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<div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Columbia EM Core ex-China ETF (the Fund) </span><span style="color:#003c78;font-family:arial;font-size:10pt">seeks investment results that correspond (before fees and expenses) to </span><span style="color:#003c78;font-family:arial;font-size:10pt">the price and yield performance of the Beta Thematic Emerging Markets ex-China Index (the Index).</span></div> Fees and Expenses of the Fund <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">You may </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">pay other fees, such as brokerage commissions, to financial intermediaries, which are not reflected in the table and </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">example below.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">If such expenses were reflected, the expenses set forth below would be higher.</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0016 0.0000 0.0000 0.0016  Example <div style="margin-top:11pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing </span><span style="color:#003c78;font-family:arial;font-size:10pt">in other funds. The example illustrates the hypothetical expenses that you would incur over the time periods </span><span style="color:#003c78;font-family:arial;font-size:10pt">indicated (whether or not shares are redeemed), and assumes that:</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">you invest $10,000 in the Fund for the periods indicated,</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">your investment has a 5% return each year, and</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">the Fund’s total annual operating expenses remain the same as shown in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Annual Fund Operating Expenses</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">table above.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="margin-top:6pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Although your actual costs may be higher or lower, based on the assumptions listed above, your costs would be:</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> 16 16 52 52 90 90 205 205 Portfolio Turnover <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color:#003c78;font-family:arial;font-size:10pt">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or </span><span style="color:#003c78;font-family:arial;font-size:10pt">in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate </span><span style="color:#003c78;font-family:arial;font-size:10pt">was </span><span style="color:#003c78;font-family:arial;font-size:10pt">32</span><span style="color:#003c78;font-family:arial;font-size:10pt">% of the average value of its portfolio.</span></div> 0.32 Principal Investment Strategies <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund is an exchange-traded fund (ETF). The Fund seeks to achieve its investment objective by attempting to </span><span style="color:#003c78;font-family:arial;font-size:10pt">replicate the performance of the Index through investments in equity securities, including, but not limited to, </span><span style="color:#003c78;font-family:arial;font-size:10pt">common shares traded on local exchanges, American Depositary Receipts (ADRs) and Global Depositary Receipts </span><span style="color:#003c78;font-family:arial;font-size:10pt">(GDRs).</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Under normal circumstances, the Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">invests</span><span style="color:#003c78;font-family:arial;font-size:10pt"> at least 80% of its net assets </span><span style="color:#003c78;font-family:arial;font-size:10pt">(plus the amount of any borrowings for </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment purposes)</span><span style="color:#003c78;font-family:arial;font-size:10pt"> in the companies included in the Index and generally expects to be substantially invested at </span><span style="color:#003c78;font-family:arial;font-size:10pt">such times, with at least 95% of its net assets invested in these securities.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">These companies are domiciled in </span><span style="color:#003c78;font-family:arial;font-size:10pt">emerging market countries, excluding companies domiciled, or whose stock is listed for trading on an exchange, in </span><span style="color:#003c78;font-family:arial;font-size:10pt">China, as well as companies domiciled in Hong Kong. The Fund defines “emerging market” countries as those that </span><span style="color:#003c78;font-family:arial;font-size:10pt">are in the intermediate stages of their economic development and classified by Columbia Management Investment </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">Advisers, LLC (Columbia Management or the Investment Manager) as “Emerging Markets.”</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may invest in </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies of all capitalization sizes, which includes small capitalization (small cap) companies (i.e., those with </span><span style="color:#003c78;font-family:arial;font-size:10pt">market capitalizations between U.S. $100 million and U.S. $2 billion), mid-capitalization (mid cap) companies </span><span style="color:#003c78;font-family:arial;font-size:10pt">(i.e., those with market capitalizations between U.S. $2 billion and U.S. $10 billion) as well as large capitalization </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">A substantial portion of the Fund’s assets are denominated in currencies other than the U.S. dollar.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund typically utilizes a “representative sampling” strategy whereby the Fund invests in some, but not all, of the </span><span style="color:#003c78;font-family:arial;font-size:10pt">component securities of the Index, that collectively, in the opinion of the Investment Manager, have an investment </span><span style="color:#003c78;font-family:arial;font-size:10pt">profile similar to that of the Index. As such, the Fund may not track the Index with the same degree of accuracy as </span><span style="color:#003c78;font-family:arial;font-size:10pt">would an investment vehicle replicating (or investing in) the entire Index. Under certain circumstances or conditions </span><span style="color:#003c78;font-family:arial;font-size:10pt">or due to other factors, including, for example, the size of the Fund’s portfolio, the Fund may use a full replication </span><span style="color:#003c78;font-family:arial;font-size:10pt">strategy, which means that the Fund will seek to track the performance of the Index by investing all, or substantially </span><span style="color:#003c78;font-family:arial;font-size:10pt">all, of its assets in the securities that make up the Index in approximately the same proportion as their weighting in </span><span style="color:#003c78;font-family:arial;font-size:10pt">the Index. When securities are deleted from the Index, the Investment Manager will typically remove these securities </span><span style="color:#003c78;font-family:arial;font-size:10pt">from the Fund’s portfolio. However, in the discretion of the Investment Manager, the Fund may remain invested in </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities that were deleted from the Index until the next rebalancing of the Fund.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund invests in specific countries or geographic regions to approximately the same extent as the Index.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund concentrates its investments (i.e., holds 25% or more of its net assets) in a particular industry or group of </span><span style="color:#003c78;font-family:arial;font-size:10pt">industries or even issuers to approximately the same extent that the Index is concentrated.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">As of March 31, </span><span style="color:#003c78;font-family:arial;font-size:10pt">2026</span><span style="color:#003c78;font-family:arial;font-size:10pt">, the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Index (and therefore the Fund) was concentrated in the financials and information technology sectors.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Under normal circumstances, the Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">invests</span><span style="color:#003c78;font-family:arial;font-size:10pt"> at least 80% of its net assets </span><span style="color:#003c78;font-family:arial;font-size:10pt">(plus the amount of any borrowings for </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment purposes)</span><span style="color:#003c78;font-family:arial;font-size:10pt"> in the companies included in the Index and generally expects to be substantially invested at </span><span style="color:#003c78;font-family:arial;font-size:10pt">such times, with at least 95% of its net assets invested in these securities.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">These companies are domiciled in </span><span style="color:#003c78;font-family:arial;font-size:10pt">emerging market countries, excluding companies domiciled, or whose stock is listed for trading on an exchange, in </span><span style="color:#003c78;font-family:arial;font-size:10pt">China, as well as companies domiciled in Hong Kong. The Fund defines “emerging market” countries as those that </span><span style="color:#003c78;font-family:arial;font-size:10pt">are in the intermediate stages of their economic development and classified by Columbia Management Investment </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">Advisers, LLC (Columbia Management or the Investment Manager) as “Emerging Markets.”</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may invest in </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies of all capitalization sizes, which includes small capitalization (small cap) companies (i.e., those with </span><span style="color:#003c78;font-family:arial;font-size:10pt">market capitalizations between U.S. $100 million and U.S. $2 billion), mid-capitalization (mid cap) companies </span><span style="color:#003c78;font-family:arial;font-size:10pt">(i.e., those with market capitalizations between U.S. $2 billion and U.S. $10 billion) as well as large capitalization </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">A substantial portion of the Fund’s assets are denominated in currencies other than the U.S. dollar.</span></div> Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in the companies included in the Index and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities. These companies are domiciled in emerging market countries, excluding companies domiciled, or whose stock is listed for trading on an exchange, in China, as well as companies domiciled in Hong Kong. There is no assurance that the Fund will achieve its investment objective and you may lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Only an Authorized Participant (as defined below) may engage in </span><span style="color:#003c78;font-family:arial;font-size:10pt">creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may </span><span style="color:#003c78;font-family:arial;font-size:10pt">act as Authorized Participants, none of which are or will be obligated to engage in creation or redemption </span><span style="color:#003c78;font-family:arial;font-size:10pt">transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with </span><span style="color:#003c78;font-family:arial;font-size:10pt">creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to </span><span style="color:#003c78;font-family:arial;font-size:10pt">step forward to create or redeem Creation Units, Fund shares may trade at a greater premium or discount between </span><span style="color:#003c78;font-family:arial;font-size:10pt">the market price and the NAV of the Fund’s shares and/or wider bid/ask spreads than those experienced by other </span><span style="color:#003c78;font-family:arial;font-size:10pt">ETFs. Additionally, the Fund could possibly face trading halts and/or delisting from the Exchange. This risk is </span><span style="color:#003c78;font-family:arial;font-size:10pt">heightened in times of market stress, including at both the Fund share level and at the Fund holdings level.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Correlation/Tracking Error Risk. </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund’s value will generally decline when the performance of the securities </span><span style="color:#003c78;font-family:arial;font-size:10pt">within the Index declines. A number of factors may affect the Fund’s ability to achieve a high degree of correlation </span><span style="color:#003c78;font-family:arial;font-size:10pt">with the Index, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a </span><span style="color:#003c78;font-family:arial;font-size:10pt">high degree of correlation may prevent the Fund from achieving its investment objective. By using a representative </span><span style="color:#003c78;font-family:arial;font-size:10pt">sampling approach, the Fund may not track the Index as closely as it would by using a full replication approach. In </span><span style="color:#003c78;font-family:arial;font-size:10pt">addition, the Fund bears management and other expenses and transaction costs in trading securities or other </span><span style="color:#003c78;font-family:arial;font-size:10pt">instruments, which the Index does not bear. The Fund, unlike the Index, is subject to regulatory requirements that can </span><span style="color:#003c78;font-family:arial;font-size:10pt">limit the Fund’s investments relative to what the Index can hold. Accordingly, the Fund</span><span style="color:#003c78;font-family:arial;font-size:10pt">'</span><span style="color:#003c78;font-family:arial;font-size:10pt">s performance will likely fail to </span><span style="color:#003c78;font-family:arial;font-size:10pt">match the performance of the Index, after taking expenses into account, as well as regulatory limitations. It is not </span><span style="color:#003c78;font-family:arial;font-size:10pt">possible to invest directly in an index.</span></div> <div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Depositary Receipts Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Depositary receipts are receipts issued by a bank or trust company reflecting ownership </span><span style="color:#003c78;font-family:arial;font-size:10pt">of underlying securities issued by foreign companies. Some foreign securities are traded in the form of American </span><span style="color:#003c78;font-family:arial;font-size:10pt">Depositary Receipts and/or Global Depositary Receipts. Depositary receipts involve risks similar to the risks </span><span style="color:#003c78;font-family:arial;font-size:10pt">associated with investments in foreign securities, including those associated with an issuer’s (and any of its related </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies’) country of organization and places of business operations, which may be related to the particular </span><span style="color:#003c78;font-family:arial;font-size:10pt">political, regulatory, economic, social and other conditions or events (including, for example, military confrontations </span><span style="color:#003c78;font-family:arial;font-size:10pt">and actions, war, other conflicts, terrorism and disease/virus outbreaks and epidemics) occurring in the country and </span><span style="color:#003c78;font-family:arial;font-size:10pt">fluctuations in such country’s currency, as well as market risk tied to the underlying foreign company. In addition, </span><span style="color:#003c78;font-family:arial;font-size:10pt">holders of depositary receipts may have limited voting rights, may not have the same rights afforded to stockholders </span><span style="color:#003c78;font-family:arial;font-size:10pt">of a typical domestic company in the event of a corporate action, such as an acquisition, merger or rights offering, </span><span style="color:#003c78;font-family:arial;font-size:10pt">and may experience difficulty in receiving company stockholder communications. There is no guarantee that a </span><span style="color:#003c78;font-family:arial;font-size:10pt">financial institution will continue to sponsor a depositary receipt, or that a depositary receipt will continue to trade on </span><span style="color:#003c78;font-family:arial;font-size:10pt">an exchange, either of which could adversely affect the liquidity, availability and pricing of the depositary receipt. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Changes in foreign currency exchange rates will affect the value of depositary receipts and, therefore, may affect the </span><span style="color:#003c78;font-family:arial;font-size:10pt">value of your investment in the Fund.To the extent that the exchange price of a depositary receipt differs from the </span><span style="color:#003c78;font-family:arial;font-size:10pt">local price of the underlying security used by the Index, the Fund may be prevented from fully achieving its </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment objective of tracking the performance of the Index.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Early/Late Close/Trading Halt Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> An exchange or market may close early, close late or issue trading halts on </span><span style="color:#003c78;font-family:arial;font-size:10pt">specific securities, or the ability to buy or sell certain securities may be restricted, which may result in the Fund being </span><span style="color:#003c78;font-family:arial;font-size:10pt">unable to buy or sell these securities. In these circumstances, the Fund may be unable to rebalance and reconstitute </span><span style="color:#003c78;font-family:arial;font-size:10pt">its portfolio, may be unable to accurately price its investments, may incur substantial trading losses and/or may be </span><span style="color:#003c78;font-family:arial;font-size:10pt">prevented from sufficiently tracking the performance of the Index.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Emerging Market Securities Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Securities issued by foreign governments or companies in emerging market </span><span style="color:#003c78;font-family:arial;font-size:10pt">countries are more likely to have greater exposure to the risks of investing in foreign securities that are described in </span><span style="color:#003c78;font-family:arial;font-size:10pt">Foreign Securities Risk. In addition, emerging market countries are more likely to experience instability resulting, for </span><span style="color:#003c78;font-family:arial;font-size:10pt">example, from rapid changes or developments in social, political, economic or other conditions. Their economies are </span><span style="color:#003c78;font-family:arial;font-size:10pt">usually less mature and their securities markets are typically less developed with more limited trading activity </span><span style="color:#003c78;font-family:arial;font-size:10pt">(i.e., lower trading volumes and less liquidity) than more developed countries. Emerging market securities tend to be </span><span style="color:#003c78;font-family:arial;font-size:10pt">more volatile, and may be more susceptible to market manipulation, than securities in more developed markets. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Many emerging market countries are heavily dependent on international trade and have fewer trading partners, which </span><span style="color:#003c78;font-family:arial;font-size:10pt">makes them more sensitive to world commodity prices and economic downturns in other countries, and some have </span><span style="color:#003c78;font-family:arial;font-size:10pt">a higher risk of currency devaluations. Due to the differences in the nature and quality of financial information of </span><span style="color:#003c78;font-family:arial;font-size:10pt">issuers of emerging market securities, including auditing and financial reporting standards, financial information and </span><span style="color:#003c78;font-family:arial;font-size:10pt">disclosures about such issuers may be unavailable or, if made available, may be considerably less reliable than </span><span style="color:#003c78;font-family:arial;font-size:10pt">publicly available information about other foreign securities.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Equity Securities Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Equity securities may experience significant volatility. Such securities may fall sharply in </span><span style="color:#003c78;font-family:arial;font-size:10pt">response to adverse events affecting overall markets, a particular industry or sector, or an individual company’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">financial condition.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Foreign Currency Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The performance of the Fund may be materially affected positively or negatively by foreign </span><span style="color:#003c78;font-family:arial;font-size:10pt">currency strength or weakness relative to the U.S. dollar, particularly if the Fund invests a significant percentage of </span><span style="color:#003c78;font-family:arial;font-size:10pt">its assets in foreign securities or other assets denominated in currencies other than the U.S. dollar.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Foreign Securities Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Investments in or exposure to securities of foreign companies may involve heightened risks </span><span style="color:#003c78;font-family:arial;font-size:10pt">relative to investments in or exposure to securities of U.S. companies. Investing in securities of foreign companies </span><span style="color:#003c78;font-family:arial;font-size:10pt">subjects the Fund to the risks associated with an issuer’s (and any of its related companies’) country of organization </span><span style="color:#003c78;font-family:arial;font-size:10pt">and places of business operations, including risks related to political, regulatory, economic, social, diplomatic and </span><span style="color:#003c78;font-family:arial;font-size:10pt">other conditions or events (including, for example, military confrontations and actions, war, other conflicts, terrorism </span><span style="color:#003c78;font-family:arial;font-size:10pt">and disease/virus outbreaks and epidemics) occurring in the country or region, as well as risks associated with less </span><span style="color:#003c78;font-family:arial;font-size:10pt">developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities </span><span style="color:#003c78;font-family:arial;font-size:10pt">of U.S. companies</span><span style="color:#003c78;font-family:arial;font-size:10pt"> and are subject to the risks associated with potential imposition of economic and other sanctions </span><span style="color:#003c78;font-family:arial;font-size:10pt">against a particular foreign country, its nationals or industries or businesses within the country. In addition, foreign </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">governments may impose withholding or other taxes on the Fund’s income, capital gains or proceeds from the </span><span style="color:#003c78;font-family:arial;font-size:10pt">disposition of foreign securities, which could reduce the Fund’s return on such securities. Additionally, the Fund’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">foreign investments may trade in markets that may not be open on the same day or at the same time as the Fund, or </span><span style="color:#003c78;font-family:arial;font-size:10pt">foreign markets may close after the Fund has calculated its NAV for a given business day, which may cause a </span><span style="color:#003c78;font-family:arial;font-size:10pt">difference in the market price of such foreign securities and the value attributed to such securities by the Fund which </span><span style="color:#003c78;font-family:arial;font-size:10pt">in turn may result in a greater premium or discount between the market price and the NAV of the Fund's shares </span><span style="color:#003c78;font-family:arial;font-size:10pt">and/or wider bid/ask spreads than those experienced by other ETFs.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Geographic Focus Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund may be particularly susceptible to risks related to economic, political, regulatory or </span><span style="color:#003c78;font-family:arial;font-size:10pt">other events or conditions affecting issuers and countries within the specific geographic regions in which the Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">invests. The Fund’s NAV may be more volatile than the NAV of a more geographically diversified fund.</span></div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Asia Pacific Region.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Many of the countries in the Asia Pacific region are considered underdeveloped or developing, </span><span style="color:#003c78;font-family:arial;font-size:10pt">including from a political, economic and/or social perspective, and may have relatively unstable governments and </span><span style="color:#003c78;font-family:arial;font-size:10pt">economies based on limited business, industries and/or natural resources or commodities. Events in any one </span><span style="color:#003c78;font-family:arial;font-size:10pt">country within the region may impact other countries in the region or the region as a whole. As a result, events in </span><span style="color:#003c78;font-family:arial;font-size:10pt">the region will generally have a greater effect on the Fund than if the Fund were more geographically diversified. </span><span style="color:#003c78;font-family:arial;font-size:10pt">This could result in increased volatility in the value of the Fund’s investments and losses for the Fund. Also, </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities of some companies in the region can be less liquid than U.S. or other foreign securities, potentially </span><span style="color:#003c78;font-family:arial;font-size:10pt">making it difficult for the Fund to sell such securities at a desirable time and price.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Index Methodology and Provider Risk. </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund seeks performance that corresponds to the performance of the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Index. There is no guarantee or assurance that the Index will achieve high, or even positive, returns. The Index may </span><span style="color:#003c78;font-family:arial;font-size:10pt">underperform more traditional indices. In turn, the Fund could lose value while other indices or measures of market </span><span style="color:#003c78;font-family:arial;font-size:10pt">performance increase in value or performance. In addition, the Fund may be subject to the risk of errors in Index </span><span style="color:#003c78;font-family:arial;font-size:10pt">computation, construction, reconstitution and rebalancing, despite any of the procedures designed to prevent such </span><span style="color:#003c78;font-family:arial;font-size:10pt">occurrences and due diligence conducted by the index provider. Errors may result in a negative performance impact </span><span style="color:#003c78;font-family:arial;font-size:10pt">to the Fund and its shareholders. The Index is owned and was developed by the Investment Manager.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Issuer Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> An issuer in which the Fund invests or to which it has exposure may perform poorly or below </span><span style="color:#003c78;font-family:arial;font-size:10pt">expectations, and the value of its securities may therefore decline, which may negatively affect the Fund’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, </span><span style="color:#003c78;font-family:arial;font-size:10pt">breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent </span><span style="color:#003c78;font-family:arial;font-size:10pt">disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus </span><span style="color:#003c78;font-family:arial;font-size:10pt">outbreaks, epidemics or other events, conditions and factors which may impair the value of your investment in the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund and could result in a greater premium or discount between the market price and the NAV of the Fund's shares </span><span style="color:#003c78;font-family:arial;font-size:10pt">and</span><span style="color:#003c78;font-family:arial;font-size:10pt">/or</span><span style="color:#003c78;font-family:arial;font-size:10pt"> wider bid/ask spreads than those experienced by other ETFs.</span></div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Small- and Mid-Cap Stock Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Investments in small- and mid-capitalization companies (small- and mid-cap </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies) often involve greater risks than investments in larger, more established companies (larger companies) </span><span style="color:#003c78;font-family:arial;font-size:10pt">because small- and mid-cap companies tend to have less predictable earnings and may lack the management </span><span style="color:#003c78;font-family:arial;font-size:10pt">experience, financial resources, product diversification and competitive strengths of larger companies. Securities </span><span style="color:#003c78;font-family:arial;font-size:10pt">of small- and mid-cap companies may be less liquid and more volatile than the securities of larger companies.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Large-Cap Stock Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Investments in larger companies may involve certain risks associated with their larger size. </span><span style="color:#003c78;font-family:arial;font-size:10pt">For instance, larger companies may be less able to respond quickly to new competitive challenges, such as </span><span style="color:#003c78;font-family:arial;font-size:10pt">changes in consumer tastes or innovation from smaller competitors. Also, larger companies are sometimes less </span><span style="color:#003c78;font-family:arial;font-size:10pt">able to achieve as high growth rates as successful smaller companies, especially during extended periods of </span><span style="color:#003c78;font-family:arial;font-size:10pt">economic expansion.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Liquidity Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Liquidity risk is the risk associated with any event, circumstance, or characteristic of an investment or </span><span style="color:#003c78;font-family:arial;font-size:10pt">market that negatively impacts the Fund’s ability to sell, or realize the proceeds from the sale of, an investment at a </span><span style="color:#003c78;font-family:arial;font-size:10pt">desirable time or price. Liquidity risk may arise because of, for example, a lack of marketability of the investment, </span><span style="color:#003c78;font-family:arial;font-size:10pt">which means that when seeking to sell its portfolio investments, the Fund could find that selling is more difficult than </span><span style="color:#003c78;font-family:arial;font-size:10pt">anticipated, especially during times of high market volatility. Market participants attempting to sell the same or a </span><span style="color:#003c78;font-family:arial;font-size:10pt">similar instrument at the same time as the Fund could exacerbate the Fund’s exposure to liquidity risk. The Fund may </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">have to accept a lower selling price for the holding, sell other liquid or more liquid investments that it might </span><span style="color:#003c78;font-family:arial;font-size:10pt">otherwise prefer to hold (thereby increasing the proportion of the Fund’s investments in less liquid or illiquid </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities), or </span><span style="color:#003c78;font-family:arial;font-size:10pt">forgo</span><span style="color:#003c78;font-family:arial;font-size:10pt"> another more appealing investment opportunity. The liquidity of Fund investments may change </span><span style="color:#003c78;font-family:arial;font-size:10pt">significantly over time and certain investments that were liquid when purchased by the Fund may later become </span><span style="color:#003c78;font-family:arial;font-size:10pt">illiquid, particularly in times of overall economic distress. Changing regulatory, market or other conditions or </span><span style="color:#003c78;font-family:arial;font-size:10pt">environments (for example, the interest rate or credit environments) may also adversely affect the liquidity and the </span><span style="color:#003c78;font-family:arial;font-size:10pt">price of the Fund's investments. Judgment plays a larger role in valuing illiquid or less liquid investments as </span><span style="color:#003c78;font-family:arial;font-size:10pt">compared to valuing liquid or more liquid investments. Price volatility may be higher for illiquid or less liquid </span><span style="color:#003c78;font-family:arial;font-size:10pt">investments as a result of, for example, the relatively less frequent pricing of such securities (as compared to liquid </span><span style="color:#003c78;font-family:arial;font-size:10pt">or more liquid investments). Generally, the less liquid the market at the time the Fund sells a portfolio investment, the </span><span style="color:#003c78;font-family:arial;font-size:10pt">greater the risk of loss or decline of value to the Fund. Overall market liquidity and other factors can lead to an </span><span style="color:#003c78;font-family:arial;font-size:10pt">increase in redemptions of creation units, which may negatively impact Fund performance and NAV, including, for </span><span style="color:#003c78;font-family:arial;font-size:10pt">example, if the Fund is forced to sell investments in a down market. In certain circumstances, the Fund might not be </span><span style="color:#003c78;font-family:arial;font-size:10pt">able to dispose of certain holdings quickly or at fair prices, preventing the Fund from tracking the Index.  Foreign </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities can present enhanced liquidity risks, including as a result of less developed custody, settlement or other </span><span style="color:#003c78;font-family:arial;font-size:10pt">practices of foreign markets. In addition, in stressed market conditions, the market for Fund shares may become </span><span style="color:#003c78;font-family:arial;font-size:10pt">less liquid. Deterioration in the liquidity of Fund shares may adversely impact the liquidity of the Fund's underlying </span><span style="color:#003c78;font-family:arial;font-size:10pt">portfolio securities. These adverse impacts on the liquidity of Fund shares and on the liquidity of the Fund's </span><span style="color:#003c78;font-family:arial;font-size:10pt">underlying portfolio securities could in turn lead to a greater premium or discount between the market price and the </span><span style="color:#003c78;font-family:arial;font-size:10pt">NAV of the Fund's shares and/or wider bid/ask spreads than those experienced by other ETFs.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Market Price Relative to NAV Risk. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Shares of the Fund may trade at prices that vary from Fund NAV. Shares of the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund are listed for trading on the Exchange and are bought and sold in the secondary market at market prices that </span><span style="color:#003c78;font-family:arial;font-size:10pt">may differ, in some cases significantly, from their NAV. The NAV of the Fund will generally fluctuate with changes in </span><span style="color:#003c78;font-family:arial;font-size:10pt">the market value of the Fund’s holdings. The market prices of shares, however, will generally fluctuate in response to </span><span style="color:#003c78;font-family:arial;font-size:10pt">changes in NAV, as well as the relative supply of, and demand for, Fund shares on the Exchange. Fund shares may </span><span style="color:#003c78;font-family:arial;font-size:10pt">trade at a greater premium or discount between the market price and the NAV of the Fund's shares and/or wider </span><span style="color:#003c78;font-family:arial;font-size:10pt">bid/ask spreads than those experienced by other ETFs. The Investment Manager cannot predict whether Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">shares will trade below, at or above their NAV. Price differences may result because of, among other factors, supply </span><span style="color:#003c78;font-family:arial;font-size:10pt">and demand forces in the secondary trading market for Fund shares. It is expected that these forces generally will be </span><span style="color:#003c78;font-family:arial;font-size:10pt">closely related to, but not identical to, the same forces influencing the prices of the Fund’s holdings. In this regard, if </span><span style="color:#003c78;font-family:arial;font-size:10pt">a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV or sells shares at a </span><span style="color:#003c78;font-family:arial;font-size:10pt">time when the market price is at a discount to the NAV, the shareholder may sustain losses. Different investment </span><span style="color:#003c78;font-family:arial;font-size:10pt">strategies or techniques, including those intended to be defensive in nature, including, as examples, stop loss orders </span><span style="color:#003c78;font-family:arial;font-size:10pt">to sell an ETF’s shares in the secondary market during negative market events or conditions, such as a “flash crash” </span><span style="color:#003c78;font-family:arial;font-size:10pt">or other market disruptions, may not work as intended and may produce significant losses to investors. Investors </span><span style="color:#003c78;font-family:arial;font-size:10pt">should consult their financial intermediary prior to using any such investment strategies or techniques, or before </span><span style="color:#003c78;font-family:arial;font-size:10pt">investing in the Fund.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Market Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund may incur losses due to declines in the value of one or more securities in which it invests. </span><span style="color:#003c78;font-family:arial;font-size:10pt">These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, </span><span style="color:#003c78;font-family:arial;font-size:10pt">regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, </span><span style="color:#003c78;font-family:arial;font-size:10pt">turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively </span><span style="color:#003c78;font-family:arial;font-size:10pt">affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly </span><span style="color:#003c78;font-family:arial;font-size:10pt">traded and closed markets and could cause significant redemptions and operational challenges. Global economies </span><span style="color:#003c78;font-family:arial;font-size:10pt">and financial markets are increasingly interconnected, and conditions and events in one country, region or financial </span><span style="color:#003c78;font-family:arial;font-size:10pt">market may adversely impact issuers in a different country, region or financial market. These risks may be magnified </span><span style="color:#003c78;font-family:arial;font-size:10pt">if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such </span><span style="color:#003c78;font-family:arial;font-size:10pt">risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other </span><span style="color:#003c78;font-family:arial;font-size:10pt">conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, </span><span style="color:#003c78;font-family:arial;font-size:10pt">depressions or other events – or the potential for such events – could have a significant negative impact on global </span><span style="color:#003c78;font-family:arial;font-size:10pt">economic and market conditions and could result in a greater premium or discount between the market price and the </span><span style="color:#003c78;font-family:arial;font-size:10pt">NAV of the Fund's shares and</span><span style="color:#003c78;font-family:arial;font-size:10pt">/or</span><span style="color:#003c78;font-family:arial;font-size:10pt"> wider bid/ask spreads than those experienced by other ETFs.</span></div> <div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Passive Investment Risk. </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund is not actively managed and may be affected by a general decline in market </span><span style="color:#003c78;font-family:arial;font-size:10pt">segments related to its Index’s investment exposures. The Fund invests in securities or instruments included in, or </span><span style="color:#003c78;font-family:arial;font-size:10pt">believed by the portfolio managers to be representative of, the Index regardless of their investment merits. The Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">does not seek temporary defensive positions when markets decline or appear overvalued.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Sector Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> At times, the Fund may have a significant portion of its assets invested in securities of companies </span><span style="color:#003c78;font-family:arial;font-size:10pt">conducting business in a related group of industries within one or more economic sectors, including </span><span style="color:#003c78;font-family:arial;font-size:10pt">the financials and information technology sectors. The Fund generally invests in issuers, including to concentrate its </span><span style="color:#003c78;font-family:arial;font-size:10pt">investments in issuers conducting business in a related group of industries, to approximately the same extent as the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Index. Because of its representative sampling approach to tracking the Index, the Fund may have over- or under-weight</span><span style="color:#003c78;font-family:arial;font-size:10pt"> holdings in issuers relative to issuer weightings in the Index. Companies in the same sector may be similarly </span><span style="color:#003c78;font-family:arial;font-size:10pt">affected by economic, regulatory, political or market events or conditions, which may make the Fund vulnerable to </span><span style="color:#003c78;font-family:arial;font-size:10pt">unfavorable developments in that group of industries or economic sector.</span></div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Financials Sector.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund is vulnerable to the particular risks that may affect companies in the financials sector. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Companies in the financials sector are subject to certain risks, including the risk of regulatory change, decreased </span><span style="color:#003c78;font-family:arial;font-size:10pt">liquidity in credit markets and unstable interest rates. Such companies may have concentrated portfolios, such as </span><span style="color:#003c78;font-family:arial;font-size:10pt">a high level of loans to one or more industries or sectors, which makes them vulnerable to economic conditions </span><span style="color:#003c78;font-family:arial;font-size:10pt">that affect such industries or sectors. Performance of such companies may be affected by competitive pressures </span><span style="color:#003c78;font-family:arial;font-size:10pt">and exposure to investments, agreements and counterparties, including credit products that, under certain </span><span style="color:#003c78;font-family:arial;font-size:10pt">circumstances, may lead to losses (e.g., subprime loans). Companies in the financials sector are subject to </span><span style="color:#003c78;font-family:arial;font-size:10pt">extensive governmental regulation that may limit the amount and types of loans and other financial commitments </span><span style="color:#003c78;font-family:arial;font-size:10pt">they can make, and the interest rates and fees they may charge. In addition, profitability of such companies is </span><span style="color:#003c78;font-family:arial;font-size:10pt">largely dependent upon the availability and the cost of capital.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Information Technology Sector.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund is vulnerable to the particular risks that may affect companies in the </span><span style="color:#003c78;font-family:arial;font-size:10pt">information technology sector. Companies in the information technology sector are subject to certain risks, </span><span style="color:#003c78;font-family:arial;font-size:10pt">including the risk that new services, equipment or technologies will not be accepted by consumers and </span><span style="color:#003c78;font-family:arial;font-size:10pt">businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including </span><span style="color:#003c78;font-family:arial;font-size:10pt">obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including </span><span style="color:#003c78;font-family:arial;font-size:10pt">aggressive pricing of their products or services, new market entrants, competition for market share and short </span><span style="color:#003c78;font-family:arial;font-size:10pt">product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to </span><span style="color:#003c78;font-family:arial;font-size:10pt">limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In </span><span style="color:#003c78;font-family:arial;font-size:10pt">addition, many information technology sector companies have limited operating histories and prices of these </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies’ securities historically have been more volatile than other securities, especially over the short term. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Some companies in the information technology sector are facing increased government and regulatory scrutiny </span><span style="color:#003c78;font-family:arial;font-size:10pt">and may be subject to adverse government or regulatory action, which could negatively impact the value of their </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> Performance Information The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s performance has varied for each full calendar year shown. The table below the bar chart compares the Fund’s returns for the periods shown with a broad measure of market performance and the index the Fund seeks to track. <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The following bar chart and table show you how the Fund has performed in the past, and can help you understand </span><span style="color:#003c78;font-family:arial;font-size:10pt">the risks of investing in the Fund. The bar chart shows how the Fund’s performance has varied for each full calendar </span><span style="color:#003c78;font-family:arial;font-size:10pt">year shown. </span><span style="color:#003c78;font-family:arial;font-size:10pt">The table below the bar chart compares the Fund’s returns for the periods shown with a broad measure </span><span style="color:#003c78;font-family:arial;font-size:10pt">of market performance and the index the Fund seeks to track.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The after-tax returns shown in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Average Annual Total Returns</span><span style="color:#003c78;font-family:arial;font-size:10pt"> table below are calculated using the highest </span><span style="color:#003c78;font-family:arial;font-size:10pt">historical individual U.S. federal marginal income tax rates in effect during the period indicated in the table and do </span><span style="color:#003c78;font-family:arial;font-size:10pt">not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax </span><span style="color:#003c78;font-family:arial;font-size:10pt">situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not </span><span style="color:#003c78;font-family:arial;font-size:10pt">apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual Retirement Accounts (IRAs).</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">Updated performance information can be obtained by calling toll-free 800.426.3750 or visiting </span><span style="color:#003c78;font-family:arial;font-size:10pt">columbiathreadneedleus.com/etfs.</span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">Columbia Management has been the Fund’s investment manager since September 1, 2016. Performance prior to </span><span style="color:#003c78;font-family:arial;font-size:10pt">September 1, 2016 is attributable to the Fund's previous investment manager.</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> The after-tax returns shown in the Average Annual Total Returns table below are calculated using the highest historical individual U.S. federal marginal income tax rates in effect during the period indicated in the table and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual Retirement Accounts (IRAs). The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. 800.426.3750 columbiathreadneedleus.com/etfs Year by Year Total Return (%)as of December 31 Each Year* Best 2020-12-31 0.2750 Worst 2020-03-31 -0.3131 Year to Date return 2026-06-30 0.3537  Average Annual Total Returns (for periods ended December 31, 2025)   2015-09-02 2015-09-02 2015-09-02 0.3298 0.0745 0.1032 0.3177 0.0691 0.0960 0.2004 0.0580 0.0835 0.3453 0.0793 0.1022 0.3357 0.0420 0.0842 Summary of Columbia India Consumer ETF Investment Objective <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Columbia India Consumer ETF (the Fund) </span><span style="color:#003c78;font-family:arial;font-size:10pt">seeks investment results that correspond (before fees and expenses) to </span><span style="color:#003c78;font-family:arial;font-size:10pt">the price and yield performance of the Indxx India Consumer Index (the Index).</span></div> Fees and Expenses of the Fund <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">You may </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">pay other fees, such as brokerage commissions, to financial intermediaries, which are not reflected in the table and </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">example below.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">If such expenses were reflected, the expenses set forth below would be higher.</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0.0000 0.0000 0.0075  Example <div style="margin-top:11pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing </span><span style="color:#003c78;font-family:arial;font-size:10pt">in other funds. The example illustrates the hypothetical expenses that you would incur over the time periods </span><span style="color:#003c78;font-family:arial;font-size:10pt">indicated (whether or not shares are redeemed), and assumes that:</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">you invest $10,000 in the Fund for the periods indicated,</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">your investment has a 5% return each year, and</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">the Fund’s total annual operating expenses remain the same as shown in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Annual Fund Operating Expenses</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">table above.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="line-height:12.0pt;margin-left:6pt;margin-top:6.00pt;text-align:left;"> <div style="margin-top:6pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Although your actual costs may be higher or lower, based on the assumptions listed above, your costs would be:</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> </div> </div> 77 77 240 240 417 417 930 930 Portfolio Turnover <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color:#003c78;font-family:arial;font-size:10pt">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or </span><span style="color:#003c78;font-family:arial;font-size:10pt">in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate </span><span style="color:#003c78;font-family:arial;font-size:10pt">was </span><span style="color:#003c78;font-family:arial;font-size:10pt">20</span><span style="color:#003c78;font-family:arial;font-size:10pt">% of the average value of its portfolio.</span></div> 0.20 Principal Investment Strategies <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund is an exchange-traded fund (ETF). The Fund seeks to achieve its investment objective by attempting to </span><span style="color:#003c78;font-family:arial;font-size:10pt">replicate the performance of the Index through investments in equity securities, including, but not limited to, </span><span style="color:#003c78;font-family:arial;font-size:10pt">common shares traded on local exchanges, American Depositary Receipts (ADRs) and Global Depositary Receipts </span><span style="color:#003c78;font-family:arial;font-size:10pt">(GDRs).</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Under normal circumstances, the Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">invests</span><span style="color:#003c78;font-family:arial;font-size:10pt"> at least 80% of its net assets </span><span style="color:#003c78;font-family:arial;font-size:10pt">(plus the amount of any borrowings for </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment purposes)</span><span style="color:#003c78;font-family:arial;font-size:10pt"> in Indian consumer companies included in the Index and generally expects to be substantially </span><span style="color:#003c78;font-family:arial;font-size:10pt">invested at such times, with at least 95% of its net assets invested in these securities.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund defines Indian </span><span style="color:#003c78;font-family:arial;font-size:10pt">consumer companies as companies that are included in the Index at the time of purchase, which include companies </span><span style="color:#003c78;font-family:arial;font-size:10pt">in India whose businesses involve: automobiles and parts, beverages, food production, household goods, leisure </span><span style="color:#003c78;font-family:arial;font-size:10pt">goods, personal goods, food and drug retail, general retail, media, travel and leisure, and tobacco.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">invest in companies of all capitalization sizes, which includes small capitalization (small cap) companies (i.e., those </span><span style="color:#003c78;font-family:arial;font-size:10pt">with market capitalizations between U.S. $100 million and U.S. $2 billion), mid-capitalization (mid cap) companies </span><span style="color:#003c78;font-family:arial;font-size:10pt">(i.e., those with market capitalizations between U.S. $2 billion and U.S. $10 billion) as well as large capitalization </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">A substantial portion of the Fund’s assets are denominated in currencies other than the U.S. dollar.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund intends to replicate the constituent securities of the Index as closely as possible, including using ADRs, </span><span style="color:#003c78;font-family:arial;font-size:10pt">GDRs or ordinary local shares.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund concentrates its investments (i.e., holds 25% or more of its net assets) in a particular industry or group of </span><span style="color:#003c78;font-family:arial;font-size:10pt">industries or even issuers to approximately the same extent that the Index is concentrated.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">As of March 31, </span><span style="color:#003c78;font-family:arial;font-size:10pt">2026</span><span style="color:#003c78;font-family:arial;font-size:10pt">, the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Index (and therefore the Fund) was concentrated in the consumer discretionary and consumer staples sectors.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">may operate as non-diversified when the Index </span><span style="color:#003c78;font-family:arial;font-size:10pt">is non-diversified</span><span style="color:#003c78;font-family:arial;font-size:10pt">.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">A non-</span><span style="color:#003c78;font-family:arial;font-size:10pt">diversified fund</span><span style="color:#003c78;font-family:arial;font-size:10pt"> can invest a </span><span style="color:#003c78;font-family:arial;font-size:10pt">greater percentage of its assets in </span><span style="color:#003c78;font-family:arial;font-size:10pt">the securities of fewer issuers than can</span><span style="color:#003c78;font-family:arial;font-size:10pt"> a diversified fund</span><span style="color:#003c78;font-family:arial;font-size:10pt">.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Under normal circumstances, the Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">invests</span><span style="color:#003c78;font-family:arial;font-size:10pt"> at least 80% of its net assets </span><span style="color:#003c78;font-family:arial;font-size:10pt">(plus the amount of any borrowings for </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment purposes)</span><span style="color:#003c78;font-family:arial;font-size:10pt"> in Indian consumer companies included in the Index and generally expects to be substantially </span><span style="color:#003c78;font-family:arial;font-size:10pt">invested at such times, with at least 95% of its net assets invested in these securities.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund defines Indian </span><span style="color:#003c78;font-family:arial;font-size:10pt">consumer companies as companies that are included in the Index at the time of purchase, which include companies </span><span style="color:#003c78;font-family:arial;font-size:10pt">in India whose businesses involve: automobiles and parts, beverages, food production, household goods, leisure </span><span style="color:#003c78;font-family:arial;font-size:10pt">goods, personal goods, food and drug retail, general retail, media, travel and leisure, and tobacco.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">invest in companies of all capitalization sizes, which includes small capitalization (small cap) companies (i.e., those </span><span style="color:#003c78;font-family:arial;font-size:10pt">with market capitalizations between U.S. $100 million and U.S. $2 billion), mid-capitalization (mid cap) companies </span><span style="color:#003c78;font-family:arial;font-size:10pt">(i.e., those with market capitalizations between U.S. $2 billion and U.S. $10 billion) as well as large capitalization </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">A substantial portion of the Fund’s assets are denominated in currencies other than the U.S. dollar.</span></div> Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in Indian consumer companies included in the Index and generally expects to be substantially invested at such times, with at least 95% of its net assets invested in these securities. The Fund defines Indian consumer companies as companies that are included in the Index at the time of purchase, which include companies in India whose businesses involve: automobiles and parts, beverages, food production, household goods, leisure goods, personal goods, food and drug retail, general retail, media, travel and leisure, and tobacco. There is no assurance that the Fund will achieve its investment objective and you may lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Only an Authorized Participant (as defined below) may engage in </span><span style="color:#003c78;font-family:arial;font-size:10pt">creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may </span><span style="color:#003c78;font-family:arial;font-size:10pt">act as Authorized Participants, none of which are or will be obligated to engage in creation or redemption </span><span style="color:#003c78;font-family:arial;font-size:10pt">transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with </span><span style="color:#003c78;font-family:arial;font-size:10pt">creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to </span><span style="color:#003c78;font-family:arial;font-size:10pt">step forward to create or redeem Creation Units, Fund shares may trade at a greater premium or discount between </span><span style="color:#003c78;font-family:arial;font-size:10pt">the market price and the NAV of the Fund’s shares and/or wider bid/ask spreads than those experienced by other </span><span style="color:#003c78;font-family:arial;font-size:10pt">ETFs. Additionally, the Fund could possibly face trading halts and/or delisting from the Exchange. This risk is </span><span style="color:#003c78;font-family:arial;font-size:10pt">heightened in times of market stress, including at both the Fund share level and at the Fund holdings level.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Correlation/Tracking Error Risk. </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund’s value will generally decline when the performance of the securities </span><span style="color:#003c78;font-family:arial;font-size:10pt">within the Index declines. A number of factors may affect the Fund’s ability to achieve a high degree of correlation </span><span style="color:#003c78;font-family:arial;font-size:10pt">with the Index, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a </span><span style="color:#003c78;font-family:arial;font-size:10pt">high degree of correlation may prevent the Fund from achieving its investment objective. When using a </span><span style="color:#003c78;font-family:arial;font-size:10pt">representative sampling approach, the Fund may not track the Index as closely as it would by using a full replication </span><span style="color:#003c78;font-family:arial;font-size:10pt">approach. In addition, the Fund bears management and other expenses and transaction costs in trading securities or </span><span style="color:#003c78;font-family:arial;font-size:10pt">other instruments, which the Index does not bear. The Fund, unlike the Index, is subject to regulatory requirements </span><span style="color:#003c78;font-family:arial;font-size:10pt">that can limit the Fund’s investments relative to what the Index can hold. Accordingly, the Fund</span><span style="color:#003c78;font-family:arial;font-size:10pt">'</span><span style="color:#003c78;font-family:arial;font-size:10pt">s performance will </span><span style="color:#003c78;font-family:arial;font-size:10pt">likely fail to match the performance of the Index, after taking expenses into account, as well as regulatory limitations. </span><span style="color:#003c78;font-family:arial;font-size:10pt">It is not possible to invest directly in an index.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Depositary Receipts Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Depositary receipts are receipts issued by a bank or trust company reflecting ownership </span><span style="color:#003c78;font-family:arial;font-size:10pt">of underlying securities issued by foreign companies. Some foreign securities are traded in the form of American </span><span style="color:#003c78;font-family:arial;font-size:10pt">Depositary Receipts and/or Global Depositary Receipts. Depositary receipts involve risks similar to the risks </span><span style="color:#003c78;font-family:arial;font-size:10pt">associated with investments in foreign securities, including those associated with an issuer’s (and any of its related </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies’) country of organization and places of business operations, which may be related to the particular </span><span style="color:#003c78;font-family:arial;font-size:10pt">political, regulatory, economic, social and other conditions or events (including, for example, military confrontations </span><span style="color:#003c78;font-family:arial;font-size:10pt">and actions, war, other conflicts, terrorism and disease/virus outbreaks and epidemics) occurring in the country and </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">fluctuations in such country’s currency, as well as market risk tied to the underlying foreign company. In addition, </span><span style="color:#003c78;font-family:arial;font-size:10pt">holders of depositary receipts may have limited voting rights, may not have the same rights afforded to stockholders </span><span style="color:#003c78;font-family:arial;font-size:10pt">of a typical domestic company in the event of a corporate action, such as an acquisition, merger or rights offering, </span><span style="color:#003c78;font-family:arial;font-size:10pt">and may experience difficulty in receiving company stockholder communications. There is no guarantee that a </span><span style="color:#003c78;font-family:arial;font-size:10pt">financial institution will continue to sponsor a depositary receipt, or that a depositary receipt will continue to trade on </span><span style="color:#003c78;font-family:arial;font-size:10pt">an exchange, either of which could adversely affect the liquidity, availability and pricing of the depositary receipt. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Changes in foreign currency exchange rates will affect the value of depositary receipts and, therefore, may affect the </span><span style="color:#003c78;font-family:arial;font-size:10pt">value of your investment in the Fund.To the extent that the exchange price of a depositary receipt differs from the </span><span style="color:#003c78;font-family:arial;font-size:10pt">local price of the underlying security used by the Index, the Fund may be prevented from fully achieving its </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment objective of tracking the performance of the Index.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Early/Late Close/Trading Halt Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> An exchange or market may close early, close late or issue trading halts on </span><span style="color:#003c78;font-family:arial;font-size:10pt">specific securities, or the ability to buy or sell certain securities may be restricted, which may result in the Fund being </span><span style="color:#003c78;font-family:arial;font-size:10pt">unable to buy or sell these securities. In these circumstances, the Fund may be unable to rebalance and reconstitute </span><span style="color:#003c78;font-family:arial;font-size:10pt">its portfolio, may be unable to accurately price its investments, may incur substantial trading losses and/or may be </span><span style="color:#003c78;font-family:arial;font-size:10pt">prevented from sufficiently tracking the performance of the Index.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Emerging Market Securities Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Securities issued by foreign governments or companies in emerging market </span><span style="color:#003c78;font-family:arial;font-size:10pt">countries are more likely to have greater exposure to the risks of investing in foreign securities that are described in </span><span style="color:#003c78;font-family:arial;font-size:10pt">Foreign Securities Risk. In addition, emerging market countries are more likely to experience instability resulting, for </span><span style="color:#003c78;font-family:arial;font-size:10pt">example, from rapid changes or developments in social, political, economic or other conditions. Their economies are </span><span style="color:#003c78;font-family:arial;font-size:10pt">usually less mature and their securities markets are typically less developed with more limited trading activity </span><span style="color:#003c78;font-family:arial;font-size:10pt">(i.e., lower trading volumes and less liquidity) than more developed countries. Emerging market securities tend to be </span><span style="color:#003c78;font-family:arial;font-size:10pt">more volatile, and may be more susceptible to market manipulation, than securities in more developed markets. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Many emerging market countries are heavily dependent on international trade and have fewer trading partners, which </span><span style="color:#003c78;font-family:arial;font-size:10pt">makes them more sensitive to world commodity prices and economic downturns in other countries, and some have </span><span style="color:#003c78;font-family:arial;font-size:10pt">a higher risk of currency devaluations. Due to the differences in the nature and quality of financial information of </span><span style="color:#003c78;font-family:arial;font-size:10pt">issuers of emerging market securities, including auditing and financial reporting standards, financial information and </span><span style="color:#003c78;font-family:arial;font-size:10pt">disclosures about such issuers may be unavailable or, if made available, may be considerably less reliable than </span><span style="color:#003c78;font-family:arial;font-size:10pt">publicly available information about other foreign securities.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Equity Securities Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Equity securities may experience significant volatility. Such securities may fall sharply in </span><span style="color:#003c78;font-family:arial;font-size:10pt">response to adverse events affecting overall markets, a particular industry or sector, or an individual company’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">financial condition.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Focused Portfolio Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Because the Fund may invest in a limited number of companies, the Fund as a whole is </span><span style="color:#003c78;font-family:arial;font-size:10pt">subject to greater risk of loss if any of those securities decline in price.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Foreign Currency Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The performance of the Fund may be materially affected positively or negatively by foreign </span><span style="color:#003c78;font-family:arial;font-size:10pt">currency strength or weakness relative to the U.S. dollar, particularly if the Fund invests a significant percentage of </span><span style="color:#003c78;font-family:arial;font-size:10pt">its assets in foreign securities or other assets denominated in currencies other than the U.S. dollar.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Foreign Securities Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Investments in or exposure to securities of foreign companies may involve heightened risks </span><span style="color:#003c78;font-family:arial;font-size:10pt">relative to investments in or exposure to securities of U.S. companies. Investing in securities of foreign companies </span><span style="color:#003c78;font-family:arial;font-size:10pt">subjects the Fund to the risks associated with an issuer’s (and any of its related companies’) country of organization </span><span style="color:#003c78;font-family:arial;font-size:10pt">and places of business operations, including risks related to political, regulatory, economic, social, diplomatic and </span><span style="color:#003c78;font-family:arial;font-size:10pt">other conditions or events (including, for example, military confrontations and actions, war, other conflicts, terrorism </span><span style="color:#003c78;font-family:arial;font-size:10pt">and disease/virus outbreaks and epidemics) occurring in the country or region, as well as risks associated with less </span><span style="color:#003c78;font-family:arial;font-size:10pt">developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities </span><span style="color:#003c78;font-family:arial;font-size:10pt">of U.S. companies</span><span style="color:#003c78;font-family:arial;font-size:10pt"> and are subject to the risks associated with potential imposition of economic and other sanctions </span><span style="color:#003c78;font-family:arial;font-size:10pt">against a particular foreign country, its nationals or industries or businesses within the country. In addition, foreign </span><span style="color:#003c78;font-family:arial;font-size:10pt">governments may impose withholding or other taxes on the Fund’s income, capital gains or proceeds from the </span><span style="color:#003c78;font-family:arial;font-size:10pt">disposition of foreign securities, which could reduce the Fund’s return on such securities. Additionally, the Fund’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">foreign investments may trade in markets that may not be open on the same day or at the same time as the Fund, or </span><span style="color:#003c78;font-family:arial;font-size:10pt">foreign markets may close after the Fund has calculated its NAV for a given business day, which may cause a </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">difference in the market price of such foreign securities and the value attributed to such securities by the Fund which </span><span style="color:#003c78;font-family:arial;font-size:10pt">in turn may result in a greater premium or discount between the market price and the NAV of the Fund's shares </span><span style="color:#003c78;font-family:arial;font-size:10pt">and/or wider bid/ask spreads than those experienced by other ETFs.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Geographic Focus Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund may be particularly susceptible to risks related to economic, political, regulatory or </span><span style="color:#003c78;font-family:arial;font-size:10pt">other events or conditions affecting issuers and countries within the specific geographic regions in which the Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">invests. The Fund’s NAV may be more volatile than the NAV of a more geographically diversified fund.</span></div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">India.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund is particularly susceptible to risks related to economic, political, regulatory or other events or </span><span style="color:#003c78;font-family:arial;font-size:10pt">conditions affecting issuers in India. Because the Fund invests predominantly in Indian securities, its NAV will be </span><span style="color:#003c78;font-family:arial;font-size:10pt">much more sensitive to changes in economic, political and other factors within India than would a fund that </span><span style="color:#003c78;font-family:arial;font-size:10pt">invested in a variety of countries. Special risks include, among others, political and legal uncertainty, persistent </span><span style="color:#003c78;font-family:arial;font-size:10pt">religious, ethnic and border disputes, greater government control over the economy, currency fluctuations or </span><span style="color:#003c78;font-family:arial;font-size:10pt">blockage and the risk of nationalization or expropriation of assets. Uncertainty regarding inflation and currency </span><span style="color:#003c78;font-family:arial;font-size:10pt">exchange rates, fiscal policy, credit ratings and the possibility that future harmful political actions will be taken by </span><span style="color:#003c78;font-family:arial;font-size:10pt">the Indian government, could negatively impact the Indian economy and securities markets, and thus adversely </span><span style="color:#003c78;font-family:arial;font-size:10pt">affect the Fund’s performance.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Index Methodology and Provider Risk. </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund seeks performance that corresponds to the performance of the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Index. There is no guarantee or assurance that the Index will achieve high, or even positive, returns. The Index may </span><span style="color:#003c78;font-family:arial;font-size:10pt">underperform more traditional indices. In turn, the Fund could lose value while other indices or measures of market </span><span style="color:#003c78;font-family:arial;font-size:10pt">performance increase in value or performance. In addition, the Fund may be subject to the risk of errors in Index </span><span style="color:#003c78;font-family:arial;font-size:10pt">computation, construction, reconstitution and rebalancing, despite any of the procedures designed to prevent such </span><span style="color:#003c78;font-family:arial;font-size:10pt">occurrences and due diligence conducted by the index provider. Errors may result in a negative performance impact </span><span style="color:#003c78;font-family:arial;font-size:10pt">to the Fund and its shareholders. The decision of whether to remove a security from the tracking index is made by an </span><span style="color:#003c78;font-family:arial;font-size:10pt">independent index provider who is not affiliated with the Fund or the Investment Manager.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Issuer Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> An issuer in which the Fund invests or to which it has exposure may perform poorly or below </span><span style="color:#003c78;font-family:arial;font-size:10pt">expectations, and the value of its securities may therefore decline, which may negatively affect the Fund’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, </span><span style="color:#003c78;font-family:arial;font-size:10pt">breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent </span><span style="color:#003c78;font-family:arial;font-size:10pt">disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus </span><span style="color:#003c78;font-family:arial;font-size:10pt">outbreaks, epidemics or other events, conditions and factors which may impair the value of your investment in the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund and could result in a greater premium or discount between the market price and the NAV of the Fund's shares </span><span style="color:#003c78;font-family:arial;font-size:10pt">and</span><span style="color:#003c78;font-family:arial;font-size:10pt">/or</span><span style="color:#003c78;font-family:arial;font-size:10pt"> wider bid/ask spreads than those experienced by other ETFs.</span></div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Small- and Mid-Cap Stock Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Investments in small- and mid-capitalization companies (small- and mid-cap </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies) often involve greater risks than investments in larger, more established companies (larger companies) </span><span style="color:#003c78;font-family:arial;font-size:10pt">because small- and mid-cap companies tend to have less predictable earnings and may lack the management </span><span style="color:#003c78;font-family:arial;font-size:10pt">experience, financial resources, product diversification and competitive strengths of larger companies. Securities </span><span style="color:#003c78;font-family:arial;font-size:10pt">of small- and mid-cap companies may be less liquid and more volatile than the securities of larger companies.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Large-Cap Stock Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Investments in larger companies may involve certain risks associated with their larger size. </span><span style="color:#003c78;font-family:arial;font-size:10pt">For instance, larger companies may be less able to respond quickly to new competitive challenges, such as </span><span style="color:#003c78;font-family:arial;font-size:10pt">changes in consumer tastes or innovation from smaller competitors. Also, larger companies are sometimes less </span><span style="color:#003c78;font-family:arial;font-size:10pt">able to achieve as high growth rates as successful smaller companies, especially during extended periods of </span><span style="color:#003c78;font-family:arial;font-size:10pt">economic expansion.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Liquidity Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Liquidity risk is the risk associated with any event, circumstance, or characteristic of an investment or </span><span style="color:#003c78;font-family:arial;font-size:10pt">market that negatively impacts the Fund’s ability to sell, or realize the proceeds from the sale of, an investment at a </span><span style="color:#003c78;font-family:arial;font-size:10pt">desirable time or price. Liquidity risk may arise because of, for example, a lack of marketability of the investment, </span><span style="color:#003c78;font-family:arial;font-size:10pt">which means that when seeking to sell its portfolio investments, the Fund could find that selling is more difficult than </span><span style="color:#003c78;font-family:arial;font-size:10pt">anticipated, especially during times of high market volatility. Market participants attempting to sell the same or a </span><span style="color:#003c78;font-family:arial;font-size:10pt">similar instrument at the same time as the Fund could exacerbate the Fund’s exposure to liquidity risk. The Fund may </span><span style="color:#003c78;font-family:arial;font-size:10pt">have to accept a lower selling price for the holding, sell other liquid or more liquid investments that it might </span><span style="color:#003c78;font-family:arial;font-size:10pt">otherwise prefer to hold (thereby increasing the proportion of the Fund’s investments in less liquid or illiquid </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">securities), or </span><span style="color:#003c78;font-family:arial;font-size:10pt">forgo</span><span style="color:#003c78;font-family:arial;font-size:10pt"> another more appealing investment opportunity. The liquidity of Fund investments may change </span><span style="color:#003c78;font-family:arial;font-size:10pt">significantly over time and certain investments that were liquid when purchased by the Fund may later become </span><span style="color:#003c78;font-family:arial;font-size:10pt">illiquid, particularly in times of overall economic distress. Changing regulatory, market or other conditions or </span><span style="color:#003c78;font-family:arial;font-size:10pt">environments (for example, the interest rate or credit environments) may also adversely affect the liquidity and the </span><span style="color:#003c78;font-family:arial;font-size:10pt">price of the Fund's investments. Judgment plays a larger role in valuing illiquid or less liquid investments as </span><span style="color:#003c78;font-family:arial;font-size:10pt">compared to valuing liquid or more liquid investments. Price volatility may be higher for illiquid or less liquid </span><span style="color:#003c78;font-family:arial;font-size:10pt">investments as a result of, for example, the relatively less frequent pricing of such securities (as compared to liquid </span><span style="color:#003c78;font-family:arial;font-size:10pt">or more liquid investments). Generally, the less liquid the market at the time the Fund sells a portfolio investment, the </span><span style="color:#003c78;font-family:arial;font-size:10pt">greater the risk of loss or decline of value to the Fund. Overall market liquidity and other factors can lead to an </span><span style="color:#003c78;font-family:arial;font-size:10pt">increase in redemptions of creation units, which may negatively impact Fund performance and NAV, including, for </span><span style="color:#003c78;font-family:arial;font-size:10pt">example, if the Fund is forced to sell investments in a down market. In certain circumstances, the Fund might not be </span><span style="color:#003c78;font-family:arial;font-size:10pt">able to dispose of certain holdings quickly or at fair prices, preventing the Fund from tracking the Index.  Foreign </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities can present enhanced liquidity risks, including as a result of less developed custody, settlement or other </span><span style="color:#003c78;font-family:arial;font-size:10pt">practices of foreign markets. In addition, in stressed market conditions, the market for Fund shares may become </span><span style="color:#003c78;font-family:arial;font-size:10pt">less liquid. Deterioration in the liquidity of Fund shares may adversely impact the liquidity of the Fund's underlying </span><span style="color:#003c78;font-family:arial;font-size:10pt">portfolio securities. These adverse impacts on the liquidity of Fund shares and on the liquidity of the Fund's </span><span style="color:#003c78;font-family:arial;font-size:10pt">underlying portfolio securities could in turn lead to a greater premium or discount between the market price and the </span><span style="color:#003c78;font-family:arial;font-size:10pt">NAV of the Fund's shares and/or wider bid/ask spreads than those experienced by other ETFs.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Market Price Relative to NAV Risk. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Shares of the Fund may trade at prices that vary from Fund NAV. Shares of the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund are listed for trading on the Exchange and are bought and sold in the secondary market at market prices that </span><span style="color:#003c78;font-family:arial;font-size:10pt">may differ, in some cases significantly, from their NAV. The NAV of the Fund will generally fluctuate with changes in </span><span style="color:#003c78;font-family:arial;font-size:10pt">the market value of the Fund’s holdings. The market prices of shares, however, will generally fluctuate in response to </span><span style="color:#003c78;font-family:arial;font-size:10pt">changes in NAV, as well as the relative supply of, and demand for, Fund shares on the Exchange. Fund shares may </span><span style="color:#003c78;font-family:arial;font-size:10pt">trade at a greater premium or discount between the market price and the NAV of the Fund's shares and/or wider </span><span style="color:#003c78;font-family:arial;font-size:10pt">bid/ask spreads than those experienced by other ETFs. The Investment Manager cannot predict whether Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">shares will trade below, at or above their NAV. Price differences may result because of, among other factors, supply </span><span style="color:#003c78;font-family:arial;font-size:10pt">and demand forces in the secondary trading market for Fund shares. It is expected that these forces generally will be </span><span style="color:#003c78;font-family:arial;font-size:10pt">closely related to, but not identical to, the same forces influencing the prices of the Fund’s holdings. In this regard, if </span><span style="color:#003c78;font-family:arial;font-size:10pt">a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV or sells shares at a </span><span style="color:#003c78;font-family:arial;font-size:10pt">time when the market price is at a discount to the NAV, the shareholder may sustain losses. Different investment </span><span style="color:#003c78;font-family:arial;font-size:10pt">strategies or techniques, including those intended to be defensive in nature, including, as examples, stop loss orders </span><span style="color:#003c78;font-family:arial;font-size:10pt">to sell an ETF’s shares in the secondary market during negative market events or conditions, such as a “flash crash” </span><span style="color:#003c78;font-family:arial;font-size:10pt">or other market disruptions, may not work as intended and may produce significant losses to investors. Investors </span><span style="color:#003c78;font-family:arial;font-size:10pt">should consult their financial intermediary prior to using any such investment strategies or techniques, or before </span><span style="color:#003c78;font-family:arial;font-size:10pt">investing in the Fund.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Market Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund may incur losses due to declines in the value of one or more securities in which it invests. </span><span style="color:#003c78;font-family:arial;font-size:10pt">These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, </span><span style="color:#003c78;font-family:arial;font-size:10pt">regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, </span><span style="color:#003c78;font-family:arial;font-size:10pt">turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively </span><span style="color:#003c78;font-family:arial;font-size:10pt">affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly </span><span style="color:#003c78;font-family:arial;font-size:10pt">traded and closed markets and could cause significant redemptions and operational challenges. Global economies </span><span style="color:#003c78;font-family:arial;font-size:10pt">and financial markets are increasingly interconnected, and conditions and events in one country, region or financial </span><span style="color:#003c78;font-family:arial;font-size:10pt">market may adversely impact issuers in a different country, region or financial market. These risks may be magnified </span><span style="color:#003c78;font-family:arial;font-size:10pt">if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such </span><span style="color:#003c78;font-family:arial;font-size:10pt">risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other </span><span style="color:#003c78;font-family:arial;font-size:10pt">conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, </span><span style="color:#003c78;font-family:arial;font-size:10pt">depressions or other events – or the potential for such events – could have a significant negative impact on global </span><span style="color:#003c78;font-family:arial;font-size:10pt">economic and market conditions and could result in a greater premium or discount between the market price and the </span><span style="color:#003c78;font-family:arial;font-size:10pt">NAV of the Fund's shares and</span><span style="color:#003c78;font-family:arial;font-size:10pt">/or</span><span style="color:#003c78;font-family:arial;font-size:10pt"> wider bid/ask spreads than those experienced by other ETFs.</span></div> <div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Non-Diversified Fund Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund is </span><span style="color:#003c78;font-family:arial;font-size:10pt">passively managed to track an unaffiliated index, and the Fund may hold a </span><span style="color:#003c78;font-family:arial;font-size:10pt">non-diversified</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">portfolio to the extent that its index’s holdings represent a non-diversified portfolio. When holding a </span><span style="color:#003c78;font-family:arial;font-size:10pt">non-diversified portfolio,</span><span style="color:#003c78;font-family:arial;font-size:10pt"> it may invest a greater percentage of its total assets in the securities of fewer issuers than a </span><span style="color:#003c78;font-family:arial;font-size:10pt">“diversified” fund. This increases the risk that a change in the value of any one investment held by the Fund could </span><span style="color:#003c78;font-family:arial;font-size:10pt">affect the overall value of the Fund more than it would affect that of a diversified fund holding a greater number of </span><span style="color:#003c78;font-family:arial;font-size:10pt">investments. Accordingly, the Fund's value will likely be more volatile than the value of a more diversified fund.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Passive Investment Risk. </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund is not actively managed and may be affected by a general decline in market </span><span style="color:#003c78;font-family:arial;font-size:10pt">segments related to its Index’s investment exposures. The Fund invests in securities or instruments included in, or </span><span style="color:#003c78;font-family:arial;font-size:10pt">believed by the portfolio managers to be representative of, the Index regardless of their investment merits. The Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">does not seek temporary defensive positions when markets decline or appear overvalued.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Sector Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> At times, the Fund may have a significant portion of its assets invested in securities of companies </span><span style="color:#003c78;font-family:arial;font-size:10pt">conducting business in a related group of industries within one or more economic sectors, including the consumer </span><span style="color:#003c78;font-family:arial;font-size:10pt">discretionary and consumer staples sectors. The Fund generally invests in issuers, including to concentrate its </span><span style="color:#003c78;font-family:arial;font-size:10pt">investments in issuers conducting business in a related group of industries, to approximately the same extent as the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Index. Companies in the same sector may be similarly affected by economic, regulatory, political or market events or </span><span style="color:#003c78;font-family:arial;font-size:10pt">conditions, which may make the Fund vulnerable to unfavorable developments in that group of industries or </span><span style="color:#003c78;font-family:arial;font-size:10pt">economic sector.</span></div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Consumer Discretionary/Staples Sectors.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund is vulnerable to the particular risks that may affect companies </span><span style="color:#003c78;font-family:arial;font-size:10pt">in the consumer discretionary/staples sectors. Companies in the consumer discretionary/staples sectors are </span><span style="color:#003c78;font-family:arial;font-size:10pt">subject to certain risks, including fluctuations in the performance of the overall domestic and international </span><span style="color:#003c78;font-family:arial;font-size:10pt">economies, interest rate changes, currency exchange rates, increased competition and consumer confidence. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Performance of such companies may be affected by factors including reduced disposable household income, </span><span style="color:#003c78;font-family:arial;font-size:10pt">reduced consumer spending, and changing demographics and consumer tastes.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> Performance Information The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s performance has varied for each full calendar year shown. The table below the bar chart compares the Fund’s returns for the periods shown with a broad measure of market performance and the index the Fund seeks to track. <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The following bar chart and table show you how the Fund has performed in the past, and can help you understand </span><span style="color:#003c78;font-family:arial;font-size:10pt">the risks of investing in the Fund. The bar chart shows how the Fund’s performance has varied for each full calendar </span><span style="color:#003c78;font-family:arial;font-size:10pt">year shown. </span><span style="color:#003c78;font-family:arial;font-size:10pt">The table below the bar chart compares the Fund’s returns for the periods shown with a broad measure </span><span style="color:#003c78;font-family:arial;font-size:10pt">of market performance and the index the Fund seeks to track.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The after-tax returns shown in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Average Annual Total Returns</span><span style="color:#003c78;font-family:arial;font-size:10pt"> table below are calculated using the highest </span><span style="color:#003c78;font-family:arial;font-size:10pt">historical individual U.S. federal marginal income tax rates in effect during the period indicated in the table and do </span><span style="color:#003c78;font-family:arial;font-size:10pt">not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax </span><span style="color:#003c78;font-family:arial;font-size:10pt">situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not </span><span style="color:#003c78;font-family:arial;font-size:10pt">apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual Retirement Accounts (IRAs).</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">Updated performance information can be obtained by calling toll-free 800.426.3750 or visiting </span><span style="color:#003c78;font-family:arial;font-size:10pt">columbiathreadneedleus.com/etfs.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Columbia Management has been the Fund’s investment manager since September 1, 2016. Performance prior to </span><span style="color:#003c78;font-family:arial;font-size:10pt">September 1, 2016 is attributable to the Fund's previous investment manager.</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> The after-tax returns shown in the Average Annual Total Returns table below are calculated using the highest historical individual U.S. federal marginal income tax rates in effect during the period indicated in the table and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual Retirement Accounts (IRAs). The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. 800.426.3750 columbiathreadneedleus.com/etfs Year by Year Total Return (%)as of December 31 Each Year* Best 2020-06-30 0.2315 Worst 2020-03-31 -0.2741 Year to Date return 2026-06-30 -0.0868  Average Annual Total Returns (for periods ended December 31, 2025)   2011-08-10 2011-08-10 2011-08-10 0.0035 0.1116 0.0979 0.0035 0.1018 0.0929 0.0021 0.0883 0.0806 0.0245 0.1432 0.1213 0.0262 0.0988 0.0970 Summary of Columbia Research Enhanced Emerging Economies ETF Investment Objective <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Columbia Research Enhanced Emerging Economies ETF (the Fund) </span><span style="color:#003c78;font-family:arial;font-size:10pt">seeks investment results that, before fees and </span><span style="color:#003c78;font-family:arial;font-size:10pt">expenses, closely correspond to the performance of the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Beta Advantage</span><span style="color:#003c78;font-family:arial;font-size:5pt;position:relative;top:-4.25pt">®</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Research Enhanced Solactive Emerging </span><span style="color:#003c78;font-family:arial;font-size:10pt">Economies Index (the Index).</span></div> Fees and Expenses of the Fund <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">You may </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">pay other fees, such as brokerage commissions, to financial intermediaries, which are not reflected in the table and </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">example below.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">If such expenses were reflected, the expenses set forth below would be higher.</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0049 0.0000 0.0000 0.0049 -0.0002 0.0047 July 31, 2027  Example <div style="margin-top:6pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing </span><span style="color:#003c78;font-family:arial;font-size:10pt">in other funds. The example illustrates the hypothetical expenses that you would incur over the time periods </span><span style="color:#003c78;font-family:arial;font-size:10pt">indicated (whether or not shares are redeemed), and assumes that:</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">you invest $10,000 in the Fund for the periods indicated,</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">your investment has a 5% return each year, and</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.00pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">the Fund’s total annual operating expenses remain the same as shown in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Annual Fund Operating Expenses</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">table above.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="margin-top:6pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Since the waivers and/or reimbursements shown in the Annual Fund Operating Expenses table above expire as </span><span style="color:#003c78;font-family:arial;font-size:10pt">indicated in the preceding table, they are only reflected in the 1 year example and the first year of the other </span><span style="color:#003c78;font-family:arial;font-size:10pt">examples. Although your actual costs may be higher or lower, based on the assumptions listed above, your costs </span><span style="color:#003c78;font-family:arial;font-size:10pt">would be:</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> 48 48 155 155 272 272 614 614 Portfolio Turnover <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color:#003c78;font-family:arial;font-size:10pt">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or </span><span style="color:#003c78;font-family:arial;font-size:10pt">in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate </span><span style="color:#003c78;font-family:arial;font-size:10pt">was </span><span style="color:#003c78;font-family:arial;font-size:10pt">39</span><span style="color:#003c78;font-family:arial;font-size:10pt">% of the average value of its portfolio.</span></div> 0.39 Principal Investment Strategies <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund is an exchange-traded fund (ETF) that seeks to track the performance of the Index. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Under normal </span><span style="color:#003c78;font-family:arial;font-size:10pt">circumstances, the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund invests at least 80% of its net assets (</span><span style="color:#003c78;font-family:arial;font-size:10pt">plus</span><span style="color:#003c78;font-family:arial;font-size:10pt"> the amount of any borrowings for investment </span><span style="color:#003c78;font-family:arial;font-size:10pt">purposes) in equity securities (including, but not limited to, common shares traded on local exchanges, American </span><span style="color:#003c78;font-family:arial;font-size:10pt">Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs)) of companies located in emerging market </span><span style="color:#003c78;font-family:arial;font-size:10pt">countries. “Emerging market” countries are those included in the Solactive GBS Emerging Markets Large &amp; Mid Cap </span><span style="color:#003c78;font-family:arial;font-size:10pt">USD Index. The Index reflects a rules-based strategic beta approach to investing in the companies that comprise the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Solactive GBS Emerging Markets Large &amp; Mid Cap USD Index (also referred to as the Starting Universe), with the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Index designed to seek to achieve stronger total return when compared with the Starting Universe, which is a broad </span><span style="color:#003c78;font-family:arial;font-size:10pt">measure of the performance of emerging markets large- and mid-cap growth and value companies. The Index, like </span><span style="color:#003c78;font-family:arial;font-size:10pt">the Starting Universe, and therefore the Fund, typically holds only common stocks and </span><span style="color:#003c78;font-family:arial;font-size:10pt">depositary</span><span style="color:#003c78;font-family:arial;font-size:10pt"> receipts.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund is an exchange-traded fund (ETF) that seeks to track the performance of the Index. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Under normal </span><span style="color:#003c78;font-family:arial;font-size:10pt">circumstances, the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund invests at least 80% of its net assets (</span><span style="color:#003c78;font-family:arial;font-size:10pt">plus</span><span style="color:#003c78;font-family:arial;font-size:10pt"> the amount of any borrowings for investment </span><span style="color:#003c78;font-family:arial;font-size:10pt">purposes) in equity securities (including, but not limited to, common shares traded on local exchanges, American </span><span style="color:#003c78;font-family:arial;font-size:10pt">Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs)) of companies located in emerging market </span><span style="color:#003c78;font-family:arial;font-size:10pt">countries. “Emerging market” countries are those included in the Solactive GBS Emerging Markets Large &amp; Mid Cap </span><span style="color:#003c78;font-family:arial;font-size:10pt">USD Index. The Index reflects a rules-based strategic beta approach to investing in the companies that comprise the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Solactive GBS Emerging Markets Large &amp; Mid Cap USD Index (also referred to as the Starting Universe), with the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Index designed to seek to achieve stronger total return when compared with the Starting Universe, which is a broad </span><span style="color:#003c78;font-family:arial;font-size:10pt">measure of the performance of emerging markets large- and mid-cap growth and value companies. The Index, like </span><span style="color:#003c78;font-family:arial;font-size:10pt">the Starting Universe, and therefore the Fund, typically holds only common stocks and </span><span style="color:#003c78;font-family:arial;font-size:10pt">depositary</span><span style="color:#003c78;font-family:arial;font-size:10pt"> receipts.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Index was designed by the Fund’s investment adviser, Columbia Management Investment Advisers, LLC </span><span style="color:#003c78;font-family:arial;font-size:10pt">(Columbia Management or the Investment Manager). The Index is owned and calculated by Solactive AG. "Solactive" </span><span style="color:#003c78;font-family:arial;font-size:10pt">is a trademark of Solactive AG.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Index is comprised of a subset of the companies within the Solactive GBS Emerging Markets Large &amp; Mid Cap </span><span style="color:#003c78;font-family:arial;font-size:10pt">USD Index. With a starting point of the Solactive GBS Emerging Markets Large &amp; Mid Cap USD Index, the Index was </span><span style="color:#003c78;font-family:arial;font-size:10pt">designed to reflect the performance of emerging markets large- and mid-cap growth and value companies through </span><span style="color:#003c78;font-family:arial;font-size:10pt">the application of a rules-based methodology that takes into account company quality, value, and catalyst (e.g., price </span><span style="color:#003c78;font-family:arial;font-size:10pt">momentum and business momentum) factors. The Index construction methodology typically results in </span><span style="color:#003c78;font-family:arial;font-size:10pt">approximately 325-400 Index holdings, but this range can fluctuate because the Index has no constraints on number </span><span style="color:#003c78;font-family:arial;font-size:10pt">of holdings.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund typically utilizes a “representative sampling” strategy whereby the Fund invests in some, but not all, of the </span><span style="color:#003c78;font-family:arial;font-size:10pt">component securities of the Index. As such, the Fund may not track the Index with the same degree of accuracy as </span><span style="color:#003c78;font-family:arial;font-size:10pt">would an investment vehicle replicating (or investing in) the entire Index. Under certain circumstances or conditions </span><span style="color:#003c78;font-family:arial;font-size:10pt">or due to other factors, including, for example, the size of the Fund’s portfolio, the Fund may use a full replication </span><span style="color:#003c78;font-family:arial;font-size:10pt">strategy, which means that the Fund will seek to track the performance of the Index by investing all, or substantially </span><span style="color:#003c78;font-family:arial;font-size:10pt">all, of its assets in the securities that make up the Index in approximately the same proportion as their weighting in </span><span style="color:#003c78;font-family:arial;font-size:10pt">the Index.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may sell securities or other holdings that are represented in the Index or purchase securities or make other </span><span style="color:#003c78;font-family:arial;font-size:10pt">investments that are not yet represented in the Index in anticipation of their removal from or addition to the Index.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund is passively managed and thus Columbia Management does not provide day-to-day active management of </span><span style="color:#003c78;font-family:arial;font-size:10pt">the Fund’s assets based on its view of the investment merits of a security or company, nor does it conduct </span><span style="color:#003c78;font-family:arial;font-size:10pt">fundamental investment research or analysis, or seek to forecast or otherwise consider market movements, </span><span style="color:#003c78;font-family:arial;font-size:10pt">conditions, or trends in the day-to-day management of the Fund’s assets. The Fund pursues its investment objective </span><span style="color:#003c78;font-family:arial;font-size:10pt">of correlating performance with the Index regardless of market conditions and does not take defensive positions.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">In connection with its representative sampling approach, the Fund seeks to invest in specific countries or </span><span style="color:#003c78;font-family:arial;font-size:10pt">geographic regions, including the Greater China region and India, to approximately the same extent as the Index.  The </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund may seek investment exposure to Chinese companies operating in certain sectors using a structure known as a </span><span style="color:#003c78;font-family:arial;font-size:10pt">variable interest entity (a VIE), rather than an equity ownership in the Chinese company</span><span style="color:#003c78;font-family:arial;font-size:10pt">.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund concentrates its </span><span style="color:#003c78;font-family:arial;font-size:10pt">investments (i.e., holds 25% or more of its net assets) in a particular industry or group of industries to approximately </span><span style="color:#003c78;font-family:arial;font-size:10pt">the same extent that the Index is concentrated. As of March 31, </span><span style="color:#003c78;font-family:arial;font-size:10pt">2026</span><span style="color:#003c78;font-family:arial;font-size:10pt">, the Index (and therefore the Fund) was </span><span style="color:#003c78;font-family:arial;font-size:10pt">concentrated in the financials and information technology sectors.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Index is reconstituted semi-annually in May and November.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund may invest up to 20% of its assets in other securities or instruments not included within the Index that the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Investment Manager believes will help the Fund track the Index.</span></div> Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities (including, but not limited to, common shares traded on local exchanges, American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs)) of companies located in emerging market countries. “Emerging market” countries are those included in the Solactive GBS Emerging Markets Large &amp; Mid Cap USD Index. There is no assurance that the Fund will achieve its investment objective and you may lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Only an Authorized Participant (as defined below) may engage in </span><span style="color:#003c78;font-family:arial;font-size:10pt">creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may </span><span style="color:#003c78;font-family:arial;font-size:10pt">act as Authorized Participants, none of which are or will be obligated to engage in creation or redemption </span><span style="color:#003c78;font-family:arial;font-size:10pt">transactions. To the extent that these institutions exit the business or are unable or unwilling to proceed with </span><span style="color:#003c78;font-family:arial;font-size:10pt">creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to </span><span style="color:#003c78;font-family:arial;font-size:10pt">step forward to create or redeem Creation Units, Fund shares may trade at a greater premium or discount between </span><span style="color:#003c78;font-family:arial;font-size:10pt">the market price and the NAV of the Fund’s shares and/or wider bid/ask spreads than those experienced by other </span><span style="color:#003c78;font-family:arial;font-size:10pt">ETFs. Additionally, the Fund could possibly face trading halts and/or delisting from the Exchange. This risk is </span><span style="color:#003c78;font-family:arial;font-size:10pt">heightened in times of market stress, including at both the Fund share level and at the Fund holdings level.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Correlation/Tracking Error Risk. </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund’s value will generally decline when the performance of the securities </span><span style="color:#003c78;font-family:arial;font-size:10pt">within the Index declines. A number of factors may affect the Fund’s ability to achieve a high degree of correlation </span><span style="color:#003c78;font-family:arial;font-size:10pt">with the Index, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a </span><span style="color:#003c78;font-family:arial;font-size:10pt">high degree of correlation may prevent the Fund from achieving its investment objective. In addition, the Fund bears </span><span style="color:#003c78;font-family:arial;font-size:10pt">management and other expenses and transaction costs in trading securities or other instruments, which the Index </span><span style="color:#003c78;font-family:arial;font-size:10pt">does not bear. The Fund, unlike the Index, is subject to regulatory requirements that can limit the Fund’s investments </span><span style="color:#003c78;font-family:arial;font-size:10pt">relative to what the Index can hold. Accordingly, the Fund</span><span style="color:#003c78;font-family:arial;font-size:10pt">'</span><span style="color:#003c78;font-family:arial;font-size:10pt">s performance will likely fail to match the performance of </span><span style="color:#003c78;font-family:arial;font-size:10pt">the Index, after taking expenses into account, as well as regulatory limitations. It is not possible to invest directly in </span><span style="color:#003c78;font-family:arial;font-size:10pt">an index.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Depositary Receipts Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Depositary receipts are receipts issued by a bank or trust company reflecting ownership </span><span style="color:#003c78;font-family:arial;font-size:10pt">of underlying securities issued by foreign companies. Some foreign securities are traded in the form of American </span><span style="color:#003c78;font-family:arial;font-size:10pt">Depositary Receipts and/or Global Depositary Receipts. Depositary receipts involve risks similar to the risks </span><span style="color:#003c78;font-family:arial;font-size:10pt">associated with investments in foreign securities, including those associated with an issuer’s (and any of its related </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies’) country of organization and places of business operations, which may be related to the particular </span><span style="color:#003c78;font-family:arial;font-size:10pt">political, regulatory, economic, social and other conditions or events (including, for example, military confrontations </span><span style="color:#003c78;font-family:arial;font-size:10pt">and actions, war, other conflicts, terrorism and disease/virus outbreaks and epidemics) occurring in the country and </span><span style="color:#003c78;font-family:arial;font-size:10pt">fluctuations in such country’s currency, as well as market risk tied to the underlying foreign company. In addition, </span><span style="color:#003c78;font-family:arial;font-size:10pt">holders of depositary receipts may have limited voting rights, may not have the same rights afforded to stockholders </span><span style="color:#003c78;font-family:arial;font-size:10pt">of a typical domestic company in the event of a corporate action, such as an acquisition, merger or rights offering, </span><span style="color:#003c78;font-family:arial;font-size:10pt">and may experience difficulty in receiving company stockholder communications. There is no guarantee that a </span><span style="color:#003c78;font-family:arial;font-size:10pt">financial institution will continue to sponsor a depositary receipt, or that a depositary receipt will continue to trade on </span><span style="color:#003c78;font-family:arial;font-size:10pt">an exchange, either of which could adversely affect the liquidity, availability and pricing of the depositary receipt. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Changes in foreign currency exchange rates will affect the value of depositary receipts and, therefore, may affect the </span><span style="color:#003c78;font-family:arial;font-size:10pt">value of your investment in the Fund.To the extent that the exchange price of a depositary receipt differs from the </span><span style="color:#003c78;font-family:arial;font-size:10pt">local price of the underlying security used by the Index, the Fund may be prevented from fully achieving its </span><span style="color:#003c78;font-family:arial;font-size:10pt">investment objective of tracking the performance of the Index.</span></div> <div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Early/Late Close/Trading Halt Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> An exchange or market may close early, close late or issue trading halts on </span><span style="color:#003c78;font-family:arial;font-size:10pt">specific securities, or the ability to buy or sell certain securities may be restricted, which may result in the Fund being </span><span style="color:#003c78;font-family:arial;font-size:10pt">unable to buy or sell these securities. In these circumstances, the Fund may be unable to rebalance and reconstitute </span><span style="color:#003c78;font-family:arial;font-size:10pt">its portfolio, may be unable to accurately price its investments, may incur substantial trading losses and/or may be </span><span style="color:#003c78;font-family:arial;font-size:10pt">prevented from sufficiently tracking the performance of the Index.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Emerging Market Securities Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Securities issued by foreign governments or companies in emerging market </span><span style="color:#003c78;font-family:arial;font-size:10pt">countries are more likely to have greater exposure to the risks of investing in foreign securities that are described in </span><span style="color:#003c78;font-family:arial;font-size:10pt">Foreign Securities Risk. In addition, emerging market countries are more likely to experience instability resulting, for </span><span style="color:#003c78;font-family:arial;font-size:10pt">example, from rapid changes or developments in social, political, economic or other conditions. Their economies are </span><span style="color:#003c78;font-family:arial;font-size:10pt">usually less mature and their securities markets are typically less developed with more limited trading activity </span><span style="color:#003c78;font-family:arial;font-size:10pt">(i.e., lower trading volumes and less liquidity) than more developed countries. Emerging market securities tend to be </span><span style="color:#003c78;font-family:arial;font-size:10pt">more volatile, and may be more susceptible to market manipulation, than securities in more developed markets. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Many emerging market countries are heavily dependent on international trade and have fewer trading partners, which </span><span style="color:#003c78;font-family:arial;font-size:10pt">makes them more sensitive to world commodity prices and economic downturns in other countries, and some have </span><span style="color:#003c78;font-family:arial;font-size:10pt">a higher risk of currency devaluations. Due to the differences in the nature and quality of financial information of </span><span style="color:#003c78;font-family:arial;font-size:10pt">issuers of emerging market securities, including auditing and financial reporting standards, financial information and </span><span style="color:#003c78;font-family:arial;font-size:10pt">disclosures about such issuers may be unavailable or, if made available, may be considerably less reliable than </span><span style="color:#003c78;font-family:arial;font-size:10pt">publicly available information about other foreign securities.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Equity Securities Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Equity securities may experience significant volatility. Such securities may fall sharply in </span><span style="color:#003c78;font-family:arial;font-size:10pt">response to adverse events affecting overall markets, a particular industry or sector, or an individual company’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">financial condition.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Foreign Currency Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The performance of the Fund may be materially affected positively or negatively by foreign </span><span style="color:#003c78;font-family:arial;font-size:10pt">currency strength or weakness relative to the U.S. dollar, particularly if the Fund invests a significant percentage of </span><span style="color:#003c78;font-family:arial;font-size:10pt">its assets in foreign securities or other assets denominated in currencies other than the U.S. dollar.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Foreign Securities Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Investments in or exposure to securities of foreign companies may involve heightened risks </span><span style="color:#003c78;font-family:arial;font-size:10pt">relative to investments in or exposure to securities of U.S. companies. Investing in securities of foreign companies </span><span style="color:#003c78;font-family:arial;font-size:10pt">subjects the Fund to the risks associated with an issuer’s (and any of its related companies’) country of organization </span><span style="color:#003c78;font-family:arial;font-size:10pt">and places of business operations, including risks related to political, regulatory, economic, social, diplomatic and </span><span style="color:#003c78;font-family:arial;font-size:10pt">other conditions or events (including, for example, military confrontations and actions, war, other conflicts, terrorism </span><span style="color:#003c78;font-family:arial;font-size:10pt">and disease/virus outbreaks and epidemics) occurring in the country or region, as well as risks associated with less </span><span style="color:#003c78;font-family:arial;font-size:10pt">developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities </span><span style="color:#003c78;font-family:arial;font-size:10pt">of U.S. companies</span><span style="color:#003c78;font-family:arial;font-size:10pt"> and are subject to the risks associated with potential imposition of economic and other sanctions </span><span style="color:#003c78;font-family:arial;font-size:10pt">against a particular foreign country, its nationals or industries or businesses within the country. In addition, foreign </span><span style="color:#003c78;font-family:arial;font-size:10pt">governments may impose withholding or other taxes on the Fund’s income, capital gains or proceeds from the </span><span style="color:#003c78;font-family:arial;font-size:10pt">disposition of foreign securities, which could reduce the Fund’s return on such securities. Additionally, the Fund’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">foreign investments may trade in markets that may not be open on the same day or at the same time as the Fund, or </span><span style="color:#003c78;font-family:arial;font-size:10pt">foreign markets may close after the Fund has calculated its NAV for a given business day, which may cause a </span><span style="color:#003c78;font-family:arial;font-size:10pt">difference in the market price of such foreign securities and the value attributed to such securities by the Fund which </span><span style="color:#003c78;font-family:arial;font-size:10pt">in turn may result in a greater premium or discount between the market price and the NAV of the Fund's shares </span><span style="color:#003c78;font-family:arial;font-size:10pt">and/or wider bid/ask spreads than those experienced by other ETFs.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Geographic Focus Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund may be particularly susceptible to risks related to economic, political, regulatory or </span><span style="color:#003c78;font-family:arial;font-size:10pt">other events or conditions affecting issuers and countries within the specific geographic regions in which the Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">invests. The Fund’s NAV may be more volatile than the NAV of a more geographically diversified fund.</span></div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Greater China. </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Greater China region consists of Hong Kong, The People's Republic of China and Taiwan, </span><span style="color:#003c78;font-family:arial;font-size:10pt">among other countries, and the Fund's investments in the region are particularly susceptible to risks in that region. </span><span style="color:#003c78;font-family:arial;font-size:10pt">These economies can be significantly affected by currency fluctuations and increasing competition from other </span><span style="color:#003c78;font-family:arial;font-size:10pt">emerging economies. Adverse events in the region will generally have a greater effect on the Fund than if the Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">were more geographically diversified, which could result in greater volatility in the Fund’s NAV and losses. Markets </span><span style="color:#003c78;font-family:arial;font-size:10pt">in the Greater China region can experience significant volatility due to social, economic, regulatory and political </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="line-height:12.0pt;margin-left:11pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">uncertainties. Many Chinese companies to which the Fund seeks investment exposure use a structure known as a </span><span style="color:#003c78;font-family:arial;font-size:10pt">variable interest entity (a VIE) to address Chinese restrictions on direct foreign investment in Chinese companies </span><span style="color:#003c78;font-family:arial;font-size:10pt">operating in certain sectors. The Fund’s investment exposure to VIEs may pose additional risks because the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund’s investment is in a holding company domiciled outside of China (a Holding Company) whose interests in the </span><span style="color:#003c78;font-family:arial;font-size:10pt">business of the underlying Chinese operating company (the VIE) are established through contracts rather than </span><span style="color:#003c78;font-family:arial;font-size:10pt">equity ownership. The VIE structure is a longstanding practice in China that, until recently, was not acknowledged </span><span style="color:#003c78;font-family:arial;font-size:10pt">by the Chinese government, creating uncertainty over the possibility that the Chinese government might cease to </span><span style="color:#003c78;font-family:arial;font-size:10pt">tolerate VIE structures at any time or impose new restrictions on the structure. In such a scenario, the Chinese </span><span style="color:#003c78;font-family:arial;font-size:10pt">operating company could be subject to penalties, including revocation of its business and operating license, or the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Holding Company could forfeit its interest in the business of the Chinese operating company. Further, in case of a </span><span style="color:#003c78;font-family:arial;font-size:10pt">dispute, the remedies and rights of the Fund may be limited, and legal uncertainty may be exploited against the </span><span style="color:#003c78;font-family:arial;font-size:10pt">interests of the Fund. Control over a VIE may also be jeopardized if a natural person who holds the equity interest </span><span style="color:#003c78;font-family:arial;font-size:10pt">in the VIE breaches the terms of the contractual arrangements, is subject to legal proceedings, or if any physical </span><span style="color:#003c78;font-family:arial;font-size:10pt">instruments or property of the VIE, such as seals, business registration certificates, financial data and licensing </span><span style="color:#003c78;font-family:arial;font-size:10pt">arrangements (sometimes referred to as “chops”), are used without authorization. In the event of such an </span><span style="color:#003c78;font-family:arial;font-size:10pt">occurrence, the Fund, as a foreign investor, may have little or no legal recourse. In addition to the risk of </span><span style="color:#003c78;font-family:arial;font-size:10pt">government intervention, investments through a VIE structure are subject to the risk that the China-based </span><span style="color:#003c78;font-family:arial;font-size:10pt">company (or its officers, directors, or Chinese equity owners) may breach the contractual arrangements, that </span><span style="color:#003c78;font-family:arial;font-size:10pt">Chinese law changes in a way that adversely affects the enforceability of the arrangements, or that the contracts </span><span style="color:#003c78;font-family:arial;font-size:10pt">are otherwise not enforceable under Chinese law. In any of these cases, a Fund may suffer significant losses on </span><span style="color:#003c78;font-family:arial;font-size:10pt">its investments through a VIE structure with little or no recourse available. Further, the Fund is not a VIE </span><span style="color:#003c78;font-family:arial;font-size:10pt">owner/shareholder and cannot exert influence through proxy voting or other means. Foreign companies listed on </span><span style="color:#003c78;font-family:arial;font-size:10pt">stock exchanges in the United States, including companies using the VIE structure, could also face delisting or </span><span style="color:#003c78;font-family:arial;font-size:10pt">other ramifications for failure to meet the expectations and/or requirements of U.S. regulators.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> China has </span><span style="color:#003c78;font-family:arial;font-size:10pt">taken </span><span style="color:#003c78;font-family:arial;font-size:10pt">steps towards adopting a regulatory framework governing overseas listings by companies that utilize VIE </span><span style="color:#003c78;font-family:arial;font-size:10pt">structures. In 2023,</span><span style="color:#003c78;font-family:arial;font-size:10pt"> the </span><span style="color:#003c78;font-family:arial;font-size:10pt">China Securities Regulatory Commission</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">(CSRC)</span><span style="color:#003c78;font-family:arial;font-size:10pt"> released new rules that permit the use of </span><span style="color:#003c78;font-family:arial;font-size:10pt">VIE structures</span><span style="color:#003c78;font-family:arial;font-size:10pt">, </span><span style="color:#003c78;font-family:arial;font-size:10pt">provided they abide by Chinese laws and register with the CSRC. While this framework may provide </span><span style="color:#003c78;font-family:arial;font-size:10pt">a pathway for VIE-structured companies to continue accessing overseas capital markets,</span><span style="color:#003c78;font-family:arial;font-size:10pt"> uncertainty remains </span><span style="color:#003c78;font-family:arial;font-size:10pt">regarding the interpretation,</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">implementation and enforceability of VIE arrangements under Chinese law</span><span style="color:#003c78;font-family:arial;font-size:10pt">. Any of </span><span style="color:#003c78;font-family:arial;font-size:10pt">these risks could reduce the liquidity and value of the Fund’s investments in Holding Companies or render them </span><span style="color:#003c78;font-family:arial;font-size:10pt">valueless. </span></div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">India.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund is particularly susceptible to risks related to economic, political, regulatory or other events or </span><span style="color:#003c78;font-family:arial;font-size:10pt">conditions affecting issuers in India. Because the Fund invests predominantly in Indian securities, its NAV will be </span><span style="color:#003c78;font-family:arial;font-size:10pt">much more sensitive to changes in economic, political and other factors within India than would a fund that </span><span style="color:#003c78;font-family:arial;font-size:10pt">invested in a variety of countries. Special risks include, among others, political and legal uncertainty, persistent </span><span style="color:#003c78;font-family:arial;font-size:10pt">religious, ethnic and border disputes, greater government control over the economy, currency fluctuations or </span><span style="color:#003c78;font-family:arial;font-size:10pt">blockage and the risk of nationalization or expropriation of assets. Uncertainty regarding inflation and currency </span><span style="color:#003c78;font-family:arial;font-size:10pt">exchange rates, fiscal policy, credit ratings and the possibility that future harmful political actions will be taken by </span><span style="color:#003c78;font-family:arial;font-size:10pt">the Indian government, could negatively impact the Indian economy and securities markets, and thus adversely </span><span style="color:#003c78;font-family:arial;font-size:10pt">affect the Fund’s performance.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Index Methodology and Provider Risk. </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund seeks performance that corresponds to the performance of the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Index. There is no guarantee or assurance that the Index will achieve high, or even positive, returns. The Index may </span><span style="color:#003c78;font-family:arial;font-size:10pt">underperform the Starting Universe and more traditional indices. In turn, the Fund could lose value while other </span><span style="color:#003c78;font-family:arial;font-size:10pt">indices or measures of market performance increase in value or performance. In addition, the Fund may be subject </span><span style="color:#003c78;font-family:arial;font-size:10pt">to the risk of errors in Index computation, construction, reconstitution and rebalancing, despite any of the procedures </span><span style="color:#003c78;font-family:arial;font-size:10pt">designed to prevent such occurrences and due diligence conducted by the index provider. Errors may result in a </span><span style="color:#003c78;font-family:arial;font-size:10pt">negative performance impact to the Fund and its shareholders.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Index was developed by the Investment Manager </span><span style="color:#003c78;font-family:arial;font-size:10pt">and is owned by an independent index provider.</span></div> <div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Issuer Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> An issuer in which the Fund invests or to which it has exposure may perform poorly or below </span><span style="color:#003c78;font-family:arial;font-size:10pt">expectations, and the value of its securities may therefore decline, which may negatively affect the Fund’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, </span><span style="color:#003c78;font-family:arial;font-size:10pt">breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent </span><span style="color:#003c78;font-family:arial;font-size:10pt">disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus </span><span style="color:#003c78;font-family:arial;font-size:10pt">outbreaks, epidemics or other events, conditions and factors which may impair the value of your investment in the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund and could result in a greater premium or discount between the market price and the NAV of the Fund's shares </span><span style="color:#003c78;font-family:arial;font-size:10pt">and</span><span style="color:#003c78;font-family:arial;font-size:10pt">/or</span><span style="color:#003c78;font-family:arial;font-size:10pt"> wider bid/ask spreads than those experienced by other ETFs.</span></div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Mid-Cap Stock Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Investments in mid-capitalization companies (mid-cap companies) often involve greater risks </span><span style="color:#003c78;font-family:arial;font-size:10pt">than investments in larger, more established companies (larger companies) because mid-cap companies tend to </span><span style="color:#003c78;font-family:arial;font-size:10pt">have less predictable earnings and may lack the management experience, financial resources, product </span><span style="color:#003c78;font-family:arial;font-size:10pt">diversification and competitive strengths of larger companies, and may be less liquid than the securities of larger </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Large-Cap Stock Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Investments in larger companies may involve certain risks associated with their larger size. </span><span style="color:#003c78;font-family:arial;font-size:10pt">For instance, larger companies may be less able to respond quickly to new competitive challenges, such as </span><span style="color:#003c78;font-family:arial;font-size:10pt">changes in consumer tastes or innovation from smaller competitors. Also, larger companies are sometimes less </span><span style="color:#003c78;font-family:arial;font-size:10pt">able to achieve as high growth rates as successful smaller companies, especially during extended periods of </span><span style="color:#003c78;font-family:arial;font-size:10pt">economic expansion.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Liquidity Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> Liquidity risk is the risk associated with any event, circumstance, or characteristic of an investment or </span><span style="color:#003c78;font-family:arial;font-size:10pt">market that negatively impacts the Fund’s ability to sell, or realize the proceeds from the sale of, an investment at a </span><span style="color:#003c78;font-family:arial;font-size:10pt">desirable time or price. Liquidity risk may arise because of, for example, a lack of marketability of the investment, </span><span style="color:#003c78;font-family:arial;font-size:10pt">which means that when seeking to sell its portfolio investments, the Fund could find that selling is more difficult than </span><span style="color:#003c78;font-family:arial;font-size:10pt">anticipated, especially during times of high market volatility. Market participants attempting to sell the same or a </span><span style="color:#003c78;font-family:arial;font-size:10pt">similar instrument at the same time as the Fund could exacerbate the Fund’s exposure to liquidity risk. The Fund may </span><span style="color:#003c78;font-family:arial;font-size:10pt">have to accept a lower selling price for the holding, sell other liquid or more liquid investments that it might </span><span style="color:#003c78;font-family:arial;font-size:10pt">otherwise prefer to hold (thereby increasing the proportion of the Fund’s investments in less liquid or illiquid </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities), or </span><span style="color:#003c78;font-family:arial;font-size:10pt">forgo</span><span style="color:#003c78;font-family:arial;font-size:10pt"> another more appealing investment opportunity. The liquidity of Fund investments may change </span><span style="color:#003c78;font-family:arial;font-size:10pt">significantly over time and certain investments that were liquid when purchased by the Fund may later become </span><span style="color:#003c78;font-family:arial;font-size:10pt">illiquid, particularly in times of overall economic distress. Changing regulatory, market or other conditions or </span><span style="color:#003c78;font-family:arial;font-size:10pt">environments (for example, the interest rate or credit environments) may also adversely affect the liquidity and the </span><span style="color:#003c78;font-family:arial;font-size:10pt">price of the Fund's investments. Judgment plays a larger role in valuing illiquid or less liquid investments as </span><span style="color:#003c78;font-family:arial;font-size:10pt">compared to valuing liquid or more liquid investments. Price volatility may be higher for illiquid or less liquid </span><span style="color:#003c78;font-family:arial;font-size:10pt">investments as a result of, for example, the relatively less frequent pricing of such securities (as compared to liquid </span><span style="color:#003c78;font-family:arial;font-size:10pt">or more liquid investments). Generally, the less liquid the market at the time the Fund sells a portfolio investment, the </span><span style="color:#003c78;font-family:arial;font-size:10pt">greater the risk of loss or decline of value to the Fund. Overall market liquidity and other factors can lead to an </span><span style="color:#003c78;font-family:arial;font-size:10pt">increase in redemptions of creation units, which may negatively impact Fund performance and NAV, including, for </span><span style="color:#003c78;font-family:arial;font-size:10pt">example, if the Fund is forced to sell investments in a down market. In certain circumstances, the Fund might not be </span><span style="color:#003c78;font-family:arial;font-size:10pt">able to dispose of certain holdings quickly or at fair prices, preventing the Fund from tracking the Index.  Foreign </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities can present enhanced liquidity risks, including as a result of less developed custody, settlement or other </span><span style="color:#003c78;font-family:arial;font-size:10pt">practices of foreign markets. In addition, in stressed market conditions, the market for Fund shares may become </span><span style="color:#003c78;font-family:arial;font-size:10pt">less liquid. Deterioration in the liquidity of Fund shares may adversely impact the liquidity of the Fund's underlying </span><span style="color:#003c78;font-family:arial;font-size:10pt">portfolio securities. These adverse impacts on the liquidity of Fund shares and on the liquidity of the Fund's </span><span style="color:#003c78;font-family:arial;font-size:10pt">underlying portfolio securities could in turn lead to a greater premium or discount between the market price and the </span><span style="color:#003c78;font-family:arial;font-size:10pt">NAV of the Fund's shares and/or wider bid/ask spreads than those experienced by other ETFs.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Market Price Relative to NAV Risk. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Shares of the Fund may trade at prices that vary from Fund NAV. Shares of the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Fund are listed for trading on the Exchange and are bought and sold in the secondary market at market prices that </span><span style="color:#003c78;font-family:arial;font-size:10pt">may differ, in some cases significantly, from their NAV. The NAV of the Fund will generally fluctuate with changes in </span><span style="color:#003c78;font-family:arial;font-size:10pt">the market value of the Fund’s holdings. The market prices of shares, however, will generally fluctuate in response to </span><span style="color:#003c78;font-family:arial;font-size:10pt">changes in NAV, as well as the relative supply of, and demand for, Fund shares on the Exchange. Fund shares may </span><span style="color:#003c78;font-family:arial;font-size:10pt">trade at a greater premium or discount between the market price and the NAV of the Fund's shares and/or wider </span></div><div style="line-height:12.0pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">bid/ask spreads than those experienced by other ETFs. The Investment Manager cannot predict whether Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">shares will trade below, at or above their NAV. Price differences may result because of, among other factors, supply </span><span style="color:#003c78;font-family:arial;font-size:10pt">and demand forces in the secondary trading market for Fund shares. It is expected that these forces generally will be </span><span style="color:#003c78;font-family:arial;font-size:10pt">closely related to, but not identical to, the same forces influencing the prices of the Fund’s holdings. In this regard, if </span><span style="color:#003c78;font-family:arial;font-size:10pt">a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV or sells shares at a </span><span style="color:#003c78;font-family:arial;font-size:10pt">time when the market price is at a discount to the NAV, the shareholder may sustain losses. Different investment </span><span style="color:#003c78;font-family:arial;font-size:10pt">strategies or techniques, including those intended to be defensive in nature, including, as examples, stop loss orders </span><span style="color:#003c78;font-family:arial;font-size:10pt">to sell an ETF’s shares in the secondary market during negative market events or conditions, such as a “flash crash” </span><span style="color:#003c78;font-family:arial;font-size:10pt">or other market disruptions, may not work as intended and may produce significant losses to investors. Investors </span><span style="color:#003c78;font-family:arial;font-size:10pt">should consult their financial intermediary prior to using any such investment strategies or techniques, or before </span><span style="color:#003c78;font-family:arial;font-size:10pt">investing in the Fund.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Market Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund may incur losses due to declines in the value of one or more securities in which it invests. </span><span style="color:#003c78;font-family:arial;font-size:10pt">These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, </span><span style="color:#003c78;font-family:arial;font-size:10pt">regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition, </span><span style="color:#003c78;font-family:arial;font-size:10pt">turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively </span><span style="color:#003c78;font-family:arial;font-size:10pt">affect many issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly </span><span style="color:#003c78;font-family:arial;font-size:10pt">traded and closed markets and could cause significant redemptions and operational challenges. Global economies </span><span style="color:#003c78;font-family:arial;font-size:10pt">and financial markets are increasingly interconnected, and conditions and events in one country, region or financial </span><span style="color:#003c78;font-family:arial;font-size:10pt">market may adversely impact issuers in a different country, region or financial market. These risks may be magnified </span><span style="color:#003c78;font-family:arial;font-size:10pt">if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such </span><span style="color:#003c78;font-family:arial;font-size:10pt">risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other </span><span style="color:#003c78;font-family:arial;font-size:10pt">conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, </span><span style="color:#003c78;font-family:arial;font-size:10pt">depressions or other events – or the potential for such events – could have a significant negative impact on global </span><span style="color:#003c78;font-family:arial;font-size:10pt">economic and market conditions and could result in a greater premium or discount between the market price and the </span><span style="color:#003c78;font-family:arial;font-size:10pt">NAV of the Fund's shares and</span><span style="color:#003c78;font-family:arial;font-size:10pt">/or</span><span style="color:#003c78;font-family:arial;font-size:10pt"> wider bid/ask spreads than those experienced by other ETFs.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Passive Investment Risk. </span><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund is not actively managed and may be affected by a general decline in market </span><span style="color:#003c78;font-family:arial;font-size:10pt">segments related to its Index’s investment exposures. The Fund invests in securities or instruments included in, or </span><span style="color:#003c78;font-family:arial;font-size:10pt">believed by the portfolio managers to be representative of, the Index regardless of their investment merits. The Fund </span><span style="color:#003c78;font-family:arial;font-size:10pt">does not seek temporary defensive positions when markets decline or appear overvalued.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">Sector Risk.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> At times, the Fund may have a significant portion of its assets invested in securities of companies </span><span style="color:#003c78;font-family:arial;font-size:10pt">conducting business in a related group of industries within one or more economic sectors, including the financials </span><span style="color:#003c78;font-family:arial;font-size:10pt">and information technology sectors. The Fund generally invests in issuers, including to concentrate its investments </span><span style="color:#003c78;font-family:arial;font-size:10pt">in issuers conducting business in a related group of industries, to approximately the same extent as the </span><span style="color:#003c78;font-family:arial;font-size:10pt">Index. Because of its representative sampling approach to tracking the Index, the Fund may have over- or under-weight</span><span style="color:#003c78;font-family:arial;font-size:10pt"> holdings in issuers relative to issuer weightings in the Index. Companies in the same sector may be similarly </span><span style="color:#003c78;font-family:arial;font-size:10pt">affected by economic, regulatory, political or market events or conditions, which may make the Fund vulnerable to </span><span style="color:#003c78;font-family:arial;font-size:10pt">unfavorable developments in that group of industries or economic sector.</span></div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Financials Sector.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund is vulnerable to the particular risks that may affect companies in the financials sector. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Companies in the financials sector are subject to certain risks, including the risk of regulatory change, decreased </span><span style="color:#003c78;font-family:arial;font-size:10pt">liquidity in credit markets and unstable interest rates. Such companies may have concentrated portfolios, such as </span><span style="color:#003c78;font-family:arial;font-size:10pt">a high level of loans to one or more industries or sectors, which makes them vulnerable to economic conditions </span><span style="color:#003c78;font-family:arial;font-size:10pt">that affect such industries or sectors. Performance of such companies may be affected by competitive pressures </span><span style="color:#003c78;font-family:arial;font-size:10pt">and exposure to investments, agreements and counterparties, including credit products that, under certain </span><span style="color:#003c78;font-family:arial;font-size:10pt">circumstances, may lead to losses (e.g., subprime loans). Companies in the financials sector are subject to </span><span style="color:#003c78;font-family:arial;font-size:10pt">extensive governmental regulation that may limit the amount and types of loans and other financial commitments </span><span style="color:#003c78;font-family:arial;font-size:10pt">they can make, and the interest rates and fees they may charge. In addition, profitability of such companies is </span><span style="color:#003c78;font-family:arial;font-size:10pt">largely dependent upon the availability and the cost of capital.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;"> <div style="float:left;line-height:10pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:8pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:12pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic;font-weight:bold">Information Technology Sector.</span><span style="color:#003c78;font-family:arial;font-size:10pt"> The Fund is vulnerable to the particular risks that may affect companies in the </span><span style="color:#003c78;font-family:arial;font-size:10pt">information technology sector. Companies in the information technology sector are subject to certain risks, </span><span style="color:#003c78;font-family:arial;font-size:10pt">including the risk that new services, equipment or technologies will not be accepted by consumers and </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="line-height:12.0pt;margin-left:11pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:10pt">businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including </span><span style="color:#003c78;font-family:arial;font-size:10pt">obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including </span><span style="color:#003c78;font-family:arial;font-size:10pt">aggressive pricing of their products or services, new market entrants, competition for market share and short </span><span style="color:#003c78;font-family:arial;font-size:10pt">product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to </span><span style="color:#003c78;font-family:arial;font-size:10pt">limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In </span><span style="color:#003c78;font-family:arial;font-size:10pt">addition, many information technology sector companies have limited operating histories and prices of these </span><span style="color:#003c78;font-family:arial;font-size:10pt">companies’ securities historically have been more volatile than other securities, especially over the short term. </span><span style="color:#003c78;font-family:arial;font-size:10pt">Some companies in the information technology sector are facing increased government and regulatory scrutiny </span><span style="color:#003c78;font-family:arial;font-size:10pt">and may be subject to adverse government or regulatory action, which could negatively impact the value of their </span><span style="color:#003c78;font-family:arial;font-size:10pt">securities.</span></div> Performance Information The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s performance has varied for each full calendar year shown. The table below the bar chart compares the Fund’s returns for the periods shown with a broad measure of market performance and the index the Fund seeks to track. <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The following bar chart and table show you how the Fund has performed in the past, and can help you understand </span><span style="color:#003c78;font-family:arial;font-size:10pt">the risks of investing in the Fund. The bar chart shows how the Fund’s performance has varied for each full calendar </span><span style="color:#003c78;font-family:arial;font-size:10pt">year shown. </span><span style="color:#003c78;font-family:arial;font-size:10pt">The table below the bar chart compares the Fund’s returns for the periods shown with a broad measure </span><span style="color:#003c78;font-family:arial;font-size:10pt">of market performance and the index the Fund seeks to track.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The Fund’s performance prior to June 28, 2024 reflects returns achieved according to different principal investment </span><span style="color:#003c78;font-family:arial;font-size:10pt">strategies. If the Fund’s </span><span style="color:#003c78;font-family:arial;font-size:10pt">current strategies</span><span style="color:#003c78;font-family:arial;font-size:10pt"> had been in place for the prior periods, results shown may have been </span><span style="color:#003c78;font-family:arial;font-size:10pt">different.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">The after-tax returns shown in the </span><span style="color:#003c78;font-family:arial;font-size:10pt;font-style:italic">Average Annual Total Returns</span><span style="color:#003c78;font-family:arial;font-size:10pt"> table below are calculated using the highest </span><span style="color:#003c78;font-family:arial;font-size:10pt">historical individual U.S. federal marginal income tax rates in effect during the period indicated in the table and do </span><span style="color:#003c78;font-family:arial;font-size:10pt">not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax </span><span style="color:#003c78;font-family:arial;font-size:10pt">situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not </span><span style="color:#003c78;font-family:arial;font-size:10pt">apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual Retirement Accounts (IRAs).</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods </span><span style="color:#003c78;font-family:arial;font-size:10pt">shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt;font-weight:bold">The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</span><span style="color:#003c78;font-family:arial;font-size:10pt;line-height:12pt"> </span><span style="color:#003c78;font-family:arial;font-size:10pt">Updated performance information can be obtained by calling toll-free 800.426.3750 or visiting </span><span style="color:#003c78;font-family:arial;font-size:10pt">columbiathreadneedleus.com/etfs.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:10pt">Columbia Management has been the Fund’s investment manager since September 1, 2016. Performance prior to </span><span style="color:#003c78;font-family:arial;font-size:10pt">September 1, 2016 is attributable to the Fund's previous investment manager.</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:1pt"> </span></div> The after-tax returns shown in the Average Annual Total Returns table below are calculated using the highest historical individual U.S. federal marginal income tax rates in effect during the period indicated in the table and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-advantaged accounts such as 401(k) plans or Individual Retirement Accounts (IRAs). Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares. The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. 800.426.3750 columbiathreadneedleus.com/etfs Year by Year Total Return (%)as of December 31 Each Year* Best 2020-06-30 0.1669 Worst 2020-03-31 -0.1649 Year to Date return 2026-06-30 0.3012  Average Annual Total Returns (for periods ended December 31, 2025)   2010-09-14 2010-09-14 2010-09-14 0.3348 0.0084 0.0373 0.3290 0.0074 0.0366 0.2019 0.0082 0.0312 0.3230 0.2151 0.3230 0.0116 0.0433 0.3357 0.0420 0.0842 Year to Date return as of June 30, 2026: -8.68% Year to Date return as of June 30, 2026: 35.37% Year to Date return as of June 30, 2026: 30.12% The Combined Current and Former Indices performance represents the Fund's Former Index (the Dow Jones Emerging Markets Consumer TitansTM Index) performance until June 28, 2024 and the Fund's Current Index performance for the period from June 28, 2024 through December 31, 2025. Columbia Management Investment Advisers, LLC and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding interest (but not Fund overdraft charges), brokerage commissions, and infrequent and/or unusual expenses) through July 31, 2027, unless sooner terminated at the sole discretion of the Fund's Board of Trustees. Under this agreement, the Fund's net operating expenses, subject to applicable exclusions, will not exceed the annual rate of 0.47%. The Fund started tracking the performance of the Beta Advantage® Research Enhanced Solactive Emerging Economies Index (the Current Index) on June 28, 2024. The Current Index commenced operations on May 2, 2024 and therefore did not have performance information prior to that date. For periods prior to February 3, 2025, the Fund sought to track the performance of its index, which was not calculated in the manner that the Current Index is currently calculated. As a result, the performance of the Fund and the Current Index for periods prior to that date is not representative of the performance they would have achieved had the Fund sought to track the performance of the Current Index as currently calculated. The Life of Fund Beta Advantage® Research Enhanced Solactive Emerging Economies Index performance is for the period from June 28, 2024 through December 31, 2025.