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style="color:#003c78;font-family:arial;font-size:9.30pt">seeks current income, consistent with minimal fluctuation of principal.</span></div> Fees and Expenses of the Fund <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">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:9.30pt;font-weight:bold">You may </span><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">pay other fees, such as brokerage commissions, to financial intermediaries, which are not reflected in the table </span><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">and example below.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt;line-height:11.16pt"> </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">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:0.93pt"> </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0032 0.0000 0.0000 0.0032 Other expenses are based on estimated amounts for the Fund’s current fiscal year.  Example <div style="margin-top:6pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">other funds. The example illustrates the hypothetical expenses that you would incur over the time periods indicated </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">(whether or not shares are redeemed), and assumes that:</span><span style="color:#003c78;font-family:arial;font-size:9.30pt;line-height:11.16pt"> </span></div><div> <div style="clear:both;margin-top:4.84pt;position:relative;width:100%;"> <div style="float:left;line-height:9.44pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:7.44pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:11.30pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">you invest $10,000 in the Fund for the periods indicated,</span><span style="color:#003c78;font-family:arial;font-size:9.30pt;line-height:11.16pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.84pt;position:relative;width:100%;"> <div style="float:left;line-height:9.44pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:7.44pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:11.30pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">your investment has a 5% return each year, and</span><span style="color:#003c78;font-family:arial;font-size:9.30pt;line-height:11.16pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.84pt;position:relative;width:100%;"> <div style="float:left;line-height:9.44pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:7.44pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:11.30pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">the Fund’s total annual operating expenses remain the same as shown in the </span><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-style:italic">Annual Fund Operating Expenses</span><span style="color:#003c78;font-family:arial;font-size:9.30pt;line-height:11.16pt"> </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">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:9.30pt">Although your actual costs may be higher or lower, based on the assumptions listed above, your costs (based on </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">estimated Fund expenses) would be:</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:0.93pt"> </span></div> 33 33 103 103 Portfolio Turnover <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">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:9.30pt">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:9.30pt">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:9.30pt">in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">is not available as of the date of this prospectus.</span></div> Principal Investment Strategies <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">The Fund is an actively managed exchange-traded fund (ETF). </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">Under normal circumstances, the Fund invests at least </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">80% of its net assets (including the amount of any borrowings for investment purposes) in bonds and other debt </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">securities. The Fund generally invests at least 65% of its assets in debt securities issued by the U.S. Government </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">and its agencies and instrumentalities, debt securities issued by corporations, and mortgage- and other asset-backed </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">securities that, at the time of purchase, are rated in at least one of the three highest rating categories or are unrated </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">but determined to be of comparable quality.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt;line-height:11.16pt"> </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">The Fund may invest up to 25% of its net assets in debt instruments </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">that, at the time of purchase, are rated below investment grade or are unrated but determined to be of comparable </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">quality (commonly referred to as “high yield” investments or “junk” bonds).</span></div><div style="line-height:11.16pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">The Fund may invest up to 25% of its assets in U.S. dollar-denominated foreign debt securities and instruments, </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">including those of foreign governments, non-governmental issuers or other entities, and up to 20% of its assets in </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">preferred stock.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt;line-height:11.16pt"> </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">The Fund’s dollar-weighted average maturity and duration will vary over time depending on </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">expectations for market and economic conditions.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">The Fund may invest in derivatives, such as futures (including interest rate futures) and swaps (including credit </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">default swaps, credit default swap indexes, and interest rate swaps) for hedging and investment purposes, and to </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">manage interest rate and/or credit exposure of the Fund.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis. Such </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">securities may include mortgage-backed securities acquired or sold in the “to be announced” (TBA) market and those </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">in a dollar roll transaction.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">The Fund may invest in privately placed and other securities or instruments that are purchased and sold pursuant to </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">Rule 144A or other exemptions under the Securities Act of 1933, as amended, subject to certain regulatory </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">restrictions.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">The Fund’s investment strategy may involve the frequent trading of portfolio securities.</span></div> 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:9.30pt;font-weight:bold">Active Management Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> Due to its active management, the Fund could underperform its benchmark index and/or </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">other funds with similar investment objectives and/or strategies. Active trading of portfolio securities may result in </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">added expenses, a lower return and increased tax liability, including relative to other ETFs.</span> <br/> </div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> Only an Authorized Participant (as defined below) may engage in creation </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">Authorized Participants, none of which are or will be obligated to engage in creation or redemption transactions. To </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">create or redeem Creation Units, Fund shares may trade at a greater premium or discount between the market price </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">and the NAV of the Fund’s shares and/or wider bid/ask spreads than those experienced by other ETFs. Additionally, </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">the Fund could possibly face trading halts and/or delisting from the Exchange. This risk is heightened in times of </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">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:9.30pt;font-weight:bold">Changing Distribution Level Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> The Fund normally expects to receive income which may include interest, dividends </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">and/or capital gains, depending upon its investments. The distribution amounts paid by the Fund will vary and </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">generally depend on the amount of income the Fund earns (less expenses) on its portfolio holdings, and capital gains </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">or losses it recognizes. A decline in the Fund’s income or net capital gains arising from its investments may reduce </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">its distribution level.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">Counterparty Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> Counterparty risk is the risk that a counterparty to a transaction in a financial instrument held by </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">the Fund or by a special purpose or structured vehicle invested in by the Fund may become insolvent or otherwise fail </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">to perform its obligations. As a result, the Fund may obtain no or limited recovery of its investment, and any recovery </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">may be significantly delayed.</span></div> <div style="line-height:11.16pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">Credit Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> Credit risk is the risk that the value of </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">loans or other </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">debt instruments may decline if the </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">borrower or the </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">issuer thereof defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">its financial obligations, such as making payments to the Fund when due. Credit rating agencies, such as S&amp;P Global </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">Ratings, Moody’s Investors Service, Inc. (Moody’s Ratings), Fitch Ratings, Inc. (Fitch), Morningstar DBRS (DBRS) and </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">Kroll Bond Rating Agency, LLC (KBRA), assign credit ratings to certain </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">loans and </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">debt instruments to indicate their </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">credit risk. A rating downgrade by such agencies can negatively impact the value of such instruments. Lower-rated or </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">unrated </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">loans or </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">instruments held by the Fund may present increased credit risk as compared to higher-rated </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">loans </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">or </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">instruments. Non-investment grade </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">loans or </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">debt instruments may be subject to greater price fluctuations and are </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">more likely to experience a default than investment grade </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">loans or </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">debt instruments and therefore may expose the </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">Fund to increased credit risk. If the Fund purchases unrated </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">loans or </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">instruments, or if the ratings of </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">loans or </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">instruments held by the Fund are lowered after purchase, the Fund will depend on analysis of credit risk more heavily </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">than usual.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> If the issuer of a loan or debt instrument declares bankruptcy or is declared bankrupt, there may be a </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">delay before the Fund can act on the collateral (if any) securing the loan or debt instrument, which may adversely </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">affect the Fund. Further, there is a risk that a court could take action with respect to a loan or debt instrument that is </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">adverse to the holders of the loan or debt instrument. Such actions may include invalidating the loan or debt </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">instrument, the lien on the collateral (if any), the priority status of the loan or debt instrument, or ordering the refund </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">of interest previously paid by the borrower. Any such actions by a court could adversely affect the Fund’s </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">performance. A default or expected default of a loan or debt instrument could also make it difficult for the Fund to </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">sell the loan or debt instrument at a price approximating the value previously placed on it. In order to enforce its </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">rights in the event of a default, bankruptcy or similar situation, the Fund may be required to retain legal or similar </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">counsel. This may increase the Fund’s operating expenses and adversely affect its NAV. Loans or debt instruments </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">that have a lower priority for repayment in an issuer’s capital structure typically involve a higher degree of overall risk </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">than more senior loans or debt instruments of the same borrower.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">Derivatives Risk. </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">Derivatives may involve significant risks. Derivatives are financial instruments with a value in </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">relation to, or derived from, the value of an underlying asset(s) or other reference, such as an index, rate or other </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">economic indicator (each an underlying reference). Derivatives may include those that are privately placed or </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">otherwise exempt from SEC registration, including certain Rule 144A eligible securities. Derivatives could result in </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">Fund losses if the underlying reference does not perform as anticipated. Use of derivatives is a highly specialized </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">activity that can involve investment techniques, risks, and tax planning different from those associated with more </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">traditional investment instruments. The Fund’s derivatives strategy may not be successful and use of certain </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">derivatives could result in substantial, potentially unlimited, losses to the Fund regardless of the Fund’s actual </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">investment. A relatively small movement in the price, rate or other economic indicator associated with the underlying </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">reference may result in substantial losses for the Fund. Derivatives may be more volatile than other types of </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">investments. The value of derivatives may be influenced by a variety of factors, including national and international </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">political and economic developments. Potential changes to the regulation of the derivatives markets may make </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">derivatives more costly, may limit the market for derivatives, or may otherwise adversely affect the value or </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">performance of derivatives. Derivatives can increase the Fund’s risk exposure to underlying references and their </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">attendant risks, such as credit risk, market risk, foreign currency risk and interest rate risk, while potentially exposing </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">the Fund to correlation risk, counterparty risk, hedging risk, inflation risk, leverage risk, liquidity risk, pricing risk and </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">volatility risk.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">Derivatives Risk – Futures Contracts Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> A futures contract is an exchange-traded derivative transaction between </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">two parties in which a buyer (holding the “long” position) agrees to pay a fixed price (or rate) at a specified future </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">date for delivery of an underlying reference from a seller (holding the “short” position). The seller hopes that the </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">market price on the delivery date is less than the agreed upon price, while the buyer hopes for the contrary. Certain </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">futures contract markets are highly volatile, and futures contracts may be illiquid. Futures exchanges may limit </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">fluctuations in futures contract prices by imposing a maximum permissible daily price movement. The Fund may be </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement. At or prior to </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">maturity of a futures contract, the Fund may enter into an offsetting contract and may incur a loss to the extent there </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">has been adverse movement in futures contract prices. The liquidity of the futures markets depends on participants </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">entering into offsetting transactions rather than making or taking delivery. To the extent participants make or take </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">delivery, liquidity in the futures market could be reduced. Because of the low margin deposits normally required in </span></div><div style="line-height:11.16pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">futures trading, it is possible that the Fund may employ a high degree of leverage in the portfolio. As a result, a </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">relatively small price movement in a futures contract may result in substantial losses to the Fund, exceeding the </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">amount of the margin paid. For certain types of futures contracts, losses are potentially unlimited. Futures markets </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">are highly volatile and the use of futures may increase the volatility of the Fund’s NAV. Futures contracts executed (if </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">any) on foreign exchanges may not provide the same protection as U.S. exchanges. Futures contracts can increase </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">the Fund’s risk exposure to underlying references and their attendant risks, such as credit risk, market risk, foreign </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">currency risk and interest rate risk, while potentially exposing the Fund to correlation risk, counterparty risk, hedging </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">risk, inflation risk, leverage risk, liquidity risk, pricing risk and volatility risk.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">Derivatives Risk – Swaps Risk. </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">In a typical swap transaction, two parties agree to exchange the return earned on a </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">specified underlying reference for a fixed return or the return from another underlying reference during a specified </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">period of time. Swaps may be difficult to value and may be illiquid. Swaps could result in Fund losses if the </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">underlying asset or reference does not perform as anticipated. Swaps create significant investment leverage such </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">that a relatively small price movement in a swap may result in immediate and substantial losses to the Fund. The </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">Fund may only close out a swap with its particular counterparty, and may only transfer a position with the consent of </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">that counterparty. Certain swaps, such as short swap transactions and total return swaps, have the potential for </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">unlimited losses, regardless of the size of the initial position. Swaps can increase the Fund’s risk exposure to </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">underlying references and their attendant risks, such as credit risk, market risk, foreign currency risk and interest </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">rate risk, while potentially exposing the Fund to correlation risk, counterparty risk, hedging risk, inflation risk, leverage </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">risk, liquidity risk, pricing risk and volatility risk.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">Early/Late Close/Trading Halt Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> An exchange or market may close early, close late or issue trading halts on </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">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:9.30pt">unable to buy or sell these securities.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">Foreign Securities Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> Investments in or exposure to securities of foreign companies may involve heightened risks </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">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:9.30pt">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:9.30pt">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:9.30pt">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:9.30pt">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:9.30pt">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:9.30pt">of U.S. companies, 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:9.30pt">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:9.30pt">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:9.30pt">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:9.30pt">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:9.30pt">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:9.30pt">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:9.30pt">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:9.30pt">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:9.30pt;font-weight:bold">Forward Commitments on Mortgage-Backed Securities (including Dollar Rolls) Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> When purchasing mortgage-backed</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> securities in the “to be announced” (TBA) market (MBS TBAs), the seller agrees to deliver mortgage-backed </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">securities for an agreed upon price on an agreed upon date, but may make no guarantee as to the specific securities </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">to be delivered. In lieu of taking delivery of mortgage-backed securities, the Fund could enter into dollar rolls, which </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">are transactions in which the Fund sells securities to a counterparty and simultaneously agrees to purchase those or </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">similar securities in the future at a predetermined price. Dollar rolls involve the risk that the market value of the </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">default on its obligations. These transactions may also increase the Fund’s portfolio turnover rate. If the Fund </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">reinvests the proceeds of the security sold, the Fund will also be subject to the risk that the investments purchased </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">with such proceeds will decline in value (a form of leverage risk). MBS TBAs and dollar rolls are subject to the risk </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">that the counterparty to the transaction may not perform or be unable to perform in accordance with the terms of the </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">instrument.</span></div> <div style="line-height:11.16pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">Frequent Trading Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> The portfolio managers may actively and frequently trade investments in the Fund's portfolio </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">to carry out its investment strategies. Frequent trading of investments increases the possibility that the Fund, as </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">relevant, will realize taxable capital gains (including short-term capital gains, which are generally taxable to </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">shareholders at higher rates than long-term capital gains for U.S. federal income tax purposes), which could reduce </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">the Fund's after-tax return. Frequent trading can also mean higher brokerage and other transaction costs, which could </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">reduce the Fund's return. The trading costs and tax effects associated with portfolio turnover may adversely affect </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">the Fund’s performance.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">Fund Shares Liquidity Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> Although the Fund’s shares are listed on the Exchange, there can be no assurance that </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">an active, liquid or otherwise orderly trading market for shares will be established or maintained by market makers or </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">Authorized Participants, particularly in times of stressed market conditions. There is no guarantee that the Fund will </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">be able to attract market makers and Authorized Participants. There is no obligation for market makers to make a </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">market in the Fund’s shares or for Authorized Participants to submit purchase or redemption orders for creation </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">units. Accordingly, if such parties determine not to perform their respective functions, this could, such as during </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">times of market stress, in turn, lead to variances between the market price of the Fund’s shares and the underlying </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">value of those shares and bid/ask spreads could widen. Trading in Fund shares on the Exchange also may be </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">disrupted or even halted due to market conditions or for reasons that, in the view of the Exchange, make trading in </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">Fund shares inadvisable. In addition, trading in Fund shares on the Exchange may be subject to trading halts caused </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">by extraordinary market volatility pursuant to the Exchange “circuit breaker” rules. There also can be no assurance </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">that the requirements of the Exchange necessary to maintain the listing of the Fund’s shares will continue to be met </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">or will remain unchanged.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">High-Yield Investments Risk. </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">Securities and other debt instruments held by the Fund that are rated below investment </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">grade (commonly called “high-yield” or “junk” bonds) and unrated debt instruments of comparable quality expose the </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">Fund to a greater risk of loss of principal and income than a fund that invests solely or primarily in investment grade </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">debt instruments. In addition, these investments have greater price fluctuations, are less liquid and are more likely to </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">experience a default than higher-rated debt instruments. High-yield debt instruments are considered to be </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">Interest Rate Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">interest rates rise, the values of </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">loans and other </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">debt instruments tend to fall, and if interest rates fall, the values of </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">loans and other </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">amount of income the Fund receives from it but will generally affect the value of your investment in the Fund. </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">Changes in interest rates may also affect the liquidity of the Fund’s investments in debt instruments. In general, the </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. For </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">example, a three-year duration means a bond is expected to decrease in value by 3% if interest rates rise 1% and </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">increase in value by 3% if interest rates fall 1%. Interest rate declines also may increase prepayments of debt </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">obligations, which, in turn, would increase prepayment risk. The Fund is subject to the risk that the income generated </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">by its investments may not keep pace with inflation. Actions by governments and central banking authorities can </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">result in increases or decreases in interest rates. Higher periods of inflation could lead such authorities to raise </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">interest rates. Such actions may negatively affect the value of debt instruments held by the Fund, resulting in a </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">negative impact on the Fund's performance and NAV. Any interest rate increases could cause the value of the Fund’s </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">investments in debt instruments to decrease. Rising interest rates may prompt redemptions from the Fund, which </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">Issuer Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> 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:9.30pt">expectations, and the value of its </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">loans or </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">securities may therefore decline, which may negatively affect the Fund’s </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">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:9.30pt">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:9.30pt">and/or wider bid/ask spreads than those experienced by other ETFs.</span></div> <div style="line-height:11.16pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">Liquidity Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> 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:9.30pt">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:9.30pt">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:9.30pt">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:9.30pt">anticipated, especially during times of high market volatility. Decreases in the number of financial institutions, </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">including banks and broker-dealers, willing to make markets (match up sellers and buyers) in the Fund’s investments </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">or decreases in their capacity or willingness to trade such investments may increase the Fund’s exposure to this risk. </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">The debt market has experienced considerable growth, and financial institutions making markets in instruments </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">purchased and sold by the Fund (e.g., bond dealers) have been subject to increased regulation. The impact of that </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">growth and regulation on the ability and willingness of financial institutions to engage in trading or “making a market” </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">in such instruments remains unsettled. Certain types of investments, such as lower-rated securities or those that are </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">purchased and sold in over-the-counter markets, may be especially subject to liquidity risk. Securities or other assets </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">in which the Fund invests may be traded in the over-the-counter market rather than on an exchange and therefore may </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">be more difficult to purchase or sell at a fair price, which may have a negative impact on the Fund’s performance. </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">Market participants attempting to sell the same or a similar instrument at the same time as the Fund could </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">exacerbate the Fund’s exposure to liquidity risk. The Fund may have to accept a lower selling price for the holding, </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">sell other liquid or more liquid investments that it might otherwise prefer to hold (thereby increasing the proportion of </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">the Fund’s investments in less liquid or illiquid securities), or forego another more appealing investment opportunity. </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">The liquidity of Fund investments may change significantly over time and certain investments that were liquid when </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">purchased by the Fund may later become illiquid, particularly in times of overall economic distress. Changing </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">regulatory, market or other conditions or environments (for example, the interest rate or credit environments) may </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">also adversely affect the liquidity and the price of the Fund's investments. Judgment plays a larger role in valuing </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">illiquid or less liquid investments as compared to valuing liquid or more liquid investments. Price volatility may be </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">higher for illiquid or less liquid investments as a result of, for example, the relatively less frequent pricing of such </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">securities (as compared to liquid or more liquid investments). Generally, the less liquid the market at the time the </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">Fund sells a portfolio investment, the greater the risk of loss or decline of value to the Fund. Overall market liquidity </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">and other factors can lead to an increase in redemptions of creation units, which may negatively impact Fund </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">performance and NAV, including, for example, if the Fund is forced to sell investments in a down market. In addition, </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">in stressed market conditions, the market for Fund shares may become less liquid. Deterioration in the liquidity of </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">Fund shares may adversely impact the liquidity of the Fund's underlying portfolio securities. These adverse impacts </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">on the liquidity of Fund shares and on the liquidity of the Fund's underlying portfolio securities could in turn lead to a </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">greater premium or discount between the market price and the NAV of the Fund's shares and/or wider bid/ask </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">spreads than those experienced by other ETFs.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">Market Price Relative to NAV Risk. </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">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:9.30pt">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:9.30pt">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:9.30pt">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:9.30pt">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:9.30pt">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:9.30pt">bid/ask spreads than those experienced by other ETFs. The Investment Manager cannot predict whether Fund shares </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">will trade below, at or above their NAV. Price differences may result because of, among other factors, supply and </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">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:9.30pt">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:9.30pt">a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV or sells shares at </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">a 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:9.30pt">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:9.30pt">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:9.30pt">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:9.30pt">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:9.30pt">investing in the Fund.</span></div> <div style="line-height:11.16pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">Market Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> 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:9.30pt">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:9.30pt">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:9.30pt">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:9.30pt">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:9.30pt">traded and closed markets and could cause significant redemptions and operational challenges. Global economies </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">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:9.30pt">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:9.30pt">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:9.30pt">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:9.30pt">conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">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:9.30pt">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:9.30pt">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:9.30pt;font-weight:bold">Mortgage- and Other Asset-Backed Securities Risk. </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">The value of any mortgage-backed and other asset-backed </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">securities including collateralized debt obligations and collateralized loan obligations, if any, held by the Fund may be </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">affected by, among other things, changes or perceived changes in: interest rates; factors concerning the interests in </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">and structure of the issuer or the originator of the mortgages or other assets; the creditworthiness of the entities </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">that provide any supporting letters of credit, surety bonds or other credit enhancements; or the market's assessment </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">of the quality of underlying assets. Payment of principal and interest on some mortgage-backed securities (but not </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">the market value of the securities themselves) may be guaranteed by the full faith and credit of a particular U.S. </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">Government agency, authority, enterprise or instrumentality, and some, but not all, are also insured or guaranteed by </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">the U.S. Government. Mortgage-backed securities issued by non-governmental issuers (such as commercial banks, </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">issuers) may entail greater risk than obligations guaranteed by the U.S. Government. Mortgage- and other asset-backed</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> securities are subject to liquidity risk and prepayment risk. A decline or flattening of housing values may </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">cause delinquencies in mortgages </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">underlying mortgage-backed securities and thereby adversely affect the ability of </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">the mortgage-backed securities issuer to make principal and/or interest payments to mortgage-backed securities </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">holders, including the Fund. Rising or high interest rates tend to extend the duration of mortgage- and other asset-backed</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> securities, making their prices more volatile and more sensitive to changes in interest rates.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">New Fund Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> The Fund is a newly formed ETF. Accordingly, investors in the Fund bear the risk that the Fund may </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">not be successful, which could result in the Fund being liquidated at any time without shareholder approval and/or at </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">a time that may not be favorable to shareholders. Such a liquidation could have negative tax consequences for </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">shareholders.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">Preferred Stock Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> Preferred stock is a type of stock that may pay dividends at a different rate than common </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">stock of the same issuer, if at all, and that has preference over common stock in the payment of dividends and the </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">liquidation of assets. Preferred stock does not ordinarily carry voting rights. The price of a preferred stock is generally </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">determined by earnings, type of products or services, projected growth rates, experience of management, liquidity, </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">and general market conditions of the markets on which the stock trades. The most significant risks associated with </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">investments in preferred stock include issuer risk, market risk and interest rate risk (the risk of losses attributable to </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">changes in interest rates).</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">Prepayment and Extension Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> Prepayment and extension risk is the risk that a </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">loan,</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> bond or other security or </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">investment might, in the case of prepayment risk, be called or otherwise converted, prepaid or redeemed before </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">maturity and, in the case of extension risk, that the investment might not be called as expected. In the case of </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">prepayment risk, if the investment is converted, prepaid or redeemed before maturity, the portfolio managers may </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">not be able to invest the proceeds in other investments providing as high a level of income, resulting in a reduced </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">yield to the Fund. As interest rates decrease or spreads narrow on such investments, the likelihood of prepayment </span></div><div style="line-height:11.16pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">increases. Conversely, extension risk is the risk that an unexpected rise in interest rates will extend the life of an </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">investment beyond the prepayment time. If the Fund’s investments are locked in at a lower interest rate for a longer </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">period of time, the portfolio managers may be unable to capitalize on investments with higher interest rates or wider </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">spreads.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">Reinvestment Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> Reinvestment risk arises when the Fund is unable to reinvest income or principal at the same or </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">at least the same return it is currently earning.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">Rule 144A and Other Exempted Securities Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> The Fund may invest in privately placed and other securities or </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">instruments exempt from SEC registration (collectively “private placements”), subject to certain regulatory </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">restrictions. In the U.S. market, private placements are typically sold only to qualified institutional buyers, or qualified </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">purchasers, as applicable. An insufficient number of buyers interested in purchasing private placements at a </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">particular time could adversely affect the marketability of such investments and the Fund might be unable to dispose </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">of them promptly or at reasonable prices, subjecting the Fund to liquidity risk. The Fund’s holdings of private </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">placements may increase the level of Fund illiquidity if eligible buyers are unable or unwilling to purchase them at a </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">particular time. Issuers of Rule 144A eligible securities are required to furnish information to potential investors upon </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">request. However, the required disclosure is much less extensive than that required of public companies and is not </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">publicly available since the offering information is not filed with the SEC. Further, issuers of Rule 144A eligible </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">securities can require recipients of the offering information (such as the Fund) to agree contractually to keep the </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">information confidential, which could also adversely affect the Fund’s ability to dispose of the security.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">Secondary Market Trading Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> Investors buying or selling Fund shares will pay brokerage commissions or other </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">charges imposed by brokers as determined by that broker. Brokerage commissions are often a fixed amount and may </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Fund shares.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">Sovereign Debt Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> The willingness or ability of a sovereign or quasi-sovereign debtor to repay principal and pay </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">interest in a timely manner may be affected by a variety of factors, including its cash flow situation, the extent of its </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">service burden to the economy as a whole, the sovereign or quasi-sovereign debtor’s policy toward international </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">lenders, and the political constraints to which such debtor may be subject.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">Unrated Securities Risks.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> The Fund may purchase unrated securities which are not rated by a rating agency. Unrated </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">securities may be less liquid than comparable rated securities and involve the risk that the Investment Manager may </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">not accurately evaluate the security’s comparative credit rating. Analysis of creditworthiness of issuers of high yield </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">securities may be more complex than for issuers of higher-quality debt securities. To the extent that the Fund </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">purchases unrated securities, the Fund’s success in achieving its investment objective may depend more heavily on </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">the Investment Manager’s creditworthiness analysis than if the Fund invested exclusively in rated securities.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">U.S. Government Obligations Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> While U.S. Treasury obligations are backed by the “full faith and credit” of the </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">U.S. Government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. Government may </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">enterprises may or may not be backed by the full faith and credit of the U.S. Government.</span></div> Performance Information The Fund is new as of the date of this prospectus and therefore performance information is not available. <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">The Fund is new as of the date of this prospectus and therefore performance information is not available.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt;line-height:11.16pt"> </span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">When available, the Fund intends to compare its performance to the performance of the Bloomberg U.S. Aggregate </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">Bond Index.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt;line-height:11.16pt"> </span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">When available, 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:9.30pt">columbiathreadneedleus.com/etfs.</span></div> 800.426.3750 columbiathreadneedleus.com/etfs Summary of the Fund Investment Objective <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">Columbia Large Cap Growth ETF (the Fund) </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">seeks to provide shareholders with capital appreciation.</span></div> Fees and Expenses of the Fund <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">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:9.30pt;font-weight:bold">You may </span><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">pay other fees, such as brokerage commissions, to financial intermediaries, which are not reflected in the table </span><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">and example below.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt;line-height:11.16pt"> </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">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:0.93pt"> </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0035 0.0000 0.0000 0.0035 Other expenses are based on estimated amounts for the Fund’s current fiscal year.  Example <div style="margin-top:6pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">other funds. The example illustrates the hypothetical expenses that you would incur over the time periods indicated </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">(whether or not shares are redeemed), and assumes that:</span><span style="color:#003c78;font-family:arial;font-size:9.30pt;line-height:11.16pt"> </span></div><div> <div style="clear:both;margin-top:4.84pt;position:relative;width:100%;"> <div style="float:left;line-height:9.44pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:7.44pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:11.30pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">you invest $10,000 in the Fund for the periods indicated,</span><span style="color:#003c78;font-family:arial;font-size:9.30pt;line-height:11.16pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.84pt;position:relative;width:100%;"> <div style="float:left;line-height:9.44pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:7.44pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:11.30pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">your investment has a 5% return each year, and</span><span style="color:#003c78;font-family:arial;font-size:9.30pt;line-height:11.16pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.84pt;position:relative;width:100%;"> <div style="float:left;line-height:9.44pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:7.44pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:11.30pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">the Fund’s total annual operating expenses remain the same as shown in the </span><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-style:italic">Annual Fund Operating Expenses</span><span style="color:#003c78;font-family:arial;font-size:9.30pt;line-height:11.16pt"> </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">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:9.30pt">Although your actual costs may be higher or lower, based on the assumptions listed above, your costs (based on </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">estimated Fund expenses) would be:</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:0.93pt"> </span></div> 36 36 113 113 Portfolio Turnover <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">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:9.30pt">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:9.30pt">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:9.30pt">in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">is not available as of the date of this prospectus.</span></div> Principal Investment Strategies <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">The Fund is an actively managed exchange-traded fund (ETF). </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">Under normal circumstances, the Fund invests at least </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">80% of its net assets (including the amount of any borrowings for investment purposes) in equity securities of large </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">capitalization companies.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt;line-height:11.16pt"> </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">These companies have market capitalizations in the range of companies in the Russell </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">1000</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:9.30pt"> Growth Index (the Index) at the time of purchase (between </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">$</span><span style="color:#003c78;font-family:arial;font-size:9.30pt">120.6</span><span style="color:#003c78;font-family:arial;font-size:9.30pt;line-height:11.16pt"> </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">million</span><span style="color:#003c78;font-family:arial;font-size:9.30pt;line-height:11.16pt"> </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">and</span><span style="color:#003c78;font-family:arial;font-size:9.30pt;line-height:11.16pt"> </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">$4.3 trillion </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">as of </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">July 31</span><span style="color:#003c78;font-family:arial;font-size:9.30pt">, </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">2025</span><span style="color:#003c78;font-family:arial;font-size:9.30pt">).</span><span style="color:#003c78;font-family:arial;font-size:9.30pt;line-height:11.16pt"> </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">The market capitalization range and composition of companies in the Index are subject to change.</span></div><div style="line-height:11.16pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">The Fund invests substantially in securities of U.S. issuers. </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">The Fund generally invests in common stocks.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt;line-height:11.16pt"> </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">The Fund </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">may at times emphasize one or more sectors in selecting its investments, including the information technology </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">sector.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">The Fund invests substantially in “growth” stocks, which are stocks of companies with long-term earnings growth </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">potential. The Fund’s portfolio managers seek to invest in growth companies that are undervalued relative to their </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">fundamentals and exhibit improving investor interest, such as positive price momentum, believing that such </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">investments can outperform the equity market over a full market cycle, which can be measured from market peak to </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">peak or from market trough to trough.</span></div> 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:9.30pt;font-weight:bold">Active Management Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> Due to its active management, the Fund could underperform its benchmark index and/or </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">other funds with similar investment objectives and/or strategies. Active trading of portfolio securities may result in </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">added expenses, a lower return and increased tax liability, including relative to other ETFs.</span> <br/> </div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> Only an Authorized Participant (as defined below) may engage in creation </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">Authorized Participants, none of which are or will be obligated to engage in creation or redemption transactions. To </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">create or redeem Creation Units, Fund shares may trade at a greater premium or discount between the market price </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">and the NAV of the Fund’s shares and/or wider bid/ask spreads than those experienced by other ETFs. Additionally, </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">the Fund could possibly face trading halts and/or delisting from the Exchange. This risk is heightened in times of </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">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:9.30pt;font-weight:bold">Early/Late Close/Trading Halt Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> An exchange or market may close early, close late or issue trading halts on </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">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:9.30pt">unable to buy or sell these securities.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">Fund Shares Liquidity Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> Although the Fund’s shares are listed on the Exchange, there can be no assurance that </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">an active, liquid or otherwise orderly trading market for shares will be established or maintained by market makers or </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">Authorized Participants, particularly in times of stressed market conditions. There is no guarantee that the Fund will </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">be able to attract market makers and Authorized Participants. There is no obligation for market makers to make a </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">market in the Fund’s shares or for Authorized Participants to submit purchase or redemption orders for creation </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">units. Accordingly, if such parties determine not to perform their respective functions, this could, such as during </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">times of market stress, in turn, lead to variances between the market price of the Fund’s shares and the underlying </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">value of those shares and bid/ask spreads could widen. Trading in Fund shares on the Exchange also may be </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">disrupted or even halted due to market conditions or for reasons that, in the view of the Exchange, make trading in </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">Fund shares inadvisable. In addition, trading in Fund shares on the Exchange may be subject to trading halts caused </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">by extraordinary market volatility pursuant to the Exchange “circuit breaker” rules. There also can be no assurance </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">that the requirements of the Exchange necessary to maintain the listing of the Fund’s shares will continue to be met </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">or will remain unchanged.</span></div> <div style="line-height:11.16pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">Growth Securities Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> Growth securities typically trade at a higher multiple of earnings than other types of equity </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">securities. Accordingly, the market values of growth securities may never reach their expected market value and may </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">decline in price. In addition, growth securities, at times, may not perform as well as value securities or the stock </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">market in general, and may be out of favor with investors for varying periods of time. Growth securities may also be </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">sensitive to movements in interest rates.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">Issuer Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> 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:9.30pt">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:9.30pt">performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">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:9.30pt">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:9.30pt">and/or wider bid/ask spreads than those experienced by other ETFs.</span></div><div> <div style="clear:both;margin-top:4.84pt;position:relative;width:100%;"> <div style="float:left;line-height:9.44pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:7.44pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:11.30pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Large-Cap Stock Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> Investments in larger, more established companies (larger companies) may involve certain </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">risks associated with their larger size. For instance, larger companies may be less able to respond quickly to new </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">competitive challenges, such as changes in consumer tastes or innovation from smaller competitors. Also, larger </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">companies are sometimes less able to achieve as high growth rates as successful smaller companies, especially </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">during extended periods of 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:9.30pt;font-weight:bold">Market Price Relative to NAV Risk. </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">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:9.30pt">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:9.30pt">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:9.30pt">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:9.30pt">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:9.30pt">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:9.30pt">bid/ask spreads than those experienced by other ETFs. The Investment Manager cannot predict whether Fund shares </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">will trade below, at or above their NAV. Price differences may result because of, among other factors, supply and </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">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:9.30pt">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:9.30pt">a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV or sells shares at </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">a 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:9.30pt">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:9.30pt">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:9.30pt">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:9.30pt">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:9.30pt">investing in the Fund.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">Market Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> 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:9.30pt">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:9.30pt">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:9.30pt">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:9.30pt">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:9.30pt">traded and closed markets and could cause significant redemptions and operational challenges. Global economies </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">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:9.30pt">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:9.30pt">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:9.30pt">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:9.30pt">conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">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:9.30pt">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:9.30pt">NAV of the Fund's shares and/or wider bid/ask spreads than those experienced by other ETFs.</span></div> <div style="line-height:11.16pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">New Fund Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> The Fund is a newly formed ETF. Accordingly, investors in the Fund bear the risk that the Fund may </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">not be successful, which could result in the Fund being liquidated at any time without shareholder approval and/or at </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">a time that may not be favorable to shareholders. Such a liquidation could have negative tax consequences for </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">shareholders.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">Secondary Market Trading Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> Investors buying or selling Fund shares will pay brokerage commissions or other </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">charges imposed by brokers as determined by that broker. Brokerage commissions are often a fixed amount and may </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Fund shares.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">Sector Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> 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:9.30pt">conducting business in a related group of industries within one or more economic sectors, including the information </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">technology sector. Companies in the same sector may be similarly affected by economic, regulatory, political or </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">market events or conditions, which may make the Fund vulnerable to unfavorable developments in that group of </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">industries or economic sector.</span></div><div> <div style="clear:both;margin-top:4.84pt;position:relative;width:100%;"> <div style="float:left;line-height:9.44pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:7.44pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:11.30pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Information Technology Sector.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> The Fund is vulnerable to the particular risks that may affect companies in the </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">information technology sector. Companies in the information technology sector are subject to certain risks, </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">including the risk that new services, equipment or technologies will not be accepted by consumers and businesses </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">of their products or services, new market entrants, competition for market share and short product cycles due to </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">information technology sector companies have limited operating histories and prices of these companies’ </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">securities historically have been more volatile than other securities, especially over the short term. Some </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">companies in the information technology sector are facing increased government and regulatory scrutiny and may </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">be subject to adverse government or regulatory action, which could negatively impact the value of their securities.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> Performance Information <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">The Fund is new as of the date of this prospectus and therefore performance information is not available.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt;line-height:11.16pt"> </span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">When available, the Fund intends to compare its performance to the performance of the Russell 1000</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:9.30pt"> Growth Index, </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">as well as the Russell 1000</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:9.30pt"> Index.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt;line-height:11.16pt"> </span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">When available, 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:9.30pt">columbiathreadneedleus.com/etfs.</span></div> The Fund is new as of the date of this prospectus and therefore performance information is not available. 800.426.3750 columbiathreadneedleus.com/etfs Summary of the Fund Investment Objective <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">Columbia Research Enhanced International Equity ETF (the Fund) </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">seeks investment results that, before fees and </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">expenses, closely correspond to the performance of the </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic;">Beta Advantage</span><span style="color: #003c78; font-family: arial; font-size: 5pt; font-style: italic; position: relative; top: -4.25pt;">®</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> Research Enhanced International Equity </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">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: 9.30pt;">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: 9.30pt; font-weight: bold;">You may </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-weight: bold;">pay other fees, such as brokerage commissions, to financial intermediaries, which are not reflected in the table </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-weight: bold;">and example below.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">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: 0.93pt;"> </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0032 0.0000 0.0000 0.0032 Other expenses are based on estimated amounts for the Fund’s current fiscal year. Example <div style="margin-top: 6pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">other funds. The example illustrates the hypothetical expenses that you would incur over the time periods indicated </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">(whether or not shares are redeemed), and assumes that:</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span></div> <div> <div style="clear: both; margin-top: 4.84pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.44pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 11.30pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">you invest $10,000 in the Fund for the periods indicated,</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 4.84pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.44pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 11.30pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">your investment has a 5% return each year, and</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 4.84pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.44pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 11.30pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">the Fund’s total annual operating expenses remain the same as shown in the </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic;">Annual Fund Operating Expenses</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">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: 9.30pt;">Although your actual costs may be higher or lower, based on the assumptions listed above, your costs (based on </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">estimated Fund expenses) would be:</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> 33 33 103 103 Portfolio Turnover <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">is not available as of the date of this prospectus.</span></div> Principal Investment Strategies <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">The Fund is an exchange-traded fund (ETF) that seeks to track the performance of the </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic;">Beta Advantage</span><span style="color: #003c78; font-family: arial; font-size: 5pt; font-style: italic; position: relative; top: -4.25pt;">®</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">Research </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">Enhanced International Equity </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">Index </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">(the Index)</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">The Fund invests at least 80% of its net assets (including the amount </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">of any borrowings for investment purposes) in equity securities  (including, but not limited to, common shares traded </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">on local exchanges, American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs)) of companies </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">located in international developed market countries. “International developed market” countries are those included in </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">the Solactive GBS Developed Markets ex North America Large &amp; Mid Cap USD Index (also referred to as the Starting </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">Universe).</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">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: 9.30pt;">Starting Universe, with the Index designed to seek to achieve stronger total return when compared with the Starting </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">Universe, which is a broad measure of the performance of developed market large- and mid-cap growth and value </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">companies. The Index, like the Starting Universe, and therefore the Fund, typically holds only common stocks and </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">depository receipts.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">The Index was developed and is sponsored </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">by the Fund’s investment adviser, Columbia Management Investment </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">Advisers, LLC (Columbia Management or the Investment Manager). The Index</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">,</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">while</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> calculated and maintained by a </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">third party, Solactive, AG</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">, relies on certain proprietary data of Columbia Management in calculating (or constructing) </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">the Index</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">The Index is comprised of a subset of the companies within the Starting Universe. With a starting point of the </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">Solactive GBS Developed Markets ex North America Large &amp; Mid Cap USD Index, the Index was designed to reflect </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">the performance of developed market large- and mid-cap growth and value companies through the application of a </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">rules-based methodology that takes into account company quality, value, and catalyst (e.g., price momentum and </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">business momentum) factors. The Index construction methodology typically results in approximately 225-275 Index </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">holdings, but this range can fluctuate because the Index has no constraints on number of holdings.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">strategy, which means that the Fund would seek to track the performance of the Index by investing all, or </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">substantially all, of its assets in the securities that make up the Index in approximately the same proportion as their </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">weighting in the Index.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">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: 9.30pt;">investments that are not yet represented in the Index in anticipation of their removal from or addition to the Index.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">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: 9.30pt;">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: 9.30pt;">fundamental investment research or analysis, or seek to forecast or otherwise consider market movements, </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">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: 9.30pt;">of correlating performance with the Index regardless of market conditions and does not take defensive positions.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">From time to time, the Fund may focus its investments in certain countries or geographic areas, including Europe and </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">Japan. The Fund concentrates its investments (i.e., holds 25% or more of its net assets) in a particular industry or </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">group of industries to approximately the same extent that the Index is concentrated.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> As of August 31, 2025, the </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">Index was concentrated in the financials and industrials sectors.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">The Index is reconstituted semi-annually in May and November.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">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: 9.30pt;">Investment Manager believes will help the Fund track the Index.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">The Fund is non-diversified, which means that it can invest a greater percentage of its assets in the securities of </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">fewer issuers than can a diversified fund.</span></div> There is no assurance that the Fund will achieve its investment objectiveand you may lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by theFederal Deposit Insurance Corporation or any other government agency. <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> Only an Authorized Participant (as defined below) may engage in creation </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">Authorized Participants, none of which are or will be obligated to engage in creation or redemption transactions. To </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">create or redeem Creation Units, Fund shares may trade at a greater premium or discount between the market price </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">and the NAV of the Fund’s shares and/or wider bid/ask spreads than those experienced by other ETFs. Additionally, </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">the Fund could possibly face trading halts and/or delisting from the Exchange. This risk is heightened in times of </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">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: 9.30pt; font-weight: bold;">Correlation/Tracking Error Risk. </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">The Fund’s value will generally decline when the performance of the securities </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">instruments, which the Index does not bear. The Fund, unlike the Index, is subject to regulatory requirements that </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">can limit the Fund’s investments relative to what the Index can hold. Accordingly, the Fund’s performance will likely </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">fail to match the performance of the Index, after taking expenses into account, as well as regulatory limitations. It is </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">not possible to invest directly in an index.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-weight: bold;">Depositary Receipts Risk.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> Depositary receipts are receipts issued by a bank or trust company reflecting ownership </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">political, regulatory, economic, social and other conditions or events (including, for example, military confrontations </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">value of your investment in the Fund.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-weight: bold;">Early/Late Close/Trading Halt Risk.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> An exchange or market may close early, close late or issue trading halts on </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">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: 9.30pt;">unable to buy or sell these securities. In these circumstances, the Fund may be unable to reconstitute its portfolio, </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">may be unable to accurately price its investments, may incur substantial trading losses and/or may be prevented </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">from sufficiently tracking the performance of the Index.</span></div> <div style="line-height: 11.16pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-weight: bold;">Equity Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> Equity securities, as well as equity-like securities such as convertible debt securities, may </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">experience significant volatility. Such securities may fall sharply in response to adverse events affecting overall </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">markets, a particular industry or sector, or an individual company’s financial condition.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-weight: bold;">Foreign Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> Investments in or exposure to securities of foreign companies may involve heightened risks </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">of U.S. companies, 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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt; font-weight: bold;">Fund Shares Liquidity Risk.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> Although the Fund’s shares are listed on the Exchange, there can be no assurance that </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">an active, liquid or otherwise orderly trading market for shares will be established or maintained by market makers or </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">Authorized Participants, particularly in times of stressed market conditions. There is no guarantee that the Fund will </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">be able to attract market makers and Authorized Participants. There is no obligation for market makers to make a </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">market in the Fund’s shares or for Authorized Participants to submit purchase or redemption orders for creation </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">units. Accordingly, if such parties determine not to perform their respective functions, this could, such as during </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">times of market stress, in turn, lead to variances between the market price of the Fund’s shares and the underlying </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">value of those shares and bid/ask spreads could widen. Trading in Fund shares on the Exchange also may be </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">disrupted or even halted due to market conditions or for reasons that, in the view of the Exchange, make trading in </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">Fund shares inadvisable. In addition, trading in Fund shares on the Exchange may be subject to trading halts caused </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">by extraordinary market volatility pursuant to the Exchange “circuit breaker” rules. There also can be no assurance </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">that the requirements of the Exchange necessary to maintain the listing of the Fund’s shares will continue to be met </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">or will remain unchanged.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-weight: bold;">Geographic Focus Risk.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> The Fund may be particularly susceptible to risks related to economic, political, regulatory or </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">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: 9.30pt;">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: 4.84pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.44pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 11.30pt; margin-left: 6.55pt; text-align: left; width: 500.00pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Europe. </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">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: 9.30pt;">conditions, including acts of war or other conflicts in the region, affecting issuers and countries in Europe. </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">Countries in Europe are often closely connected and interdependent, and events in one European country can have </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">an adverse impact on, and potentially spread to, other European countries. In addition, significant private or public </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">debt problems in a single European Union (EU) country can pose economic risks to the EU as a whole. As a result, </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">the Fund’s NAV may be more volatile than the NAV of a more geographically diversified fund. If securities of issuers </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">in Europe fall out of favor, it may cause the Fund to underperform other funds that do not focus their investments </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">in this region of the world. Any uncertainty caused by the departure of the United Kingdom (UK) from the EU, which </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">occurred in January 2020, could have negative impacts on the UK and the EU, as well as other European </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">economies and the broader global economy. These could include negative impacts on currencies and financial </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">markets as well as increased volatility and illiquidity, and potentially lower economic growth in markets in Europe, </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">which could adversely affect the value of your investment in the Fund.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 4.84pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.44pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 11.30pt; margin-left: 6.55pt; text-align: left; width: 500.00pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Japan.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> The Fund is particularly susceptible to the social, political, economic, regulatory and other conditions or </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">events that may affect Japan’s economy. The Japanese economy is heavily dependent upon international trade, </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">including, among other things, the export of finished goods and the import of oil and other commodities and raw </span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div style="line-height: 11.16pt; margin-left: 11pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">materials. Because of its trade dependence, the Japanese economy is particularly exposed to the risks of currency </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">fluctuation, foreign trade policy and regional and global economic disruption, including the risk of increased tariffs, </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">embargoes, and other trade limitations or factors. Strained relationships between Japan and its neighboring </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">countries, including China, South Korea and North Korea, based on historical grievances, territorial disputes, and </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">defense concerns, may also cause uncertainty in Japanese markets. As a result, additional tariffs, other trade </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">barriers, or boycotts may have an adverse impact on the Japanese economy. Japanese government policy has </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">been characterized by economic regulation, intervention, protectionism and large government deficits. The </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">Japanese economy is also challenged by an unstable financials sector, highly leveraged corporate balance sheets </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">and extensive cross-ownership among major corporations. Structural social and labor market changes, including an </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">aging workforce, population decline and traditional aversion to labor mobility may adversely affect Japan’s </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">economic competitiveness and growth potential. The potential for natural disasters, such as earthquakes, volcanic </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">eruptions, typhoons and tsunamis, could also have significant negative effects on Japan’s economy. As a result of </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">the Fund’s investment in Japanese securities, the Fund’s NAV may be more volatile than the NAV of a more </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">geographically diversified fund. If securities of issuers in Japan fall out of favor, it may cause the Fund to </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">underperform other funds that do not focus their investments in Japan.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-weight: bold;">Growth Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> Growth securities typically trade at a higher multiple of earnings than other types of equity </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">securities. Accordingly, the market values of growth securities may never reach their expected market value and may </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">decline in price. In addition, growth securities, at times, may not perform as well as value securities or the stock </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">market in general, and may be out of favor with investors for varying periods of time. Growth securities may also be </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">sensitive to movements in interest rates.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-weight: bold;">Index Methodology and Provider Risk. </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">The Fund seeks performance that corresponds to the performance of the </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">computation, construction and reconstitution, despite any of the procedures designed to prevent such occurrences </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">and due diligence conducted by the index provider. Errors may result in a negative performance impact to the Fund </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">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: 9.30pt; font-weight: bold;">Industry Concentration Risk. </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">To the extent the Index, and therefore the Fund, concentrates its investments in a </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">particular industry, the value of its portfolio will be more susceptible to the events or conditions impacting that </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">particular industry.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-weight: bold;">Issuer Risk.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> 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: 9.30pt;">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: 9.30pt;">performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">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: 9.30pt;">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: 9.30pt;">and</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">/or</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> wider bid/ask spreads than those experienced by other ETFs.</span></div> <div> <div style="clear: both; margin-top: 4.84pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.44pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 11.30pt; margin-left: 6.55pt; text-align: left; width: 500.00pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Large-Cap Stock Risk.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> Investments in larger, more established companies (larger companies) may involve certain </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">risks associated with their larger size. For instance, larger companies may be less able to respond quickly to new </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">competitive challenges, such as changes in consumer tastes or innovation from smaller competitors. Also, larger </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">companies are sometimes less able to achieve as high growth rates as successful smaller companies, especially </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">during extended periods of economic expansion.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 4.84pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.44pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 11.30pt; margin-left: 6.55pt; text-align: left; width: 500.00pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Mid-Cap Stock Risk.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> Investments in mid-capitalization companies (mid-cap companies) often involve greater risks </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">than investments in larger companies because mid-cap companies tend to have less predictable earnings and may </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">lack the management experience, financial resources, product diversification and competitive strengths of larger </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">companies, and may be less liquid than the securities of larger companies.</span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div style="line-height: 11.16pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-weight: bold;">Market Price Relative to NAV Risk. </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">bid/ask spreads than those experienced by other ETFs. The Investment Manager cannot predict whether Fund shares </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">will trade below, at or above their NAV. Price differences may result because of, among other factors, supply and </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">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: 9.30pt;">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: 9.30pt;">a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV or sells shares at </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">a 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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">investing in the Fund.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-weight: bold;">Market Risk.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> 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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">traded and closed markets and could cause significant redemptions and operational challenges. Global economies </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">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: 9.30pt;">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: 9.30pt;">NAV of the Fund's shares and</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">/or</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> 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: 9.30pt; font-weight: bold;">New Fund Risk.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> The Fund is a newly formed ETF. Accordingly, investors in the Fund bear the risk that the Fund may </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">not be successful, which could result in the Fund being liquidated at any time without shareholder approval and/or at </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">a time that may not be favorable to shareholders. Such a liquidation could have negative tax consequences for </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">shareholders.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-weight: bold;">Non-Diversified Fund Risk.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> The Fund is non-diversified, which generally means that it may invest a greater percentage </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">of its total assets in the securities of fewer issuers than a “diversified” fund. This increases the risk that a change in </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">the value of any one investment held by the Fund could affect the overall value of the Fund more than it would affect </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">that of a diversified fund holding a greater number of investments. Accordingly, the Fund's value will likely be more </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">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: 9.30pt; font-weight: bold;">Passive Investment Risk. </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt; font-weight: bold;">Quantitative Models Risk.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> Quantitative models used by the Index may not be effective in selecting the most </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">favorable securities for inclusion in the Index and may cause the Fund to underperform other investment strategies. </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">Flaws or errors in the quantitative model’s assumptions, design, execution, or data inputs may adversely affect Fund </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">performance. Quantitative models may not perform as expected and may underperform in certain market </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">environments including in stressed or volatile market conditions. There can be no assurance that the use of </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">quantitative models will enable the Fund to achieve its objective.</span></div> <div style="line-height: 11.16pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-weight: bold;">Secondary Market Trading Risk.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> Investors buying or selling Fund shares will pay brokerage commissions or other </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">charges imposed by brokers as determined by that broker. Brokerage commissions are often a fixed amount and may </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Fund shares.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-weight: bold;">Sector Risk.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> 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: 9.30pt;">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: 9.30pt;">and industrials sectors. The Fund generally invests in issuers, including to concentrate its investments in issuers </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">conducting business in a related group of industries, to approximately the same extent as the Index. Because of its </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">representative sampling approach to tracking the Index, the Fund may have over- or under-weight holdings in issuers </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">relative to issuer weightings in the Index. Companies in the same sector may be similarly affected by economic, </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">regulatory, political or market events or conditions, which may make the Fund vulnerable to unfavorable </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">developments in that group of industries or economic sector.</span></div> <div> <div style="clear: both; margin-top: 4.84pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.44pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 11.30pt; margin-left: 6.55pt; text-align: left; width: 500.00pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Financials Sector.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> 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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">and exposure to investments, agreements and counterparties, including credit products that, under certain </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 4.84pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.44pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 11.30pt; margin-left: 6.55pt; text-align: left; width: 500.00pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Industrials Sector.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> The Fund is vulnerable to the particular risks that may affect companies in the industrials </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">sector. Companies in the industrials sector are subject to certain risks, including changes in supply and demand </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">for their specific product or service and for industrial sector products in general, including decline in demand for </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">such products due to rapid technological developments and frequent new product introduction. Performance of </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">such companies may be affected by factors including government regulation, world events, economic conditions </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">and risks for environmental damage and product liability claims.</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: 9.30pt; font-weight: bold;">Value Securities Risk.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> Value securities are securities of companies that may have experienced, for example, adverse </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">business, industry or other developments or may be subject to special risks that have caused the securities to be out </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">of favor and, in turn, potentially undervalued. The market value of a portfolio security may not meet the perceived </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">value assessment of that security as determined by the portfolio managers, or may decline in price, even though the </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">securities are already believed to be undervalued by the portfolio managers. There is also a risk that it may take </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">longer than expected for the value of these investments to rise to the perceived value as determined by the portfolio </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">managers. In addition, value securities, at times, may not perform as well as growth securities or the stock market in </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">general, and may be out of favor with investors for varying periods of time.</span></div> Performance Information <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">The Fund is new as of the date of this prospectus and therefore performance information is not available.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">When available, the Fund intends to compare its performance to the performance of the </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; 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: 9.30pt;"> Research </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">Enhanced International Equity Index and the MSCI EAFE Index (Net).</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">When available, 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: 9.30pt;">columbiathreadneedleus.com/etfs.</span></div> The Fund is new as of the date of this prospectus and therefore performance information is not available. 800.426.3750 columbiathreadneedleus.com/etfs Summary of Columbia Research Enhanced Mid Cap ETF Investment Objective <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">Columbia Research Enhanced Mid Cap ETF (the Fund) </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">seeks long-term capital appreciation.</span></div> Fees and Expenses of the Fund <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">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: 9.30pt; font-weight: bold;">You may </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-weight: bold;">pay other fees, such as brokerage commissions, to financial intermediaries, which are not reflected in the table </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-weight: bold;">and example below.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">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: 0.93pt;"> </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0032 0.0000 0.0000 0.0032 Other expenses are based on estimated amounts for the Fund’s current fiscal year. Example <div style="margin-top: 6pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">other funds. The example illustrates the hypothetical expenses that you would incur over the time periods indicated </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">(whether or not shares are redeemed), and assumes that:</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span></div> <div> <div style="clear: both; margin-top: 4.84pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.44pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 11.30pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">you invest $10,000 in the Fund for the periods indicated,</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 4.84pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.44pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 11.30pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">your investment has a 5% return each year, and</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 4.84pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.44pt; margin-left: 6pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 11.30pt; margin-left: 6.55pt; text-align: left; width: 494.00pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">the Fund’s total annual operating expenses remain the same as shown in the </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic;">Annual Fund Operating Expenses</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">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: 9.30pt;">Although your actual costs may be higher or lower, based on the assumptions listed above, your costs (based on </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">estimated Fund expenses) would be:</span><span style="color: #003c78; font-family: arial; font-size: 1pt; line-height: 0.93pt;"> </span></div> 33 33 103 103 Portfolio Turnover <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">is not available as of the date of this prospectus.</span></div> Principal Investment Strategies <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">The Fund is an actively managed exchange-traded fund (ETF). </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">Under normal market conditions, the Fund invests at </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">least 80% of its assets (including the amount of any borrowings for investment purposes) in equity securities of </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">companies that have market capitalizations in the range of the companies in the Solactive United States 800 Index  </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">(the Index) at the time of purchase (between </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">$</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">515.7</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> million and </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">$</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">71.7</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> billion as of </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">June 30</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">, 2025).</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">The market </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">capitalization range and composition of companies in the Index are subject to change.</span></div> <div style="line-height: 11.16pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">The Fund principally invests in common stocks. The Fund invests in securities of companies that Columbia </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">Management Investment Advisers, LLC (Columbia Management or the Investment Manager) believes offer capital </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">appreciation opportunity.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">The Fund applies a rules-based framework to invest, at the time of purchase, in securities that display an attractive </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">profile of company quality, value, and catalyst factors. The securities are evaluated on an industry relative basis, and </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">at the time of the application of the Fund’s rules-based framework, sector weights are neutral </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">relative to the Index</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">. </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">The catalyst factors capture momentum, both price and business, and market sentiment for a stock</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">. The Fund</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">'</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">s </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">rules-based </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">investment framework categorizes stocks in the Index by industry,</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">and</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">the Investment</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">Manager uses </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">proprietary investment models by industry based on the drivers of return specific to stocks in a particular industry. </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">Stocks are market weighted within the Fund's portfolio</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">, </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">effected periodically,</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">to generally align on a pro rata basis </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">with the Index</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">The Fund’s rules-based framework for constructing (and making changes to) the Fund’s portfolio generally occurs on </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">at least a semi-annual basis typically in </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">June</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> and </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">December</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> but this could change without notice. In addition to this </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">semi-annual investment process application, Fund holdings are evaluated for sale out of the Fund’s portfolio in the </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">event of issuer bankruptcy, deterioration of the security’s quality, value or company catalyst factors, or other events </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">or conditions. Whether a removed security will be replaced and what the replacement will be is in the discretion of </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">Columbia Management.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">The Fund may at times emphasize one or more sectors in selecting its investments.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">The Fund is non-diversified, which means that it can invest a greater percentage of its assets in the securities of </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">fewer issuers than can a diversified fund.</span></div> Thereis no assurance that the Fund will achieve its investment objective and you may lose money. An investment in the Fundis not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any othergovernment agency. <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-weight: bold;">Active Management Risk.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> Due to its active management, the Fund could underperform its benchmark index and/or </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">other funds with similar investment objectives and/or strategies. Active trading of portfolio securities may result in </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">added expenses, a lower return and increased tax liability, including relative to other ETFs.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> Only an Authorized Participant (as defined below) may engage in creation </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">Authorized Participants, none of which are or will be obligated to engage in creation or redemption transactions. To </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">create or redeem Creation Units, Fund shares may trade at a greater premium or discount between the market price </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">and the NAV of the Fund’s shares and/or wider bid/ask spreads than those experienced by other ETFs. Additionally, </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">the Fund could possibly face trading halts and/or delisting from the Exchange. This risk is heightened in times of </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">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: 9.30pt; font-weight: bold;">Early/Late Close/Trading Halt Risk.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> An exchange or market may close early, close late or issue trading halts on </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">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: 9.30pt;">unable to buy or sell these securities.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-weight: bold;">Fund Shares Liquidity Risk.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> Although the Fund’s shares are listed on the Exchange, there can be no assurance that </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">an active, liquid or otherwise orderly trading market for shares will be established or maintained by market makers or </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">Authorized Participants, particularly in times of stressed market conditions. There is no guarantee that the Fund will </span></div> <div style="line-height: 11.16pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">be able to attract market makers and Authorized Participants. There is no obligation for market makers to make a </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">market in the Fund’s shares or for Authorized Participants to submit purchase or redemption orders for creation </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">units. Accordingly, if such parties determine not to perform their respective functions, this could, such as during </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">times of market stress, in turn, lead to variances between the market price of the Fund’s shares and the underlying </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">value of those shares and bid/ask spreads could widen. Trading in Fund shares on the Exchange also may be </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">disrupted or even halted due to market conditions or for reasons that, in the view of the Exchange, make trading in </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">Fund shares inadvisable. In addition, trading in Fund shares on the Exchange may be subject to trading halts caused </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">by extraordinary market volatility pursuant to the Exchange “circuit breaker” rules. There also can be no assurance </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">that the requirements of the Exchange necessary to maintain the listing of the Fund’s shares will continue to be met </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">or will remain unchanged.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-weight: bold;">Issuer Risk.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> 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: 9.30pt;">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: 9.30pt;">performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">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: 9.30pt;">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: 9.30pt;">and</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">/or</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> wider bid/ask spreads than those experienced by other ETFs.</span></div> <div> <div style="clear: both; margin-top: 4.84pt; position: relative; width: 100%;"> <div style="float: left; line-height: 9.44pt; text-align: left; width: 4.45pt;"><span style="color: #003c78; font-family: arial; font-size: 7.44pt; position: relative; top: -0.5pt;">■</span></div> <div style="float: left; line-height: 11.30pt; margin-left: 6.55pt; text-align: left; width: 500.00pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-style: italic; font-weight: bold;">Mid-Cap Stock Risk.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> Investments in mid-capitalization companies (mid-cap companies) often involve greater risks </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">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: 9.30pt;">have less predictable earnings and may lack the management experience, financial resources, product </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">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: 9.30pt;">companies.</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: 9.30pt; font-weight: bold;">Liquidity Risk.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> 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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">have to accept a lower selling price for the holding, sell other liquid or more liquid investments that it might otherwise </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">prefer to hold (thereby increasing the proportion of the Fund’s investments in less liquid or illiquid securities), or </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">forego another more appealing investment opportunity. The liquidity of Fund investments may change significantly </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">over time and certain investments that were liquid when purchased by the Fund may later become illiquid, particularly </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">in times of overall economic distress. Changing regulatory, market or other conditions or environments (for example, </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">the interest rate or credit environments) may also adversely affect the liquidity and the price of the Fund's </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">investments. Judgment plays a larger role in valuing illiquid or less liquid investments as compared to valuing liquid </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">or more liquid investments. Price volatility may be higher for illiquid or less liquid investments as a result of, for </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">example, the relatively less frequent pricing of such securities (as compared to liquid or more liquid investments). </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">Generally, the less liquid the market at the time the Fund sells a portfolio investment, the greater the risk of loss or </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">decline of value to the Fund. Overall market liquidity and other factors can lead to an increase in redemptions of </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">creation units, which may negatively impact Fund performance and NAV, including, for example, if the Fund is forced </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">to sell investments in a down market. In addition, in stressed market conditions, the market for Fund shares may </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">become less liquid. Deterioration in the liquidity of Fund shares may adversely impact the liquidity of the Fund's </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">underlying portfolio securities. These adverse impacts on the liquidity of Fund shares and on the liquidity of the </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">Fund's underlying portfolio securities could in turn lead to a greater premium or discount between the market price </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">and the 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: 9.30pt; font-weight: bold;">Market Price Relative to NAV Risk. </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">the market value of the Fund’s holdings. The market prices of shares, however, will generally fluctuate in response to </span></div> <div style="line-height: 11.16pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">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: 9.30pt;">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: 9.30pt;">bid/ask spreads than those experienced by other ETFs. The Investment Manager cannot predict whether Fund shares </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">will trade below, at or above their NAV. Price differences may result because of, among other factors, supply and </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">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: 9.30pt;">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: 9.30pt;">a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV or sells shares at </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">a 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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">investing in the Fund.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-weight: bold;">Market Risk.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> 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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">traded and closed markets and could cause significant redemptions and operational challenges. Global economies </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">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: 9.30pt;">conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">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: 9.30pt;">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: 9.30pt;">NAV of the Fund's shares and</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">/or</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> 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: 9.30pt; font-weight: bold;">New Fund Risk.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> The Fund is a newly formed ETF. Accordingly, investors in the Fund bear the risk that the Fund may </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">not be successful, which could result in the Fund being liquidated at any time without shareholder approval and/or at </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">a time that may not be favorable to shareholders. Such a liquidation could have negative tax consequences for </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">shareholders.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-weight: bold;">Non-Diversified Fund Risk.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> The Fund is non-diversified, which generally means that it may invest a greater percentage </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">of its total assets in the securities of fewer issuers than a “diversified” fund. This increases the risk that a change in </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">the value of any one investment held by the Fund could affect the overall value of the Fund more than it would affect </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">that of a diversified fund holding a greater number of investments. Accordingly, the Fund's value will likely be more </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">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: 9.30pt; font-weight: bold;">Regulatory Risk – U.S. Banking Law. </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">Ameriprise Financial, Inc. is subject to ongoing supervision by the Board of </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">Governors for the Federal Reserve System as well as applicable U.S. federal banking laws, including the Home </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">Owner’s Loan Act and certain parts of the Bank Holding Company Act, including Section 13 thereof (commonly </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">referred to as the Volcker Rule). These laws impose limits on the amount and duration of any proprietary capital held </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">in the Fund by the Investment Manager, Ameriprise Financial, Inc. or certain of their controlled affiliates or products </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">or, alternatively, require that certain investment and/or trading limitations be applied to the Fund. Due to the level of </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">ownership by the Investment Manager and/or its affiliates in the Fund, the Fund may be limited in its ability to buy </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">and sell securities under certain circumstances, such as within a short time frame in pursuit of short-term profits. </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">This could have a negative impact on the Fund’s ability to implement its investment objective. If the Investment </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">Manager and/or its affiliates reduce their interest in the Fund, the Fund may be subject to additional transaction </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">costs and adverse tax consequences. Moreover, the resulting reduced size of the Fund could threaten its ongoing </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">economic viability and consequently lead to its liquidation.</span></div> <div style="line-height: 11.16pt; text-align: left;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-weight: bold;">Secondary Market Trading Risk.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> Investors buying or selling Fund shares will pay brokerage commissions or other </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">charges imposed by brokers as determined by that broker. Brokerage commissions are often a fixed amount and may </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Fund shares.</span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt; font-weight: bold;">Sector Risk.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> 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: 9.30pt;">conducting business in a related group of industries within one or more economic sectors. Companies in the same </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">the Fund vulnerable to unfavorable developments in that group of industries or economic sector.</span></div> Performance Information <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">The Fund is new as of the date of this prospectus and therefore performance information is not available.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">When available, the Fund intends to compare its performance to the performance of the Solactive United States 800 </span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">Index</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;"> and the Russell 3000</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: 9.30pt;"> Index</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">.</span><span style="color: #003c78; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;"> </span></div> <div style="margin-top: 4pt;"><span style="color: #003c78; font-family: arial; font-size: 9.30pt;">When available, 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: 9.30pt;">columbiathreadneedleus.com/etfs.</span></div> The Fund is new as of the date of this prospectus and therefore performance information is not available. 800.426.3750 columbiathreadneedleus.com/etfs Summary of Columbia Research Enhanced Small Cap ETF Investment Objective <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">Columbia Research Enhanced Small Cap ETF (the Fund) </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">seeks long-term capital appreciation.</span></div> Fees and Expenses of the Fund <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">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:9.30pt;font-weight:bold">You may </span><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">pay other fees, such as brokerage commissions, to financial intermediaries, which are not reflected in the table </span><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">and example below.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt;line-height:11.16pt"> </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">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:0.93pt"> </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0032 0.0000 0.0000 0.0032 Other expenses are based on estimated amounts for the Fund’s current fiscal year. Example <div style="margin-top:6pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">other funds. The example illustrates the hypothetical expenses that you would incur over the time periods indicated </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">(whether or not shares are redeemed), and assumes that:</span><span style="color:#003c78;font-family:arial;font-size:9.30pt;line-height:11.16pt"> </span></div><div> <div style="clear:both;margin-top:4.84pt;position:relative;width:100%;"> <div style="float:left;line-height:9.44pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:7.44pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:11.30pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">you invest $10,000 in the Fund for the periods indicated,</span><span style="color:#003c78;font-family:arial;font-size:9.30pt;line-height:11.16pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.84pt;position:relative;width:100%;"> <div style="float:left;line-height:9.44pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:7.44pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:11.30pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">your investment has a 5% return each year, and</span><span style="color:#003c78;font-family:arial;font-size:9.30pt;line-height:11.16pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.84pt;position:relative;width:100%;"> <div style="float:left;line-height:9.44pt;margin-left:6pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:7.44pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:11.30pt;margin-left:6.55pt;text-align:left;width:494.00pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">the Fund’s total annual operating expenses remain the same as shown in the </span><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-style:italic">Annual Fund Operating Expenses</span><span style="color:#003c78;font-family:arial;font-size:9.30pt;line-height:11.16pt"> </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">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:9.30pt">Although your actual costs may be higher or lower, based on the assumptions listed above, your costs (based on </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">estimated Fund expenses) would be:</span><span style="color:#003c78;font-family:arial;font-size:1pt;line-height:0.93pt"> </span></div> 33 33 103 103 Portfolio Turnover <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">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:9.30pt">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:9.30pt">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:9.30pt">in the example, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">is not available as of the date of this prospectus.</span></div> Principal Investment Strategies <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">The Fund is an actively managed exchange-traded fund (ETF). </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">Under normal market conditions, the Fund invests at </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">least 80% of its assets (including the amount of any borrowings for investment purposes) in equity securities of </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">companies that have market capitalizations in the range of the companies in the Solactive United States 2000 Index </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">(the Index) at the time of purchase (between </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">$</span><span style="color:#003c78;font-family:arial;font-size:9.30pt">2.1</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> million and </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">$</span><span style="color:#003c78;font-family:arial;font-size:9.30pt">8</span><span style="color:#003c78;font-family:arial;font-size:9.30pt;line-height:11.16pt"> </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">billion</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> as of </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">June 30</span><span style="color:#003c78;font-family:arial;font-size:9.30pt">, 2025).</span><span style="color:#003c78;font-family:arial;font-size:9.30pt;line-height:11.16pt"> </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">The market </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">capitalization range and composition of companies in the Index are subject to change.</span></div><div style="line-height:11.16pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">The Fund principally invests in common stocks. The Fund invests in securities of companies that Columbia </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">Management Investment Advisers, LLC (Columbia Management or the Investment Manager) believes offer capital </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">appreciation opportunity.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt;line-height:11.16pt"> </span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">The Fund applies a rules-based framework to invest, at the time of purchase, in securities that display an attractive </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">profile of company quality, value, and catalyst factors. The securities are evaluated on an industry relative basis, and </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">at the time of the application of the Fund’s rules-based framework, sector weights are neutral </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">relative to the Index</span><span style="color:#003c78;font-family:arial;font-size:9.30pt">. </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">The catalyst factors capture momentum, both price and business, and market sentiment for a stock</span><span style="color:#003c78;font-family:arial;font-size:9.30pt">. The Fund</span><span style="color:#003c78;font-family:arial;font-size:9.30pt">'</span><span style="color:#003c78;font-family:arial;font-size:9.30pt">s </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">rules-based </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">investment framework categorizes stocks in the Index by industry,</span><span style="color:#003c78;font-family:arial;font-size:9.30pt;line-height:11.16pt"> </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">and</span><span style="color:#003c78;font-family:arial;font-size:9.30pt;line-height:11.16pt"> </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">the Investment Manager uses </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">proprietary investment models by industry based on the drivers of return specific to stocks in a particular industry. </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">Stocks are market weighted within the Fund's portfolio</span><span style="color:#003c78;font-family:arial;font-size:9.30pt">, </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">effected periodically,</span><span style="color:#003c78;font-family:arial;font-size:9.30pt;line-height:11.16pt"> </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">to generally align on a pro rata basis </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">with the Index</span><span style="color:#003c78;font-family:arial;font-size:9.30pt">.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt;line-height:11.16pt"> </span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">The Fund’s rules-based framework for constructing (and making changes to) the Fund’s portfolio generally occurs on </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">at least a semi-annual basis typically in </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">June</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> and </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">December</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> but this could change without notice. In addition to this </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">semi-annual investment process application, Fund holdings are evaluated for sale out of the Fund’s portfolio in the </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">event of issuer bankruptcy, deterioration of the security’s quality, value or company catalyst factors, or other events </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">or conditions. Whether a removed security will be replaced and what the replacement will be is in the discretion of </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">Columbia Management.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">The Fund may at times emphasize one or more sectors in selecting its investments.</span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">The Fund is non-diversified, which means that it can invest a greater percentage of its assets in the securities of </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">fewer issuers than can a diversified fund.</span></div> 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:9.30pt;font-weight:bold">Active Management Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> Due to its active management, the Fund could underperform its benchmark index and/or </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">other funds with similar investment objectives and/or strategies. Active trading of portfolio securities may result in </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">added expenses, a lower return and increased tax liability, including relative to other ETFs.</span> <br/> </div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> Only an Authorized Participant (as defined below) may engage in creation </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">Authorized Participants, none of which are or will be obligated to engage in creation or redemption transactions. To </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">the extent that these institutions exit the business or are unable or unwilling to proceed with creation and/or </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">create or redeem Creation Units, Fund shares may trade at a greater premium or discount between the market price </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">and the NAV of the Fund’s shares and/or wider bid/ask spreads than those experienced by other ETFs. Additionally, </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">the Fund could possibly face trading halts and/or delisting from the Exchange. This risk is heightened in times of </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">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:9.30pt;font-weight:bold">Early/Late Close/Trading Halt Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> An exchange or market may close early, close late or issue trading halts on </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">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:9.30pt">unable to buy or sell these securities.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">Fund Shares Liquidity Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> Although the Fund’s shares are listed on the Exchange, there can be no assurance that </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">an active, liquid or otherwise orderly trading market for shares will be established or maintained by market makers or </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">Authorized Participants, particularly in times of stressed market conditions. There is no guarantee that the Fund will </span></div><div style="line-height:11.16pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">be able to attract market makers and Authorized Participants. There is no obligation for market makers to make a </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">market in the Fund’s shares or for Authorized Participants to submit purchase or redemption orders for creation </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">units. Accordingly, if such parties determine not to perform their respective functions, this could, such as during </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">times of market stress, in turn, lead to variances between the market price of the Fund’s shares and the underlying </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">value of those shares and bid/ask spreads could widen. Trading in Fund shares on the Exchange also may be </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">disrupted or even halted due to market conditions or for reasons that, in the view of the Exchange, make trading in </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">Fund shares inadvisable. In addition, trading in Fund shares on the Exchange may be subject to trading halts caused </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">by extraordinary market volatility pursuant to the Exchange “circuit breaker” rules. There also can be no assurance </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">that the requirements of the Exchange necessary to maintain the listing of the Fund’s shares will continue to be met </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">or will remain unchanged.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">Issuer Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> 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:9.30pt">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:9.30pt">performance. Underperformance of an issuer may be caused by poor management decisions, competitive pressures, </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">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:9.30pt">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:9.30pt">and</span><span style="color:#003c78;font-family:arial;font-size:9.30pt">/or</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> wider bid/ask spreads than those experienced by other ETFs.</span></div><div> <div style="clear:both;margin-top:4.84pt;position:relative;width:100%;"> <div style="float:left;line-height:9.44pt;text-align:left;width:4.45pt;"><span style="color:#003c78;font-family:arial;font-size:7.44pt;position:relative;top:-0.5pt">■</span></div> <div style="float:left;line-height:11.30pt;margin-left:6.55pt;text-align:left;width:500.00pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Small-Cap Stock Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> Investments in small-capitalization companies (small-cap companies) often involve greater </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">risks than investments in larger, more established companies (larger companies) because small-cap companies </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">tend to have less predictable earnings and may lack the management experience, financial resources, product </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">diversification and competitive strengths of larger companies, and securities of small-cap companies may be less </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">liquid and more volatile than the securities of larger companies.</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:9.30pt;font-weight:bold">Market Price Relative to NAV Risk. </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">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:9.30pt">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:9.30pt">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:9.30pt">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:9.30pt">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:9.30pt">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:9.30pt">bid/ask spreads than those experienced by other ETFs. The Investment Manager cannot predict whether Fund shares </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">will trade below, at or above their NAV. Price differences may result because of, among other factors, supply and </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">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:9.30pt">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:9.30pt">a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV or sells shares at </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">a 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:9.30pt">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:9.30pt">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:9.30pt">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:9.30pt">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:9.30pt">investing in the Fund.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">Market Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> 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:9.30pt">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:9.30pt">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:9.30pt">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:9.30pt">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:9.30pt">traded and closed markets and could cause significant redemptions and operational challenges. Global economies </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">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:9.30pt">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:9.30pt">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:9.30pt">risks might affect companies worldwide. As a result, local, regional or global events such as terrorism, war, other </span></div><div style="line-height:11.16pt;text-align:left;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">conflicts, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">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:9.30pt">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:9.30pt">NAV of the Fund's shares and</span><span style="color:#003c78;font-family:arial;font-size:9.30pt">/or</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> 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:9.30pt;font-weight:bold">New Fund Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> The Fund is a newly formed ETF. Accordingly, investors in the Fund bear the risk that the Fund may </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">not be successful, which could result in the Fund being liquidated at any time without shareholder approval and/or at </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">a time that may not be favorable to shareholders. Such a liquidation could have negative tax consequences for </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">shareholders.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">Non-Diversified Fund Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> The Fund is non-diversified, which generally means that it may invest a greater percentage </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">of its total assets in the securities of fewer issuers than a “diversified” fund. This increases the risk that a change in </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">the value of any one investment held by the Fund could affect the overall value of the Fund more than it would affect </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">that of a diversified fund holding a greater number of investments. Accordingly, the Fund's value will likely be more </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">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:9.30pt;font-weight:bold">Secondary Market Trading Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> Investors buying or selling Fund shares will pay brokerage commissions or other </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">charges imposed by brokers as determined by that broker. Brokerage commissions are often a fixed amount and may </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Fund shares.</span></div> <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt;font-weight:bold">Sector Risk.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> 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:9.30pt">conducting business in a related group of industries within one or more economic sectors. Companies in the same </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">the Fund vulnerable to unfavorable developments in that group of industries or economic sector.</span></div> Performance Information <div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">The Fund is new as of the date of this prospectus and therefore performance information is not available.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt;line-height:11.16pt"> </span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">When available, the Fund intends to compare its performance to the performance of the Solactive United States </span><span style="color:#003c78;font-family:arial;font-size:9.30pt">2000 Index</span><span style="color:#003c78;font-family:arial;font-size:9.30pt"> and the Russell 3000</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:9.30pt"> Index</span><span style="color:#003c78;font-family:arial;font-size:9.30pt">.</span><span style="color:#003c78;font-family:arial;font-size:9.30pt;line-height:11.16pt"> </span></div><div style="margin-top:4pt;"><span style="color:#003c78;font-family:arial;font-size:9.30pt">When available, 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:9.30pt">columbiathreadneedleus.com/etfs.</span></div> The Fund is new as of the date of this prospectus and therefore performance information is not available. 800.426.3750 columbiathreadneedleus.com/etfs Pursuant to the Investment Management Services Agreement with Columbia ETF Trust I on behalf of the Fund, Columbia Management Investment Advisers, LLC pays the operating costs and expenses of the Fund, but not taxes, interest, brokerage expenses, portfolio transaction expenses, and infrequent and/or unusual expenses. Pursuant to the Investment Management Services Agreement with Columbia ETF Trust I on behalf of the Fund, Columbia Management Investment Advisers, LLC pays the operating costs and expenses of the Fund, but not taxes, interest, brokerage expenses, portfolio transaction expenses, and infrequent and/or unusual expenses. Other expenses are based on estimated amounts for the Fund’s current fiscal year. Pursuant to the Investment Management Services Agreement with Columbia ETF Trust I on behalf of the Fund, Columbia Management Investment Advisers, LLC pays the operating costs and expenses of the Fund, but not taxes, interest, brokerage expenses, portfolio transaction expenses, and infrequent and/or unusual expenses. Other expenses are based on estimated amounts for the Fund’s current fiscal year. Pursuant to the Investment Management Services Agreement with Columbia ETF Trust I on behalf of the Fund, Columbia Management Investment Advisers, LLC pays the operating costs and expenses of the Fund, but not taxes, interest, brokerage expenses, portfolio transaction expenses, and infrequent and/or unusual expenses. Other expenses are based on estimated amounts for the Fund’s current fiscal year. Other expenses are based on estimated amounts for the Fund’s current fiscal year. Pursuant to the Investment Management Services Agreement with Columbia ETF Trust I on behalf of the Fund, Columbia Management Investment Advisers, LLC pays the operating costs and expenses of the Fund, but not taxes, interest, brokerage expenses, portfolio transaction expenses, and infrequent and/or unusual expenses. Other expenses are based on estimated amounts for the Fund’s current fiscal year.