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ALLSPRING EXCHANGE-TRADED FUNDS TRUST
2026-11-01
Investment Objective
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund seeks current income exempt from federal income tax, consistent with capital preservation.</span></div>
Fees and Expenses
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">This table is intended to help you understand the various costs and expenses you will pay if you buy, hold and sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>You may pay other fees, such as brokerage commissions and other fees to financial </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>intermediaries, which are not reflected in the tables and examples below.</b></span></div>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
0.0018
0
0.0001
0.0019
-0
Example of Expenses
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other funds. The example assumes a $10,000 initial investment, 5% annual total return, and that fees and expenses </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">remain the same as in the tables above. The table does not take into account brokerage commissions that you may pay </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">on purchases and sales of shares of the Fund. Although your actual costs may be higher or lower, based on these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">assumptions, your costs would be:</span></div>
<div>
<table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:40%"></td>
<td style="height:1px;width:14%"></td>
<td style="height:1px;width:14%"></td>
<td style="height:1px;width:16%"></td>
<td style="height:1px;width:16%"></td>
</tr>
<tr>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>ASSUMING YOU SOLD YOUR SHARES, YOU </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>WOULD PAY:</b></span>
</div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>AFTER 1 </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>YEAR</b></span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>AFTER 3 </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>YEARS</b></span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>AFTER 5 </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>YEARS</b></span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>AFTER 10 </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>YEARS</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$19</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$61</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$107</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$243</span></div>
</td>
</tr>
</table></div>
ASSUMING YOU SOLD YOUR SHARES, YOU WOULD PAY:
19
61
107
243
Portfolio Turnover
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">109</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">% of the average value of its portfolio.</span></div>
1.09
Principal Investment Strategies
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal circumstances, we invest:</span></div><div>
<table cellspacing="0" style="padding-top:6pt;margin-left:0%;" width="100%">
<tr>
<td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;line-height:9pt;">
<div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div>
</td>
<td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;">
<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">at least 80% of the Fund’s net assets plus borrowings for investment purposes in municipal securities whose interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">is exempt from federal income tax, but not necessarily federal alternative minimum tax (“AMT”)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> (this strategy may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">only be changed with the approval of shareholders);</span></div>
</td>
</tr>
</table></div><div>
<table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%">
<tr>
<td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;line-height:9pt;">
<div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div>
</td>
<td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;">
<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">up to 20% of the Fund’s total assets in securities whose interest is subject to federal AMT; and</span></div>
</td>
</tr>
</table></div><div>
<table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%">
<tr>
<td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;line-height:9pt;">
<div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div>
</td>
<td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;">
<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">up to 10% of the Fund’s total assets in below investment-grade municipal securities.</span></div>
</td>
</tr>
</table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">To the extent the Fund uses derivatives, when such instruments provide investment exposure to the investments set </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">forth in the first bullet above or exposure to one or more market risk factors associated with such investments, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund may include such derivatives in complying with the 80% requirement set out in this bullet.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">We invest principally in short-term municipal securities of states, territories and possessions of the United States whose </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">interest is exempt from federal income tax, but not necessarily federal AMT. Some of the securities may be below </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment grade or may be unrated and deemed by us to be of comparable quality. We may also invest a portion of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund’s assets in securities whose interest is subject to federal AMT. We may use futures for duration and yield curve </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">management. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">dollar-weighted average effective maturity to be 1 year or less.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">We use a combination of top-down and bottom-up research to cover the four main elements of total return: duration </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">management, yield curve positioning, sector and credit quality allocation, and security selection. Our top-down </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">analysis involves an evaluation of macroeconomic factors that may include, among others, the pace of economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">growth, employment conditions, inflation, and monetary and fiscal policy. Our bottom-up analysis, which involves </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">intensive research into the credit fundamentals of individual issuers and the relative value of individual issues, is used </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to uncover solid investment opportunities. Securities are selected based on several factors, including, among others, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">improving financial trends, positive industry and sector dynamics, improving economic conditions, and specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">demographic trends. Securities may be sold based on relative value considerations and could be replaced with a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">security that presents a better value or risk/reward profile. A security may also be sold due to changes in credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">characteristics or outlook, as well as changes in portfolio strategy or cash flow needs.</span></div>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal circumstances, we invest:</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">at least 80% of the Fund’s net assets plus borrowings for investment purposes in municipal securities whose interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">is exempt from federal income tax, but not necessarily federal alternative minimum tax (“AMT”)</span>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">An investment in the Fund may lose money</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">, is not a deposit of a bank or its affiliates, is not insured or guaranteed by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Federal Deposit Insurance Corporation or any other governmental agency</span>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">An investment in the Fund may lose money</span>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The values of, and/or the income generated by, securities held by the Fund may decline due to general </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market conditions or other factors, including those directly involving the issuers of such securities. Securities markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">developments. Different sectors of the market and different security types may react differently to such developments.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Debt Securities Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Debt securities are subject to credit risk and interest rate risk. Credit risk is the possibility that the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuer or guarantor of a debt security may be unable, or perceived to be unable or unwilling, to pay interest or repay </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">principal when they become due. In these instances, the value of an investment could decline and the Fund could lose </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">money. Credit risk increases as an issuer’s credit quality or financial strength declines. Interest rate risk is the possibility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that interest rates will change over time. When interest rates rise, the value of debt securities tends to fall. The longer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the terms of the debt securities held by a Fund, the more the Fund is subject to this risk. If interest rates decline, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">interest that the Fund is able to earn on its investments in debt securities may also decline, which could cause the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to reduce the dividends it pays to shareholders, but the value of those securities may increase. Very low or negative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">interest rates may magnify interest rate risk.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Municipal Securities Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Municipal securities may be fully or partially backed or enhanced by the taxing authority of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">a local government, by the current or anticipated revenues from a specific project or specific assets, or by the credit of, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or liquidity enhancement provided by, a private issuer. Various types of municipal securities are often related in such a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">way that political, economic or business developments affecting one obligation could affect other municipal securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">held by a Fund.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Authorized Participant Concentration Risk. </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Only an Authorized Participant (as described in the “Creation Unit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Transactions” section of the Prospectus) may engage in creation or redemption transactions directly with the Fund, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and Authorized Participants are not obligated to engage in creation and/or redemption transactions. The Fund has a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market participants). To the extent that Authorized Participants exit the business or are unable or unwilling to proceed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with creation or redemption orders with respect to the Fund and no other Authorized Participant is willing or able to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">step forward to create or redeem, Fund shares may be more likely to trade at a premium (i.e. higher) or discount (i.e. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">lower) to NAV and possibly face trading halts or delisting. Authorized Participant concentration risk may be heightened </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">for exchange-traded funds (“ETFs”) that invest in securities issued by non-U.S. issuers or other securities or instruments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that have lower trading volumes.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Derivatives Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The use of derivatives, such as futures, options and swap agreements, can lead to losses, including </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those magnified by leverage, particularly when derivatives are used to enhance return rather than mitigate risk. Certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">derivative instruments may be difficult to sell when the portfolio manager believes it would be appropriate to do so, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the other party to a derivative contract may be unwilling or unable to fulfill its contractual obligations.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Futures Contracts Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> A Fund that uses futures contracts, which are a type of derivative, is subject to the risk of loss </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">caused by unanticipated market movements. In addition, there may at times be an imperfect correlation between the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">movement in the prices of futures contracts and the value of their underlying instruments or indexes, and there may at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">times not be a liquid secondary market for certain futures contracts.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>High Yield Securities Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. High yield securities and unrated securities of similar credit quality (commonly known as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">“junk bonds”) are considered speculative and have a much greater risk of default or of not returning principal and their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">values tend to be more volatile than higher-rated securities with similar maturities.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market Trading Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund shares or the Fund’s underlying portfolio securities, losses from trading in secondary markets, periods of high </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">volatility and disruptions in the creation/redemption process. These factors, among others, may lead to the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">shares trading at a premium (i.e. higher) or discount (i.e. lower) to the Fund’s NAV. Accordingly, if a shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">purchases Fund shares at a time when the market price is at a premium to the NAV, or sells shares at a time when the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market price is at a discount to the NAV, the shareholder may sustain losses.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investment decisions, techniques, analyses or models implemented by a Fund’s manager or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sub-adviser in seeking to achieve the Fund’s investment objective may not produce expected returns, may cause the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>New Fund Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund is a new fund, with a limited or no operating history and a small asset base. There can be no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">assurance that the Fund will grow to or maintain a viable size. At lower asset levels, certain of the Fund’s expenses and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">its portfolio transaction costs may be higher than those of a fund with a larger asset base. To the extent that the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">does not grow to or maintain a viable size, it may be liquidated, and the expenses, timing and tax consequences of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such liquidation may not be favorable to some shareholders.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Operational Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund is exposed to operational risks arising from a number of factors, including, but not limited </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to, human error, processing and communication errors, errors of the Fund’s service providers, Authorized Participants, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market makers, counterparties or other third-parties, failed or inadequate processes and computer, technology or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">systems failures.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Valuation Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The price the Fund could receive upon the sale of a security or other asset may differ from the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">valuation of the security or other asset, particularly for securities or other assets that trade in low volume or volatile </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">markets or that are valued using a fair value methodology as a result of trade suspensions or for other reasons. In </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">addition, to the extent that these securities or other assets held by the Fund trade on foreign exchanges or in foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">markets that may be closed when the securities exchange on which the Fund’s shares trade is open, there are likely to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">be deviations between the current price of such security or other asset and the last quoted price for the security or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other asset (i.e., the Fund’s quote from the closed foreign market).</span></div>
Performance
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Because the Fund does not have annual returns for at least one calendar year, there is no performance to report.</span></div>
1.The investment management agreement between the Fund and Allspring Funds Management, LLC utilizes a unitary fee arrangement pursuant to which Allspring Funds Management, LLC has agreed to pay all expenses incurred by, and appropriately allocated to, the Fund, excluding only: the management fee payable to Allspring Funds Management, LLC; brokerage expenses and other expenses incurred in connection with the execution of portfolio transactions; interest charges on any borrowings, dividends and other expenses on securities sold short; taxes; payments under the Fund’s Rule 12b-1 plan (if any); proxy and shareholder meeting expenses; litigation expenses; extraordinary expenses; and acquired fund fees and expenses.