Target Fund for shares of the corresponding Acquiring Fund as part of the Reorganizations (except with respect to cash received by such Target Fund shareholders in redemption of fractional shares prior to the Reorganizations);

● Under Section 358 of the Code, the aggregate tax basis of the shares of any Acquiring Fund each Target Fund shareholder receives in the Reorganizations will be the same as the aggregate tax basis of the shares of the corresponding Target Fund exchanged therefor;

● Under Section 1223(1) of the Code, each Target Fund shareholder's holding period for the shares of the corresponding Acquiring Fund received in the Reorganizations will include such Target Fund shareholder's holding period for the shares of such Target Fund exchanged therefor, provided that such Target Fund shareholder held such shares of such Target Fund as capital assets on the date of the exchange; and

● Each Acquiring Fund will succeed to and take into account the items of the corresponding Target Fund described in Section 381(c) of the Code, subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and the Regulations thereunder.

The opinion will be based on the Plan, certain factual certifications made by officers of BG Funds and the ETF Trust, and such other items as Ropes & Gray LLP deems necessary to render the opinion and will also be based on customary assumptions.

None of the Funds have requested nor will request an advance ruling from the IRS as to the U.S. federal income tax consequences of the Reorganizations. An opinion of counsel is not binding on the IRS or a court, and no assurance can be given that the IRS would not assert, or a court would not sustain, a contrary position. A copy of the opinion will be filed with the SEC and will be available for public inspection after the Closing Date of the Reorganizations. See "INFORMATION ABOUT THE FUNDS."

Portfolio trading by the Target Funds in advance of the Reorganizations may result in the Target Funds realizing capital gains, as described in the table below. Based on market values and net assets as of August 31, 2025 realized capital gains as a result of such portfolio trading activity are estimated at $2,049,997 million (1.93% of net assets) and $8,743,987 million (0.84% of net assets), respectively, for Baillie Gifford International Concentrated Growth Equities Fund and Baillie Gifford Long Term Global Growth Fund. Shareholders of the Target Funds generally will be taxed on such capital gain distributions.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Expected % of Baillie Gifford International Concentrated<br> Growth Equities Fund**<br> **Being Sold Prior to the <br> Reorganization** | **Expected Total <br> Realized <br> Gains/(Losses)** | **Expected Realized <br> Gains/(Losses) per <br> Share** |
| &nbsp;&nbsp;7.87% | $2049997 | $0.17866728 |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Expected % of Baillie Gifford Long Term Global Growth<br> Fund**<br> **Being Sold Prior to the <br> Reorganization** | **Expected Total <br> Realized <br> Gains/(Losses)** | **Expected Realized <br> Gains/(Losses) per <br> Share** |
| &nbsp;&nbsp;7.05% | $8743987 | $0.32606986 |

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Prior to the closing of each Reorganization, the Target Funds may declare a distribution to shareholders which, together with all previous distributions, will have the effect of distributing to shareholders all of the Target Fund's investment company taxable income (computed without regard to the deduction for dividends paid), net tax-exempt income, if any, and net realized capital gains, if any, through the closing of the applicable Reorganization. These distributions will be taxable to shareholders that hold their shares in a taxable account and such distributions by the Target Fund will include any capital gains resulting from portfolio turnover prior to the applicable Reorganization.

Assuming the Reorganizations qualify as tax-free reorganizations, as expected, each of the Acquiring Funds will succeed to the tax attributes of the corresponding Target Fund upon the closing of each Reorganizations, including any capital loss carryovers that could have been used by each Target Fund to offset its future realized capital gains, if any, for federal income tax purposes. The Reorganizations are not expected to independently result in limitations on any Acquiring Fund's ability to use any capital loss carryforwards of the corresponding Target Fund.

*State and Local and Foreign Tax Considerations*. Shareholders should consult their tax advisors about potential state and local and foreign tax considerations as a result of the Reorganizations.

This description of the federal income tax consequences of the Reorganizations is made without regard to the particular facts and circumstances of any shareholder.

**INFORMATION ABOUT THE FUNDS**

Information about each Target Fund and each Acquiring Fund is included in such Target Fund's and Acquiring Fund's Prospectus. The Prospectus of each Target Fund is incorporated by reference into and is considered a part of this Prospectus/Proxy Statement. Additional information about each Target Fund and each Acquiring Fund is included in its Statement of Additional Information. The SAI relating to this Prospectus/Proxy Statement is also considered part of this Prospectus/Proxy Statement and is incorporated by reference into this Prospectus/Proxy Statement. Information about the Target Funds is also included in the Target Funds' Annual Report to Shareholders for the fiscal year ended December 31, 2024.

You may request a free copy of each Fund's Prospectus and SAI, and the Target Fund's Annual or Semi-Annual Report to Shareholders, the SAI relating to this Prospectus/Proxy Statement, and other information by calling BGOL at 1-844-394-6127 or by writing to a Fund at c/o Baillie Gifford Overseas Limited, 780 Third Avenue, 43rd Floor, New York, NY 10017.

BG Funds, on behalf of the Target Funds, and the ETF Trust, on behalf of the Acquiring Funds, are required to file proxy materials, reports and other information with the SEC in accordance with the informational requirements of the Securities Exchange Act of 1934 and the 1940 Act. These materials can be viewed on the EDGAR database on the SEC's Internet site at http://www.sec.gov, and may be obtained, after paying a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.

**FURTHER INFORMATION ABOUT THE FUNDS**

The following is only a discussion of certain principal differences between the governing documents for BG Funds and the ETF Trust, each a Massachusetts business trust, and is not a complete description of BG Funds' or the Trust's governing documents.

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Baillie Gifford Funds | &nbsp;&nbsp;Baillie Gifford ETF Trust |
| &nbsp;&nbsp;Par Value | &nbsp;&nbsp;There is no par value established in respect of shares of BG Funds. | &nbsp;&nbsp;The ETF Trust's shares have a par value of $0.00000001 per share. |
| &nbsp;&nbsp;Voting Rights | &nbsp;&nbsp;A shareholder meeting may only be called by the Trustees. Such a meeting may be held at any place designated by the Trustees. | &nbsp;&nbsp;A shareholder meeting may be called by the Chair of the Board, if any, or by the President or the Trustees. Such a meeting may be held at any place or virtually by telephonic or any electronic means designated by the Trustees. |
| &nbsp;&nbsp;Removal of Trustees | &nbsp;&nbsp; A Trustee may be removed from office if at least two-thirds of the outstanding Shareholders declare the removal, either by written declaration or by voting at a meeting specifically called for this purpose. If Shareholders holding at least ten percent of the outstanding Shares request in writing, the Trustees are required to promptly call a meeting so that<br>| &nbsp;&nbsp;The ETF Trust Declaration of Trust does not contain a similar provision relating to the removal of Trustees. |

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Shareholders can vote on the removal of a Trustee.<br>If ten or more Shareholders, who have held shares for at least six months and collectively own at least one percent of the outstanding Shares by net asset value, apply in writing to the Trustees, the Trustees must respond within five business days and either provide access to the list of Shareholders' names and addresses or inform the applicants of the approximate number of Shareholders and the cost of transmitting their proposed communication.<br>If the Trustees choose to provide only the number of Shareholders and the transmission cost, and the applicants supply the materials and pay the reasonable expenses, the Trustees must promptly send the materials to all Shareholders. However, the Trustees may object within five business days if they believe the materials are factually incorrect, misleading, or violate applicable law, and must file their objections with the SEC. If the SEC overrules the objections, or if the applicants address any sustained objections and the SEC so declares, the Trustees must then promptly transmit the materials to all Shareholders.<br>|  |
| &nbsp;&nbsp;Trustee Power to Amend Organizational Document | &nbsp;&nbsp; BG Funds' Declaration of Trust is governed by and construed and administered according to the laws of the Commonwealth of Massachusetts.<br>BG Funds' Declaration of Trust does not include language specifically requiring that the Commonwealth of Massachusetts shall be the sole and exclusive forums for shareholder action. | &nbsp;&nbsp; The ETF Trust's Declaration of Trust is governed by and construed and administered according to the laws of the Commonwealth of Massachusetts.<br>The ETF Trust's Declaration of Trust requires that any legal actions or proceedings brought by shareholders (including beneficial owners of shares) relating to the Trust must be exclusively filed in state or federal courts located within the Commonwealth of Massachusetts, including (1) actions brought on behalf of the Trust, (2) claims for breach of fiduciary duty by Trustees, officers, or employees, (3) claims arising under specific Massachusetts statutes or<br>|

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&nbsp;&nbsp;federal or state securities laws; and (4) claims governed by the internal affairs doctrine.<br>If any part of this section is found to be invalid, illegal, or unenforceable with respect to any person, entity, or circumstance, the remaining parts of the section will continue to be valid and enforceable to the fullest extent permitted by law, and the invalidity of one part will not affect the validity of the rest.<br>

**VOTING INFORMATION**

***How many votes are necessary to approve the Plan?***

A 1940 Act Majority Vote, as defined above, of the outstanding shares of each Target Fund is required to approve the Reorganization for such Target Fund. Each Target Fund shareholder will be entitled to one vote for each share the Target Fund held at the close of business on the Record Date. In the case of Proposal 2, relating to the Reorganization of Baillie Gifford Long Term Global Growth Fund, approval of the Reorganization will also require, in addition to a 1940 Act Majority Vote, the approval by a majority of shareholders who (a) own shares of the Target Fund as of the Record Date, (b) did not redeem from the Target Fund in connection with the BGIT Transition, (c) are present in person or by proxy at the meeting and (d) are entitled to vote on the Reorganization. Broadridge Financial Solutions ("Broadridge") has been retained by the Target Funds to assist in the solicitation of proxies, and collect and tabulate shareholder votes. If sufficient votes to approve the Reorganizations are not received by the date of the Meeting, the Meeting may be adjourned to permit further solicitation of proxies. See "Adjournment" below.

40% of a Target Fund's outstanding shares entitled to vote in person or by proxy as of the Record Date shall be a quorum for the transaction of business at the Meeting. Abstentions will be treated as votes present at the Meeting but will not be treated as votes cast at such Meeting. Thus, abstentions will be included for purposes of determining whether a quorum is present but will have the same effect as a vote against the Reorganizations. There are unlikely to be any "broker non-votes" (that is, proxies from brokers or nominees indicating that such persons have not received instructions from the beneficial owner or other persons entitled to vote shares on a particular matter with respect to which the brokers or nominees do not have discretionary power) at the Meeting because broker-dealers, in the absence of specific authorization from their customers, will not have discretionary authority to vote any shares held beneficially by the customers on the matters to be presented at the Meeting. If any broker non-votes are received, they will have the same effect as abstentions.

***How do I ensure my vote is accurately recorded?***

You can vote in any one of four ways:

By mail, with the enclosed proxy card(s);

At the Meeting;

By telephone; or

Online.

A proxy card is, in essence, a ballot. When you vote your proxy, it tells us how you want to vote on important issues relating to a Target Fund. If you simply sign, date and return a proxy card but give no voting instructions, your shares will be voted in favor of the relevant Reorganization and in accordance with the views of management upon any unexpected matters that come before the Meeting or adjournment

of the Meeting. If your shares are held of record by a broker-dealer and you wish to vote at the Meeting, you should obtain a legal proxy from your broker of record and present it at the Meeting.

***May I revoke my proxy?***

You may revoke your proxy at any time before it is voted by sending a written notice to BG Funds expressly revoking your proxy, by signing and forwarding to BG Funds a later-dated proxy card that is received at or prior to the Meeting, or by attending the Meeting and voting at the Meeting. If your shares are held in the name of your broker, you will have to make arrangements with your broker to revoke a previously executed proxy.

***What other matters will be voted upon at the Meeting?***

The Target Fund Board does not intend to bring any matters before the Meeting other than that described in this Prospectus/Proxy Statement. The Target Fund Board is not aware of any other matters to be brought before the Meeting by others. If any other matter legally comes before the Meeting, proxies for which discretion has been granted will be voted in accordance with the views of BGOL.

***Who is entitled to vote?***

Shareholders of record of a Target Fund on the Record Date will be entitled to vote at the Meeting. The following table shows the number of shares of each class and the total number of outstanding shares of each Target Fund as of November 30, 2025:

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| | |
|:---|:---|
| **Baillie Gifford International Concentrated Growth <br> Equities Fund** | **Baillie Gifford International Concentrated Growth <br> Equities Fund** |
| **CLASSES** | |
| Institutional Class | 6697975.968 |
| Class K | 4414243.388 |
| **Total** | 11112219.356 |

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| | |
|:---|:---|
| **Baillie Gifford Long Term Global Growth Fund** | **Baillie Gifford Long Term Global Growth Fund** |
| **CLASSES** | |
| Class 2 | 1009477.666 |
| Class 3 | 2253701.176 |
| Class 4 | 0 |
| Class 5 | 0 |
| Institutional Class | 11181749.232 |
| Class K | 12153537.991 |
| **Total** | 26598466.065 |

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| | |
|:---|:---|
| **Baillie Gifford U.S. Equity Growth Fund** | **Baillie Gifford U.S. Equity Growth Fund** |
| **CLASSES** | |
| Institutional Class | 356738.846 |
| Class K | 290626.661 |
| **Total** | 647365.507 |

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***How will proxies be solicited?***

Broadridge, a professional proxy solicitation firm (the "Solicitor"), has been engaged to assist in the solicitation of proxies, at an estimated cost of approximately $75,220 which will be borne by BGOL. BG Funds, on behalf of the Target Funds, expects that the solicitation will be primarily by mail. As the date of the Meeting approaches, however, certain shareholders of the Target Funds may receive a telephone call from a representative of the Solicitor if their votes have not yet been received. Authorization to permit the Solicitor to execute proxies may be obtained by telephonic instructions from shareholders of a Target Fund. Proxies that are obtained telephonically will be recorded in accordance with the procedures set forth below. BG Funds believes that these procedures are reasonably designed to ensure that both the identity of the shareholder casting the vote and the voting instructions of the shareholder are accurately determined.

If a shareholder wishes to participate in the Meeting, but does not wish to give a proxy by telephone or online, the shareholder may submit the proxy card(s) originally sent with this Prospectus/Proxy Statement or attend the Meeting.

BG Funds, on behalf of the Target Funds, will request broker-dealer firms, custodians, nominees, and fiduciaries to forward proxy material to the beneficial owners of the shares of record. BGOL may reimburse broker-dealer firms, custodians, nominees, and fiduciaries for their reasonable expenses incurred in connection with such proxy solicitation. In addition, certain officers and representatives of BG Funds or its affiliates, who will receive no extra compensation for their services, may solicit proxies by telephone or personally.

BG Funds, on behalf of the Target Funds, expects that, before the Meeting, broker-dealer firms holding shares of a Target Fund in "street name" for their customers will request voting instructions from their customers and beneficial owners. If these instructions are not received by the date specified in the broker-dealer firms' proxy solicitation materials, BG Funds understands that current New York Stock Exchange rules do not permit the broker-dealers to vote on the Plan on behalf of their customers and beneficial owners.

***How do I sign a proxy card?***

*Individual Accounts*: Shareholders should sign exactly as their names appear on the account registration shown on the proxy card(s) or voting instruction.

*Joint Accounts*: Either owner may sign, but the name of the person signing should conform exactly to a name appearing on the account registration as shown on the proxy card(s) or voting instruction form(s).

*All Other Accounts*: The person signing must indicate his or her capacity. For example, a trustee for a trust or other entity should sign, "John Doe, Trustee."

***Are there dissenters' rights?***

No, if a Reorganization is approved at the Meeting, shareholders of the relevant Target Fund will not have the right to dissent and obtain payment of the fair value of their shares. Shareholders of such Target Fund,

however, are encouraged to redeem or exchange shares of the Target Fund at NAV before the close of trading on the NYSE (usually 4:00 p.m. Eastern time or the time trading closes on the NYSE, whichever is earlier), on May 27, 2026. After the Closing Date, shareholders may sell their shares on the NYSE, other national securities exchanges, electronic crossing networks and other alternative trading systems through their broker-dealer.

**PRINCIPAL HOLDERS OF SHARES**

As of November 30, 2025, the officers and trustees of BG Funds, as a group, owned of record and beneficially 2.98% of the outstanding shares of the Baillie Gifford U.S. Equity Growth Fund and less than 1% of the outstanding shares of the remaining Target Funds' outstanding shares. As of the Record Date, the Acquiring Funds were not operational and, therefore, had no shareholders.

From time to time, the number of Fund shares held in "street name" accounts of various securities dealers for the benefit of their clients or in centralized securities depositories may exceed 5% of the total shares outstanding. To the knowledge of the Target Funds, no other persons owned (beneficially or of record) 5% or more of the outstanding shares of any class of the Target Funds as November 30, 2025, except as listed in Exhibit D to this Prospectus/Proxy Statement. Upon completion of the Reorganizations, it is expected that those persons disclosed in Exhibit D as owning 5% or more of a Target Fund's outstanding shares will continue to own in excess of 5% of the then outstanding shares of the corresponding Acquiring Fund.

**SHAREHOLDER PROPOSALS**

Neither the Target Funds nor the Acquiring Funds are required to hold, or intend to hold, regular annual meetings of shareholders. A shareholder who wishes to submit a proposal for consideration for inclusion in a proxy statement of a Target Fund for the next meeting of shareholders (if any) should send a written proposal to BG Funds' offices, 780 Third Avenue, 43rd Floor, New York, NY 10017, so that it is received within a reasonable time in advance of such meeting in order to be included in the proxy statement of the Target Fund and proxy card relating to that meeting and presented at the meeting. A shareholder proposal may be presented at a meeting of shareholders only if such proposal concerns a matter that may be properly brought before the meeting under applicable federal securities laws, state law, and other governing instruments.

Submission of a proposal by a shareholder does not guarantee that the proposal will be included in a Fund's proxy statement or presented at the meeting.

**ADJOURNMENT**

The Meeting, with respect to the Target Funds collectively or for any single Target Fund, may, whether or not a quorum is present, be adjourned from time to time by the shareholders present in person or by proxy by a majority vote or by any officer of BG Funds. Any business which might have been transacted at the Meeting as originally noticed may be deferred and transacted at any such adjourned meeting at which a quorum shall be present. No further notice of an adjourned meeting shall be necessary if held within a reasonable time. Any adjournment will not delay or otherwise affect the effectiveness and validity of any business transacted at the Meeting prior to adjournment and any business may be transacted at the adjourned meeting that might have been transacted at the Meeting. Any adjournment with respect to one Target Fund will not affect the Meeting with respect to the remaining Target Funds.

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| | |
|:---|:---|
|  | By Order of the Board of Trustees of BG Funds, |
| By: | /s/ Gareth Griffiths |
| Name: | Gareth Griffiths |
| Authority: Secretary | Authority: Secretary |

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Date:

*[Signature Page to Baillie Gifford Funds ETF Conversion Prospectus/Proxy Statement]*

**EXHIBITS TO PROSPECTUS/PROXY STATEMENT**

**Exhibit**

A. Summary of Principal Risks

B. Fundamental and Non-Fundamental Investment Policies

C. Financial Highlights

D. Principal Holders of Securities of the Funds

**EXHIBIT A**

**Summary of principal risks for the Acquiring funds**

*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 (each Acquiring Fund except for Baillie Gifford U.S. Equity Growth ETF)* – 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 (each Acquiring Fund except for Baillie Gifford U.S. Equity Growth ETF)* – 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.

*China Risk (each Acquiring Fund except for Baillie Gifford U.S. Equity Growth ETF)* – 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 (each Acquiring Fund except for Baillie Gifford U.S. Equity Growth ETF)* – 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.

*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*."

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

Although the Fund's shares are currently 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.

*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 (each Acquiring Fund except for Baillie Gifford Long Term Global Growth ETF)* – 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.

*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 shareholder redemptions 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 mutual 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.

*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 NAV of the Fund's shares.

*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 a large shareholder redemption. A fund that has been recently formed will have limited or no performance history for investors to evaluate 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 (each Acquiring Fund except for Baillie Gifford U.S. Equity Growth ETF)* – 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.

*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 portfolios 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, including in connection with its selection of specific instruments to implement the Fund's investment strategy. In developing and maintaining the risk model, the Fund expects to make use of one or more vendors or data sources for inputs. If the model or the data used in 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 Fund 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 (each Acquiring Fund except Baillie Gifford U.S. Equity Growth ETF)* – 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.

**EXHIBIT B**

**Fundamental AND NON-FUNDAMENTAL Investment Policies**

The below table shows a redline showing differences in the fundamental and non-fundamental investment policies of the Target Fund and Acquiring Fund. In the redline, deleted text is shown in red strikethrough and added text is shown in blue underline. Further information about the Target Fund's and Acquiring Fund's respective fundamental and non-fundamental investment policies is contained in the Target Fund SAI and the Acquiring Fund SAI.

&nbsp;&nbsp; **Non-Fundamental Investment Policies**<br>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.<br>The following non-fundamental policies set forth in the Prospectus are subject to change only upon sixty days'' prior notice to shareholders.<br>- Baillie Gifford U.S. Equity Growth FundETF<br>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.<br>**Fundamental Investment Policies**<br>In addition to each Fund's diversification status, the following are fundamental policies of the Funds:<br>EachA Fund will notmay:<br>1. Act as underwriter of securities issued by other persons, except to the extent that, in connection with the disposition of portfolio securities, it may be deemed to be an underwriter under certain federal securities laws.consistent with applicable law, regulation or order from time to time.<br>2. Borrow money, except to the extent permitted byconsistent with applicable law, regulation or order from time to time.<br>3. Purchase or, sell, or hold real estate or interests in real estate, except that the Fund may purchase and sell securities that are secured by real estate or interests in real estate and may purchase securities issued by companies that invest or deal in real estate. to the extent consistent with applicable law, regulation or order from time to time.<br>

&nbsp;&nbsp;4. Invest in commodities, except that each Fund may invest in financial futures contracts and options thereon, and options on currencies. to the extent consistent with applicable law, regulation or order from time to time.<br>5. Make loans to others to the extent consistent with applicable law, regulation or order from time to time.<br>5. Make loans to others, except through the purchase of qualified debt obligations, the entry into repurchase agreements and/or the making of loans of portfolio securities consistent with the Fund's investment objectives and policies. For purposes of this policy, the short term deposit of cash or other liquid assets of the Fund in one or more interest-bearing accounts shall not be deemed to be a loan to others.<br>6. Issue any senior securities except to the extent permitted by applicable law, regulation or order (for purposes of this restriction, collateral arrangements with respect to any type of swap, option, forward contract or future contract and collateral arrangements with respect to initial and variation margin are not deemed to involve the issuance of a senior security). consistent with applicable law, regulation or order from time to time.<br>7. Not purchase any securities which would cause more thanIn addition, each Fund will 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.<br>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 Investment Company Act of 1940, as amended (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 each Fundthe Funds to borrow from a bank, provided that each Fund maintainsthe 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 directly from the acquisition of any security or the action taken.<br> For purposes of fundamental policy (4) above, all swap agreements and other derivative instruments that were not classified as commodity interests or commodity contracts prior to July 21, 2010 are not deemed to be commodities or commodity contracts.<br>

**EXHIBIT C** 

**FINANCIAL HIGHLIGHTS**

The financial highlights tables that follow are intended to help you understand the financial performance of the applicable share classes of each Target Fund for the past five years. Certain information reflects financial results for a single Fund share. The total returns in the tables represent the rate that an investor would have earned (or lost) on an investment in each Target Fund (assuming reinvestment of all dividends and distributions).

The ratio of expenses to average net assets listed in the tables below for each class of shares of the Target Fund are based on the average net assets of each Fund for each of the periods listed in the tables.

The information below has been derived from the financial statements audited by Cohen & Company, Ltd., the Target Funds' independent registered public accounting firm. Cohen & Company, Ltd.'s report, along with each Target Fund's financial statements, are incorporated by reference into each Target Fund's SAI. The Annual Report to Target Fund shareholders (which includes the Funds' financial statements) and SAI are incorporated by reference herein and available at no cost from BG Funds at the following toll-free number: 1-844-394-6127.

As of the date of this combined Prospectus/Proxy Statement, the Acquiring Funds have not commenced operations. Therefore, the Acquiring Funds do not have financial highlight information.

**<u>Baillie Gifford International Concentrated Growth Equities Fund</u>**

Selected data for a Class K share outstanding throughout each period:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | 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.

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 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.

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.

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.

**<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.

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.

**EXHIBIT D**

**PRINCIPAL HOLDERS OF SECURITIES**

Listed below are the names, addresses and percent ownership of each person who, as of November 30, 2025 to the best knowledge of BG Funds, owned 5% or more of the outstanding shares of each class of a Target Fund. A shareholder who owns beneficially 25% or more of the outstanding securities of a Fund is presumed to "control" the Fund as defined in the 1940 Act. Such control may affect the voting rights of other shareholders.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Investor** | &nbsp;&nbsp;**Investor Address** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Percentage Ownership<br> of Class** |
| &nbsp;&nbsp;*Baillie Gifford International Concentrated Growth Equities Fund* | &nbsp;&nbsp;*Baillie Gifford International Concentrated Growth Equities Fund* | &nbsp;&nbsp;*Baillie Gifford International Concentrated Growth Equities Fund* |
| &nbsp;&nbsp;Pershing LLC - Class K\* | &nbsp;&nbsp;PO Box 2052 Jersey City, NJ 07303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91.89% |
| &nbsp;&nbsp;Charles Schwab & Co Inc Special Custody A/C FBO Customers - Institutional Class\* | &nbsp;&nbsp;211 Main Street San Francisco, CA 94105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61.29% |
| &nbsp;&nbsp;National Financial Services LLC - Institutional Class\* | &nbsp;&nbsp;499 Washington Blvd, 4th Floor, Jersey City, NJ 07310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.45% |
| &nbsp;&nbsp;Morgan Stanley Smith Barney LLLC - Institutional Class\* | &nbsp;&nbsp;1 New York Plaza, 12th Floor, New York, NY 10004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.44% |
| &nbsp;&nbsp;SEI Private Trust Company - Class K\* | &nbsp;&nbsp;1 Freedom Valley Drive Oaks, PA 19456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.87% |
| &nbsp;&nbsp;*Baillie Gifford Long Term Global Growth Fund* | &nbsp;&nbsp;*Baillie Gifford Long Term Global Growth Fund* | &nbsp;&nbsp;*Baillie Gifford Long Term Global Growth Fund* |
| &nbsp;&nbsp;Longwood Foundation Inc - Class 3 | &nbsp;&nbsp;100 West 10th Street, Suite 1109, Wilmington, DE 19801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;HRK Investments LLP - Class 2 | &nbsp;&nbsp;2550 University Ave W STE 413N St Paul, MN 55114-1904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.69% |
| &nbsp;&nbsp;National Financial Services LLC - Institutional Class\* | &nbsp;&nbsp;499 Washington Blvd, 4th Floor, Jersey City, NJ 07310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61.79% |
| &nbsp;&nbsp;Northern Trust C/O Custodian - Class K\* | &nbsp;&nbsp;PO BOX 92956 Chicago, IL 60675-2994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.74% |
| &nbsp;&nbsp;State Street Bank and Trust Company, As Trustee for Retirement Accumulation Plan for Partners of PwC - Class K | &nbsp;&nbsp;1776 Heritage Drive North Quincy, MA 02171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.45% |
| &nbsp;&nbsp;Charles Schwab & Co Inc Special Custody A/C FBO Customers - Institutional Class\* | &nbsp;&nbsp;211 Main Street San Francisco, CA 94105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.31% |
| &nbsp;&nbsp;KeyBank NA - Class K | &nbsp;&nbsp;PO Box 94871, Cleveland, OH, 44101-4871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.93% |
| &nbsp;&nbsp;Saxon & Co - Class K\* | &nbsp;&nbsp;PO Box 94597 Cleveland, OH 44101-4697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.77% |
| &nbsp;&nbsp;*Baillie Gifford U.S. Equity Growth Fund* | &nbsp;&nbsp;*Baillie Gifford U.S. Equity Growth Fund* | &nbsp;&nbsp;*Baillie Gifford U.S. Equity Growth Fund* |
| &nbsp;&nbsp;Daytona Beach Police & Fire Retirement System - Class K | &nbsp;&nbsp;2503 Del Prado Blvd S, Suite 502, Cape Coral, FL 33904-5709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95.18% |
| &nbsp;&nbsp;Charles Schwab & Co Inc Special Custody A/C FBO Customers - Institutional Class\* | &nbsp;&nbsp;211 Main Street San Francisco, CA 94105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.18% |
| &nbsp;&nbsp;National Financial Services LLC - Institutional Class\* | &nbsp;&nbsp;499 Washington Blvd, 4th Floor, Jersey City, NJ 07310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.92% |

---

**The information contained 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 it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

**SUBJECT TO COMPLETION**

**DATED DECEMBER 17, 2025**

**PART B**

**STATEMENT OF ADDITIONAL INFORMATION**

**Dated [ ], 2026**

**BAILLIE GIFFORD INTERNATIONAL CONCENTRATED GROWTH EQUITIES FUND**

**BAILLIE GIFFORD LONG TERM GLOBAL GROWTH FUND**

**BAILLIE GIFFORD U.S. EQUITY GROWTH FUND**

**Each a series of**

**BAILLIE GIFFORD FUNDS**

**780 Third Avenue**

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

**New York, NY 10017**

**BAILLIE GIFFORD INTERNATIONAL CONCENTRATED GROWTH ETF**

**BAILLIE GIFFORD LONG TERM GLOBAL GROWTH ETF**

**BAILLIE GIFFORD U.S. EQUITY GROWTH ETF**

**Each a series of**

**BAILLIE GIFFORD ETF TRUST**

**780 Third Avenue**

**43rd Floor**

**New York, NY 10017**

This Statement of Additional Information ("SAI") relates specifically to the proposed acquisition of the assets and assumption of the liabilities of each 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 "Target Fund"), each a series of Baillie Gifford Funds, by and in exchange for shares of the Baillie Gifford International Concentrated Growth ETF, Baillie Gifford Long Term Global Growth ETF and Baillie Gifford U.S. Equity Growth ETF (each an "Acquiring Fund"), each a series of Baillie Gifford ETF Trust, respectively.

This SAI, which is not a prospectus, supplements and should be read in conjunction with the combined Prospectus/Proxy Statement for the Acquiring Funds dated [ ], 2026 (the "Prospectus/Proxy Statement") relating specifically to the Joint Special Meeting of Shareholders of the Target Funds to be held on April 28, 2026. You may request a free copy of the

Prospectus/Proxy Statement without charge calling Baillie Gifford Overseas Limited at 1-844-394-6127 or by writing to BGOL, One Greenside Row, Calton Square, Edinburgh EH1 3AN.

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

---

| | |
|:---|:---|
|  | **<u>Page</u>** |
| [**General Information**](#sai_a_001) | [**1**](#sai_a_001) |
| [**Supplemental Financial Information**](#sai_a_002) | [**1**](#sai_a_002) |
| [**Incorporation of Documents by Reference into the SAI**](#sai_a_003) | [**2**](#sai_a_003) |
| [**Appendix A – Preliminary SAI of Acquiring Funds**](#sai_a_004) | [**3**](#sai_a_004) |

---

**General Information**

This SAI relates specifically to the proposed reorganization of each Target Fund into the corresponding Acquiring Fund. In connection with the Joint Special Meeting of Shareholders of the Target Funds to be held on April 28, 2026 (the "Meeting"), shareholders of each Target Fund will be asked to approve a proposed Agreement and Plan of Reorganization (the "Plan") providing for: (i) the acquisition of the assets of each Target Fund and the assumption of the liabilities of each Target Fund by the corresponding Acquiring Fund in exchange solely for shares of the applicable Acquiring Fund, (ii) the *pro rata* distribution of such shares to the shareholders of the corresponding Target Fund, and (iii) the complete liquidation and dissolution of each Target Fund (each, a "Reorganization"). Additional information regarding the proposed Reorganizations is included in the combined Prospectus/Proxy Statement relating to the Meeting and in the documents, listed below, that are incorporated by reference into this SAI.

Each Acquiring Fund is a newly-formed "shell" that has not yet commenced operations and has not published any annual or semi-annual shareholder reports. Each Acquiring Fund is expected to commence operations upon consummation of the Reorganizations and continue the operations of the corresponding Target Fund. Each Target Fund shall be the accounting and performance survivor in the Reorganizations, and each Acquiring Fund, as the corporate survivor in the Reorganizations, shall adopt the accounting and performance history of the corresponding Target Fund. For tax purposes, each Acquiring Fund will also succeed to and take into account the items of the corresponding Target Fund described in Section 381(c) of the Internal Revenue Code of 1986, as amended (the "Code"), subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and the Regulations thereunder. Attached hereto as Appendix A is the Preliminary Statement of Additional Information of each Acquiring Fund.

**Supplemental Financial Information**

Rule 6-11(d)(2) under Regulation S-X requires that, with respect to any fund acquisition, registered investment companies must provide certain supplemental financial information in lieu of pro forma financial statements required by Regulation S-X. For this reason, *pro forma* financial statements of the Acquiring Funds are not included in this SAI.

A table showing the fees and expenses of each Acquiring Fund and the corresponding Target Fund and the fees and expenses of each Acquiring Fund on a *pro forma* basis after giving effect to the proposed Reorganizations is included in the section titled "What are the fees and expenses of each Fund and what are they expected to be after the Reorganization?" of the Prospectus/Proxy Statement.

The Reorganizations are not expected to result in a material change to any Target Fund's investment portfolios due to the investment restrictions of the corresponding Acquiring Funds. Accordingly, a schedule of investments modified to show the effects of the change is not required and is not included for any Target Fund. Notwithstanding the foregoing, changes may be made to each Target Fund's portfolio in advance of the Reorganizations and/or each Acquiring Fund's portfolio following the Reorganizations.

There are certain differences between the valuation policies of the Target Funds and the Acquiring Funds with respect to the valuation of certain foreign equity securities. There are no other material differences between the accounting and valuation policies of the Target Funds and the Acquiring Funds.

**Incorporation of Documents by Reference into the SAI**

This SAI incorporates by reference the following documents, which have each been filed with the Securities and Exchange Commission and will be sent to any shareholder requesting this SAI:

1. [The prospectus of Baillie Gifford Funds](https://www.sec.gov/ix?doc=/Archives/edgar/data/1120543/000110465925041801/tm253181d1_485bpos.htm) on behalf of the Target Funds, dated April 30,
 2025, as supplemented and amended to date (File No. 811-10145; SEC Accession No. 0001104659-25-041801);

2. [The statement of additional information of Baillie Gifford Funds](https://www.sec.gov/ix?doc=/Archives/edgar/data/1120543/000110465925041801/tm253181d1_485bpos.htm) on behalf of the
 Target Funds, dated April 30, 2025, as supplemented and amended to date (File No. 811-10145;
 SEC Accession No. 0001104659-25-041801);

3. [The audited financial statements and related report of the independent public accounting firm included in the Baillie Gifford Funds' Annual Report to Shareholders for the fiscal year ended December 31, 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001120543/000110465925020192/tm251686d1_ncsr.htm) , with respect to each Target Fund. SEC Accession
 No. 0001104659-25-020192.

**APPENDIX A**

**STATEMENT OF ADDITIONAL INFORMATION**

**BAILLIE GIFFORD ETF TRUST**

SUBJECT TO COMPLETION – PRELIMINARY STATEMENT OF ADDITIONAL INFORMATION DATED OCTOBER 10, 2025

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.

![](tm252588d1_saiimg001.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**<br>|
| &nbsp;&nbsp;**Baillie Gifford Emerging Markets ETF** | &nbsp;&nbsp;[ ] | [ ] |
| &nbsp;&nbsp;**Baillie Gifford International Alpha ETF** | &nbsp;&nbsp;[ ] | [ ] |
| &nbsp;&nbsp;**Baillie Gifford International Concentrated Growth ETF** | &nbsp;&nbsp;[ ] | [ ] |
| &nbsp;&nbsp;**Baillie Gifford Long Term Global Growth ETF** | &nbsp;&nbsp;[ ] | [ ] |
| &nbsp;&nbsp;**Baillie Gifford U.S. Equity Growth ETF** | &nbsp;&nbsp;[ ] | [ ] |

---

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 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 (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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Online | &nbsp;&nbsp;[ ] |
| &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](#sai_001)** | **[1](#sai_001)** |
| **[Fund Investments](#sai_002)** | **[3](#sai_002)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Non-Fundamental Investment Policies](#sai_003) | [3](#sai_003) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Fundamental Investment Policies](#sai_004) | [3](#sai_004) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Temporary Defensive Positions](#sai_005) | [4](#sai_005) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Other Investment Companies](#sai_006) | [4](#sai_006) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Diversification](#sai_007) | [4](#sai_007) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Risks](#sai_008) | [4](#sai_008) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Disclosure of Fund Investments](#sai2_001) | [15](#sai2_001) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investment Glossary](#sai2_002) | [16](#sai2_002) |
| **[Purchase, Sale, and Pricing of Shares](#sai2_003)** | **[19](#sai2_003)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[How to Buy & Sell Shares](#sai2_004) | [19](#sai2_004) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Determination of Net Asset Value](#sai2_005) | [19](#sai2_005) |
| **[Board Members and Trust Officers](#sai2_006)** | **[20](#sai2_006)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Trustee Responsibilities and Powers](#sai2_007) | [20](#sai2_007) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Trustee Appointments](#sai2_008) | [20](#sai2_008) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Trustee Nominations by Shareholders](#sai2_009) | [20](#sai2_009) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Trustee Meetings](#sai2_010) | [24](#sai2_010) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Committees](#sai2_011) | [24](#sai2_011) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Trustee Compensation](#sai2_012) | [24](#sai2_012) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Trust Officers](#sai2_013) | [25](#sai2_013) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Trust Officer Compensation](#sai2_014) | [26](#sai2_014) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Board Member and Trust Officer Liability](#sai2_015) | [26](#sai2_015) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investment in the Funds by Trust, Manager and Distributor Personnel](#sai2_016) | [26](#sai2_016) |
| **[Manager](#sai2_017)** | **[26](#sai2_017)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Oversight by the Board](#sai2_018) | [26](#sai2_018) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Management Services](#sai3_001) | [27](#sai3_001) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investment Decisions by Portfolio Managers](#sai3_002) | [28](#sai3_002) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Proxy Voting](#sai3_003) | [31](#sai3_003) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investment Process](#sai3_004) | [32](#sai3_004) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Payments to Financial Intermediaries](#sai3_005) | [43](#sai3_005) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Other Services](#sai3_006) | [44](#sai3_006) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Compensation](#sai3_007) | [44](#sai3_007) |
| **[Other Key Service Providers](#sai3_008)** | **[46](#sai3_008)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Administrator – \[ \]](#sai3_009) | [46](#sai3_009) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Custodian – \[ \]](#sai3_010) | [46](#sai3_010) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Transfer Agent – \[ \]](#sai3_011) | [46](#sai3_011) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Independent Registered Public Accounting Firm – \[ \]](#sai3_012) | [46](#sai3_012) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Underwriter – \[ \]](#sai3_013) | [46](#sai3_013) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Trust Legal Counsel – Ropes & Gray LLP](#sai3_014) | [46](#sai3_014) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Independent Trustee Legal Counsel – Vedder Price P.C.](#sai3_015) | [46](#sai3_015) |
| **[Shareholders](#sai3_016)** | **[47](#sai3_016)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Principal Holders of Securities](#sai3_017) | [47](#sai3_017) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Control Persons](#sai3_018) | [47](#sai3_018) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Management Ownership](#sai3_019) | [47](#sai3_019) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Shareholder Rights](#sai3_020) | [47](#sai3_020) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Distributions](#sai3_021) | [48](#sai3_021) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Tax](#sai3_022) | [49](#sai3_022) |
| **[Financial Statements](#sai3_023)** | **[59](#sai3_023)** |

---

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 "**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 [ ] shares for the Baillie Gifford Emerging Markets ETF, [ ] shares for the Baillie Gifford International Alpha ETF, [ ] shares for the Baillie Gifford International Concentrated Growth ETF, [ ] shares for the Baillie Gifford Long Term Global Growth ETF, and [ ] shares for the Baillie Gifford U.S. Equity Growth ETF, though this 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 under any of the following circumstances: [(1) the Funds are no longer eligible to operate in reliance on Rule 6c-11 under the Investment Company Act of 1940, as amended (the "**1940 Act**"), (2) following the initial twelve (12) month period beginning upon the commencement of trading of the Funds, there are fewer than 50 beneficial holders of the shares for 30 or more consecutive trading days, or (3) such other event shall occur or condition exists that, in the opinion of the Exchange, makes further dealings on the Exchange inadvisable. The Exchange will remove the shares of the Funds from listing and trading upon termination of the Funds.]

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.

Baillie Gifford ETF Trust – Statement of Additional Information

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.

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 contained 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

Baillie Gifford ETF Trust – Statement of Additional Information

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 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

Baillie Gifford ETF Trust – Statement of Additional Information

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 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.

Baillie Gifford ETF Trust – Statement of Additional Information

*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 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

Baillie Gifford ETF Trust – Statement of Additional Information

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 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

Baillie Gifford ETF Trust – Statement of Additional Information

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 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 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.

Baillie Gifford ETF Trust – Statement of Additional Information

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| 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.<br>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 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).<br>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.<br>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<br>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.<br>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 |

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| 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.<br>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 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.<br>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.<br>Special Risks of Investing in Latin American Securities<br>Although there have been significant improvements in recent years, the Latin American economies continue to experience significant problems.<br>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.<br>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 |

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| 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.<br>Special Risks of Investing in Eastern European Securities<br>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, global commodity prices, political stability and market liquidity.<br>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 buy 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<br>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.<br>Special Risks of Investing in Middle Eastern Securities<br>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.<br>Special Risks of Focused Investments in Growth Companies<br>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.<br>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.<br>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 |

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| 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.<br>Forward Foreign Currency Transactions<br>Each Fund may invest in forward foreign currency transactions. 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. 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.<br>Initial Public Offerings<br>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.<br>Legal and Regulatory Risk<br>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.<br>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.<br>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.<br>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.<br>LIBOR Transition and Reference Benchmarks<br>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 |

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Baillie Gifford ETF Trust – Statement of Additional Information

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| 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.<br>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 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.<br>Liquidity Risk<br>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 shareholder redemptions 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.<br>[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.]<br>Non-U.S. Tax Risk<br>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, 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.<br>Preferred Stocks<br>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. |

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Baillie Gifford ETF Trust – Statement of Additional Information

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| 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.<br>Repurchase Agreements<br>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.<br>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.<br>Restricted Securities<br>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.<br>Section 4(a)(2) Commercial Paper and Rule 144A Securities<br>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 any Fund 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.<br>Special Purpose Acquisition Companies<br>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.<br>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 |

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Baillie Gifford ETF Trust – Statement of Additional Information

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 (e.g., in the course of negotiating a custom basket), and (iv) 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 [ ] and the National Securities Clearing Corporation ("**NSCC**") and, typically, the composition of an in-kind creation basket and the in-kind redemption basket via the NSCC that it will accept in respect of a creation or redemption of a Creation Unit. 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 and liquidity providers (e.g., in the course of negotiating a custom basket) and (ii) to service providers of the Fund or the Manager, including outside legal counsel, an accounting or auditing firm, an administrator, custodian, principal underwriter, pricing service, proxy voting service, financial printer, third party that delivers analytical, statistical or consulting services, ratings or rankings agency or other third party that may require such information to provide services for the benefit of the Fund.

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.

Baillie Gifford ETF Trust – Statement of Additional Information

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.

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.

Baillie Gifford ETF Trust – Statement of Additional Information

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 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

Baillie Gifford ETF Trust – Statement of Additional Information

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

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 New York Stock Exchange ("**NYSE**") is open for unrestricted trading. The Pricing Point is normally at the scheduled close of unrestricted trading on the NYSE (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 NYSE.

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. [ ], 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 may be routinely subject to the use of third-party fair valuation vendors and other fair value qualifications.

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><br> 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 Range<br> of<br>Shares in All<br> Registered<br> Investment<br> Companies<br> 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<br>| &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;[ ] | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp; Pamela M. J. Cox<br> 1952<br>| &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;[ ] | &nbsp;&nbsp;[ ] |

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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><br> 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 Range<br> of<br>Shares in All<br> Registered<br> Investment<br> Companies<br> 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<br>| &nbsp;&nbsp;Trustee, Chair of the Audit Oversight Committee | &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;[ ] | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp; Maureen A. Miller<br> 1960<br>| &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Since 2025 | &nbsp;&nbsp; Retired. <br> Formerly: Shareholder, VedderPrice P.C. (law firm).<br>| &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;[ ] | &nbsp;&nbsp;[ ] |

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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><br> 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 Range<br> of<br>Shares in All<br> Registered<br> Investment<br> Companies<br> Overseen by<br> Trustee 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<br>| &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;[ ] | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;**Interested Trustee (as defined in the 1940 Act)<sup>(4)</sup>** | &nbsp;&nbsp;**Interested Trustee (as defined in the 1940 Act)<sup>(4)</sup>** | &nbsp;&nbsp;**Interested Trustee (as defined in the 1940 Act)<sup>(4)</sup>** | &nbsp;&nbsp;**Interested Trustee (as defined in the 1940 Act)<sup>(4)</sup>** | &nbsp;&nbsp;**Interested Trustee (as defined in the 1940 Act)<sup>(4)</sup>** | &nbsp;&nbsp;**Interested Trustee (as defined in the 1940 Act)<sup>(4)</sup>** | &nbsp;&nbsp;**Interested Trustee (as defined in the 1940 Act)<sup>(4)</sup>** | &nbsp;&nbsp;**Interested Trustee (as defined in the 1940 Act)<sup>(4)</sup>** |
| &nbsp;&nbsp; Michael Stirling-Aird <br> 1977<br>| &nbsp;&nbsp;Trustee, Chair of the Board. President.<sup>(5)</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. 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] | &nbsp;&nbsp;[ ] | &nbsp;&nbsp;[ ] |

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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, 2025].* 

*<sup>(4)</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>(5)</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 [December 31, 2025], 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;[ ] |
| &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;[ ] |

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*<sup>(1)</sup>* *Information is provided for the fiscal year ended 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 the fiscal year ended December 31, 2025, each Independent Trustee received a retainer fee of $[ ]. The chairs of the Audit Oversight Committee and the Nominating and Governance Committee received additional compensation of $[ ] and $[ ], respectively.

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**<br>| &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**<br>|
| &nbsp;&nbsp;Baillie Gifford Emerging Markets ETF | &nbsp;&nbsp;$[ ] | &nbsp;&nbsp;$[ ] | &nbsp;&nbsp;$[ ] | &nbsp;&nbsp;$[ ] | &nbsp;&nbsp;$[ ] |
| &nbsp;&nbsp;Baillie Gifford International Alpha ETF | &nbsp;&nbsp;$[ ] | &nbsp;&nbsp;$[ ] | &nbsp;&nbsp;$[ ] | &nbsp;&nbsp;$[ ] | &nbsp;&nbsp;$[ ] |
| &nbsp;&nbsp;Baillie Gifford International Concentrated Growth ETF | &nbsp;&nbsp;$[ ] | &nbsp;&nbsp;$[ ] | &nbsp;&nbsp;$[ ] | &nbsp;&nbsp;$[ ] | &nbsp;&nbsp;$[ ] |
| &nbsp;&nbsp;Baillie Gifford Long Term Global Growth ETF | &nbsp;&nbsp;$[ ] | &nbsp;&nbsp;$[ ] | &nbsp;&nbsp;$[ ] | &nbsp;&nbsp;$[ ] | &nbsp;&nbsp;$[ ] |
| &nbsp;&nbsp;Baillie Gifford U.S. Equity Growth ETF | &nbsp;&nbsp;$[ ] | &nbsp;&nbsp;$[ ] | &nbsp;&nbsp;$[ ] | &nbsp;&nbsp;$[ ] | &nbsp;&nbsp;$[ ] |
| &nbsp;&nbsp;**Total Compensation from all Funds of the Trust and Fund Complex<sup>(1)(2)(3)</sup>** | &nbsp;&nbsp;$[ ] | &nbsp;&nbsp;$[ ] | &nbsp;&nbsp;$[ ] | &nbsp;&nbsp;$[ ] | &nbsp;&nbsp;$[ ] |

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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 on the Board of the Trust and its 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)*** | &nbsp;&nbsp;***Officers (other than officers who are also Trustees)*** | &nbsp;&nbsp;***Officers (other than officers who are also Trustees)*** | &nbsp;&nbsp;***Officers (other than officers who are also Trustees)*** |
| &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) |

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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) 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; Lesley-Anne Archibald<br> 1988<br>| &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.*

**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 and the Performance Committee also meet 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.

Baillie Gifford ETF Trust – Statement of Additional Information

**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 [ ], 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 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;[ ]% |
| &nbsp;&nbsp;Baillie Gifford International Alpha ETF | &nbsp;&nbsp; [ ]%<br>|
| &nbsp;&nbsp;Baillie Gifford International Concentrated Growth ETF | &nbsp;&nbsp;[ ]% |

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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 Long Term Global Growth ETF | &nbsp;&nbsp;[ ]% |
| &nbsp;&nbsp;Baillie Gifford U.S. Equity Growth ETF | &nbsp;&nbsp;[ ]% |

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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, voting 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 and offering expenses 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

Baillie Gifford ETF Trust – Statement of Additional Information

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 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 [December 31, 2025], except where otherwise noted. As of [December 31, 2025], no portfolio manager to a Fund owned beneficially any equity securities of such Fund.

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;**<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;[ ] | &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;**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;[ ] | &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;**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;[ ] | &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;**<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;[ ] | &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; **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;[ ] | &nbsp;&nbsp;[ ] | &nbsp;&nbsp;[ ] | &nbsp;&nbsp;[ ] |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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;[ ] | &nbsp;&nbsp;[ ] | &nbsp;&nbsp;[ ] | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;[ ] | &nbsp;&nbsp;[ ] | &nbsp;&nbsp;[ ] | &nbsp;&nbsp;[ ] |
| &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;[ ] | &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;**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;[ ] | &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;**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;[ ] | &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;**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;[ ] | &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;[ ] |

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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;**<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;[ ] | &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;**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;[ ] | &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;**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;[ ] | &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;**<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;[ ] | &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;**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;[ ] | &nbsp;&nbsp;[ ] | &nbsp;&nbsp;[ ] | &nbsp;&nbsp;[ ] |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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;[ ] | &nbsp;&nbsp;[ ] | &nbsp;&nbsp;[ ] | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;[ ] | &nbsp;&nbsp;[ ] | &nbsp;&nbsp;[ ] | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;**Michael Pye** | &nbsp;&nbsp;**Michael Pye** | &nbsp;&nbsp;**Michael Pye** | &nbsp;&nbsp;**Michael Pye** | &nbsp;&nbsp;**Michael Pye** |
| &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;**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;[ ] | &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;**<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;[ ] | &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;**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;[ ] | &nbsp;&nbsp;[ ] | &nbsp;&nbsp;[ ] | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;Other Pooled Investment Vehicles | &nbsp;&nbsp;[ ] | &nbsp;&nbsp;[ ] | &nbsp;&nbsp;[ ] | &nbsp;&nbsp;[ ] |

---

Baillie Gifford ETF Trust – Statement of Additional Information

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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;[ ] | &nbsp;&nbsp;[ ] | &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;[ ] | &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;**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;[ ] | &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;[ ] |

---

**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:

---

| |
|:---|
| Governance fit for purpose |
| Alignment in vision and practice |
| Long-term value creation |
| Sustainable business practices |

---

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

Baillie Gifford ETF Trust – Statement of Additional Information

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.

[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.

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:

Baillie Gifford ETF Trust – Statement of Additional Information

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.

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 [ ], 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

Baillie Gifford ETF Trust – Statement of Additional Information

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.]

**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.

[(1) the Funds are no longer eligible to operate in reliance on Rule 6c-11 under the Investment Company Act of 1940, as amended (the "**1940 Act**"), (2) following the initial twelve (12) month period beginning upon the commencement of trading of the Funds, there are fewer than 50 beneficial holders of the shares for 30 or more consecutive trading days, or (3) such other event shall occur or condition exists that, in the opinion of the Exchange, makes further dealings on the Exchange inadvisable. The Exchange will remove the shares of the Funds from listing and trading upon termination of the Funds.

As in the case of other securities traded on the Exchange, brokers' commissions on transactions are based on negotiated commission rates at customary levels.] ]

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, 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

Baillie Gifford ETF Trust – Statement of Additional Information

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 constitute a Creation Unit for such Fund as of the date of this SAI:

---

| | |
|:---|:---|
| **Fund** | **Shares per Creation<br> Unit** |
| &nbsp;&nbsp;**Baillie Gifford Emerging Markets ETF** | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;**Baillie Gifford International Alpha ETF** | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;**Baillie Gifford International** | &nbsp;&nbsp;[ ] |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Concentrated Growth ETF** |  |
| &nbsp;&nbsp;**Baillie Gifford Long Term Global Growth ETF** | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;**Baillie Gifford U.S. Equity Growth ETF** | &nbsp;&nbsp;[ ] |

---

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 NYSE is open for business. As of the date of the Prospectus, the NYSE observes the following holidays: New Year's Day, Martin Luther King, Jr. Day, President's Day (Washington's Birthday), Good Friday, Memorial Day (observed), Juneteenth National Independence Day, 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.

Baillie Gifford ETF Trust – Statement of Additional Information

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.

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**

Baillie Gifford ETF Trust – Statement of Additional Information

**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.

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

Baillie Gifford ETF Trust – Statement of Additional Information

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 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.

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

Baillie Gifford ETF Trust – Statement of Additional Information

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 collateral including, without limitation, liability for related brokerage, borrowings and other charges.]

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 Distributor], 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;**Creation<br> Transaction <br> Fee** |
| &nbsp;&nbsp;Baillie Gifford Emerging Markets ETF | &nbsp;&nbsp;$[ ] |
| &nbsp;&nbsp;Baillie Gifford International Alpha ETF | &nbsp;&nbsp;$[ ] |
| &nbsp;&nbsp;Baillie Gifford International Concentrated Growth ETF | &nbsp;&nbsp;$[ ] |
| &nbsp;&nbsp;Baillie Gifford Long Term Global Growth ETF | &nbsp;&nbsp;$[ ] |
| &nbsp;&nbsp;Baillie Gifford U.S. Equity Growth ETF | &nbsp;&nbsp;$[ ] |

---

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, payable to the Funds, of up to a maximum of [ ]% of the value of the Creation Units subject to the transaction 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

Baillie Gifford ETF Trust – Statement of Additional Information

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 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

Baillie Gifford ETF Trust – Statement of Additional Information

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.

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.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Redemption<br> Transaction <br> Fee** |
| &nbsp;&nbsp;Baillie Gifford Emerging Markets ETF | &nbsp;&nbsp;$[ ] |
| &nbsp;&nbsp;Baillie Gifford International Alpha ETF | &nbsp;&nbsp;$[ ] |
| &nbsp;&nbsp;Baillie Gifford International Concentrated Growth ETF | &nbsp;&nbsp;$[ ] |
| &nbsp;&nbsp;Baillie Gifford Long Term Global Growth ETF | &nbsp;&nbsp;$[ ] |
| &nbsp;&nbsp;Baillie Gifford U.S. Equity Growth ETF | &nbsp;&nbsp;$[ ] |

---

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 [ ]% 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

Baillie Gifford ETF Trust – Statement of Additional Information

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 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.

Baillie Gifford ETF Trust – Statement of Additional Information

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 representative basket that is different from the initial basket used in transactions on

the same business day; or (iii) a basket that contains bespoke cash substitutions for a single Authorized Participant. 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 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."

Baillie Gifford ETF Trust – Statement of Additional Information

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.

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

Baillie Gifford ETF Trust – Statement of Additional Information

– 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 – [ ]**

[ ], serves as the Funds' administrator pursuant to a Fund Administration and Accounting Agreement between the Trust, on behalf of the Fund, and [ ].

[The Funds have not yet commenced investment operations as of the date hereof, and therefore have not paid any administration fees.]

**Custodian – [ ]**

[ ] is the Trust's custodian. As such, [ ] 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, [ ] 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 – [ ]**

[ ], serves as the Trust's transfer agent, registrar and dividend disbursing agent.

**Independent Registered Public Accounting Firm – [ ]**

[ ] 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. [ ], an affiliate of [ ], provides tax services as requested. The principal business address of [ ] is [ ].

**Underwriter – [ ]**

[ ], serves as the sole distributor and principal underwriter of the shares of the Funds ([ ] or the "**Distributor**").

The Trust has entered into a distribution agreement with [ ]. [ ] 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 [ ], and/or the Trust. The distribution agreement provides that [ ] 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 [ ], 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. [As of the date of this SAI, Baillie Gifford Overseas Limited, at Calton Square, 1 Greenside Row, Edinburgh, United Kingdom EH1 3AN, owns 100% of each of the Funds and is, therefore, the Trust's only principal holder.]

**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. [As of the date of this SAI, Baillie Gifford Overseas Limited, at Calton Square, 1 Greenside Row, Edinburgh, United Kingdom EH1 3AN, owns 100% of each of the Funds and is, therefore, the person deemed to be a "control person" (as that term is defined in the 1940 Act) of the Trust. Baillie Gifford Overseas Limited is organized under the laws of the United Kingdom and is a wholly-owned subsidiary of Baillie Gifford & Co.]

**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.

Baillie Gifford ETF Trust – Statement of Additional Information

Preemptive Rights

The shares of the Funds do not have any preemptive rights.

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.

**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).

– 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.

Baillie Gifford ETF Trust – Statement of Additional Information

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 NYSE 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 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

Baillie Gifford ETF Trust – Statement of Additional Information

&nbsp;&nbsp;&nbsp;&nbsp;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.

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.

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

Baillie Gifford ETF Trust – Statement of Additional Information

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.

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

Baillie Gifford ETF Trust – Statement of Additional Information

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) 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.

Baillie Gifford ETF Trust – Statement of Additional Information

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, 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,

Baillie Gifford ETF Trust – Statement of Additional Information

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 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.

Baillie Gifford ETF Trust – Statement of Additional Information

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.

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

Baillie Gifford ETF Trust – Statement of Additional Information

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 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.

Baillie Gifford ETF Trust – Statement of Additional Information

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 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.

Baillie Gifford ETF Trust – Statement of Additional Information

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.

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

Baillie Gifford ETF Trust – Statement of Additional Information

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>**

[To be updated by amendment]

**PART C**

**OTHER INFORMATION** 

**Item 15. 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 1 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 16. Exhibits.** 

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| | |
|:---|:---|
| (1) | [Amended and Restated Agreement and Declaration of Trust of Registrant, incorporated by reference to Post-Effective Amendment No. 2 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) | [Copy of Amended and Restated By-Laws of Registrant, incorporated by reference to Post-Effective Amendment No. 2 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) |
| (3) | Not applicable. |
| (4) | [Form of Agreement and Plan of Reorganization relating to Baillie Gifford International Concentrated Growth ETF, Baillie Gifford Long Term Global Growth ETF, and Baillie Gifford U.S. Equity Growth ETF (each a "Fund," and together, the "Funds") – filed herewith.](tm2533177d1_ex99-x4.htm) |
| (5) | Instruments Defining Rights of Security Holder. None, other than in the Amended and Restated Agreement and Declaration of Trust and the Amended and Bylaws of the Registrant. |
| (6) | [Investment Management Agreement between Baillie Gifford Overseas Limited and the Registrant, on behalf of each Fund, dated December 9, 2025 – filed herewith.](tm2533177d1_ex99-x6.htm) |
| (7) | (a) [Distribution Agreement between Baillie Gifford Funds Services LLC and the Registrant, dated December 9, 2025 – filed herewith.](tm2533177d1_ex99-x7xa.htm) |
|  | (b) [Form of Authorized Participant Agreement – filed herewith.](tm2533177d1_ex99-x7xb.htm) |
| (8) | Not applicable. |
| (9) | (a) Custody Agreement between the Registrant and Bank of New York Mellon – to be filed by amendment. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(i) Supplement to the Global Custody Agreement Hong Kong-China – Stock Connect between the Registrant and The Bank of New York Mellon – to be filed by amendment. |
|  | (b) Foreign Custodian Manager Agreement, between the Registrant and The Bank of New York Mellon – to be filed by amendment. |
| (10) | [Plan of Distribution Pursuant to Rule 12b-1 – filed herewith.](tm2533177d1_ex99-x10.htm) |
| (11) | [Opinion and Consent of Ropes & Gray LLP regarding legality of the securities bring registered – filed herewith.](tm2533177d1_ex99-x11.htm) |

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| | |
|:---|:---|
| (12) | Opinion of Ropes & Gray LLP with respect to tax matters – to be filed by amendment. |
| (13) | Other Material Contracts. |
|  | (a) Fund Administration and Accounting Agreement between the Registrant and The Bank of New York Mellon – to be filed by amendment. |
|  | (b) Transfer Agency and Service Agreement between the Registrant and The Bank of New York Mellon – to be filed by amendment. |
|  | (c) [Form of Indemnification Agreement between the Registrant and each Trustee, incorporated by reference to Post-Effective Amendment No. 2 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) |
| [(14)](tm2533177d1_ex99-x14.htm) | [Consent of Independent Registered Public Accounting Firm – filed herewith.](tm2533177d1_ex99-x14.htm) |
| (15) | Not applicable. |
| (16) | [Power of Attorney for Howard W. Chin, Pamela M. J. Cox, John D. Kavanaugh, Maureen A. Miller, Donald P. Sullivan Jr. and Lindsay Cockburn with respect to filings on Form N-14 – filed herewith.](tm2533177d1_ex99-x16.htm) |
| (17) | Not applicable. |

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Item 17. Undertakings.

&nbsp;&nbsp;&nbsp;&nbsp;1. The undersigned Registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus
which is a part of this registration statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c)
under the Securities Act of 1933, the reoffering prospectus will contain the information called for by the applicable registration form
for reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable
form.

&nbsp;&nbsp;&nbsp;&nbsp;2. The undersigned Registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as a part of an amendment
to the registration statement and will not be used until the amendment is effective, and that, in determining any liability under the
Securities Act of 1933, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein,
and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them.

&nbsp;&nbsp;&nbsp;&nbsp;3. The undersigned Registrant agrees to file by post-effective amendment an opinion of counsel supporting the tax consequences of the
proposed reorganizations within a reasonable period of time after receipt of such opinion.

**NOTICE**

A copy of the Amended & Restated Declaration of Trust of Baillie Gifford ETF Trust, together with all amendments thereto, is on file with the Secretary of State of the Commonwealth of Massachusetts, and notice is hereby given that this instrument is executed on behalf of the Trust by an officer or Trustee of the Trust in his or her capacity as an officer or Trustee of the Trust and not individually and that the obligations of or arising out of this instrument are not binding upon any of the Trustees or officers of the Trust or shareholders of any series of the Trust individually but are binding only upon the assets and property of the Trust or the respective series.

**SIGNATURES**

As required by the Securities Act of 1933, this registration statement has been signed on behalf of the Registrant, in the City of Edinburgh, Scotland, on the 17<sup>th</sup> day of December, 2025.

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| | |
|:---|:---|
| Baillie Gifford Funds | Baillie Gifford Funds |
| By: | /s/ Michael Stirling-Aird |
|  | By: Michael Stirling-Aird |
|  | Title: President (Principal Executive Officer) |

---

As required by the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| Signature | Title | <br> Date |
| /s/ Howard W. Chin\*<br> Howard W. Chin<br>| Trustee | December 17, 2025<br>|
| /s/ Pamela M. J. Cox\* | Trustee | December 17, 2025 |
| Pamela M. J. Cox<br>|  |  |
| /s/ John D. Kavanaugh\* | Trustee | December 17, 2025 |
| John D. Kavanaugh<br>|  |  |
| /s/ Donald P. Sullivan Jr.\* | Trustee | December 17, 2025 |
| Donald P. Sullivan Jr.<br>|  |  |
| <br> /s/ Michael Stirling-Aird | &nbsp;&nbsp;Trustee & President (Principal Executive Officer) | December 17, 2025 |
| Michael Stirling-Aird |  |  |
| /s/ Lindsay Cockburn<br> Lindsay Cockburn | Treasurer (Principal Financial and Accounting Officer)<br>| December 17, 2025 |

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| | |
|:---|:---|
| \*By: | /s/ Michael Stirling-Aird |

---

Michael Stirling-Aird, as Attorney-in-Fact

Date: December 17, 2025

**EXHIBIT INDEX**

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| | |
|:---|:---|
| [(4)](tm2533177d1_ex99-x4.htm) | [Form of Agreement and Plan of Reorganization relating to Baillie Gifford International Concentrated Growth ETF, Baillie Gifford Long Term Global Growth ETF, and Baillie Gifford U.S. Equity Growth ETF.](tm2533177d1_ex99-x4.htm) |
| [(6)](tm2533177d1_ex99-x6.htm) | [Investment Management Agreement between Baillie Gifford Overseas Limited and the Registrant, on behalf of each Fund, dated December 9, 2025.](tm2533177d1_ex99-x6.htm) |
| [(7)(a)](tm2533177d1_ex99-x7xa.htm) | [Distribution Agreement between Baillie Gifford Funds Services LLC and the Registrant, dated December 9, 2025.](tm2533177d1_ex99-x7xa.htm) |
| [(7)(b)](tm2533177d1_ex99-x7xb.htm) | [Form of Authorized Participant Agreement.](tm2533177d1_ex99-x7xb.htm) |
| [(10)](tm2533177d1_ex99-x10.htm) | [Plan of Distribution Pursuant to Rule 12b-1.](tm2533177d1_ex99-x10.htm) |
| [(11)](tm2533177d1_ex99-x11.htm) | [Opinion and Consent of Ropes & Gray LLP regarding legality of the securities bring registered.](tm2533177d1_ex99-x11.htm) |
| [(14)](tm2533177d1_ex99-x14.htm) | [Consent of Independent Registered Public Accounting Firm.](tm2533177d1_ex99-x14.htm) |
| [(16)](tm2533177d1_ex99-x16.htm) | [Power of Attorney for Howard W. Chin, Pamela M. J. Cox, John D. Kavanaugh, Maureen A. Miller, Donald P. Sullivan Jr. and Lindsay Cockburn with respect to filings on Form N-14.](tm2533177d1_ex99-x16.htm) |

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## Ex-99.(4)

**Exhibit 99.(4)**

**AGREEMENT AND PLAN OF REORGANIZATION**

THIS AGREEMENT AND PLAN OF REORGANIZATION ("<u>Agreement</u>") is adopted as of this day of [ ] by and among: (i) Baillie Gifford Funds (the "<u>Target Entity</u>"), on behalf of its series listed under the heading "Target Funds" on <u>Schedule A</u> attached hereto (each, a "<u>Target Fund</u>"); and (ii) Baillie Gifford ETF Trust (the "<u>Acquiring Entity</u>"), on behalf of its series listed under the heading "Acquiring Funds" on <u>Schedule A</u> (each, an "<u>Acquiring Fund</u>"). Baillie Gifford Overseas Limited ("<u>BGOL</u>") joins this Agreement solely for purposes of Section 9.2.

WHEREAS, the parties hereto intend for each Acquiring Fund and the corresponding Target Fund, as shown on Schedule A, to enter into a transaction pursuant to which: (i) each Acquiring Fund will acquire the Assets (as such term is defined in Section 1.1(b)) of the corresponding Target Fund in exchange for shares of the applicable Acquiring Fund of equal value as of the Valuation Date (as such term is defined in Section 2.1(a)) to the net assets of the corresponding Target Fund being acquired and the assumption of the Liabilities (as such term is defined in Section 1.1(c)), and (ii) each Target Fund will distribute such shares of the corresponding Acquiring Fund to shareholders of the Target Fund, in connection with the complete liquidation of each Target Fund, all upon the terms and conditions hereinafter set forth in this Agreement (each such transaction, a "<u>Reorganization</u>"). Following its liquidation, each Target Fund will be dissolved. Each Acquiring Fund is, and will be immediately prior to Closing (as defined in Section 3.1), a shell series, without assets (other than de minimis seed capital, which shall be paid out in redemption of the Initial Shares (as defined in Section 4.2(q)) prior to the Reorganization, pursuant to Section 4.2(q)) or liabilities, created for the purpose of acquiring the Assets and assuming the Liabilities of the corresponding Target Fund;

WHEREAS, each of the Target Entity and the Acquiring Entity is an open-end, registered investment company of the management type; and

WHEREAS, this Agreement is intended to be and is adopted as a plan of reorganization and liquidation with respect to each Reorganization within the meaning of Section 368(a)(1) of the United States Internal Revenue Code of 1986, as amended ("<u>Code</u>") and as a plan of recapitalization.

NOW, THEREFORE, in consideration of the premises and of the covenants and agreements hereinafter set forth, the parties hereto, intending to be legally bound hereby, covenant and agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;**1.**  **<u>DESCRIPTION OF THE REORGANIZATIONS</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1.** Provided that all conditions precedent to each Reorganization set forth herein have been satisfied or, to the extent legally permissible, waived as of the Closing Time (as defined in Section 3.1), and based on the representations and warranties each party provides to the others, the Target Entity and the Acquiring Entity agree to take the following steps with respect to each Reorganization:

&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)** Each Target Fund shall transfer all of its Assets, as defined and set forth in Section 1.1(b), to the corresponding Acquiring Fund, and each Acquiring Fund in exchange therefor shall assume the Liabilities, as defined and set forth in Section 1.1(c), and deliver to the corresponding Target Fund for distribution to the shareholders of the applicable Target Fund the number of Acquiring Fund shares, all as determined in the manner set forth in Section 2.

&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 assets of each Target Fund to be transferred to the corresponding Acquiring Fund shall consist of all property, goodwill, and assets of every description and all interests, rights, privileges and powers of such Target Fund as of the Closing Time (collectively, the "<u>Assets</u>"). The Assets of each Target Fund shall be delivered to the corresponding Acquiring Fund free and clear of all liens, encumbrances, hypothecations and claims whatsoever (except for liens or encumbrances that do not materially detract from the value or use of the applicable Target Fund's Assets), and there shall be no restrictions on the full transfer thereof (except for those imposed by the federal or state securities 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;**(c)** Each Acquiring Fund shall assume and pay when due all obligations and liabilities of the corresponding Target Fund, existing on or after the Closing Date, whether absolute, accrued, contingent or otherwise (except that certain expenses of the Reorganization contemplated hereby to be paid by the persons as provided in Section 9.2 hereof shall not be assumed or paid by any Acquiring Fund) (collectively, the "<u>Liabilities</u>"), and such Liabilities shall become the obligations and liabilities of the applicable Acquiring Fund. Each Target Fund will use its reasonable best efforts to discharge all known Liabilities prior to or at the Valuation Date (as defined in Section 2.1(a)) to the extent permissible and consistent with its own investment objectives and policies. The Assets minus the Liabilities of a Target Fund shall be referred to herein as such Target Fund's "<u>Net Assets</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;**(d)** As soon as is reasonably practicable after the Closing (as defined in Section 3.1), each Target Fund will distribute to its shareholders of record ("<u>Target Fund Shareholders</u>") the shares of the corresponding Acquiring Fund received by the Target Fund pursuant to Section 1.1(a), on a pro rata basis, and without further notice the outstanding shares of each Target Fund will be redeemed as permitted by its Governing Documents (as defined in Section 4.1(g)) and applicable law, and each Target Fund will as promptly as practicable completely liquidate and dissolve as permitted by its Governing Documents and applicable law. Such distribution to Target Fund Shareholders and liquidation of each Target Fund will be accomplished by the transfer of the corresponding Acquiring Fund's shares then credited to the account of the applicable Target Fund on the books of the corresponding Acquiring Fund to open accounts on the share records of such Acquiring Fund in the names of Target Fund Shareholders. The aggregate net asset value of each Acquiring Fund's shares to be so credited to the corresponding Target Fund Shareholders shall be equal to the aggregate net asset value of such Target Fund's shares owned by Target Fund Shareholders on the Valuation Date (following the redemption of any fractional shares pursuant to Section 5.1(p)). [For Target Fund Shareholders that hold Target Fund shares through accounts that are not permitted to hold a corresponding Acquiring Fund's shares, such Target Fund Shareholders must deliver information with

respect to an account that is permitted to hold Acquiring Fund shares by May 18, 2026, or such other date as the authorized officers of the parties may agree, or such shares held by such Target Fund Shareholder will be liquidated on or about May 19, 2026 and the cash proceeds will be distributed to such Target Fund Shareholder.

&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)** Any transfer taxes payable upon issuance of an Acquiring Fund's shares in a name other than the registered holder of the corresponding Target Fund's shares on the books and records of the corresponding Target Fund as of that time shall, as a condition of such issuance and transfer, be paid by the person to whom such Acquiring Fund's shares are to be issued and transferred.

&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)** Ownership of an Acquiring Fund's shares will be shown on its books, as such are maintained by such Acquiring Fund's transfer agent.

&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)** Immediately after the Closing Time, the share transfer books relating to each Target Fund shall be closed and no transfer of shares shall thereafter be made on such books.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **VALUATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.** With respect to each Reorganization:

&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 value of each Target Fund's Assets shall be the value of such Assets computed as of the close of regular trading on the New York Stock Exchange less the value of any cash or other assets used to redeem fractional shares pursuant to Section 5.1(p), which shall reflect the declaration of any dividends, on the business day preceding the Closing Date (the "<u>Valuation Date</u>"), or such other date agreed to by the authorized officers of the parties, using the valuation procedures set forth in the then-current prospectus for each Target Fund and the valuation procedures established by the Target Entity's board of trustees. On the Valuation Date, each Target Fund shall record the value of the Assets, as valued pursuant to this Section 2.1(a), on a valuation report (the "<u>Valuation Report</u>") and deliver a copy of its Valuation Report to the corresponding Acquiring Fund by 7:00 p.m. (Eastern time) on the Valuation Date, or as soon as practicable thereafter.

&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 net asset value per share of each Acquiring Fund's shares issued to the corresponding Target Fund in connection with the Reorganization shall be the net asset value per share of the Target Fund as of the close of business on the Valuation Date (following the redemption of fractional shares pursuant to Section 5.1(p)).

&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 number of each Acquiring Fund's shares issued in exchange for the corresponding Target Fund's Net Assets shall equal the number of shares of the applicable Target Fund outstanding as of the Valuation Date (following (i) the redemption of fractional shares pursuant to Section 5.1(p) and (ii) the consolidation of shares of Baillie Gifford International Concentrated Growth Equities Fund or any other Target Fund pursuant to Section 5.1(q)); provided, however, that the authorized officers of the Acquiring Funds may determine to issue a greater or lesser number of shares for the

corresponding Target Fund. Each Acquiring Fund's shares delivered to the corresponding Target Fund shareholder will be delivered at net asset value without the imposition of a sales load, commission, transaction fee or other similar fee.

&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)** All computations of value shall be made by each Target Fund or its designated recordkeeping agent using the valuation procedures described in this Section 2 and shall be subject to review by the corresponding Acquiring Fund and/or its recordkeeping agent, and, if requested by either the Target Entity or the Acquiring Entity, by the independent registered public accountant of the requesting party.

&nbsp;&nbsp;&nbsp;&nbsp;**3.**  **<u>CLOSING AND CLOSING DATE</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1.** Each Reorganization shall close on [June 1, 2026], or such other date as the authorized officers of the parties may agree (the "<u>Closing Date</u>"). All acts taking place at the closing of each Reorganization ("<u>Closing</u>") shall, subject to the satisfaction or waiver of the conditions in this Agreement, be deemed to take place simultaneously immediately prior to the commencement of trading on The Nasdaq Stock Market LLC ("Nasdaq") on the Closing Date, unless otherwise agreed to by the authorized officers of the parties (the "<u>Closing Time</u>"). The Closing of each Reorganization shall be held in person, by facsimile, email or such other communication means as the parties may reasonably agree. In respect of each Reorganization, each Target Fund shall notify the corresponding Acquiring Fund of any portfolio security held by the Target Fund in other than book-entry form at least five (5) business days prior to the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.** With respect to each Reorganization:

&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)** Each Target Fund's portfolio securities, investments or other assets that are represented by a certificate or other written instrument shall be transferred and delivered by the applicable Target Fund as of the Closing Time to the corresponding Acquiring Fund's custodian for the account of such Acquiring Fund duly endorsed in proper form for transfer and in such condition as to constitute good delivery thereof. The Target Entity shall direct each Target Fund's custodian (the "<u>Target Custodian</u>") to deliver to the corresponding Acquiring Fund's custodian as of the Closing Date by book entry, in accordance with the customary practices of Target Custodian and any securities depository (as defined in Rule 17f-4 under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>")) in which the Assets are deposited, each Target Fund's portfolio securities and instruments that are held in book entry form. Each Target Fund's portfolio securities represented by a certificate or other written instrument shall be presented by the Target Custodian to the corresponding Acquiring Fund's custodian. The cash to be transferred by each Target Fund shall be delivered to the corresponding Acquiring Fund's custodian by wire transfer of federal funds or other appropriate means on the Closing Date. If a Target Fund is unable to make such delivery on the Closing Date in the manner contemplated by this Section for the reason that any of such securities or other investments purchased prior to the Closing Date have not yet been delivered to such Target Fund or its broker, then the corresponding Acquiring Fund may, in its sole discretion, waive the delivery requirements of this Section with respect to said undelivered securities or other investments if the

applicable Target Fund has, by or on the Closing Date, delivered to the applicable Acquiring Fund or its custodian executed copies of an agreement of assignment and escrow and due bills executed on behalf of said broker or brokers, together with such other documents as may be required by such Acquiring Fund or its custodian, such as brokers' confirmation slips.

&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)** At such time prior to the Closing Date as the parties mutually agree, each Target Fund shall provide instructions and related information to the corresponding Acquiring Fund or its transfer agent with respect to Target Fund Shareholders, including names, addresses, dividend reinvestment elections, if any, and tax withholding status of such Target Fund Shareholders as of the date agreed upon (such information to be updated as of the Closing Date, as necessary). Each Acquiring Fund and its transfer agent shall have no obligation to inquire as to the validity, propriety or correctness of any such instruction, information or documentation, but shall, in each case, assume that such instruction, information or documentation is valid, proper, correct and complete.

&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)** At the Closing, each party shall deliver to the other such bills of sale, checks, assignments, certificates, if any, receipts or other documents as such other party or its counsel 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;**(d)** In the event that on the Valuation Date or the Closing Date of a Reorganization: (i) Nasdaq or another primary trading market for portfolio securities of a Target Fund (each, an "<u>Exchange</u>") shall be closed to trading or trading thereupon shall be restricted, or (ii) trading or the reporting of trading on such Exchange or elsewhere shall be disrupted so that, in the judgment of the board of trustees of the Acquiring Entity or the Target Entity or the authorized officers of such entities, accurate appraisal of the value of the net assets of a Target Fund is impracticable, the Valuation Date and the Closing Date shall be postponed such that the Closing Date shall be the second business day after the day when trading shall have been fully resumed and reporting shall have been restored or such later dates as may be mutually agreed in writing by an authorized officer of each party.

&nbsp;&nbsp;&nbsp;&nbsp;**4.**  **<u>REPRESENTATIONS AND WARRANTIES</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.** The Target Entity, on behalf of itself or, where applicable, for the Target Funds, represents and warrants to the Acquiring Entity and the corresponding Acquiring Fund, as of the date hereof and as of the Closing Date, as follows:

&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 Target Funds are each a series of the Target Entity. The Target Entity is a Massachusetts business trust validly existing and in good standing under the laws of the Commonwealth of Massachusetts. The Target Entity has the power to own all of its properties and assets and to perform its obligations under this Agreement. The Target Funds are not required to qualify to do business in any jurisdiction in which they are not so qualified or where failure to qualify would subject them to any material liability or disability. The Target Funds have all necessary federal, state, and local authorizations to own all of their properties and assets and to carry on their business as now being conducted;

&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 Target Entity is a registered investment company classified as a management company of the open-end type, and its registration with the U.S. Securities and Exchange Commission (the "<u>Commission</u>") as an investment company under the 1940 Act, and the registration of the shares of each Target Fund under the Securities Act of 1933, as amended ("<u>1933 Act</u>"), is in full force and effect, and will be in full force and effect on the Closing Date, and no action or proceeding to revoke or suspend such registrations is pending, or to the knowledge of any Target Fund, threatened. All issued and outstanding shares of each Target Fund have been offered for sale in conformity in all material respects with applicable federal and state securities 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;**(c)** No consent, approval, authorization, or order of any court or governmental authority or the Financial Industry Regulatory Authority ("<u>FINRA</u>") is required for the consummation by the Target Entity, on behalf of the Target Funds, of the transactions contemplated herein, except such as have been obtained or will be obtained at or prior to the Closing Date under the 1933 Act, the Securities Exchange Act of 1934, as amended ("<u>1934 Act</u>"), the 1940 Act, and state securities or blue sky laws (which term as used herein shall include the laws of the District of Columbia and of Puerto Rico), each of which, as required, shall have been obtained on or prior to the Closing Date. No consent of or notice to any other third party or entity is required for the consummation by any Target Fund of the transaction contemplated by this Agreement, except that such transaction will require approval of the Target Fund's shareholders of record;

&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 current prospectus and statement of additional information and current shareholder reports of each Target Fund prior to the date of this Agreement conform or conformed at the time of their use in all material respects to the applicable requirements of the 1933 Act and the 1940 Act and the rules and regulations of the Commission thereunder and do not or did not at the time of their use include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not materially misleading;

&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)** Each Target Fund is in compliance in all material respects with, and during the three (3) years prior to the date of this Agreement was in compliance in all material respects with, the requirements of, and the rules and regulations under, the 1933 Act, the 1934 Act and the 1940 Act, state securities laws and all other applicable federal and state laws or regulations. Each Target Fund is in compliance in all material respects with, and during the three (3) years prior to the date of this Agreement was in compliance in all material respects with, its investment objectives, policies, guidelines and restrictions and compliance procedures, and the value of the Net Assets of each Target Fund is, and during such period was, determined using portfolio valuation methods that, in the reasonable judgment of each Target Fund, comply in all material respects with the requirements of the 1940 Act and the rules and regulations of the Commission thereunder and the pricing and valuation policies of each Target Fund and there have been no material miscalculations of the net asset value of any Target Fund or the net asset value per share of any Target Fund during the twelve (12) month period preceding the date hereof that have not been remedied or will not be remedied prior to the Closing Date in accordance with the applicable Target

Fund's policies and procedures that, individually or in the aggregate, would have a material adverse effect on such Target Fund or its Assets, and all such calculations have been made in accordance with the applicable provisions of the 1940 Act. All advertising and sales material used by each Target Fund during the twelve (12) months prior to the date of this Agreement complied in all material respects, at the time such material was used, with applicable law and the rules and regulations of the FINRA;

&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)** Except as otherwise disclosed to and accepted, in writing, by or on behalf of the corresponding Acquiring Fund, each Target Fund will, as of the Closing Time, have good and marketable title to the Assets and full right, power, and authority to sell, assign, transfer and deliver such Assets free of adverse claims, including any liens or other encumbrances, and upon delivery and payment for such Assets, the applicable Acquiring Fund will acquire good and marketable title thereto, free of adverse claims and subject to no restrictions on the full transfer thereof, including, without limitation, such restrictions as might arise under the 1933 Act;

&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)** Except as otherwise disclosed to and accepted, in writing, by or on behalf of the corresponding Acquiring Fund, each Target Fund is not engaged currently, and the execution, delivery and performance of this Agreement will not result, in (i) a material violation of the Target Entity's declaration of trust and bylaws, each as may be amended or restated from time to time (together, "Governing Documents") or of any agreement, indenture, instrument, contract, lease or other undertaking to which a Target Fund or the Target Entity is a party or by which it is bound, or (ii) the acceleration of any obligation, or the imposition of any lien, encumbrance, penalty or additional fee under any agreement, indenture, instrument, contract, lease, judgment or decree to which a Target Fund or the Target Entity is a party or by which it is bound;

&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)** Except as otherwise disclosed to and accepted, in writing, by or on behalf of the corresponding Acquiring Fund, all material contracts or other commitments of each Target Fund (other than this Agreement and certain investment contracts, including swap agreements, options, futures and forward contracts) will terminate or be terminated with respect to the Target Fund without liability to the Target Fund or may otherwise be assigned to the corresponding Acquiring Fund without the payment of any fee (penalty or otherwise) or acceleration of any obligations of a Target Fund on or prior to the Closing Date;

&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)** Except as otherwise disclosed to and accepted, in writing, by or on behalf of the corresponding Acquiring Fund, no litigation or administrative proceeding or investigation of or before any court, tribunal, arbitrator, governmental body, regulatory agency or FINRA is presently pending or, to any Target Fund's knowledge, threatened against a Target Fund that, if adversely determined, would materially and adversely affect a Target Fund's financial condition or the conduct of its business or a Target Fund's ability to consummate the transaction contemplated by this Agreement. Neither the Target Funds nor the Target Entity, without any special investigation or inquiry, know of any facts that might form the basis for the institution of such proceedings and neither the Target Entity nor the Target Funds are a party to or subject to the provisions of any order, decree or judgment of any court, governmental body, regulatory agency or FINRA that materially

and adversely affects its business or its ability to consummate the transaction herein contemplated. The Target Funds are not in violation of, and have not violated within the past three years, nor, to the knowledge of the Target Entity, are the Target Funds under investigation with respect to or have the Target Funds been threatened to be charged with or given notice of any violation of, any applicable law or regulation. None of the Target Funds (i) have outstanding any option to purchase or other right to acquire shares of such Target Fund issued or granted by or on behalf of the Target Fund to any person; (ii) have entered into any contract or agreement or amendment of any contract or agreement or terminated any contract or agreement, in each case material to the operation of such Target Fund, except as otherwise contemplated by this Agreement or as disclosed to the corresponding Acquiring Fund; (iii) have incurred any indebtedness, other than in the ordinary course of business consistent with the investment objective and policies of such Target Fund; (iv) have entered into any amendment of its Governing Documents that has not been disclosed to the corresponding Acquiring Fund; (v) have outstanding any grant or imposition of any lien, claim, charge or encumbrance (other than encumbrances arising in the ordinary course of business) upon any asset of such Target Fund other than any liens for taxes not yet due and payable; and (vi) have entered into any agreement or made any commitment to do any of the foregoing except as disclosed to the corresponding Acquiring 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;**(j)** The financial statements of each Target Fund for the most recently completed fiscal year have been audited by the independent registered public accounting firm identified in each Target Fund's prospectus or statement of additional information included in each Target Fund's registration statement on Form N-1A. Such statements, as well as the unaudited, semi-annual financial statements for the semi-annual period next succeeding each Target Fund's most recently completed fiscal year, if any, were prepared in accordance with GAAP consistently applied, and such statements (copies of which have been furnished or made available to the applicable Acquiring Fund) present fairly, in all material respects, the financial condition of each Target Fund as of such date in accordance with GAAP, and there are no known contingent liabilities of any Target Fund required to be reflected on a balance sheet (including the notes thereto) in accordance with GAAP as of such date not disclosed therein. No significant deficiency, material weakness, fraud, significant change or other factor that could significantly affect the internal controls of a Target Fund has been disclosed or is required to be disclosed in a Target Fund's reports on Form N-CSR and, to the knowledge of the Target Funds, no such disclosure will be required as of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(k)** Since the last day of each Target Fund's most recently completed fiscal year, there has not been any material adverse change in any Target Fund's financial condition, assets, liabilities or business, other than changes occurring in the ordinary course of business, except as otherwise disclosed to and accepted by the applicable Acquiring Fund in writing. For the purposes of this subparagraph, a decline in net asset value due to declines in market values of securities held by a Target Fund, the redemption of a Target Fund's shares by shareholders of the applicable Target Fund or the discharge of a Target Fund's ordinary course liabilities shall not constitute a material adverse change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(l)** On the Closing Date, all material Tax Returns (as defined below) of each Target Fund required by law to have been filed by such date (including any extensions) shall have been filed and are or will be true, correct and complete in all material respects, and all Taxes (as defined below) shown as due or claimed to be due by any government entity shall have been paid or provision shall have been made for the payment thereof. No such Tax Return is currently under audit by any federal, state, local or foreign Tax authority; no assessment has been asserted with respect to such Tax Returns; there are no levies, liens or other encumbrances on any Target Fund or its assets resulting from the non-payment of any Taxes; no waivers of the time to assess any such Taxes are outstanding nor are any written requests for such waivers pending; and adequate provision has been made in each Target Fund's financial statements for all Taxes in respect of all periods ended on or before the date of such financial statements. Each Target Fund is in compliance in all material respects with applicable regulations of the Internal Revenue Service (the "<u>Service</u>") pertaining to the reporting of distributions on and redemptions of its shares of beneficial interest and to withholding in respect of distributions to shareholders, and is not liable for any material penalties that could be imposed thereunder. As used in this Agreement, "<u>Tax</u>" or "<u>Taxes</u>" means any tax, governmental fee or other like assessment or charge of any kind whatsoever (including, but not limited to, excise tax and withholding on amounts paid to or by any person), together with any interest, penalty, addition to tax or additional amount imposed by any governmental authority (domestic or foreign) responsible for the imposition of any such tax. "<u>Tax Return</u>" means reports, returns, information returns, dividend reporting forms, elections, agreements, declarations, or other documents or reports of any nature or kind (including any attached schedules, supplements and additional or supporting material) filed or required to be filed or furnished or required to be furnished with respect to Taxes, including any claim for refund, amended return or declaration of estimated Taxes (and including any amendments with respect thereto);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(m)** Each Target Fund: (i) is not (and will not be as of the Closing Date) classified as a partnership, and instead is (and will be as of the Closing Date) classified as an association that is subject to tax as a corporation for federal tax purposes and either has elected the latter classification by filing Form 8832 with the Service or is a "publicly traded partnership" (as defined in Section 7704(b) of the Code) that is treated as a corporation for federal tax purposes, (ii) has qualified, elected, been eligible for treatment and has been treated, as a regulated investment company within the meaning of Section 851 of the Code in respect of each taxable year since its inception, and subject to the accuracy of the representations set forth in Section 4.2(i) will continue to qualify and be treated as a regulated investment company under Sections 851 and 852 of the Code for its current taxable year, and (iii) is a "fund," as defined in Section 851(g)(2) of the Code, that is treated as a separate corporation under Section 851(g)(1) of the Code. No Target Fund has at any time since its inception had any material tax liability under Sections 852 or 4982 of the Code that has not been timely paid. No Target Fund has any earnings or profits accumulated with respect to any taxable year in which the provisions of Subchapter M of the Code (or the corresponding provisions of prior law) did not apply to the Target Fund. No Target Fund owns any "converted property" (as that term is defined in Treasury Regulation Section 1.337(d)-7(a)(2)) that is subject to the rules of Section 1374 of the Code as a

consequence of the application of Section 337(d)(1) of the Code and the Treasury Regulations promulgated thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(n)** No Target Fund has changed its taxable year end within the most recent 48-month period ending on the last day of the month immediately preceding the Closing Date of the Reorganization, and no Target Fund intends to change its taxable year end prior to that Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(o)** No Target Fund has been notified in writing that any examinations of the Tax Returns of the Target Fund are currently in progress or threatened and no such examinations are currently in progress or threatened, and no deficiencies have been asserted or assessed against the Target Fund as a result of any audit by the Service or any state, local or foreign taxing authority and no such deficiency has been proposed or threatened, and there are no levies, liens or other encumbrances related to Taxes existing or known to the Target Fund to be threatened or pending with respect to the Assets of the Target 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;**(p)** No Target Fund has any actual liability for any Tax obligation of any taxpayer other than itself. No Target Fund is currently, nor has any Target Fund been, a member of a group of corporations with which it has filed (or been required to file) consolidated, combined or unitary tax returns. No Target Fund is a party to any Tax allocation, sharing, or indemnification agreement (other than agreements the principal purpose of which do not relate to Taxes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(q)** Each Target Fund or the Target Entity will deliver to the corresponding Acquiring Fund copies of all relevant tax books and records and will otherwise reasonably cooperate with such Acquiring Fund in connection with: (i) the preparation and filing of tax returns for each Target Fund and/or Acquiring Fund for tax periods ending on or before December 31, 2025; and (ii) the declaration and payment of any dividend or dividends, including pursuant to Section 855 of the Code, for purposes of making distributions of the Target Funds' or Acquiring Funds', as applicable, (x) investment company taxable income (if any), net tax-exempt income (if any), and net capital gains (if any) in respect of a taxable year of a Target Fund or Acquiring Fund ending on or before December 31, 2025 of an amount or amounts sufficient for the Target Fund or Acquiring Fund, as applicable, to qualify for treatment as a regulated investment company under Subchapter M of the Code and to otherwise avoid the incurrence of any fund-level federal income taxes for any such taxable year and (y) ordinary income and capital gain net income in an amount or amounts sufficient to avoid the incurrence of any fund-level federal excise taxes under Section 4982 of the Code for any calendar year ending on or before December 31, 2025, in each case without any additional consideration therefor; it being understood that such books and records shall remain the property of and may be retained by the Target Entity following the provision of such copies thereof to the corresponding Acquiring 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;**(r)** All issued and outstanding shares of each Target Fund are, and on the Closing Date will be, duly and validly issued and outstanding, fully paid and non-assessable by the Target Entity, and are not, and on the Closing Date will not be, subject to preemptive or

objecting shareholder rights. In every state where offered or sold, such offers and sales have been in compliance in all material respects with applicable registration and/or notice requirements of the 1933 Act and state and District of Columbia and of Puerto Rico securities laws. All of the issued and outstanding shares of each Target Fund will, at the time of Closing, be held by the persons and in the amounts set forth in the records of the transfer agent for such Target Fund (the "<u>Target Transfer Agent</u>"), on behalf of such Target Fund. No Target Fund has any outstanding options, warrants or other rights to subscribe for or purchase any of the shares of such Target Fund, nor is there outstanding any security convertible into any of the Target Funds' 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;**(s)** The Target Entity, on behalf of each Target Fund, has all requisite power and authority to enter into this Agreement and to consummate the transaction contemplated herein. The execution, delivery and performance of this Agreement has been duly authorized by all necessary action, if any, on the part of the trustees of the Target Entity and, subject to the approval of the shareholders of each Target Fund (only with respect to those obligations under this Agreement that are contingent on such shareholder approval) and the due authorization, execution and delivery of this Agreement by the other parties hereto, this Agreement will constitute a valid and binding obligation of each Target Fund, enforceable in accordance with its terms, subject, as to enforcement, to bankruptcy, insolvency, reorganization, moratorium and other laws relating to or affecting creditors' rights and to general equity principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(t)** The information relating to each Target Fund furnished by such Target Fund for use in no-action letters, applications for orders, registration statements, proxy materials and other documents filed or to be filed with any federal, state or local regulatory or self-regulatory authority that are necessary in connection with the transaction contemplated hereby is and will be accurate and complete in all material respects and will comply in all material respects with federal securities laws and regulations thereunder and other applicable laws and regulations applicable thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(u)** As of the date of this Agreement or within a certain time thereafter as mutually agreed by the parties, each Target Fund has provided the corresponding Acquiring Fund with all information relating to such Target Fund reasonably necessary for the preparation of the N-14 Registration Statement (as defined in Section 5.1(b) hereof), in compliance with the 1933 Act, the 1934 Act and the 1940 Act in connection with the special meeting of each Target Fund's shareholders (the "<u>Special Meeting</u>") to approve this Agreement and the transaction contemplated hereby. As of the effective date of the N-14 Registration Statement, the date of the Special Meeting of each Target Fund and the Closing Date, such information provided by each Target Fund will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which such statements were made, not misleading; provided, however, that the representations and warranties in this subparagraph shall not apply to statements in or omissions from the N-14 Registration Statement made in reasonable reliance upon and in conformity with information that was furnished by the applicable Acquiring Fund for use therein;

&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 books and records of each Target Fund are true and correct in all material respects and contain no material omissions with respect to information required to be maintained under the laws, rules and regulations applicable to such Target 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;**(w)** The Target Entity has adopted and implemented written policies and procedures in accordance with Rule 38a-1 under the 1940 Act relating to each Target 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;**(x)** The Target Entity has adopted and implemented written policies and procedures related to insider trading and a code of ethics that complies with all applicable provisions of Section 17(j) of the 1940 Act and Rule 17j-1 thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(y)** The Target Entity and each Target Fund have maintained any material license, permit, franchise, authorization, certification and approval required by any governmental entity in the conduct of such Target Fund's business (the "<u>Licenses and Permits</u>"). Each License and Permit has been duly obtained, is valid and in full force and effect, and is not subject to any pending or, to the knowledge of the Target Entity, threatened administrative or judicial proceeding to revoke, cancel, suspend or declare such License and Permit invalid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(z)** Neither the Target Entity nor any Target Fund is under the jurisdiction of a court in a Title 11 or similar case within the meaning of Section 368(a)(3)(A) of the Code, although each may have claims against certain debtors in such a Title 11 or similar case; 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;**(aa)** No Target Fund has any unamortized or unpaid organizational fees or expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2.** The Acquiring Entity, on behalf of itself or, where applicable, for each Acquiring Fund, represents and warrants to the Target Entity and each Target Fund, as of the date hereof and as of the Closing Date, as follows:

&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 Acquiring Funds are each a series of the Acquiring Entity. The Acquiring Entity is a Massachusetts business trust, validly existing and in good standing under the laws of the Commonwealth of Massachusetts. The Acquiring Entity has the power to own all of its properties and assets and to perform the obligations under this Agreement. The Acquiring Funds are not required to qualify to do business in any jurisdiction in which they are not so qualified or where failure to qualify would subject them to any material liability or disability. The Acquiring Funds have all necessary federal, state, and local authorizations to own all of their properties and assets and to carry on their business as now being conducted;

&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 Acquiring Entity is a registered investment company classified as a management company of the open-end type, and its registration with the Commission as an investment company under the 1940 Act and the registration of shares of each Acquiring Fund under the 1933 Act are in full force and effect, or will be in full force and effect on

the Closing Date, and no action or proceeding to revoke or suspend such registrations is pending, or to the knowledge of any Acquiring Fund, threatened;

&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)** No consent, approval, authorization, or order of any court, governmental authority or FINRA is required for the consummation by any Acquiring Fund and the Acquiring Entity of the transaction contemplated herein, except such as have been or will be (at or prior to the Closing Date) obtained under the 1933 Act, the 1934 Act, the 1940 Act and state securities or blue sky laws, each of which, as required, shall have been obtained on or prior to the Closing Date. No consent of or notice to any other third party or entity is required for the consummation by any Acquiring Fund of the transaction contemplated by 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)** The prospectus and statement of additional information of each Acquiring Fund to be used in connection with the Reorganization, and the prospectus and statement of additional information of each Acquiring Fund that will be in effect on the Closing Date and that is included in the Acquiring Entity's registration statement on Form N-1A, will conform at the time of their use in all material respects to the applicable requirements of the 1933 Act and the 1940 Act and the rules and regulations of the Commission thereunder and will not include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not materially misleading;

&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)** No Acquiring Fund is engaged currently, and the execution, delivery and performance of this Agreement will not result, in (i) a material violation of the Acquiring Entity's Governing Documents or of any agreement, indenture, instrument, contract, lease or other undertaking to which any Acquiring Fund or the Acquiring Entity is a party or by which it is bound, or (ii) the acceleration of any obligation, or the imposition of any lien, encumbrance, penalty, or additional fee under any agreement, indenture, instrument, contract, lease, judgment or decree to which any Acquiring Fund or the Acquiring Entity is a party or by which it is bound;

&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)** Except as otherwise disclosed to and accepted, in writing, by or on behalf of the corresponding Target Fund, no litigation or administrative proceeding or investigation of or before any court, tribunal, arbitrator, governmental body, regulatory agency or FINRA is presently pending or, to any Acquiring Fund's knowledge, threatened against such Acquiring Fund that, if adversely determined, would materially and adversely affect the Acquiring Fund's financial condition or the conduct of its business or the Acquiring Fund's ability to consummate the transaction contemplated by this Agreement. Each Acquiring Fund and the Acquiring Entity, without any special investigation or inquiry, know of no facts that might form the basis for the institution of such proceedings and neither the Acquiring Entity nor any Acquiring Fund is a party to or subject to the provisions of any order, decree or judgment of any court, governmental body, regulatory agency or FINRA that materially and adversely affects its business or its ability to consummate the transaction herein contemplated;

&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)** No Acquiring Fund has commenced operations as of the date of this Agreement. Each Acquiring Fund is, and will be at the time of Closing, a new series portfolio of the Acquiring Entity created within the last twelve (12) months, without assets (other than de minimis seed capital, which shall be paid out in redemption of the Initial Shares prior to the Reorganization, pursuant to Section 4.2(q)) or liabilities, formed for the purpose of acquiring the Assets and assuming the Liabilities of the corresponding Target Fund in connection with the Reorganization and, accordingly, no Acquiring Fund has prepared books of account and related records or financial statements or issued any shares except those issued in a private placement to BGOL or its affiliates to secure any required initial shareholder approvals;

&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)** As of the Closing Date, no federal, state or other Tax Returns of any Acquiring Fund will have been required by law to have been filed, and no Taxes will be due by any Acquiring Fund. As of the Closing Date, no Acquiring Fund will have been required to pay any assessments and no Acquiring Fund will have any Tax liabilities. Consequently, as of the Closing Date, no Acquiring Fund will be under audit by any federal, state, local or foreign Tax authority and there will have been no Tax assessment asserted with respect to any Acquiring Fund, no levies, liens or other encumbrances on any Acquiring Fund, and no waivers of the time to assess any Taxes;

&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 Acquiring Fund: (i) was formed for the purpose of the Reorganization and, prior to the Closing Date, will have carried on no business activity, (ii) is not (and will not be as of the Closing Date) classified as a partnership, and either will timely elect to be classified as an association that is subject to tax as a corporation for federal tax purposes by filing Form 8832 with the Service or will be as of the Closing Date a "publicly traded partnership" (as defined in Section 7704(b) of the Code) that is treated as a corporation for federal tax purposes, (iii) has not filed any income tax return, and, subject to the accuracy of the representations and warranties in Section 4.1(m), intends to qualify and elect to be treated as a regulated investment company within the meaning of Section 851 of Subchapter M of the Code for its taxable year which includes the Closing Date, holds and has held no property other than de minimis seed capital (which shall be paid out in redemption of the Initial Shares prior to the Reorganization, pursuant to Section 4.2(q) and has never had tax attributes, and (iv) is, or will be as of the Closing Date, a "fund," as defined in Section 851(g)(2) of the Code, that is treated as a separate corporation under Section 851(g)(1) of the Code. No Acquiring Fund has any earnings or profits accumulated in any taxable year in which the provisions of Subchapter M of the Code did not apply 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;**(j)** The Acquiring Entity, on behalf of each Acquiring Fund, has all requisite power and authority to enter into this Agreement and to consummate the transaction contemplated herein. The execution, delivery and performance of this Agreement will have been duly authorized prior to the Closing Date by all necessary action, if any, on the part of the trustees of the Acquiring Entity, on behalf of each Acquiring Fund, and subject to the approval of shareholders of the corresponding Target Fund and the due authorization, execution and delivery of the Agreement by the other parties thereto, this Agreement will constitute a valid and binding obligation of such Acquiring Fund, enforceable in

accordance with its terms, subject, as to enforcement, to bankruptcy, insolvency, reorganization, moratorium and other laws relating to or affecting creditors' rights and to general equity principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(k)** The shares of each Acquiring Fund to be issued and delivered to the corresponding Target Fund, for the account of such Target Fund's Shareholders, pursuant to the terms of this Agreement, have been duly authorized and, when so issued and delivered, will be duly and validly issued shares of such Acquiring Fund, and, upon receipt of the corresponding Target Fund's Assets in accordance with the terms of this Agreement, will be fully paid and non-assessable by the Acquiring Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(l)** The Acquiring Entity has adopted and implemented written policies and procedures in accordance with Rule 38a-1 under the 1940 Act relating to each Acquiring 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;**(m)** The Acquiring Entity and each Acquiring Fund have adopted and implemented written policies and procedures related to insider trading and a code of ethics that complies with all applicable provisions of Section 17(j) of the 1940 Act and Rule 17j-1 thereunder;

(**n)** Neither the Acquiring Entity nor any Acquiring Fund is under the jurisdiction of a court in a Title 11 or similar case within the meaning of Section 368(a)(3)(A) of the Code, although each may have claims against certain debtors in such a Title 11 or similar case;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(o)** No Acquiring Fund has any unamortized or unpaid organizational fees or expenses for which it does not expect to be reimbursed by BGOL or its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(p)** There is no plan or intention for any Acquiring Fund to be dissolved or merged into another business or statutory trust or a corporation or any "fund" thereof (as defined in Section 851(g)(2) of the Code) following each Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(q)** There shall be no issued and outstanding shares of any Acquiring Fund prior to the Closing Date other than a nominal number of shares (the "<u>Initial Shares</u>") issued to a seed capital investor (which shall be the investment adviser of such Acquiring Fund or an affiliate thereof) to vote on the investment advisory contract and other agreements and plans as may be required by the 1940 Act and to take whatever action it may be required to take as such Acquiring Fund's sole shareholder in connection with the Acquiring Fund's organization. The Initial Shares will be redeemed by each Acquiring Fund prior to the Closing for the price for which they were issued, and any price paid for the Initial Shares shall at all times have been held by such Acquiring Fund in a non-interest-bearing account; 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;**(r)** As of the effective date of the N-14 Registration Statement, the date of the Special Meeting of shareholders of each Target Fund and the Closing Date, the information provided by any Acquiring Fund for use in the N-14 Registration Statement, including the documents contained or incorporated therein by reference will not contain any untrue

statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which such statements were made, not misleading; provided, however, that the representations and warranties in this subparagraph shall not apply to statements in or omissions from the N-14 Registration Statement made in reasonable reliance upon and in conformity with information that was furnished by any Target Fund for use therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3.** With respect to each Reorganization, the Target Entity, on behalf of each Target Fund, and the Acquiring Entity, on behalf of each Acquiring Fund, represents and warrants as follows:

&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 fair market value, as of the Valuation Date, of each Acquiring Fund's shares that each shareholder of the corresponding Target Fund receives will be equal to the fair market value of such Target Fund's shares that such shareholders actually or constructively surrender in exchange therefor;

&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 fair market value of the Liabilities to be assumed by the Acquiring Fund and those to which the Assets are subject will not exceed the fair market value of the Assets;

&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)** No expenses incurred by any Target Fund or on its behalf in connection with the Reorganization will be paid or assumed by the corresponding Acquiring Fund or any other third party unless those expenses are solely and directly related to the Reorganization (determined in accordance with the guidelines set forth in Rev. Rul. 73-54, 1973-1 C.B. 187) ("<u>Reorganization Expenses</u>"), and no cash or property other than an Acquiring Fund's shares will be transferred to the corresponding Target Fund or any of its shareholders with the intention that it be used to pay any expenses (even Reorganization Expenses) thereof; 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;**(d)** Immediately following consummation of each Reorganization, other than shares of an Acquiring Fund issued to BGOL or its affiliate representing de minimis assets related to such Acquiring Fund's formation or maintenance of its legal status, (1) the shareholders of each Acquiring Fund will own all such Acquiring Fund's shares and will own those shares solely by reason of their ownership of the corresponding Target Fund's shares immediately before the Reorganization; (2) each Acquiring Fund will hold the same assets and will be subject to the same liabilities that the corresponding Target Fund held or was subject to immediately before the Reorganization; and (3) the amount of all distributions (other than regular, ordinary-course dividends) any Target Fund will make immediately preceding the Reorganization, will, in the aggregate, constitute less than 1% of its net assets.

&nbsp;&nbsp;&nbsp;&nbsp;**5.**  **<u>COVENANTS OF THE ACQUIRING ENTITY AND THE TARGET ENTITY</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.** With respect to each Reorganization, in any sequence deemed appropriate by the authorized officers of the applicable Target Fund or Acquiring 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;**(a)** Each Target Fund will (i) operate its business in the ordinary course and substantially in accordance with past practice between the date hereof and the Closing Date,

provided however, that the parties acknowledge and agree that a Target Fund may, in advance of the Closing Date, (1) cease to accept new purchase requests or exchanges into shares of such Target Fund and (2) reposition or sell non-transferable assets in its portfolio in order to align its portfolio holdings with holdings appropriate for the Acquiring Fund, in light of the Acquiring Fund's intention to operate as an exchange-traded fund, it being understood that, with respect to each Target Fund, such ordinary course of business may include purchases and sales of portfolio securities and other instruments, sales and redemptions of such Target Fund's shares, and the declaration and payment of customary dividends and distributions, and any other distribution that may be advisable, and (ii) use its reasonable best efforts to preserve intact its business organization and material assets and maintain the rights, franchises and business and customer relations necessary to conduct the business operations of such Target Fund in the ordinary course in all material respects. Each Acquiring Fund shall take such actions as are customary to the organization of a new series prior to its commencement of operations. No party shall take any action that would, or would reasonably be expected to, result in any of its representations and warranties set forth in this Agreement being or becoming untrue in any material respect.

&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 parties hereto shall cooperate in preparing, and the Acquiring Entity shall file with the Commission, a registration statement on Form N-14 under the 1933 Act, which shall properly register each Acquiring Fund's shares to be issued in connection with the Reorganization and include a proxy statement/prospectus with respect to the proxy solicitation to the shareholders of each Target Fund of the Reorganization (the "<u>N-14 Registration Statement</u>"). If at any time prior to the Closing Date a party becomes aware of any untrue statement of a material fact or omission to state a material fact required to be stated therein or necessary to make the statements made not misleading in light of the circumstances under which they were made in respect of the N-14 Registration Statement, such party shall notify each other party, and the parties shall cooperate in promptly preparing and filing with the Commission and, if appropriate, distributing to shareholders appropriate disclosure with respect to the item.

&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 Acquiring Entity shall file the N-14 Registration Statement with the Commission and use its best efforts to provide that the N-14 Registration Statement becomes effective as promptly as practicable.

&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 Target Entity, on behalf of each Target Fund, will call, convene and hold a meeting of shareholders of the Target Fund as soon as practicable, in accordance with applicable law and the Target Entity's Governing Documents, for the purpose of approving this Agreement and the transaction contemplated herein as set forth in a proxy statement/prospectus, and for such other purposes as may be necessary or desirable. In the event that, for any Target Fund, insufficient votes are received from shareholders, the meeting may be adjourned with respect to such Target Fund, as permitted under the Target Entity's Governing Documents and applicable law, and as set forth in a proxy statement/prospectus in order to permit further solicitation of proxies for such Target 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;**(e)** The Target Entity, on behalf of each Target Fund, agrees to mail or otherwise deliver (e.g., by electronic means consistent with applicable regulations governing their

use) to its shareholders of record entitled to receipt of the proxy statement/prospectus, in sufficient time to comply with requirements of the 1934 Act, the proxy statement/prospectus contained in the N-14 Registration Statement and other documents as are necessary.

&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 Target Fund covenants that the corresponding Acquiring Fund's shares to be issued pursuant to this Agreement are not being acquired for the purpose of making any distribution thereof, other than in accordance with the terms 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;**(g)** The Target Entity will assist the Acquiring Funds in obtaining such information as the Acquiring Funds reasonably request concerning the beneficial ownership of the Target Funds' shares, and will assist the Acquiring Funds in obtaining copies of any books and records of the Target Funds from their service providers reasonably requested by the Acquiring Entity.

&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)** Subject to the provisions of this Agreement, each Acquiring Fund and each Target Fund will take, or cause to be taken, all action, and do or cause to be done all things, reasonably necessary, proper or advisable to consummate and make effective the transaction contemplated by 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;**(i)** As soon as is reasonably practicable after the Closing, each Target Fund will make one or more distributions to its shareholders consisting of the shares of the corresponding Acquiring Fund received at the Closing, as set forth in Section 1.1(d) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(j)** Each Acquiring Fund and the corresponding Target Fund shall each use their reasonable best efforts prior to Closing to fulfill or obtain the fulfillment of the conditions precedent to effect the transaction contemplated by 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;**(k)** Each Target Fund shall, from time to time, as and when reasonably requested by the corresponding Acquiring Fund, execute and deliver or cause to be executed and delivered all such assignments and other instruments, and will take or cause to be taken such further action, as such Acquiring Fund may reasonably deem necessary or desirable in order to vest in and confirm such Acquiring Fund's title to and possession of all the Assets and otherwise to carry out the intent and purpose 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;**(l)** Each Acquiring Fund shall, from time to time, as and when reasonably requested by the corresponding Target Fund, execute and deliver or cause to be executed and delivered all such assumption agreements and other instruments, and will take or cause to be taken such further action, as such Target Fund may reasonably deem necessary or desirable in order for the applicable Acquiring Fund to assume the corresponding Target Fund's Liabilities and otherwise to carry out the intent and purpose 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;**(m)** Each Acquiring Fund will use all reasonable efforts to obtain the approvals and authorizations required by the 1933 Act, 1934 Act, the 1940 Act and such of the state blue sky or securities laws as may be necessary in order to continue its operations after the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(n)** Each Target Fund will provide a statement of any capital loss carryovers, for U.S. federal income tax purposes, of such Target Fund, as of the most recent Tax year end of such Target 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;**(o)** It is the intention of the parties that each Reorganization will qualify as a reorganization described in Section 368(a)(1)(F) of the Code. None of the parties to this Agreement shall take any action or cause any action to be taken (including, without limitation the filing of any Tax Return) that is inconsistent with such treatment or results in the failure of a Reorganization to qualify as a reorganization described in Section 368(a)(1)(F) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(p)** Prior to the Closing, each Target Fund (i) shall consolidate its outstanding share classes into a single class (a "<u>Share Class Consolidation</u>") so that it has a single class of shares (the "<u>Surviving Class</u>") outstanding and so that each holder of the Surviving Class of shares holds shares of the Surviving Class immediately after the Share Class Consolidation with an aggregate value equal to the aggregate value of any shares of the Target Fund held immediately prior to the Share Class Consolidation, and (ii) following the Share Class Consolidation (but, for the avoidance of doubt, prior to the Closing), shall redeem all fractional shares of the Target Fund outstanding on the records of the Target Fund's transfer agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(q)** Prior to the Closing but following the Share Class Consolidation, every three (3) outstanding shares of the Surviving Class of Baillie Gifford International Concentrated Growth Equities Fund will automatically convert into one (1) share of the Surviving Class, or such other ratio which the authorized officers of the parties may determine (such conversion a "<u>Reverse Stock Split</u>" and the aforementioned ratio a "<u>Reverse Stock Split Ratio</u>"). Each shareholder of Baillie Gifford International Concentrated Growth Equities Fund's percentage ownership in Baillie Gifford International Concentrated Growth Equities Fund and proportional voting power will remain unchanged following the Reverse Stock Split. Each other Target Fund may conduct a Reverse Stock Split at any Reverse Stock Split Ratio determined by the authorized officers of the Target Fund, if the authorized officers determine that conducting a Reverse Stock Split is in the best interests of the Target Fund.

&nbsp;&nbsp;&nbsp;&nbsp;**6.**  **<u>CONDITIONS PRECEDENT TO OBLIGATIONS OF THE TARGET ENTITY</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.** With respect to each Reorganization, the obligations of the Target Entity, on behalf of each Target Fund, to consummate the transaction provided for herein shall be subject to the satisfaction, or at the Target Entity's election, the Target Entity's waiver, of the following conditions:

&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)** All representations and warranties of the Acquiring Funds and the Acquiring Entity contained in this Agreement shall be true and correct in all material respects as of the date hereof and, except as they may be affected by the transaction contemplated by this

Agreement, as of the Closing Time, with the same force and effect as if made on and as of the Closing Time;

&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 Acquiring Entity and each Acquiring Fund shall have performed all of the covenants and complied with all of the provisions required by this Agreement to be performed or complied with by the Acquiring Entity and each Acquiring Fund, on or before the Closing Time;

&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)** Each Target Fund and the corresponding Acquiring Fund shall have agreed on the number of shares of such Acquiring Fund to be issued in connection with the Reorganization after such number has been calculated in accordance with Section 1.1 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;**(d)** As of the Closing Date, there shall have been no material change in the investment objectives, policies and restrictions or any increase in the investment management fee rate or other fee rates that any Acquiring Fund is contractually obligated to pay for services provided to such Acquiring Fund from those described in the N-14 Registration Statement; 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;**(e)** The Target Entity shall have received on the Closing Date the opinion of Ropes & Gray LLP, counsel to the Acquiring Entity (which may rely on certificates of officers or trustees of the Acquiring Entity), dated as of the Closing Date, covering the following points:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Acquiring Entity is a business trust duly formed, validly existing and in good standing under the laws of the Commonwealth of Massachusetts, and, with respect to each Acquiring Fund, has requisite statutory trust power under its Governing Documents to own all of its properties and assets, and to conduct its business as presently conducted, all as described in the N-14 Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 execution and delivery of this Agreement has been duly authorized by the Acquiring Entity on behalf of each Acquiring Fund. This Agreement has been duly executed and delivered by the Acquiring Entity on behalf of each Acquiring Fund and, assuming due authorization, execution and delivery of the Agreement by the Target Entity, each Target Fund, and BGOL, is a valid and binding obligation of the Acquiring Entity, on behalf of each Acquiring Fund, enforceable against the Acquiring Entity, on behalf of each Acquiring Fund, in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, receivership, moratorium and other similar laws relating to or affecting the enforcement of creditors' rights and remedies generally, general equity principles (whether considered in a proceeding in equity or at law), considerations of public policy or the effect of applicable law relating to fiduciary duties, the implied covenant of good faith and fair dealing and principles of course of dealing or course of performance and standards of good faith, fair dealing, materiality and reasonableness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Acquiring Fund's shares to be issued to the corresponding Target Fund as provided by this Agreement have been duly authorized, and upon issuance in accordance with the terms of this Agreement and N-14 Registration Statement, will be validly issued, fully paid and non-assessable by the Acquiring Entity, and no shareholder of any Acquiring Fund has any preemptive rights to subscribe or purchase any shares of the applicable Acquiring Fund under the Acquiring Entity's Governing Documents or Massachusetts law; 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)** The execution and delivery of the Agreement by the Acquiring Entity, on behalf of each Acquiring Fund, did not, and the performance by the Acquiring Entity, on behalf of each Acquiring Fund, of its obligations hereunder will not, violate the Acquiring Entity's Governing Documents or Massachusetts 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;**(f)** The Target Entity shall have received on the Closing Date the opinion of Ropes & Gray LLP, counsel to the Acquiring Entity (which may rely on certificates of officers or trustees of the Acquiring Entity), dated as of the Closing Date, covering the following points:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Acquiring Entity is a registered investment company classified as a management company of the open-end type with respect to each series of shares it offers, including each Acquiring Fund, under the 1940 Act, and its registration with the Commission as an investment company under the 1940 Act is in full force and effect; 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;**(ii)** The execution and delivery of the Agreement by the Acquiring Entity, on behalf of each Acquiring Fund, did not, and the performance by the Acquiring Entity, on behalf of each Acquiring Fund, of its obligations hereunder will not, breach in any material respect any provision of any agreement filed with the registration statement of the Acquiring Entity on Form N-1A to which each Acquiring Fund is a party or by which it is bound or, to the knowledge of such counsel, result in the acceleration of any obligation or the imposition of any penalty under any such agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**7.**  **<u>CONDITIONS PRECEDENT TO OBLIGATIONS OF THE ACQUIRING ENTITY</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.** With respect to each Reorganization, the obligations of the Acquiring Entity, on behalf of each Acquiring Fund, to consummate the transaction provided for herein shall be subject to the satisfaction, or at the Acquiring Entity's election, each Acquiring Fund's waiver, of the following conditions:

&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)** All representations and warranties of the Target Entity and each Target Fund contained in this Agreement shall be true and correct in all material respects as of the date hereof and, except as they may be affected by the transaction contemplated by this

Agreement, as of the Closing Time, with the same force and effect as if made on and as of the Closing Time;

&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 Target Entity and each Target Fund shall have performed all of the covenants and complied with all of the provisions required by this Agreement to be performed or complied with by the Target Entity and each Target Fund, on or before the Closing Time;

&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)** Each Target Fund and the corresponding Acquiring Fund shall have agreed on the number of shares of such Acquiring Fund to be issued in connection with the Reorganization after such number has been calculated in accordance with Section 1.1 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;**(d)** As of the Closing Date, there shall have been no material change in the investment objectives, policies and restrictions or any increase in the investment management fee rate or other fee rates that any Target Fund is contractually obligated to pay for services provided to such Target Fund from those described in the N-14 Registration Statement; 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;**(e)** The Acquiring Entity shall have received on the Closing Date an opinion of counsel of Ropes & Gray LLP, counsel to the Target Entity (which may rely on certificates of officers or trustees of the Target Entity), dated as of the Closing Date, covering the following points:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Target Entity is a business trust duly formed, validly existing and in good standing under the laws of the Commonwealth of Massachusetts, and, with respect to each Target Fund, has power under its Governing Documents to own all of its properties and assets, and to conduct its business as presently conducted, all as described in the N-14 Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 execution and delivery of this Agreement has been duly authorized by the Target Entity on behalf of each Target Fund. This Agreement has been duly executed and delivered by the Target Entity on behalf of each Target Fund and, assuming due authorization, execution and delivery of the Agreement by the Acquiring Entity and each Acquiring Fund, is a valid and binding obligation of the Target Entity, on behalf of each Target Fund, enforceable against the Target Entity, on behalf of each Target Fund, in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, receivership, moratorium and other similar laws relating to or affecting the enforcement of creditors' rights and remedies generally, general equity principles (whether considered in a proceeding in equity or at law), considerations of public policy or the effect of applicable law relating to fiduciary duties, the implied covenant of good faith and fair dealing and principles of course of dealing or course of performance and standards of good faith, fair dealing, materiality and reasonableness; 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;**(iii)** The execution and delivery of the Agreement by the Target Entity, on behalf of each Target Fund, did not, and the performance by the Target Entity, on behalf of each Target Fund, of its obligations hereunder will not, violate the Target Entity's Governing Documents or Massachusetts 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;**(f)** The Acquiring Entity shall have received on the Closing Date an opinion of counsel of Ropes & Gray LLP, counsel to the Target Entity (which may rely on certificates of officers or trustees of the Target Entity), dated as of the Closing Date, covering the following points:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Target Entity is a registered investment company classified as a management company of the open-end type with respect to itself and, if applicable, each series of shares it offers, including each Target Fund, under the 1940 Act, and its registration with the Commission as an investment company under the 1940 Act is in full force and effect; 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;**(ii)** The execution and delivery of the Agreement by the Target Entity, on behalf of each Target Fund, did not, and the performance by the Target Entity, on behalf of each Target Fund, of its obligations hereunder will not, breach in any material respect any provision of any agreement filed with the registration statement of the Target Entity on Form N-1A to which each Target Fund is a party or by which it is bound or, to the knowledge of such counsel, result in the acceleration of any obligation or the imposition of any penalty under any such agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**8.**  **<u>FURTHER CONDITIONS PRECEDENT TO OBLIGATIONS OF THE ACQUIRING ENTITY AND THE TARGET ENTITY</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.** The Agreement and transactions contemplated herein shall have been approved by the board of trustees and shareholders of the Target Entity and the board of trustees of the Acquiring Entity. Notwithstanding anything herein to the contrary, neither the Target Funds nor the Acquiring Funds may waive the conditions set forth in this Section 8.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.** On the Closing Date, no action, suit or other proceeding shall be pending or, to the Target Entity's or the Acquiring Entity's knowledge, threatened before any court or governmental agency in which it is sought to restrain or prohibit, or obtain damages or other relief in connection with, this Agreement or the transactions contemplated herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3.** All consents of other parties and all other consents, orders and permits of federal, state and local regulatory authorities deemed necessary by any Acquiring Fund or Target Fund to permit consummation, in all material respects, of the transaction contemplated hereby shall have been obtained, except where failure to obtain any such consent, order or permit would not result in a material adverse effect on the corresponding Acquiring Fund or Target Fund, provided that any party hereto may for itself waive any of such conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4.** The N-14 Registration Statement shall have become effective under the 1933 Act and no stop orders suspending the effectiveness thereof shall have been issued and, to the best knowledge of the parties hereto, no investigation or proceeding for that purpose shall have been instituted or be pending, threatened or contemplated under the 1933 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5.** With respect to each Reorganization, the Acquiring Entity and the Target Entity shall have received the opinion of Ropes & Gray LLP, counsel to the Target Entity and the Acquiring Entity, dated as of the Closing Date and addressed to the Acquiring Entity and the Target Entity, in a form satisfactory to them, substantially to the effect that, based upon the existing provisions of the Code, Treasury regulations promulgated thereunder, current administrative rules, and court decisions, as well as certain facts, qualifications, certifications, representations and assumptions, for federal income tax purposes:

&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)** Each Reorganization will constitute a "reorganization" within the meaning of Section 368(a) of the Code, and each of the Target Funds and the corresponding Acquiring Funds will be a "party to a reorganization" within the meaning of Section 368(b) of the Code;

&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)** No gain or loss will be recognized by any Target Fund upon the transfer of all its Assets to the corresponding Acquiring Fund solely in exchange for shares of such Acquiring Fund and the assumption by each Acquiring Fund of all the Liabilities of the corresponding Target Fund, or upon the distribution of the shares of such Acquiring Fund to the corresponding Target Fund Shareholders;

&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 tax basis in the hands of each Acquiring Fund of each Asset transferred from the corresponding Target Fund to such Acquiring Fund in the Reorganization will be the same as the tax basis of such Asset in the hands of the corresponding Target Fund immediately prior to the transfer 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;**(d)** The holding period in the hands of each Acquiring Fund of each Asset transferred from the corresponding Target Fund to such Acquiring Fund in the Reorganization will include the applicable Target Fund's holding period for such Asset (except where investment activities of such Acquiring Fund have the effect of reducing or eliminating the holding period with respect to an asset);

&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)** No gain or loss will be recognized by any Acquiring Fund upon its receipt of all the Assets of the corresponding Target Fund solely in exchange for shares of such Acquiring Fund and the assumption by such Acquiring Fund of all the Liabilities of the applicable Target Fund as part of the Reorganization;

&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)** No gain or loss will be recognized by any Target Fund Shareholders upon the exchange of their shares of any Target Fund for shares of the corresponding Acquiring Fund as part of the Reorganization (except with respect to cash received by such Target Fund Shareholders in redemption of fractional shares prior to the Reorganization);

&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)** The aggregate tax basis of the shares of any Acquiring Fund that the corresponding Target Fund Shareholder receives in the Reorganization will be the same as the aggregate tax basis of the shares of the corresponding Target Fund exchanged therefor;

&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)** Each Target Fund Shareholder's holding period for the shares of the corresponding Acquiring Fund received in the Reorganization will include such Target Fund Shareholder's holding period for the shares of the Target Fund exchanged therefor, provided that such Target Fund Shareholder held such shares of the Target Fund as capital assets on the date of the exchange; 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)** Each Acquiring Fund will succeed to and take into account the items of the corresponding Target Fund described in Section 381(c) of the Code, subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and the Regulations thereunder.

Notwithstanding anything herein to the contrary, neither the Acquiring Entity nor the Target Entity may waive the conditions set forth in this Section 8.5.

The opinion will be based on the Agreement, certain factual certifications made by officers of the Target Entity and the Acquiring Entity, and such other items as Ropes & Gray LLP deems necessary to render the opinion and will also be based on customary assumptions. The opinion is not a guarantee that the tax consequences of the Reorganization will be as described above. There is no assurance that the Service or a court would agree with the opinion.

&nbsp;&nbsp;&nbsp;&nbsp;**9.**  **<u>BROKERAGE FEES AND EXPENSES</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.** The parties hereto represent and warrant to each other that there are no brokers or finders entitled to receive any payments in connection with the transactions provided for herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.** BGOL or its affiliates will bear all ordinary expenses incurred by the Target Funds and the Acquiring Funds in connection with the Reorganizations, including legal, audit-related, accounting and tax services, brokerage and other transaction costs; taxes on capital gains that may be realized in non-U.S. Jurisdictions as a result of transactions made in order to effect the Reorganizations; and any costs directly associated with preparing, filing, printing, and distributing to the Target Fund shareholders all materials relating to the N-14 Registration Statement for each Reorganization. Such expenses shall not include litigation costs or other extraordinary or unforeseen expenses. Notwithstanding any of the foregoing, costs and expenses will in any event be paid by the party directly incurring them if and to the extent that the payment by another party of such costs and expenses would result in the disqualification of such party as a "regulated investment company" within the meaning of Sections 851 and 852 of the Code or in failure of a Reorganization to be treated as a reorganization described in Section 368(a)(1) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;**10.**  **<u>TAX MATTERS</u>** 

In addition to each Target Fund's obligations with respect to Tax Returns described in Section 4.1(q) above, if a federal, state or other Tax Return of a Target Fund with respect to a Target Fund's taxable year ending on or before the Closing Date (each, a "<u>Pre-Closing Tax Return</u>") is due after the Closing Date (after giving effect to any properly made extension), the Target Entity shall prepare (or cause to be prepared) such Pre-Closing Tax Return in such a manner so that the Tax Return is true, correct and complete. In addition, no later than thirty (30) days prior to such a Pre-Closing Tax Return's due date (after giving effect to any properly made extension), (i) the Target Entity shall provide the corresponding Acquiring Fund with a copy of such Pre-Closing Tax Return, as proposed to be filed with the applicable tax authority, and notify that Acquiring Fund of any Taxes or other fees or assessments (if any) proposed to be shown as due and payable on said Pre-Closing Tax Return, and (ii) the Target Entity shall make any changes to such Pre-Closing Tax Return as the corresponding Acquiring Fund may reasonably request, including, but not limited to, in respect of the amount of any Taxes or other fees or assessments (if any) proposed to be shown as due and payable on such Pre-Closing Tax Return and the amount of any "spillback" dividend election proposed to be made pursuant to Section 855 of the Code, provided any such changes are agreed to by the corresponding Target Fund. The Target Entity will timely file any such Pre-Closing Tax Return with the applicable tax authority, and pay (or cause to be paid) any and all Taxes or other fees or assessments shown to be due and payable on any such Pre-Closing Tax Return. The Acquiring Entity shall prepare (or cause to be prepared) any federal, state or other Tax Return of a Target Fund or Acquiring Fund with respect to a Target Fund's or Acquiring Fund's taxable year ending after the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;**11.**  **<u>COOPERATION AND EXCHANGE OF INFORMATION</u>** 

With respect to each Reorganization, prior to the Closing and for a reasonable time thereafter, the Target Entity and the Acquiring Entity will provide each other and their respective representatives with such cooperation, assistance and information as is reasonably necessary (i) for the filing of any Tax Return, for the preparation for any audit, and for the prosecution or defense of any claim, suit or proceeding relating to any proposed adjustment, or (ii) for any financial accounting purpose. Each such party or their respective agents will retain until the applicable period for assessment under applicable law (giving effect to any and all extensions or waivers) has expired all returns, schedules and work papers and all material records or other documents relating to Tax matters and financial reporting of Tax positions of each Target Fund and Acquiring Fund for its taxable period first ending after the Closing of the Reorganization and for all prior taxable periods for which the statute of limitation had not run at the time of the Closing, provided that the Target Entity shall not be required to maintain any such documents that it has delivered to the relevant Acquiring Fund.

&nbsp;&nbsp;&nbsp;&nbsp;**12.**  **<u>INDEMNIFICATION</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1.** With respect to each Reorganization, the Acquiring Entity, out of the assets of the Acquiring Funds, agrees to indemnify and hold harmless the Target Entity and each of the Target Entity's officers and trustees from and against any and all losses, claims, damages, liabilities or expenses (including, without limitation, the payment of reasonable legal fees and reasonable costs of investigation) to which, jointly and severally, the Target Entity or any of

its trustees or officers may become subject, insofar as such loss, claim, damage, liability or expense (or actions with respect thereto) arises out of or is based on any breach by the Acquiring Entity, on behalf of each Acquiring Fund, of any of its representations, warranties, covenants or agreements set forth in this Agreement. This indemnification obligation shall survive the termination of this Agreement and the closing of each Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2.** With respect to each Reorganization, the Target Entity, out of the assets of the Target Funds, agrees to indemnify and hold harmless the Acquiring Entity and its officers and trustees from and against any and all losses, claims, damages, liabilities or expenses (including, without limitation, the payment of reasonable legal fees and reasonable costs of investigation) to which, jointly and severally, the Acquiring Entity or any of its trustees or officers may become subject, insofar as such loss, claim, damage, liability or expense (or actions with respect thereto) arises out of or is based on any breach by the Target Entity, on behalf of each Target Fund, of any of its representations, warranties, covenants or agreements set forth in this Agreement. This indemnification obligation shall survive the termination of this Agreement and the closing of each Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;**13.**  **<u>ENTIRE AGREEMENT; SURVIVAL OF WARRANTIES AND COVENANTS</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1.** Each party agrees that no party has made any representation, warranty or covenant not set forth herein and that this Agreement constitutes the entire agreement between the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2.** The covenants to be performed after the Closing shall survive the Closing. The representations, warranties and all other covenants contained in this Agreement or in any document delivered pursuant hereto or in connection herewith shall not survive the consummation of the transactions contemplated hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.3.** The failure of any Target Fund or Acquiring Fund to consummate its Reorganization shall not affect the consummation or validity of the Reorganization with respect to any other Target Fund or Acquiring Fund, and the provisions of this Agreement shall be construed to effect this intent.

&nbsp;&nbsp;&nbsp;&nbsp;**14.**  **<u>TERMINATION</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1.** This Agreement may be terminated and the transactions contemplated hereby may be abandoned at any time prior to the Closing Date by: (i) resolution of either the board of trustees of the Acquiring Entity or the board of trustees of the Target Entity if circumstances should develop that, in the opinion of that board, make proceeding with the Agreement not in the best interests of the shareholders of an Acquiring Fund or a Target Fund, respectively; (ii) mutual agreement of the parties; (iii) either the Acquiring Entity or the Target Entity if the Closing shall not have occurred on or before [December 1, 2026]; unless such date is extended by mutual agreement of the Acquiring Entity and the Target Entity; or (iv) any party if one or more other parties shall have materially breached its obligations under this Agreement or made a material misrepresentation herein or in connection herewith which would render a condition set forth in this Agreement unable to be satisfied. In the event of any such termination, this Agreement shall become void and there shall be no liability hereunder on the part of any party

or their respective trustees or officers, except for (a) any such material breach or intentional misrepresentation or (b) the parties' respective obligations under Sections 9.2 and 12, as to each of which all remedies at law or in equity of the party adversely affected shall survive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2.** If any order of the Commission with respect to the Agreement shall be issued prior to the Closing that imposes any term or condition that is determined by action of the board of trustees of the Target Entity to be acceptable, such term or condition shall be binding as if it were a part of the Agreement without a vote or approval of the shareholders of the Target Funds; provided that, if such term or condition would result in a change in the method of computing the number of an Acquiring Fund's Shares to be issued to the corresponding Target Fund, and such term or condition had not been included in the prospectus/proxy statement or other proxy solicitation material furnished to the shareholders of the applicable Target Fund prior to the Special Meeting, the Agreement shall not be consummated and shall terminate unless the Target Entity promptly calls a Special Meeting of its shareholders at which such condition shall be submitted for approval.

&nbsp;&nbsp;&nbsp;&nbsp;**15.**  **<u>AMENDMENT</u>** 

This Agreement may be amended, modified or supplemented in a writing signed by the parties hereto intending to be bound by such amendment; provided, however, that following dissemination of the proxy statement/prospectus, no such amendment may have the effect of changing the provisions for determining the number of shares of an Acquiring Fund to be issued to the shareholders of the corresponding Target Fund under this Agreement to the detriment of such shareholders without their further approval.

&nbsp;&nbsp;&nbsp;&nbsp;**16.**  **<u>NOTICES</u>** 

Any notice, report, statement or demand required or permitted by any provisions of this Agreement shall be in writing and shall be given by electronic delivery, personal service or prepaid or certified mail addressed to:

For the Target Entity:

Baillie Gifford Funds

780 Third Avenue

43rd Floor

New York, NY 10017

For the Acquiring Entity:

Baillie Gifford ETF Trust

780 Third Avenue

43rd Floor

New York, NY 10017

&nbsp;&nbsp;&nbsp;&nbsp;**17.**  **<u>HEADINGS; GOVERNING LAW; COUNTERPARTS; ASSIGNMENT; LIMITATION OF LIABILITY</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.1.** The Article and Section headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.2.** This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts, without regard to its principles of conflicts of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.3.** This Agreement shall bind and inure to the benefit of the parties hereto and their respective successors and assigns, but no assignment or transfer hereof or of any rights or obligations hereunder shall be made by any party without the written consent of the other parties. Nothing herein expressed or implied is intended or shall be construed to confer upon or give any person, firm or corporation, other than the parties hereto and their respective successors and assigns, any rights or remedies under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.4.** This agreement may be executed in any number of counterparts, each of which shall be considered an original. The execution and delivery of this Agreement may occur by facsimile or by email in portable document format (PDF) or by other means of electronic signature and electronic transmission, including DocuSign or other similar method, and originals or copies of signatures executed and delivered by such methods shall have the full force and effect of the original signatures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.5.** The Target Entity is a Massachusetts business trust organized in series of which each Target Fund constitutes one such series. With respect to each Reorganization, the Target Entity is executing this Agreement on behalf of each Target Fund only. It is expressly agreed that there is a limitation on liability of each series such that (a) the debts, liabilities, obligations and expenses incurred, contracted or otherwise existing with respect to each Target Fund are enforceable against the assets of such Target Fund only, and not against the assets of the Target Entity generally or the assets of any other series thereof, and (b) none of the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Target Entity generally or with respect to any other series thereof are enforceable against the assets of any Target Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.6.** The Acquiring Entity is a Massachusetts business trust organized in series of which each Acquiring Fund constitutes one such series. With respect to each Reorganization, the Acquiring Entity is executing this Agreement on behalf of each Acquiring Fund only. It is expressly agreed that there is a limitation on liability of each series such that (a) the debts, liabilities, obligations and expenses incurred, contracted or otherwise existing with respect to each Acquiring Fund are enforceable against the assets of such Acquiring Fund only, and not against the assets of the Acquiring Entity generally or the assets of any other series thereof, and (b) none of the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Acquiring Entity generally or with respect to any other series thereof are enforceable against the assets of any Acquiring Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.7.** It is expressly agreed that the obligations of the parties hereunder shall not be binding upon any of their respective trustees, shareholders, nominees, officers, agents, or employees personally, but, except as provided in Sections 9.2, 12.1 and 12.2 hereof, shall bind only the property of the Target Funds or the Acquiring Funds as provided in the Governing Documents of the Target Entity or the Acquiring Entity, respectively. The execution and delivery by such officers shall not be deemed to have been made by any of them individually or to impose any liability on any of them personally, but shall bind only the property of such party.

*[Remainder of this page is intentionally left blank; signature page follows]*

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be approved on behalf of each Acquiring Fund and Target Fund.

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| | |
|:---|:---|
| **Baillie Gifford Funds, on behalf of Baillie Gifford International Concentrated Growth Equities Fund, Baillie Gifford Long Term Global Growth Fund and Baillie Gifford U.S. Equity Growth Fund** | **Baillie Gifford ETF Trust, on behalf of Baillie Gifford International Concentrated Growth ETF, Baillie Gifford Long Term Global Growth ETF and Baillie Gifford U.S. Equity Growth ETF** |
| By: ____________________________<br> Name: Michael Stirling-Aird<br> Title: President | By: ____________________________<br> Name: Michael Stirling-Aird<br> Title: President |
| **Baillie Gifford Overseas Limited** |  |

---

By: ____________________________ <br> Name: Adam Conn <br> Title: Director

*[Signature Page to the ETF Agreement and Plan of Reorganization]*

**<u>SCHEDULE A</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Target Fund</u>** |  | &nbsp;&nbsp;**<u>Acquiring Fund</u>** |
| &nbsp;&nbsp;Baillie Gifford International Concentrated Growth Equities Fund | &nbsp;&nbsp;🡪 | &nbsp;&nbsp;Baillie Gifford International Concentrated Growth ETF |
| &nbsp;&nbsp;Baillie Gifford Long Term Global Growth Fund | &nbsp;&nbsp;🡪 | &nbsp;&nbsp;Baillie Gifford Long Term Global Growth ETF |
| &nbsp;&nbsp;Baillie Gifford U.S. Equity Growth Fund | &nbsp;&nbsp;🡪 | &nbsp;&nbsp;Baillie Gifford U.S. Equity Growth ETF |

---

## Ex-99.(6)

**Exhibit 99.(6)**

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 |

---

*[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:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **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.(7)(A)

**Exhibit 99.(7)(a)**

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.

---

| |
|:---|
| BAILLIE GIFFORD ETF TRUST |
| By: <u>/s/ Michael Stirling-Aird</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Michael Stirling-Aird |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: President |

---

*Accepted*:

BAILLIE GIFFORD FUNDS SERVICES LLC

By: <u>/s/ Lesley-Anne Archibald</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;Name: Lesley-Anne Archibald

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Chair

*[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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Investment<br> Company** | &nbsp;&nbsp;**Series** | &nbsp;&nbsp;**Date Added** |
| &nbsp;&nbsp;Baillie Gifford ETF Trust | &nbsp;&nbsp;Baillie Gifford Emerging Markets ETF | &nbsp;&nbsp;December 9, 2025 |
| &nbsp;&nbsp;Baillie Gifford ETF Trust | &nbsp;&nbsp;Baillie Gifford International Alpha ETF | &nbsp;&nbsp;December 9, 2025 |
| &nbsp;&nbsp;Baillie Gifford ETF Trust | &nbsp;&nbsp;Baillie Gifford International Concentrated Growth ETF | &nbsp;&nbsp;December 9, 2025 |
| &nbsp;&nbsp;Baillie Gifford ETF Trust | &nbsp;&nbsp;Baillie Gifford Long Term Global Growth ETF | &nbsp;&nbsp;December 9, 2025 |
| &nbsp;&nbsp;Baillie Gifford ETF Trust | &nbsp;&nbsp;Baillie Gifford U.S. Equity Growth ETF | &nbsp;&nbsp;December 9, 2025 |

---

---

| | |
|:---|:---|
| BAILLIE GIFFORD ETF TRUST, on behalf of<br> each of its series as set forth above | BAILLIE GIFFORD ETF TRUST, on behalf of<br> each of its series as set forth above |
| By | /s/ Michael Stirling-Aird |
| Name: | Michael Stirling-Aird |
| Title: | President |
| BAILLIE GIFFORD FUNDS SERVICES LLC | BAILLIE GIFFORD FUNDS SERVICES LLC |
| By | /s/ Lesley-Anne Archibald |
| Name: | Lesley-Anne Archibald |
| Title: | Chair |

---

*[Signature Page to Schedule A to Baillie Gifford ETF Trust Distribution Agreement]*

## Ex-99.(7)(B)

**Exhibit 99.(7)(b)**

**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 _________ *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** | **__________** |

---

&nbsp;&nbsp;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.

&nbsp;&nbsp;Name ____________________________________ Symbol _________ Number of Shares_________________<br> Name ____________________________________ Symbol _________ Number of Shares_________________<br>

**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 #: ______________________________________ ______________________________________ <br> 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: ___________________________________

___________ ________ ____________________________

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.

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| | |
|:---|:---|
| Name: | Name: |
| Title: | Title: |
| Signature: | Signature: |
| Phone: | Phone: |
| Email: | Email: |
| Name : | Name : |
| Title: | Title: |
| Signature: | Signature: |
| Phone: | Phone: |
| Email: | Email: |

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Please provide PIN numbers for such Authorized Persons who are not already established in the Transfer Agent's system.

<br> 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.(10)

**Exhibit 99.(10)**

**<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 [ ])

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| | |
|:---|:---|
| &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.(11)

**Exhibit 99.(11)**

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| | |
|:---|:---|
| ![](tm2533177d1_ex99-x11img001.jpg) | ROPES & GRAY LLP<br> PRUDENTIAL TOWER<br> 800 BOYLSTON STREET<br> BOSTON, MA 02199-3600<br> WWW.ROPESGRAY.COM |

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December 17, 2025

Baillie Gifford ETF Trust

780 Third Avenue

43rd Floor

New York, NY 10017

Re: <u>Registration Statement on Form N-14</u>

Ladies and Gentlemen:

We are counsel to Baillie Gifford ETF Trust (the "<u>Trust</u>") and each of the series thereof set forth as an "Acquiring Fund" on <u>Schedule A</u> hereto (each an "<u>Acquiring Fund</u>"). In connection with the registration statement of the Trust on Form N-14 (the "<u>Registration Statement</u>") being filed by the Trust under the Securities Act of 1933, as amended, relating to the proposed combinations of each Acquiring Fund and its respective "Target Fund" as set forth on <u>Schedule A</u> hereto (each a "<u>Target Fund</u>"), and the issuance of shares of beneficial interest of each Acquiring Fund in connection therewith (the "<u>Shares</u>"), in accordance with the terms of the Agreement and Plan of Reorganization approved by the Trustees of the Trust on December 9, 2025, by and among the Trust, on behalf of each Acquiring Fund, Baillie Gifford Funds, on behalf of each Target Fund, and Baillie Gifford Overseas Limited, (the "<u>Agreement and Plan of Reorganization</u>"), we have examined the Trust's Agreement and Declaration of Trust on file in the office of the Secretary of the Commonwealth of Massachusetts and the Trust's By-Laws, both as amended to date, and are familiar with the actions taken by the Trust's Trustees in connection with the issuance and sale of the Shares. We have also examined such other documents and records as we have deemed necessary for the purposes of this opinion.

We have assumed for purposes of this opinion that, prior to the date of the issuance of the Shares, (1) the Trustees and shareholders of Baillie Gifford Funds will have taken all action required of them for the approval of the Agreement and Plan of Reorganization and (2) the Agreement and Plan of Reorganization will have been duly executed and delivered by each party thereto.

Based upon the foregoing, we are of the opinion that:

1. The Trust is a duly organized and validly existing unincorporated association under the laws of the Commonwealth of Massachusetts and is authorized to issue an unlimited number of its shares of beneficial interest.

2. When issued in accordance with the Agreement and Plan of Reorganization, the Shares will be validly issued, fully paid and, except as noted in the paragraph below, 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 or the particular series or class and requires that notice of such disclaimer be given in each agreement, obligation or instrument entered into or executed by the Trust or its Trustees. The Declaration of Trust provides for indemnification out of the property of the particular series or class for all loss and expense of any shareholder of the Trust held personally liable solely by reason of his or her being or having been such a shareholder. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which the particular series or class would be unable to meet its obligations.

This opinion may be filed with the Registration Statement.

---

| |
|:---|
| Sincerely, |
| /s/ Ropes & Gray LLP |
| Ropes & Gray LLP |

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**<u>Schedule A</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Target Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Acquiring Fund** |
| &nbsp;&nbsp;&nbsp;Baillie Gifford International Concentrated Growth Equities Fund | &nbsp;&nbsp;&nbsp;&nbsp;Baillie Gifford International Concentrated Growth ETF |
| &nbsp;&nbsp;&nbsp;Baillie Gifford Long Term Global Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;Baillie Gifford Long Term Global Growth ETF |
| &nbsp;&nbsp;&nbsp;Baillie Gifford U.S. Equity Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;Baillie Gifford U.S. Equity Growth ETF |

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## Ex-99.(14)

**Exhibit 99.(14)**

![](tm2533177d1_ex99-14img01.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in this Registration Statement on Form N-14 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 "Other Service Providers" and "Exhibit C Financial Highlights" in the combined Prospectus/Proxy Statement.

/s/ Cohen & Company, Ltd.

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

December 17, 2025

![](tm2533177d1_ex99-14img02.jpg)

## Ex-99.(16)

**Exhibit 99.(16)**

POWER OF ATTORNEY

Each of the undersigned Trustees and/or officers of Baillie Gifford ETF Trust (the "Trust") and any series thereof (each, a "Fund") hereby constitutes and appoints each of Michael Stirling-Aird, David Salter, Julie Paul, Lesley-Anne Archibald, Kelly Cameron, Lindsay Cockburn, Neil Riddell and Gareth Griffiths (in each case, with the foregoing list of appointees modified as may be required to avoid any individual appointing himself or herself by this instrument) and each of them singly, with full powers of substitution and resubstitution, his or her true and lawful attorney, with full power to each of them to sign for him or her, and in his or her name and in the capacities indicated below with respect to the Trust, the Registration Statement on Form N-14 of the Trust, and any and all amendments thereto (including post-effective amendments), and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission and the securities regulators of the appropriate states and territories, granting unto said attorneys, and each of them acting alone, full power and authority to do and perform each and every act and thing requisite or necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney or his or her substitute lawfully could do or cause to be done by virtue hereof.

*[Remainder of this page is intentionally left blank; signature page follows]*

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| | | |
|:---|:---|:---|
| <u>Name</u> | <u>Capacity</u> | <u>Date</u> |
| <u>/s/ Howard W. Chin</u> |  | December 11, 2025 |
| Howard W. Chin | Trustee |  |
| <u>/s/ Pamela M. J. Cox</u> |  | December 11, 2025 |
| Pamela M. J. Cox | Trustee |  |
| <u>/s/ John D. Kavanaugh</u> |  | December 11, 2025 |
| John D. Kavanaugh | Trustee |  |
| <u>/s/ Donald P. Sullivan Jr</u> |  | December 14, 2025 |
| Donald P. Sullivan Jr | Trustee |  |
| <u>/s/ Maureen A. Miller</u> |  | December 11, 2025 |
| Maureen A. Miller | Trustee |  |
| <u>/s/ Michael Stirling-Aird</u> |  | December 10, 2025 |
| Michael Stirling-Aird | Trustee and President (Principal Executive Officer) |  |
| <u>/s/ Lindsay Cockburn</u> |  | December 10, 2025 |
| Lindsay Cockburn | Treasurer (Principal Financial and Accounting Officer) |  |

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*[Signature Page to Power of Attorney for Baillie Gifford ETF Trust Registration Statement on Form N-14]*