UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22255
Columbia ETF Trust II
(Exact name of registrant as specified in charter)
290 Congress Street
Boston, MA 02210
(Address of principal executive offices) (Zip code)
Daniel J. Beckman
c/o Columbia Management Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
Ryan C. Larrenaga, Esq.
c/o Columbia Management Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
(Name and address of agent for service)
Registrant's telephone number, including area code: (800) 345-6611
Date of fiscal year end: March 31
Date of reporting period: March 31, 2024
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
Not
FDIC
or
NCUA
Insured
No
Financial
Institution
Guarantee
May
Lose
Value
ANNUAL
REPORT
March
31,
2024
Columbia
EM
Core
ex-China
ETF
Columbia
Emerging
Markets
Consumer
ETF
Columbia
India
Consumer
ETF
In
October
2022,
the
Securities
and
Exchange
Commission
(SEC)
adopted
a
final
rule,
“Tailored
Shareholder
Reports
for
Mutual
Funds
and
Exchange-Traded
Funds;
Fee
Information
in
Investment
Company
Advertisements.”
The
rule
and
form
amendments
will,
among
other
things,
require
the
Funds
transmit
concise
and
visually
engaging
shareholder
reports
that
highlight
key
information.
The
amendments
will
require
that
funds
tag
information
in
a
structured
data
format
and
that
certain
more
in-
depth
information
be
made
available
online
and
available
for
delivery
free
of
charge
to
investors
on
request.
The
amendments
became
effective
January
24,
2023.
There
is
an
18-month
transition
period
after
the
effective
date
of
the
amendments.
Each
Tailored
Shareholder
Report
will
be
share-class
specific
and
will
highlight
key
fund
information
the
SEC
believes
is
most
relevant
to
investors
in
assessing
their
investment
in
a
Fund.
Much
of
the
information,
including
a
Fund's
financial
statements,
that
is
currently
disclosed
in
a
Fund's
shareholder
reports
will
instead
be
made
available
on
the
Fund's
website
and
filed
on
Form
N-CSR
on
an
annual
and
semiannual
basis.
This
information
will
be
delivered
to
investors
free
of
charge
upon
request.
Columbia
Fund
reports
will
follow
the
Tailored
Shareholder
Report
approach
beginning
with
reports
covering
the
period
ending
May
31,
2024.
The
new
rule
also
requires
the
Funds
to
mail
a
printed
version
of
the
Tailored
Shareholder
Report
to
all
shareholders
who
have
not
elected
to
receive
shareholder
reports
electronically.
Rather
than
receiving
a
postcard
notifying
investors
that
the
shareholder
report
for
Funds
in
which
they
invest
is
available
online,
investors
will
begin
receiving
the
Tailored
Shareholder
Report
in
the
mail
unless
they
have
elected
to
receive
their
Fund
documents
electronically.
Thematic
Beta
ETFs
|
Annual
Report
2024
Columbia
EM
Core
ex-China
ETF
Fund
at
a
Glance
3
Manager
Discussion
of
Fund
Performance
6
Columbia
Emerging
Markets
Consumer
ETF
Fund
at
a
Glance
8
Manager
Discussion
of
Fund
Performance
10
Columbia
India
Consumer
ETF
Fund
at
a
Glance
12
Manager
Discussion
of
Fund
Performance
15
Understanding
Your
Fund’s
Expenses
17
Portfolio
of
Investments
18
Statement
of
Assets
and
Liabilities
30
Statement
of
Operations
31
Statement
of
Changes
in
Net
Assets
32
Financial
Highlights
34
Notes
to
Financial
Statements
37
Report
of
Independent
Registered
Public
Accounting
Firm
49
Federal
Income
Tax
Information
50
Trustees
and
Officers
51
Liquidity
Risk
Management
Program
59
Additional
Information
60
FUND
AT
A
GLANCE
Columbia
EM
Core
ex-China
ETF
(Unaudited)
Thematic
Beta
ETFs
|
Annual
Report
2024
3
Portfolio
management
Christopher
Lo,
CFA
Lead
Portfolio
Manager
Managed
Fund
since
2016
Henry
Hom,
CFA
Portfolio
Manager
Managed
Fund
since
2021
Investment
objective
Columbia
EM
Core
ex-China
ETF
(the
Fund)
seeks
investment
results
that
correspond
(before
fees
and
expenses)
to
the
price
and
yield
performance
of
the
Beta
Thematic
Emerging
Markets
ex-China
Index.
All
results
shown
assume
reinvestment
of
distributions
during
the
period.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
Performance
results
reflect
the
effect
of
any
fee
waivers
or
reimbursements
of
Fund
expenses
by
the
Fund’s
former
investment
manager
or
Columbia
Management
Investment
Advisers,
LLC
(Columbia
Management
or
the
Investment
Manager).
Absent
these
fee
waivers
or
expense
reimbursement
arrangements,
performance
results
would
have
been
lower.
The
performance
information
shown
represents
past
performance
and
is
not
a
guarantee
of
future
results.
The
investment
return
and
principal
value
of
your
investment
will
fluctuate
so
that
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
lower
or
higher
than
the
performance
information
shown.
You
may
obtain
performance
information
current
to
the
most
recent
month-end
by
visiting
columbiathreadneedleus.com/etfs.
Columbia
Management
took
over
portfolio
management
in
September 2016
upon
its
acquisition
of
the
Fund’s
previous
investment
manager.
Performance
prior
to
September
2016
is
attributable
to
the
Fund's
previous
investment
manager.
Through
July
31,
2020,
Market
Price
returns
are
based
on
the
midpoint
of
the
bid/ask
spread
for
fund
shares
at
market
close
(typically
4
pm
ET).
Beginning
with
August
31,
2020
month-end
performance,
Market
Price
returns
are
based
on
closing
prices
reported
by
the
Fund's
primary
listing
exchange
(typically
4
pm
ET
close).
These
returns
do
not
represent
the
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
The
Fund’s
shares
may
trade
above
or
below
their
net
asset
value.
The
net
asset
value
of
the
Fund
will
generally
fluctuate
with
changes
in
the
market
value
of
the
Fund’s
holdings.
The
market
prices
of
shares,
however,
will
generally
fluctuate
in
accordance
with
changes
in
net
asset
value
as
well
as
the
relative
supply
of,
and
demand
for,
shares
on
the
exchange.
The
trading
price
of
shares
may
deviate
significantly
from
the
net
asset
value.
The
Beta
Thematic
Emerging
Markets
ex-China
Index
is
a
market
capitalization-weighted
index
designed
to
provide
broad,
core
emerging
markets
equity
exposure
by
measuring
the
stock
performance
of
up
to
700
companies,
excluding
those
listed
or
domiciled
in
China
or
Hong
Kong.
The
MSCI
Emerging
Markets
Index
(Net)
is
a
free
float-adjusted
market
capitalization
index
that
is
designed
to
measure
market
performance
of
emerging
markets.
Indices
are
not
available
for
investment,
are
not
professionally
managed
and
do
not
reflect
sales
charges,
fees,
brokerage
commissions,
taxes
(except
the
MSCI
Emerging
Markets
Index
(Net),
which
reflects
reinvested
dividends
net
of
withholding
taxes)
or
other
expenses
of
investing.
Securities
in
the
Fund
may
not
match
those
in
an
index.
Average
annual
total
returns
(%)
(for
period
ended
March
31,
2024)
Inception
1
Year
5
Years
Life
Market
Price
09/02/15
16.41
6.01
8.39
Net
Asset
Value
09/02/15
16.32
6.02
8.37
Beta
Thematic
Emerging
Markets
ex-China
Index
18.62
6.81
8.21
MSCI
Emerging
Markets
Index
(Net)
8.15
2.22
5.60
FUND
AT
A
GLANCE
(continued)
Columbia
EM
Core
ex-China
ETF
(Unaudited)
4
Thematic
Beta
ETFs
|
Annual
Report
2024
Performance
of
a
hypothetical
$10,000
investment
(September
2,
2015
—
March
31,
2024)
The
chart
above
shows
the
change
in
value
of
a
hypothetical
$10,000
investment
made
on
the
Fund’s
inception,
and
does
not
reflect
the
deduction
of
taxes
or
brokerage
commissions
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
For
Illustrative
purposes
only.
There
is
no
guarantee
similar
results
can
be
achieved.
Country
breakdown
(%)
(at
March
31,
2024
)
Brazil
7.2
Chile
0.5
China
0.1
Colombia
0.1
Czech
Republic
0.1
Egypt
0.1
Greece
0.1
Hungary
0.4
India
12.1
Indonesia
3.2
Kuwait
1.1
Malaysia
1.8
Mexico
4.2
Philippines
1.2
Poland
1.1
Qatar
1.0
Russia
0.0
(a)
Saudi
Arabia
9.0
South
Africa
4.1
South
Korea
15.8
Taiwan
27.6
Thailand
2.8
Turkey
0.9
United
Arab
Emirates
4.8
United
States
(b)
0.7
Total
100.0
Country
Breakdown
is
based
primarily
on
issuer’s
place
of
organization/incorporation.
Percentages
indicated
are
based
upon
total
investments
and
excludes
investments
in
derivatives,
if
any.
The
Fund’s
portfolio
composition
is
subject
to
change.
(a)
Rounds
to
zero.
(b)
Includes
investments
in
Money
Market
Funds.
FUND
AT
A
GLANCE
(continued)
Columbia
EM
Core
ex-China
ETF
(Unaudited)
Thematic
Beta
ETFs
|
Annual
Report
2024
5
Equity
sector
breakdown
(%)
(at
March
31,
2024)
Communication
Services
4
.8
Consumer
Discretionary
4
.8
Consumer
Staples
5
.3
Energy
5
.8
Financials
26
.6
Health
Care
1
.8
Industrials
8
.9
Information
Technology
30
.7
Materials
7
.8
Real
Estate
1
.1
Utilities
2
.4
Total
100
.0
Percentages
indicated
are
based
upon
total
equity
investments.
The
Fund’s
portfolio
composition
is
subject
to
change.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
Columbia
EM
Core
ex-China
ETF
(XCEM)
(Unaudited)
6
Thematic
Beta
ETFs
|
Annual
Report
2024
For
the
12-month
period
that
ended
March
31,
2024,
Columbia
EM
Core
ex-China
ETF
returned
16.32%
based
on
net
asset
value
(NAV)
and
16.41%
based
on
market
price.
The
Beta
Thematic
Emerging
Markets
ex-China
Index,
the
Fund's
tracking
index,
returned
18.62%
and
the
MSCI
Emerging
Markets
Index
(Net)
(the
Index)
returned
8.15%
during
the
same
time
period.
The
Fund’s
NAV
on
March
31,
2023
was
$26.96
and
it
ended
the
annual
period
on
March
31,
2024
with
an
NAV
of
$30.97.
The
Fund’s
market
price
on
March
31,
2024
was
$31.10
per
share.
Market
overview
Emerging
markets
equities
advanced
but
significantly
underperformed
both
U.S.
and
international
developed
market
equities
during
the
annual
period.
The
MSCI
Emerging
Markets
Index
(Net)
returned
8.15%.
During
the
first
months
of
the
annual
period,
from
April
through
June
2023,
emerging
markets
equities
rose
only
modestly,
impacted
by
deteriorating
U.S.-China
relations,
China’s
waning
post-COVID
economic
recovery
and
concerns
surrounding
the
U.S.
debt
ceiling,
balanced
by
raised
prospects
for
a
soft
landing
for
the
global
economy.
Emerging
markets
equities
then
fell
in
the
third
quarter
of
2023,
with
investor
sentiment
dampened
by
weak
economic
data,
property
sector
concerns
in
China,
and
a
strong
U.S.
dollar,
which
proved
a
headwind
for
the
market
segment.
Heightened
expectations
amid
strong
U.S.
economic
data
that
U.S.
interest
rates
would
remain
higher
for
longer
also
put
pressure
on
emerging
markets
equities.
Emerging
markets
equities
then
rose
solidly
during
the
second
half
of
the
annual
period
overall.
Positive
investor
sentiment
was
driven
by
a
growing
belief
that
the
U.S.
Federal
Reserve
had
reached
the
end
of
its
tightening
cycle
and
would
soon
start
cutting
interest
rates,
with
the
resulting
decline
in
U.S.
Treasury
yields
and
U.S.
dollar
weakness
proving
tailwinds
for
emerging
markets
equities.
Indeed,
dovish
rhetoric
from
central
banks
globally
stoked
hopes
of
interest
rate
cuts
midway
through
2024.
(Dovish
tends
to
suggest
lower
interest
rates;
opposite
of
hawkish.)
Strong
performance
in
the
technology
sector
given
optimism
around
artificial
intelligence
and
fresh
stimulus
measures
in
China
also
supported
emerging
markets
equities’
performance.
For
the
annual
period
overall,
Poland,
Colombia,
Hungary,
Peru
and
Greece
were
the
strongest
performing
emerging
markets
equity
markets,
each
enjoying
a
robust
double-digit
positive
absolute
return
within
the
Index
during
the
annual
period.
Conversely,
the
equity
markets
of
China
and
Thailand
were,
by
far,
the
weakest
performers
during
the
annual
period,
followed
by
South
Africa,
Chile
and
Czech
Republic,
each
of
which
posted
a
negative
absolute
return
within
the
Index
during
the
annual
period.
While
China
was
the
worst
performer
within
the
Index
during
the
annual
period,
it
is
worth
noting
that
the
other
major
emerging
markets
equity
markets,
India,
Taiwan,
South
Korea
and
Brazil,
each
posted
a
solid
positive
absolute
return
during
the
annual
period.
From
a
sector
perspective,
five
of
the
11
sectors
of
the
Index
generated
positive
absolute
returns
during
the
annual
period,
led
by
energy,
information
technology
and
utilities.
Communication
services,
real
estate
and
consumer
discretionary
were
the
weakest
sectors
in
the
Index
during
the
annual
period.
The
Fund’s
notable
contributors
during
the
period
Constituents
in
the
financials,
consumer
discretionary
and
information
technology
sectors
contributed
most
positively
to
the
Fund’s
returns
during
the
annual
period.
From
a
country
perspective,
constituents
in
Taiwan
and
Brazil
and
not
having
any
exposure
to
constituents
in
Hong
Kong
and
China
contributed
most
positively
to
the
Fund’s
results
during
the
annual
period.
Having
no
positions
in
e-commerce
and
diversified
media
company
Tencent
Holdings
Ltd.,
online
and
mobile
e-commerce
company
Alibaba
Group
Holding
Limited
and
web-based
shopping
platform
Meituan
(Class
B)
—
each
a
China-based
company
—
contributed
most
positively.
Each
of
these
companies
posted
a
double-digit
negative
absolute
return
during
the
annual
period.
Having
overweighted
positions
in
Taiwan-based
semiconductor
company
Taiwan
Semiconductor
Manufacturing
Co.,
Ltd.
and
South
Korea-based
consumer
electronics
company
Samsung
Electronics
Co.,
Ltd.,
also
contributed
positively.
Each
of
these
companies
generated
a
robust
double-digit
positive
absolute
return
during
the
annual
period.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
Columbia
EM
Core
ex-China
ETF
(XCEM)
(Unaudited)
Thematic
Beta
ETFs
|
Annual
Report
2024
7
The
Fund’s
notable
detractors
during
the
period
Constituents
in
industrials,
energy
and
materials
detracted
most
from
the
Fund’s
returns
during
the
annual
period.
From
a
country
perspective,
constituents
in
India,
Thailand
and
South
Africa
detracted
most
from
returns
during
the
annual
period.
Having
out-of-Index
positions
in
India-based
bank
and
financial
services
company
HDFC
Bank
Limited
Sponsored
ADR
and
U.S.-based
mutual
fund
Goldman
Sachs
Financial
Square
Treasury
Instruments
Fund;
having
no
exposure
to
India-
based
multinational
conglomerate
Reliance
Industries
Limited
and
China-based
e-commerce
platform
PDD
Holdings
Inc.
Sponsored
ADR
(Class
A);
and
having
an
overweighted
position
in
Taiwan-based
plastic
products
and
chemical
fiber
manufacturer
Nan
Ya
Plastics
Corporation
detracted
most.
HDFC
Bank
Limited
Sponsored
ADR
posted
a
double-digit
negative
absolute
return
during
the
annual
period.
Goldman
Sachs
Financial
Square
Treasury
Instruments
Fund
generated
a
single-digit
positive
return
during
the
annual
period.
Reliance
Industries
Limited
and
PDD
Holdings
Inc.
Sponsored
ADR
(Class
A)
each
posted
a
robust
double-digit
positive
absolute
return
during
the
annual
period.
Nan
Ya
Plastics
Corporation
generated
a
double-digit
negative
absolute
return
during
the
annual
period.
Investing
involves
risks,
including
the
risk
of
loss
of
principal.
Market
risk
may
affect
a
single
issuer,
sector
of
the
economy,
industry
or
the
market
as
a
whole.
The
Fund
is
passively
managed
and
seeks
to
track
the
performance
of
an
index.
The
Fund
may
not
sell
a
poorly
performing
security
unless
it
was
removed
from
the
index
.
The
Fund
may
not
track
its
index
with
the
same
degree
of
accuracy
as
would
a
fund
replicating
(or
investing
in)
the
entire
index.
There
is
no
guarantee
that
the
index
will
achieve
positive
returns.
Risk
exists
that
the
index
provider
may
not
follow
its
methodology
for
index
construction.
Errors
may
result
in
a
negative
fund
performance.
The
Fund's
net
value
will
generally
decline
when
the
market
value
of
its
targeted
index
declines.
Foreign
investments
subject
the
Fund
to
risks,
including
political,
economic,
market,
social
and
other
risks
impacting
a
particular
country,
as
well
as
to
currency
instabilities
and
less
stringent
financial
and
accounting
standards
generally
applicable
to
U.S.
issuers.
These
risks
are
enhanced
for
emerging
market
issuers.
Investment
in
or
exposure
to
foreign
currencies
subjects
the
Fund
to
currency
fluctuation
and
risk
of
loss.
Investments
in
small-
and
mid-cap
companies
involve
risks
and
volatility
greater
than
investments
in
larger,
more
established
companies.
The
Fund
concentrates
its
investments
in
issuers
of
one
or
more
particular
industries
to
the
same
extent
as
the
underlying
index.
Although
the
Fund’s
shares
are
listed
on
an
exchange
,
there
can
be
no
assurance
that
an
active,
liquid
or
otherwise
orderly
trading
market
for
shares
will
be
established
or
maintained.
Active
market
trading
may
increase
portfolio
turnover,
transaction
costs
and
tracking
error
to
the
targeted
index.
The
Fund
may
have
portfolio
turnover
,
which
may
cause
an
adverse
cost
impact.
There
may
be
additional
portfolio
turnover
risk
as
active
market
trading
of
the
Fund’s
shares
may
cause
more
frequent
creation
or
redemption
activities
that
could,
in
certain
circumstances,
increase
the
number
of
portfolio
transactions
as
well
as
tracking
error
to
the
Index
and
as
high
levels
of
transactions
increase
brokerage
and
other
transaction
costs
and
may
result
in
increased
taxable
capital
gains.
The
views
expressed
in
this
report
reflect
the
current
views
of
the
respective
parties
who
have
contributed
to
this
report.
These
views
are
not
guarantees
of
future
performance
and
involve
certain
risks,
uncertainties
and
assumptions
that
are
difficult
to
predict,
so
actual
outcomes
and
results
may
differ
significantly
from
the
views
expressed.
These
views
are
subject
to
change
at
any
time
based
upon
economic
market
or
other
conditions
and
the
respective
parties
disclaim
any
responsibility
to
update
such
views.
These
views
may
not
be
relied
on
as
investment
advice
and,
because
investment
decisions
for
a
Columbia
ETF
are
based
on
numerous
factors,
may
not
be
relied
on
as
an
indication
of
trading
intent
on
behalf
of
any
particular
Columbia
ETF.
References
to
specific
securities
should
not
be
construed
as
a
recommendation
or
investment
advice.
FUND
AT
A
GLANCE
Columbia
Emerging
Markets
Consumer
ETF
(Unaudited)
8
Thematic
Beta
ETFs
|
Annual
Report
2024
Portfolio
management
Christopher
Lo,
CFA
Lead
Portfolio
Manager
Managed
Fund
since
2016
Henry
Hom,
CFA
Portfolio
Manager
Managed
Fund
since
2021
Investment
objective
Columbia
Emerging
Markets
Consumer
ETF
(the
Fund)
seeks
investment
results
that
correspond
(before
fees
and
expenses)
to
the
price
and
yield
performance
of
the
Dow
Jones
Emerging
Markets
Consumer
Titans
TM
Index.
All
results
shown
assume
reinvestment
of
distributions
during
the
period.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
Performance
results
reflect
the
effect
of
any
fee
waivers
or
reimbursements
of
Fund
expenses
by
the
Fund’s
former
investment
manager
or
Columbia
Management
Investment
Advisers,
LLC
(Columbia
Management
or
the
Investment
Manager).
Absent
these
fee
waivers
or
expense
reimbursement
arrangements,
performance
results
would
have
been
lower.
The
performance
information
shown
represents
past
performance
and
is
not
a
guarantee
of
future
results.
The
investment
return
and
principal
value
of
your
investment
will
fluctuate
so
that
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
lower
or
higher
than
the
performance
information
shown.
You
may
obtain
performance
information
current
to
the
most
recent
month-end
by
visiting
columbiathreadneedleus.com/etfs.
Columbia
Management
took
over
portfolio
management
in
September
2016
upon
its
acquisition
of
the
Fund’s
previous
investment
manager.
Performance
prior
to
September
2016
is
attributable
to
the
Fund's
previous
investment
manager.
Through
July
31,
2020,
Market
Price
returns
are
based
on
the
midpoint
of
the
bid/ask
spread
for
fund
shares
at
market
close
(typically
4
pm
ET).
Beginning
with
August
31,
2020
month-end
performance,
Market
Price
returns
are
based
on
closing
prices
reported
by
the
Fund's
primary
listing
exchange
(typically
4
pm
ET
close).
These
returns
do
not
represent
the
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
The
Fund’s
shares
may
trade
above
or
below
their
net
asset
value.
The
net
asset
value
of
the
Fund
will
generally
fluctuate
with
changes
in
the
market
value
of
the
Fund’s
holdings.
The
market
prices
of
shares,
however,
will
generally
fluctuate
in
accordance
with
changes
in
net
asset
value
as
well
as
the
relative
supply
of,
and
demand
for,
shares
on
the
exchange.
The
trading
price
of
shares
may
deviate
significantly
from
the
net
asset
value.
The
Dow
Jones
Emerging
Markets
Consumer
Titans
TM
Index
is
designed
to
measure
the
performance
of
60
leading
emerging
market
companies
classified
in
the
GICS
Consumer
Discretionary,
Consumer
Staples,
and
Communication
Services
sectors.
The
MSCI
Emerging
Markets
Index
(Net)
is
a
free
float-adjusted
market
capitalization
index
that
is
designed
to
measure
market
performance
of
emerging
markets.
Indices
are
not
available
for
investment,
are
not
professionally
managed
and
do
not
reflect
sales
charges,
fees,
brokerage
commissions,
taxes
(except
the
MSCI
Emerging
Markets
Index
(Net),
which
reflects
reinvested
dividends
net
of
withholding
taxes)
or
other
expenses
of
investing.
Securities
in
the
Fund
may
not
match
those
in
an
index.
Average
annual
total
returns
(%)
(for
period
ended
March
31,
2024)
Inception
1
Year
5
Years
10
Years
Market
Price
09/14/10
2.10
-0.48
-1.40
Net
Asset
Value
09/14/10
2.29
-0.47
-1.36
Dow
Jones
Emerging
Markets
Consumer
Titans™
Index
2.35
0.09
-0.55
MSCI
Emerging
Markets
Index
(Net)
8.15
2.22
2.95
FUND
AT
A
GLANCE
(continued)
Columbia
Emerging
Markets
Consumer
ETF
(Unaudited)
Thematic
Beta
ETFs
|
Annual
Report
2024
9
Performance
of
a
hypothetical
$10,000
investment
(March
31,
2014
—
March
31,
2024)
The
chart
above
shows
the
change
in
value
of
a
hypothetical
$10,000
investment
made
during
the
stated
time
period
and
does
not
reflect
the
deduction
of
taxes
or
brokerage
commissions
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
For
Illustrative
purposes
only.
There
is
no
guarantee
similar
results
can
be
achieved.
Country
breakdown
(%)
(at
March
31,
2024
)
Brazil
7.7
China
24.7
Greece
0.7
India
28.7
Indonesia
2.5
Kuwait
1.1
Mexico
3.5
Russia
0.0
(a)
Saudi
Arabia
5.3
South
Africa
3.3
Taiwan
17.7
Thailand
2.3
United
Arab
Emirates
2.1
United
States
(b)
0.4
Total
100.0
Country
Breakdown
is
based
primarily
on
issuer’s
place
of
organization/incorporation.
Percentages
indicated
are
based
upon
total
investments
and
excludes
investments
in
derivatives,
if
any.
The
Fund’s
portfolio
composition
is
subject
to
change.
(a)
Rounds
to
zero.
(b)
Includes
investments
in
Money
Market
Funds.
Equity
sector
breakdown
(%)
(at
March
31,
2024)
Communication
Services
34.9
Consumer
Discretionary
34.3
Consumer
Staples
30.8
Total
100.0
Percentages
indicated
are
based
upon
total
equity
investments.
The
Fund’s
portfolio
composition
is
subject
to
change.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
Columbia
Emerging
Markets
Consumer
ETF
(ECON)
(Unaudited)
10
Thematic
Beta
ETFs
|
Annual
Report
2024
For
the
12-month
period
that
ended
March
31,
2024,
Columbia
Emerging
Markets
Consumer
ETF
returned
2.29%
based
on
net
asset
value
(NAV)
and
2.10%
based
on
market
price.
The
Dow
Jones
Emerging
Markets
Consumer
Titans
TM
Index,
the
Fund's
tracking
index,
returned
2.35%
and
the
MSCI
Emerging
Markets
Index
(Net)
(the
Index)
returned
8.15%
during
the
same
time
period.
The
Fund’s
NAV
on
March
31,
2023
was
$20.50
and
it
ended
the
annual
period
on
March
31,
2024
with
an
NAV
of
$20.64.
The
Fund’s
market
price
on
March
31,
2024
was
$20.57
per
share.
Market
overview
Emerging
markets
equities
advanced
but
significantly
underperformed
both
U.S.
and
international
developed
market
equities
during
the
annual
period.
The
MSCI
Emerging
Markets
Index
(Net)
returned
8.15%.
During
the
first
months
of
the
annual
period,
from
April
through
June
2023,
emerging
markets
equities
rose
only
modestly,
impacted
by
deteriorating
U.S.-China
relations,
China’s
waning
post-COVID
economic
recovery
and
concerns
surrounding
the
U.S.
debt
ceiling,
balanced
by
raised
prospects
for
a
soft
landing
for
the
global
economy.
Emerging
markets
equities
then
fell
in
the
third
quarter
of
2023,
with
investor
sentiment
dampened
by
weak
economic
data,
property
sector
concerns
in
China,
and
a
strong
U.S.
dollar,
which
proved
a
headwind
for
the
market
segment.
Heightened
expectations
amid
strong
U.S.
economic
data
that
U.S.
interest
rates
would
remain
higher
for
longer
also
put
pressure
on
emerging
markets
equities.
Emerging
markets
equities
then
rose
solidly
during
the
second
half
of
the
annual
period
overall.
Positive
investor
sentiment
was
driven
by
a
growing
belief
that
the
U.S.
Federal
Reserve
had
reached
the
end
of
its
tightening
cycle
and
would
soon
start
cutting
interest
rates,
with
the
resulting
decline
in
U.S.
Treasury
yields
and
U.S.
dollar
weakness
proving
tailwinds
for
emerging
markets
equities.
Indeed,
dovish
rhetoric
from
central
banks
globally
stoked
hopes
of
interest
rate
cuts
midway
through
2024.
(Dovish
tends
to
suggest
lower
interest
rates;
opposite
of
hawkish.)
Strong
performance
in
the
technology
sector
given
optimism
around
artificial
intelligence
and
fresh
stimulus
measures
in
China
also
supported
emerging
markets
equities’
performance.
For
the
annual
period
overall,
Poland,
Colombia,
Hungary,
Peru
and
Greece
were
the
strongest
performing
emerging
markets
equity
markets,
each
enjoying
a
robust
double-digit
positive
absolute
return
within
the
Index
during
the
annual
period.
Conversely,
the
equity
markets
of
China
and
Thailand
were,
by
far,
the
weakest
performers
during
the
annual
period,
followed
by
South
Africa,
Chile
and
Czech
Republic,
each
of
which
posted
a
negative
absolute
return
within
the
Index
during
the
annual
period.
While
China
was
the
worst
performer
within
the
Index
during
the
annual
period,
it
is
worth
noting
that
the
other
major
emerging
markets
equity
markets,
India,
Taiwan,
South
Korea
and
Brazil,
each
posted
a
solid
positive
absolute
return
during
the
annual
period.
From
a
sector
perspective,
five
of
the
11
sectors
of
the
Index
generated
positive
absolute
returns
during
the
annual
period,
led
by
energy,
information
technology
and
utilities.
Communication
services,
real
estate
and
consumer
discretionary
were
the
weakest
sectors
in
the
Index
during
the
annual
period.
The
Fund’s
notable
detractors
during
the
period
Constituents
in
the
communication
services
sector
and
not
having
any
exposure
to
constituents
in
the
information
technology
and
financials
sectors
detracted
most
from
the
Fund’s
returns
during
the
annual
period.
From
a
country
perspective,
constituents
in
Taiwan
and
United
Arab
Emirates
and
having
no
exposure
to
constituents
in
South
Korea
detracted
most
from
returns
during
the
annual
period.
Having
no
exposure
to
Taiwan-based
semiconductor
company
Taiwan
Semiconductor
Manufacturing
Co.,
Ltd.;
having
an
out-of-Index
position
in
China-based
e-commerce
company
JD.com,
Inc.
Sponsored
ADR
(Class
A);
and
having
overweighted
positions
in
China-based
e-shopping
platform
Meituan
(Class
B),
India-based
consumer
goods
company
Hindustan
Unilever
Limited
and
China-based
sporting
goods
company
Li
Ning
Company
Limited
detracted
most.
The
Fund’s
notable
contributors
during
the
period
Constituents
in
the
consumer
discretionary
and
industrials
sectors
and
not
having
any
exposure
to
constituents
in
the
materials
sector
contributed
most
positively
to
the
Fund’s
returns
during
the
annual
period.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
Columbia
Emerging
Markets
Consumer
ETF
(ECON)
(Unaudited)
Thematic
Beta
ETFs
|
Annual
Report
2024
11
From
a
country
perspective,
constituents
in
Brazil
and
Mexico
contributed
most
positively
to
the
Fund’s
returns
during
the
annual
period.
Having
no
exposure
to
constituents
in
Qatar
also
added
to
the
Fund’s
performance.
Having
an
out-of-Index
position
in
India-based
automobile
manufacturer
Mahindra
&
Mahindra
Ltd.
GDR
and
having
overweighted
positions
in
India-based
passenger
car
maker
Maruti
Suzuki
India
Limited,
Brazil-based
energy
distribution
company
Vibra
Energia
SA
and
India-based
motorcycle
and
scooter
manufacturers
Hero
Motocorp
Limited
and
Bajaj
Auto
Limited
contributed
most
positively.
Each
of
these
companies
generated
either
a
robust
double-digit
or
triple
digit
positive
absolute
return
during
the
annual
period.
Investing
involves
risks,
including
the
risk
of
loss
of
principal.
Market
risk
may
affect
a
single
issuer,
sector
of
the
economy,
industry
or
the
market
as
a
whole.
The
Fund
is
passively
managed
and
seeks
to
track
the
performance
of
an
index.
The
Fund
may
not
sell
a
poorly
performing
security
unless
it
was
removed
from
the
index
.
There
is
no
guarantee
that
the
index
will
achieve
positive
returns.
Risk
exists
that
the
index
provider
may
not
follow
its
methodology
for
index
construction.
Errors
may
result
in
a
negative
fund
performance.
The
Fund's
net
value
will
generally
decline
when
the
market
value
of
its
targeted
index
declines.
Foreign
investments
subject
the
Fund
to
risks,
including
political,
economic,
market,
social
and
other
risks
impacting
a
particular
country,
as
well
as
to
currency
instabilities
and
less
stringent
financial
and
accounting
standards
generally
applicable
to
U.S.
issuers.
These
risks
are
enhanced
for
emerging
market
issuers.
Investment
in
or
exposure
to
foreign
currencies
subjects
the
Fund
to
currency
fluctuation
and
risk
of
loss.
Investments
in
small-
and
mid-cap
companies
involve
risks
and
volatility
greater
than
investments
in
larger,
more
established
companies.
The
Fund
concentrates
its
investments
in
issuers
of
one
or
more
particular
industries
to
the
same
extent
as
the
underlying
index.
Investments
in
a
narrowly
focused
sector
such
as
consumer
may
exhibit
higher
volatility
than
investments
with
a
broader
focus.
Although
the
Fund’s
shares
are
listed
on
an
exchange
,
there
can
be
no
assurance
that
an
active,
liquid
or
otherwise
orderly
trading
market
for
shares
will
be
established
or
maintained.
Active
market
trading
may
increase
portfolio
turnover,
transaction
costs
and
tracking
error
to
the
targeted
index.
The
Fund
may
have
portfolio
turnover
,
which
may
cause
an
adverse
cost
impact.
There
may
be
additional
portfolio
turnover
risk
as
active
market
trading
of
the
Fund’s
shares
may
cause
more
frequent
creation
or
redemption
activities
that
could,
in
certain
circumstances,
increase
the
number
of
portfolio
transactions
as
well
as
tracking
error
to
the
Index
and
as
high
levels
of
transactions
increase
brokerage
and
other
transaction
costs
and
may
result
in
increased
taxable
capital
gains.
The
Fund
has
investment
exposure
to
Chinese
companies
through
legal
structures
known
as
variable
interest
entities
(VIEs)
in
which
the
Fund
holds
only
contractual
rights
(rather
than
equity
ownership)
in
the
company.
VIEs
are
subject
to
breach
of
such
contract
and
uncertainty
over
the
legitimacy
and
regulation
of
VIEs
which
could
adversely
affect
the
value
of
VIE
investments.
The
views
expressed
in
this
report
reflect
the
current
views
of
the
respective
parties
who
have
contributed
to
this
report.
These
views
are
not
guarantees
of
future
performance
and
involve
certain
risks,
uncertainties
and
assumptions
that
are
difficult
to
predict,
so
actual
outcomes
and
results
may
differ
significantly
from
the
views
expressed.
These
views
are
subject
to
change
at
any
time
based
upon
economic
market
or
other
conditions
and
the
respective
parties
disclaim
any
responsibility
to
update
such
views.
These
views
may
not
be
relied
on
as
investment
advice
and,
because
investment
decisions
for
a
Columbia
ETF
are
based
on
numerous
factors,
may
not
be
relied
on
as
an
indication
of
trading
intent
on
behalf
of
any
particular
Columbia
ETF.
References
to
specific
securities
should
not
be
construed
as
a
recommendation
or
investment
advice.
FUND
AT
A
GLANCE
Columbia
India
Consumer
ETF
(Unaudited)
12
Thematic
Beta
ETFs
|
Annual
Report
2024
Portfolio
management
Christopher
Lo,
CFA
Lead
Portfolio
Manager
Managed
Fund
since
2016
Henry
Hom,
CFA
Portfolio
Manager
Managed
Fund
since
2021
Investment
objective
Columbia
India
Consumer
ETF
(the
Fund)
seeks
investment
results
that
correspond
(before
fees
and
expenses)
to
the
price
and
yield
performance
of
the
Indxx
India
Consumer
Index.
All
results
shown
assume
reinvestment
of
distributions
during
the
period.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
Performance
results
reflect
the
effect
of
any
fee
waivers
or
reimbursements
of
Fund
expenses
by
the
Fund’s
former
investment
manager
or
Columbia
Management
Investment
Advisers,
LLC
(Columbia
Management
or
the
Investment
Manager).
Absent
these
fee
waivers
or
expense
reimbursement
arrangements,
performance
results
would
have
been
lower.
The
performance
information
shown
represents
past
performance
and
is
not
a
guarantee
of
future
results.
The
investment
return
and
principal
value
of
your
investment
will
fluctuate
so
that
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
lower
or
higher
than
the
performance
information
shown.
You
may
obtain
performance
information
current
to
the
most
recent
month-end
by
visiting
columbiathreadneedleus.com/etfs.
Columbia
Management
took
over
portfolio
management
in
September 2016
upon
its
acquisition
of
the
Fund’s
previous
investment
manager.
Performance
prior
to
September
2016
is
attributable
to
the
Fund's
previous
investment
manager.
Through
July
31,
2020,
Market
Price
returns
are
based
on
the
midpoint
of
the
bid/ask
spread
for
fund
shares
at
market
close
(typically
4
pm
ET).
Beginning
with
August
31,
2020
month-end
performance,
Market
Price
returns
are
based
on
closing
prices
reported
by
the
Fund's
primary
listing
exchange
(typically
4
pm
ET
close).
These
returns
do
not
represent
the
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
The
Fund’s
shares
may
trade
above
or
below
their
net
asset
value.
The
net
asset
value
of
the
Fund
will
generally
fluctuate
with
changes
in
the
market
value
of
the
Fund’s
holdings.
The
market
prices
of
shares,
however,
will
generally
fluctuate
in
accordance
with
changes
in
net
asset
value
as
well
as
the
relative
supply
of,
and
demand
for,
shares
on
the
exchange.
The
trading
price
of
shares
may
deviate
significantly
from
the
net
asset
value.
The
Indxx
India
Consumer
Index
is
a
maximum
30-stock
free-float
adjusted
market
capitalization
weighted
index
designed
to
measure
the
market
performance
of
companies
in
the
consumer
industry
in
India
as
defined
by
Indxx’s
proprietary
methodology.
The
MSCI
India
Index
(Net)
is
designed
to
measure
the
performance
of
the
large
and
mid
cap
segments
of
the
Indian
market.
With
80
constituents,
the
index
covers
approximately
85%
of
the
Indian
equity
universe.
Indices
are
not
available
for
investment,
are
not
professionally
managed
and
do
not
reflect
sales
charges,
fees,
brokerage
commissions,
taxes
(except
the
MSCI
India
Index
(Net),
which
reflects
reinvested
dividends
net
of
withholding
taxes)
or
other
expenses
of
investing.
Securities
in
the
Fund
may
not
match
those
in
an
index.
Average
annual
total
returns
(%)
(for
period
ended
March
31,
2024)
Inception
1
Year
5
Years
10
Years
Market
Price
08/10/11
49.80
13.28
12.31
Net
Asset
Value
08/10/11
48.74
13.19
12.24
Indxx
India
Consumer
Index
57.99
16.03
14.47
MSCI
India
Index
(Net)
36.83
11.55
9.69
FUND
AT
A
GLANCE
(continued)
Columbia
India
Consumer
ETF
(Unaudited)
Thematic
Beta
ETFs
|
Annual
Report
2024
13
Performance
of
a
hypothetical
$10,000
investment
(March
31,
2014
—
March
31,
2024)
The
chart
above
shows
the
change
in
value
of
a
hypothetical
$10,000
investment
made
during
the
stated
time
period,
and
does
not
reflect
the
deduction
of
taxes
or
brokerage
commissions
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
For
Illustrative
purposes
only.
There
is
no
guarantee
similar
results
can
be
achieved.
Portfolio
breakdown
(%)
(at
March
31,
2024
)
Common
Stocks
100.0
Total
Investments
100.0
Percentages
indicated
are
based
upon
total
investments.
The
Fund’s
portfolio
composition
is
subject
to
change.
Equity
sector
breakdown
(%)
(at
March
31,
2024
)
Consumer
Discretionary
57.2
Consumer
Staples
42.8
Total
100.0
Percentages
indicated
are
based
upon
total
equity
investments.
The
Fund’s
portfolio
composition
is
subject
to
change.
FUND
AT
A
GLANCE
(continued)
Columbia
India
Consumer
ETF
(Unaudited)
14
Thematic
Beta
ETFs
|
Annual
Report
2024
Equity
sub-industry
breakdown
(%)
(at
March
31,
2024
)
Consumer
Discretionary
Apparel
Retail
4.6
Apparel,
Accessories
&
Luxury
Goods
4.9
Automobile
Manufacturers
14.9
Automotive
Parts
&
Equipment
7.4
Hotels,
Resorts
&
Cruise
Lines
3.1
Motorcycle
Manufacturers
15.0
Restaurants
5.5
Tires
&
Rubber
1.8
Total
57.2
Consumer
Staples
Distillers
&
Vintners
2.2
Food
Retail
4.2
Packaged
Foods
&
Meats
15.1
Personal
Care
Products
12.4
Soft
Drinks
&
Non-alcoholic
Beverages
3.9
Tobacco
5.0
Total
42.8
Percentages
indicated
are
based
upon
total
equity
investments.
The
Fund’s
portfolio
composition
is
subject
to
change.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
Columbia
India
Consumer
ETF
(INCO)
(Unaudited)
Thematic
Beta
ETFs
|
Annual
Report
2024
15
For
the
12-month
period
that
ended
March
31,
2024,
Columbia
India
Consumer
ETF
returned
48.74%
based
on
net
asset
value
(NAV)
and
49.80%
based
on
market
price.
The
Indxx
India
Consumer
Index,
the
Fund's
tracking
index,
returned
57.99%
and
the
MSCI
India
Index
(Net)
(the
Index)
returned
36.83%
during
the
same
time
period.
The
Fund’s
NAV
on
March
31,
2023
was
$44.38
and
it
ended
the
annual
period
on
March
31,
2024
with
an
NAV
of
$63.51.
The
Fund’s
market
price
on
March
31,
2024
was
$64.01
per
share.
Market
overview
The
Indian
equity
market
rallied
strongly
during
the
annual
period.
The
MSCI
India
Index
(Net)
returned
36.83%,
significantly
outperforming
the
8.15%
return
of
the
MSCI
Emerging
Markets
Index
(Net).
The
Indian
equity
market
also
outperformed
most
global
developed
markets
equity
markets,
with
the
MSCI
World
Index
(Net)
posting
a
return
of
25.11%
for
the
annual
period.
The
Indian
equity
market
performed
well
during
the
first
half
of
the
annual
period,
as
economic
data
supported
the
country’s
structural
growth
story.
In
the
first
months
of
the
annual
period,
economic
growth
beat
consensus
forecasts,
boosted
by
robust
private
consumption,
rising
exports
and
improvements
in
manufacturing.
Equities
were
also
supported
by
a
growing
sense
that
the
Reserve
Bank
of
India
might
cut
interest
rates
later
in
2023
after
signs
that
inflationary
pressures
were
receding.
In
the
third
quarter
of
2023,
industrial
production
was
broadly
in
line
with
consensus
estimates,
while
inflation
undershot
expectations,
helping
to
allay
concerns
that
unusual
weather
was
driving
food
prices
higher.
Indian
equities
continued
to
post
solid
returns
in
the
second
half
of
the
annual
period
even
as
economic
data
was
more
mixed.
According
to
official
estimates
from
the
National
Statistical
Office,
third
quarter
2023
Gross
Domestic
Product
growth,
reported
in
the
fourth
quarter
of
2023,
was
stronger
than
consensus
expected
at
7.6%
compared
with
the
same
period
one
year
prior,
led
by
industrial
production
growth.
However,
private
consumption
climbed
only
modestly.
In
the
first
quarter
of
2024,
the
flash
estimate
of
January’s
purchasing
managers’
index
was
ahead
of
forecasts
and
reports
of
key
exports
in
December
2023
proved
encouraging.
All
that
said,
sector
performance
within
the
Indian
equity
market
was
varied.
On
the
one
hand,
ten
of
the
11
sectors
posted
a
double-digit
positive
absolute
return,
and
real
estate
generated
a
triple-digit
gain
for
the
annual
period.
For
the
annual
period
as
a
whole,
both
the
consumer
discretionary
and
consumer
staples
sectors
posted
double-digit
gains
within
the
MSCI
India
Index.
On
the
other
hand,
consumer
discretionary
was
the
second-strongest
sector
within
the
MSCI
India
Index
during
the
annual
period,
while
consumer
staples
was
the
second-weakest
sector
within
the
MSCI
India
Index
for
the
same
time
period.
The
Fund’s
notable
detractors
during
the
period
Having
no
exposure
to
constituents
in
the
industrials,
utilities
and
energy
sectors
detracted
most
from
the
Fund’s
relative
returns
during
the
annual
period.
Having
overweighted
positions
in
diversified
conglomerate
ITC
Ltd.,
packaged
food
company
Britannia
Industries
Ltd.
and
innerwear,
leisurewear,
sportswear
and
swimwear
manufacturer
and
retailer
Page
Industries
Ltd.
and
having
no
exposure
to
industrial
conglomerate
Larsen
&
Toubro
Ltd.
and
energy
conglomerate
NTPC
Ltd.
detracted
most.
ITC
Ltd.
and
Brittania
Industries
Ltd.
each
posted
a
double-digit
positive
absolute
return
but
lagged
the
MSCI
Emerging
Markets
Index
during
the
annual
period.
Page
Industries
Ltd.
generated
a
single-digit
negative
absolute
return
during
the
annual
period.
Larsen
&
Toubro
Ltd.
and
NTPC
Ltd.
each
posted
a
robust
double-digit
positive
absolute
return
during
the
annual
period.
The
Fund’s
notable
contributors
during
the
period
Having
exposure
to
constituents
in
the
consumer
discretionary
sector
and
not
having
any
exposure
to
constituents
in
the
financials
and
information
technology
sectors
contributed
most
positively
to
the
Fund’s
relative
returns
during
the
annual
period.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
Columbia
India
Consumer
ETF
(INCO)
(Unaudited)
16
Thematic
Beta
ETFs
|
Annual
Report
2024
Overweight
positions
in
restaurant
aggregator
and
food
delivery
company
Zomato
Ltd.,
automobile
manufacturer
Tata
Motors
Ltd.,
motorcycle
and
scooter
manufacturer
Bajaj
Auto
Ltd.,
department
store
and
supermarket
operator
Trent
Ltd.
and
motorcycle
and
scooter
manufacturer
Hero
Motocorp
Ltd.
contributed
most
positively.
Each
of
these
companies
generated
a
triple-digit
positive
absolute
return
during
the
annual
period.
Investing
involves
risks,
including
the
risk
of
loss
of
principal.
Market
risk
may
affect
a
single
issuer,
sector
of
the
economy,
industry
or
the
market
as
a
whole.
The
Fund
is
passively
managed
and
seeks
to
track
the
performance
of
an
index.
The
Fund
may
not
sell
a
poorly
performing
security
unless
it
was
removed
from
the
index
.
There
is
no
guarantee
that
the
index
will
achieve
positive
returns.
Risk
exists
that
the
index
provider
may
not
follow
its
methodology
for
index
construction.
Errors
may
result
in
a
negative
fund
performance.
The
Fund's
net
value
will
generally
decline
when
the
market
value
of
its
targeted
index
declines.
Foreign
investments
subject
the
Fund
to
risks,
including
political,
economic,
market,
social
and
other
risks
impacting
a
particular
country,
as
well
as
to
currency
instabilities
and
less
stringent
financial
and
accounting
standards
generally
applicable
to
U.S.
issuers.
These
risks
are
enhanced
for
emerging
market
issuers.
Investment
in
or
exposure
to
foreign
currencies
subjects
the
Fund
to
currency
fluctuation
and
risk
of
loss.
Investments
in
small-
and
mid-cap
companies
involve
risks
and
volatility
greater
than
investments
in
larger,
more
established
companies.
The
Fund
concentrates
its
investments
in
issuers
of
one
or
more
particular
industries
to
the
same
extent
as
the
underlying
index.
Concentration
in
the
India
region
,
where
issuers
tend
to
be
less
developed
than
U.S.
issuers,
presents
increased
risk
of
loss
than
a
fund
that
does
not
concentrate
its
investments.
Investments
in
a
narrowly
focused
sector
such
as
consumer
may
exhibit
higher
volatility
than
investments
with
a
broader
focus.
Although
the
Fund’s
shares
are
listed
on
an
exchange
,
there
can
be
no
assurance
that
an
active,
liquid
or
otherwise
orderly
trading
market
for
shares
will
be
established
or
maintained.
Active
market
trading
may
increase
portfolio
turnover,
transaction
costs
and
tracking
error
to
the
targeted
index.
The
Fund
may
have
portfolio
turnover
,
which
may
cause
an
adverse
cost
impact.
There
may
be
additional
portfolio
turnover
risk
as
active
market
trading
of
the
Fund’s
shares
may
cause
more
frequent
creation
or
redemption
activities
that
could,
in
certain
circumstances,
increase
the
number
of
portfolio
transactions
as
well
as
tracking
error
to
the
Index
and
as
high
levels
of
transactions
increase
brokerage
and
other
transaction
costs
and
may
result
in
increased
taxable
capital
gains.
The
views
expressed
in
this
report
reflect
the
current
views
of
the
respective
parties
who
have
contributed
to
this
report.
These
views
are
not
guarantees
of
future
performance
and
involve
certain
risks,
uncertainties
and
assumptions
that
are
difficult
to
predict,
so
actual
outcomes
and
results
may
differ
significantly
from
the
views
expressed.
These
views
are
subject
to
change
at
any
time
based
upon
economic
market
or
other
conditions
and
the
respective
parties
disclaim
any
responsibility
to
update
such
views.
These
views
may
not
be
relied
on
as
investment
advice
and,
because
investment
decisions
for
a
Columbia
ETF
are
based
on
numerous
factors,
may
not
be
relied
on
as
an
indication
of
trading
intent
on
behalf
of
any
particular
Columbia
ETF.
References
to
specific
securities
should
not
be
construed
as
a
recommendation
or
investment
advice.
UNDERSTANDING
YOUR
FUND’S
EXPENSES
(Unaudited)
Thematic
Beta
ETFs
|
Annual
Report
2024
17
As
a
shareholder
of
a
Fund,
you
incur
ongoing
costs,
including
investment
management
fees.
The
following
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars
and
cents)
of
investing
in
a
fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
funds.
The
examples
are
based
on
an
initial
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
period
ended
March
31,
2024.
Actual
Expenses
The
information
under
each
column
in
the
table
below
entitled
“Actual”
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
these
columns,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
for
your
Fund
under
the
heading
entitled
“Expenses
paid
for
the
period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
For
Comparison
Purposes
The
information
under
each
column
in
the
table
entitled
“Hypothetical”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
each
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
your
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
brokerage
commissions
paid
on
purchases
and
sales
of
Fund
shares.
Therefore,
the
ending
account
values
and
expenses
paid
for
the
period
in
the
table
is
useful
in
comparing
ongoing
Fund
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Expenses
are
calculated
using
the
Fund’s
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
then
multiplied
by
the
number
of
days
in
the
Fund’s
most
recent
fiscal
half-year
and
divided
by
366.
Had
the
Investment
Manager
not
waived
fees
or
reimbursed
a
portion
of
expenses
for
Columbia
Emerging
Markets
Consumer
ETF
and
Columbia
India
Consumer
ETF,
account
values
at
the
end
of
the
period
would
have
been
reduced.
October
1,
2023
—
March
31,
2024
Beginning
account
value
($)
Ending
account
value
($)
Expense
paid
for
the
period
($)
Annualized
expense
ratios
for
the
period
(%)
Actual
Hypothetical
Actual
Hypothetical
Actual
Hypothetical
Actual
Columbia
EM
Core
ex-China
ETF
1,000.00
1,000.00
1,146.20
1,024.20
0.86
0.81
0.16
Columbia
Emerging
Markets
Consumer
ETF
1,000.00
1,000.00
1,038.10
1,022.55
2.50
2.48
0.49
Columbia
India
Consumer
ETF
1,000.00
1,000.00
1,240.10
1,021.25
4.20
3.79
0.75
PORTFOLIO
OF
INVESTMENTS
Columbia
EM
Core
ex-China
ETF
March
31,
2024
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
18
Thematic
Beta
ETFs
|
Annual
Report
2024
Common
Stocks
-
96.3%
Issuer
Shares
Value
($)
Brazil
-
4.6%
3R
PETROLEUM
OLEO
E
GAS
SA
(a)
90,899
599,086
Ambev
SA
680,636
1,698,343
B3
SA
-
Brasil
Bolsa
Balcao
1,251,694
2,998,234
Banco
BTG
Pactual
SA
686,225
4,994,292
Banco
do
Brasil
SA
319,412
3,613,011
Banco
Santander
Brasil
SA
792,954
4,517,995
Caixa
Seguridade
Participacoes
S/A
423,423
1,321,307
Cia
Siderurgica
Nacional
SA
309,369
970,341
Embraer
SA
(a)
339,626
2,260,080
Hapvida
Participacoes
e
Investimentos
SA
(a),(b)
1,223,710
904,541
Localiza
Rent
a
Car
SA
132,390
1,446,212
Lojas
Renner
SA
249,819
847,445
Magazine
Luiza
SA
(a)
817,976
294,145
PRIO
SA
167,186
1,627,922
Rede
D'Or
Sao
Luiz
SA
(b)
107,196
542,024
Suzano
SA
198,793
2,540,935
TOTVS
SA
200,201
1,135,081
Vale
SA
691,001
8,397,397
WEG
SA
380,286
2,902,164
Total
43,610,555
Chile
-
0.4%
Empresas
Copec
SA
358,070
2,569,664
Latam
Airlines
Group
SA
(a)
87,099,657
1,084,250
Total
3,653,914
China
-
0.1%
Silergy
Corp.
87,789
896,996
Colombia
-
0.1%
Interconexion
Electrica
SA
ESP
135,760
694,737
Czech
Republic
-
0.1%
CEZ
AS
20,141
720,028
Egypt
-
0.1%
Commercial
International
Bank
-
Egypt
(CIB)
397,162
670,316
Greece
-
0.1%
Motor
Oil
Hellas
Corinth
Refineries
SA
34,611
1,032,428
Hungary
-
0.4%
MOL
Hungarian
Oil
&
Gas
PLC
67,091
544,301
OTP
Bank
Nyrt
60,341
2,778,467
Richter
Gedeon
Nyrt
39,036
990,740
Total
4,313,508
India
-
12.0%
Adani
Enterprises
Ltd.
28,688
1,099,708
Adani
Green
Energy
Ltd.
(a)
17,746
390,475
Adani
Ports
&
Special
Economic
Zone
Ltd.
247,500
3,981,989
Adani
Power
Ltd.
(a)
179,919
1,151,533
Bandhan
Bank
Ltd.
(b)
167,142
360,727
Coal
India
Ltd.
481,881
2,508,133
HDFC
Bank
Ltd.
ADR
297,026
16,624,545
HDFC
Life
Insurance
Co.
Ltd.
(b)
168,985
1,283,255
Hindalco
Industries
Ltd.
279,331
1,876,385
ICICI
Bank
Ltd.
ADR
849,938
22,446,862
IDBI
Bank
Ltd.
1,742,630
1,692,432
Infosys
Ltd.
ADR
827,088
14,829,688
ITC
Ltd.
1,611,481
8,276,465
NTPC
Ltd.
896,095
3,607,910
Oil
&
Natural
Gas
Corp.
Ltd.
743,600
2,389,880
Power
Grid
Corp
of
India
Ltd.
728,801
2,419,652
State
Bank
of
India
GDR
91,498
8,298,869
Tata
Motors
Ltd.
735,219
8,751,841
Tata
Power
Co.
Ltd.
(The)
398,943
1,885,595
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Tata
Steel
Ltd.
1,756,769
3,282,785
Vedanta
Ltd.
578,910
1,885,566
Wipro
Ltd.
367,224
2,113,896
Zee
Entertainment
Enterprises
Ltd.
(a)
312,313
518,821
Zomato
Ltd.
(a)
937,266
2,046,415
Total
113,723,427
Indonesia
-
3.2%
PT
Adaro
Energy
Indonesia
Tbk
3,887,307
661,982
PT
Astra
International
Tbk
7,754,171
2,518,700
PT
Bank
Central
Asia
Tbk
16,773,746
10,658,814
PT
Bank
Mandiri
Persero
Tbk
17,254,652
7,890,017
PT
Bank
Rakyat
Indonesia
Persero
Tbk
5,626,127
2,146,835
PT
Bayan
Resources
Tbk
1,281,052
1,535,162
PT
GoTo
Gojek
Tokopedia
Tbk
(a)
245,500,444
1,068,403
PT
Merdeka
Copper
Gold
Tbk
(a)
2,537,714
364,931
PT
Telkom
Indonesia
Persero
Tbk
16,973,954
3,714,892
Total
30,559,736
Kuwait
-
1.1%
Agility
Public
Warehousing
Co
KSC
(a)
604,959
1,309,827
Al
Ahli
Bank
of
Kuwait
KSCP
687,268
567,510
Boubyan
Bank
KSCP
593,248
1,195,754
Boubyan
Petrochemicals
Co
KSCP
265,860
534,140
Gulf
Bank
KSCP
1,257,011
1,201,434
Kuwait
Finance
House
KSCP
1,019,378
2,651,178
Mabanee
Co
KPSC
188,864
485,668
National
Bank
of
Kuwait
SAKP
568,766
1,775,082
National
Industries
Group
Holding
SAK
942,367
673,995
Total
10,394,588
Malaysia
-
1.8%
CIMB
Group
Holdings
Bhd
429,440
594,302
Dialog
Group
Bhd
3,779,417
1,796,680
Genting
Malaysia
Bhd
1,277,075
736,618
IHH
Healthcare
Bhd
3,173,624
4,043,303
Inari
Amertron
Bhd
1,763,761
1,177,580
Malayan
Banking
Bhd
851,340
1,735,777
Public
Bank
Bhd
611,414
543,852
Tenaga
Nasional
Bhd
2,398,299
5,695,517
Top
Glove
Corp.
Bhd
(a)
2,126,000
359,349
Total
16,682,978
Mexico
-
4.2%
America
Movil
SAB
de
CV
Series
B
1,730,596
1,622,133
Arca
Continental
SAB
de
CV
159,826
1,744,728
Cemex
SAB
de
CV
Series
CPO
(a)
4,257,329
3,757,427
Controladora
Vuela
Cia
de
Aviacion
SAB
de
CV
Class
A
(a)
703,886
514,096
Fomento
Economico
Mexicano
SAB
de
CV
Series
UBD
356,862
4,629,700
Grupo
Aeroportuario
del
Centro
Norte
SAB
de
CV
115,295
1,133,476
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV
Class
B
97,634
1,568,382
Grupo
Aeroportuario
del
Sureste
SAB
de
CV
Class
B
46,341
1,461,902
Grupo
Bimbo
SAB
de
CV
Series
A
785,609
3,708,800
Grupo
Financiero
Banorte
SAB
de
CV
Class
O
625,258
6,634,485
Grupo
Mexico
SAB
de
CV
Series
B
820,512
4,844,065
Grupo
Televisa
SAB
Series
CPO
1,178,376
735,876
Ollamani
SAB
(a)
58,399
105,508
Prologis
Property
Mexico
SA
de
CV
369,508
1,617,483
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
EM
Core
ex-China
ETF
March
31,
2024
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Thematic
Beta
ETFs
|
Annual
Report
2024
19
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Wal-Mart
de
Mexico
SAB
de
CV
1,388,174
5,595,539
Total
39,673,600
Philippines
-
1.2%
ACEN
Corp.
5,574,814
381,803
Ayala
Corp.
169,465
1,929,336
Ayala
Land,
Inc.
1,700,443
975,528
JG
Summit
Holdings,
Inc.
850,127
550,469
Manila
Electric
Co.
368,967
2,343,168
SM
Investments
Corp.
272,672
4,714,706
SM
Prime
Holdings,
Inc.
1,452,426
844,869
Total
11,739,879
Poland
-
1.1%
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
380,588
5,663,367
Powszechny
Zaklad
Ubezpieczen
SA
363,146
4,444,902
Total
10,108,269
Qatar
-
1.0%
Commercial
Bank
PSQC
(The)
(a)
649,588
880,449
Masraf
Al
Rayan
QSC
1,598,890
1,042,506
Qatar
Fuel
QSC
254,265
1,031,446
Qatar
Gas
Transport
Co.,
Ltd.
1,030,258
1,127,030
Qatar
Insurance
Co.
SAQ
1,059,927
654,995
Qatar
Islamic
Bank
SAQ
332,190
1,733,483
Qatar
National
Bank
QPSC
718,024
2,800,313
Total
9,270,222
Russia
-
0.0%
Gazprom
PJSC
(a),(c),(d),(e),(f)
251,024
0
LUKOIL
PJSC
(c),(d),(e)
14,277
0
MMC
Norilsk
Nickel
PJSC
ADR
(a),(c),(d),(e)
19,108
0
Mobile
TeleSystems
PJSC
ADR
(a),(c),(d),(e)
49,482
0
Total
0
Saudi
Arabia
-
9.0%
Advanced
Petrochemical
Co.
56,382
589,301
Al
Hammadi
Holding
31,836
516,948
Al
Rajhi
Bank
691,642
15,324,743
Alinma
Bank
375,651
4,387,019
Almarai
Co.
JSC
67,669
1,032,040
Arab
National
Bank
147,761
1,164,201
Bank
AlBilad
125,367
1,622,868
Bank
Al-Jazira
(a)
191,568
1,021,560
Banque
Saudi
Fransi
217,479
2,258,581
Catrion
Catering
Holding
Co.
22,607
790,838
Co.
for
Cooperative
Insurance
(The)
29,304
1,265,764
Dar
Al
Arkan
Real
Estate
Development
Co.
(a)
293,209
1,080,429
Emaar
Economic
City
(a)
325,102
719,463
Etihad
Etisalat
Co.
111,522
1,564,073
Mobile
Telecommunications
Co.
Saudi
Arabia
271,864
914,791
National
Industrialization
Co.
(a)
198,820
701,874
Rabigh
Refining
&
Petrochemical
Co.
(a)
353,779
698,031
Riyad
Bank
265,759
2,111,617
SABIC
Agri-Nutrients
Co.
32,979
1,078,050
Sahara
International
Petrochemical
Co.
128,727
1,062,285
Saudi
Arabian
Mining
Co.
(a)
213,560
2,875,558
Saudi
Arabian
Oil
Co.
(b)
2,550,693
20,912,894
Saudi
Awwal
Bank
249,444
2,760,146
Saudi
Basic
Industries
Corp.
128,638
2,678,744
Saudi
Industrial
Investment
Group
147,100
877,776
Saudi
Investment
Bank
(The)
204,237
901,790
Saudi
Kayan
Petrochemical
Co.
(a)
220,113
529,375
Saudi
National
Bank
(The)
672,837
7,319,491
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Saudi
Telecom
Co.
295,096
3,115,798
Savola
Group
(The)
66,443
1,000,941
Seera
Group
Holding
(a)
100,126
758,186
United
International
Transportation
Co.
48,047
1,108,136
Total
84,743,311
South
Africa
-
4.1%
Absa
Group
Ltd.
90,272
706,158
Anglo
American
Platinum
Ltd.
22,558
915,472
Bid
Corp.
Ltd.
142,096
3,465,383
Bidvest
Group
Ltd.
(The)
240,715
3,082,754
Capitec
Bank
Holdings
Ltd.
18,303
2,025,704
FirstRand
Ltd.
1,584,940
5,166,722
Gold
Fields
Ltd.
209,181
3,357,059
Harmony
Gold
Mining
Co.
Ltd.
197,025
1,644,038
Impala
Platinum
Holdings
Ltd.
204,343
845,051
Mr
Price
Group
Ltd.
71,986
660,737
MTN
Group
Ltd.
417,852
2,068,490
Naspers
Ltd.
Class
N
45,871
8,133,299
Sasol
Ltd.
125,646
971,329
Shoprite
Holdings
Ltd.
225,701
2,949,235
Sibanye
Stillwater
Ltd.
778,387
891,582
Standard
Bank
Group
Ltd.
153,134
1,498,002
Total
38,381,015
South
Korea
-
15.7%
Celltrion,
Inc.
43,804
5,980,446
CosmoAM&T
Co.
Ltd.
(a)
2,828
340,936
DB
HiTek
Co.
Ltd.
17,776
579,659
Doosan
Enerbility
Co.
Ltd.
(a)
97,009
1,262,468
Ecopro
BM
Co.
Ltd.
(a)
9,061
1,867,727
Ecopro
Co.
Ltd.
(a)
4,102
2,004,914
Hana
Financial
Group,
Inc.
99,998
4,375,029
HLB,
Inc.
(a)
28,698
2,338,474
HMM
Co.
Ltd.
107,972
1,263,182
HYBE
Co.
Ltd.
6,098
1,037,283
Hyundai
Motor
Co.
35,353
6,223,704
Kakao
Corp.
88,473
3,575,065
KakaoBank
Corp.
61,014
1,273,533
KB
Financial
Group,
Inc.
111,000
5,796,323
Kia
Corp.
70,178
5,838,393
L&F
Co.
Ltd.
(a)
6,325
827,829
LG
Chem
Ltd.
9,791
3,200,030
LG
Electronics,
Inc.
33,512
2,409,628
LG
Energy
Solution
Ltd.
(a)
6,912
2,061,406
LG
Innotek
Co.
Ltd.
2,434
357,077
NAVER
Corp.
38,423
5,339,976
POSCO
Future
M
Co.
Ltd.
5,430
1,220,111
POSCO
Holdings,
Inc.
15,900
4,972,256
Samsung
Electro-Mechanics
Co.
Ltd.
26,273
2,925,402
Samsung
Electronics
Co.
Ltd.
917,937
55,093,266
Samsung
Engineering
Co.
Ltd.
(a)
49,426
925,189
Samsung
SDI
Co.
Ltd.
12,126
4,300,958
Shinhan
Financial
Group
Co.
Ltd.
137,924
4,835,664
SK
Hynix,
Inc.
102,477
13,564,644
SK
Innovation
Co.
Ltd.
(a)
13,323
1,171,731
SK
Telecom
Co.
Ltd.
21,958
869,349
Woori
Financial
Group,
Inc.
77,467
839,550
Total
148,671,202
Taiwan
-
27.5%
Accton
Technology
Corp.
92,643
1,327,255
Acer,
Inc.
1,059,922
1,544,999
Advantech
Co.
Ltd.
96,998
1,233,558
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
EM
Core
ex-China
ETF
March
31,
2024
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
20
Thematic
Beta
ETFs
|
Annual
Report
2024
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Alchip
Technologies
Ltd.
19,071
1,886,035
ASE
Technology
Holding
Co.
Ltd.
514,244
2,490,597
Asia
Vital
Components
Co.
Ltd.
178,675
3,025,977
Asustek
Computer,
Inc.
100,644
1,331,815
AUO
Corp.
(a)
1,997,560
1,129,746
Catcher
Technology
Co.
Ltd.
466,069
3,167,466
Cathay
Financial
Holding
Co.
Ltd.
(a)
602,826
908,849
Chailease
Holding
Co.
Ltd.
192,780
1,033,067
Chang
Hwa
Commercial
Bank
Ltd.
6,556,961
3,718,620
China
Airlines
Ltd.
622,260
379,148
China
Development
Financial
Holding
Corp.
(a)
1,551,588
671,473
China
Steel
Corp.
3,911,913
2,909,167
Chipbond
Technology
Corp.
1,592,392
3,876,055
Chunghwa
Telecom
Co.
Ltd.
1,671,059
6,552,968
CTBC
Financial
Holding
Co.
Ltd.
6,419,288
6,498,818
Delta
Electronics,
Inc.
347,056
3,714,178
E
Ink
Holdings,
Inc.
146,316
1,037,816
E.Sun
Financial
Holding
Co.
Ltd.
1,655,107
1,404,101
eMemory
Technology,
Inc.
19,490
1,461,590
Eva
Airways
Corp.
1,161,208
1,146,567
Evergreen
Marine
Corp.
Taiwan
Ltd.
109,592
602,690
Far
Eastern
New
Century
Corp.
5,073,220
5,239,112
Far
EasTone
Telecommunications
Co.
Ltd.
1,582,518
4,000,366
Faraday
Technology
Corp.
84,137
879,398
Formosa
Chemicals
&
Fibre
Corp.
956,975
1,635,650
Formosa
Petrochemical
Corp.
936,734
2,007,904
Formosa
Plastics
Corp.
1,687,539
3,590,901
Fubon
Financial
Holding
Co.
Ltd.
785,323
1,700,529
Gigabyte
Technology
Co.
Ltd.
192,134
1,879,105
Global
Unichip
Corp.
10,931
416,699
Hon
Hai
Precision
Industry
Co.
Ltd.
2,849,740
13,846,441
Innolux
Corp.
(a)
2,205,092
1,047,304
Largan
Precision
Co.
Ltd.
33,548
2,547,273
Lite-On
Technology
Corp.
484,740
1,605,526
Makalot
Industrial
Co.
Ltd.
231,721
2,646,399
MediaTek,
Inc.
328,191
11,895,623
Mega
Financial
Holding
Co.
Ltd.
1,005,419
1,264,490
Nan
Ya
Plastics
Corp.
2,717,356
4,678,436
Novatek
Microelectronics
Corp.
128,703
2,368,681
PharmaEssentia
Corp.
(a)
40,302
402,976
President
Chain
Store
Corp.
334,883
2,778,179
Quanta
Computer,
Inc.
398,400
3,485,619
Taiwan
Business
Bank
9,686,751
4,812,578
Taiwan
Mobile
Co.
Ltd.
1,577,703
5,028,378
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
4,623,954
111,107,242
Unimicron
Technology
Corp.
282,423
1,676,703
Uni-President
Enterprises
Corp.
2,099,681
5,012,440
United
Microelectronics
Corp.
2,667,433
4,334,105
Walsin
Lihwa
Corp.
594,103
694,282
Wan
Hai
Lines
Ltd.
211,028
290,132
Wistron
Corp.
426,391
1,605,453
Wiwynn
Corp.
24,379
1,668,255
Yang
Ming
Marine
Transport
Corp.
497,515
685,563
Total
259,884,297
Thailand
-
2.8%
Bangkok
Expressway
&
Metro
PCL
NVDR
3,658,857
802,216
BTS
Group
Holdings
PCL
NVDR
15,311,487
2,349,964
Bumrungrad
Hospital
PCL
NVDR
180,329
1,102,114
Central
Retail
Corp
PCL
NVDR
798,738
788,066
Charoen
Pokphand
Foods
PCL
NVDR
1,217,771
607,425
Common
Stocks
(continued)
Issuer
Shares
Value
($)
CP
ALL
PCL
NVDR
2,379,298
3,553,868
Delta
Electronics
Thailand
PCL
NVDR
1,035,200
2,049,831
Energy
Absolute
PCL
NVDR
534,135
501,381
Gulf
Energy
Development
PCL
NVDR
1,280,900
1,535,851
Home
Product
Center
PCL
NVDR
9,027,713
2,647,387
Kasikornbank
PCL
NVDR
182,384
619,818
Krung
Thai
Bank
PCL
NVDR
1,586,836
730,630
Minor
International
PCL
NVDR
852,091
770,648
SCB
X
PCL
1,094,089
3,418,325
Siam
Cement
PCL
(The)
244,401
1,708,044
Thai
Oil
PCL
NVDR
364,908
587,553
Thai
Union
Group
PCL
NVDR
5,916,829
2,335,110
Total
26,108,231
Turkey
-
0.9%
BIM
Birlesik
Magazalar
AS
97,452
1,058,803
Eregli
Demir
ve
Celik
Fabrikalari
TAS
(a)
553,304
720,362
Sasa
Polyester
Sanayi
AS
(a)
452,965
602,049
Turk
Hava
Yollari
AO
(a)
314,791
2,897,163
Turkiye
Petrol
Rafinerileri
AS
522,948
2,859,468
Total
8,137,845
United
Arab
Emirates
-
4.8%
Abu
Dhabi
Commercial
Bank
PJSC
592,919
1,356,277
Abu
Dhabi
Islamic
Bank
PJSC
512,474
1,523,941
Abu
Dhabi
National
Energy
Co.
PJSC
406,883
368,967
Abu
Dhabi
National
Hotels
3,160,977
556,067
Abu
Dhabi
Ports
Co.
PJSC
(a)
1,010,657
1,582,506
ADNOC
Drilling
Co.
PJSC
454,623
491,491
Adnoc
Gas
PLC
1,824,418
1,569,947
Aldar
Properties
PJSC
794,993
1,195,022
Alpha
Dhabi
Holding
PJSC
(a)
326,343
1,414,787
Commercial
Bank
of
Dubai
PSC
539,092
1,021,753
Dana
Gas
PJSC
4,502,954
794,596
Dubai
Electricity
&
Water
Authority
PJSC
651,584
434,721
Dubai
Investments
PJSC
847,264
528,358
Dubai
Islamic
Bank
PJSC
970,487
1,543,392
Emaar
Development
PJSC
203,875
455,252
Emaar
Properties
PJSC
1,091,286
2,421,976
Emirates
Integrated
Telecommunications
Co.
PJSC
401,236
654,486
Emirates
NBD
Bank
PJSC
431,366
2,032,196
Emirates
Telecommunications
Group
Co.
PJSC
683,802
3,411,375
First
Abu
Dhabi
Bank
PJSC
1,225,428
4,471,634
International
Holding
Co.
PJSC
(a)
144,583
15,729,238
Multiply
Group
PJSC
(a)
981,380
598,631
National
Marine
Dredging
Co.
70,927
515,699
Q
Holding
PJSC
(a)
908,739
752,292
Total
45,424,604
Total
Common
Stocks
(Cost:
$834,291,633)
909,095,686
Preferred
Stocks
-
2.7%
Issuer
Shares
Value
($)
Brazil
-
2.5%
Banco
Bradesco
SA
Preference
Shares
1,299,236
3,701,313
Gerdau
SA
Preference
Shares
306,287
1,358,406
Itau
Unibanco
Holding
SA
Preference
Shares
1,087,158
7,523,480
Itausa
SA
Preference
Shares
2,620,822
5,497,624
Petroleo
Brasileiro
SA
Preference
Shares
787,730
5,879,392
Total
23,960,215
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
EM
Core
ex-China
ETF
March
31,
2024
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Thematic
Beta
ETFs
|
Annual
Report
2024
21
Preferred
Stocks
(continued)
Issuer
Shares
Value
($)
Chile
-
0.2%
Sociedad
Quimica
y
Minera
de
Chile
SA
Preference
Shares
Class
B
32,987
1,604,133
Total
Preferred
Stocks
(Cost:
$23,488,052)
25,564,348
Money
Market
Funds
-
0.7%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Funds
—
Treasury
Instruments
Fund,
Institutional
Shares,
5.164%
(g)
6,726,470
6,726,470
Total
Money
Market
Funds
(Cost:
$6,726,470)
6,726,470
Total
Investments
in
Securities
(Cost:
$864,506,155)
941,386,504
Other
Assets
&
Liabilities,
Net
3,180,321
Net
Assets
944,566,825
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
EM
Core
ex-China
ETF
March
31,
2024
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
22
Thematic
Beta
ETFs
|
Annual
Report
2024
MMC
Norilsk
Nickel
PJSC
ADR
Mobile
TeleSystems
PJSC
ADR
Notes
to
Portfolio
of
Investments
(a)
Non-income
producing
investment.
(b)
Represents
privately
placed
and
other
securities
and
instruments
exempt
from
Securities
and
Exchange
Commission
registration
(collectively,
private
placements),
such
as
Section
4(a)(2)
and
Rule
144A
eligible
securities,
which
are
often
sold
only
to
qualified
institutional
buyers.
At
March
31,
2024,
the
total
value
of
these
securities
amounted
to
$24,003,441,
which
represents
2.54%
of
total
net
assets.
(c)
Represents
fair
value
as
determined
in
good
faith
under
procedures
approved
by
the
Board
of
Trustees.
At
March
31,
2024,
the
value
of
these
securities
amounted
to
$0,
which
represents
less
than
0.01%
of
net
assets.
(d)
Valuation
based
on
significant
unobservable
inputs.
(e)
Denotes
a
restricted
security,
which
is
subject
to
legal
or
contractual
restrictions
on
resale
under
federal
securities
laws.
Disposal
of
a
restricted
investment
may
involve
time-consuming
negotiations
and
expenses,
and
prompt
sale
at
an
acceptable
price
may
be
difficult
to
achieve.
Private
placement
securities
are
generally
considered
to
be
restricted,
although
certain
of
those
securities
may
be
traded
between
qualified
institutional
investors
under
the
provisions
of
Section
4(a)(2)
and
Rule
144A.
The
Fund
will
not
incur
any
registration
costs
upon
such
a
trade.
These
securities
are
valued
at
fair
value
determined
in
good
faith
under
consistently
applied
procedures
approved
by
the
Fund’s
Board
of
Trustees.
At
March
31,
2024,
the
total
market
value
of
these
securities
amounted
to
$0,
which
represents
less
than
0.01%
of
total
net
assets.
Additional
information
on
these
securities
is
as
follows:
(f)
As
a
result
of
sanctions
and
restricted
cross-border
payments,
certain
income
and/or
principal
has
not
been
recognized
by
the
Fund.
The
Fund
will
continue
to
monitor
the
net
realizable
value
and
record
the
income
when
it
is
considered
collectible.
(g)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
March
31,
2024.
Abbreviation
Legend
ADR
American
Depositary
Receipts
GDR
Global
Depositary
Receipts
NVDR
Non-Voting
Depository
Receipts
PJSC
Private
Joint
Stock
Company
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
2
because
the
inputs
used
to
determine
fair
value
may
not
always
be
quoted
prices
in
an
active
market.
Fair
value
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
Valuations
based
on
quoted
prices
for
investments
in
active
markets
that
the
Fund
has
the
ability
to
access
at
the
measurement
date.
Valuation
adjustments
are
not
applied
to
Level
1
investments.
Level
2
—
Valuations
based
on
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risks,
etc.).
Level
3
—
Valuations
based
on
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
and
judgment
in
determining
the
fair
value
of
investments).
Inputs
that
are
used
in
determining
fair
value
of
an
investment
may
include
price
information,
credit
data,
volatility
statistics,
and
other
factors.
These
inputs
can
be
either
observable
or
unobservable.
The
availability
of
observable
inputs
can
vary
between
investments,
and
is
affected
by
various
factors
such
as
the
type
of
investment,
and
the
volume
and
level
of
activity
for
that
investment
or
similar
investments
in
the
marketplace.
The
inputs
will
be
considered
by
the
Investment
Manager,
along
with
any
other
relevant
factors
in
the
calculation
of
an
investment’s
fair
value.
The
Fund
uses
prices
and
inputs
that
are
current
as
of
the
measurement
date,
which
may
include
periods
of
market
dislocations.
During
these
periods,
the
availability
of
prices
and
inputs
may
be
reduced
for
many
investments.
This
condition
could
cause
an
investment
to
be
reclassified
between
the
various
levels
within
the
hierarchy.
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
EM
Core
ex-China
ETF
March
31,
2024
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Thematic
Beta
ETFs
|
Annual
Report
2024
23
Fair
Value
Measurements
(continued)
Investments
falling
into
the
Level
3
category
are
primarily
supported
by
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
those
investments.
However,
these
may
be
classified
as
Level
3
investments
due
to
lack
of
market
transparency
and
corroboration
to
support
these
quoted
prices.
Additionally,
valuation
models
may
be
used
as
the
pricing
source
for
any
remaining
investments
classified
as
Level
3.
These
models
may
rely
on
one
or
more
significant
unobservable
inputs
and/or
significant
assumptions
by
the
Investment
Manager.
Inputs
used
in
valuations
may
include,
but
are
not
limited
to,
financial
statement
analysis,
capital
account
balances,
discount
rates
and
estimated
cash
flows,
and
comparable
company
data.
The
Fund's
Board
of
Trustees
(the
Board)
has
designated
the
Investment
Manager,
through
its
Valuation
Committee
(the
Committee),
as
valuation
designee,
responsible
for
determining
the
fair
value
of
the
assets
of
the
Fund
for
which
market
quotations
are
not
readily
available
using
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager's
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
Representatives
of
Columbia
Management
Investment
Advisers,
LLC
report
to
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
March
31,
2024:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Brazil
43,610,555
–
–
43,610,555
Chile
3,653,914
–
–
3,653,914
China
896,996
–
–
896,996
Colombia
694,737
–
–
694,737
Czech
Republic
720,028
–
–
720,028
Egypt
670,316
–
–
670,316
Greece
1,032,428
–
–
1,032,428
Hungary
4,313,508
–
–
4,313,508
India
113,723,427
–
–
113,723,427
Indonesia
30,559,736
–
–
30,559,736
Kuwait
10,394,588
–
–
10,394,588
Malaysia
16,682,978
–
–
16,682,978
Mexico
39,673,600
–
–
39,673,600
Philippines
11,739,879
–
–
11,739,879
Poland
10,108,269
–
–
10,108,269
Qatar
9,270,222
–
–
9,270,222
Russia
–
–
0
(a)
0
(a)
Saudi
Arabia
84,743,311
–
–
84,743,311
South
Africa
38,381,015
–
–
38,381,015
South
Korea
148,671,202
–
–
148,671,202
Taiwan
259,884,297
–
–
259,884,297
Thailand
26,108,231
–
–
26,108,231
Turkey
8,137,845
–
–
8,137,845
United
Arab
Emirates
45,424,604
–
–
45,424,604
Total
Common
Stocks
909,095,686
–
0
(a)
909,095,686
Preferred
Stocks
Brazil
23,960,215
–
–
23,960,215
Chile
1,604,133
–
–
1,604,133
Total
Preferred
Stocks
25,564,348
–
–
25,564,348
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
EM
Core
ex-China
ETF
March
31,
2024
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
24
Thematic
Beta
ETFs
|
Annual
Report
2024
Fair
Value
Measurements
(continued)
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Money
Market
Funds
6,726,470
–
–
6,726,470
Total
Investments
in
Securities
941,386,504
–
0
(a)
941,386,504
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
The
Fund
does
not
hold
any
significant
investments
(greater
than
one
percent
of
net
assets)
categorized
as
Level
3.
(a)
Rounds
to
zero.
PORTFOLIO
OF
INVESTMENTS
Columbia
Emerging
Markets
Consumer
ETF
March
31,
2024
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Thematic
Beta
ETFs
|
Annual
Report
2024
25
Common
Stocks
-
100.2%
Issuer
Shares
Value
($)
Brazil
-
7.7%
Raia
Drogasil
SA
274,468
1,500,772
Telefonica
Brasil
SA
89,558
905,322
TIM
SA
194,044
690,031
Vibra
Energia
SA
287,901
1,438,484
Total
4,534,609
China
-
24.9%
Alibaba
Group
Holding
Ltd.
287,416
2,579,838
ANTA
Sports
Products
Ltd.
26,257
279,128
Baidu,
Inc.
Class
A
(a)
52,866
693,717
Bilibili
,
Inc.
Class
Z
(a)
5,085
57,370
BYD
Co.
Ltd.
Class
H
19,520
502,812
China
Mengniu
Dairy
Co.
Ltd.
(a)
64,680
138,840
China
Resources
Beer
Holdings
Co.
Ltd.
30,812
141,925
China
Tower
Corp.
Ltd.
Class
H
(b)
925,499
106,427
Geely
Automobile
Holdings
Ltd.
108,371
127,944
Great
Wall
Motor
Co.
Ltd.
Class
H
48,469
53,879
JD
Health
International,
Inc.
(a),(b)
22,390
79,245
JD.com,
Inc.
Class
A
55,861
770,132
Kuaishou
Technology
(a),(b)
51,809
324,698
Li
Auto,
Inc.
Class
A
(a)
20,369
315,694
Li
Ning
Co.
Ltd.
54,307
144,329
Meituan
Class
B
(a),(b)
77,355
956,751
NetEase
,
Inc.
37,287
775,616
New
Oriental
Education
&
Technology
Group,
Inc.
(a)
29,894
260,307
Nongfu
Spring
Co.
Ltd.
Class
H
(b)
39,535
213,424
PDD
Holdings,
Inc.
ADR
(a)
16,949
1,970,321
Tencent
Holdings
Ltd.
75,181
2,918,308
Tencent
Music
Entertainment
Group
ADR
(a)
14,356
160,644
Tingyi
Cayman
Islands
Holding
Corp.
35,501
38,919
Trip.com
Group
Ltd.
(a)
11,319
499,245
Tsingtao
Brewery
Co.
Ltd.
Class
H
12,144
83,479
Vipshop
Holdings
Ltd.
ADR
5,663
93,723
Yum
China
Holdings,
Inc.
8,672
345,059
Total
14,631,774
Greece
-
0.7%
Hellenic
Telecommunications
Organization
SA
28,396
419,225
India
-
28.9%
Avenue
Supermarts
Ltd.
(a),(b)
19,550
1,060,825
Bajaj
Auto
Ltd.
9,067
994,530
Hero
MotoCorp
Ltd.
18,917
1,071,092
Hindustan
Unilever
Ltd.
91,057
2,472,167
ITC
Ltd.
409,372
2,102,509
Mahindra
&
Mahindra
Ltd.
GDR
109,959
2,562,045
Maruti
Suzuki
India
Ltd.
17,980
2,716,397
Nestle
India
Ltd.
48,274
1,517,836
Titan
Co.
Ltd.
55,172
2,514,947
Total
17,012,348
Indonesia
-
2.5%
PT
Telkom
Indonesia
Persero
Tbk
6,741,202
1,475,369
Kuwait
-
1.2%
Mobile
Telecommunications
Co.
KSCP
417,646
666,659
Mexico
-
3.5%
Coca-Cola
Femsa
SAB
de
CV
22,218
214,377
Fomento
Economico
Mexicano
SAB
de
CV
Series
UBD
81,006
1,050,920
Wal-Mart
de
Mexico
SAB
de
CV
198,766
801,199
Total
2,066,496
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Russia
-
0.0%
Magnit
PJSC
(c),(d),(e)
15,524
0
Mobile
TeleSystems
PJSC
ADR
(a),(c),(d),(e)
86,390
0
Total
0
Saudi
Arabia
-
5.3%
Almarai
Co.
JSC
25,689
391,791
Etihad
Etisalat
Co.
42,125
590,794
Saudi
Telecom
Co.
203,547
2,149,170
Total
3,131,755
South
Africa
-
3.3%
Shoprite
Holdings
Ltd.
95,520
1,248,160
Vodacom
Group
Ltd.
135,490
705,131
Total
1,953,291
Taiwan
-
17.8%
Chunghwa
Telecom
Co.
Ltd.
686,185
2,690,838
Far
EasTone
Telecommunications
Co.
Ltd.
596,074
1,506,785
President
Chain
Store
Corp.
201,762
1,673,811
Taiwan
Mobile
Co.
Ltd.
627,558
2,000,122
Uni
-President
Enterprises
Corp.
1,090,578
2,603,470
Total
10,475,026
Thailand
-
2.3%
Advanced
Info
Service
PCL
94,882
530,481
CP
ALL
PCL
361,392
539,798
Thai
Beverage
PCL
735,828
267,157
Total
1,337,436
United
Arab
Emirates
-
2.1%
Emirates
Telecommunications
Group
Co.
PJSC
248,630
1,240,374
Total
Common
Stocks
(Cost:
$60,443,418)
58,944,362
Money
Market
Funds
-
0.4%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Funds
—
Treasury
Instruments
Fund,
Institutional
Shares,
5.164%
(f)
223,553
223,553
Total
Money
Market
Funds
(Cost:
$223,553)
223,553
Total
Investments
in
Securities
(Cost:
$60,666,971)
59,167,915
Other
Assets
&
Liabilities,
Net
(340,520)
Net
Assets
58,827,395
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Emerging
Markets
Consumer
ETF
March
31,
2024
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
26
Thematic
Beta
ETFs
|
Annual
Report
2024
Mobile
TeleSystems
PJSC
ADR
Notes
to
Portfolio
of
Investments
(a)
Non-income
producing
investment.
(b)
Represents
privately
placed
and
other
securities
and
instruments
exempt
from
Securities
and
Exchange
Commission
registration
(collectively,
private
placements),
such
as
Section
4(a)(2)
and
Rule
144A
eligible
securities,
which
are
often
sold
only
to
qualified
institutional
buyers.
At
March
31,
2024,
the
total
value
of
these
securities
amounted
to
$2,741,370,
which
represents
4.66%
of
total
net
assets.
(c)
Represents
fair
value
as
determined
in
good
faith
under
procedures
approved
by
the
Board
of
Trustees.
At
March
31,
2024,
the
value
of
these
securities
amounted
to
$0,
which
represents
less
than
0.01%
of
net
assets.
(d)
Valuation
based
on
significant
unobservable
inputs.
(e)
Denotes
a
restricted
security,
which
is
subject
to
legal
or
contractual
restrictions
on
resale
under
federal
securities
laws.
Disposal
of
a
restricted
investment
may
involve
time-consuming
negotiations
and
expenses,
and
prompt
sale
at
an
acceptable
price
may
be
difficult
to
achieve.
Private
placement
securities
are
generally
considered
to
be
restricted,
although
certain
of
those
securities
may
be
traded
between
qualified
institutional
investors
under
the
provisions
of
Section
4(a)(2)
and
Rule
144A.
The
Fund
will
not
incur
any
registration
costs
upon
such
a
trade.
These
securities
are
valued
at
fair
value
determined
in
good
faith
under
consistently
applied
procedures
approved
by
the
Fund’s
Board
of
Trustees.
At
March
31,
2024,
the
total
market
value
of
these
securities
amounted
to
$0,
which
represents
less
than
0.01%
of
total
net
assets.
Additional
information
on
these
securities
is
as
follows:
(f)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
March
31,
2024.
Abbreviation
Legend
ADR
American
Depositary
Receipts
GDR
Global
Depositary
Receipts
PJSC
Private
Joint
Stock
Company
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
2
because
the
inputs
used
to
determine
fair
value
may
not
always
be
quoted
prices
in
an
active
market.
Fair
value
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
Valuations
based
on
quoted
prices
for
investments
in
active
markets
that
the
Fund
has
the
ability
to
access
at
the
measurement
date.
Valuation
adjustments
are
not
applied
to
Level
1
investments.
Level
2
—
Valuations
based
on
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risks,
etc.).
Level
3
—
Valuations
based
on
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
and
judgment
in
determining
the
fair
value
of
investments).
Inputs
that
are
used
in
determining
fair
value
of
an
investment
may
include
price
information,
credit
data,
volatility
statistics,
and
other
factors.
These
inputs
can
be
either
observable
or
unobservable.
The
availability
of
observable
inputs
can
vary
between
investments,
and
is
affected
by
various
factors
such
as
the
type
of
investment,
and
the
volume
and
level
of
activity
for
that
investment
or
similar
investments
in
the
marketplace.
The
inputs
will
be
considered
by
the
Investment
Manager,
along
with
any
other
relevant
factors
in
the
calculation
of
an
investment’s
fair
value.
The
Fund
uses
prices
and
inputs
that
are
current
as
of
the
measurement
date,
which
may
include
periods
of
market
dislocations.
During
these
periods,
the
availability
of
prices
and
inputs
may
be
reduced
for
many
investments.
This
condition
could
cause
an
investment
to
be
reclassified
between
the
various
levels
within
the
hierarchy.
Investments
falling
into
the
Level
3
category
are
primarily
supported
by
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
those
investments.
However,
these
may
be
classified
as
Level
3
investments
due
to
lack
of
market
transparency
and
corroboration
to
support
these
quoted
prices.
Additionally,
valuation
models
may
be
used
as
the
pricing
source
for
any
remaining
investments
classified
as
Level
3.
These
models
may
rely
on
one
or
more
significant
unobservable
inputs
and/or
significant
assumptions
by
the
Investment
Manager.
Inputs
used
in
valuations
may
include,
but
are
not
limited
to,
financial
statement
analysis,
capital
account
balances,
discount
rates
and
estimated
cash
flows,
and
comparable
company
data.
The
Fund's
Board
of
Trustees
(the
Board)
has
designated
the
Investment
Manager,
through
its
Valuation
Committee
(the
Committee),
as
valuation
designee,
responsible
for
determining
the
fair
value
of
the
assets
of
the
Fund
for
which
market
quotations
are
not
readily
available
using
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager's
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Emerging
Markets
Consumer
ETF
March
31,
2024
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Thematic
Beta
ETFs
|
Annual
Report
2024
27
Fair
Value
Measurements
(continued)
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
Representatives
of
Columbia
Management
Investment
Advisers,
LLC
report
to
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
March
31,
2024:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Brazil
4,534,609
–
–
4,534,609
China
14,631,774
–
–
14,631,774
Greece
419,225
–
–
419,225
India
17,012,348
–
–
17,012,348
Indonesia
1,475,369
–
–
1,475,369
Kuwait
666,659
–
–
666,659
Mexico
2,066,496
–
–
2,066,496
Russia
–
–
0
(a)
0
(a)
Saudi
Arabia
3,131,755
–
–
3,131,755
South
Africa
1,953,291
–
–
1,953,291
Taiwan
10,475,026
–
–
10,475,026
Thailand
1,337,436
–
–
1,337,436
United
Arab
Emirates
1,240,374
–
–
1,240,374
Total
Common
Stocks
58,944,362
–
0
(a)
58,944,362
Money
Market
Funds
223,553
–
–
223,553
Total
Investments
in
Securities
59,167,915
–
0
(a)
59,167,915
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
The
Fund
does
not
hold
any
significant
investments
(greater
than
one
percent
of
net
assets)
categorized
as
Level
3.
(a)
Rounds
to
zero.
PORTFOLIO
OF
INVESTMENTS
(Consolidated)
Columbia
India
Consumer
ETF
March
31,
2024
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
28
Thematic
Beta
ETFs
|
Annual
Report
2024
Notes
to
Consolidated
Portfolio
of
Investments
Common
Stocks
-
102.7%
Issuer
Shares
Value
($)
Consumer
Discretionary
-
58.7%
Apparel
Retail
-
4.8%
Trent
Ltd.
248,916
11,782,865
Apparel,
Accessories
&
Luxury
Goods
-
5.0%
Titan
Co.
Ltd.
271,723
12,386,157
Automobile
Manufacturers
-
15.2%
Mahindra
&
Mahindra
Ltd.
542,271
12,492,340
Maruti
Suzuki
India
Ltd.
89,399
13,506,294
Tata
Motors
Ltd.
990,078
11,785,611
Total
37,784,245
Automotive
Parts
&
Equipment
-
7.6%
Bharat
Forge
Ltd.
299,224
4,052,677
Bosch
Ltd.
11,218
4,039,341
Samvardhana
Motherson
International
Ltd.
3,083,132
4,328,824
Tube
Investments
of
India
Ltd.
142,269
6,373,938
Total
18,794,780
Hotels,
Resorts
&
Cruise
Lines
-
3.1%
Indian
Hotels
Co.
Ltd.
1,098,658
7,787,197
Motorcycle
Manufacturers
-
15.4%
Bajaj
Auto
Ltd.
115,889
12,711,489
Eicher
Motors
Ltd.
170,905
8,236,186
Hero
MotoCorp
Ltd.
167,400
9,478,289
TVS
Motor
Co.
Ltd.
303,114
7,820,579
Total
38,246,543
Restaurants
-
5.7%
Zomato
Ltd.
(a)
6,431,173
14,041,745
Tires
&
Rubber
-
1.9%
MRF
Ltd.
2,906
4,647,626
Total
Consumer
Discretionary
145,471,158
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Consumer
Staples
-
44.0%
Distillers
&
Vintners
-
2.2%
United
Spirits
Ltd.
403,117
5,482,275
Food
Retail
-
4.3%
Avenue
Supermarts
Ltd.
(a),(b)
196,511
10,663,112
Packaged
Foods
&
Meats
-
15.5%
Britannia
Industries
Ltd.
152,440
8,976,601
Marico
Ltd.
680,735
4,058,169
Nestle
India
Ltd.
401,800
12,633,437
Patanjali
Foods
Ltd.
122,356
1,963,505
Tata
Consumer
Products
Ltd.
812,148
10,674,460
Total
38,306,172
Personal
Care
Products
-
12.8%
Colgate-Palmolive
India
Ltd.
170,663
5,546,074
Dabur
India
Ltd.
768,201
4,818,612
Godrej
Consumer
Products
Ltd.
483,180
7,252,118
Hindustan
Unilever
Ltd.
425,281
11,546,237
Procter
&
Gamble
Hygiene
&
Health
Care
Ltd.
12,173
2,470,790
Total
31,633,831
Soft
Drinks
&
Non-alcoholic
Beverages
-
4.0%
Varun
Beverages
Ltd.
598,883
10,042,838
Tobacco
-
5.2%
ITC
Ltd.
2,488,182
12,779,146
Total
Consumer
Staples
108,907,374
Total
Investments
in
Securities
(Cost:
$183,005,060)
254,378,532
Other
Assets
&
Liabilities,
Net
(6,672,151)
Net
Assets
247,706,381
(a)
Non-income
producing
investment.
(b)
Represents
privately
placed
and
other
securities
and
instruments
exempt
from
Securities
and
Exchange
Commission
registration
(collectively,
private
placements),
such
as
Section
4(a)(2)
and
Rule
144A
eligible
securities,
which
are
often
sold
only
to
qualified
institutional
buyers.
At
March
31,
2024,
the
total
value
of
these
securities
amounted
to
$10,663,112,
which
represents
4.30%
of
total
net
assets.
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
2
because
the
inputs
used
to
determine
fair
value
may
not
always
be
quoted
prices
in
an
active
market.
Fair
value
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
Valuations
based
on
quoted
prices
for
investments
in
active
markets
that
the
Fund
has
the
ability
to
access
at
the
measurement
date.
Valuation
adjustments
are
not
applied
to
Level
1
investments.
Level
2
—
Valuations
based
on
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risks,
etc.).
Level
3
—
Valuations
based
on
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
and
judgment
in
determining
the
fair
value
of
investments).
PORTFOLIO
OF
INVESTMENTS
(Consolidated)
(continued)
Columbia
India
Consumer
ETF
March
31,
2024
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Thematic
Beta
ETFs
|
Annual
Report
2024
29
Fair
Value
Measurements
(continued)
Inputs
that
are
used
in
determining
fair
value
of
an
investment
may
include
price
information,
credit
data,
volatility
statistics,
and
other
factors.
These
inputs
can
be
either
observable
or
unobservable.
The
availability
of
observable
inputs
can
vary
between
investments,
and
is
affected
by
various
factors
such
as
the
type
of
investment,
and
the
volume
and
level
of
activity
for
that
investment
or
similar
investments
in
the
marketplace.
The
inputs
will
be
considered
by
the
Investment
Manager,
along
with
any
other
relevant
factors
in
the
calculation
of
an
investment’s
fair
value.
The
Fund
uses
prices
and
inputs
that
are
current
as
of
the
measurement
date,
which
may
include
periods
of
market
dislocations.
During
these
periods,
the
availability
of
prices
and
inputs
may
be
reduced
for
many
investments.
This
condition
could
cause
an
investment
to
be
reclassified
between
the
various
levels
within
the
hierarchy.
Investments
falling
into
the
Level
3
category
are
primarily
supported
by
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
those
investments.
However,
these
may
be
classified
as
Level
3
investments
due
to
lack
of
market
transparency
and
corroboration
to
support
these
quoted
prices.
Additionally,
valuation
models
may
be
used
as
the
pricing
source
for
any
remaining
investments
classified
as
Level
3.
These
models
may
rely
on
one
or
more
significant
unobservable
inputs
and/or
significant
assumptions
by
the
Investment
Manager.
Inputs
used
in
valuations
may
include,
but
are
not
limited
to,
financial
statement
analysis,
capital
account
balances,
discount
rates
and
estimated
cash
flows,
and
comparable
company
data.
The
Fund's
Board
of
Trustees
(the
Board)
has
designated
the
Investment
Manager,
through
its
Valuation
Committee
(the
Committee),
as
valuation
designee,
responsible
for
determining
the
fair
value
of
the
assets
of
the
Fund
for
which
market
quotations
are
not
readily
available
using
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager's
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
Representatives
of
Columbia
Management
Investment
Advisers,
LLC
report
to
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
March
31,
2024:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Consumer
Discretionary
145,471,158
–
–
145,471,158
Consumer
Staples
108,907,374
–
–
108,907,374
Total
Common
Stocks
254,378,532
–
–
254,378,532
Total
Investments
in
Securities
254,378,532
–
–
254,378,532
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
STATEMENT
OF
ASSETS
AND
LIABILITIES
March
31,
2024
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
30
Thematic
Beta
ETFs
|
Annual
Report
2024
Columbia
EM
Core
ex-
China
ETF
Columbia
Emerging
Markets
Consumer
ETF
Columbia
India
Consumer
ETF
(Consolidated)
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$864,506,155,
$60,666,971
and
$183,005,060,
respectively)
$941,386,504
$59,167,915
$254,378,532
Foreign
currency
(cost
$2,212,577,
$29,409
and
$2,302,977,
respectively)
2,211,075
29,237
2,302,539
Receivable
for:
Capital
shares
sold
4,742,494
–
–
Dividends
3,958,345
79,763
29,071
Foreign
tax
reclaims
26,056
4,833
–
Reimbursement
due
from
Investment
Manager
–
35
12,045
Total
assets
952,324,474
59,281,783
256,722,187
Liabilities
Due
to
custodian
1,393,850
–
685,466
Payable
for:
Investments
purchased
4,509,747
–
–
Investment
management
fees
122,334
24,610
140,913
Foreign
capital
gains
taxes
deferred
1,593,637
429,778
8,189,326
Accrued
expenses
and
other
liabilities
138,081
–
101
Total
liabilities
7,757,649
454,388
9,015,806
Net
assets
applicable
to
outstanding
capital
stock
$944,566,825
$58,827,395
$247,706,381
Represented
by:
Paid-in
capital
$873,734,226
$290,418,962
$189,367,275
Total
distributable
earnings
(loss)
70,832,599
(231,591,567)
58,339,106
Total
—
representing
net
assets
applicable
to
outstanding
capital
stock
$944,566,825
$58,827,395
$247,706,381
Shares
outstanding
30,500,000
2,850,000
3,900,000
Net
asset
value
per
share
$30.97
$20.64
$63.51
STATEMENT
OF
OPERATIONS
Year
Ended
March
31,
2024
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Thematic
Beta
ETFs
|
Annual
Report
2024
31
Columbia
EM
Core
ex-
China
ETF
Columbia
Emerging
Markets
Consumer
ETF
Columbia
India
Consumer
ETF
(Consolidated)
Investment
Income:
Dividends
-
unaffiliated
issuers
$15,563,925
$1,578,731
$1,312,229
Foreign
taxes
withheld
(1,776,431)
(186,787)
(285,509)
Total
income
13,787,494
1,391,944
1,026,720
Expenses:
Investment
management
fees
746,933
330,084
953,513
Mauritius
taxes
paid
–
–
3,893
Overdraft
expense
4,744
2,423
25,973
Total
expenses
751,677
332,507
983,379
Fees
waived
by
the
Investment
Manager
and
its
affiliates
–
(2,994)
(29,866)
Total
net
expenses
751,677
329,513
953,513
Net
Investment
income
13,035,817
1,062,431
73,207
Realized
and
unrealized
gain
(loss)
—
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
(1,836,062)
(5,747,964)
(1,259,888)
In-kind
transactions
–
1,003,010
–
Foreign
currency
translations
(1,163,122)
(45,954)
(431,012)
Net
realized
loss
(2,999,184)
(4,790,908)
(1,690,900)
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
77,383,707
5,132,341
55,777,762
Foreign
capital
gains
tax
(1,601,050)
(313,677)
(6,315,814)
Foreign
currency
translations
(52,015)
(3,817)
(1,214)
Net
change
in
unrealized
appreciation
75,730,642
4,814,847
49,460,734
Net
realized
and
unrealized
gain
72,731,458
23,939
47,769,834
Net
Increase
in
net
assets
resulting
from
operations
$85,767,275
$1,086,370
$47,843,041
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
32
Thematic
Beta
ETFs
|
Annual
Report
2024
,
Columbia
EM
Core
ex-China
ETF
Columbia
Emerging
Markets
Consumer
ETF
Year
Ended
March
31,
2024
Year
Ended
March
31,
2023
Year
Ended
March
31,
2024
Year
Ended
March
31,
2023
Operations
Net
investment
income
$13,035,817
$3,852,559
$1,062,431
$1,646,971
Net
realized
loss
(2,999,184)
(5,655,999)
(4,790,908)
(3,257,629)
Net
change
in
unrealized
appreciation
(depreciation)
75,730,642
(3,452,495)
4,814,847
(2,167,124)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
85,767,275
(5,255,935)
1,086,370
(3,777,782)
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(7,788,221)
(3,303,786)
(1,015,250)
(1,518,938)
Shareholder
transactions
Proceeds
from
shares
sold
692,688,015
92,721,707
–
10,348,737
Cost
of
shares
redeemed
–
(5,525,974)
(26,323,127)
(37,269,368)
Net
increase
(decrease)
in
net
assets
resulting
from
shareholder
transactions
692,688,015
87,195,733
(26,323,127)
(26,920,631)
Increase
(decrease)
in
net
assets
770,667,069
78,636,012
(26,252,007)
(32,217,351)
Net
Assets:
Net
assets
at
beginning
of
year
173,899,756
95,263,744
85,079,402
117,296,753
Net
assets
at
end
of
year
$944,566,825
$173,899,756
$58,827,395
$85,079,402
Capital
stock
activity
Shares
outstanding,
beginning
of
year
6,450,000
3,100,000
4,150,000
5,500,000
Shares
sold
24,050,000
3,550,000
–
500,000
Shares
redeemed
–
(200,000)
(1,300,000)
(1,850,000)
Shares
outstanding,
end
of
year
30,500,000
6,450,000
2,850,000
4,150,000
STATEMENT
OF
CHANGES
IN
NET
ASSETS
(continued)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Thematic
Beta
ETFs
|
Annual
Report
2024
33
Columbia
India
Consumer
ETF
(Consolidated)
Year
Ended
March
31,
2024
Year
Ended
March
31,
2023
Operations
Net
investment
income
$73,207
$183,471
Net
realized
gain
(loss)
(1,690,900)
5,003,401
Net
change
in
unrealized
appreciation
(depreciation)
49,460,734
(6,738,200)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
47,843,041
(1,551,328)
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(5,489,494)
(7,435,118)
Shareholder
transactions
Proceeds
from
shares
sold
134,345,758
2,284,755
Cost
of
shares
redeemed
–
–
Net
increase
in
net
assets
resulting
from
shareholder
transactions
134,345,758
2,284,755
Increase
(decrease)
in
net
assets
176,699,305
(6,701,691)
Net
Assets:
Net
assets
at
beginning
of
year
71,007,076
77,708,767
Net
assets
at
end
of
year
$247,706,381
$71,007,076
Capital
stock
activity
Shares
outstanding,
beginning
of
year
1,600,000
1,550,000
Shares
sold
2,300,000
50,000
Shares
redeemed
–
–
Shares
outstanding,
end
of
year
3,900,000
1,600,000
FINANCIAL
HIGHLIGHTS
Columbia
EM
Core
ex-China
ETF
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
34
Thematic
Beta
ETFs
|
Annual
Report
2024
The
following
tables
are
intended
to
help
you
understand
each
Fund’s
financial
performance.
Per
share
net
investment
income
(loss)
amounts
are
calculated
based
on
average
shares
outstanding
during
the
period.
Total
return
assumes
reinvestment
of
all
dividends
and
distributions,
if
any.
Total
Return
at
NAV
is
calculated
assuming
an
initial
investment
made
at
the
net
asset
value
at
the
beginning
of
the
period,
reinvestment
of
all
dividends
and
distributions
at
net
asset
value
during
the
period
and
redemption
on
the
last
day
of
the
period.
Total
Return
at
Market
Price
is
calculated
assuming
an
initial
investment
made
at
the
market
price
at
the
beginning
of
the
period,
reinvestment
of
all
dividends
and
distributions
at
market
price
during
the
period
and
redemption
on
the
last
day
of
the
period.
The
total
return
would
have
been
lower
if
certain
expenses
had
not
been
reimbursed/waived
by
the
Investment
Manager.
Through
July
31,
2020,
Market
Price
returns
are
based
on
the
midpoint
of
the
bid/ask
spread
for
Fund
shares
at
market
close
(typically
4
pm
ET).
Beginning
with
August
31,
2020
month-end
performance,
Market
Price
returns
are
based
on
closing
prices
reported
by
the
Fund's
primary
listing
exchange
(typically
4
pm
ET
close).
These
returns
do
not
represent
the
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
Total
return
and
portfolio
turnover
are
not
annualized
for
periods
of
less
than
one
year.
The
ratios
of
expenses
and
net
investment
income
are
annualized
for
periods
of
less
than
one
year.
The
portfolio
turnover
rate
is
calculated
without
regard
to
purchase
and
sales
transactions
of
short-term
instruments,
certain
derivatives
and
in-kind
transactions,
if
any.
If
such
transactions
were
included,
the
Fund’s
portfolio
turnover
rate
may
be
higher.
Year
Ended
March
31,
2024
2023
2022
2021
2020
Per
share
data
Net
asset
value,
beginning
of
year
$26.96
$30.73
$31.65
$19.09
$25.40
Income
(loss)
from
investment
operations:
Net
investment
income
0.80
0.86
0.80
0.68
0.69
Net
realized
and
unrealized
gain
(loss)
3.58
(4.01)
(1.10)
12.37
(6.41)
Total
from
investment
operations
4.38
(3.15)
(0.30)
13.05
(5.72)
Less
distributions
to
shareholders:
Net
investment
income
(0.37)
(0.62)
(0.58)
(0.49)
(0.59)
Net
realized
gains
–
–
(0.04)
–
–
Total
distribution
to
shareholders
(0.37)
(0.62)
(0.62)
(0.49)
(0.59)
Net
asset
value,
end
of
year
$30.97
$26.96
$30.73
$31.65
$19.09
Total
Return
at
NAV
16.32%
(10.15)%
(0.96)%
68.56%
(23.25)%
Total
Return
at
Market
Price
16.41%
(9.43)%
(1.94)%
69.09%
(23.43)%
Ratios
to
average
net
assets:
Total
gross
expenses
(a)
0.16%
(b)
0.16%
(c)
0.16%
(d)
0.16%
0.19%
(e)
Total
net
expenses
(a)(f)
0.16%
(b)
0.16%
(c)
0.16%
(d)
0.16%
0.19%
(e)
Net
Investment
income
2.79%
3.28%
2.53%
2.61%
2.70%
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$944,567
$173,900
$95,264
$30,070
$14,321
Portfolio
turnover
14%
19%
13%
19%
14%
Notes
to
Financial
Highlights
(a)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund's
reported
expense
ratios.
(b)
The
ratio
includes
less
than
0.01%
for
the
year
ended
March
31,
2024
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(c)
The
ratio
includes
less
than
0.01%
for
the
year
ended
March
31,
2023
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(d)
The
ratio
includes
less
than
0.01%
for
the
year
ended
March
31,
2022
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(e)
The
ratio
includes
less
than
0.01%
for
the
year
ended
March
31,
2020
attributed
to
overdraft
expense
and
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(f)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
FINANCIAL
HIGHLIGHTS
Columbia
Emerging
Markets
Consumer
ETF
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Thematic
Beta
ETFs
|
Annual
Report
2024
35
Year
Ended
March
31,
2024
2023
2022
2021
2020
Per
share
data
Net
asset
value,
beginning
of
year
$20.50
$21.33
$27.73
$19.65
$22.67
Income
(loss)
from
investment
operations:
Net
investment
income
0.32
0.35
0.33
0.29
0.27
Net
realized
and
unrealized
gain
(loss)
0.15
(0.77)
(6.47)
7.97
(2.90)
Total
from
investment
operations
0.47
(0.42)
(6.14)
8.26
(2.63)
Less
distributions
to
shareholders:
Net
investment
income
(0.33)
(0.41)
(0.26)
(0.18)
(0.39)
Net
asset
value,
end
of
year
$20.64
$20.50
$21.33
$27.73
$19.65
Total
Return
at
NAV
2.29%
(1.93)%
(22.22)%
42.02%
(11.87)%
Total
Return
at
Market
Price
2.10%
(0.95)%
(23.46)%
43.27%
(11.95)%
Ratios
to
average
net
assets:
Total
gross
expenses
(a)
0.49%
(b)
0.49%
(c)
0.53%
(d)
0.59%
(e)
0.60%
(f)
Total
net
expenses
(g)
0.49%
(b)
0.49%
(a)(c)
0.53%
(a)(d)
0.59%
(a)(e)
0.60%
(a)(f)
Net
Investment
income
1.58%
1.71%
1.28%
1.14%
1.20%
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$58,827
$85,079
$117,297
$182,999
$174,921
Portfolio
turnover
34%
25%
31%
40%
37%
Notes
to
Financial
Highlights
(a)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund's
reported
expense
ratios.
(b)
The
total
gross
expense
ratio
includes
less
than
0.01%
for
the
year
ended
March
31,
2024
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
There
is
no
impact
to
the
total
net
expense
ratio
attributed
to
overdraft
expense
as
the
entire
overdraft
expense
was
waived
for
the
year
ended
March
31,
2024.
(c)
The
total
gross
expense
ratio
includes
less
than
0.01%
for
the
year
ended
March
31,
2023
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
There
is
no
impact
to
the
total
net
expense
ratio
attributed
to
overdraft
expense
as
the
entire
overdraft
expense
was
waived
for
the
year
ended
March
31,
2023.
(d)
The
total
gross
expense
ratio
includes
less
than
0.01%
for
the
year
ended
March
31,
2022
attributed
to
overdraft
expense
and
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
There
is
no
impact
to
the
total
net
expense
ratio
attributed
to
overdraft
expense,
and
tax
expense,
as
the
entire
overdraft
expense
and
tax
expense
were
waived
for
the
year
ended
March
31,
2022.
(e)
The
total
gross
expense
ratio
includes
less
than
0.01%
for
the
year
ended
March
31,
2021
attributed
to
overdraft
expense
and
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
There
is
no
impact
to
the
total
net
expense
ratio
attributed
to
overdraft
expense
and
tax
expense,
as
the
entire
overdraft
expense
and
tax
expense
were
waived
for
the
year
ended
March
31,
2021.
(f)
The
ratio
includes
0.01%
for
the
year
ended
March
31,
2020
attributed
to
overdraft
expense
and
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(g)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
FINANCIAL
HIGHLIGHTS
Columbia
India
Consumer
ETF
(Consolidated)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
36
Thematic
Beta
ETFs
|
Annual
Report
2024
Year
Ended
March
31,
2024
2023
2022
2021
2020
Per
share
data
Net
asset
value,
beginning
of
year
$44.38
$50.13
$50.85
$30.80
$42.08
Income
(loss)
from
investment
operations:
Net
investment
income
0.03
0.12
0.38
0.09
0.29
Net
realized
and
unrealized
gain
(loss)
21.34
(1.07)
2.27
20.12
(11.45)
Total
from
investment
operations
21.37
(0.95)
2.65
20.21
(11.16)
Less
distributions
to
shareholders:
Net
investment
income
–
(0.11)
(0.08)
(0.16)
(0.12)
Net
realized
gains
(2.24)
(4.69)
(3.29)
–
–
Total
distribution
to
shareholders
(2.24)
(4.80)
(3.37)
(0.16)
(0.12)
Net
asset
value,
end
of
year
$63.51
$44.38
$50.13
$50.85
$30.80
Total
Return
at
NAV
48.74%
(2.38)%
5.22%
65.67%
(26.60)%
Total
Return
at
Market
Price
49.80%
(1.14)%
3.17%
69.58%
(28.00)%
Ratios
to
average
net
assets:
Total
gross
expenses
(a)
0.77%
(b)
0.77%
(c)
0.77%
(d)
0.80%
(e)
0.81%
(f)
Total
net
expenses
(a)(g)
0.75%
(b)
0.75%
(c)
0.75%
(d)
0.75%
(e)
0.81%
(f)
Net
Investment
income
0.06%
0.24%
0.70%
0.22%
0.70%
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$247,706
$71,007
$77,709
$91,532
$67,764
Portfolio
turnover
24%
22%
31%
16%
11%
Notes
to
Financial
Highlights
(a)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund's
reported
expense
ratios.
(b)
The
total
gross
expense
ratio
includes
0.02%
for
the
year
ended
March
31,
2024
attributed
to
overdraft
expense
and
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
There
is
no
impact
to
the
total
net
expense
ratio
attributed
to
overdraft
expense,
and
tax
expense,
as
the
entire
overdraft
expense
and
tax
expense
were
waived
for
the
year
ended
March
31,
2024.
(c)
The
total
gross
expense
ratio
includes
0.02%
for
the
year
ended
March
31,
2023
attributed
to
overdraft
expense
and
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
There
is
no
impact
to
the
total
net
expense
ratio
attributed
to
overdraft
expense,
and
tax
expense,
as
the
entire
overdraft
expense
and
tax
expense
were
waived
for
the
year
ended
March
31,
2023.
(d)
The
total
gross
expense
ratio
includes
0.02%
for
the
year
ended
March
31,
2022
attributed
to
overdraft
expense
and
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
There
is
no
impact
to
the
total
net
expense
ratio
attributed
to
overdraft
expense,
and
tax
expense,
as
the
entire
overdraft
expense
and
tax
expense
were
waived
for
the
year
ended
March
31,
2022.
(e)
The
total
gross
expense
ratio
includes
0.05%
for
the
year
ended
March
31,
2021
attributed
to
overdraft
expense
and
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
The
total
net
expense
ratio
includes
less
than
0.01%
for
the
year
ended
March
31,
2021
attributed
to
overdraft
expense.
(f)
The
ratio
includes
0.06%
for
the
year
ended
March
31,
2020
attributed
to
overdraft
expense
and
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(g)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
NOTES
TO
FINANCIAL
STATEMENTS
March
31,
2024
Thematic
Beta
ETFs
|
Annual
Report
2024
37
Note
1.
Organization
Columbia
ETF
Trust
II
(the
Trust)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
1940
Act),
as
an
open-end
management
investment
company
organized
as
a
Delaware
statutory
trust.
The
Trust
may
issue
an
unlimited
number
of
shares
(without
par
value).
Information
presented
in
these
financial
statements
pertains
to
the
following
series
of
the
Trust
(each,
a
Fund
and
collectively,
the
Funds):
Columbia
EM
Core
ex-China
ETF,
Columbia
Emerging
Markets
Consumer
ETF
and
Columbia
India
Consumer
ETF.
Columbia
EM
Core
ex-China
ETF
and
Columbia
India
Consumer
ETF
are
non-diversified
funds.
Columbia
Emerging
Markets
Consumer
ETF
may
operate
as
a
non-diversified
Fund
while
the
Dow
Jones
Emerging
Markets
Consumer
Titans
TM
Index
is
non-diversified.
Basis
for
Consolidation
The
Consolidated
Portfolio
of
Investments;
Consolidated
Statements
of
Assets
and
Liabilities,
of
Operations
and
of
Changes
in
Net
Assets;
and
the
Consolidated
Financial
Highlights
of
Columbia
India
Consumer
ETF
include
the
accounts
of
Columbia
India
Consumer
ETF
and
EG
Shares
India
Consumer
Mauritius,
a
wholly
owned
subsidiary
of
Columbia
India
Consumer
ETF
(the
Subsidiary)
located
in
the
Republic
of
Mauritius
(Mauritius).
All
inter-company
transactions
and
balances
have
been
eliminated
in
the
consolidation
process.
As
of
the
date
of
this
report,
Columbia
India
Consumer
ETF
invests
in
Indian
securities
both
directly
(in
India),
and
through
its
corresponding
Subsidiary,
which
in
turn
invests
virtually
all
of
its
assets
in
Indian
securities.
Columbia
India
Consumer
ETF
and
its
Subsidiary
have
historically
relied
on
a
tax
treaty
between
India
and
Mauritius
for
relief
from
certain
Indian
taxes.
The
enactment
of
general
anti-avoidance
rules
in
India,
the
signing
of
a
protocol
amending
the
India-Mauritius
tax
treaty,
and
enactment
of
a
10%
tax
on
long-term
capital
gains
from
the
alienation
of
Indian
shares
after
March
31,
2018
(not
otherwise
exempt
under
a
tax
treaty)
have
resulted
in
the
imposition
of
additional
taxes
by
India
on
Columbia
India
Consumer
ETF
and
its
Subsidiary.
For
more
information,
see
India-Mauritius
Tax
Treaty
Risk.
A
summary
of
Columbia
India
Consumer
ETF’s
investment
in
the
Subsidiary
is
as
follows:
Fund
Shares
The
market
prices
of
each
Fund’s
shares
may
differ
to
some
degree
from
the
Fund’s
net
asset
value
(NAV).
Unlike
conventional
mutual
funds,
each
Fund
issues
and
redeems
shares
on
a
continuous
basis,
at
NAV,
only
in
a
large
specified
number
of
shares,
each
called
a
“Creation
Unit.”
A
Creation
Unit
consists
of
50,000
shares.
Creation
Units
are
issued
and
redeemed
generally
in-kind
for
a
basket
of
securities
and/or
for
cash.
Investors
such
as
market
makers,
large
investors
and
institutions
who
wish
to
deal
in
Creation
Units
directly
with
a
Fund
must
have
entered
into
an
authorized
participant
agreement
(Authorized
Participants)
with
the
Fund’s
principal
underwriter
and
the
transfer
agent,
or
purchase
through
a
dealer
that
has
entered
into
such
an
agreement.
Authorized
participants
may
purchase
or
redeem
Fund
shares
directly
from
the
Fund
only
in
Creation
Units.
The
Funds’
shares
are
also
listed
on
the
New
York
Stock
Exchange
for
which
investors
can
purchase
and
sell
shares
on
the
secondary
market
through
a
broker
at
market
prices
which
may
differ
from
the
NAV
of
the
Fund.
Note
2.
Summary
of
significant
accounting
policies
Basis
of
preparation
Each
Fund
is
an
investment
company
that
applies
the
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
-
Investment
Companies
(ASC
946)
.
The
financial
statements
are
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(GAAP),
which
requires
management
to
make
certain
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
Fund
%
of
consolidated
fund
net
assets
Net
assets
($)
Net
investment
income
(loss)
($)
Net
realized
gain
(loss)
($)
Net
change
in
unrealized
appreciation
(depreciation)
($)
Columbia
India
Consumer
ETF
6.0%
14,794,834
149,948
1,322,426
2,322,087
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
March
31,
2024
38
Thematic
Beta
ETFs
|
Annual
Report
2024
and
liabilities,
the
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
following
is
a
summary
of
significant
accounting
policies
followed
by
the
Funds
in
the
preparation
of
their
financial
statements.
Security
valuation
Equity
securities
listed
on
an
exchange
are
valued
at
the
closing
price
or
last
trade
price
on
their
primary
exchange
at
the
close
of
business
of
the
New
York
Stock
Exchange.
Securities
with
a
closing
price
not
readily
available
or
not
listed
on
any
exchange
are
valued
at
the
mean
between
the
closing
bid
and
ask
prices.
Listed
preferred
stocks
convertible
into
common
stocks
are
valued
using
an
evaluated
price
from
a
pricing
service.
Foreign
equity
securities
are
valued
based
on
the
closing
price
or
last
trade
price
on
their
primary
exchange
at
the
close
of
business
of
the
New
York
Stock
Exchange.
If
any
foreign
equity
security
closing
prices
are
not
readily
available,
the
securities
are
valued
at
the
mean
of
the
latest
quoted
bid
and
ask
prices
on
such
exchanges
or
markets.
Foreign
currency
exchange
rates
are
generally
determined
at
the
close
of
London’s
exchange
at
11:00
a.m.
Eastern
(U.S.)
time.
Investments
in
open-end
investment
companies
(other
than
exchange-traded
funds
(ETFs)),
are
valued
at
the
latest
net
asset
value
reported
by
those
companies
as
of
the
valuation
time.
Investments
for
which
market
quotations
are
not
readily
available,
or
that
have
quotations
which
management
believes
are
not
reflective
of
market
value
or
reliable,
are
valued
at
fair
value
as
determined
in
good
faith
under
procedures
approved
by
the
Board
of
Trustees.
If
a
security
or
class
of
securities
(such
as
foreign
securities)
is
valued
at
fair
value,
such
value
is
likely
to
be
different
from
the
quoted
or
published
price
for
the
security,
if
available.
The
determination
of
fair
value
often
requires
significant
judgment.
To
determine
fair
value,
management
may
use
assumptions
including
but
not
limited
to
future
cash
flows
and
estimated
risk
premiums.
Multiple
inputs
from
various
sources
may
be
used
to
determine
fair
value.
GAAP
requires
disclosure
regarding
the
inputs
and
valuation
techniques
used
to
measure
fair
value
and
any
changes
in
valuation
inputs
or
techniques.
In
addition,
investments
shall
be
disclosed
by
major
category.
This
information
is
disclosed
following
the
Funds’
Portfolio
of
Investments.
Foreign
currency
transactions
and
translations
The
values
of
all
assets
and
liabilities
denominated
in
foreign
currencies
are
generally
translated
into
U.S.
dollars
at
exchange
rates
determined
at
the
close
of
the
London
Stock
Exchange
on
any
given
day.
Net
realized
and
unrealized
gains
(losses)
on
foreign
currency
transactions
and
translations
include
gains
(losses)
arising
from
the
fluctuation
in
exchange
rates
between
trade
and
settlement
dates
on
securities
transactions,
gains
(losses)
arising
from
the
disposition
of
foreign
currency
and
currency
gains
(losses)
between
the
accrual
and
payment
dates
on
dividends,
interest
income
and
foreign
withholding
taxes.
For
financial
statement
purposes,
the
Funds
do
not
distinguish
that
portion
of
gains
(losses)
on
investments
which
is
due
to
changes
in
foreign
exchange
rates
from
that
which
is
due
to
changes
in
market
prices
of
the
investments.
Such
fluctuations
are
included
with
the
net
realized
and
unrealized
gains
(losses)
on
investments
in
the
Statement
of
Operations.
Security
transactions
Security
transactions
are
accounted
for
on
the
trade
date.
Cost
is
determined
and
gains
(losses)
are
based
upon
the
specific
identification
method
for
both
financial
statement
and
federal
income
tax
purposes.
Income
recognition
Corporate
actions
and
dividend
income
are
generally
recorded
net
of
any
non-reclaimable
tax
withholdings,
on
the
ex-
dividend
date
or
upon
receipt
of
an
ex-dividend
notification
in
the
case
of
certain
foreign
securities.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
March
31,
2024
Thematic
Beta
ETFs
|
Annual
Report
2024
39
Interest
income
is
recorded
on
an
accrual
basis.
Awards
from
class
action
litigation
are
recorded
as
a
reduction
of
cost
basis
if
the
Fund
still
owns
the
applicable
securities
on
the
payment
date.
If
the
Fund
no
longer
owns
the
applicable
securities
on
the
payment
date,
the
proceeds
are
recorded
as
realized
gains.
Expenses
General
expenses
of
the
Trust
are
allocated
to
the
Funds
based
upon
relative
net
assets
or
other
expense
allocation
methodologies
determined
by
the
nature
of
the
expense.
Expenses
directly
attributable
to
a
Fund
are
charged
to
that
Fund.
Determination
of
net
asset
value
The
net
asset
value
per
share
of
each
Fund
is
computed
by
dividing
the
value
of
the
net
assets
of
a
Fund
by
the
total
number
of
outstanding
shares
of
the
Fund,
rounded
to
the
nearest
cent,
at
the
close
of
regular
trading
(ordinarily
4:00
p.m.
Eastern
Time)
every
day
the
New
York
Stock
Exchange
is
open.
Federal
income
tax
status
For
federal
income
tax
purposes,
each
Fund
is
treated
as
a
separate
entity.
The
Funds
intend
to
qualify
each
year
as
separate
regulated
investment
companies
under
Subchapter
M
of
the
Internal
Revenue
Code,
as
amended,
and
will
distribute
substantially
all
of
their
investment
company
taxable
income
and
net
capital
gain,
if
any,
for
their
tax
year,
and
as
such
will
not
be
subject
to
federal
income
taxes.
In
addition,
the
Funds
intend
to
distribute
in
each
calendar
year
substantially
all
of
their
ordinary
income,
capital
gain
net
income
and
certain
other
amounts,
if
any,
such
that
the
Funds
should
not
be
subject
to
federal
excise
tax.
Therefore,
no
federal
income
or
excise
tax
provisions
are
recorded.
Foreign
taxes
The
Funds
may
be
subject
to
foreign
taxes
on
income,
gains
on
investments
or
currency
repatriation,
a
portion
of
which
may
be
recoverable.
The
Fund
will
accrue
such
taxes
and
recoveries,
as
applicable,
based
upon
its
current
interpretation
of
tax
rules
and
regulations
that
exist
in
the
markets
in
which
it
invests.
Realized
gains
in
certain
countries
may
be
subject
to
foreign
taxes
at
the
Fund
level,
based
on
statutory
rates.
The
Fund
accrues
for
such
foreign
taxes
on
realized
and
unrealized
gains
at
the
appropriate
rate
for
each
jurisdiction,
as
applicable.
The
amount,
if
any,
is
disclosed
as
a
liability
in
the
Statement
of
Assets
and
Liabilities.
Distributions
to
shareholders
Distributions
from
net
investment
income,
if
any,
are
declared
and
paid
annually.
Net
realized
capital
gains,
if
any,
are
distributed
at
least
annually.
Income
distributions
and
capital
gain
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
GAAP.
Guarantees
and
indemnifications
Under
the
Trust’s
organizational
documents
and,
in
some
cases,
by
contract,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust
or
its
funds.
In
addition,
certain
of
the
Funds’
contracts
with
their
service
providers
contain
general
indemnification
clauses.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
since
the
amount
of
any
future
claims
that
may
be
made
against
the
Funds
cannot
be
determined,
and
the
Funds
have
no
historical
basis
for
predicting
the
likelihood
of
any
such
claims.
Recent
accounting
pronouncements
and
regulatory
updates
Tailored
Shareholder
Reports
In
October
2022,
the
Securities
and
Exchange
Commission
adopted
a
final
rule,
"Tailored
Shareholder
Reports
for
Mutual
Funds
and
Exchange-Traded
Funds;
Fee
Information
in
Investment
Company
Advertisements."
The
rule
and
form
amendments
will,
among
other
things,
require
the
Funds
to
transmit
concise
and
visually
engaging
shareholder
reports
that
highlight
key
information.
The
amendments
will
require
that
funds
tag
information
in
a
structured
data
format
and
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
March
31,
2024
40
Thematic
Beta
ETFs
|
Annual
Report
2024
that
certain
more
in-depth
information
be
made
available
online
and
available
for
delivery
free
of
charge
to
investors
on
request.
The
amendments
became
effective
January
24,
2023.
There
is
an
18-month
transition
period
after
the
effective
date
of
the
amendments.
Note
3.
Investment
management
fees
Under
an
Investment
Management
Services
Agreement,
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.
(Ameriprise
Financial),
determines
which
securities
will
be
purchased,
held
or
sold.
The
investment
management
fee
is
a
unitary
fee
paid
monthly
to
the
Investment
Manager
at
an
annual
rate
based
on
each
Fund’s
average
daily
net
assets.
In
return
for
this
fee,
the
Investment
Manager
pays
the
operating
costs
and
expenses
of
each
Fund
other
than
the
following
expenses
(which
will
be
paid
by
the
Fund):
taxes;
interest
incurred
on
borrowing
by
the
Funds
(including
but
not
limited
to
overdraft
fees),
if
any;
brokerage
expenses,
fees,
commissions
and
other
portfolio
transaction
expenses
(including
but
not
limited
to
service
fees
charged
by
custodians
of
depository
receipts
and
scrip
fees
related
to
registrations
on
foreign
exchanges);
interest
and
fee
expense
related
to
the
Funds’
participation
in
inverse
floater
structures;
infrequent
and/or
unusual
expenses,
including
without
limitation
litigation
expenses
(including
but
not
limited
to
arbitrations
and
indemnification
expenses);
distribution
and/or
service
fees;
expenses
incurred
in
connection
with
lending
securities;
and
any
other
expenses
approved
by
the
Board
of
Trustees.
The
investment
management
fee
is
an
annual
fee
that
is
equal
to
a
percentage
of
each
Fund’s
average
daily
net
assets
and
is
paid
as
follows:
Compensation
of
Board
members
Members
of
the
Board
of
Trustees
who
are
not
officers
or
employees
of
the
Investment
Manager
or
Ameriprise
Financial
are
compensated
for
their
services
to
the
Funds.
Under
a
Deferred
Compensation
Plan
(the
Deferred
Plan),
these
members
of
the
Board
of
Trustees
may
elect
to
defer
payment
of
up
to
100%
of
their
compensation.
Deferred
amounts
are
treated
as
though
equivalent
dollar
amounts
had
been
invested
in
shares
of
certain
funds
managed
by
the
Investment
Manager.
Each
Fund’s
deferred
amount
is
adjusted
for
market
value
changes
and
it
is
distributed
in
accordance
with
the
Deferred
Plan
by
the
Investment
Manager.
The
expenses
of
the
compensation
of
the
members
of
the
Board
of
Trustees
that
are
allocated
to
the
Funds
are
payable
by
the
Investment
Manager.
Compensation
of
Chief
Compliance
Officer
The
Board
of
Trustees
has
appointed
a
Chief
Compliance
Officer
for
the
Funds
in
accordance
with
federal
securities
regulations.
A
portion
of
the
Chief
Compliance
Officer’s
total
compensation
is
allocated
to
the
Funds,
along
with
other
allocations
to
affiliated
registered
investment
companies
managed
by
the
Investment
Manager
and
its
affiliates,
based
on
relative
net
assets.
The
expenses
of
the
Chief
Compliance
Officer
allocated
to
the
Funds
are
payable
by
the
Investment
Manager.
Distribution
and
service
fees
ALPS
Distributors,
Inc.,
(the
Distributor)
serves
as
the
distributor
for
the
Funds.
The
Funds
have
adopted
a
distribution
and
service
plan
(the
Distribution
Plan).
Under
the
Distribution
Plan,
the
Funds
are
authorized
to
pay
distribution
and
service
fees
to
the
Distributor
and
other
firms
that
provide
distribution
and
shareholder
services
at
the
maximum
annual
rate
of
0.25%
of
average
daily
net
assets
of
each
Fund.
No
distribution
or
service
fees
are
currently
paid
by
the
Funds
or
have
been
approved
for
payment
by
the
Board
of
Trustees.
There
are
no
current
plans
to
impose
these
fees.
Fund
Effective
investment
management
fee
rate
(%)
Columbia
EM
Core
ex-China
ETF
0.16
Columbia
Emerging
Markets
Consumer
ETF
0.49
Columbia
India
Consumer
ETF
0.75
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
March
31,
2024
Thematic
Beta
ETFs
|
Annual
Report
2024
41
Expenses
waived/reimbursed
by
the
Investment
Manager
The
Investment
Manager
has
contractually
agreed
to
waive
fees
and/or
reimburse
expenses
(excluding
certain
fees
and
expenses
described
below)
for
the
period(s)
disclosed
below,
unless
sooner
terminated
at
the
sole
discretion
of
the
Board
of
Trustees,
so
that
the
Fund’s
net
operating
expenses,
after
giving
effect
to
fees
waived/expenses
reimbursed
and
any
balance
credits
and/or
overdraft
charges
from
the
Fund’s
custodian,
do
not
exceed
the
following
annual
rate(s)
as
a
percentage
of
the
average
daily
net
assets.
Under
the
agreement,
the
following
fees
and
expenses
are
excluded
from
the
Fund's
operating
expenses
when
calculating
the
waiver/reimbursement
commitment,
and
therefore
will
be
paid
by
the
Fund,
if
applicable:
expenses
associated
with
investment
in
affiliated
and
non-affiliated
pooled
investment
vehicles
(including
mutual
funds
and
ETFs
(but
not
for
Columbia
Emerging
Markets
Consumer
ETF)),
brokerage
commissions,
interest
(but
not
Fund
overdraft
charges),
infrequent
and/or
unusual
expenses
and
any
other
expenses
the
exclusion
of
which
is
specifically
approved
by
the
Fund's
Board.
This
agreement
may
be
modified
or
amended
only
with
approval
from
all
parties.
Any
fees
waived
and/
or
expenses
reimbursed
under
the
expense
reimbursement
arrangements
described
above
are
not
recoverable
by
the
Investment
Manager
in
future
periods.
Note
4.
Federal
tax
information
The
timing
and
character
of
income
and
capital
gain
distributions
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
GAAP
because
of
temporary
or
permanent
book
to
tax
differences.
At
March
31,
2024,
these
differences
are
primarily
due
to
differing
treatment
for
deferral/reversal
of
wash
sale
losses,
foreign
currency
transactions
and
passive
foreign
investment
company
(PFIC)
holdings,
late
year
loss
deferral,
foreign
capital
gains
tax,
disallowed
capital
gains
(losses)
on
a
redemption
in-kind,
and
capital
loss
carryforwards.
To
the
extent
these
differences
are
permanent,
reclassifications
are
made
among
the
components
of
the
Fund’s
net
assets.
Temporary
differences
do
not
require
reclassifications.
The
following
reclassifications
were
made:
Net
investment
income
(loss)
and
net
realized
gains
(losses),
as
disclosed
in
the
Statement
of
Operations,
and
net
assets
were
not
affected
by
these
reclassifications.
The
tax
character
of
distributions
paid
during
the
years
indicated
was
as
follows:
Short-term
capital
gain
distributions,
if
any,
are
considered
ordinary
income
distributions
for
tax
purposes.
Fund
Through
July
31,
2024
Columbia
Emerging
Markets
Consumer
ETF
0.49%
Columbia
India
Consumer
ETF
0.75%
Fund
Undistributed
net
investment
income
($)
Accumulated
net
realized
gain
(loss)
($)
Paid-in
capital
increase
(decrease)
($)
Columbia
EM
Core
ex-China
ETF
(1,192,598)
1,192,598
-
Columbia
Emerging
Markets
Consumer
ETF
(220,268)
(231,516)
451,784
Columbia
India
Consumer
ETF
(1,400,588)
1,638,006
(237,418)
Year
Ended
March
31,
2024
Year
Ended
March
31,
2023
Fund
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
Columbia
EM
Core
ex-China
ETF
7,788,221
-
7,788,221
3,303,786
-
3,303,786
Columbia
Emerging
Markets
Consumer
ETF
1,015,250
-
1,015,250
1,518,938
-
1,518,938
Columbia
India
Consumer
ETF
-
5,489,494
5,489,494
211,907
7,223,211
7,435,118
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
March
31,
2024
42
Thematic
Beta
ETFs
|
Annual
Report
2024
At
March
31,
2024,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
At
March
31,
2024,
the
cost
of
all
investments
for
federal
income
tax
purposes
along
with
the
aggregate
gross
unrealized
appreciation
and
depreciation
based
on
that
cost
was:
The
following
capital
loss
carryforwards,
determined
at
March
31,
2024,
may
be
available
to
reduce
future
net
realized
gains
on
investments,
if
any,
to
the
extent
permitted
by
the
Internal
Revenue
Code:
Under
current
tax
rules,
regulated
investment
companies
can
elect
to
treat
certain
late-year
ordinary
losses
incurred
and
post-October
capital
losses
(capital
losses
realized
after
October
31)
as
arising
on
the
first
day
of
the
following
taxable
year.
At
March
31,
2024,
the
Funds
will
elect
to
treat
the
following
late-year
ordinary
losses
and
post-October
capital
losses
as
arising
on
April
1,
2024.
Management
of
the
Funds
has
concluded
that
there
are
no
significant
uncertain
tax
positions
in
the
Funds
that
would
require
recognition
in
the
financial
statements.
However,
management’s
conclusion
may
be
subject
to
review
and
adjustment
at
a
later
date
based
on
factors
including,
but
not
limited
to,
new
tax
laws,
regulations,
and
administrative
interpretations
(including
relevant
court
decisions).
Generally,
the
Funds’
federal
tax
returns
for
the
prior
three
fiscal
years
remain
subject
to
examination
by
the
Internal
Revenue
Service.
Note
5.
Portfolio
information
The
cost
of
purchases
and
proceeds
from
sales
of
securities,
excluding
short-term
investments
and
in-kind
transactions,
for
the
year
ended
March
31,
2024,
were
as
follows:
The
amount
of
purchase
and
sale
activity
impacts
the
portfolio
turnover
rate
reported
in
the
Financial
Highlights.
Fund
Undistributed
ordinary
income/(loss)
($)
Undistributed
long-term
capital
gains
($)
Capital
loss
carryforwards
($)
Net
unrealized
appreciation
(depreciation)
($)
Columbia
EM
Core
ex-China
ETF
7,170,420
-
(3,119,719)
68,429,638
Columbia
Emerging
Markets
Consumer
ETF
538,130
-
(228,118,226)
(3,580,511)
Columbia
India
Consumer
ETF
-
411,561
-
68,129,333
Fund
Tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
depreciation
($)
Net
unrealized
appreciation
(depreciation)
($)
Columbia
EM
Core
ex-China
ETF
872,956,866
109,561,956
(41,132,318)
68,429,638
Columbia
Emerging
Markets
Consumer
ETF
62,748,426
7,744,720
(11,325,231)
(3,580,511)
Columbia
India
Consumer
ETF
186,249,199
70,659,184
(2,529,851)
68,129,333
Fund
No
expiration
short-term
($)
No
expiration
long-term
($)
Total
($)
Utilized
($)
Columbia
EM
Core
ex-China
ETF
(2,020,515)
(1,099,204)
(3,119,719)
(1,420,201)
Columbia
Emerging
Markets
Consumer
ETF
(5,127,837)
(222,990,389)
(228,118,226)
-
Columbia
India
Consumer
ETF
-
-
-
-
Fund
Late
year
ordinary
losses
($)
Post-October
capital
losses
($)
Columbia
EM
Core
ex-China
ETF
-
-
Columbia
Emerging
Markets
Consumer
ETF
-
-
Columbia
India
Consumer
ETF
2,011,911
-
Fund
Purchases
($)
Proceeds
from
sales
($)
Columbia
EM
Core
ex-China
ETF
578,800,562
67,860,997
Columbia
Emerging
Markets
Consumer
ETF
23,221,962
36,125,107
Columbia
India
Consumer
ETF
158,274,346
32,813,123
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
March
31,
2024
Thematic
Beta
ETFs
|
Annual
Report
2024
43
Note
6.
In-kind
transactions
The
Funds
may
accept
in-kind
contributions
and
redemptions.
In-kind
contributions
are
accounted
for
at
the
fair
market
value
of
the
in-kind
securities
contributed
on
the
date
of
contribution.
For
the
year
ended
March
31,
2024,
the
cost
basis
of
securities
contributed
was
as
follows:
Proceeds
from
the
sales
of
securities
include
the
value
of
securities
delivered
through
an
in-kind
redemption
of
certain
Fund
shares.
Net
realized
gains
on
these
securities
are
not
taxable
to
remaining
shareholders
in
the
Funds.
For
the
year
ended
March
31,
2024,
the
in-kind
redemptions
were
as
follows:
Note
7.
Line
of
credit
Each
Fund
has
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
JPMorgan
Chase
Bank,
N.A.,
Citibank,
N.A.
and
Wells
Fargo
Bank,
N.A.
whereby
the
Fund
may
borrow
for
the
temporary
funding
of
shareholder
redemptions
or
for
other
temporary
or
emergency
purposes.
Pursuant
to
an
October
26,
2023
amendment
and
restatement,
the
credit
facility,
which
is
an
agreement
between
the
Fund
and
certain
other
funds
managed
by
the
Investment
Manager
or
an
affiliated
investment
manager,
severally
and
not
jointly,
permits
aggregate
borrowings
up
to
$900
million.
Interest
is
currently
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
secured
overnight
financing
rate
plus
0.10%
and
(iii)
the
overnight
bank
funding
rate
plus,
in
each
case,
1.00%.
Each
borrowing
under
the
credit
facility
matures
no
later
than
60
days
after
the
date
of
borrowing.
Each
Fund
also
pays
a
commitment
fee
equal
to
its
pro
rata
share
of
the
unused
amount
of
the
credit
facility
at
a
rate
of
0.15%
per
annum.
The
commitment
fee
is
included
in
other
expenses
in
the
Statement
of
Operations.
This
agreement
expires
annually
in
October
unless
extended
or
renewed.
Prior
to
the
October
26,
2023
amendment
and
restatement,
each
Fund
had
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
JPMorgan
Chase
Bank,
N.A.,
Citibank,
N.A.
and
Wells
Fargo
Bank,
N.A.
which
permitted
collective
borrowings
up
to
$950
million.
Interest
was
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
secured
overnight
financing
rate
plus
0.10%
and
(iii)
the
overnight
bank
funding
rate
plus,
in
each
case,
1.00%.
During
the
year
ended
March
31,
2024,
Columbia
EM
Core
ex-China
ETF,
Columbia
Emerging
Markets
Consumer
ETF
and
Columbia
India
Consumer
ETF
had
no
borrowings.
Note
8.
Significant
risks
Communication
services
sector
risk
Columbia
Emerging
Markets
Consumer
ETF
may
be
vulnerable
to
the
particular
risks
that
may
affect
companies
in
the
communication
services
sector.
Companies
in
the
communication
services
sector
are
subject
to
certain
risks,
including
the
risk
that
new
services,
equipment
or
technologies
will
not
be
accepted
by
consumers
and
businesses
or
will
become
rapidly
obsolete.
Performance
of
such
companies
may
be
affected
by
factors
including
obtaining
and
protecting
patents
(or
the
failure
to
do
so)
and
significant
competitive
pressures,
including
aggressive
pricing
of
their
products
or
services,
new
market
entrants,
competition
for
market
share
and
short
product
cycles
due
to
an
accelerated
rate
of
technological
developments.
Such
competitive
pressures
may
lead
to
limited
earnings
and/or
falling
profit
margins.
As
a
result,
the
value
of
their
securities
may
fall
or
fail
to
rise.
In
addition,
many
communication
services
sector
companies
have
limited
operating
histories
and
prices
of
these
companies’
securities
historically
have
been
more
volatile
than
other
securities,
especially
over
the
short
term.
Fund
Contributions
($)
Columbia
EM
Core
ex-China
ETF
175,718,916
Columbia
Emerging
Markets
Consumer
ETF
-
Columbia
India
Consumer
ETF
-
Fund
Cost
basis
($)
Proceeds
from
sales
($)
Net
realized
gain
(loss)
($)
Columbia
EM
Core
ex-China
ETF
-
-
-
Columbia
Emerging
Markets
Consumer
ETF
12,599,188
13,602,198
1,003,010
Columbia
India
Consumer
ETF
-
-
-
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
March
31,
2024
44
Thematic
Beta
ETFs
|
Annual
Report
2024
Consumer
concentration
risk
Because
Columbia
Emerging
Markets
Consumer
ETF
and
Columbia
India
Consumer
ETF
concentrate
their
investments
in
the
consumer
discretionary/staples
sectors
(specifically
the
discretionary/staples
sectors
of
India
for
the
Columbia
India
Consumer
ETF),
these
Funds
may
be
adversely
affected
by
increased
price
volatility
of
securities
in
those
sectors,
and
may
be
more
susceptible
to
adverse
economic,
market,
political
or
regulatory
occurrences
affecting
those
sectors.
The
performance
of
companies
in
the
consumer
discretionary/staples
sectors
is
tied
closely
to
the
performance
of
the
domestic
and
international
economy,
consumer
spending
levels,
changing
demographics
and
consumer
tastes.
Correlation/tracking
error
risk
Each
Fund’s
value
will
generally
decline
when
the
performance
of
securities
within
its
tracking
index
declines.
A
number
of
factors
may
affect
the
Funds’
ability
to
achieve
a
high
degree
of
correlation
with
its
tracking
index,
and
there
is
no
guarantee
that
the
Funds
will
achieve
a
high
degree
of
correlation.
Failure
to
achieve
a
high
degree
of
correlation
may
prevent
the
Funds
from
achieving
their
investment
objective.
When
using
a
representative
sampling
approach,
the
Funds
may
not
track
the
tracking
index
as
closely
as
they
would
by
using
a
full
replication
approach.
The
Funds
also
bear
management
and
other
expenses
and
transaction
costs
in
trading
securities
or
other
instruments,
which
the
tracking
index
does
not
bear.
Accordingly,
the
Funds’
performance
will
likely
fail
to
match
the
performance
of
the
tracking
index,
after
taking
expenses
into
account.
It
is
not
possible
to
invest
directly
in
an
index.
Financial
sector
risk
Columbia
EM
Core
ex-China
ETF
may
be
vulnerable
to
the
particular
risks
that
may
affect
companies
in
the
financial
services
sector.
Companies
in
the
financial
services
sector
are
subject
to
certain
risks,
including
the
risk
of
regulatory
change,
decreased
liquidity
in
credit
markets
and
unstable
interest
rates.
Such
companies
may
have
concentrated
portfolios,
such
as
a
high
level
of
loans
to
one
or
more
industries
or
sectors,
which
makes
them
vulnerable
to
economic
conditions
that
affect
such
industries
or
sectors.
Performance
of
such
companies
may
be
affected
by
competitive
pressures
and
exposure
to
investments,
agreements
and
counterparties,
including
credit
products
that,
under
certain
circumstances,
may
lead
to
losses
(e.g.,
subprime
loans).
Companies
in
the
financial
services
sector
are
subject
to
extensive
governmental
regulation
that
may
limit
the
amount
and
types
of
loans
and
other
financial
commitments
they
can
make,
and
interest
rates
and
fees
that
they
may
charge.
In
addition,
profitability
of
such
companies
is
largely
dependent
upon
the
availability
and
the
cost
of
capital.
Foreign
securities
and
emerging
market
countries
risk
Investing
in
foreign
securities
may
involve
heightened
risks
relative
to
investments
in
U.S.
securities.
Investing
in
foreign
securities
subjects
the
Funds
to
the
risks
associated
with
the
issuer’s
country
of
organization
and
places
of
business
operations,
including
risks
associated
with
political,
regulatory,
economic,
social,
diplomatic
and
other
conditions
or
events
occurring
in
the
country
or
region,
which
may
result
in
significant
market
volatility.
In
addition,
certain
foreign
securities
may
be
more
volatile
and
less
liquid
than
U.S.
securities.
Investing
in
emerging
markets
may
increase
these
risks
and
expose
the
Funds
to
elevated
risks
associated
with
increased
inflation,
deflation
or
currency
devaluation.
To
the
extent
that
Funds
concentrate
their
investment
exposure
to
any
one
or
a
few
specific
countries,
the
Funds
will
be
particularly
susceptible
to
the
risks
associated
with
the
conditions,
events
or
other
factors
impacting
those
countries
or
regions
and
may,
therefore,
have
a
greater
risk
than
that
of
a
fund
that
is
more
geographically
diversified.
The
financial
information
and
disclosure
made
available
by
issuers
of
emerging
market
securities
may
be
considerably
less
reliable
than
publicly
available
information
about
other
foreign
securities.
The
Public
Company
Accounting
Oversight
Board,
which
regulates
auditors
of
U.S.
public
companies,
is
unable
to
inspect
audit
work
papers
in
certain
foreign
countries.
Investors
in
foreign
countries
often
have
limited
rights
and
few
practical
remedies
to
pursue
shareholder
claims,
including
class
actions
or
fraud
claims,
and
the
ability
of
the
U.S.
Securities
and
Exchange
Commission,
the
U.S.
Department
of
Justice
and
other
authorities
to
bring
and
enforce
actions
against
foreign
issuers
or
foreign
persons
is
limited.
Geographic
focus
risk
Funds
may
be
particularly
susceptible
to
risks
related
to
economic,
political,
regulatory
or
other
events
or
conditions
affecting
issuers
and
countries
within
the
specific
geographic
regions
in
which
the
Funds
invest.
The
Funds’
net
asset
value
may
be
more
volatile
than
the
net
asset
value
of
a
more
geographically
diversified
fund.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
March
31,
2024
Thematic
Beta
ETFs
|
Annual
Report
2024
45
Asia
Pacific
Region.
The
Funds
may
be
particularly
susceptible
to
economic,
political,
regulatory
or
other
events
or
conditions
affecting
issuers
and
countries
in
the
Asia
Pacific
region.
Many
of
the
countries
in
the
region
are
considered
underdeveloped
or
developing,
including
from
a
political,
economic
and/or
social
perspective,
and
may
have
relatively
unstable
governments
and
economies
based
on
limited
business,
industries
and/or
natural
resources
or
commodities.
Events
in
any
one
country
within
the
region
may
impact
other
countries
in
the
region
or
the
region
as
a
whole.
As
a
result,
events
in
the
region
will
generally
have
a
greater
effect
on
the
Funds
than
if
the
Funds
were
more
geographically
diversified.
This
could
result
in
increased
volatility
in
the
value
of
the
Funds’
investments
and
losses
for
the
Funds.
Also,
securities
of
some
companies
in
the
region
can
be
less
liquid
than
U.S.
or
other
foreign
securities,
potentially
making
it
difficult
for
the
Funds
to
sell
such
securities
at
a
desirable
time
and
price.
Greater
China.
Columbia
EM
Core
ex-China
ETF
and
Columbia
Emerging
Markets
Consumer
ETF
are
particularly
susceptible
to
economic,
political,
regulatory
or
other
events
or
conditions
affecting
issuers
in
the
Greater
China
region.
The
region
consists
of
Hong
Kong,
The
People’s
Republic
of
China
and
Taiwan,
among
other
countries,
and
the
Funds’
investments
in
the
region
are
particularly
susceptible
to
risks
in
that
region.
The
Hong
Kong,
Taiwanese,
and
Chinese
economies
are
dependent
on
the
economies
of
other
countries
and
can
be
significantly
affected
by
currency
fluctuations
and
increasing
competition
from
other
emerging
economies
in
Asia
with
lower
costs.
Adverse
events
in
any
one
country
within
the
region
may
impact
the
other
countries
in
the
region
or
Asia
as
a
whole.
As
a
result,
adverse
events
in
the
region
will
generally
have
a
greater
effect
on
the
Funds
than
if
the
Funds
were
more
geographically
diversified,
which
could
result
in
greater
volatility
in
the
Funds’
net
asset
value
and
losses.
Markets
in
the
Greater
China
region
can
experience
significant
volatility
due
to
social,
economic,
regulatory
and
political
uncertainties.
Changes
in
Chinese
government
policy
and
economic
growth
rates
could
significantly
affect
local
markets
and
the
entire
Greater
China
region.
China
has
yet
to
develop
comprehensive
securities,
corporate,
or
commercial
laws,
its
market
is
relatively
new
and
less
developed,
and
its
economy
is
experiencing
a
relative
slowdown.
Export
growth
continues
to
be
a
major
driver
of
China’s
economic
growth.
As
a
result,
a
reduction
in
spending
on
Chinese
products
and
services,
the
institution
of
additional
tariffs
or
other
trade
barriers,
including
as
a
result
of
heightened
trade
tensions
between
China
and
the
United
States,
or
a
downturn
in
any
of
the
economies
of
China’s
key
trading
partners
may
have
an
adverse
impact
on
the
Chinese
economy.
India
.
Columbia
Emerging
Markets
Consumer
ETF
and
Columbia
India
Consumer
ETF
are
particularly
susceptible
to
risks
related
to
economic,
political,
regulatory
or
other
events
or
conditions
affecting
issuers
in
India.
Because
the
Funds
have
significant
investments
in
Indian
securities,
their
NAV
will
be
much
more
sensitive
to
changes
in
economic,
political
and
other
factors
within
India
than
would
a
fund
that
invested
in
a
variety
of
countries.
Special
risks
include,
among
others,
political
and
legal
uncertainty,
persistent
religious,
ethnic
and
border
disputes,
greater
government
control
over
the
economy,
currency
fluctuations
or
blockage
and
the
risk
of
nationalization
or
expropriation
of
assets.
Uncertainty
regarding
inflation
and
currency
exchange
rates,
fiscal
policy,
credit
ratings
and
the
possibility
that
future
harmful
political
actions
will
be
taken
by
the
Indian
government,
could
negatively
impact
the
Indian
economy
and
securities
markets,
and
thus
adversely
affect
the
Funds’
performance.
India-Mauritius
tax
treaty
risk
Columbia
India
Consumer
ETF
and
its
Subsidiary
have
historically
relied
on
a
tax
treaty
between
India
and
Mauritius
for
relief
from
certain
Indian
taxes.
India
and
Mauritius
agreed
to
an
amended
protocol
with
respect
to
gains
resulting
from
the
alienation
of
shares
in
Indian
companies
if
the
shares
were
acquired
by
the
Subsidiary
on
or
after
April
1,
2017.
Gains
realized
in
the
Subsidiary
resulting
from
the
alienation
of
Indian
shares
acquired
prior
to
April
1,
2017
continue
to
be
exempt
from
Indian
tax
under
the
India-Mauritius
tax
treaty.
Additionally,
India
has
enacted
General
anti-avoidance
rules
(GAAR),
which
seek
to
curb
tax
evasion
via
investments
through
foreign
tax
havens
and
other
avenues.
Any
assertion
that
the
Subsidiary
is
in
violation
of
GAAR
or
any
change
in
the
requirements
established
by
Mauritius
to
qualify
as
a
Mauritius
resident
could
result
in
the
imposition
by
India
of
various
taxes
on
Indian
securities
invested
in
by
the
Subsidiary
(and
indirectly
the
Fund).
The
imposition
of
taxes
on
the
Subsidiary
by
India
for
any
of
the
reasons
described
herein
would
result
in
higher
taxes
and
lower
returns
for
the
Fund
and
its
shareholders.
Information
technology
sector
risk
Columbia
EM
Core
ex-China
ETF
may
be
vulnerable
to
the
particular
risks
that
may
affect
companies
in
the
information
technology
sector.
Companies
in
the
information
technology
sector
are
subject
to
certain
risks,
including
the
risk
that
new
services,
equipment
or
technologies
will
not
be
accepted
by
consumers
and
businesses
or
will
become
rapidly
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
March
31,
2024
46
Thematic
Beta
ETFs
|
Annual
Report
2024
obsolete.
Performance
of
such
companies
may
be
affected
by
factors
including
obtaining
and
protecting
patents
(or
the
failure
to
do
so)
and
significant
competitive
pressures,
including
aggressive
pricing
of
their
products
or
services,
new
market
entrants,
competition
for
market
share
and
short
product
cycles
due
to
an
accelerated
rate
of
technological
developments.
Such
competitive
pressures
may
lead
to
limited
earnings
and/or
falling
profit
margins.
As
a
result,
the
value
of
their
securities
may
fall
or
fail
to
rise.
In
addition,
many
information
technology
sector
companies
have
limited
operating
histories
and
prices
of
these
companies’
securities
historically
have
been
more
volatile
than
other
securities,
especially
over
the
short
term.
Some
companies
in
the
information
technology
sector
are
facing
increased
government
and
regulatory
scrutiny
and
may
be
subject
to
adverse
government
or
regulatory
action,
which
could
negatively
impact
the
value
of
their
securities.
Market
risk
The
Funds
may
incur
losses
due
to
declines
in
the
value
of
one
or
more
securities
in
which
they
invest.
These
declines
may
be
due
to
factors
affecting
a
particular
issuer,
or
the
result
of,
among
other
things,
political,
regulatory,
market,
economic
or
social
developments
affecting
the
relevant
market(s)
more
generally.
In
addition,
turbulence
in
financial
markets
and
reduced
liquidity
in
equity,
credit
and/or
fixed
income
markets
may
negatively
affect
many
issuers,
which
could
adversely
affect
the
Funds’
ability
to
price
or
value
hard-to-value
assets
in
thinly
traded
and
closed
markets
and
could
cause
significant
redemptions
and
operational
challenges.
Global
economies
and
financial
markets
are
increasingly
interconnected,
and
conditions
and
events
in
one
country,
region
or
financial
market
may
adversely
impact
issuers
in
a
different
country,
region
or
financial
market.
These
risks
may
be
magnified
if
certain
events
or
developments
adversely
interrupt
the
global
supply
chain;
in
these
and
other
circumstances,
such
risks
might
affect
companies
worldwide.
As
a
result,
local,
regional
or
global
events
such
as
terrorism,
war,
other
conflicts,
natural
disasters,
disease/virus
outbreaks
and
epidemics
or
other
public
health
issues,
recessions,
depressions
or
other
events
–
or
the
potential
for
such
events
–
could
have
a
significant
negative
impact
on
global
economic
and
market
conditions
and
could
result
in
increased
premiums
or
discounts
to
the
Funds’
net
asset
value.
The
large-scale
invasion
of
Ukraine
by
Russia
in
February
2022
has
resulted
in
sanctions
and
market
disruptions,
including
declines
in
regional
and
global
stock
markets,
unusual
volatility
in
global
commodity
markets
and
significant
devaluations
of
Russian
currency.
The
extent
and
duration
of
the
military
action
are
impossible
to
predict
but
could
continue
to
be
significant.
Market
disruption
caused
by
the
Russian
military
action,
and
any
countermeasures
or
responses
thereto
(including
international
sanctions,
a
downgrade
in
a
country's
credit
rating,
purchasing
and
financing
restrictions,
boycotts,
tariffs,
changes
in
consumer
or
purchaser
preferences,
cyberattacks
and
espionage)
could
continue
to
have
severe
adverse
impacts
on
regional
and/or
global
securities
and
commodities
markets,
including
markets
for
oil
and
natural
gas.
These
impacts
may
include
reduced
market
liquidity,
distress
in
credit
markets,
further
disruption
of
global
supply
chains,
increased
risk
of
inflation,
restricted
cross-border
payments
and
limited
access
to
investments
and/
or
assets
in
certain
international
markets
and/or
issuers.
These
developments
and
other
related
events
could
negatively
impact
Fund
performance.
Non-diversification
risk
Columbia
EM
Core
ex-China
ETF
and
Columbia
India
Consumer
ETF
are
non-diversified
funds.
Columbia
Emerging
Markets
Consumer
ETF
may
operate
as
a
non-diversified
fund
when
the
Index
is
non-diversified.
A
non-diversified
fund
is
permitted
to
invest
a
greater
percentage
of
its
total
assets
in
the
securities
of
fewer
issuers
than
a
diversified
fund.
This
increases
the
risk
that
a
change
in
the
value
of
any
one
investment
held
by
the
Fund
could
affect
the
overall
value
of
the
Fund
more
than
it
would
affect
that
of
a
diversified
fund
holding
a
greater
number
of
investments.
Accordingly,
the
Fund’s
value
will
likely
be
more
volatile
than
the
value
of
a
more
diversified
fund.
Passive
investment
risk
The
Funds
are
not
"actively"
managed
and
may
be
affected
by
a
general
decline
in
market
segments
related
to
their
Index’s
investment
exposure.
The
Funds
invest
in
securities
or
instruments
included
in,
or
believed
by
the
Investment
Manager
to
be
representative
of
the
Index
regardless
of
their
investment
merits.
The
Funds
do
not
seek
temporary
defensive
positions
when
markets
decline
or
appear
overvalued.
For
Columbia
Emerging
Markets
Consumer
ETF
and
Columbia
India
Consumer
ETF,
the
decision
of
whether
to
remove
a
security
from
a
tracking
index
is
made
by
an
independent
index
provider
who
is
not
affiliated
with
the
Fund
or
the
Investment
Manager.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
March
31,
2024
Thematic
Beta
ETFs
|
Annual
Report
2024
47
Sector
risk
At
times,
the
Funds
may
have
a
significant
portion
of
their
assets
invested
in
securities
of
companies
conducting
business
in
a
related
group
of
industries
within
one
or
more
economic
sectors.
Companies
in
the
same
sector
may
be
similarly
affected
by
economic,
regulatory,
political
or
market
events
or
conditions,
which
may
make
the
Funds
more
vulnerable
to
unfavorable
developments
in
that
group
of
industries
or
economic
sector.
Variable
interest
entity
risk
Many
Chinese
companies
to
which
Columbia
Emerging
Markets
Consumer
ETF
seeks
investment
exposure
use
a
structure
known
as
a
variable
interest
entity
(a
VIE)
to
address
Chinese
restrictions
on
direct
foreign
investment
in
Chinese
companies
operating
in
certain
sectors.
The
Fund’s
investment
exposure
to
VIEs
may
pose
additional
risks
because
the
Fund’s
investment
is
in
a
holding
company
domiciled
outside
of
China
(a
Holding
Company)
whose
interests
in
the
business
of
the
underlying
Chinese
operating
company
(the
VIE)
are
established
through
contracts
rather
than
equity
ownership.
The
VIE
structure
is
a
longstanding
practice
in
China
that,
until
recently,
was
not
acknowledged
by
the
Chinese
government,
creating
uncertainty
over
the
possibility
that
the
Chinese
government
might
cease
to
tolerate
VIE
structures
at
any
time
or
impose
new
restrictions
on
the
structure.
In
such
a
scenario,
the
Chinese
operating
company
could
be
subject
to
penalties,
including
revocation
of
its
business
and
operating
license,
or
the
Holding
Company
could
forfeit
its
interest
in
the
business
of
the
Chinese
operating
company.
Further,
in
case
of
a
dispute,
the
remedies
and
rights
of
the
Fund
may
be
limited,
and
such
legal
uncertainty
may
be
exploited
against
the
interests
of
the
Fund.
Control
over
a
VIE
may
also
be
jeopardized
if
a
natural
person
who
holds
the
equity
interest
in
the
VIE
breaches
the
terms
of
the
contractual
arrangements,
is
subject
to
legal
proceedings,
or
if
any
physical
instruments
or
property
of
the
VIE,
such
as
seals,
business
registration
certificates,
financial
data
and
licensing
arrangements
(sometimes
referred
to
as
“chops”),
are
used
without
authorization.
In
the
event
of
such
an
occurrence,
the
Fund,
as
a
foreign
investor,
may
have
little
or
no
legal
recourse.
In
addition
to
the
risk
of
government
intervention,
investments
through
a
VIE
structure
are
subject
to
the
risks
that
the
China-based
company
(or
its
officers,
directors,
or
Chinese
equity
owners)
may
breach
the
contractual
arrangements,
that
Chinese
law
changes
in
a
way
that
adversely
affects
the
enforceability
of
the
arrangements
and
that
the
contracts
are
otherwise
not
enforceable
under
Chinese
law,
in
which
case
a
Fund
may
suffer
significant
losses
on
its
investments
through
a
VIE
structure
with
little
or
no
recourse
available.
Further,
the
Fund
is
not
a
VIE
owner/shareholder
and
cannot
exert
influence
through
proxy
voting
or
other
means.
Foreign
companies
listed
on
stock
exchanges
in
the
United
States,
including
companies
using
the
VIE
structure,
could
also
face
delisting
or
other
ramifications
for
failure
to
meet
the
expectations
and/or
requirements
of
U.S.
regulators.
Recently,
however,
China
has
proposed
the
adoption
of
rules
which
would
affirm
that
VIEs
are
legally
permissible,
though
there
remains
significant
uncertainty
over
how
these
rules
will
operate.
Any
of
these
risks
could
reduce
the
liquidity
and
value
of
the
Fund’s
investments
in
Holding
Companies
or
render
them
valueless.
Note
9.
Subsequent
events
Management
has
evaluated
the
events
and
transactions
that
have
occurred
through
the
date
the
financial
statements
were
issued.
Other
than
as
noted
below,
there
were
no
items
requiring
adjustment
of
the
financial
statements
or
additional
disclosure.
Effective
on
or
about
June
28,
2024,
Columbia
Emerging
Markets
Consumer
ETF
will
be
renamed
to
Columbia
Research
Enhanced
Emerging
Economies
ETF.
On
the
same
date,
the
ETF's
Principal
Investment
Strategies
and
Investment
Objectives
will
also
change
to
reflect
the
tracking
of
the
new
index,
the
Beta
Advantage®
Research
Enhanced
Solactive
Emerging
Economies
Index.
These
changes
are
being
implemented
to
provide
the
portfolio
with
access
to
the
broader
emerging
markets
equity
universe
with
the
goal
of
providing
investors
with
enhanced
diversification
and
improved
total
returns.
Note
10.
Information
regarding
pending
and
settled
legal
proceedings
Ameriprise
Financial
and
certain
of
its
affiliates
are
involved
in
the
normal
course
of
business
in
legal
proceedings
which
include
regulatory
inquiries,
arbitration
and
litigation,
including
class
actions
concerning
matters
arising
in
connection
with
the
conduct
of
their
activities
as
part
of
a
diversified
financial
services
firm.
Ameriprise
Financial
believes
that
the
Funds
are
not
currently
the
subject
of,
and
that
neither
Ameriprise
Financial
nor
any
of
its
affiliates
are
the
subject
of,
any
pending
legal,
arbitration
or
regulatory
proceedings
that
are
likely
to
have
a
material
adverse
effect
on
the
Funds
or
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
March
31,
2024
48
Thematic
Beta
ETFs
|
Annual
Report
2024
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Funds.
Ameriprise
Financial
is
required
to
make
quarterly
(10-Q),
annual
(10-K)
and,
as
necessary,
8-K
filings
with
the
Securities
and
Exchange
Commission
(SEC)
on
legal
and
regulatory
matters
that
relate
to
Ameriprise
Financial
and
its
affiliates.
Copies
of
these
filings
may
be
obtained
by
accessing
the
SEC
website
at
www.sec.gov
.
There
can
be
no
assurance
that
these
matters,
or
the
adverse
publicity
associated
with
them,
will
not
result
in
increased
Fund
redemptions,
reduced
sale
of
Fund
shares
or
other
adverse
consequences
to
the
Funds.
Further,
although
we
believe
proceedings
are
not
likely
to
have
a
material
adverse
effect
on
the
Funds
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Funds,
these
proceedings
are
subject
to
uncertainties
and,
as
such,
we
are
unable
to
estimate
the
possible
loss
or
range
of
loss
that
may
result.
An
adverse
outcome
in
one
or
more
of
these
proceedings
could
result
in
adverse
judgments,
settlements,
fines,
penalties
or
other
relief
that
could
have
a
material
adverse
effect
on
the
consolidated
financial
condition
or
results
of
operations
of
Ameriprise
Financial
or
one
or
more
of
its
affiliates
that
provide
services
to
the
Funds.
Thematic
Beta
ETFs
|
Annual
Report
2024
49
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Trustees
of
Columbia
ETF
Trust
II
and
Shareholders
of
Columbia
EM
Core
ex-China
ETF,
Columbia
Emerging
Markets
Consumer
ETF
and
Columbia
India
Consumer
ETF
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities,
including
the
portfolios
of
investments,
of
each
of
the
funds
listed
in
the
table
below
(three
of
the
funds
constituting
Columbia
ETF
Trust
II,
hereafter
collectively
referred
to
as
the
“Funds”)
as
of
March
31,
2024,
the
related
statements
of
operations
for
the
year
ended
March
31,
2024,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
March
31,
2024,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
March
31,
2024
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
each
of
the
Funds
listed
in
the
table
below
as
of
March
31,
2024,
the
results
of
each
of
their
operations
for
the
year
then
ended,
the
changes
in
each
of
their
net
assets
for
each
of
the
two
years
in
the
period
ended
March
31,
2024
and
each
of
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
March
31,
2024
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
*
The
financial
statements
for
Columbia
India
Consumer
ETF
are
presented
on
a
consolidated
basis.
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
March
31,
2024
by
correspondence
with
the
custodian
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/PricewaterhouseCoopers
LLP
Minneapolis,
Minnesota
May 23,
2024
We
have
served
as
the
auditor
of
one
or
more
investment
companies
within
the
Columbia
Funds
Complex
since
1977.
Columbia
EM
Core
ex-China
ETF
Columbia
Emerging
Markets
Consumer
ETF
Columbia
India
Consumer
ETF*
FEDERAL
INCOME
TAX
INFORMATION
(Unaudited)
50
Thematic
Beta
ETFs
|
Annual
Report
2024
The
Funds
hereby
designate
the
following
tax
attributes
for
the
fiscal
year
ended
March
31,
2024
.
Shareholders
will
be
notified
in
early
2025
of
the
amounts
for
use
in
preparing
2024
income
tax
returns.
Qualified
dividend
income.
For
taxable,
non-corporate
shareholders,
the
percentage
of
ordinary
income
distributed
during
the
fiscal
year
that
represents
qualified
dividend
income
subject
to
reduced
tax
rates.
Foreign
Taxes.
The
Fund
makes
the
election
to
pass
through
to
shareholders
the
foreign
taxes
paid.
Eligible
shareholders
may
claim
a
foreign
tax
credit.
These
taxes,
and
the
corresponding
foreign
source
income,
are
provided.
The
Funds
designate
as
a
capital
gain
dividend
the
amount
reflected
below,
or
if
subsequently
determined
to
be
different,
the
net
capital
gain
of
such
fiscal
period.
Funds
Qualified
dividend
income
Foreign
taxes
paid
Foreign
taxes
paid
per
share
Foreign
source
income
Foreign
source
income
per
share
Columbia
EM
Core
ex-China
ETF
50.25%
$1,822,705
$0.06
$15,354,299
$0.50
Columbia
Emerging
Markets
Consumer
ETF
70.48%
$376,384
$0.13
$
1,563,403
$0.55
Columbia
India
Consumer
ETF
-%
$-
$-
$-
$-
Funds
Columbia
India
Consumer
ETF
$524,091
TRUSTEES
AND
OFFICERS
(Unaudited)
Thematic
Beta
ETFs
|
Annual
Report
2024
51
The
Board
oversees
the
Funds'
operations
and
appoints
officers
who
are
responsible
for
day-to-day
business
decisions
based
on
policies
set
by
the
Board.
The
following
table
provides
basic
biographical
information
about
the
Funds'
Trustees
as
of
the
printing
of
this
report,
including
their
principal
occupations
during
the
past
five
years,
although
specific
titles
for
individuals
may
have
varied
over
the
period.
The
year
set
forth
beneath
Length
of
Service
in
the
table
below
is
the
year
in
which
the
Trustee
was
first
appointed
or
elected
as
Trustee
to
any
Fund
currently
in
the
Columbia
Funds
Complex
or
a
predecessor
thereof.
Under
current
Board
policy,
each
Trustee
generally
serves
until
December
31
of
the
year
such
Trustee
turns
seventy-five
(75).
Independent
trustees
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex*
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
and
Other
Relevant
Board
Experience
George
S.
Batejan
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
since
2017
Executive
Vice
President,
Global
Head
of
Technology
and
Operations,
Janus
Capital
Group,
Inc.,
2010-2016
161
Former
Chairman
of
the
Board,
NICSA
(National
Investment
Company
Services
Association)
(Executive
Committee,
Nominating
Committee
and
Governance
Committee),
2014-2016;
former
Director,
Intech
Investment
Management,
2011-2016;
former
Board
Member,
Metro
Denver
Chamber
of
Commerce,
2015-2016;
former
Advisory
Board
Member,
University
of
Colorado
Business
School,
2015-
2018;
former
Board
Member,
Chase
Bank
International,
1993-1994
Kathleen
Blatz
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
since
2006
Attorney,
specializing
in
arbitration
and
mediation;
Trustee
of
Gerald
Rauenhorst
1982
Trusts,
since
2020;
Chief
Justice,
Minnesota
Supreme
Court,
1998-2006;
Associate
Justice,
Minnesota
Supreme
Court,
1996-1998;
Fourth
Judicial
District
Court
Judge,
Hennepin
County,
1994-1996;
Attorney
in
private
practice
and
public
service,
1984-1993;
State
Representative,
Minnesota
House
of
Representatives,
1979-1993,
which
included
service
on
the
Tax
and
Financial
Institutions
and
Insurance
Committees;
Member
and
Interim
Chair,
Minnesota
Sports
Facilities
Authority,
January-July
2017;
Interim
President
and
Chief
Executive
Officer,
Blue
Cross
and
Blue
Shield
of
Minnesota
(health
care
insurance),
February-July
2018,
April-October
2021
161
Former
Trustee,
Blue
Cross
and
Blue
Shield
of
Minnesota,
2009-
2021
(Chair
of
the
Business
Development
Committee,
2014-2017;
Chair
of
the
Governance
Committee, 2017-2019);
former
Member
and
Chair
of
the
Board,
Minnesota
Sports
Facilities
Authority,
January
2017-July
2017;
former
Director,
Robina
Foundation,
2009-2020
(Chair,
2014-2020);
Director,
Richard
M.
Schulze
Family
Foundation,
since
2021
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
52
Thematic
Beta
ETFs
|
Annual
Report
2024
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex*
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
and
Other
Relevant
Board
Experience
Pamela
G.
Carlton
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Chair
since
2023;Trustee
since
2007
President,
Springboard
-
Partners
in
Cross
Cultural
Leadership
(consulting
company),
since
2003;
Managing
Director
of
US
Equity
Research,
JP
Morgan
Chase,
1999-2003;
Director
of
US
Equity
Research,
Chase
Asset
Management,
1996-1999;
Co-Director
Latin
America
Research,
1993-1996,
COO
Global
Research,
1992-1996,
Co-Director
of
US
Research,
1991-1992,
Investment
Banker,
1982-1991,
Morgan
Stanley;
Attorney,
Cleary
Gottlieb
Steen
&
Hamilton
LLP,
1980-1982
161
Trustee,
New
York
Presbyterian
Hospital
Board,
since
1996;
Director,
DR
Bank
(Audit
Committee,
since
2017
and
Audit
Committee
Chair,
since
November
2023);Director,
Evercore
Inc.
(Audit
Committee,
Nominating
and
Governance
Committee)
(financial
services
company),
since
2019;
Director,
Apollo
Commercial
Real
Estate
Finance,
Inc.
(Chair,
Nominating
and
Governance
Committee),
since
2021;
the
Governing
Council
of
the
Independent
Directors
Council
(IDC),
since
2021
Janet
Langford
Carrig
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1957
Trustee
since
1996
Senior
Vice
President,
General
Counsel
and
Corporate
Secretary,
ConocoPhillips
(independent
energy
company),
September
2007-October
2018
161
Director,
EQT
Corporation
(natural
gas
producer),
since
2019;
former
Director,
Whiting
Petroleum
Corporation
(independent
oil
and
gas
company),
2020-2022
J.
Kevin
Connaughton
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1964
Trustee
since
2020
CEO
and
President,
RhodeWay
Financial
(non-profit
financial
planning
firm),
since
December
2022;
Member,
FINRA
National
Adjudicatory
Council
January
2020-December
2023;
Adjunct
Professor
of
Finance,
Bentley
University,
January
2018-
April
2023;
Consultant
to
Independent
Trustees
of
CFVIT
and
CFST
I
from
March
2016
to
June
2020
with
respect
to
CFVIT
and
to
December
2020
with
respect
to
CFST
I;
Managing
Director
and
General
Manager
of
Mutual
Fund
Products,
Columbia
Management
Investment
Advisers,
LLC,
May
2010-February
2015;
President,
Columbia
Funds,
2008-2015;
and
senior
officer
of
Columbia
Funds
and
affiliated
funds,
2003-2015
159
Former
Director,
The
Autism
Project,
March
2015-December
2021;
former
Member
of
the
Investment
Committee,
St.
Michael’s
College,
November
2015-February
2020;
former
Trustee,
St.
Michael’s
College,
June
2017-September
2019;
former
Trustee,
New
Century
Portfolios,
(former
mutual
fund
complex),
January
2015-December
2017
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Thematic
Beta
ETFs
|
Annual
Report
2024
53
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex*
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
and
Other
Relevant
Board
Experience
Olive
M.
Darragh
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1962
Trustee
since
2020
Managing
Director
of
Darragh
Inc.
(strategy
and
talent
management
consulting
firm),
since
2010;
Founder
and
CEO,
Zolio,
Inc.
(investment
management
talent
identification
platform),
since
2004;
Consultant
to
Independent
Trustees
of
CFVIT
and
CFST
I
from
June
2019
to
June
2020
with
respect
to
CFVIT
and
to
December
2020
with
respect
to
CFST
I;
Partner,
Tudor
Investments,
2004-2010;
Senior
Partner,
McKinsey
&
Company
(consulting),
1990-
2004;
Touche
Ross
CPA,
1985-1988
159
Treasurer,
Edinburgh
University
US
Trust
Board,
since
January
2023;
Member,
HBS
Community
Action
Partners
Board,
since
September
2022;
former
Director,
University
of
Edinburgh
Business
School
(Member
of
US
Board),
2004-2019;
former
Director,
Boston
Public
Library
Foundation,
2008-2017
Patricia
M.
Flynn
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1950
Trustee
since
2004
Professor
Emeritus
of
Economics
and
Management,
Bentley
University,
since
2023;
Professor
of
Economics
and
Management,
Bentley
University,
1976-
2023;
Dean,
McCallum
Graduate
School
of
Business,
Bentley
University,
1992-2002
161
Former
Trustee,
MA
Taxpayers
Foundation,
1997-2022;
former
Director,
The
MA
Business
Roundtable,
2003-2019;
former
Chairperson,
Innovation
Index
Advisory
Committee,
MA
Technology
Collaborative,
1997-2020
Brian
J.
Gallagher
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
since
2017
Retired;
Partner
with
Deloitte
&
Touche
LLP
and
its
predecessors,
1977-2016
161
Trustee,
Catholic
Schools
Foundation
since
2004
Douglas
A.
Hacker
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1955
Trustee
since
1996
Independent
business
executive,
since
May
2006;
Executive
Vice
President
–
Strategy
of
United
Airlines,
December
2002-May
2006;
President
of
UAL
Loyalty
Services
(airline
marketing
company),
September
2001-December
2002;
Executive
Vice
President
and
Chief
Financial
Officer
of
United
Airlines,
July
1999-September
2001
161
Director,
SpartanNash
Company
(food
distributor)
since
November
2013
(Chair
of
the
Board,
since
May
2021);
Director,
Aircastle
Limited
(aircraft
leasing),
since
August
2006
(Chair
of
Audit
Committee);
former
Director,
Nash
Finch
Company
(food
distributor),
2005-2013;
former
Director,
SeaCube
Container
Leasing
Ltd.
(container
leasing),
2010-2013;
and
former
Director,
Travelport
Worldwide
Limited
(travel
information
technology),
2014-2019
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
54
Thematic
Beta
ETFs
|
Annual
Report
2024
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex*
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
and
Other
Relevant
Board
Experience
Nancy
T.
Lukitsh
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1956
Trustee
since
2011
Senior
Vice
President,
Partner
and
Director
of
Marketing,
Wellington
Management
Company,
LLP
(investment
adviser),
1997-
2010;
Chair,
Wellington
Management
Portfolios
(commingled
non-U.S.
investment
pools),
2007-2010;
Director,
Wellington
Trust
Company,
NA
and
other
Wellington
affiliates,
1997-2010
159
None
David
M.
Moffett
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1952
Trustee
since
2011
Retired;
former
Chief
Executive
Officer
of
Freddie
Mac
and
Chief
Financial
Officer
of
U.S.
Bank
161
Director,
CSX
Corporation
(transportation
suppliers);
Director,
PayPal
Holdings
Inc.
(payment
and
data
processing
services);
former
Director,
eBay
Inc.
(online
trading
community),
2007-2015;
and
former
Director,
CIT
Bank,
CIT
Group
Inc.
(commercial
and
consumer
finance),
2010-2016;
former
Senior
Adviser
to
The
Carlyle
Group
(financial
services),
March
2008-September
2008;
former
Governance
Consultant
to
Bridgewater
Associates,
January
2013-December
2015
Catherine
James
Paglia
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1952
Trustee
since
2004
Director,
Enterprise
Asset
Management,
Inc.
(private
real
estate
and
asset
management
company),
since
September
1998;
Managing
Director
and
Partner,
Interlaken
Capital,
Inc.,
1989-1997;
Vice
President,
1982-1985,
Principal,
1985-1987,
Managing
Director,
1987-1989,
Morgan
Stanley;
Vice
President,
Investment
Banking,
1980-1982,
Associate,
Investment
Banking,
1976-1980,
Dean
Witter
Reynolds,
Inc.
161
Director,
Valmont
Industries,
Inc.
(irrigation
systems
manufacturer)
since
2012;
Trustee,
Carleton
College
(on
the
Investment
Committee),
since
1987;
Trustee,
Carnegie
Endowment
for
International
Peace
(on
the
Investment
Committee),
since
2009
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Thematic
Beta
ETFs
|
Annual
Report
2024
55
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex*
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
and
Other
Relevant
Board
Experience
Natalie
A.
Trunow
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1967
Trustee
since
2020
Chief
Executive
Officer,
Millennial
Portfolio
Solutions
LLC
(asset
management
and
consulting
services)
January
2016-January
2021;
Non-executive
Member
of
the
Investment
Committee
and
Valuation
Committee,
Sarona
Asset
Management
Inc.
(private
equity
firm)
since
September
2019;
Advisor,
Horizon
Investments
(asset
management
and
consulting
services),
August
2018-January
2022;
Advisor,
Paradigm
Asset
Management,
November
2016-January
2022;
Consultant
to
Independent
Trustees
of
CFVIT
and
CFST
I
from
September
2016
to
June
2020
with
respect
to
CFVIT
and
to
December
2020
with
respect
to
CFST
I;
Director
of
Investments/Consultant,
Casey
Family
Programs,
April
2016-November
2016;
Senior
Vice
President
and
Chief
Investment
Officer,
Calvert
Investments,
August
2008-January
2016;
Section
Head
and
Portfolio
Manager,
General
Motors
Asset
Management,
June
1997-August
2008
159
Independent
Director,
Investment
Committee,
Health
Services
for
Children
with
Special
Needs,
Inc.,
2010-2021;
Independent
Director,
(Executive
Committee
and
Chair,
Audit
Committee),
Consumer
Credit
Counseling
Services
(formerly
Guidewell
Financial
Solutions),
since
2016;
Independent
Director
(Investment
Committee),
Sarona
Asset
Management,
since
2019
Sandra
L.
Yeager
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1964
Trustee
since
2017
Retired;
President
and
founder,
Hanoverian
Capital,
LLC
(SEC
registered
investment
advisor
firm),
2008-2016;
Managing
Director,
DuPont
Capital,
2006-2008;
Managing
Director,
Morgan
Stanley
Investment
Management,
2004-2006;
Senior
Vice
President,
Alliance
Bernstein,
1990-2004
161
Former
Director,
NAPE
(National
Alliance
for
Partnerships
in
Equity)
Education
Foundation,
October
2016-October
2020;
Advisory
Board,
Jennersville
YMCA,
June
2022-June
2023
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
56
Thematic
Beta
ETFs
|
Annual
Report
2024
*
The
term
“Columbia
Funds
Complex”
as
used
herein
includes
Columbia
Seligman
Premium
Technology
Growth
Fund,
Tri-Continental
Corporation
and
each
series
of
Columbia
Funds
Series
Trust
(CFST),
Columbia
Funds
Series
Trust
I
(CFST
I),
Columbia
Funds
Series
Trust
II
(CFST
II),
Columbia
ETF
Trust
I
(CET
I),
Columbia
ETF
Trust
II
(CET
II),
Columbia
Funds
Variable
Insurance
Trust
(CFVIT)
and
Columbia
Funds
Variable
Series
Trust
II
(CFVST
II).
Messrs.
Batejan,
Beckman,
Gallagher,
Hacker
and
Moffet
and
Mses.
Blatz,
Carlton,
Carrig,
Flynn,
Paglia,
and
Yeager
serve
as
directors
of
Columbia
Seligman
Premium
Technology
Growth
Fund
and
Tri-Continental
Corporation.
**
Interested
person
(as
defined
under
the
1940
Act)
by
reason
of
being
an
officer,
director,
security
holder
and/or
employee
of
the
Investment
Manager
or
Ameriprise
Financial.
The
Statement
of
Additional
Information
has
additional
information
about
the
Funds’
Board
members
and
is
available
without
charge,
upon
request
by
calling
800.345.6611,
visiting
columbiathreadneedleus.com/etfs
or
contacting
your
financial
intermediary.
Interested
trustee
affiliated
with
Investment
Manager**
Name,
Address,
Year
of
Birth
Position
Held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex*
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
and
Other
Relevant
Board
Experience
Daniel
J.
Beckman
c/o
Columbia
Management
Investment
Advisers,
LLC
290
Congress
Street
Boston,
MA
02210
1962
Trustee
since
November
2021
and
President
since
June
2021
President
and
Principal
Executive
Officer
of
the
Columbia
Funds,
since
June
2021;
Vice
President,
Columbia
Management
Investment
Advisers,
LLC,
since
April
2015;
formerly,
Vice
President
–
Head
of
North
America
Product,
Columbia
Management
Investment
Advisers,
LLC,
April
2015
–
December
2023;
President
and
Principal Executive
Officer,
Columbia
Acorn/
Wanger
Funds,
since
July
2021
161
Director,
Ameriprise
Trust
Company,
since
October
2016;
Director,
Columbia
Management
Investment
Distributors,
Inc.,
since
November
2018;
Board
of
Governors,
Columbia
Wanger
Asset
Management,
LLC,
since
January
2022
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Thematic
Beta
ETFs
|
Annual
Report
2024
57
The
Board
has
appointed
officers
who
are
responsible
for
day-to-day
business
decisions
based
on
policies
it
has
established.
The
officers
serve
at
the
pleasure
of
the
Board.
The
following
table
provides
basic
information
about
the
Officers
of
the
Fund
as
of
the
printing
of
this
report,
including
principal
occupations
during
the
past
five
years,
although
their
specific
titles
may
have
varied
over
the
period.
In
addition
to
Mr.
Beckman
who
is
President
and
Principal
Executive
Officer,
the
Funds'
other
officers
are:
Fund
officers
Name,
Address
and
Year
of
Birth
Position
and
Year
First
Appointed
to
Position
for
any
Fund
in
the
Columbia
Funds
Complex
Predecessor
Thereof
Principal
Occupation(s)
During
Past
Five
Years
Michael
G.
Clarke
290
Congress
Street
Boston,
MA
02210
1969
Chief
Financial
Officer
and
Principal
Financial
Officer
(2009);
Senior
Vice
President
(2019);
Treasurer
and
Chief
Accounting
Officer
(Principal
Accounting
Officer)
(2024)
for
CFST,
CFST
I,
CFST
II,
CFVIT
and
CFVST
II
Senior
Vice
President
and
North
America
Head
of
Operations
&
Investor
Services,
Columbia
Management
Investment
Advisers,
LLC,
since
June
2023
(previously
Senior
Vice
President
and
Head
of
Global
Operations
&
Investor
Services,
March
2022
-
June
2023,
Vice
President,
Head
of
North
America
Operations,
and
Co-Head
of
Global
Operations,
June
2019
-
February
2022
and
Vice
President
–
Accounting
and
Tax,
May
2010
-
May
2019);
senior
officer
of
Columbia
Funds
and
affiliated
funds,
since
2002.
Director,
Ameriprise
Trust
Company,
since
June
2023.
Marybeth
Pilat
290
Congress
Street
Boston,
MA
02210
1968
Treasurer
and
Chief
Accounting
Officer
(Principal
Accounting
Officer)
and
Principal
Financial
Officer
(2020)
for
CET
I
and
CET
II;
Assistant
Treasurer,
CFST,
CFST
I,
CFST
II,
CFVIT
and
CFVST
II
Vice
President
–
Product
Pricing
and
Administration,
Columbia
Management
Investment
Advisers,
LLC,
since
May
2017.
William
F.
Truscott
290
Congress
Street
Boston,
MA
02210
1960
Senior
Vice
President
(2001)
Formerly,
Trustee/Director
of
Columbia
Funds
Complex
or
legacy
funds,
November
2001
–
January
1,
2021;
Chief
Executive
Officer,
Global
Asset
Management,
Ameriprise
Financial,
Inc.,
since
September
2012;
Chairman
of
the
Board
and
President,
Columbia
Management
Investment
Advisers,
LLC,
since
July
2004
and
February
2012,
respectively;
Chairman
of
the
Board
and
Chief
Executive
Officer,
Columbia
Management
Investment
Distributors,
Inc.,
since
November
2008
and
February
2012,
respectively;
Chairman
of
the
Board
and
Director,
TAM
UK
International
Holdings
Limited,
since
July
2021;
formerly
Chairman
of
the
Board
and
Director,
Threadneedle
Asset
Management
Holdings,
Sàrl,
March
2013 -
December
2022
and
December
2008 -
December
2022,
respectively;
senior
executive
of
various
entities
affiliated
with
Columbia
Threadneedle
Investments.
Christopher
O.
Petersen
5228
Ameriprise
Financial
Center
Minneapolis,
MN
55474
1970
Senior
Vice
President
and
Assistant
Secretary
(2021)
Formerly,
Trustee/Director
of
funds
within
the
Columbia
Funds
Complex,
July
1,
2020
-
November
22,
2021;
Senior
Vice
President
and
Assistant
General
Counsel,
Ameriprise
Financial,
Inc.,
since
September
2021
(previously
Vice
President
and
Lead
Chief
Counsel,
January
2015
-
September
2021);
formerly,
President
and
Principal
Executive
Officer
of
the
Columbia
Funds,
2015
-
2021;
officer
of
Columbia
Funds
and
affiliated
funds,
since
2007.
Thomas
P.
McGuire
290
Congress
Street
Boston,
MA
02210
1972
Senior
Vice
President
and
Chief
Compliance
Officer
(2012)
Vice
President
–
Asset
Management
Compliance,
Ameriprise
Financial,
Inc.,
since
May
2010;
Chief
Compliance
Officer,
Columbia
Acorn/Wanger
Funds,
since
December
2015;
formerly,
Chief
Compliance
Officer,
Ameriprise
Certificate
Company,
September
2010
-
September
2020.
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
58
Thematic
Beta
ETFs
|
Annual
Report
2024
Fund
officers
(continued)
Name,
Address
and
Year
of
Birth
Position
and
Year
First
Appointed
to
Position
for
any
Fund
in
the
Columbia
Funds
Complex
Predecessor
Thereof
Principal
Occupation(s)
During
Past
Five
Years
Ryan
C.
Larrenaga
290
Congress
Street
Boston,
MA
02210
1970
Senior
Vice
President
(2017),
Chief
Legal
Officer
(2017)
and
Secretary
(2015)
Vice
President
and
Chief
Counsel,
Ameriprise
Financial,
Inc.
since
August
2018
(previously
Vice
President
and
Group
Counsel,
August
2011
-
August
2018);
Chief
Legal
Officer,
Columbia
Acorn/Wanger
Funds,
since
September
2020;
officer
of
Columbia
Funds
and
affiliated
funds
since
2005.
Michael
E.
DeFao
290
Congress
Street
Boston,
MA
02210
1968
Vice
President
(2011)
and
Assistant
Secretary
(2010)
Vice
President
and
Chief
Counsel,
Ameriprise
Financial,
Inc.,
since
May
2010;
Vice
President,
Chief
Legal
Officer
and
Assistant
Secretary,
Columbia
Management
Investment
Advisers,
LLC,
since
October
2021
(previously
Vice
President
and
Assistant
Secretary,
May
2010
-
September
2021).
Lyn
Kephart-Strong
5903
Ameriprise
Financial
Center
Minneapolis,
MN
55474
1960
Vice
President
(2015)
Vice
President,
Global
Investment
Operations
Services,
Columbia
Management
Investment
Advisers,
LLC,
since
2010;
Director
(since
January
2007)
and
President
(since
October
2014),
Columbia
Management
Investment
Services
Corp.;
Director
(since
December
2017)
and
President
(since
January
2017),
Ameriprise
Trust
Company.
LIQUIDITY
RISK
MANAGEMENT
PROGRAM
(Unaudited)
Thematic
Beta
ETFs
|
Annual
Report
2024
59
Pursuant
to
Rule
22e-4
under
the
1940
Act,
each
Fund
has
adopted
a
liquidity
risk
management
program
(the
Program).
The
Program’s
principal
objectives
include
assessing,
managing
and
periodically
reviewing
the
Fund’s
liquidity
risk.
Liquidity
risk
is
defined
as
the
risk
that
the
Fund
could
not
meet
redemption
requests
without
significant
dilution
of
remaining
investors’
interests
in
the
Fund.
The
Board
has
appointed
the
Investment
Manager
as
the
program
administrator
for
each
Fund’s
Program.
The
Investment
Manager
has
delegated
oversight
of
the
Program
to
its
Liquidity
Risk
Management
Committee
(the
Committee).
At
a
board
meeting
during
the
fiscal
period,
the
Committee
provided
the
Board
with
a
report
addressing
the
operations
of
the
program
and
assessing
its
adequacy
and
effectiveness
of
implementation
for
the
period
January
1,
2023,
through
December
31,
2023,
including:
the
Fund
had
sufficient
liquidity
to
both
meet
redemptions
and
operate
effectively
on
behalf
of
shareholders;
there
were
no
material
changes
to
the
Program
during
the
period;
the
implementation
of
the
Program
was
effective
to
manage
the
Fund’s
liquidity
risk;
and
the
Program
operated
adequately
during
the
period.
There
can
be
no
assurance
that
the
Program
will
achieve
its
objectives
in
the
future.
Please
refer
to
the
Fund’s
prospectus
for
more
information
regarding
the
Fund’s
exposure
to
liquidity
risk
and
other
principal
risks
to
which
an
investment
in
the
Fund
may
be
subject.
60
Thematic
Beta
ETFs
|
Annual
Report
2024
Proxy
voting
policies
and
procedures
A
description
of
the
Trust’s
proxy
voting
policies
and
procedures
that
the
Trust
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities,
and
each
Fund’s
proxy
voting
record
for
the
most
recent
twelve-month
period
ended
June 30
is
available,
without
charge,
by
visiting
columbiathreadneedleus.com/etfs
or
searching
the
website
of
the
Securities
and
Exchange
Commission
(the
SEC)
at
sec.gov.
Quarterly
schedule
of
investments
Each
Fund
files
a
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
on
Form
N-PORT.
The
Funds’
Form
N-PORTs
are
available
on
the
SEC’s
website
at
sec.gov.
Each
Fund’s
complete
schedule
of
portfolio
holdings,
as
filed
on
Form
N-PORT,
is
available
on
columbiathreadneedleus.com/etfs
or
can
also
be
obtained
without
charge,
upon
request,
by
calling
800.426.3750.
Additional
Fund
information
For
more
information
about
the
Funds,
please
visit
columbiathreadneedleus.com/etfs
or
call
800.426.3750.
Premium/discount
information
for
the
Funds
covering
the
most
recently
completed
calendar
year
and
the
most
recently
completed
calendar
quarters
since
that
year
(or
since
the
Fund
began
trading,
if
shorter)
is
publicly
accessible,
free
of
charge,
at
columbiathreadneedleus.com/etfs.
Fund
investment
manager
Columbia
Management
Investment
Advisers,
LLC
290
Congress
Street
Boston,
MA
02210
Fund
distributor
ALPS
Distributors,
Inc.
1290
Broadway
Suite
1000
Denver,
CO
80203
ALPS
Distributors,
Inc.
is
not
affiliated
with
Columbia
Management
Investment
Advisers,
LLC.
Fund
administrator,
custodian
&
transfer
agent
The
Bank
of
New
York
Mellon
Corp.
240
Greenwich
Street
New
York,
NY
10286
The
Bank
of
New
York
Mellon
Corp.
is
not
affiliated
with
Columbia
Management
Investment
Advisers,
LLC.
Columbia
ETF
Trust
II
290
Congress
Street
Boston,
MA,
02210
Investors
should
consider
the
investment
objectives,
risks,
charges
and
expenses
of
an
exchange-traded
fund
(ETF)
carefully
before
investing.
For
a
free
prospectus
and
summary
prospectus,
which
contains
this
and
other
important
information
about
the
ETFs,
visit
columbiathreadneedleus.com/etfs.
Read
the
prospectus
and
summary
prospectus
carefully
before
investing.
Columbia
Management
Investment
Advisers,
LLC
serves
as
the
investment
manager
to
the
ETFs.
The
ETFs
are
distributed
by
ALPS
Distributors,
Inc.
,
which
is
not
affiliated
with
Columbia
Management
Investment
Advisers,
LLC,
or
its
parent
company,
Ameriprise
Financial,
Inc.
©
2024
Columbia
Management
Investment
Advisers,
LLC.
columbiathreadneedleus.com/etfs
Item 2. Code of Ethics.
The registrant has adopted a code of ethics (the “Code”) that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. During the period covered by this report, there were not any amendments to a provision of the Code that relates to any element of the code of ethics definition enumerated in paragraph (b) of Item 2 of Form N-CSR. During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the Code that relates to one or more of the items set forth in paragraph (b) of Item 2 of Form N-CSR. A copy of the Code is attached hereto.
Item 3. Audit Committee Financial Expert.
The registrant’s Board of Trustees has determined that David M. Moffett, Brian J. Gallagher, J. Kevin Connaughton, Sandra L. Yeager, and Douglas A. Hacker, each of whom are members of the registrant’s Board of Trustees and Audit Committee, each qualify as an audit committee financial expert. Mr. Moffett, Mr. Gallagher, Mr. Connaughton, Ms. Yeager, and Mr. Hacker are each independent trustees, as defined in paragraph (a)(2) of this item’s instructions.
Item 4. Principal Accountant Fees and Services.
Fee information below is disclosed for the series of the relevant registrant whose reports to shareholders are included in this annual filing.
(a) Audit Fees. Aggregate Audit Fees billed by the principal accountant for professional services rendered during the fiscal years ended March 31, 2024 and March 31, 2023 are approximately as follows:
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2024
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2023
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$48,900
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$47,400
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Audit Fees include amounts related to the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.
(b) Audit-Related Fees. Aggregate Audit-Related Fees billed to the registrant by the principal accountant for professional services rendered during the fiscal years ended March 31, 2024 and March 31, 2023 are approximately as follows:
Audit-Related Fees, if any, include amounts for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported in Audit Fees above.
During the fiscal years ended March 31, 2024 and March 31, 2023, there were no Audit-Related Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.
(c) Tax Fees. Aggregate Tax Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended March 31, 2024 and March 31, 2023 are approximately as follows:
Tax Fees include amounts for the review of annual tax returns, the review of required shareholder distribution calculations and typically include amounts for professional services by the principal accountant for tax compliance, tax advice and tax planning.
During the fiscal years ended March 31, 2024 and March 31, 2023, there were no Tax Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.
(d) All Other Fees. Aggregate All Other Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended March 31, 2024 and March 31, 2023 are approximately as follows:
All Other Fees, if any, include amounts for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) above.
Aggregate All Other Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant during the fiscal years ended March 31, 2024 and March 31, 2023 are approximately as follows:
In fiscal years 2024 and 2023, All Other Fees primarily consists of fees billed for internal control examinations of the registrant’s transfer agent and investment adviser.
(e)(1) Audit Committee Pre-Approval Policies and Procedures
The registrant’s Audit Committee is required to pre-approve the engagement of the registrant’s independent auditors to provide audit and non-audit services to the registrant and non-audit services to its investment adviser (excluding any sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser (the “Adviser”) or any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (a “Control Affiliate”) if the engagement relates directly to the operations and financial reporting of the registrant.
The Audit Committee has adopted a Policy for Engagement of Independent Auditors for Audit and Non-Audit Services (the “Policy”). The Policy sets forth the understanding of the Audit Committee regarding the engagement of the registrant’s independent accountants to provide (i) audit and permissible audit-related, tax and other services to the registrant (“Fund Services”); (ii) non-audit services to the registrant’s Adviser and any Control Affiliates, that relates directly to the operations and financial reporting of a Fund (“Fund-related Adviser Services”); and (iii) certain other audit and non-audit services to the registrant’s Adviser and its Control Affiliates. A service will require specific pre-approval by the Audit Committee if it is to be provided by the Fund’s independent auditor; provided, however, that pre-approval of non-audit services to the Fund, the Adviser or Control Affiliates may be waived if certain de minimis requirements set forth in the SEC’s rules are met.
Under the Policy, the Audit Committee may delegate pre-approval authority to any pre-designated member or members who are independent board members. The member(s) to whom such authority is delegated must report, for informational purposes only, any pre-approval decisions to the Audit Committee at its next regular meeting. The Audit Committee's responsibilities with respect to the pre-approval of services performed by the independent auditor may not be delegated to management.
On an annual basis, at a regularly scheduled Audit Committee meeting, the Fund’s Treasurer or other Fund officer shall submit to the Audit Committee a schedule of the types of Fund Services and Fund-related Adviser Services that are subject to specific pre-approval. This schedule will provide a description of each type of service that is subject to specific pre-approval, along with total projected fees for each service. The pre-approval will generally cover a one-year period. The Audit Committee will review and approve the types of services and the projected fees for the next one-year period and may add to, or subtract from, the list of pre-approved services from time to time, based on subsequent determinations. This specific approval acknowledges that the Audit Committee is in agreement with the specific types of services that the independent auditor will be permitted to perform and the projected fees for each service.
The Fund’s Treasurer or other Fund officer shall report to the Audit Committee at each of its regular meetings regarding all Fund Services or Fund-related Adviser Services provided since the last such report was rendered, including a description of the services, by category, with forecasted fees for the annual reporting period, proposed changes requiring specific pre-approval and a description of services provided by the independent auditor, by category, with actual fees during the current reporting period.
*****
(e)(2) None, or 0%, of the Audit-Related Fees, Tax Fees and All Other Fees paid by the Fund or affiliated entities relating directly to the operations and financial reporting of the Registrant disclosed above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (which permits audit committee approval after the start of the engagement with respect to services other than audit, review or attest services, if certain conditions are satisfied).
(f) Not applicable.
(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the fiscal years ended March 31, 2024 and March 31, 2023 are approximately as follows:
(h) The registrant’s Audit Committee of the Board of Directors has considered whether the provision of non-audit services that were rendered to the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant’s independence.
(i) Not applicable.
(j) Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments
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(a)
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The registrant’s “Schedule I – Investments in securities of unaffiliated issuers” (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR.
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Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.
Item 11. Controls and Procedures.
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(a)
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The registrant’s principal executive officer and principal financial officer, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
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(b)
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There was no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
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Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits.
(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR attached hereto as Exhibit 99.CODE ETH.
(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.
(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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(registrant) |
Columbia ETF Trust II |
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By (Signature and Title) |
/s/ Daniel J. Beckman |
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Daniel J. Beckman, President and Principal Executive Officer |
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Date |
May 23, 2024 |
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
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By (Signature and Title) |
/s/ Daniel J. Beckman |
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Daniel J. Beckman, President and Principal Executive Officer |
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Date |
May 23, 2024 |
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By (Signature and Title) |
/s/ Michael G. Clarke |
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Michael G. Clarke, Chief Financial Officer, |
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Principal Financial Officer and Senior Vice President |
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Date |
May 23, 2024 |
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By (Signature and Title) |
/s/ Marybeth Pilat |
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Marybeth Pilat, Treasurer, Chief Accounting |
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Officer and Principal Financial Officer |
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Date |
May 23, 2024 |
Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers
COLUMBIA FUNDS
WANGER ADVISORS TRUST / COLUMBIA ACORN TRUST
Applicable Regulatory Authority |
Section 406 of the Sarbanes-Oxley Act of 2002; |
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Item 2 of Form N-CSR |
Related Policies |
Overview and Implementation of Compliance Program |
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Policy |
Requires Annual Board Approval |
No but Covered Officers Must provide annual |
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certification |
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Last Reviewed by AMC |
September 2023 |
Overview and Statement
Item 2 of Form N-CSR, the form used by registered management investment companies to file certified annual and semi-annual shareholder reports, requires a registered management investment company to disclose:
•Whether it has adopted a code of ethics that applies to the investment company's principal executive officer and senior financial officers and, if it has not adopted such a code of ethics, why it has not done so; and
•Any amendments to, or waivers from, the code of ethics relating to such officers.
The Boards (the Board of the Columbia Funds ("Columbia Board") and the Boards of the Columbia Acorn Trust ("CAT") and the Wanger Advisors Trust ("WAT") (collectively, "Columbia Acorn Board" and together with the Columbia Board, the "Boards") have adopted the following Code of Ethics for Principle Executive and Senior Financial Officers (the "Code"), which sets forth the ethical standards to which the Funds holds their principal executive officer and each of its senior financial officers.
This Code should be read and interpreted in conjunction with the Overview and Implementation of Compliance Program Policy.
Policy The Boards have adopted the Code in order to comply with applicable regulatory requirements as outlined below:
I.Covered Officers/Purpose of the Code
This Code applies to the Fund's Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer or Controller (the "Covered Officers") for the purpose of promoting:
•Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.
Proprietary and Confidential |
Page 1 of 9 |
Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers
•Full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the SEC, and in other public communications made by the Fund;
•Compliance with applicable laws and governmental rules and regulations;
•The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and
•Accountability for adherence to the Code.
Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual or apparent conflicts of interest.
II.Administration of the Code
The Boards have designated an individual to be primarily responsible for the administration of the Code (the "Code Officer"). In the absence of the Code Officer, his or her designee shall serve as the Code Officer, but only on a temporary basis.
The Boards have designated a person who meets the definition of a Chief Legal Officer (the "CLO") for purposes of the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder as the Fund's CLO. The CLO of the Fund shall assist the Fund's Code
Officer in administration of this Code. The Code Officer, in consultation with the CLO, shall be responsible for applying this Code to specific situations (in consultation with Fund counsel, where appropriate) and has the authority to interpret this Code in any particular situation.
III.Managing Conflicts of Interest
A "conflict of interest" occurs when a Covered Officer's personal interest interferes with the interests of, or his or her service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of the Covered Officer's position with the Fund. Certain provisions in the 1940 Act and the rules and regulations thereunder and the Advisers Act and the rules and regulations thereunder govern certain conflicts of interest that arise out of the relationships between Covered Officers and the Fund. If such conflicts are addressed in conformity with applicable provisions of the 1940 Act and the Advisers Act, they will be deemed to have been handled ethically. The Fund's and its Adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of those provisions. This Code does not, and is not intended to, repeat or replace those programs and procedures, and conduct that is consistent with such programs and procedures falls outside of the parameters of this Code.
Although they do not typically present an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationships between the Fund and, as applicable, its Adviser (Columbia Management Investment Advisers, LLC
This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.
Proprietary and Confidential |
Page 2 of 9 |
Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers
("CMIA") for the Columbia Funds and Columbia Wanger Asset Management, LLC ("CWAM") for the WAT / CAT Funds), administrator, principal underwriter, pricing and bookkeeping agent and/or transfer agent (each, a "Primary Service Provider") of which the Covered Officers are also officers or employ ees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fund or for a Primary Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Primary Service Providers and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationships between the Fund and the Primary Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Fund . If such conflicts are addressed in conformity with applicable provisions of the 1940 Act and the Advisers Act, they will be deemed to have been handled ethically. In addition, it is recognized by the Boards of the Funds that the Covered Officers also may be officers or employees of one or more other investment companies or organizations affiliated with the sponsor of the Funds covered by other similar codes and that the codes of ethics of those other investment companies or organizations will apply to the Covered Officers acting in such capacities for such other investment companies.
This Code covers general conflicts of interest and other issues applicable to the Funds under the Sarbanes-Oxley Act of 2002. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interests of the Funds. Certain examples of such conflicts of interest follow.
Each Covered Officer must:
•Not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Co vered Officer, or a member of his or her family, would knowingly benefit personally to the detriment of the Fund;
•Not knowingly cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer, or a member of his or her family, rather than the benefit of the Fund;
•Not use material non-public knowledge of portfolio transactions made or contemplated for the Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and
•Report at least annually (or more frequently, as appropriate) known a ffiliations or other relationships that may give rise to conflicts of interest with respect to the Fund.
If a Covered Officer believes that he or she has a potential conflict of interest that is likely to materially compromise his or her objectivity or his or her ability to perform the duties of his or her role as a Covered Officer, including a potential conflict of interest that arises out of his or her responsibilities as an officer or employee of one or more Primary
This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.
Proprietary and Confidential |
Page 3 of 9 |
Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers
Service Providers or other funds, he or she should consult with the Code Officer, the CLO, the Fund's outside counsel, or counsel to the Independent Board Members, as appropriate.
Examples of potential conflicts of interest that may materially compromise objectivity or ability to perform the duties of a Covered Officer and which the Covered Officer should consider discussing with the Code Officer or other appropriate person include:
•Service as a director on the board of a public or private company or service as a public official;
•The receipt of a non-de minimus gift when the gift is in relation to doing business directly or indirectly with the Fund;
•The receipt of entertainment from any company with which the Fund has current or prospective business dealings, unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;
•An ownership interest in, or any consulting or employment relationship with, any of the Fund's service providers, other than the Primary Service Providers or any affiliated person thereof; and
•A direct or indirect material financial interest in commissions, transaction charges or spreads paid by the Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.
IV. Disclosure and Compliance
It is the responsibility of each Covered Officer:
•To familiarize himself or herself with the disclosure requirements ge nerally applicable to the Fund, as well as the business and financial operations of the Fund;
•To not knowingly misrepresent, and to not knowingly cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund's Board, Legal Counsel, Independent Legal Counsel and auditors, and to governmental regulators and self -regulatory organizations;
•To the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Fund and the Primary Service Providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and
•To adhere to and, within his or her area of responsibility, promote compliance with the standards and restrictions imposed by applicable laws, rules and regulation s.
This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.
Proprietary and Confidential |
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Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers
V.Reporting and Accountability by Covered Officers Each Covered Officer must:
•Upon adoption of the Code or becoming a Covered Officer, acknowledge in writing to the Fund's Board that he or she has received, read and understands the Code, using the form attached as Appendix A hereto;
•Annually thereafter acknowledge in writing to the Fund's Boa rd that he or she has received and read the Code and believes that he or she has complied with the requirements of the Code, using the form attached as Appendix B hereto;
•Not retaliate against any employee or Covered Officer for reports of potential violations that are made in good faith; and
•Notify the Code Officer promptly if he or she knows of any violation, or of conduct that reasonably could be expected to be or result in a violation, of this Code. Failure to do so is a violation of this Code.
The Fund will follow the policy set forth below in investigating and enforcing this Code:
•The Code Officer will endeavor to take all appropriate action to investigate any potential violation reported to him or her;
•If, after such investigation, the Code Officer believes that no violation has occurred, the Code Officer will so notify the person(s) reporting the potential violation, and no further action is required;
•Any matter that the Code Officer, upon consultation with the CLO, believes is a violation will be reported by the Code Officer or the CLO to the Fund's Audit
Committee;
•The Fund's Audit Committee will be responsible for granting waivers, as appropriate; and
•This Code and any changes to or waivers of the Code will, to the extent required, be disclosed as provided by SEC rules.
VI. Other Policies
This Code shall be the sole code of ethics adopted by the Fund for the purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered management investment companies thereunder. Insofar as other policies or procedures of the Fund or the Fund's Primary Service Providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. The Fund's and its Adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the 1940 Act and the more detailed policies and procedures of the
This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.
Proprietary and Confidential |
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Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers
Primary Service Providers as set forth in their respect Compliance Manuals are separate requirements applicable to the Covered Officers and are not part of this Code.
VII. Disclosure of Amendments to the Code
Any amendments will, to the extent required, be disclosed in accordance with law.
VIII. Confidentiality
All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code or upon advice of counsel, such reports and rec ords shall not be disclosed to anyone other than the Fund's Board, the Covered Officers, the Code Officer, the CLO, the Fund's Primary Service Providers and their aff iliates, and outside audit firms, legal counsel to the Fund and legal counsel to the Indep endent Board Members.
IX. Internal Use
The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.
Reporting Requirements
Each Covered Officer must annually acknowledge in writing to the Fund's Board that he or she has received and read the Code and believes that he or she has complied with the requirements of the Code, using the form attached as Appendix II hereto .
The Code Officer or CLO shall report to the Fund's Audit Committee any violations of, or material issues arising under, this Code.
If the Audit Committee concurs that a violation has occurred , it will inform and make a recommendation to the Fund's Board, which will consider appropriate action, which may include review of, and appropriate modifications to: Applicable policies and procedures; Notification to the appropriate personnel of the Fund's Primary Service Providers or their boards; A recommendation to censure, suspend or dismiss the Covered Officer; or Referral of the matter to the appropriate authorities for civil action or criminal prosecution .
All material amendments to this Code must be in writing and approved or ratified by the Fund's Board, including a majority of the Independent Board Members.
The Code Officer, in conjunction with the CLO, shall be responsible for administration of this Code and for adopting procedures to ensure compliance with the requirements set forth herein.
Any issues that arise under this policy should be communicated to an employee's immediate supervisor, and appropriately escalated to AMC. Additionally, AMC will escalate any compliance issues relating to this Code to the Fund CCO and, if warranted, the appropriate Fund Board.
This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.
Proprietary and Confidential |
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Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers
Monitoring/Oversight/Escalation
The Code Officer shall be responsible for oversight of compliance with this Code by the Covered Officers. AMC and Ameriprise Risk & Control Services may perform periodic reviews and assessments of various lines of business, including their compliance with this Code.
Recordkeeping
All records must be maintained for at least seven years, the first three in the appropriate Ameriprise Financial, Inc. management office. The following records will be maintained to evidence compliance with this Code: (1) a copy of the information or materials supplied to the Audit Committee or the Board: (i) that provided the basis for any amendment or waiver to this Code; and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Audit Committee and/or Board; (2) a copy of the policy and any amendments; and (3) a list of Covered Officers and reporting by Covered Officers.
This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.
Proprietary and Confidential |
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Appendix A
INITIAL ACKNOWLEDGEMENT
Iacknowledge that I have received and read a copy of the Code of Ethics for Principal Executive and Senior Financial Officers (the "Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.
I have set forth below (and on attached sheets of paper, if necessary) all known affiliations or other relationships that may give rise to conflicts of interest for me with respect to the Fund.
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I also acknowledge my responsibility to report any known violation of the Code to the Code Officer, the CLO, the Fund's outside counsel, or counsel to the Ind ependent Board Members, all as defined in this Code. I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Fund has the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in its sole discretion, with or without notice.
Covered Officer Name and Title: _____________________________________________
(please print)
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Please return this completed form to the CLO (_______) within one week from the date of your review of these documents. Thank you!
Appendix B
ANNUAL ACKNOWLEDGEMENT
Iacknowledge that I have received and read a copy of the Code of Ethics for Principal Executive and Senior Financial Officers (the "Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.
I also acknowledge that I believe that I have fully complied with the terms and provisions of the Code during the period of time since the most recent Initial or Annual Acknowledgement provided by me except as described below.
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I have set forth below (and on attached sheets of paper, if necessary) all known affiliations or other relationships that may give rise to conflicts of interest for me with respect to the Fund.1
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I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Fund has the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in its sole discretion, with or without notice.
Covered Officer Name and Title: _____________________________________________
(please print)
________________________________________________________________________
Please return this completed form to the CLO (_______) within one week from the date of your receipt of a request to complete and return it. Thank you!
1It is acceptable to refer to affiliations and other relationships previously disclosed in prior Initial or Annual Acknowledgements without setting forth such affiliations and relationships again.
I, Daniel J. Beckman, certify that:
1.I have reviewed this report on Form N-CSR of Columbia ETF Trust II;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: May 23, 2024 |
/s/ Daniel J. Beckman |
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Daniel J. Beckman, President and Principal |
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Executive Officer |
I, Michael G. Clarke, certify that:
1.I have reviewed this report on Form N-CSR of Columbia ETF Trust II;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: May 23, 2024 |
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/s/ Michael G. Clarke |
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Michael G. Clarke, Chief Financial Officer, |
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Principal Financial Officer and Senior Vice |
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President |
I, Marybeth Pilat, certify that:
1.I have reviewed this report on Form N-CSR of Columbia ETF Trust II;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)designed such internal control over financial reporting, or caused such internal control
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over financial reporting to be designed under our supervision, to provide reasonable |
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assurance regarding the reliability of financial reporting and the preparation of financial |
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statements for external purposes in accordance with generally accepted accounting |
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principles; |
(c ) |
evaluated the effectiveness of the registrant's disclosure controls and procedures and |
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presented in this report our conclusions about the effectiveness of the disclosure controls |
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and procedures, as of a date within 90 days prior to the filing date of this report based on |
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such evaluation; and |
(d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: May 23, 2024 |
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/s/ Marybeth Pilat |
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Marybeth Pilat, Treasurer, Chief Accounting |
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Officer and Principal Financial Officer |
