Columbia India Consumer ETF (INCO) N-CSR Certified annual shareholder report (management investment company)

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)

225 Franklin Street

                                     

Boston, MA 02110  

                                   
(Address of principal executive offices) (Zip code)

Christopher O. Petersen, Esq.

c/o Columbia Management Investment Advisers, LLC

225 Franklin Street

Boston, MA 02110

Ryan C. Larrenaga, Esq.

c/o Columbia Management Investment Advisers, LLC
 225 Franklin Street
                           Boston, MA 02110                         
 (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: September 30, 2019

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.

Semiannual

Report

September

30,

2019

Not

FDIC

Insured

•

No

bank

guarantee

•

May

lose

value

THEMATIC

BETA

ETFs

Columbia

EM

Core

ex-China

ETF

Columbia

Emerging

Markets

Consumer

ETF

Columbia

India

Consumer

ETF

Beginning

on

January

1,

2021,

as

permitted

by

regulations

adopted

by

the

Securities

and

Exchange

Commission,

paper

copies

of

the

Funds’

annual

and

semiannual

shareholder

reports

like

this

one

will

no

longer

be

sent

by

mail,

unless

you

specifically

request

paper

copies

of

the

reports.

Instead,

the

reports

will

be

made

available

on

the

Funds’

website

(columbiathreadneedleus.

com/etfs),

and

each

time

a

report

is

posted

you

will

be

notified

by

mail

and

provided

with

a

website

address

to

access

the

report.

If

you

have

already

elected

to

receive

shareholder

reports

electronically,

you

will

not

be

affected

by

this

change

and

you

need

not

take

any

action.

You

may

elect

to

receive

shareholder

reports

and

other

communications

from

the

Funds

electronically

at

any

time

by

contacting

your

financial

intermediary

(such

as

a

broker-dealer

or

bank).

You

may

elect

to

receive

all

future

reports

in

paper

free

of

charge.

You

can

contact

your

financial

intermediary

to

request

that

you

continue

receiving

paper

copies

of

your

shareholder

reports.

Your

election

to

receive

paper

reports

will

apply

to

all

Columbia

Funds

held

in

your

account.

Thematic

Beta

ETFs

|

Semiannual

Report

2019

TABLE

OF

CONTENTS

Columbia

EM

Core

ex-China

ETF

Fund

at

a

Glance

3

Columbia

Emerging

Markets

Consumer

ETF

Fund

at

a

Glance

5

Columbia

India

Consumer

ETF

Fund

at

a

Glance

7

Understanding

Your

Fund’s

Expenses

9

Frequency

Distribution

of

Premiums

and

Discounts

10

Portfolio

of

Investments

11

Statement

of

Assets

and

Liabilities

19

Statement

of

Operations

20

Statement

of

Changes

in

Net

Assets

21

Financial

Highlights

23

Notes

to

Financial

Statements

26

Approval

of

Investment

Management

Services

Agreement

35

Additional

Information

38

FUND

AT

A

GLANCE

Columbia

EM

Core

ex-China

ETF

(Unaudited)

Thematic

Beta

ETFs

|

Semiannual

Report

2019

3

Portfolio

management

Christopher

Lo,

CFA

Portfolio

Manager

Managed

Fund

since

2016

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

Advisors,

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.

The

price

used

to

calculate

Market

Price

return

is

based

on

the

midpoint

of

the

4:00

PM

Eastern

(U.S.)

bid/ask

spread

on

the

NYSE

and

does

not

represent

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

September

30,

2019)

Inception

6

Months

cumulative

1

Year

Life

Market

Price

09/02/15

0.51

2.30

10.43

Net

Asset

Value

09/02/15

0.91

2.11

10.48

Beta

Thematic

Emerging

Markets

ex-China

Index

0.15

0.10

8.93

MSCI

Emerging

Markets

Index

(Net)

-3.66

-2.02

8.16

FUND

AT

A

GLANCE

(continued)

Columbia

EM

Core

ex-China

ETF

(Unaudited)

4

Thematic

Beta

ETFs

|

Semiannual

Report

2019

Top

ten

holdings

(%)

(at

September

30,

2019)

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

(Taiwan)

5

.6

Samsung

Electronics

Co.,

Ltd.

(South

Korea)

5

.3

HDFC

Bank,

Ltd.

ADR

(India)

4

.3

ICICI

Bank,

Ltd.

ADR

(India)

3

.6

Infosys,

Ltd.

ADR

(India)

3

.6

LUKOIL

PJSC

ADR

(Russia)

2

.7

BTS

Group

Holdings

PCL

NVDR

(Thailand)

2

.4

Petroleo

Brasileiro

SA

Preference

Shares

(Brazil)

2

.0

PT

Bank

Central

Asia

Tbk

(Indonesia)

2

.0

SK

Hynix,

Inc.

(South

Korea)

1

.9

Percentages

indicated

are

based

upon

total

investments

(excluding

Money

Market

Funds

and

derivatives,

if

any).

For

further

detail

about

these

holdings,

please

refer

to

the

section

entitled

"Portfolio

of

Investments."

Fund

holdings

are

as

of

the

date

given,

are

subject

to

change

at

any

time,

and

are

not

recommendations

to

buy

or

sell

any

security.

Country

breakdown

(%)

(at

September

30,

2019

)

Brazil

13

.5

Chile

1

.5

India

14

.3

Indonesia

3

.9

Malaysia

4

.1

Mexico

2

.4

Philippines

2

.2

Poland

2

.1

Russia

5

.6

South

Africa

6

.4

South

Korea

15

.3

Taiwan

21

.1

Thailand

6

.4

Turkey

0

.8

United

States

(a)

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)

Includes

investments

in

Money

Market

Funds.

Equity

sector

breakdown

(%)

(at

September

30,

2019)

Communication

Services

5

.1

Consumer

Discretionary

7

.0

Consumer

Staples

7

.8

Energy

11

.4

Financials

26

.7

Health

Care

3

.1

Industrials

5

.0

Information

Technology

21

.2

Materials

9

.7

Real

Estate

0

.7

Utilities

2

.3

Total

100

.0

Percentages

indicated

are

based

upon

total

equity

investments.

The

Fund’s

portfolio

composition

is

subject

to

change.

FUND

AT

A

GLANCE

Columbia

Emerging

Markets

Consumer

ETF

(Unaudited)

Thematic

Beta

ETFs

|

Semiannual

Report

2019

5

Portfolio

management

Christopher

Lo,

CFA

Portfolio

Manager

Managed

Fund

since

2016

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™

Index.

*As

of

3/18/2019,

the

Index

name

changed

from

Dow

Jones

Emerging

Markets

Consumer

Titans

30

TM

Index

to

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.

The

price

used

to

calculate

Market

Price

return

is

based

on

the

midpoint

of

the

4:00

PM

Eastern

(U.S.)

bid/ask

spread

on

the

NYSE

and

does

not

represent

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

a

free-float

market

capitalization-weighted

index

that

measures

the

performance

of

60

leading

emerging

market

companies

in

the

Consumer

Discretionary,

Consumer

Staples,

and

Communication

Services

sectors

as

defined

by

the

Global

Industry

Classification

System

(GICS).

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

September

30,

2019)

Inception

6

Months

cumulative

1

Year

5

Years

Life

Market

Price

09/14/10

-2.92

-0.54

-2.59

1.72

Net

Asset

Value

09/14/10

-2.78

-0.63

-2.57

1.77

Dow

Jones

Emerging

Markets

Consumer

Titans™

Index*

-2.41

0.31

-1.55

2.92

MSCI

Emerging

Markets

Index

(Net)

-3.66

-2.02

2.33

2.09

FUND

AT

A

GLANCE

(continued)

Columbia

Emerging

Markets

Consumer

ETF

(Unaudited)

6

Thematic

Beta

ETFs

|

Semiannual

Report

2019

Top

ten

holdings

(%)

(at

September

30,

2019)

Hindustan

Unilever,

Ltd.

(India)

5

.4

China

Mobile,

Ltd.

(China)

4

.9

Tencent

Holdings,

Ltd.

(China)

4

.9

Alibaba

Group

Holding,

Ltd.

ADR

(China)

4

.8

Baidu,

Inc.

ADR

(China)

3

.6

Chunghwa

Telecom

Co.,

Ltd.

(Taiwan)

3

.5

Uni-President

Enterprises

Corp.

(Taiwan)

3

.2

JD.com,

Inc.

ADR

(China)

3

.1

Maruti

Suzuki

India,

Ltd.

(India)

3

.1

Vodacom

Group,

Ltd.

(South

Africa)

2

.9

Percentages

indicated

are

based

upon

total

investments

(excluding

Money

Market

Funds

and

derivatives,

if

any).

For

further

detail

about

these

holdings,

please

refer

to

the

section

entitled

"Portfolio

of

Investments."

Fund

holdings

are

as

of

the

date

given,

are

subject

to

change

at

any

time,

and

are

not

recommendations

to

buy

or

sell

any

security.

Country

breakdown

(%)

(at

September

30,

2019

)

Brazil

6

.8

Chile

1

.5

China

41

.2

Hong

Kong

0

.4

India

17

.7

Indonesia

3

.2

Mexico

3

.6

Russia

5

.0

South

Africa

4

.9

Taiwan

10

.9

Thailand

3

.7

United

Arab

Emirates

0

.9

United

States

(a)

0

.2

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)

Includes

investments

in

Money

Market

Funds.

Equity

sector

breakdown

(%)

(at

September

30,

2019)

Communication

Services

39

.0

Consumer

Discretionary

31

.3

Consumer

Staples

29

.7

Total

100

.0

Percentages

indicated

are

based

upon

total

equity

investments.

The

Fund’s

portfolio

composition

is

subject

to

change.

FUND

AT

A

GLANCE

Columbia

India

Consumer

ETF

(Unaudited)

Thematic

Beta

ETFs

|

Semiannual

Report

2019

7

Portfolio

management

Christopher

Lo,

CFA

Portfolio

Manager

Managed

Fund

since

2016

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.

The

price

used

to

calculate

Market

Price

return

is

based

on

the

midpoint

of

the

4:00

PM

Eastern

(U.S.)

bid/ask

spread

on

the

NYSE

and

does

not

represent

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

index

consists

of

common

stocks

listed

on

the

primary

exchange

of

India.

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

September

30,

2019)

Inception

6

Months

cumulative

1

Year

5

Years

Life

Market

Price

08/10/11

-2.11

0.95

6.06

9.37

Net

Asset

Value

08/10/11

-1.54

0.68

6.17

9.40

Indxx

India

Consumer

Index

-1.42

1.87

7.58

10.94

MSCI

India

Index

(Net)

-4.68

4.73

3.84

4.43

FUND

AT

A

GLANCE

(continued)

Columbia

India

Consumer

ETF

(Unaudited)

8

Thematic

Beta

ETFs

|

Semiannual

Report

2019

Top

ten

holdings

(%)

(at

September

30,

2019)

Nestle

India,

Ltd.

6

.7

Titan

Co.,

Ltd.

5

.9

Hindustan

Unilever,

Ltd.

5

.7

Bajaj

Auto,

Ltd.

4

.9

Hero

MotoCorp,

Ltd.

4

.8

Maruti

Suzuki

India,

Ltd.

4

.7

Britannia

Industries

Ltd.

4

.7

Dabur

India,

Ltd.

4

.5

ITC,

Ltd.

4

.3

Godrej

Consumer

Products,

Ltd.

4

.3

Percentages

indicated

are

based

upon

total

investments

(excluding

Money

Market

Funds

and

derivatives,

if

any).

For

further

detail

about

these

holdings,

please

refer

to

the

section

entitled

"Portfolio

of

Investments."

Fund

holdings

are

as

of

the

date

given,

are

subject

to

change

at

any

time,

and

are

not

recommendations

to

buy

or

sell

any

security.

Equity

sector

breakdown

(%)

(at

September

30,

2019)

Consumer

Discretionary

49

.7

Consumer

Staples

50

.3

Total

100

.0

Percentages

indicated

are

based

upon

total

equity

investments.

The

Fund’s

portfolio

composition

is

subject

to

change.

UNDERSTANDING

YOUR

FUND’S

EXPENSES

(Unaudited)

Thematic

Beta

ETFs

|

Semiannual

Report

2019

9

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

September

30,

2019.

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,

account

values

at

the

end

of

the

period

would

have

been

reduced.

April

1,

2019

—

September

30,

2019

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

1,009.10

1,023.90

1.11

1.11

0.22

Columbia

Emerging

Markets

Consumer

ETF

1,000.00

1,000.00

972.20

1,021.95

3.01

3.08

0.61

Columbia

India

Consumer

ETF

1,000.00

1,000.00

984.60

1,020.90

4.07

4.14

0.82

FREQUENCY

DISTRIBUTION

OF

PREMIUMS

AND

DISCOUNTS

(Unaudited)

10

Thematic

Beta

ETFs

|

Semiannual

Report

2019

The

tables

that

follow

present

information

about

the

differences

between

the

daily

market

price

on

secondary

markets

for

shares

of

a

Fund

and

that

Fund’s

net

asset

value.

Net

asset

value,

or

“NAV”,

is

the

price

per

share

at

which

each

Fund

issues

and

redeems

shares.

It

is

calculated

in

accordance

with

the

standard

formula

for

valuing

fund

shares.

The

“Market

Price”

of

each

Fund

generally

is

determined

using

the

midpoint

between

the

highest

bid

and

the

lowest

offer

on

the

stock

exchange

on

which

the

shares

of

such

Fund

are

listed

for

trading,

as

of

the

time

that

the

Fund’s

NAV

is

calculated.

Each

Fund’s

Market

Price

may

be

at,

above

or

below

its

NAV.

The

NAV

of

each

Fund

will

fluctuate

with

changes

in

the

market

value

of

its

portfolio

holdings.

The

Market

Price

of

each

Fund

will

fluctuate

in

accordance

with

changes

in

its

NAV,

as

well

as

market

supply

and

demand.

Premiums

or

discounts

are

the

differences

(expressed

as

a

percentage)

between

the

NAV

and

Market

Price

of

a

Fund

on

a

given

day,

generally

at

the

time

NAV

is

calculated.

A

premium

is

the

amount

that

a

Fund

is

trading

above

the

reported

NAV,

expressed

as

a

percentage

of

the

NAV.

A

discount

is

the

amount

that

a

Fund

is

trading

below

the

reported

NAV,

expressed

as

a

percentage

of

the

NAV.

The

following

information

shows

the

frequency

distributions

of

premiums

and

discounts

for

each

of

the

Funds.

The

information

shown

for

each

Fund

is

for

the

period

from

inception

date

of

such

Fund

through

September

30,

2019.

Each

line

in

the

table

shows

the

number

of

trading

days

in

which

the

Fund

traded

within

the

premium/discount

range

indicated.

All

data

presented

here

represents

past

performance,

which

cannot

be

used

to

predict

future

results.

Basis

Point

Differential

Market

Price

Above

or

Equal

to

NAV

Number

of

Days

Market

Price

Below

NAV

Number

of

Days

Columbia

EM

Core

ex-China

ETF

September

2,

2015

–

September

30,

2019

0

–

49.9

293

179

50

-99.9

293

64

100

–

199.9

161

23

>200

12

1

Total

759

267

Basis

Point

Differential

Market

Price

Above

or

Equal

to

NAV

Number

of

Days

Market

Price

Below

NAV

Number

of

Days

Columbia

Emerging

Markets

Consumer

ETF

September

14,

2010

–

September

30,

2019

0

–

49.9

908

582

50

-99.9

384

253

100

-199.9

58

69

>

200

8

15

Total

1358

919

Basis

Point

Differential

Market

Price

Above

or

Equal

to

NAV

Number

of

Days

Market

Price

Below

NAV

Number

of

Days

Columbia

India

Consumer

ETF

August

10,

2011

–

September

30,

2019

0

–

49.9

549

452

50

–

99.9

364

225

100

–

199.9

261

120

>200

61

16

Total

1235

813

PORTFOLIO

OF

INVESTMENTS

Columbia

EM

Core

ex-China

ETF

September

30,

2019

(Unaudited)

(Percentages

represent

value

of

investments

compared

to

net

assets)

Investments

in

Securities

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Thematic

Beta

ETFs

|

Semiannual

Report

2019

11

Common

Stocks

-

92

.3

%

Issuer

Shares

Value

($)

Brazil

-

6.9%

B3

SA

-

Brasil

Bolsa

Balcao

9,944‌

104,157‌

Banco

do

Brasil

SA

7,218‌

78,827‌

BRF

SA

(a)

3,800‌

34,849‌

Magazine

Luiza

SA

10,400‌

92,480‌

Petroleo

Brasileiro

SA

ADR

10,500‌

151,935‌

TIM

Participacoes

SA

45,400‌

129,811‌

Vale

SA

(a)

17,603‌

201,792‌

Total

Brazil

793,851‌

Chile

-

1.0%

Cia

Cervecerias

Unidas

SA

4,459‌

49,875‌

Empresas

COPEC

SA

7,214‌

68,107‌

Total

Chile

117,982‌

India

-

14.3%

Dr.

Reddy's

Laboratories,

Ltd.

ADR

3,950‌

149,665‌

HDFC

Bank,

Ltd.

ADR

8,750‌

499,188‌

ICICI

Bank,

Ltd.

ADR

34,344‌

418,310‌

Infosys,

Ltd.

ADR

36,160‌

411,139‌

Tata

Motors,

Ltd.

ADR

(a)

6,544‌

54,904‌

Vedanta,

Ltd.

ADR

9,759‌

84,708‌

Wipro,

Ltd.

ADR

8,101‌

29,569‌

Total

India

1,647,483‌

Indonesia

-

3.9%

PT

Astra

International

Tbk

116,514‌

54,174‌

PT

Bank

Central

Asia

Tbk

106,477‌

227,656‌

PT

Bank

Mandiri

Persero

Tbk

178,400‌

87,660‌

PT

Telekomunikasi

Indonesia

Persero

Tbk

255,058‌

77,443‌

Total

Indonesia

446,933‌

Malaysia

-

4.1%

Dialog

Group

Bhd

203,000‌

164,844‌

IHH

Healthcare

Bhd

83,400‌

113,139‌

Petronas

Dagangan

Bhd

18,100‌

102,020‌

Tenaga

Nasional

Bhd

29,000‌

94,473‌

Total

Malaysia

474,476‌

Mexico

-

2.4%

Grupo

Bimbo

SAB

de

CV

Series

A

36,968‌

67,387‌

Grupo

Mexico

SAB

de

CV

Series

B

35,324‌

82,549‌

Wal-Mart

de

Mexico

SAB

de

CV

43,629‌

129,225‌

Total

Mexico

279,161‌

Philippines

-

2.2%

Aboitiz

Power

Corp.

75,300‌

55,716‌

Bloomberry

Resorts

Corp.

15,600‌

3,269‌

Jollibee

Foods

Corp.

9,440‌

40,434‌

Manila

Electric

Co.

5,620‌

40,119‌

Puregold

Price

Club,

Inc.

45,800‌

34,507‌

SM

Investments

Corp.

4,110‌

76,998‌

Total

Philippines

251,043‌

Poland

-

2.1%

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

14,454‌

141,758‌

Powszechny

Zaklad

Ubezpieczen

SA

10,714‌

99,894‌

Total

Poland

241,652‌

Russia

-

5.6%

Gazprom

PJSC

ADR

21,695‌

149,782‌

LUKOIL

PJSC

ADR

3,725‌

308,207‌

Sberbank

of

Russia

PJSC

ADR

13,162‌

186,571‌

Total

Russia

644,560‌

South

Africa

-

6.4%

Anglo

American

Platinum,

Ltd.

800‌

48,173‌

AngloGold

Ashanti,

Ltd.

4,923‌

92,239‌

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Bid

Corp.,

Ltd.

6,283‌

133,450‌

Bidvest

Group,

Ltd.

(The)

6,822‌

85,850‌

FirstRand,

Ltd.

17,463‌

71,626‌

Foschini

Group,

Ltd.

(The)

9,700‌

104,571‌

Kumba

Iron

Ore,

Ltd.

300‌

7,409‌

Nedbank

Group,

Ltd.

5,552‌

83,054‌

Sasol,

Ltd.

3,287‌

54,860‌

Shoprite

Holdings,

Ltd.

7,500‌

60,663‌

Total

South

Africa

741,895‌

South

Korea

-

15.2%

Celltrion,

Inc.

(a)

707‌

96,934‌

Hana

Financial

Group,

Inc.

1,936‌

57,053‌

Hyundai

Mobis

Co.,

Ltd.

286‌

60,253‌

Hyundai

Motor

Co.

873‌

97,799‌

KB

Financial

Group,

Inc.

3,606‌

128,726‌

Kia

Motors

Corp.

2,328‌

88,749‌

KT&G

Corp.

798‌

70,383‌

LG

Electronics,

Inc.

1,034‌

58,263‌

POSCO

494‌

93,749‌

Samsung

Electro-Mechanics

Co.,

Ltd.

607‌

52,269‌

Samsung

Electronics

Co.,

Ltd.

14,861‌

609,399‌

Shinhan

Financial

Group

Co.,

Ltd.

3,690‌

128,949‌

SK

Hynix,

Inc.

3,121‌

214,477‌

Total

South

Korea

1,757,003‌

Taiwan

-

21.0%

ASE

Technology

Holding

Co.,

Ltd.

18,160‌

41,442‌

Catcher

Technology

Co.,

Ltd.

7,000‌

53,023‌

Chang

Hwa

Commercial

Bank,

Ltd.

90,571‌

63,204‌

China

Steel

Corp.

109,015‌

80,818‌

Chipbond

Technology

Corp.

30,858‌

57,191‌

Chunghwa

Telecom

Co.,

Ltd.

35,717‌

127,789‌

CTBC

Financial

Holding

Co.,

Ltd.

96,424‌

64,025‌

Eva

Airways

Corp.

114,303‌

50,290‌

Far

Eastern

New

Century

Corp.

88,772‌

81,978‌

Far

EasTone

Telecommunications

Co.,

Ltd.

62,034‌

144,965‌

Formosa

Chemicals

&

Fibre

Corp.

14,371‌

40,161‌

Formosa

Petrochemical

Corp.

14,144‌

44,769‌

Formosa

Plastics

Corp.

34,090‌

103,837‌

Formosa

Taffeta

Co.,

Ltd.

45,002‌

49,028‌

Hon

Hai

Precision

Industry

Co.,

Ltd.

60,953‌

143,814‌

Largan

Precision

Co.,

Ltd.

500‌

71,718‌

Makalot

Industrial

Co.,

Ltd.

5,401‌

28,638‌

MediaTek,

Inc.

7,814‌

92,938‌

Nan

Ya

Plastics

Corp.

48,364‌

108,655‌

President

Chain

Store

Corp.

10,839‌

101,317‌

Taiwan

Business

Bank

163,951‌

67,378‌

Taiwan

Mobile

Co.,

Ltd.

27,926‌

100,814‌

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

74,217‌

650,680‌

Uni-President

Enterprises

Corp.

22,846‌

55,082‌

Total

Taiwan

2,423,554‌

Thailand

-

6.4%

BTS

Group

Holdings

PCL

NVDR

622,555‌

272,756‌

CP

ALL

PCL

NVDR

24,000‌

63,757‌

Home

Product

Center

PCL

NVDR

135,400‌

75,702‌

Ratch

Group

PCL

32,300‌

75,509‌

Siam

Cement

PCL

(The)

4,100‌

54,694‌

Siam

Commercial

Bank

PCL

(The)

19,400‌

74,847‌

Tesco

Lotus

Retail

Growth

Freehold

&

Leasehold

Property

Fund

99,400‌

82,874‌

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

EM

Core

ex-China

ETF

September

30,

2019

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

12

Thematic

Beta

ETFs

|

Semiannual

Report

2019

Notes

to

Portfolio

of

Investments

Abbreviation

Legend

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Thai

Union

Group

PCL

NVDR

74,696‌

40,785‌

Total

Thailand

740,924‌

Turkey

-

0.8%

Tupras

Turkiye

Petrol

Rafinerileri

AS

3,600‌

91,490‌

Total

Common

Stocks

(Cost:

$

9,290,221

)

10,652,007‌

Preferred

Stocks

-

7

.1

%

Issuer

Shares

Value

($)

Brazil

-

6.6%

Banco

Bradesco

SA

Preference

Shares

17,923‌

145,952‌

Cia

Brasileira

de

Distribuicao

Preference

Shares

2,800‌

53,642‌

Itau

Unibanco

Holding

SA

Preference

Shares

25,027‌

210,471‌

Itausa

-

Investimentos

Itau

SA

Preference

Shares

38,415‌

121,551‌

Preferred

Stocks

(continued)

Issuer

Shares

Value

($)

Petroleo

Brasileiro

SA

Preference

Shares

34,471‌

227,991‌

Total

Brazil

759,607‌

Chile

-

0.5%

Sociedad

Quimica

y

Minera

de

Chile

SA

Preference

Shares

Class

B

2,100‌

57,878‌

Total

Preferred

Stocks

(Cost:

$

592,896

)

817,485‌

Money

Market

Funds

-

0

.4

%

Issuer

Shares

Value

($)

Goldman

Sachs

Financial

Square

Funds

—

Treasury

Instruments

Fund,

Institutional

Shares,

1.792%

(b)

42,456‌

42,456‌

Total

Money

Market

Funds

(Cost

$42,456)

42,456‌

Total

Investments

in

Securities

(Cost:

$9,925,573)

11,511,948‌

Other

Assets

&

Liabilities,

Net

21,071‌

Net

Assets

11,533,019‌

(a)

Non-income

producing

investment.

(b)

The

rate

shown

is

the

seven-day

current

annualized

yield

at

September

30,

2019.

ADR

American

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

September

30,

2019

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Thematic

Beta

ETFs

|

Semiannual

Report

2019

13

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.

Under

the

direction

of

the

Fund’s

Board

of

Trustees

(the

Board),

the

Investment

Manager’s

Valuation

Committee

(the

Committee)

is

responsible

for

overseeing

the

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

control

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.

The

Committee

reports

to

the

Board,

with

members

of

the

Committee

meeting

with

the

Board

at

each

of

its

regularly

scheduled

meetings

to

discuss

valuation

matters

and

actions

during

the

period,

similar

to

those

described

earlier.

For

investments

categorized

as

Level

3,

the

Committee

monitors

information

similar

to

that

described

above,

which

may

include:

(i)

data

specific

to

the

issuer

or

comparable

issuers,

(ii)

general

market

or

specific

sector

news

and

(iii)

quoted

prices

and

specific

or

similar

security

transactions.

The

Committee

considers

this

data

and

any

changes

from

prior

periods

in

order

to

assess

the

reasonableness

of

observable

and

unobservable

inputs,

any

assumptions

or

internal

models

used

to

value

those

securities

and

changes

in

fair

value.

This

data

is

also

used

to

corroborate,

when

available,

information

received

from

approved

pricing

vendors

and

brokers.

Various

factors

impact

the

frequency

of

monitoring

this

information

(which

may

occur

as

often

as

daily).

However,

the

Committee

may

determine

that

changes

to

inputs,

assumptions

and

models

are

not

required

as

a

result

of

the

monitoring

procedures

performed.

The

following

table

is

a

summary

of

the

inputs

used

to

value

the

Fund’s

investments

at

September

30,

2019:

Level

1

($)

Level

2

($)

Level

3

($)

Total

($)

Investments

in

Securities

Common

Stocks

Brazil

793,851

–

–

793,851

Chile

117,982

–

–

117,982

India

1,647,483

–

–

1,647,483

Indonesia

446,933

–

–

446,933

Malaysia

474,476

–

–

474,476

Mexico

279,161

–

–

279,161

Philippines

251,043

–

–

251,043

Poland

241,652

–

–

241,652

Russia

644,560

–

–

644,560

South

Africa

741,895

–

–

741,895

South

Korea

1,757,003

–

–

1,757,003

Taiwan

2,423,554

–

–

2,423,554

Thailand

740,924

–

–

740,924

Turkey

91,490

–

–

91,490

Total

Common

Stocks

10,652,007

–

–

10,652,007

Preferred

Stocks

Brazil

759,607

–

–

759,607

Chile

57,878

–

–

57,878

Total

Preferred

Stocks

817,485

–

–

817,485

Money

Market

Funds

42,456

–

–

42,456

Total

Investments

in

Securities

11,511,948

–

–

11,511,948

See

the

Portfolio

of

Investments

for

all

investment

classifications

not

indicated

in

the

table.

PORTFOLIO

OF

INVESTMENTS

Columbia

Emerging

Markets

Consumer

ETF

September

30,

2019

(Unaudited)

(Percentages

represent

value

of

investments

compared

to

net

assets)

Investments

in

Securities

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

14

Thematic

Beta

ETFs

|

Semiannual

Report

2019

Common

Stocks

-

97

.6

%

Issuer

Shares

Value

($)

Brazil

-

4.6%

Lojas

Renner

SA

488,020‌

5,913,086‌

Raia

Drogasil

SA

160,187‌

3,684,524‌

TIM

Participacoes

SA

490,300‌

1,401,900‌

Total

Brazil

10,999,510‌

Chile

-

1.6%

Cencosud

SA

793,000‌

1,306,775‌

S.A.C.I.

Falabella

428,752‌

2,399,275‌

Total

Chile

3,706,050‌

China

-

41.2%

58.com,

Inc.

ADR

(a)

27,913‌

1,376,390‌

Alibaba

Group

Holding,

Ltd.

ADR

(a)

68,954‌

11,531,177‌

ANTA

Sports

Products,

Ltd.

311,367‌

2,575,726‌

Autohome,

Inc.

ADR

(a)

17,236‌

1,432,829‌

Baidu,

Inc.

ADR

(a)

83,878‌

8,619,303‌

BYD

Co.,

Ltd.

Class

H

185,952‌

928,645‌

China

Mengniu

Dairy

Co.,

Ltd.

(a)

823,023‌

3,081,323‌

China

Mobile,

Ltd.

1,414,320‌

11,699,703‌

China

Resources

Beer

Holdings

Co.,

Ltd.

412,308‌

2,185,295‌

China

Telecom

Corp.,

Ltd.

Class

H

4,209,338‌

1,916,899‌

China

Tower

Corp.

Ltd.

Class

H

(b)

13,446,469‌

3,053,131‌

China

Unicom

Hong

Kong,

Ltd.

1,763,412‌

1,871,519‌

Ctrip.com

International,

Ltd.

ADR

(a)

120,880‌

3,540,575‌

Dongfeng

Motor

Group

Co.,

Ltd.

Class

H

754,580‌

717,098‌

Geely

Automobile

Holdings,

Ltd.

1,548,573‌

2,627,245‌

Guangzhou

Automobile

Group

Co.,

Ltd.

Class

H

855,822‌

818,770‌

Hengan

International

Group

Co.,

Ltd.

212,905‌

1,395,938‌

JD.com,

Inc.

ADR

(a)

263,945‌

7,445,888‌

NetEase,

Inc.

ADR

20,959‌

5,578,867‌

New

Oriental

Education

&

Technology

Group,

Inc.

ADR

(a)

35,971‌

3,984,148‌

TAL

Education

Group

ADR

(a)

111,098‌

3,803,996‌

Tencent

Holdings,

Ltd.

275,097‌

11,587,243‌

Want

Want

China

Holdings,

Ltd.

1,921,717‌

1,537,001‌

Yum

China

Holdings,

Inc.

114,301‌

5,192,694‌

Total

China

98,501,403‌

Hong

Kong

-

0.4%

Haier

Electronics

Group

Co.,

Ltd.

366,111‌

955,044‌

India

-

17.7%

Bharti

Airtel,

Ltd.

1,216,409‌

6,300,134‌

Hero

MotoCorp,

Ltd.

62,697‌

2,392,868‌

Hindustan

Unilever,

Ltd.

457,658‌

12,799,078‌

ITC,

Ltd.

1,872,377‌

6,865,323‌

Mahindra

&

Mahindra,

Ltd.

389,995‌

3,010,997‌

Maruti

Suzuki

India,

Ltd.

77,421‌

7,336,712‌

Titan

Co.,

Ltd.

199,092‌

3,576,384‌

Total

India

42,281,496‌

Indonesia

-

3.2%

PT

Astra

International

Tbk

5,562,925‌

2,586,496‌

PT

Telekomunikasi

Indonesia

Persero

Tbk

13,067,842‌

3,967,763‌

PT

Unilever

Indonesia

Tbk

314,536‌

1,030,357‌

Total

Indonesia

7,584,616‌

Mexico

-

3.6%

Coca-Cola

Femsa

SAB

de

CV

111,447‌

677,860‌

Fomento

Economico

Mexicano

SAB

de

CV

Series

UBD

394,391‌

3,616,516‌

Grupo

Televisa

SAB

Series

CPO

536,881‌

1,050,431‌

Wal-Mart

de

Mexico

SAB

de

CV

1,074,522‌

3,182,640‌

Total

Mexico

8,527,447‌

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Russia

-

5.0%

Magnit

PJSC

GDR

259,685‌

3,392,785‌

X5

Retail

Group

NV

GDR

76,675‌

2,682,091‌

Yandex

NV

Class

A

(a)

169,265‌

5,925,968‌

Total

Russia

12,000,844‌

South

Africa

-

4.8%

Shoprite

Holdings,

Ltd.

574,342‌

4,645,494‌

Vodacom

Group,

Ltd.

880,263‌

6,945,732‌

Total

South

Africa

11,591,226‌

Taiwan

-

10.9%

Chunghwa

Telecom

Co.,

Ltd.

2,332,657‌

8,345,821‌

Hotai

Motor

Co.,

Ltd.

218,000‌

3,313,091‌

President

Chain

Store

Corp.

344,513‌

3,220,319‌

Taiwan

Mobile

Co.,

Ltd.

990,316‌

3,575,090‌

Uni-President

Enterprises

Corp.

3,138,202‌

7,566,198‌

Total

Taiwan

26,020,519‌

Thailand

-

3.7%

Advanced

Info

Service

PCL

375,000‌

2,697,401‌

CP

ALL

PCL

1,542,405‌

4,097,447‌

Thai

Beverage

PCL

3,255,744‌

2,083,544‌

Total

Thailand

8,878,392‌

United

Arab

Emirates

-

0.9%

Emirates

Telecommunications

Group

Co.

PJSC

499,459‌

2,243,599‌

Total

Common

Stocks

(Cost:

$

247,361,213

)

233,290,146‌

Preferred

Stocks

-

2

.1

%

Issuer

Shares

Value

($)

Brazil

-

2.1%

Cia

Brasileira

de

Distribuicao

Preference

Shares

95,929‌

1,837,791‌

Telefonica

Brasil

SA

Preference

Shares

254,156‌

3,352,218‌

Total

Brazil

5,190,009‌

Total

Preferred

Stocks

(Cost:

$

5,541,712

)

5,190,009‌

Money

Market

Funds

-

0

.2

%

Issuer

Shares

Value

($)

Goldman

Sachs

Financial

Square

Funds

—

Treasury

Instruments

Fund,

Institutional

Shares,

1.792%

(c)

413,361‌

413,361‌

Total

Money

Market

Funds

(Cost

$413,361)

413,361‌

Total

Investments

in

Securities

(Cost:

$253,316,286)

238,893,516‌

Other

Assets

&

Liabilities,

Net

200,642‌

Net

Assets

239,094,158‌

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Emerging

Markets

Consumer

ETF

September

30,

2019

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Thematic

Beta

ETFs

|

Semiannual

Report

2019

15

Notes

to

Portfolio

of

Investments

Abbreviation

Legend

(a)

Non-income

producing

investment.

(b)

Represents

privately

placed

and

other

securities

and

instruments

exempt

from

SEC

registration

(collectively,

private

placements),

such

as

Section

4(a)(2)

and

Rule

144A

eligible

securities,

which

are

often

sold

only

to

qualified

institutional

buyers.

The

Fund

may

invest

in

private

placements

determined

to

be

liquid

as

well

as

those

determined

to

be

illiquid.

Private

placements

may

be

determined

to

be

liquid

under

guidelines

established

by

the

Fund’s

Board

of

Trustees.

At

September

30,

2019,

the

net

value

of

these

securities

amounted

to

$3,053,131

which

represents

1.28%

of

net

assets.

(c)

The

rate

shown

is

the

seven-day

current

annualized

yield

at

September

30,

2019.

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.

Under

the

direction

of

the

Fund’s

Board

of

Trustees

(the

Board),

the

Investment

Manager’s

Valuation

Committee

(the

Committee)

is

responsible

for

overseeing

the

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

control

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.

The

Committee

reports

to

the

Board,

with

members

of

the

Committee

meeting

with

the

Board

at

each

of

its

regularly

scheduled

meetings

to

discuss

valuation

matters

and

actions

during

the

period,

similar

to

those

described

earlier.

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Emerging

Markets

Consumer

ETF

September

30,

2019

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

16

Thematic

Beta

ETFs

|

Semiannual

Report

2019

Fair

Value

Measurements

(continued)

For

investments

categorized

as

Level

3,

the

Committee

monitors

information

similar

to

that

described

above,

which

may

include:

(i)

data

specific

to

the

issuer

or

comparable

issuers,

(ii)

general

market

or

specific

sector

news

and

(iii)

quoted

prices

and

specific

or

similar

security

transactions.

The

Committee

considers

this

data

and

any

changes

from

prior

periods

in

order

to

assess

the

reasonableness

of

observable

and

unobservable

inputs,

any

assumptions

or

internal

models

used

to

value

those

securities

and

changes

in

fair

value.

This

data

is

also

used

to

corroborate,

when

available,

information

received

from

approved

pricing

vendors

and

brokers.

Various

factors

impact

the

frequency

of

monitoring

this

information

(which

may

occur

as

often

as

daily).

However,

the

Committee

may

determine

that

changes

to

inputs,

assumptions

and

models

are

not

required

as

a

result

of

the

monitoring

procedures

performed.

The

following

table

is

a

summary

of

the

inputs

used

to

value

the

Fund’s

investments

at

September

30,

2019:

Level

1

($)

Level

2

($)

Level

3

($)

Total

($)

Investments

in

Securities

Common

Stocks

Brazil

10,999,510

–

–

10,999,510

Chile

3,706,050

–

–

3,706,050

China

98,501,403

–

–

98,501,403

Hong

Kong

955,044

–

–

955,044

India

42,281,496

–

–

42,281,496

Indonesia

7,584,616

–

–

7,584,616

Mexico

8,527,447

–

–

8,527,447

Russia

12,000,844

–

–

12,000,844

South

Africa

11,591,226

–

–

11,591,226

Taiwan

26,020,519

–

–

26,020,519

Thailand

8,878,392

–

–

8,878,392

United

Arab

Emirates

2,243,599

–

–

2,243,599

Total

Common

Stocks

233,290,146

–

–

233,290,146

Preferred

Stocks

Brazil

5,190,009

–

–

5,190,009

Total

Preferred

Stocks

5,190,009

–

–

5,190,009

Money

Market

Funds

413,361

–

–

413,361

Total

Investments

in

Securities

238,893,516

–

–

238,893,516

See

the

Portfolio

of

Investments

for

all

investment

classifications

not

indicated

in

the

table.

PORTFOLIO

OF

INVESTMENTS

(Consolidated)

Columbia

India

Consumer

ETF

September

30,

2019

(Unaudited)

(Percentages

represent

value

of

investments

compared

to

net

assets)

Investments

in

Securities

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Thematic

Beta

ETFs

|

Semiannual

Report

2019

17

Notes

to

Consolidated

Portfolio

of

Investments

Common

Stocks

-

99

.9

%

Issuer

Shares

Value

($)

Consumer

Discretionary

-

49.7%

Aditya

Birla

Fashion

and

Retail,

Ltd.

(a)

394,237‌

1,175,722‌

Bajaj

Auto,

Ltd.

131,398‌

5,454,398‌

Bharat

Forge,

Ltd.

341,675‌

2,151,957‌

Bosch,

Ltd.

13,034‌

2,586,558‌

Eicher

Motors,

Ltd.

17,763‌

4,452,781‌

Exide

Industries,

Ltd.

612,975‌

1,688,369‌

Future

Retail,

Ltd.

(a)

238,726‌

1,282,749‌

Hero

MotoCorp,

Ltd.

141,313‌

5,393,295‌

Jubilant

Foodworks,

Ltd.

103,371‌

1,982,855‌

Mahindra

&

Mahindra,

Ltd.

579,743‌

4,475,967‌

Maruti

Suzuki

India,

Ltd.

55,701‌

5,278,441‌

Motherson

Sumi

Systems,

Ltd.

1,709,404‌

2,531,466‌

MRF,

Ltd.

3,612‌

3,225,807‌

Page

Industries,

Ltd.

6,084‌

1,933,130‌

Rajesh

Exports,

Ltd.

197,019‌

1,853,878‌

Tata

Motors,

Ltd.

(a)

2,138,173‌

3,543,568‌

Titan

Co.,

Ltd.

368,621‌

6,621,714‌

Total

55,632,655‌

Consumer

Staples

-

50.2%

Avenue

Supermarts,

Ltd.

(a)(b)

145,781‌

3,827,356‌

Britannia

Industries

Ltd.

126,765‌

5,266,283‌

Colgate-Palmolive

India,

Ltd.

193,166‌

4,099,293‌

Dabur

India,

Ltd.

808,059‌

5,099,627‌

GlaxoSmithKline

Consumer

Healthcare,

Ltd.

16,787‌

2,020,278‌

Godrej

Consumer

Products,

Ltd.

501,797‌

4,866,529‌

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Hindustan

Unilever,

Ltd.

228,335‌

6,385,723‌

ITC,

Ltd.

1,329,906‌

4,876,279‌

Marico,

Ltd.

752,570‌

4,186,620‌

Nestle

India,

Ltd.

38,433‌

7,532,524‌

Procter

&

Gamble

Hygiene

&

Health

Care,

Ltd.

13,835‌

2,367,247‌

United

Breweries,

Ltd.

93,959‌

1,786,073‌

United

Spirits,

Ltd.

(a)

407,965‌

3,839,668‌

Total

56,153,500‌

Total

Common

Stocks

(Cost:

$

93,269,303

)

111,786,155‌

Corporate

Bond

-

0.0

%

Issuer

Shares

Value

($)

Consumer

Staples

-

0.0%

Britannia

Industries

Ltd.,

8.00%,

08/28/22

(Cost:

$54,405)

3,918,090‌

55,043‌

Money

Market

Funds

-

0

.3

%

Issuer

Shares

Value

($)

Goldman

Sachs

Financial

Square

Funds

—

Treasury

Instruments

Fund,

Institutional

Shares,

1.792%

(c)

293,811‌

293,811‌

Total

Money

Market

Funds

(cost

$293,811)

293,811‌

Total

Investments

in

Securities

(Cost:

$93,617,519)

112,135,009‌

Other

Assets

&

Liabilities,

Net

(

269,061‌

)

Net

Assets

111,865,948‌

(a)

Non-income

producing

investment.

(b)

Represents

privately

placed

and

other

securities

and

instruments

exempt

from

SEC

registration

(collectively,

private

placements),

such

as

Section

4(a)(2)

and

Rule

144A

eligible

securities,

which

are

often

sold

only

to

qualified

institutional

buyers.

The

Fund

may

invest

in

private

placements

determined

to

be

liquid

as

well

as

those

determined

to

be

illiquid.

Private

placements

may

be

determined

to

be

liquid

under

guidelines

established

by

the

Fund’s

Board

of

Trustees.

At

September

30,

2019,

the

net

value

of

these

securities

amounted

to

$3,827,356

which

represents

3.42%

of

net

assets.

(c)

The

rate

shown

is

the

seven-day

current

annualized

yield

at

September

30,

2019.

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

September

30,

2019

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

18

Thematic

Beta

ETFs

|

Semiannual

Report

2019

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.

Under

the

direction

of

the

Fund’s

Board

of

Trustees

(the

Board),

the

Investment

Manager’s

Valuation

Committee

(the

Committee)

is

responsible

for

overseeing

the

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

control

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.

The

Committee

reports

to

the

Board,

with

members

of

the

Committee

meeting

with

the

Board

at

each

of

its

regularly

scheduled

meetings

to

discuss

valuation

matters

and

actions

during

the

period,

similar

to

those

described

earlier.

For

investments

categorized

as

Level

3,

the

Committee

monitors

information

similar

to

that

described

above,

which

may

include:

(i)

data

specific

to

the

issuer

or

comparable

issuers,

(ii)

general

market

or

specific

sector

news

and

(iii)

quoted

prices

and

specific

or

similar

security

transactions.

The

Committee

considers

this

data

and

any

changes

from

prior

periods

in

order

to

assess

the

reasonableness

of

observable

and

unobservable

inputs,

any

assumptions

or

internal

models

used

to

value

those

securities

and

changes

in

fair

value.

This

data

is

also

used

to

corroborate,

when

available,

information

received

from

approved

pricing

vendors

and

brokers.

Various

factors

impact

the

frequency

of

monitoring

this

information

(which

may

occur

as

often

as

daily).

However,

the

Committee

may

determine

that

changes

to

inputs,

assumptions

and

models

are

not

required

as

a

result

of

the

monitoring

procedures

performed.

The

following

table

is

a

summary

of

the

inputs

used

to

value

the

Fund’s

investments

at

September

30,

2019:

Level

1

($)

Level

2

($)

Level

3

($)

Total

($)

Investments

in

Securities

Common

Stocks

Consumer

Discretionary

55,632,655

–

–

55,632,655

Consumer

Staples

56,153,500

–

–

56,153,500

Total

Common

Stocks

111,786,155

–

–

111,786,155

Corporate

Bonds

Consumer

Staples

–

55,043

–

55,043

Total

Corporate

Bonds

–

55,043

–

55,043

Money

Market

Funds

293,811

–

–

293,811

Total

Investments

in

Securities

112,079,966

55,043

–

112,135,009

See

the

Portfolio

of

Investments

for

all

investment

classifications

not

indicated

in

the

table.

The

Fund’s

assets

assigned

to

the

Level

2

input

category

are

generally

valued

using

the

market

approach,

in

which

a

security's

value

is

determined

through

reference

to

prices

and

information

from

market

transactions

for

similar

or

identical

assets.

STATEMENT

OF

ASSETS

AND

LIABILITIES

September

30,

2019

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Thematic

Beta

ETFs

|

Semiannual

Report

2019

19

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

$9,925,573,

$253,316,286

and

$93,617,519,

respectively)

$11,511,948

$238,893,516

$112,135,009

Foreign

currency

(cost

$2,651,

$9,981

and

$77,901,

respectively)

2,647

9,978

78,425

Receivable

for:

Dividends

19,440

308,389

3,394

Foreign

tax

reclaims

491

–

–

Total

assets

11,534,526

239,211,883

112,216,828

Liabilities

Payable

for:

Investments

management

fees

1,507

117,725

65,711

Foreign

capital

gains

taxes

deferred

–

–

284,915

Accrued

expenses

and

other

liabilities

–

–

254

Total

liabilities

1,507

117,725

350,880

Net

assets

applicable

to

outstanding

capital

stock

$11,533,019

$239,094,158

$111,865,948

Represented

by:

Paid-in

capital

$10,122,033

$455,165,569

$99,969,277

Total

distributable

earnings

(loss)

1,410,986

(216,071,411)

11,896,671

Total

—

representing

net

assets

applicable

to

outstanding

capital

stock

$11,533,019

$239,094,158

$111,865,948

Shares

outstanding

450,000

10,850,000

2,700,000

Net

asset

value

per

share

$25.63

$22.04

$41.43

STATEMENT

OF

OPERATIONS

Six

Months

Ended

September

30,

2019

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

20

Thematic

Beta

ETFs

|

Semiannual

Report

2019

Columbia

EM

Core

ex-

China

ETF

Columbia

Emerging

Markets

Consumer

ETF

Columbia

India

Consumer

ETF

(Consolidated)

Investment

Income:

Dividends

-

unaffiliated

issuers

$

258,320‌

$

3,953,110‌

$

1,041,469‌

Interest

–‌

–‌

396‌

Foreign

taxes

withheld

(

42,398‌

)

(

398,589‌

)

(

20‌

)

Total

income

215,922‌

3,554,521‌

1,041,845‌

Expenses:

Investment

management

fees

12,863‌

779,611‌

444,913‌

Mauritius

taxes

paid

–‌

16,021‌

25,327‌

Overdraft

expense

5‌

15,581‌

15,928‌

Total

expenses

12,868‌

811,213‌

486,168‌

Fees

waived

by

the

Investment

Manager

and

its

affiliates

–‌

(

320‌

)

–‌

Total

net

expenses

12,868‌

810,893‌

486,168‌

Net

investment

income

203,054‌

2,743,628‌

555,677‌

Realized

and

unrealized

gain

(loss)

—

net

Net

realized

gain

(loss)

on:

Investments

-

unaffiliated

issuers

112,978‌

(

1,502,507‌

)

(

1,751,645‌

)

In-kind

transactions

–‌

45,725‌

–‌

Foreign

currency

translations

(

6,442‌

)

(

131,402‌

)

(

87,640‌

)

Net

realized

gain

(loss)

106,536‌

(

1,588,184‌

)

(

1,839,285‌

)

Change

in

net

unrealized

appreciation

(depreciation)

on:

Investments

-

unaffiliated

issuers

(

207,731‌

)

(

8,386,330‌

)

(

2,151,791‌

)

Foreign

capital

gains

tax

–‌

–‌

292,336‌

Foreign

currency

translations

69‌

(

14,968‌

)

525‌

Net

change

in

unrealized

depreciation

(

207,662‌

)

(

8,401,298‌

)

(

1,858,930‌

)

Net

realized

and

unrealized

loss

(

101,126‌

)

(

9,989,482‌

)

(

3,698,215‌

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

$101,928

$(7,245,854)

$(3,142,538)

STATEMENT

OF

CHANGES

IN

NET

ASSETS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Thematic

Beta

ETFs

|

Semiannual

Report

2019

21

,

Columbia

EM

Core

ex-China

ETF

Columbia

Emerging

Markets

Consumer

ETF

Six

Months

Ended

September

30,

2019

(Unaudited)

Year

Ended

March

31,

2019

Six

Months

Ended

September

30,

2019

(Unaudited)

Year

Ended

March

31,

2019

(a)(b)

Operations

Net

investment

income

$

203,054‌

$

236,852‌

$

2,743,628‌

$

5,131,130‌

Net

realized

gain

(loss)

106,536‌

(

415,704‌

)

(

1,588,184‌

)

(

20,154,637‌

)

Net

change

in

unrealized

depreciation

(

207,662‌

)

(

422,429‌

)

(

8,401,298‌

)

(

89,095,835‌

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

101,928‌

(

601,281‌

)

(

7,245,854‌

)

(

104,119,342‌

)

Distributions

to

shareholders

Net

investment

income

and

net

realized

gains

–‌

(

269,920‌

)

–‌

(

2,714,200‌

)

Shareholder

transactions

Proceeds

from

shares

sold

–‌

2,491,783‌

–‌

–‌

Cost

of

shares

redeemed

–‌

–‌

(

43,778,649‌

)

(

412,983,788‌

)

Transaction

fees

–‌

–‌

–‌

24,964‌

Net

increase

(decrease)

in

net

assets

resulting

from

shareholder

transactions

–‌

2,491,783‌

(

43,778,649‌

)

(

412,958,824‌

)

Increase

(decrease)

in

net

assets

101,928‌

1,620,582‌

(

51,024,503‌

)

(

519,792,366‌

)

Net

Assets:

Net

assets

at

beginning

of

period

11,431,091‌

9,810,509‌

290,118,661‌

809,911,027‌

Net

assets

at

end

of

period

$

11,533,019‌

$

11,431,091‌

$

239,094,158‌

$

290,118,661‌

Capital

stock

activity

Shares

outstanding,

beginning

of

period

450,000‌

350,000‌

12,800,000‌

30,750,000‌

Subscriptions

–‌

100,000‌

–‌

–‌

Redemptions

–‌

–‌

(

1,950,000‌

)

(

17,950,000‌

)

Shares

outstanding,

end

of

period

450,000‌

450,000‌

10,850,000‌

12,800,000‌

(a)

Consolidated.

(b)

EG

Shares

Consumer

Mauritius,

the

Fund's

Subsidiary,

was

liquidated

on

November

30,

2018.

STATEMENT

OF

CHANGES

IN

NET

ASSETS

(continued)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

22

Thematic

Beta

ETFs

|

Semiannual

Report

2019

Columbia

India

Consumer

ETF

(Consolidated)

Six

Months

Ended

September

30,

2019

(Unaudited)

Year

Ended

March

31,

2019

Operations

Net

investment

income

$

555,677‌

$

362,258‌

Net

realized

gain

(loss)

(

1,839,285‌

)

2,622,524‌

Net

change

in

unrealized

depreciation

(

1,858,930‌

)

(

14,477,422‌

)

Net

decrease

in

net

assets

resulting

from

operations

(

3,142,538‌

)

(

11,492,640‌

)

Distributions

to

shareholders

Net

investment

income

and

net

realized

gains

–‌

(

167,832‌

)

Shareholder

transactions

Cost

of

shares

redeemed

(

15,427,758‌

)

(

2,192,452‌

)

Net

decrease

in

net

assets

resulting

from

shareholder

transactions

(

15,427,758‌

)

(

2,192,452‌

)

Decrease

in

net

assets

(

18,570,296‌

)

(

13,852,924‌

)

Net

Assets:

Net

assets

at

beginning

of

period

130,436,244‌

144,289,168‌

Net

assets

at

end

of

period

$

111,865,948‌

$

130,436,244‌

Capital

stock

activity

Shares

outstanding,

beginning

of

period

3,100,000‌

3,150,000‌

Subscriptions

–‌

–‌

Redemptions

(

400,000‌

)

(

50,000‌

)

Shares

outstanding,

end

of

period

2,700,000‌

3,100,000‌

FINANCIAL

HIGHLIGHTS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Thematic

Beta

ETFs

|

Semiannual

Report

2019

23

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

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.

The

price

used

to

calculate

Total

Return

at

Market

is

based

on

the

midpoint

of

the

4:00

PM

Eastern

(U.S.)

bid/ask

spread

on

the

NYSE

and

does

not

represent

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

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.

Columbia

EM

Core

ex-China

ETF

Six

Months

Ended

September

30,

2019

(Unaudited)

Year

Ended

March

31,

2016

(a)

2019

2018

2017

Per

share

data

Net

asset

value,

beginning

of

period

$

25

.40‌

$

28

.03‌

$

24

.91‌

$

21

.23‌

$

20

.00‌

Income

(loss)

from

investment

operations:

Net

investment

income

0

.45‌

0

.65‌

0

.66‌

0

.41‌

0

.22‌

Net

realized

and

unrealized

gain

(loss)

(

0

.22‌

)

(

2

.51‌

)

4

.83‌

3

.55‌

1

.52‌

Total

from

investment

operations

0

.23‌

(

1

.86‌

)

5

.49‌

3

.96‌

1

.74‌

Less

distributions

to

shareholders:

Net

investment

income

–‌

(

0

.62‌

)

(

0

.61‌

)

(

0

.28‌

)

(

0

.51‌

)

Net

realized

gains

–‌

(

0

.15‌

)

(

1

.76‌

)

–‌

–‌

Total

distribution

to

shareholders

–‌

(

0

.77‌

)

(

2

.37‌

)

(

0

.28‌

)

(

0

.51‌

)

Net

asset

value,

end

of

period

$

25

.63‌

$

25

.40‌

$

28

.03‌

$

24

.91‌

$

21

.23‌

Total

Return

at

NAV

0

.91‌

%

(

6

.38‌

)

%

22

.76‌

%

18

.83‌

%

8

.98‌

%

Total

Return

at

Market

0

.51‌

%

(

7

.37‌

)

%

20

.45‌

%

23

.20‌

%

8

.49‌

%

Ratios

to

average

net

assets:

Total

gross

expenses

(b)

0

.22‌

%

(c)

(d)

0

.47‌

%

(e)

0

.70‌

%

(f)

0

.70‌

%

0

.70‌

%

(c)

Total

net

expenses

(b)(g)

0

.22‌

%

(c)

(d)

0

.35‌

%

(e)

0

.35‌

%

(f)

0

.35‌

%

0

.35‌

%

(c)

Net

Investment

income

3

.52‌

%

(c)

2

.54‌

%

2

.40‌

%

1

.80‌

%

1

.92‌

%

(c)

Supplemental

data

Net

assets,

end

of

period

(in

thousands)

$

11,533‌

$

11,431‌

$

9,811‌

$

11,209‌

$

1,062‌

Portfolio

turnover

13‌

%

24‌

%

37‌

%

30‌

%

45‌

%

Notes

to

Financial

Highlights

(a)

Based

on

operations

from

September

2,

2015

(commencement

of

operations)

through

the

stated

period

end.

(b)

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.

(c)

Annualized.

(d)

The

ratio

includes

less

than

0.01%

for

the

six

months

ended

September

30,

2019

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,

2019

attributed

to

overdraft

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

(f)

The

ratio

includes

less

than

0.01%

for

the

year

ended

March

31,

2018

attributed

to

line

of

credit

interest

expense,

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

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

24

Thematic

Beta

ETFs

|

Semiannual

Report

2019

Columbia

Emerging

Markets

Consumer

ETF

Six

Months

Ended

September

30,

2019

(Unaudited)

Year

Ended

March

31,

2019

(a)(b)

2018

(a)

2017

(a)

2016

(a)

2015

(a)

Per

share

data

Net

asset

value,

beginning

of

period

$

22

.67‌

$

26

.34‌

$

24

.75‌

$

22

.60‌

$

26

.45‌

$

26

.53‌

Income

(loss)

from

investment

operations:

Net

investment

income

0

.23‌

0

.25‌

0

.10‌

0

.18‌

0

.21‌

0

.25‌

Net

realized

and

unrealized

gain

(loss)

(

0

.86‌

)

(

3

.72‌

)

1

.59‌

2

.13‌

(

3

.83‌

)

(

0

.03‌

)

Total

from

investment

operations

(

0

.63‌

)

(

3

.47‌

)

1

.69‌

2

.31‌

(

3

.62‌

)

0

.22‌

Less

distributions

to

shareholders:

Net

investment

income

–‌

(

0

.20‌

)

(

0

.10‌

)

(

0

.16‌

)

(

0

.23‌

)

(

0

.30‌

)

Net

asset

value,

end

of

period

$

22

.04‌

$

22

.67‌

$

26

.34‌

$

24

.75‌

$

22

.60‌

$

26

.45‌

Total

Return

at

NAV

(

2

.78‌

)

%

(

13

.08‌

)

%

6

.81‌

%

10

.35‌

%

(

13

.63‌

)

%

0

.88‌

%

Total

Return

at

Market

(

2

.92‌

)

%

(

13

.90‌

)

%

7

.16‌

%

10

.75‌

%

(

13

.64‌

)

%

0

.74‌

%

Ratios

to

average

net

assets:

Total

gross

expenses

(c)

0

.61‌

%

(d)

(e)

0

.61‌

%

(f)

0

.81‌

%

(g)

0

.85‌

%

(h)

0

.85‌

%

0

.83‌

%

Total

net

expenses

(c)(i)

0

.61‌

%

(d)

(e)

0

.61‌

%

(f)

0

.81‌

%

(g)

0

.85‌

%

(h)

0

.85‌

%

0

.83‌

%

Net

Investment

income

2

.08‌

%

(d)

1

.07‌

%

0

.37‌

%

0

.77‌

%

0

.86‌

%

0

.92‌

%

Supplemental

data

Net

assets,

end

of

period

(in

thousands)

$

239,094‌

$

290,119‌

$

809,911‌

$

741,171‌

$

612,360‌

$

1,145,158‌

Portfolio

turnover

20‌

%

61‌

%

27‌

%

17‌

%

32‌

%

12‌

%

Notes

to

Financial

Highlights

(a)

Consolidated.

(b)

EG

Shares

Consumer

Mauritius,

the

Fund's

Subsidiary,

was

liquidated

on

November

30,

2018.

(c)

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.

(d)

Annualized.

(e)

The

ratio

includes

0.02%

for

the

six

months

ended

September

30,

2019

attributed

to

overdraft

expense

and

tax

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

Effective

August

1,

2019

through

July

31,

2020,

the

Investment

Manager

has

contractually

agreed

to

limit

the

Fund's

operating

expenses

to

the

annual

rate

of

0.59%

of

Fund's

average

daily

net

assets,

inclusive

of

any

overdraft

charges

(as

defined

in

Note

3).

(f)

The

ratio

includes

0.02%

for

the

year

ended

March

31,

2019

attributed

to

overdraft

expense

and

tax

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

(g)

The

ratio

includes

less

than

0.01%

for

the

year

ended

March

31,

2018

attributed

to

overdraft

expense

and

tax

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

(h)

The

ratio

includes

less

than

0.01%

for

the

year

ended

March

31,

2017

attributed

to

tax

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

(i)

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

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Thematic

Beta

ETFs

|

Semiannual

Report

2019

25

Columbia

India

Consumer

ETF

(Consolidated)

Six

Months

Ended

September

30,

2019

(Unaudited)

Year

Ended

March

31,

2019

2018

2017

2016

2015

Per

share

data

Net

asset

value,

beginning

of

period

$

42

.08‌

$

45

.81‌

$

38

.31‌

$

31

.16‌

$

35

.48‌

$

24

.72‌

Income

(loss)

from

investment

operations:

Net

investment

income

(loss)

0

.19‌

0

.12‌

0

.01‌

(

0

.03‌

)

0

.04‌

(

0

.12‌

)

Net

realized

and

unrealized

gain

(loss)

(

0

.84‌

)

(

3

.80‌

)

7

.52‌

7

.21‌

(

4

.36‌

)

10

.91‌

Total

from

investment

operations

(

0

.65‌

)

(

3

.68‌

)

7

.53‌

7

.18‌

(

4

.32‌

)

10

.79‌

Less

distributions

to

shareholders:

Net

investment

income

–‌

(

0

.05‌

)

(

0

.03‌

)

(

0

.03‌

)

–‌

(

0

.03‌

)

Net

asset

value,

end

of

period

$

41

.43‌

$

42

.08‌

$

45

.81‌

$

38

.31‌

$

31

.16‌

$

35

.48‌

Total

Return

at

NAV

(

1

.54‌

)

%

(

8

.03‌

)

%

19

.64‌

%

23

.06‌

%

(

12

.18‌

)

%

43

.64‌

%

Total

Return

at

Market

(

2

.11‌

)

%

(

8

.44‌

)

%

19

.98‌

%

23

.67‌

%

(

12

.57‌

)

%

44

.04‌

%

Ratios

to

average

net

assets:

Total

gross

expenses

(a)

0

.82‌

%

(b)

(c)

0

.77‌

%

(d)

0

.87‌

%

(e)

0

.89‌

%

(f)

0

.89‌

%

0

.90‌

%

(g)

Total

net

expenses

(a)(h)

0

.82‌

%

(b)

(c)

0

.77‌

%

(d)

0

.87‌

%

(e)

0

.89‌

%

(f)

0

.89‌

%

0

.90‌

%

(g)

Net

Investment

income

(loss)

0

.94‌

%

(b)

0

.26‌

%

0

.01‌

%

(

0

.09‌

)

%

0

.13‌

%

(

0

.36‌

)

%

Supplemental

data

Net

assets,

end

of

period

(in

thousands)

$

111,866‌

$

130,436‌

$

144,289‌

$

88,102‌

$

71,679‌

$

88,710‌

Portfolio

turnover

1‌

%

15‌

%

28‌

%

31‌

%

47‌

%

82‌

%

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)

Annualized.

(c)

The

ratio

includes

0.07%

for

the

six

months

ended

September

30,

2019

attributed

to

overdraft

expense

and

tax

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

(d)

The

ratio

includes

0.02%

for

the

year

ended

March

31,

2019

attributed

to

tax

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

(e)

The

ratio

includes

0.01%

for

the

year

ended

March

31,

2018

attributed

to

line

of

credit

interest

expense

and

tax

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

(f)

The

ratio

includes

less

than

0.01%

for

the

year

ended

March

31,

2017

attributed

to

tax

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

(g)

The

ratio

includes

0.01%

for

the

year

ended

March

31,

2015

attributed

to

tax

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

(h)

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

September

30,

2019

(Unaudited)

26

Thematic

Beta

ETFs

|

Semiannual

Report

2019

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

registered

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.

The

Funds

are

currently

classified

as

non-diversified

funds.

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

account

of

EG

Shares

India

Consumer

Mauritius,

a

wholly

owned

subsidiary

(the

Subsidiary)

located

in

the

Republic

of

Mauritius

(Mauritius).

All

inter-company

accounts

and

transactions

have

been

eliminated

in

consolidations.

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

has

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

sales

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.

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

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.

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

72.9%

81,538,947

787,686

(1,330,835)

959,621

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

September

30,

2019

(Unaudited)

Thematic

Beta

ETFs

|

Semiannual

Report

2019

27

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Funds

in

the

preparation

of

their

financial

statements.

Security

valuation

All

equity

securities

and

exchange-traded

funds

are

valued

at

the

close

of

business

of

the

New

York

Stock

Exchange.

Equity

securities

and

exchange-traded

funds

are

valued

at

the

last

quoted

sales

price

on

the

principal

exchange

or

market

on

which

they

trade,

except

for

securities

traded

on

the

NASDAQ

Stock

Market,

which

are

valued

at

the

NASDAQ

official

close

price.

Unlisted

securities

or

listed

securities

for

which

there

were

no

sales

during

the

day

are

valued

at

the

mean

of

the

latest

quoted

bid

and

ask

prices

on

such

exchanges

or

markets.

Debt

securities

generally

are

valued

by

pricing

services

approved

by

the

Board

of

Trustees

based

upon

market

transactions

for

normal,

institutional-size

trading

units

of

similar

securities.

The

services

may

use

various

pricing

techniques

that

take

into

account,

as

applicable,

factors

such

as

yield,

quality,

coupon

rate,

maturity,

type

of

issue,

trading

characteristics

and

other

data,

as

well

as

approved

independent

broker-dealer

quotes.

Debt

securities

for

which

quotations

are

not

readily

available

or

not

believed

to

be

reflective

of

market

value

may

also

be

valued

based

upon

a

bid

quote

from

an

approved

independent

broker-dealer.

Debt

securities

maturing

in

60

days

or

less

are

valued

primarily

at

amortized

cost

value,

unless

this

method

results

in

a

valuation

that

management

believes

does

not

approximate

market

value.

Foreign

equity

securities

are

valued

based

on

the

closing

price

on

the

foreign

exchange

in

which

such

securities

are

primarily

traded.

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,

including

money

market

funds,

are

valued

at

their

latest

net

asset

value.

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

and

under

the

general

supervision

of

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

translation

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.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

September

30,

2019

(Unaudited)

28

Thematic

Beta

ETFs

|

Semiannual

Report

2019

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

ex-dividend

notification

in

the

case

of

certain

foreign

securities.

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

NAV

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

that

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.

Each

Fund

intends

to

qualify

each

year

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code,

as

amended,

and

will

distribute

substantially

all

of

its

investment

company

taxable

income

and

net

capital

gain,

if

any,

for

its

tax

year,

and

as

such

will

not

be

subject

to

federal

income

taxes.

In

addition,

each

Fund

intends

to

distribute

in

each

calendar

year

substantially

all

of

its

ordinary

income,

capital

gain

net

income

and

certain

other

amounts,

if

any,

such

that

the

Fund

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

on

the

Statement

of

Assets

and

Liabilities.

Distributions

to

shareholders

The

Funds

declare

and

distribute

net

investment

income

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

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

September

30,

2019

(Unaudited)

Thematic

Beta

ETFs

|

Semiannual

Report

2019

29

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

pronouncement

Accounting

Standards

Update

2018-13

Disclosure

Framework

-

Changes

to

the

Disclosure

Requirements

for

Fair

Value

Measurement

In

August

2018,

the

Financial

Accounting

Standards

Board

issued

Accounting

Standards

Update

(ASU)

No.

2018-13

Disclosure

Framework

-

Changes

to

the

Disclosure

Requirements

for

Fair

Value

Measurement.

The

standard

is

effective

for

annual

periods

beginning

after

December

15,

2019

and

interim

periods

within

those

fiscal

years,

with

early

adoption

permitted.

After

evaluation,

management

determined

to

adopt

the

ASU

effective

for

the

period

ended

September

30,

2019

and

all

subsequent

periods.

To

comply

with

the

ASU,

management

implemented

disclosure

changes

which

include

removal

of

the

amount

and

reasons

for

transfers

between

Level

1

and

Level

2

of

the

fair

value

hierarchy,

removal

of

the

policy

for

the

timing

of

transfers

between

levels,

removal

of

the

description

of

the

Level

3

valuation

processes,

as

well

as

modifications

to

the

measurement

uncertainty

disclosure.

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:

The

annualized

effective

management

services

fee

rate

for

the

six

months

ended

September

30,

2019

was

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

as

disclosed

in

the

Statement

of

Operations.

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

Effective

June

1,

2019

Prior

to

June

1,

2019

Fund

Assets

(billions)

Investment

management

fee

rate

(%)

Assets

(billions)

Investment

management

fee

rate

(%)

Columbia

EM

Core

ex-China

ETF

All

0.16

All

0.35

Columbia

Emerging

Markets

Consumer

ETF

All

0.59

All

0.59

Columbia

India

Consumer

ETF

All

0.75

All

0.75

Fund

Effective

investment

management

fee

rate

(%)

Columbia

EM

Core

ex-China

ETF

0.22

Columbia

Emerging

Markets

Consumer

ETF

0.59

Columbia

India

Consumer

ETF

0.75

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

September

30,

2019

(Unaudited)

30

Thematic

Beta

ETFs

|

Semiannual

Report

2019

in

shares

of

certain

funds

managed

by

the

Investment

Manager.

Each

Fund’s

liability

for

the

deferred

amount

is

adjusted

for

market

value

changes

and

remains

in

the

Fund

until

distributed

in

accordance

with

the

Deferred

Plan.

All

amounts

payable

under

the

Deferred

Plan

constitute

a

general

unsecured

obligation

of

the

Funds.

The

expenses

of

the

compensation

of

the

members

of

the

Board

of

Trustees

that

are

allocated

to

the

Fund

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

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,

however,

and

there

are

no

current

plans

to

impose

these

fees.

Expenses

waived/reimbursed

by

the

Investment

Manager

and

its

affiliates

The

Investment

Manager

and

certain

of

its

affiliates

have

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

class'

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:

taxes,

expenses

associated

with

investment

in

affiliated

and

non-affiliated

pooled

investment

vehicles

(including

mutual

funds

and

other

exchange-traded

funds),

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

the

Investment

Manager,

certain

of

its

affiliates

and

the

Fund.

Any

fees

waived

and/or

expenses

reimbursed

under

the

expense

reimbursement

arrangements

described

above

are

not

recoverable

by

the

Investment

Manager

or

its

affiliates

in

future

periods.

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

September

30,

2019,

the

approximate

cost

of

all

investments

for

federal

income

tax

purposes

and

the

aggregate

gross

approximate

unrealized

appreciation

and

depreciation

based

on

that

cost

was:

Fund

August

1,

2019

through

July

31,

2020

Columbia

Emerging

Markets

Consumer

ETF

0.59%

Fund

Tax

cost

($)

Gross

unrealized

appreciation

($)

Gross

unrealized

depreciation

($)

Net

appreciation

(depreciation)

($)

Columbia

EM

Core

ex-China

ETF

9,925,573

2,076,901

(490,526)

1,586,375

Columbia

Emerging

Markets

Consumer

ETF

253,316,286

17,877,419

(32,300,189)

(14,422,770)

Columbia

India

Consumer

ETF

93,617,519

30,072,492

(11,555,002)

18,517,490

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

September

30,

2019

(Unaudited)

Thematic

Beta

ETFs

|

Semiannual

Report

2019

31

Tax

cost

of

investments

and

unrealized

appreciation/(depreciation)

may

also

include

timing

differences

that

do

not

constitute

adjustments

to

tax

basis.

The

following

capital

loss

carryforwards,

determined

at

March

31,

2019,

may

be

available

to

reduce

taxable

income

arising

from

future

net

realized

gains

on

investments,

if

any,

to

the

extent

permitted

by

the

Internal

Revenue

Code.

Capital

loss

carryforwards

with

no

expiration

are

required

to

be

utilized

prior

to

any

capital

losses

which

carry

an

expiration

date.

As

a

result

of

this

ordering

rule,

capital

loss

carryforwards

which

carry

an

expiration

date

may

be

more

likely

to

expire

unused.

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.

Portfolio

information

The

cost

of

purchases

and

proceeds

from

sales

of

securities,

excluding

short-term

investments

and

in-kind

transactions,

for

the

six

months

ended

September

30,

2019,

were

as

follows:

The

amount

of

purchase

and

sale

activity

impacts

the

portfolio

turnover

rate

reported

in

the

Financial

Highlights.

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

September

30,

2019,

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

Fund.

For

the

six

months

ended

September

30,

2019,

the

in-kind

redemptions

were

as

follows:

Carryforwards

with

no

expiration

Fund

Short-term

capital

loss

carryforward

($)

Long-term

capital

loss

carryforward

($)

Total

($)

Columbia

EM

Core

ex-China

ETF

-

-

-

Columbia

Emerging

Markets

Consumer

ETF

5,503,691

196,580,177

202,083,868

Columbia

India

Consumer

ETF

2,518,272

-

2,518,272

Fund

Purchases

($)

Proceeds

from

sales

($)

Columbia

EM

Core

ex-China

ETF

1,700,489

1,493,018

Columbia

Emerging

Markets

Consumer

ETF

53,144,373

65,911,763

Columbia

India

Consumer

ETF

729,609

15,921,284

Fund

Contributions

($)

Columbia

EM

Core

ex-China

ETF

-

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

27,729,246

27,774,971

45,725

Columbia

India

Consumer

ETF

-

-

-

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

September

30,

2019

(Unaudited)

32

Thematic

Beta

ETFs

|

Semiannual

Report

2019

Line

of

credit

Each

Fund

has

access

to

a

revolving

credit

facility

with

a

syndicate

of

banks

led

by

Citibank,

N.A.,

HSBC

Bank

USA,

N.A.

and

JPMorgan

Chase

Bank,

N.A.

whereby

the

Funds

may

borrow

for

the

temporary

funding

of

shareholder

redemptions

or

for

other

temporary

or

emergency

purposes.

The

credit

facility,

which

is

a

collective

agreement

between

the

Fund

and

certain

other

funds

managed

by

the

Investment

Manager

or

an

affiliated

investment

manager,

severally

and

not

jointly,

permits

collective

borrowings

up

to

$1

billion.

Interest

is

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

one-month

LIBOR

rate

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

December

unless

extended

or

renewed.

During

the

six

months

ended

September

30,

2019,

the

Funds

had

no

borrowings.

Significant

risks

Concentration

risk

Each

Fund

concentrates

its

investments

in

a

particular

sector

or

a

group

of

sectors

to

approximately

the

same

extent

as

its

respective

underlying

index,

and

as

such,

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.

Consumer

concentration

risk

Because

Columbia

Emerging

Markets

Consumer

ETF

and

Columbia

India

Consumer

ETF

concentrate

their

investments

in

the

consumer

goods

and

consumer

services

sectors

(specifically

the

consumer

goods

and

consumer

services

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

success

of

consumer

goods

and

consumer

services

suppliers

and

retailers

is

tied

closely

to

the

performance

of

the

domestic

and

international

economy,

interest

rates,

currency

exchange

rates,

competition,

preferences,

and

consumer

confidence.

Country

and

regional

risk

Each

Fund

will

invest

in

specific

countries

or

geographic

regions

to

approximately

the

same

extent

as

its

underlying

index.

To

the

extent

that

a

Fund

invests

a

significant

portion

of

its

assets

in

a

particular

country

or

a

specific

geographic

region,

the

Fund

will

generally

have

more

exposure

to

that

country’s

or

region’s

economic

risks.

In

the

event

of

economic

or

political

turmoil

or

a

deterioration

of

diplomatic

relations

in

a

country

or

region

where

a

substantial

portion

of

a

Fund’s

assets

are

invested,

the

Fund

may

experience

increased

volatility

or

illiquidity

of

its

portfolio

holdings,

which

may

adversely

affect

that

Fund’s

performance.

Emerging

markets

risk

The

Funds

are

subject

to

emerging

markets

risk.

Investments

in

emerging

market

securities

are

likely

to

have

greater

exposure

to

risks

of

investing

in

foreign

investments

including

risks

associated

with

political,

regulatory,

economic,

social,

diplomatic,

and

other

conditions

or

events

(including,

for

example,

military

confrontations,

war

and

terrorism),

occurring

in

the

country

or

region.

In

addition,

emerging

market

countries

are

typically

less

developed

with

more

limited

trading

activity

than

more

developed

countries,

which

may

result

in

increased

liquidity

risk

and

other

risks.

Many

emerging

market

countries

are

heavily

dependent

on

international

trade

and

have

fewer

trading

partners,

which

may

make

them

more

sensitive

to

world

commodity

prices

and

economic

downturns

in

other

countries,

and

some

have

a

higher

risk

of

currency

devaluations.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

September

30,

2019

(Unaudited)

Thematic

Beta

ETFs

|

Semiannual

Report

2019

33

Financial

concentration

risk

Columbia

EM

Core

ex-China

ETF

has

concentrated

investments

in

the

financials

sector.

Because

companies

in

the

financials

sector

are

subject

to

extensive

governmental

regulation,

which

may

adversely

affect

the

scope

of

their

activities,

the

prices

they

can

charge

and

the

amount

of

capital

they

must

maintain,

these

factors

may

adversely

affect

Fund

performance.

India

concentration

risk

Because

Columbia

India

Consumer

ETF,

invests

predominantly

in

Indian

securities,

its

NAV

will

be

much

more

sensitive

to

changes

in

economic,

political

and

other

factors

within

India

than

would

a

fund

that

invested

in

a

greater

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

Fund’s

performance.

India-Mauritius

tax

treaty

risk

Columbia

India

Consumer

ETF

and

its

respective

Subsidiary

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.

Non-diversification

risk

The

Funds

are

non-diversified

funds.

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

underlying

index.

The

Funds

invest

in

securities

or

instruments

included

in,

or

believed

by

the

Investment

Manager

to

be

representative

of,

its

underlying

index,

regardless

of

their

investment

merits.

The

Funds

do

not

seek

temporary

defensive

positions

when

markets

decline

or

appear

overvalued.

The

decision

of

whether

to

remove

a

security

from

an

index

is

made

by

an

independent

index

provider

who

is

not

affiliated

with

the

Fund

or

the

Investment

Manager.

Technology

and

technology-related

investment

risk

Columbia

EM

Core

ex-China

ETF

may

be

more

susceptible

to

the

particular

risks

that

may

affect

companies

in

the

information

technology

sector,

as

well

as

other

technology-related

sectors

(collectively,

the

technology

sectors)

than

if

it

was

invested

in

a

wider

variety

of

companies

in

unrelated

sectors.

Companies

in

the

technology

sectors

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

technology

sector

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

September

30,

2019

(Unaudited)

34

Thematic

Beta

ETFs

|

Semiannual

Report

2019

companies

have

limited

operating

histories

and

prices

of

these

companies’

securities

historically

have

been

more

volatile

than

other

securities,

especially

over

the

short

term.

Subsequent

events

Management

has

evaluated

the

events

and

transactions

that

have

occurred

through

the

date

the

financial

statements

were

issued

and

noted

no

items

requiring

adjustment

of

the

financial

statements

or

additional

disclosure.

Information

regarding

pending

and

settled

legal

proceedings

Ameriprise

Financial

and

certain

of

its

affiliates

have

historically

been

involved

in

a

number

of

legal,

arbitration

and

regulatory

proceedings,

including

routine

litigation,

class

actions,

and

governmental

actions,

concerning

matters

arising

in

connection

with

the

conduct

of

their

business

activities.

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

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.

APPROVAL

OF

INVESTMENT

MANAGEMENT

SERVICES

AGREEMENT

Thematic

Beta

ETFs

|

Semiannual

Report

2019

35

Columbia

Management

Investment

Advisers,

LLC

(Columbia

Threadneedle

or

the

Investment

Manager,

and

together

with

its

domestic

and

global

affiliates,

Columbia

Threadneedle

Investments),

a

wholly-owned

subsidiary

of

Ameriprise

Financial,

Inc.

(Ameriprise

Financial),

serves

as

the

investment

manager

to

Columbia

EM

Core

ex-China

ETF,

Columbia

Emerging

Markets

Consumer

ETF

and

Columbia

India

Consumer

ETF

(each,

an

ETF

and

collectively,

the

ETFs).

Under

an

investment

management

services

agreement

(collectively,

the

IMS

Agreement),

Columbia

Threadneedle

provides

investment

advice

and

other

services

to

each

ETF

and

other

funds

in

the

Columbia

Fund

family

(collectively,

the

Funds).

On

an

annual

basis,

the

Board

of

Trustees

(the

Board)

of

each

ETF,

including

the

independent

Board

members

(the

Independent

Trustees),

considers

renewal

of

the

IMS

Agreement.

Columbia

Threadneedle

prepared

detailed

reports

for

the

Board

and

its

Contracts

Committee

in

November

2018

and

January,

March,

April

and

June

2019,

including

reports

providing

the

results

of

analyses

performed

by

an

independent

organization,

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

and

a

comprehensive

response

to

items

of

information

requested

by

independent

legal

counsel

to

the

Independent

Trustees

(Independent

Legal

Counsel)

in

a

letter

to

the

Investment

Manager,

to

assist

the

Board

in

making

this

determination.

Many

of

the

materials

presented

at

these

meetings

were

first

supplied

in

draft

form

to

designated

independent

Board

representatives,

i.e.,

Independent

Legal

Counsel,

Fund

Counsel,

the

Chair

of

the

Board

(who

is

an

Independent

Trustee)

and

the

Chair

of

the

Contracts

Committee

(who

is

an

Independent

Trustee),

and

the

final

materials

were

revised

to

include

information

reflective

of

discussion

and

subsequent

requests

made

by

the

Contracts

Committee.

In

addition,

throughout

the

year,

the

Board

(or

its

committees)

regularly

meets

with

portfolio

management

teams

and

senior

management

personnel

and

reviews

information

prepared

by

Columbia

Threadneedle

addressing

the

services

Columbia

Threadneedle

provides

and

Fund

performance.

The

Board

also

accords

appropriate

weight

to

the

work,

deliberations

and

conclusions

of

the

various

committees,

such

as

the

Contracts

Committee,

the

Investment

Review

Committee,

the

Audit

Committee

and

the

Compliance

Committee

in

determining

whether

to

continue

the

IMS

Agreement.

The

Board,

at

its

June

17-19,

2019

in-person

Board

meeting

(the

June

Meeting),

considered

the

renewal

of

the

IMS

Agreement

for

an

additional

one-year

term.

At

the

June

Meeting,

Independent

Legal

Counsel

reviewed

with

the

Independent

Trustees

various

factors

relevant

to

the

Board's

consideration

of

investment

management

services

agreements

and

the

Board's

legal

responsibilities

related

to

such

consideration.

Following

an

analysis

and

discussion

of

the

factors

identified

below,

the

Board,

including

all

of

the

Independent

Trustees,

approved

the

renewal

of

the

IMS

Agreement.

Nature,

extent

and

quality

of

services

provided

by

Columbia

Threadneedle

The

Board

analyzed

various

reports

and

presentations

it

had

received

detailing

the

services

performed

by

Columbia

Threadneedle,

as

well

as

its

history,

reputation,

expertise,

resources

and

capabilities,

and

the

qualifications

of

its

personnel.

The

Board

specifically

considered

the

many

developments

during

recent

years

concerning

the

services

provided

by

Columbia

Threadneedle,

including,

in

particular,

the

organization

and

depth

of

the

equity

and

credit

research

departments.

The

Board

further

observed

the

enhancements

to

the

investment

risk

management

department’s

processes,

systems

and

oversight,

over

the

past

several

years,

as

well

as

planned

2019

initiatives.

The

Board

also

took

into

account

the

broad

scope

of

services

provided

by

Columbia

Threadneedle

to

each

ETF,

including,

among

other

services,

investment,

risk

and

compliance

oversight.

The

Board

also

took

into

account

the

information

it

received

concerning

Columbia

Threadneedle's

ability

to

attract

and

retain

key

portfolio

management

personnel

and

that

it

has

sufficient

resources

to

provide

competitive

and

adequate

compensation

to

investment

personnel.

In

connection

with

the

Board's

evaluation

of

the

overall

package

of

services

provided

by

Columbia

Threadneedle,

the

Board

also

considered

the

nature,

quality

and

range

of

administrative

oversight

services

provided

to

the

ETFs

by

Columbia

Threadneedle,

as

well

as

the

achievements

in

2018

in

the

performance

of

administrative

services,

and

noted

the

various

enhancements

anticipated

for

2019.

In

evaluating

the

quality

of

services

provided

under

the

IMS

Agreement,

the

Board

also

took

into

account

the

organization

and

strength

of

the

ETFs

and

Columbia

Threadneedle’s

compliance

program.

In

addition,

the

Board

reviewed

the

financial

condition

of

Columbia

Threadneedle

and

its

ability

to

carry

out

its

responsibilities

under

the

IMS

Agreement,

observing

the

financial

strength

of

Ameriprise

Financial,

with

its

relatively

strong

cash

position

and

solid

balance

sheet.

APPROVAL

OF

INVESTMENT

MANAGEMENT

SERVICES

AGREEMENT

(continued)

36

Thematic

Beta

ETFs

|

Semiannual

Report

2019

The

Board

also

discussed

the

acceptability

of

the

terms

of

the

IMS

Agreement

(including

the

relatively

broad

scope

of

services

required

to

be

performed

by

Columbia

Threadneedle),

noting

that

no

material

changes

are

proposed

from

the

form

of

agreement

previously

approved.

They

also

noted

the

wide

array

of

legal

and

compliance

services

provided

to

the

ETFs

under

the

IMS

Agreement.

It

was

also

observed

that

the

services

being

performed

under

the

IMS

Agreement

were

of

a

reasonably

high

quality.

Based

on

the

foregoing,

and

based

on

other

information

received

(both

oral

and

written,

including

the

information

on

investment

performance

referenced

below)

and

other

considerations,

the

Board

concluded

that

Columbia

Threadneedle

is

in

a

position

to

continue

to

provide

a

high

quality

and

level

of

services

to

the

ETFs.

Investment

performance

For

purposes

of

evaluating

the

nature,

extent

and

quality

of

services

provided

under

the

IMS

Agreement,

the

Board

carefully

reviewed

the

investment

performance

of

each

ETF.

In

this

regard,

the

Board

considered

detailed

reports

providing

the

results

of

analyses

performed

by

an

independent

organization

showing,

for

various

periods

(including

since

manager

inception),

the

performance

of

each

ETF

(particularly

relative

to

the

index

of

which

the

ETF

seeks

to

replicate

performance)

and

its

net

assets.

The

Board

observed

the

passive

nature

of

the

ETFs

and

reviewed

index

tracking

error

data

for

each

of

the

ETFs.

The

Board

observed

that

each

ETF’s

performance

met

expectations.

Comparative

fees,

costs

of

services

provided

and

the

profits

realized

by

Columbia

Threadneedle

from

its

relationship

with

the

ETFs

The

Board

reviewed

comparative

fees

and

the

costs

of

services

provided

under

the

IMS

Agreement.

In

considering

the

proposed

level

of

fees

under

the

IMS

Agreement,

the

Board

accorded

particular

weight

to

the

unified/all-inclusive

fee

structure

utilized

by

each

ETF.

In

this

regard,

they

observed

that

many

of

the

competitors

of

the

ETFs

have

adopted

similar

unified/all-inclusive

fee

structures.

The

Trustees

also

considered

the

proposed

significant

reduction

in

the

contractual

investment

management

services

fee

for

Columbia

EM

Core

ex-China

ETF.

More

generally,

the

Board

accorded

particular

weight

to

the

notion

that

the

primary

objective

of

the

level

of

fees

is

to

achieve

a

rational

pricing

model

applied

consistently

across

the

various

product

lines

in

the

Fund

family,

while

assuring

that

the

overall

fees

for

each

Fund

(with

certain

defined

exceptions)

are

generally

in

line

with

the

"pricing

philosophy"

currently

in

effect

(i.e.,

that

Fund

total

expense

ratios,

in

general,

approximate

or

are

lower

than

the

median

expense

ratios

of

funds

in

the

same

Lipper

comparison

universe).

The

Board

observed

that

each

of

the

ETFs’

unified

fee

rates

was

approximately

equal

to

or

lower

than

the

median

expenses

paid

by

funds

in

each

ETF’s

comparative

peer

universe.

Based

on

its

review,

the

Board

concluded

that

each

ETF’s

investment

management

services

fee

was

fair

and

reasonable

in

light

of

the

extent

and

quality

of

services

that

each

ETF

receives.

The

Board

also

considered

the

profitability

of

Columbia

Threadneedle

in

connection

with

providing

investment

management

services

to

each

ETF.

In

this

regard,

the

Independent

Trustees

referred

to

their

detailed

analysis

of

the

Profitability

Report,

discussing

the

profitability

to

Columbia

Threadneedle

and

Ameriprise

Financial

from

managing

the

Funds,

including

the

ETFs.

The

Board

considered

that

in

2018

the

Board

had

concluded

that

2017

profitability

was

reasonable

and

that

the

2019

information

shows

that

the

profitability

generated

by

Columbia

Threadneedle

in

2018

only

slightly

increased

from

2017

levels.

The

Board

also

noted

the

report

from

the

Board's

independent

fee

consultant,

JDL

Consultants,

LLC,

and

its

conclusion

that

2018

Columbia

Threadneedle

profitability

relative

to

industry

competitors

was

reasonable.

It

also

took

into

account

the

indirect

economic

benefits

flowing

to

Columbia

Threadneedle

or

its

affiliates

in

connection

with

managing

the

Funds,

including

the

ETFs,

such

as

the

enhanced

ability

to

offer

various

other

financial

products

to

Ameriprise

Financial

customers,

soft

dollar

benefits

and

overall

reputational

advantages.

The

Board

noted

that

the

fees

paid

by

the

ETFs

should

permit

the

Investment

Manager

to

offer

competitive

compensation

to

its

personnel,

make

necessary

investments

in

its

business

and

earn

an

appropriate

profit.

The

Board

concluded

that

profitability

levels

were

reasonable.

APPROVAL

OF

INVESTMENT

MANAGEMENT

SERVICES

AGREEMENT

(continued)

Thematic

Beta

ETFs

|

Semiannual

Report

2019

37

Economies

of

scale

to

be

realized

The

Board

also

considered

the

economies

of

scale

that

might

be

realized

by

the

ETFs

as

their

net

asset

levels

grow

and

took

note

of

the

extent

to

which

each

ETF’s

shareholders

might

also

benefit

from

such

growth.

The

Board

considered

that

the

IMS

Agreement

provides

for

a

unified

fee

level

that

does

not

include

pre-established

breakpoints,

and

management’s

observation

that

ETF

fee

structures

often

do

not

include

breakpoints

due

to

the

more

volatile

nature

of

their

inflows/outflows.

Based

on

the

foregoing,

the

Board,

including

all

of

the

Independent

Trustees,

concluded

that

the

investment

management

services

fees

were

fair

and

reasonable

in

light

of

the

extent

and

quality

of

services

provided.

In

reaching

this

conclusion,

no

single

factor

was

determinative.

On

June

19,

2019,

the

Board,

including

all

of

the

Independent

Trustees,

approved

the

renewal

of

the

IMS

Agreement.

ADDITIONAL

INFORMATION

38

Thematic

Beta

ETFs

|

Semiannual

Report

2019

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

The

Funds

file

a

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

on

Form

N-PORT,

and

for

reporting

periods

ended

prior

to

March

31,

2019,

on

Form

N-Q.

The

Funds’

Form

N-Q

and

Form

N-PORT

filings

are

available

on

the

SEC’s

website

at

sec.gov.

Each

Fund’s

complete

schedule

of

portfolio

holdings,

as

filed

on

Form

N-Q

or

Form

N-PORT,

can

also

be

obtained

without

charge,

upon

request,

by

calling

888.800.4347.

Additional

Fund

information

For

more

information

about

the

Funds,

please

visit

columbiathreadneedleus.com/etfs

or

call

888.800.4347.

Fund

investment

manager

Columbia

Management

Investment

Advisers,

LLC

225

Franklin

Street

Boston,

MA

02110

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

225

Franklin

Street

Boston,

MA,

02110

SAR279_03_J01_(11/19)

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.

©

2019

Columbia

Management

Investment

Advisers,

LLC.

columbiathreadneedleus.com/etfs

Item 2. Code of Ethics.

Not applicable for the semi-annual reporting period.

Item 3. Audit Committee Financial Expert.

Not applicable for the semi-annual reporting period.

Item 4. Principal Accountant Fees and Services.

Not applicable for the semi-annual reporting period.

Item 5. Audit Committee of Listed Registrants.

Not applicable for the semi-annual reporting period.

Item 6. Investments.

(a)   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.

(b)   Not applicable.

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.

(a)The registrant’s principal executive officer and principal financial officers, 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 material 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.

(b)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.

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: Not applicable for semiannual reports.

(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.

(a)(3)   Not applicable.

(a)(4)   Not applicable.

(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.

(Registrant)     Columbia ETF Trust II                                                                                                          

By (Signature and Title)*       /s/ Christopher O. Petersen                                                                            

Christopher O. Petersen, President and Principal Executive Officer

Date                11/22/2019                                                                                                                             

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.

By (Signature and Title)*       /s/ Christopher O. Petersen                                                                            

Christopher O. Petersen, President and Principal Executive Officer

Date                11/22/2019                                                                                                                             

By (Signature and Title)*       /s/ Michael G. Clarke                                                                                     

Michael G. Clarke, Chief Financial Officer

Date                11/22/2019                                                                                                                             

^* Print the name and title of each signing officer under his or her signature.