SALI

The Schroders US Autocallable Ladder Income ETF (the “Fund”) seeks to generate monthly income while seeking to reduce downside risk relative to an investment in a single autocallable structured note through exposure to the Bloomberg Schroders US Large Cap Autocallable Index (the “Autocallable Index”).

Bloomberg Schroders US Large Cap Autocallable Index: A systematic, rules-based index developed by Schroders and independently calculated, maintained, and administered by Bloomberg Index Services Limited. The Index is designed to represent a theoretical, laddered portfolio of synthetic autocallable structures linked to an underlying U.S. large-cap equity index. These structures are added over time and have staggered maturities, allowing the Index to maintain broad exposure across different initiation dates, observation schedules, barrier levels, coupon terms, and maturity dates. Depending on the performance of the underlying equity index, the structures may generate periodic coupon income, be redeemed early, or experience a reduction in value at maturity. The Index does not directly hold securities or structured notes; rather, it reflects the performance of hypothetical instruments created according to its predetermined methodology.

Distribution Rate: An annualized rate based on the ETF’s latest declared distribution assuming it remains unchanged for the next 12 months. It is calculated by multiplying the most recent distribution per share by 12 and dividing the result by the ETF’s latest NAV. The Distribution Rate reflects only the most recent distribution and should not be viewed as an indication of total return. Distributions are not guaranteed and may include ordinary income, capital gains, and/or return of capital.

30-Day SEC Yield: A standardized yield calculation required by the SEC that reflects an annualized measure of the net investment income earned by the ETF during the most recent 30-day period. The calculation is based on the ETF’s share price at the end of that period. It is intended to facilitate yield comparisons among funds and does not represent total return.

30-Day Median Bid/Ask Spread: The median of the difference between the best bid and offer for the ETF's shares during the most recent 30 calendar days, expressed as a percentage of the ETF's midpoint price.

Put Strike (Buffer) - The predetermined level of the Underlying Reference Index above which on the maturity date of the Autocallable Structure will not result in a negative settlement value.

Risk Premia: The additional return investors may expect for accepting a particular type of investment risk, such as equity market, credit, volatility, or liquidity risk. Risk premia are not guaranteed and may vary over time depending on market conditions.

Swaps: Derivative contracts in which two parties agree to exchange specified cash flows or investment returns based on an underlying asset, index, interest rate, or other reference measure.

Total Return Swaps: A type of swap under which one party receives the economic performance of an underlying asset or index, including gains, losses, and income, in exchange for making specified payments to the other party. Total return swaps may be used to obtain exposure to an underlying reference asset or index without directly owning its component securities.

Downside Protection: A feature designed to provide some level of principal protection for an Autocallable Structure at maturity in certain adverse market scenarios affecting the Underlying Reference Index. Downside protection is not guaranteed and does not eliminate the risk of loss.

Geared Buffer: A downside protection feature designed to provide a more gradual reduction in principal value below the Put Strike (Buffer) than a traditional knock-in barrier. If the Underlying Reference Index declines below the Put Strike (Buffer) at maturity, losses are amplified by the applicable Risk Factor. Protection applies down to the Put Strike (Buffer) with losses emerging incrementally rather than switching on 1:1 losses from the initial level. The Geared Buffer does not eliminate the risk of loss or guarantee the return of principal.

Risk Factor: If the level of the Underlying Reference Index at maturity is below the Put Strike (Buffer), the settlement value of the Autocallable Structure will be reduced by the percentage decline of the Underlying Reference Index below the Put Strike (Buffer), multiplied by this Risk Factor.

Knock-In Barrier: A downside protection feature that remains in place unless the Underlying Reference Index falls below a pre-determined knock-in barrier. If the barrier is breached at maturity, the protection may be lost entirely, exposing the investor to the full decline of the underlying index from its initial level. This can create a discontinuous payoff profile, sometimes referred to as “cliff risk,” where finishing just above or below the barrier may produce materially different outcomes.

Structured Note: An equity-linked instrument whose returns are linked to the performance of one or more underlying reference assets, equities, ETFs, indices, or reference measures. Structured notes may include terms such as contingent income, barriers, buffers, or automatic redemption provisions. Their value and payout depend on the applicable terms and the performance of the underlying reference asset.

Autocallable Structure: A financial instrument whose return is linked to the performance of an underlying reference asset or index and that may be automatically redeemed prior to maturity if specified conditions are met. Depending on the performance of the Underlying Reference Index, an Autocallable Structure may generate periodic coupon income, be redeemed early, return principal at maturity, or experience a reduction in value.

Leverage: The use of derivatives, borrowed funds, or other financial arrangements to obtain exposure greater than the amount directly invested. Leverage can magnify both gains and losses and may increase the Fund’s exposure to market, counterparty, and other risks.

Autocall Barrier - The predetermined level of the Underlying Reference Index that, if reached or exceeded on pre-determined Autocall Observation Dates, will cause the Autocallable Structure to automatically be called and redeemed prior to maturity. The Autocall Barrier is only effective after the expiration of the Non-Callable Period.

The Schroders US Autocallable Ladder Income ETF (the “Fund”) is an exchange-traded fund (“ETF”). The fund is non-diversified. Shares of the Fund are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions and bid-ask spreads will reduce returns. Investing involves risk, including possible loss of principal. The Fund seeks to provide monthly income through exposure to a broad-based portfolio of autocallable structures. The Fund does not provide principal protection, and there is no guarantee that the Fund will achieve its investment objective or make distributions. The Fund employs a derivatives-based investment strategy and is expected to obtain investment exposure primarily through total return swap. These instruments may be more volatile than direct investments in traditional securities and may result in losses. Diversification does not protect against market risk.

Investors should carefully consider the Fund's investment objectives, risks, charges, and expenses before investing. This and other important information can be found in the Fund's prospectus, which should be read carefully before investing.

The Fund, Schroder Investment Management North America Inc., Schroder Investment Management North America Limited, their affiliates, and their distributors do not provide tax, legal, or investment advice. Investors should consult their own professional advisers regarding any investment, tax, or legal matters.

Principal Risks

Investors should consider the following risks before investing in the Fund:

Autocallable Structure Risk

The Fund's returns are linked to autocallable structures, which may limit upside participation and expose investors to complex payoff profiles that differ from direct investments in equities or bonds.

Market Risk

The value of the Fund will fluctuate with market conditions, and investors may lose money, including their entire investment.

Derivatives Risk

The Fund's use of derivatives, including swaps and options, may magnify gains and losses, create leverage, and expose the Fund to valuation, correlation, and operational risks.

Swap Risk

Total return swaps involve counterparty, credit, liquidity, and valuation risks. A counterparty's failure to meet its obligations could adversely affect the Fund.

Options Risk

Options are subject to volatility, time decay, and pricing risks, and may expire worthless.

Equity Market Risk

The Fund's performance is influenced by the performance of the underlying equity markets. Equity markets may experience significant and unpredictable declines.

Volatility Management Risk

The Fund's underlying strategy incorporates volatility-management techniques that may cause performance to differ from traditional equity market indices and may underperform during certain market environments.

Income Risk

Income generated by the Fund may vary over time and is not guaranteed.

Early Redemption Risk

Autocallable structures may be redeemed prior to maturity, requiring proceeds to be reinvested at potentially less attractive terms and limiting participation in further market appreciation.

Liquidity Risk

Certain investments and derivatives held by the Fund may be difficult or costly to trade, which could affect the Fund's pricing and operations.

Counterparty Risk

The Fund is exposed to the financial condition and creditworthiness of counterparties to derivatives and other transactions. A counterparty default may result in losses.

U.S. Treasury and Fixed Income Risk

Investments in U.S. Treasury securities and other fixed income instruments are subject to interest rate, credit, prepayment, and liquidity risks.

Non-Diversification Risk

Because the Fund may invest a greater portion of its assets in fewer issuers or exposures than a diversified fund, the Fund may be more sensitive to the performance of individual investments.

Active Management Risk

The Fund's performance depends on the implementation of its investment strategy and risk-management techniques, which may not achieve their intended results.

New Fund Risk

The Fund is recently organized and has a limited operating history.

Cybersecurity Risk

Cybersecurity incidents affecting the Fund or its service providers could result in financial losses, operational disruptions, or unauthorized access to information.

Additional Information

The Fund's prospectus contains a more complete discussion of the Fund's investment objectives, strategies, risks, charges, and expenses.