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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>Tom Slater: </strong>If you're an allocator, you've got a dilemma: too many ETFs and not enough difference. When you want actual, active US growth in an ETF wrapper without settling for “index-plus”, a gap appears.</p>
<p>That gap is the opportunity.</p>
<p>And it matters now because the next decade of winners won't be evenly spread. They'll be concentrated. And we are hunting them.</p>
<p>Markets are like Hollywood: lots of films, very few blockbusters. Imagine finding the blockbusters before everyone else.</p>
<p>Long-term research is clear on the logic: a tiny number of exceptional companies drive most of the stock market's returns. So, we don't try to own everything. We focus on finding the future outliers and holding them as they become obvious to everyone else.</p>
<p>That means a concentrated, conviction-led portfolio, not built like the index, but built to let the winners matter. And we invest five to ten years out, because we believe long-term trends are more important than short-term headlines.</p>
<p>Our edge is simple: patience plus deep research. We ignore the noise and go straight to the source: founders, private companies, academics, and industry leaders to build a picture of what's coming.</p>
<p>We also bring a public and private lens: early insight applied to public markets through our connections to many of the leading private companies in the US.</p>
<p>You need an active approach to US growth, and we've been investing with this long-term mindset for over a century.</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 July 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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