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<p class="MsoNormal"><strong>Please consider a Fund’s objectives, risks (including risk of loss), charges and expenses before investing. For these, see the prospectus and summary prospectus at bailliegifford.com/etfs. Please read these before investing. Securities are offered through Baillie Gifford Funds Services LLC, an affiliate of Baillie Gifford Overseas Limited and a member of FINRA.</strong></p>
<p><strong>Mike Gush:</strong> Emerging markets are back on the front foot, having undershot their potential for far too long – and the opportunity set today looks better than it has in years. For a start, emerging markets countries, in aggregate, don’t carry the same macro risk they once did; in fact, I’d go as far as to say that macro is now a distinct positive. </p>
<p>Combine that with the rising quality of emerging markets businesses – and the fact that we can build a strong growth portfolio without having to pay silly multiples for the privilege – and you have a genuinely different set-up than has been seen in decades.</p>
<p>The ETF market can look crowded at first glance, but when you look closely, there’s a real lack of active options today, with fewer than 25 fundamentally active emerging markets ETFs available. Our fund follows an investment strategy we’ve been running for over 30 years, and one in which many blue-chip investors have trusted for decades. And that heritage matters: we’re talking about a tried-and-tested approach that has delivered through multiple market cycles.</p>
<p>Investing in emerging markets over the years has rarely felt comfortable. But remember: these are markets where the inefficiencies are distinct, where the companies are often underappreciated and under-researched, and where there is a real opportunity to be genuinely different from the wider market.</p>
<p>In an industry that constantly encourages the herd into short-term thinking, the structure of your investment firm matters more than ever. Being private, stable, not beholden to short-term results, and having our own incentives closely aligned with those of our investors means that we can practice what we preach.</p>
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<p class="MsoNormal"><strong>Risk factors</strong></p>
<p class="MsoNormal">The Funds are distributed by Baillie Gifford Funds Services LLC. Baillie Gifford Funds Services LLC is registered as a broker-dealer with the SEC, a member of FINRA and is an affiliate of Baillie Gifford Overseas Limited. All information is sourced from Baillie Gifford & Co unless otherwise stated.</p>
<p class="MsoNormal">As with all ETFs, the value of an investment in the Fund could decline, so you could lose money.</p>
<p class="MsoNormal">Investing in Exchange Traded Funds (ETFs) pose additional risks including that shares trade on an exchange and may trade at a price greater than the NAV (a premium) or less than the NAV (a discount). Shares bought at a premium may have a greater risk of loss than those bought at a discount. Shares are bought and sold at market price (not NAV) and are not individually redeemable. Shares may only be redeemed directly from the Fund in Creation Units by Authorized Participants (APs). Where an ETF relies on a small number of APs, there is a risk if these APs exit the business or are unable to create or redeem shares. In this situation, Fund shares are more likely to trade at a premium or discount to NAV and could face trading halts. Although shares are listed for trading on an exchange, there can be no assurance that an active trading market for the shares will develop or be maintained. Investors buying or selling shares in the secondary market may also incur bid-ask spreads, which represent the difference between the highest price a buyer is willing to pay and the lowest price a seller is willing to accept for shares and may widen during periods of market volatility or reduced liquidity. Brokerage commissions may apply and will reduce returns. The market price of shares may fluctuate in response to changes in the value of the Fund’s holdings, supply and demand for shares and other market factors. For more information about these and other risks of an investment in the Fund see “Principal Risks” in the prospectus.</p>
<p class="MsoNormal">There can be no assurance that a Fund will achieve its objective.</p>
<p class="MsoNormal">This communication was produced and approved in May 2026 and has not been updated subsequently. It represents views held at the time of writing and may not reflect current thinking.</p>
<p class="MsoNormal">This communication contains information on investments which does not constitute independent research. Accordingly, it is not subject to the protections afforded to independent research and Baillie Gifford and its staff may have dealt in the investments concerned.</p>
<p class="MsoNormal">The images used in this communication are for illustrative purposes only.</p>
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