Columbia India Consumer ETF NCSR 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)

Ryan Larrenaga

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: March 31, 2018

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, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

ANNUAL REPORT

March 31, 2018

COLUMBIA ETF TRUST II

Columbia Beyond BRICs ETF

Columbia EM Core ex-China ETF

Columbia EM Quality Dividend ETF

Columbia Emerging Markets Consumer ETF

Columbia India Consumer ETF

Columbia India Infrastructure ETF

Columbia India Small Cap ETF

PRESIDENT'S MESSAGE

Dear Shareholders,

The year 2017 was an extraordinary year in the financial markets. The S&P 500 Index didn't experience a single down month and returned over 20% during the 12-month period. The index continued this trend into January 2018, which marked the fastest start for the index ever. Low volatility, which had been a feature of the U.S. equity market for several years, along with the surge in the S&P 500 Index, seemingly drove investor sentiment to very high levels. This arguably set the stage for an overdue correction, which we witnessed in February 2018.

A return to volatility

There have been few periods of market upheaval such as were experienced in the first part of 2018. While investors were taken by surprise by the sudden and pronounced market swings, the return to some level of volatility actually marked a resumption of relatively normal market conditions. Having said that, it's important to distinguish between a good technical correction where excess enthusiasm in the marketplace is being let out, versus a real change in the underlying fundamentals — things like an underperforming economy or weaker corporate earnings. Our view is that the recent market volatility falls into the former category, and the fundamentals remain strong. We're continuing to see improvements in global economic activity, and we're seeing corporate earnings expectations continue to rise — and not just because of tax reform.

Consistency is more important than ever

It's important to keep in mind that when it comes to long-term investing, it's the destination, not the journey that matters most. If you have a financial goal that you've worked out with your financial advisor, and you have a good asset allocation plan to reach it, it's a question of sticking with your plan rather than become focused on near-term volatility. Bouts of volatility are normal. After all, it's hard to cross the ocean without hitting an occasional rough patch. You need to focus on the destination.

One final thought. In weathering volatility, we believe it's the consistency of the return that is essential. Investors who chase higher returns are usually the first to sell when an investment goes through a bad patch, and they therefore don't tend to benefit from the recovery. More disciplined investors who perhaps panic less or not at all during periods of volatility, tend to have improved long-term results and are more likely to reach their financial goals. Nothing is more important to us than making sure those who have entrusted us to protect and grow their assets are able to do what matters most to them.

Your success is our priority. Talk to your financial advisor about how working with Columbia Threadneedle Investments may help you position your portfolio for consistent, sustainable outcomes, no matter the market conditions.

Sincerely,

Christopher O. Petersen

President, Columbia ETF Trust II

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance. Past performance is no guarantee of future results.

Columbia ETF Trust II is managed by Columbia Management Investment Advisers, LLC and is distributed by ALPS Distributors, Inc., which is not affiliated with Columbia Management Investment Advisers, LLC or its parent company, Ameriprise Financial, Inc.

Columbia ETF Trust II | Annual Report 2018

TABLE OF CONTENTS

Columbia Beyond BRICs ETF
Fund at a Glance					2
Manager Discussion of Fund Performance					5
Columbia EM Core ex-China ETF
Fund at a Glance					7
Manager Discussion of Fund Performance					10
Columbia EM Quality Dividend ETF
Fund at a Glance					12
Manager Discussion of Fund Performance					15
Columbia Emerging Markets Consumer ETF
Fund at a Glance					17
Manager Discussion of Fund Performance					20
Columbia India Consumer ETF
Fund at a Glance					22
Manager Discussion of Fund Performance					24
Columbia India Infrastructure ETF
Fund at a Glance					26
Manager Discussion of Fund Performance					28
Columbia India Small Cap ETF
Fund at a Glance					30
Manager Discussion of Fund Performance					32
Understanding Your Fund's Expenses					34
Frequency Distribution of Premiums and Discounts					35
Portfolio of Investments					37
Statement of Assets and Liabilities					60
Statement of Operations					63
Statement of Changes in Net Assets					66
Financial Highlights					70
Notes to Financial Statements					77
Report of Independent Registered Public Accounting Firm					88
Federal Income Tax Information					89
Trustees and Officers					90
Additional Information					95

Columbia ETF Trust II | Annual Report 2018

FUND AT A GLANCE

Columbia Beyond BRICs ETF

Investment objective

Columbia Beyond BRICs ETF (the Fund) seeks investment results that correspond (before fees and expenses) to the price and yield performance of the FTSE Beyond BRICs Net of Tax Index.

Portfolio management

Christopher Lo, Ph.D., CFA

Portfolio Manager

Managed Fund since September 2016

Average annual total returns (%) (for period ended March 31, 2018)

	Inception	1 Year		5 Years		Life
Market Price	08/15/12		25.97		-0.05		1.90
Net Asset Value	08/15/12		24.11		0.01		1.79
Tracked Index⁽¹⁾			25.59		1.77		3.57

(1) The Tracked Index reflects the Indxx Beyond BRICs Index through October 25, 2013 and the FTSE Beyond BRICs Net of Tax Index USD thereafter.

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 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 columbiathreadneedleetf.com.

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 FTSE Beyond BRICs Index is a market capitalization-weighted index designed to represent the performance of a diversified basket of 90 liquid companies in emerging and frontier markets excluding Brazil, Russia, India, China (BRIC), Taiwan and Argentina as defined by FTSE's Country Classification System. The index has 75% exposure to emerging markets and 25% to frontier markets at rebalance.

Indices are not available for investment, are not professionally managed and do not reflect sales charges, fees, brokerage commissions, taxes or other expenses of investing. Securities in the Fund may not match those in an index.

Columbia ETF Trust II | Annual Report 2018
2

FUND AT A GLANCE (continued)

Columbia Beyond BRICs ETF

Performance of a hypothetical $10,000 investment (August 15, 2012 — March 31, 2018)

The chart above shows the change in value of a hypothetical $10,000 investment made on the Fund's inception, and does not reflect the deduction of taxes or brokerage commissions that a shareholder may pay on Fund distributions or on the redemption of Fund shares.

Top ten holdings (%) (at March 31, 2018)

First Abu Dhabi Bank PJSC (United Arab Emirates)					3.7
America Movil SAB de CV Series L (Mexico)					3.0
Naspers, Ltd. N Shares (South Africa)					2.9
PTT PCL NVDR (Thailand)					2.7
Banca Transilvania SA (Romania)					2.2
Safaricom PLC (Kenya)					2.2
Vietnam Dairy Products JSC (Vietnam)					2.1
Public Bank Bhd (Malaysia)					2.0
Fomento Economico Mexicano SAB de CV Series UBD (Mexico)					2.0
Maroc Telecom (Morocco)					2.0

Percentages indicated are based upon total investments.

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 March 31, 2018)

Bangladesh					4.7
Chile					2.3
Colombia					0.5
Czech Republic					0.4
Hungary					1.2
Indonesia					8.0
Kenya					2.2
Malaysia					9.8
Mexico					12.2
Morocco					4.0
Nigeria					3.8
Philippines					2.7
Poland					3.5
Qatar					1.3
Romania					2.2
South Africa					14.5
Sri Lanka					2.0
Thailand					11.0
Turkey					1.8
United Arab Emirates					5.2
United States^(a)					0.4
Vietnam					6.3
Total					100.0

Country Breakdown is based primarily on issuer's place of risk. Percentages indicated are based upon total investments. The Fund's portfolio composition is subject to change.

(a) Includes investments in Money Market Funds.

Columbia ETF Trust II | Annual Report 2018
3

FUND AT A GLANCE (continued)

Columbia Beyond BRICs ETF

Equity sector breakdown (%) (at March 31, 2018)

Consumer Discretionary					5.5
Consumer Staples					10.4
Energy					4.9
Financials					40.9
Health Care					4.7
Industrials					5.0
Materials					8.0
Real Estate					3.7
Telecommunication Services					14.0
Utilities					2.9
Total					100.0

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

Columbia ETF Trust II | Annual Report 2018
4

MANAGER DISCUSSION OF FUND PERFORMANCE

Columbia Beyond BRICs ETF (BBRC)

For the 12-month period that ended March 31, 2018, the Fund returned 24.11% based on net asset value (NAV) and 25.97% based on market price. The Fund's Tracked Index, the FTSE Beyond BRICS Index, returned 25.59%.

The Fund's NAV on March 31, 2017 was $16.14, and it ended the annual period on March 31, 2018 with a NAV of $19.49. The Fund's market price on March 31, 2018 was $19.61 per share.

Emerging market equities posted strong gains despite geopolitical tensions

After a four-year stretch of weak relative performance, emerging market equities delivered a strong gain during the annual period, a gain soundly ahead of both U.S. and developed market international equities' advances. The MSCI Emerging Markets Index returned 24.93% during the annual period, as compared to S&P 500 Index and MSCI EAFE Index returns of 13.99% and 14.80%, respectively, for the same time period.

Several factors came together to fuel emerging market equities' positive performance. First, data indicated the global economy had begun to experience synchronized growth across regions — a development last witnessed prior to the 2007-2008 financial crisis. This scenario had a multi-layered benefit for the emerging markets, especially those with resource-heavy economies, in that it contributed to increasing exports, stronger domestic consumption and higher commodity prices. These trends, in turn, boosted corporate earnings to well-above consensus expectations and led to a general improvement in individual company fundamentals.

Further, the downturn in the U.S. dollar relative to other major currencies boosted the returns of emerging market equities for U.S.-based investors. The equity markets gained an additional benefit from investors' confidence that the U.S. Federal Reserve would maintain its gradual approach to raising interest rates. Emerging market equities were also buoyed by investors' hearty appetite for risk and the resulting surge in investment inflows into the asset class.

The last two months or so of the annual period saw some of these strong gains given back. During February and March 2018, there was a significant increase in market volatility, growing concerns about the potential for trade wars and persistent geopolitical tensions, most notably between the U.S. and North Korea.

Contributors and detractors

Constituents in the financials, telecommunication services and industrials sectors contributed most positively to the Fund's absolute returns during the annual period. Constituents in consumer discretionary, the only sector to detract from absolute returns during the annual period, dampened Fund performance.

From a country perspective, constituents in Vietnam, Nigeria and Thailand contributed most positively to the Fund's absolute returns during the annual period. Conversely, constituents in Mexico, Indonesia and Bangladesh contributed the least, albeit positively, to absolute returns. No countries detracted from absolute returns during the annual period.

Positions in Vietnamese industrial production company Hoa Phat Group, Kenyan integrated telecommunication services provider Safaricom and Nigerian commercial bank Zenith Bank contributed most positively. Hoa Phat Group generated a triple-digit absolute gain during the annual period, while Safaricom and Zenith Bank each generated a double-digit absolute return during the annual period. Positions in South African furniture retailer Steinhoff International Holdings, Mexican media and entertainment company Grupo Televisa and Mexican building materials producer Cemex detracted most. Each generated a double-digit negative absolute return during the annual period.

The MSCI EAFE Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The index is compiled from a composite of securities markets of Europe, Australasia and the Far East and is widely recognized by investors in foreign markets as the measurement index for portfolios of non-North American securities.

The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure market performance of emerging markets.

Columbia ETF Trust II | Annual Report 2018
5

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Columbia Beyond BRICs ETF (BBRC)

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance.

Investing involves risks, including the risk of loss of principal. Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. The Fund is passively managed and seeks to track the performance of an index. The Fund may not sell a poorly performing security unless it was removed from the index. There is no guarantee that the index will achieve positive returns. Risk exists that the index provider may not follow its methodology for index construction. Errors may result in a negative fund performance. The Fund's net value will generally decline when the market value of its targeted index declines. Foreign investments subject the Fund to risks, including political, economic, market, social and other risks impacting a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. These risks are enhanced for emerging or frontier market issuers. Investment in or exposure to foreign currencies subjects the Fund to currency fluctuation and risk of loss. Investments in small- and mid-cap companies involve risks and volatility greater than investments in larger, more established companies. The Fund concentrates its investments in issuers of one or more particular industries to the same extent as the underlying index. Although the Fund's shares are listed on an exchange, there can be no assurance that an active, liquid or otherwise orderly trading market for shares will be established or maintained. Active market trading may increase portfolio turnover, transaction costs and tracking error to the targeted index. The Fund may have portfolio turnover, which may cause an adverse cost impact. There may be additional portfolio turnover risk as active market trading of the Fund's shares may cause more frequent creation or redemption activities that could, in certain circumstances, increase the number of portfolio transactions as well as tracking error to the Index and as high levels of transactions increase brokerage and other transaction costs and may result in increased taxable capital gains. See the Fund's prospectus for more information on these and other risks.

The views expressed in this report reflect the current views of the respective parties. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia ETF are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia ETF. References to specific securities should not be construed as a recommendation or investment advice.

Columbia ETF Trust II | Annual Report 2018
6

FUND AT A GLANCE

Columbia EM Core ex-China ETF

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.

Portfolio management

Christopher Lo, Ph.D., CFA

Portfolio Manager

Managed Fund since September 2016

Average annual total returns (%) (for period ended March 31, 2018)

	Inception	1 Year		Life
Market Price	09/02/15		20.45		20.26
Net Asset Value	09/02/15		22.76		19.67
MSCI Emerging Markets Index (Net)			24.93		18.34
Beta Thematic Emerging Markets ex-China Index			19.66		18.39

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.

Columbia Management took over portfolio management in September 2016 upon its acquisition of the Fund's previous investment manager.

The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure market performance of emerging markets.

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.

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.

Columbia ETF Trust II | Annual Report 2018
7

FUND AT A GLANCE (continued)

Columbia EM Core ex-China ETF

Performance of a hypothetical $10,000 investment (September 2, 2015 — March 31, 2018)

Top ten holdings (%) (at March 31, 2018)

Samsung Electronics Co., Ltd. (South Korea)					6.4
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)					4.9
HDFC Bank, Ltd. ADR (India)					4.2
ICICI Bank, Ltd. ADR (India)					2.7
Petroleo Brasileiro SA Preference Shares (Brazil)					2.7
Itau Unibanco Holding SA Preference Shares (Brazil)					2.7
Vale SA (Brazil)					2.4
Infosys, Ltd. ADR (India)					2.4
Naspers, Ltd. N Shares (South Africa)					2.2
Celltrion, Inc. (South Korea)					2.1

Percentages indicated are based upon total investments.

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 March 31, 2018)

Brazil					13.9
Chile					1.1
India					10.9
Indonesia					3.4
Malaysia					4.5
Mexico					4.2
Philippines					1.1
Poland					2.5
Russia					4.8
South Africa					9.4
South Korea					19.3
Taiwan					16.7
Thailand					6.0
Turkey					1.8
United States^(a)					0.4
Total					100.0

Country Breakdown is based primarily on issuer's place of risk. Percentages indicated are based upon total investments. The Fund's portfolio composition is subject to change.

(a) Includes investments in Money Market Funds.

Columbia ETF Trust II | Annual Report 2018
8

FUND AT A GLANCE (continued)

Columbia EM Core ex-China ETF

Equity sector breakdown (%) (at March 31, 2018)

Consumer Discretionary					7.6
Consumer Staples					8.6
Energy					10.9
Financials					28.8
Health Care					3.7
Industrials					5.2
Information Technology					18.9
Materials					11.0
Telecommunication Services					3.8
Utilities					1.5
Total					100.0

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

Columbia ETF Trust II | Annual Report 2018
9

MANAGER DISCUSSION OF FUND PERFORMANCE

Columbia EM Core ex-China ETF (XCEM)

For the 12-month period that ended March 31, 2018, the Fund returned 22.76% based on net asset value (NAV) and 20.45% based on market price. The MSCI Emerging Markets Index (Net) returned 24.93%, and the Beta Thematic Emerging Markets ex-China Index returned 19.66% during the same time period.

The Fund's NAV on March 31, 2017 was $24.91, and it ended the annual period on March 31, 2018 with a NAV of $28.03. The Fund's market price on March 31, 2018 was $28.45 per share.

Emerging market equities posted strong gains despite geopolitical tensions

Contributors and detractors

Constituents in the financials, energy and information technology sectors contributed most positively to the Fund's absolute returns during the annual period. Constituents in consumer discretionary, the only sector to detract from absolute returns during the annual period, dampened Fund performance.

From a country perspective, constituents in South Korea, Brazil and Taiwan contributed most positively to the Fund's absolute returns during the annual period. Conversely, constituents in Mexico and the Philippines detracted from absolute returns.

Positions in South Korea-based biotechnology firm Celltrion, India-based bank HDFC Bank and South Korea-based semiconductor manufacturer SK Hynix contributed most positively. Celltrion generated a triple-digit absolute gain during the annual period, while HDFC Bank and SK Hynix each generated a double-digit absolute return during the annual period. Positions in South African furniture retailer Steinhoff International Holdings, India-based auto manufacturer Tata Motors and Mexican media and entertainment company Grupo Televisa detracted most. Each produced a double-digit negative absolute return during the annual period.

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance.

Columbia ETF Trust II | Annual Report 2018
10

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Columbia EM Core ex-China ETF (XCEM)

Columbia ETF Trust II | Annual Report 2018
11

FUND AT A GLANCE

Columbia EM Quality Dividend ETF

Investment objective

Columbia EM Quality Dividend ETF (the Fund) seeks investment results that correspond (before fees and expenses) to the price and yield performance of the Beta Advantage® Emerging Markets Quality Dividend Index.

Portfolio management

Christopher Lo, Ph.D., CFA

Portfolio Manager

Managed Fund since September 2016

Average annual total returns (%) (for period ended March 31, 2018)

	Inception	1 Year		5 Years		Life
Market Price	08/04/11		20.31		-1.04		0.26
Net Asset Value	08/04/11		18.96		-1.17		0.09
MSCI Emerging Markets Index (Net)			24.93		4.99		3.32
Tracked Index⁽¹⁾			21.31		0.37		1.62

(1) The Tracked Index reflects the Indxx Emerging Market High Income Low Beta Index through January 31, 2014, the FTSE Emerging All Cap ex Taiwan Low Volatility Dividend Net Tax Index from February 3, 2014 through January 23, 2015, and the Beta Advantage® Emerging Markets Quality Dividend Index thereafter.

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.

Columbia Management took over portfolio management in September 2016 upon its acquisition of the Fund's previous investment manager.

The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure market performance of emerging markets.

The Beta Advantage® Emerging Markets Quality Dividend Index is an equal-weighted index designed to represent a portfolio of approximately 50 companies in developing markets, which is expected to have a higher dividend yield than the average dividend yield of companies included in the developing markets universe as defined by Columbia Management.

Columbia ETF Trust II | Annual Report 2018
12

FUND AT A GLANCE (continued)

Columbia EM Quality Dividend ETF

Performance of a hypothetical $10,000 investment (August 4, 2011 — March 31, 2018)

Top ten holdings (%) (at March 31, 2018)

Indian Oil Corp., Ltd. (India)					2.1
Tenaga Nasional Bhd (Malaysia)					2.1
Country Garden Holdings Co., Ltd. (China)					2.1
S-Oil Corp. (South Korea)					2.1
Kia Motors Corp. (South Korea)					2.1
CCR SA (Brazil)					2.1
Bharat Petroleum Corp., Ltd. (India)					2.1
KT&G Corp. (South Korea)					2.1
Ultrapar Participacoes SA (Brazil)					2.0
Public Bank Bhd (Malaysia)					2.0

Percentages indicated are based upon total investments.

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 March 31, 2018)

Brazil					6.1
Chile					2.0
China					11.9
Hong Kong					4.0
India					12.1
Indonesia					8.0
Malaysia					8.1
Poland					2.0
Qatar					1.9
South Africa					9.9
South Korea					6.2
Taiwan					14.0
Thailand					7.9
United Arab Emirates					5.9
Total					100.0

Country Breakdown is based primarily on issuer's place of risk. Percentages indicated are based upon total investments. The Fund's portfolio composition is subject to change.

Columbia ETF Trust II | Annual Report 2018
13

FUND AT A GLANCE (continued)

Columbia EM Quality Dividend ETF

Equity sector breakdown (%) (at March 31, 2018)

Consumer Discretionary					4.1
Consumer Staples					8.1
Energy					12.3
Financials					19.6
Industrials					4.0
Information Technology					9.9
Materials					14.0
Real Estate					10.0
Telecommunication Services					9.9
Utilities					8.1
Total					100.0

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

Columbia ETF Trust II | Annual Report 2018
14

MANAGER DISCUSSION OF FUND PERFORMANCE

Columbia EM Quality Dividend ETF (HILO)

For the 12-month period that ended March 31, 2018, the Fund returned 18.96% based on net asset value (NAV) and 20.31% based on market price. The MSCI Emerging Markets Index (Net) returned 24.93%, and the Fund's Tracked Index, the Beta Advantage® Emerging Markets Quality Dividend Index returned 21.31% during the same time period.

The Fund's NAV on March 31, 2017 was $13.77, and it ended the annual period on March 31, 2018 with a NAV of $16.00. The Fund's market price on March 31, 2018 was $16.19 per share.

Emerging market equities posted strong gains despite geopolitical tensions

Contributors and detractors

Constituents in the financials, consumer staples and information technology sectors contributed most positively to the Fund's absolute returns during the annual period. Constituents in health care, the only sector to detract from absolute returns during the annual period, dampened Fund performance.

From a country perspective, constituents in Brazil, Thailand and Taiwan contributed most positively to the Fund's absolute returns during the annual period. Conversely, constituents in Poland, Indonesia and the United Arab Emirates detracted most from absolute returns.

Positions in South African integrated financial services group Standard Bank Group, Thai airport operator Airports of Thailand, and Brazilian school operator and teaching services provider Kroton Educacional contributed most positively. Each of these companies produced a double-digit absolute gain during the annual period. Positions in Brazilian highway manager CCR, Polish petroleum products refiner and distributor Polski Koncern Naftowy Orlen and Indonesian media company Surya Citra Media detracted most. Each generated a double-digit negative absolute return during the annual period.

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance.

Columbia ETF Trust II | Annual Report 2018
15

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Columbia EM Quality Dividend ETF (HILO)

Investing involves risks, including the risk of loss of principal. Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. The Fund is passively managed and seeks to track the performance of an index. The Fund may not sell a poorly performing security unless it was removed from the index. There is no guarantee that the index will achieve positive returns. Risk exists that the index provider may not follow its methodology for index construction. Errors may result in a negative fund performance. The Fund's net value will generally decline when the market value of its targeted index declines. Foreign investments subject the Fund to risks, including political, economic, market, social and other risks impacting a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. These risks are enhanced for emerging or frontier market issuers. Investment in or exposure to foreign currencies subjects the Fund to currency fluctuation and risk of loss. Investments in small- and mid-cap companies involve risks and volatility greater than investments in larger, more established companies. The Fund concentrates its investments in issuers of one or more particular industries to the same extent as the underlying index. Although the Fund's shares are listed on an exchange, there can be no assurance that an active, liquid or otherwise orderly trading market for shares will be established or maintained. Active market trading may increase portfolio turnover, transaction costs and tracking error to the targeted index. The Fund may have portfolio turnover, which may cause an adverse cost impact. There may be additional portfolio turnover risk as active market trading of the Fund's shares may cause more frequent creation or redemption activities that could, in certain circumstances, increase the number of portfolio transactions as well as tracking error to the Index and as high levels of transactions increase brokerage and other transaction costs and may result in increased taxable capital gains. Dividend quality is not guaranteed and the amount, if any, can vary over time. See the Fund's prospectus for more information on these and other risks.

Columbia ETF Trust II | Annual Report 2018
16

FUND AT A GLANCE

Columbia Emerging Markets Consumer ETF

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 30^TM Index.

Portfolio management

Christopher Lo, Ph.D., CFA

Portfolio Manager

Managed Fund since September 2016

Average annual total returns (%) (for period ended March 31, 2018)

	Inception	1 Year		5 Years		Life
Market Price	09/14/10		7.16		0.76		4.52
Net Asset Value	09/14/10		6.81		0.70		4.43
Dow Jones Emerging Markets Consumer Titans 30^TM Index			7.71		1.84		5.66

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.

Columbia Management took over portfolio management in September 2016 upon its acquisition of the Fund's previous investment manager.

The Dow Jones Emerging Markets Consumer Titans 30^TM Index is a free-float market capitalization-weighted index that measures the performance of 30 leading emerging market companies in the Consumer Goods and Consumer Services Industries as defined by S&P Dow Jones Indexes.

Columbia ETF Trust II | Annual Report 2018
17

FUND AT A GLANCE (continued)

Columbia Emerging Markets Consumer ETF

Performance of a hypothetical $10,000 investment (September 14, 2010 — March 31, 2018)

Top ten holdings (%) (at March 31, 2018)

Naspers, Ltd. N Shares (South Africa)					8.7
Ambev SA ADR (Brazil)					5.5
JD.com, Inc. ADR (China)					5.1
Fomento Economico Mexicano SAB de CV Series UBD (Mexico)					4.3
Ctrip.com International, Ltd. ADR (China)					4.2
Maruti Suzuki India, Ltd. (India)					4.0
Yum China Holdings, Inc. (China)					3.9
Hindustan Unilever, Ltd. (India)					3.8
Geely Automobile Holdings, Ltd. (China)					3.6
Wal-Mart de Mexico SAB de CV (Mexico)					3.6

Percentages indicated are based upon total investments.

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 March 31, 2018)

Brazil					12.6
Chile					3.3
China					28.2
India					14.6
Indonesia					3.1
Malaysia					2.3
Mexico					10.5
Philippines					2.9
Russia					2.4
South Africa					14.1
Thailand					5.8
United States^(a)					0.2
Total					100.0

Country Breakdown is based primarily on issuer's place of risk. Percentages indicated are based upon total investments. The Fund's portfolio composition is subject to change.

(a) Includes investments in Money Market Funds.

Columbia ETF Trust II | Annual Report 2018
18

FUND AT A GLANCE (continued)

Columbia Emerging Markets Consumer ETF

Equity sector breakdown (%) (at March 31, 2018)

Consumer Discretionary					52.7
Consumer Staples					44.4
Industrials					2.9
Total					100.0

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

Columbia ETF Trust II | Annual Report 2018
19

MANAGER DISCUSSION OF FUND PERFORMANCE

Columbia Emerging Markets Consumer ETF (ECON)

For the 12-month period that ended March 31, 2018, the Fund returned 6.81% based on net asset value (NAV) and 7.16% based on market price. The Dow Jones Emerging Markets Consumer Titans 30^TM Index returned 7.71%, during the same time period.

The Fund's NAV on March 31, 2017 was $24.75, and it ended the annual period on March 31, 2018 with a NAV of $26.34. The Fund's market price on March 31, 2018 was $26.51 per share.

Emerging market equities posted strong gains despite geopolitical tensions

Contributors and detractors

Constituents in the consumer staples and consumer discretionary sectors contributed most positively to the Fund's absolute returns during the annual period. Constituents in the industrials sector also contributed positively, albeit much more modestly, to absolute returns. No sectors detracted from absolute returns during the annual period.

From a country perspective, constituents in China, South Africa and India contributed most positively to the Fund's absolute returns during the annual period. Conversely, constituents in Russia, Indonesia and Mexico detracted most from absolute returns.

Positions in South African media company Naspers, Chinese online direct sales company JD.com and Thai convenience store and department store chain operator CP ALL contributed most positively. Each of these companies produced a double-digit absolute gain during the annual period. Positions in South African furniture retailer Steinhoff International Holdings, Russian supermarket operator Magnit and Mexican media and entertainment company Grupo Televisa detracted most. Each generated a double-digit negative absolute return during the annual period.

The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure market performance of emerging markets.

Columbia ETF Trust II | Annual Report 2018
20

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Columbia Emerging Markets Consumer ETF (ECON)

The S&P 500 Index, an unmanaged index, measures the performance of 500 widely held, large-capitalization U.S. stocks and is frequently used as a general measure of market performance.

Columbia ETF Trust II | Annual Report 2018
21

FUND AT A GLANCE

Columbia India Consumer ETF

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.

Portfolio management

Christopher Lo, Ph.D., CFA

Portfolio Manager

Managed Fund since September 2016

Average annual total returns (%) (for period ended March 31, 2018)

	Inception	1 Year		5 Years		Life
Market Price	08/10/11		19.98		15.93		13.46
Net Asset Value	08/10/11		19.64		15.75		13.32
Indxx India Consumer Index			20.98		17.47		15.01

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.

Columbia Management took over portfolio management in September 2016 upon its acquisition of the Fund's previous investment manager.

The Indxx India Consumer Index is a modified equal-weighted index designed to measure the market performance of up to 116 companies that S&P determines to be representative of all industries domiciled in emerging market countries, subject to a 15% country cap.

Columbia ETF Trust II | Annual Report 2018
22

FUND AT A GLANCE (continued)

Columbia India Consumer ETF

Performance of a hypothetical $10,000 investment (August 10, 2011 — March 31, 2018)

Top ten holdings (%) (at March 31, 2018)

Titan Co., Ltd.					5.6
Nestle India, Ltd.					5.2
Britannia Industries, Ltd.					4.9
Hindustan Unilever, Ltd.					4.9
Maruti Suzuki India, Ltd.					4.9
Mahindra & Mahindra, Ltd.					4.9
Zee Entertainment Enterprises, Ltd.					4.9
Godrej Consumer Products, Ltd.					4.8
Hero MotoCorp, Ltd.					4.8
ITC, Ltd.					4.7

Percentages indicated are based upon total investments.

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 March 31, 2018)

Consumer Discretionary					54.9
Consumer Staples					45.1
Total					100.0

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

Columbia ETF Trust II | Annual Report 2018
23

MANAGER DISCUSSION OF FUND PERFORMANCE

Columbia India Consumer ETF (INCO)

For the 12-month period that ended March 31, 2018, the Fund returned 19.64% based on net asset value (NAV) and 19.98% based on market price. The Indxx India Consumer Index returned 20.98% during the same time period.

The Fund's NAV on March 31, 2017 was $38.31, and it ended the annual period on March 31, 2018 with a NAV of $45.81. The Fund's market price on March 31, 2018 was $46.18 per share.

Indian equities posted solid returns amid favorable reforms

The Indian equity market enjoyed solid returns during the annual period, as reforms by India's Prime Minister Narendra Modi took hold and a shift to more open investment policies drove an influx of foreign and institutional capital into the country. The MSCI India Index returned 10.23% for the annual period. While this was less than the 24.93% return of the MSCI Emerging Markets Index broadly during the same time period, it is well worth noting that for calendar year 2017, the MSCI India Index outperformed the broader MSCI Emerging Markets Index.

Significant tax reform via the Goods and Services Tax bill, passed by India's parliament at the end of March 2017 and launched on July 1, 2017, proved to be a positive shift for investors, as the country replaced and streamlined taxes on goods and services. Also, demonetization, put in place in November 2016, continued to benefit India's overall economy, as it was designed to reduce tax evasion and black-market activities. India's financials stocks showed particularly strong performance in the fourth quarter of 2017, driven by the late-October 2017 announcement of a recapitalization plan by the Indian government. The Indian government unveiled plans to inject $32.5 billion into its banks over the following two years in an effort to shore up the worsening balance sheets of the country's public-sector banks, boost liquidity in its economy and revive growth. Indian equities overall rallied to a record high on the news.

The start of 2018 saw a decline in Indian equities, mostly due to the concern over a fraud discovered at a state-owned bank. The reintroduction of long-term capital gains taxes, concerns about a trade conflict between the U.S. and China, and weak performance by Prime Minister Modi's party in two state by-elections also weighed on investor sentiment during the first quarter of 2018 as did heightened volatility in February and March 2018 across the global equity markets. (A by-election is a special election used to fill elected offices that have become vacant between general elections.)

Importantly, the fundamentals for India and its economy remained strong during the annual period. Its policy-driven, largely domestic-based economic growth, in synchronization with global economic growth provided a tailwind for its equity market performance. Also giving confidence to investors was the forecast by private agency Skymet that India's monsoon season would be "normal" in 2018. This forecast could propel farm growth, help rural rejuvenation and possibly reduce inflation as well. India's government has been focusing on doubling farmers income and job creation, which together with a better weather forecast, could push demand in consumer-oriented sectors.

Contributors and detractors

Constituents in both the consumer staples and consumer discretionary sectors, the only two sectors in which the Fund is invested, contributed positively to the Fund's absolute returns during the annual period.

Positions in jewelry manufacturer and retailer and perfume producer Titan and diversified consumer products manufacturers Hindustan Unilever and Britannia Industries contributed most positively. Titan generated a triple-digit absolute gain, and Hindustan Unilever and Britannia Industries each produced a double-digit absolute gain during the annual period. Positions in auto manufacturer Tata Motors, automotive parts manufacturer Bosch and clothing, footwear and accessories retailer Aditya Birla Fashion and Retail detracted most. Each generated a double-digit negative absolute return during the annual period.

The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure market performance of emerging markets.

The MSCI India Index is designed to measure the performance of the large and mid-cap segments of the Indian market. With 79 constituents, the index covers approximately 85% of the Indian equity universe.

Columbia ETF Trust II | Annual Report 2018
24

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Columbia India Consumer ETF (INCO)

Investing involves risks, including the risk of loss of principal. Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. The Fund is passively managed and seeks to track the performance of an index. The Fund may not sell a poorly performing security unless it was removed from the index. There is no guarantee that the index will achieve positive returns. Risk exists that the index provider may not follow its methodology for index construction. Errors may result in a negative fund performance. The Fund's net value will generally decline when the market value of its targeted index declines. Foreign investments subject the Fund to risks, including political, economic, market, social and other risks impacting a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. These risks are enhanced for emerging market issuers. Investment in or exposure to foreign currencies subjects the Fund to currency fluctuation and risk of loss. Investments in small- and mid-cap companies involve risks and volatility greater than investments in larger, more established companies. The Fund concentrates its investments in issuers of one or more particular industries to the same extent as the underlying index. Concentration in the India region, where issuers tend to be less developed than U.S. issuers, presents increased risk of loss than a fund that does not concentrate its investments. Investments in a narrowly focused sector such as consumer may exhibit higher volatility than investments with a broader focus. Although the Fund's shares are listed on an exchange, there can be no assurance that an active, liquid or otherwise orderly trading market for shares will be established or maintained. Active market trading may increase portfolio turnover, transaction costs and tracking error to the targeted index. The Fund may have portfolio turnover, which may cause an adverse cost impact. There may be additional portfolio turnover risk as active market trading of the Fund's shares may cause more frequent creation or redemption activities that could, in certain circumstances, increase the number of portfolio transactions as well as tracking error to the Index and as high levels of transactions increase brokerage and other transaction costs and may result in increased taxable capital gains. See the Fund's prospectus for more information on these and other risks.

Columbia ETF Trust II | Annual Report 2018
25

FUND AT A GLANCE

Columbia India Infrastructure ETF

Investment objective

Columbia India Infrastructure ETF (the Fund) seeks investment results that correspond (before fees and expenses) to the price and yield performance of the Indxx India Infrastructure Index.

Portfolio management

Christopher Lo, Ph.D., CFA

Portfolio Manager

Managed Fund since September 2016

Average annual total returns (%) (for period ended March 31, 2018)

	Inception	1 Year		5 Years		Life
Market Price	08/11/10		9.13		6.35		-2.07
Net Asset Value	08/11/10		8.41		6.11		-2.23
Indxx India Infrastructure Index			9.73		7.50		-1.11

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.

Columbia Management took over portfolio management in September 2016 upon its acquisition of the Fund's previous investment manager.

The Indxx India Infrastructure Index is a maximum 30-stock free-float adjusted market capitalization-weighted index designed to measure the market performance of companies in the infrastructure industry in India, as defined by Indxx's proprietary methodology. The index consists of common stocks listed on the primary exchange of India and ADRs & GDRs.

Columbia ETF Trust II | Annual Report 2018
26

FUND AT A GLANCE (continued)

Columbia India Infrastructure ETF

Performance of a hypothetical $10,000 investment (August 11, 2010 — March 31, 2018)

Top ten holdings (%) (at March 31, 2018)

Ashok Leyland, Ltd.					6.0
GAIL India, Ltd.					5.7
Larsen & Toubro, Ltd.					5.6
JSW Steel, Ltd.					5.5
NTPC, Ltd.					5.0
Tata Steel, Ltd.					5.0
Bharti Airtel, Ltd.					4.9
UltraTech Cement, Ltd.					4.8
Adani Ports and Special Economic Zone, Ltd.					4.6
Eicher Motors, Ltd.					4.3

Percentages indicated are based upon total investments.

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 March 31, 2018)

Energy					3.6
Industrials					37.3
Materials					26.0
Real Estate					1.9
Telecommunication Services					12.1
Utilities					19.1
Total					100.0

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

Columbia ETF Trust II | Annual Report 2018
27

MANAGER DISCUSSION OF FUND PERFORMANCE

Columbia India Infrastructure ETF (INXX)

For the 12-month period that ended March 31, 2018, the Fund returned 8.41% based on net asset value (NAV) and 9.13% based on market price. The Indxx India Infrastructure Index returned 9.73% during the same time period.

The Fund's NAV on March 31, 2017 was $12.98, and it ended the annual period on March 31, 2018 with a NAV of $13.98. The Fund's market price on March 31, 2018 was $14.16 per share.

Indian equities posted solid returns amid favorable reforms

Contributors and detractors

Constituents in the industrials and materials sectors contributed most positively to the Fund's absolute returns during the annual period. Constituents in the financials sector detracted, albeit modestly, from absolute returns.

Positions in transportation equipment manufacturer Ashok Leyland, integrated steel producer JSW Steel and base metals miner Vedanta contributed most positively. Each of these companies produced a double-digit absolute gain during the annual period. Positions in power plant equipment manufacturer Bharat Heavy Electricals, machinery manufacturer Cummins India and integrated steel producer Tata Steel detracted most. Each generated a double-digit negative absolute return during the annual period.

The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure market performance of emerging markets.

Columbia ETF Trust II | Annual Report 2018
28

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Columbia India Infrastructure ETF (INXX)

Investing involves risks, including the risk of loss of principal. Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. The Fund is passively managed and seeks to track the performance of an index. The Fund may not sell a poorly performing security unless it was removed from the index. There is no guarantee that the index will achieve positive returns. Risk exists that the index provider may not follow its methodology for index construction. Errors may result in a negative fund performance. The Fund's net value will generally decline when the market value of its targeted index declines. Foreign investments subject the Fund to risks, including political, economic, market, social and other risks impacting a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. These risks are enhanced for emerging market issuers. Investment in or exposure to foreign currencies subjects the Fund to currency fluctuation and risk of loss. Investments in small- and mid-cap companies involve risks and volatility greater than investments in larger, more established companies. The Fund concentrates its investments in issuers of one or more particular industries to the same extent as the underlying index. Concentration in the India region, where issuers tend to be less developed than U.S. issuers, presents increased risk of loss than a fund that does not concentrate its investments. Investments in a narrowly focused sector such as consumer may exhibit higher volatility than investments with a broader focus. Although the Fund's shares are listed on an exchange, there can be no assurance that an active, liquid or otherwise orderly trading market for shares will be established or maintained. Active market trading may increase portfolio turnover, transaction costs and tracking error to the targeted index. The Fund may have portfolio turnover, which may cause an adverse cost impact. There may be additional portfolio turnover risk as active market trading of the Fund's shares may cause more frequent creation or redemption activities that could, in certain circumstances, increase the number of portfolio transactions as well as tracking error to the Index and as high levels of transactions increase brokerage and other transaction costs and may result in increased taxable capital gains. See the Fund's prospectus for more information on these and other risks.

Columbia ETF Trust II | Annual Report 2018
29

FUND AT A GLANCE

Columbia India Small Cap ETF

Investment objective

Columbia India Small Cap ETF (the Fund) seeks investment results that correspond (before fees and expenses) to the price and yield performance of the Indxx India Small Cap Index.

Portfolio management

Christopher Lo, Ph.D., CFA

Portfolio Manager

Managed Fund since September 2016

Average annual total returns (%) (for period ended March 31, 2018)

	Inception	1 Year		5 Years		Life
Market Price	07/07/10		8.51		10.78		0.74
Net Asset Value	07/07/10		7.61		10.42		0.57
Indxx India Small Cap Index			7.62		12.05		1.90

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.

Columbia Management took over portfolio management in September 2016 upon its acquisition of the Fund's previous investment manager.

The Indxx India Small Cap Index is a maximum 75-stock free-float adjusted market capitalization-weighted index designed to measure the market performance of companies in the small cap segment in India. The index consists of securities listed on the primary stock exchange of India.

Columbia ETF Trust II | Annual Report 2018
30

FUND AT A GLANCE (continued)

Columbia India Small Cap ETF

Performance of a hypothetical $10,000 Investment (July 7, 2010 — March 31, 2018)

Top ten holdings (%) (at March 31, 2018)

KPIT Technologies, Ltd.					3.7
Karnataka Bank, Ltd. (The)					3.4
Multi Commodity Exchange of India, Ltd.					3.0
Sintex Plastics Technology, Ltd.					2.7
Repco Home Finance, Ltd.					2.5
PTC India, Ltd.					2.4
Meghmani Organics, Ltd.					2.4
Lakshmi Vilas Bank, Ltd. (The)					2.3
NOCIL, Ltd.					2.1
Venky's India, Ltd.					2.0

Percentages indicated are based upon total investments.

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 March 31, 2018)

Consumer Discretionary					9.2
Consumer Staples					7.7
Energy					1.2
Financials					19.1
Health Care					5.5
Industrials					16.7
Information Technology					11.2
Materials					23.7
Real Estate					2.2
Telecommunication Services					1.1
Utilities					2.4
Total					100.0

Percentages indicated are based upon total equity investments. The Fund's portfolio composition is subject to change.

Columbia ETF Trust II | Annual Report 2018
31

MANAGER DISCUSSION OF FUND PERFORMANCE

Columbia India Small Cap ETF (SCIN)

For the 12-month period that ended March 31, 2018, the Fund returned 7.61% based on net asset value (NAV) and 8.51% based on market price. The Indxx India Small Cap Index returned 7.62% during the same time period.

The Fund's NAV on March 31, 2017 was $18.26, and it ended the annual period on March 31, 2018 with a NAV of $19.50. The Fund's market price on March 31, 2018 was $19.76 per share.

Indian equities posted solid returns amid favorable reforms

Contributors and detractors

Constituents in the consumer discretionary, information technology and consumer staples sectors contributed most positively to the Fund's absolute returns during the annual period. Constituents in the financials, telecommunication services and health care sectors detracted most from absolute returns.

Positions in tea and coffee producer Tata Global Beverages, fast food chain owner and operator Jubilant Foodworks and textile and fabric manufacturer Bombay Dyeing & Manufacturing contributed most positively. Tata Global Beverages generated a triple-digit absolute gain, and Jubilant Foodworks and Bombay Dyeing & Manufacturing each produced a double-digit absolute gain during the annual period. Positions in wind generating equipment manufacturer Suzlon Energy, independent commodity futures markets exchange Multi Commodity Exchange of India and integrated telephone services provider Reliance Communications detracted most. Each generated a double-digit negative absolute return during the annual period.

The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure market performance of emerging markets.

Columbia ETF Trust II | Annual Report 2018
32

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Columbia India Small Cap ETF (SCIN)

Investing involves risks, including the risk of loss of principal. Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. The Fund is passively managed and seeks to track the performance of an index. The Fund may not sell a poorly performing security unless it was removed from the index. There is no guarantee that the index will achieve positive returns. Risk exists that the index provider may not follow its methodology for index construction. Errors may result in a negative fund performance. The Fund's net value will generally decline when the market value of its targeted index declines. Foreign investments subject the Fund to risks, including political, economic, market, social and other risks impacting a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. These risks are enhanced for emerging market issuers. Investment in or exposure to foreign currencies subjects the Fund to currency fluctuation and risk of loss. Investments in small- and mid-cap companies involve risks and volatility greater than investments in larger, more established companies. The Fund concentrates its investments in issuers of one or more particular industries to the same extent as the underlying index. Concentration in the India region, where issuers tend to be less developed than U.S. issuers, presents increased risk of loss than a fund that does not concentrate its investments. Investments in a narrowly focused sector such as consumer may exhibit higher volatility than investments with a broader focus. Although the Fund's shares are listed on an exchange, there can be no assurance that an active, liquid or otherwise orderly trading market for shares will be established or maintained. Active market trading may increase portfolio turnover, transaction costs and tracking error to the targeted index. The Fund may have portfolio turnover, which may cause an adverse cost impact. There may be additional portfolio turnover risk as active market trading of the Fund's shares may cause more frequent creation or redemption activities that could, in certain circumstances, increase the number of portfolio transactions as well as tracking error to the Index and as high levels of transactions increase brokerage and other transaction costs and may result in increased taxable capital gains. See the Fund's prospectus for more information on these and other risks.

Columbia ETF Trust II | Annual Report 2018
33

UNDERSTANDING YOUR FUND'S EXPENSES

(Unaudited)

As a shareholder of a Fund, you incur ongoing costs, including investment management fees. The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a fund and to compare these costs with the ongoing costs of investing in other funds.

The examples are based on an initial investment of $1,000 invested at the beginning of the period and held for the period ended March 31, 2018.

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.

October 1, 2017 — March 31, 2018

	Beginning account value ($)				Ending account value ($)				Expenses paid for the period ($)				Annualized expense ratios for the period (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Columbia Beyond BRICs ETF		1,000.00		1,000.00		1,113.50		1,022.04		3.06		2.92		0.58
Columbia EM Core ex-China ETF		1,000.00		1,000.00		1,105.50		1,023.14		1.89		1.82		0.36
Columbia EM Quality Dividend ETF		1,000.00		1,000.00		1,082.70		1,021.09		4.00		3.88		0.77
Columbia Emerging Markets Consumer ETF		1,000.00		1,000.00		960.30		1,021.09		3.76		3.88		0.77
Columbia India Consumer ETF		1,000.00		1,000.00		1,078.20		1,020.64		4.46		4.33		0.86
Columbia India Infrastructure ETF		1,000.00		1,000.00		993.10		1,020.79		4.12		4.18		0.83
Columbia India Small Cap ETF		1,000.00		1,000.00		1,014.50		1,020.64		4.32		4.33		0.86

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 365.

Expense ratios reflect investment management fee caps for Columbia Beyond BRICs ETF and Columbia EM Core ex-China ETF through the period ended March 31, 2018.

Had the Investment Manager not waived fees or reimbursed a portion of expenses for Columbia Beyond BRICs ETF and Columbia EM Core ex-China ETF, account values at the end of the period would have been reduced.

Effective February 1, 2018, the investment management fee (unitary fee) rates are 0.59%, 0.59%, 0.75%, 0.75%, and 0.75% respectively for Columbia EM Quality Dividend ETF, Columbia Emerging Markets Consumer ETF, Columbia India Consumer ETF, Columbia India Infrastructure ETF and Columbia India Small Cap ETF. If these rates had been in place for the entire six month period ended March 31, 2018, the actual expenses paid would have been $3.06 for Columbia EM Quality Dividend ETF, $2.88 for Columbia Emerging Markets Consumer ETF, $3.94 for Columbia India Consumer ETF, $3.78 for Columbia India Infrastructure ETF and $3.97 Columbia India Small Cap ETF; and the hypothetical expenses paid would have been $2.97 for Columbia EM Quality Dividend ETF, $2.97 for Columbia Emerging Markets Consumer ETF, $3.83 for Columbia India Consumer ETF, $3.83 for Columbia India Infrastructure ETF and $3.98 for Columbia India Small Cap ETF.

Columbia ETF Trust II | Annual Report 2018
34

FREQUENCY DISTRIBUTION OF PREMIUMS
AND DISCOUNTS (Unaudited)

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 March 31, 2018.

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.

			Market Price Above or Equal to NAV		Market Price Below NAV
	Basis Point Differential		Number of Days		Number of Days
Columbia Beyond BRICs ETF August 15, 2012 – March 31, 2018
		0 - 49.9		328		289
		50 - 99.9		332		240
		100 - 199.9		116		97
		> 200		5		7
		Total		781		633
			Market Price Above or Equal to NAV		Market Price Below NAV
	Basis Point Differential		Number of Days		Number of Days
Columbia EM Core ex-China ETF September 2, 2015 – March 31, 2018
		0 - 49.9		176		89
		50 - 99.9		214		33
		100 - 199.9		115		11
		> 200		9		1
		Total		514		134
			Market Price Above or Equal to NAV		Market Price Below NAV
	Basis Point Differential		Number of Days		Number of Days
Columbia EM Quality Dividend ETF August 4, 2011 – March 31, 2018
		0 - 49.9		399		479
		50 - 99.9		183		382
		100 - 199.9		49		156
		> 200		8		18
		Total		639		1035

Columbia ETF Trust II | Annual Report 2018
35

FREQUENCY DISTRIBUTION OF PREMIUMS
AND DISCOUNTS (continued) (Unaudited)

			Market Price Above or Equal to NAV		Market Price Below NAV
	Basis Point Differential		Number of Days		Number of Days
Columbia Emerging Markets Consumer ETF September 14, 2010 – March 31, 2018
		0 - 49.9		865		437
		50 - 99.9		349		140
		100 - 199.9		49		48
		> 200		6		5
		Total		1269		630
			Market Price Above or Equal to NAV		Market Price Below NAV
	Basis Point Differential		Number of Days		Number of Days
Columbia India Consumer ETF August 10, 2011 – March 31, 2018
		0 - 49.9		439		330
		50 - 99.9		331		167
		100 - 199.9		241		89
		> 200		59		14
		Total		1070		600
			Market Price Above or Equal to NAV		Market Price Below NAV
	Basis Point Differential		Number of Days		Number of Days
Columbia India Infrastructure ETF August 11, 2010 – March 31, 2018
		0 - 49.9		478		370
		50 - 99.9		342		262
		100 - 199.9		239		153
		> 200		39		39
		Total		1098		824
			Market Price Above or Equal to NAV		Market Price Below NAV
	Basis Point Differential		Number of Days		Number of Days
Columbia India Small Cap ETF July 7, 2010 – March 31, 2018
		0 - 49.9		448		370
		50 - 99.9		288		282
		100 - 199.9		223		247
		> 200		35		54
		Total		994		953

Columbia ETF Trust II | Annual Report 2018
36

PORTFOLIO OF INVESTMENTS

Columbia Beyond BRICs ETF

March 31, 2018

(Percentages represent value of investments compared to net assets)

Investments in Securities

Common Stocks 99.3%

Issuer	Shares		Value ($)
Bangladesh 4.7%
Beximco Pharmaceuticals Ltd.		499,337		617,118
BRAC Bank Ltd.		684,119		799,427
City Bank Ltd. (The)		1,097,268		522,383
Square Pharmaceuticals, Ltd.		376,064		1,401,537
Total Bangladesh				3,340,465
Chile 2.3%
Banco Santander Chile		4,708,829		396,950
Cencosud SA		101,499		310,770
Enel Americas SA		2,095,065		489,363
S.A.C.I. Falabella		42,626		411,263
Total Chile				1,608,346
Colombia 0.5%
Ecopetrol SA		360,257		337,285
Czech Republic 0.4%
CEZ AS		11,999		298,802
Hungary 1.2%
OTP Bank PLC		18,755		843,782
Indonesia 8.0%
PT Astra International Tbk		1,537,392		815,178
PT Bank Central Asia Tbk		733,151		1,240,779
PT Bank Mandiri Persero Tbk		1,406,681		784,186
PT Bank Negara Indonesia Persero Tbk		562,216		354,256
PT Bank Rakyat Indonesia Persero Tbk^(a)		4,020,010		1,051,174
PT Hanjaya Mandala Sampoerna Tbk		664,292		192,038
PT Telekomunikasi Indonesia Persero Tbk		3,594,833		939,996
PT Unilever Indonesia Tbk		87,135		313,445
Total Indonesia				5,691,052
Kenya 2.2%
Safaricom PLC		4,981,420		1,528,951
Malaysia 9.8%
Axiata Group Bhd		334,713		472,475
CIMB Group Holdings Bhd		493,706		913,892
DiGi.Com Bhd		278,425		333,275

Common Stocks (continued)

Issuer	Shares		Value ($)
IHH Healthcare Bhd		212,006		328,861
Malayan Banking Bhd		446,013		1,213,045
Maxis Bhd		208,145		305,652
Petronas Chemicals Group Bhd		214,999		453,010
Public Bank Bhd		234,124		1,452,683
Sime Darby Bhd		268,071		181,579
Tenaga Nasional Bhd		309,396		1,292,616
Total Malaysia				6,947,088
Mexico 12.1%
America Movil SAB de CV Series L		2,242,346		2,119,071
Arca Continental SAB de CV		26,870		185,051
Cemex SAB de CV Series CPO^(a)		1,107,058		729,608
Fomento Economico Mexicano SAB de CV Series UBD		159,661		1,450,406
Grupo Bimbo SAB de CV Series A		181,932		396,486
Grupo Financiero Banorte SAB de CV Class O		185,580		1,129,838
Grupo Mexico SAB de CV Series B		253,727		841,656
Grupo Televisa SAB Series CPO		189,397		600,040
Industrias Penoles SAB de CV		9,439		189,913
Wal-Mart de Mexico SAB de CV		392,264		994,118
Total Mexico				8,636,187
Morocco 3.9%
Attijariwafa Bank		25,996		1,386,122
Maroc Telecom		87,991		1,421,375
Total Morocco				2,807,497
Nigeria 3.7%
Guaranty Trust Bank PLC		10,676,592		1,325,861
Zenith Bank PLC		16,467,438		1,340,453
Total Nigeria				2,666,314
Philippines 2.7%
Ayala Land, Inc.		526,377		414,625
BDO Unibank, Inc.		148,677		396,073
SM Investments Corp.		36,681		644,655
SM Prime Holdings, Inc.		685,260		442,590
Total Philippines				1,897,943

The accompanying Notes to Financial Statements are an integral part of these financial statements.

Columbia ETF Trust II | Annual Report 2018
37

PORTFOLIO OF INVESTMENTS (continued)

Columbia Beyond BRICs ETF

March 31, 2018

(Percentages represent value of investments compared to net assets)

Common Stocks (continued)

Issuer	Shares		Value ($)
Poland 3.5%
Bank Pekao SA		11,909		428,686
Polski Koncern Naftowy Orlen SA		23,598		579,530
Polskie Gornictwo Naftowe i Gazownictwo SA		131,993		217,721
Powszechna Kasa Oszczednosci Bank Polski SA^(a)		64,797		765,011
Powszechny Zaklad Ubezpieczen SA		42,603		519,276
Total Poland				2,510,224
Qatar 1.3%
Industries Qatar QSC		11,469		330,988
Qatar National Bank QPSC		17,510		625,048
Total Qatar				956,036
Romania 2.2%
Banca Transilvania SA		2,264,713		1,574,273
South Africa 14.5%
Aspen Pharmacare Holdings, Ltd.		22,586		494,581
Barclays Africa Group, Ltd.		39,391		630,655
FirstRand, Ltd.		193,985		1,095,271
MTN Group, Ltd.		109,209		1,096,998
Naspers, Ltd. N Shares		8,360		2,040,366
Remgro, Ltd.		31,137		583,388
Sanlam, Ltd.		102,127		735,219
Sasol, Ltd.		33,505		1,140,223
Shoprite Holdings, Ltd.		26,604		567,118
Standard Bank Group, Ltd.		76,889		1,419,060
Steinhoff International Holdings NV^(a)		157,872		43,969
Vodacom Group, Ltd.		36,125		466,687
Total South Africa				10,313,535
Sri Lanka 2.0%
John Keells Holdings PLC		1,361,201		1,395,297
Thailand 11.0%
Advanced Info Service PCL NVDR		85,071		560,429
Airports of Thailand PCL NVDR		327,928		692,141
Bangkok Bank PCL NVDR		38,175		241,722
Bangkok Dusit Medical Services PCL NVDR		652,707		490,522

Common Stocks (continued)

Issuer	Shares		Value ($)
CP ALL PCL NVDR		397,245		1,108,399
Kasikornbank PCL NVDR		90,203		611,546
PTT Exploration & Production PCL NVDR		104,589		382,969
PTT PCL NVDR		109,233		1,914,285
Siam Cement PCL (The) NVDR		63,488		1,002,976
Siam Commercial Bank PCL NVDR		180,900		830,161
Total Thailand				7,835,150
Turkey 1.8%
Akbank TAS		155,302		374,788
KOC Holding AS		64,764		266,158
Turkiye Garanti Bankasi AS		158,682		436,622
Turkiye Is Bankasi AS Class C		106,841		192,300
Total Turkey				1,269,868
United Arab Emirates 5.2%
Emaar Properties PJSC		266,035		420,093
Emirates Telecommunications Group Co. PJSC		131,897		633,810
First Abu Dhabi Bank PJSC		822,969		2,621,491
Total United Arab Emirates				3,675,394
Vietnam 6.3%
Hoa Phat Group JSC^(a)		493,799		1,316,249
No Va Land Investment Group Corp.^(a)		461,264		1,340,748
Thanh Thanh Cong — Bien Hoa JSC^(a)		410,420		307,687
Vietnam Dairy Products JSC		164,270		1,490,778
Vingroup JSC^(a)		2		10
Total Vietnam				4,455,472
Total Common Stocks (Cost: $64,798,556)				70,588,961

Money Market Fund 0.4%

	Shares		Value ($)
Goldman Sachs Financial Square Funds — Treasury Instruments Fund, Institutional Shares, 1.538%^(b)(Cost: $289,679)		289,679		289,679
Total Investments in Securities (Cost: $65,088,235)				70,878,640
Other Assets & Liabilities, Net				248,573
Net Assets				71,127,213

The accompanying Notes to Financial Statements are an integral part of these financial statements.

Columbia ETF Trust II | Annual Report 2018
38

PORTFOLIO OF INVESTMENTS (continued)

Columbia Beyond BRICs ETF

March 31, 2018

Notes to Portfolio of Investments

(a) Non-income producing security.

(b) The rate shown is the seven-day current annualized yield at March 31, 2018.

Abbreviation Legend

NVDR Non-Voting 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 recommendation 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 accompanying Notes to Financial Statements are an integral part of these financial statements.

Columbia ETF Trust II | Annual Report 2018
39

PORTFOLIO OF INVESTMENTS (continued)

Columbia Beyond BRICs ETF

March 31, 2018

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments as of March 31, 2018:

	Level 1 quoted prices in active markets for identical assets ($)		Level 2 other significant observable inputs ($)		Level 3 significant unobservable inputs ($)		Total ($)
Investments in Securities
Common Stocks
Bangladesh		3,340,465		—		—		3,340,465
Chile		1,608,346		—		—		1,608,346
Colombia		337,285		—		—		337,285
Czech Republic		298,802		—		—		298,802
Hungary		843,782		—		—		843,782
Indonesia		5,691,052		—		—		5,691,052
Kenya		1,528,951		—		—		1,528,951
Malaysia		6,947,088		—		—		6,947,088
Mexico		8,636,187		—		—		8,636,187
Morocco		2,807,497		—		—		2,807,497
Nigeria		2,666,314		—		—		2,666,314
Philippines		1,897,943		—		—		1,897,943
Poland		2,510,224		—		—		2,510,224
Qatar		956,036		—		—		956,036
Romania		1,574,273		—		—		1,574,273
South Africa		10,313,535		—		—		10,313,535
Sri Lanka		1,395,297		—		—		1,395,297
Thailand		7,835,150		—		—		7,835,150
Turkey		1,269,868		—		—		1,269,868
United Arab Emirates		3,675,394		—		—		3,675,394
Vietnam		4,455,472		—		—		4,455,472
Total Common Stocks		70,588,961		—		—		70,588,961
Money Market Fund		289,679		—		—		289,679
Total Investments in Securities		70,878,640		—		—		70,878,640

See the Portfolio of Investments for all investment classifications not indicated in the table.

There were no transfers of financial assets between levels during the period.

The accompanying Notes to Financial Statements are an integral part of these financial statements.

Columbia ETF Trust II | Annual Report 2018
40

PORTFOLIO OF INVESTMENTS

Columbia EM Core ex-China ETF

March 31, 2018

(Percentages represent value of investments compared to net assets)

Investments in Securities

Common Stocks 91.1%

Issuer	Shares		Value ($)
Brazil 5.7%
Ambev SA		16,795		121,632
B3 SA - Brasil Bolsa Balcao		8,134		65,319
Banco do Brasil SA		3,447		42,553
BRF SA^(a)		3,697		25,395
Kroton Educacional SA		8,894		36,394
Ultrapar Participacoes SA		1,610		34,355
Vale SA		18,769		238,368
Total Brazil				564,016
Chile 1.1%
Cia Cervecerias Unidas SA		2,916		42,927
Empresas COPEC SA		4,163		65,388
Total Chile				108,315
India 10.9%
HDFC Bank, Ltd. ADR		4,118		406,735
ICICI Bank, Ltd. ADR		30,293		268,093
Infosys, Ltd. ADR		13,326		237,869
Tata Motors, Ltd. ADR^(a)		5,958		153,121
Total India				1,065,818
Indonesia 3.3%
PT Astra International Tbk		94,956		50,349
PT Bank Central Asia Tbk		84,396		142,831
PT Bank Mandiri Persero Tbk		144,682		80,656
PT Telekomunikasi Indonesia Persero Tbk		208,129		54,423
Total Indonesia				328,259
Malaysia 4.4%
Dialog Group BHD		210,100		160,780
IHH Healthcare Bhd		66,700		103,464
Petronas Dagangan Bhd		11,500		73,436
Tenaga Nasional Bhd		23,400		97,762
Total Malaysia				435,442
Mexico 4.2%
Cemex SAB de CV Series CPO^(a)		81,765		53,887
Coca-Cola Femsa SAB de CV Series L		11,499		75,740

Common Stocks (continued)

Issuer	Shares		Value ($)
Grupo Bimbo SAB de CV Series A		24,276		52,905
Grupo Mexico SAB de CV Series B		28,804		95,548
Grupo Televisa SAB Series CPO		14,926		47,288
Wal-Mart de Mexico SAB de CV		34,910		88,473
Total Mexico				413,841
Philippines 1.1%
JG Summit Holdings, Inc.		27,370		32,890
Semirara Mining & Power Corp.		55,100		31,997
SM Investments Corp.		2,370		41,652
Total Philippines				106,539
Poland 2.5%
Powszechna Kasa Oszczednosci Bank Polski SA^(a)		11,495		135,713
Powszechny Zaklad Ubezpieczen SA		9,088		110,771
Total Poland				246,484
Russia 4.8%
Gazprom PJSC ADR		16,873		82,104
LUKOIL PJSC ADR		2,897		199,603
Sberbank of Russia PJSC ADR		10,236		190,697
Total Russia				472,404
South Africa 9.4%
AngloGold Ashanti, Ltd.		4,027		38,242
Aspen Pharmacare Holdings, Ltd.		2,132		46,686
Bid Corp., Ltd.		5,325		115,836
Bidvest Group, Ltd. (The)		5,472		103,494
FirstRand, Ltd.		8,220		46,411
MTN Group, Ltd.		6,479		65,081
Naspers, Ltd. N Shares		885		215,996
Remgro, Ltd.		2,066		38,709
Sanlam, Ltd.		10,355		74,546
Sasol, Ltd.		2,639		89,809
Standard Bank Group, Ltd.		4,458		82,277
Steinhoff International Holdings NV^(a)		14,265		3,973
Total South Africa				921,060

The accompanying Notes to Financial Statements are an integral part of these financial statements.

Columbia ETF Trust II | Annual Report 2018
41

PORTFOLIO OF INVESTMENTS (continued)

Columbia EM Core ex-China ETF

March 31, 2018

(Percentages represent value of investments compared to net assets)

Common Stocks (continued)

Issuer	Shares		Value ($)
South Korea 19.3%
Celltrion, Inc.^(a)		706		209,829
Hana Financial Group, Inc.		1,191		50,952
Hyundai Motor Co.		905		121,838
KB Financial Group, Inc.		3,065		177,131
Kia Motors Corp.		2,044		61,076
Korea Electric Power Corp.		1,654		51,052
KT&G Corp.		646		60,606
LG Chem, Ltd.		156		56,493
POSCO		394		124,569
Samsung C&T Corp.		337		43,315
Samsung Electronics Co., Ltd.		270		621,109
Shinhan Financial Group Co., Ltd.		2,947		124,831
SK Hynix, Inc.		2,470		186,078
Total South Korea				1,888,879
Taiwan 16.7%
Advanced Semiconductor Engineering, Inc.		30,249		43,729
Asia Pacific Telecom Co., Ltd.^(a)		162,000		50,672
China Steel Corp.		87,904		69,944
Chipbond Technology Corp.		25,000		58,734
Chunghwa Telecom Co., Ltd.		24,465		93,557
CTBC Financial Holding Co., Ltd.		70,546		50,568
Far Eastern New Century Corp.		71,765		64,610
Far EasTone Telecommunications Co., Ltd.		19,248		50,832
Formosa Chemicals & Fibre Corp.		11,882		44,419
Formosa Petrochemical Corp.		12,000		48,770
Formosa Plastics Corp.		27,233		96,203
Hon Hai Precision Industry Co., Ltd.		45,985		141,944
MediaTek, Inc.		6,409		72,757
Nan Ya Plastics Corp.		38,576		108,225
President Chain Store Corp.		10,375		104,259
Standard Foods Corp.		23,536		55,133
Taiwan Semiconductor Manufacturing Co., Ltd.		57,459		480,845
Total Taiwan				1,635,201

Common Stocks (continued)

Issuer	Shares		Value ($)
Thailand 6.0%
Airports of Thailand PCL NVDR		48,200		101,733
BTS Group Holdings PCL NVDR		439,655		116,698
CP ALL PCL NVDR		19,700		54,967
Home Product Center PCL NVDR		110,500		49,119
PTT PCL		6,000		105,149
Siam Cement PCL (The)		3,300		52,133
Siam Commercial Bank PCL (The)		15,800		72,507
Thai Union Group PCL NVDR		55,796		33,367
Total Thailand				585,673
Turkey 1.7%
Haci Omer Sabanci Holding AS		15,682		41,487
Turkiye Garanti Bankasi AS		26,183		72,044
Turkiye Is Bankasi Class C		31,575		56,831
Total Turkey				170,362
Total Common Stocks (Cost: $7,078,385)				8,942,293

Preferred Stocks 8.1%

Issuer	Shares		Value ($)
Brazil 8.1%
Banco Bradesco SA Preference Shares		6,565		78,023
Itau Unibanco Holding SA Preference Shares		16,852		260,162
Itausa — Investimentos Itau SA Preference Shares		32,824		136,191
Petroleo Brasileiro SA Preference Shares^(a)		40,792		262,774
Telefonica Brasil SA Preference Shares		3,634		55,107
Total Brazil				792,257
Total Preferred Stocks (Cost: $440,010)				792,257

Money Market Fund 0.4%

	Shares		Value ($)
Goldman Sachs Financial Square Funds — Treasury Instruments Fund, Institutional Shares, 1.538%^(b)(Cost: $36,426)		36,426		36,426
Total Investments in Securities (Cost: $7,554,821)				9,770,976
Other Assets & Liabilities, Net				39,533
Net Assets				9,810,509

The accompanying Notes to Financial Statements are an integral part of these financial statements.

Columbia ETF Trust II | Annual Report 2018
42

PORTFOLIO OF INVESTMENTS (continued)

Columbia EM Core ex-China ETF

March 31, 2018

Notes to Portfolio of Investments

(a) Non-income producing security.

(b) The rate shown is the seven-day current annualized yield at March 31, 2018.

Abbreviation Legend

ADR American Depositary Receipts

NVDR Non-Voting Depositary Receipts

PJSC Private Joint Stock Company

Fair Value Measurements

Fair value inputs are summarized in the three broad levels listed below:

• 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).

The accompanying Notes to Financial Statements are an integral part of these financial statements.

Columbia ETF Trust II | Annual Report 2018
43

PORTFOLIO OF INVESTMENTS (continued)

Columbia EM Core ex-China ETF

March 31, 2018

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments as of March 31, 2018:

	Level 1 quoted prices in active markets for identical assets ($)		Level 2 other significant observable inputs ($)		Level 3 significant unobservable inputs ($)		Total ($)
Investments in Securities
Common Stocks
Brazil		564,016		—		—		564,016
Chile		108,315		—		—		108,315
India		1,065,818		—		—		1,065,818
Indonesia		328,259		—		—		328,259
Malaysia		435,442		—		—		435,442
Mexico		413,841		—		—		413,841
Philippines		106,539		—		—		106,539
Poland		246,484		—		—		246,484
Russia		472,404		—		—		472,404
South Africa		921,060		—		—		921,060
South Korea		1,888,879		—		—		1,888,879
Taiwan		1,635,201		—		—		1,635,201
Thailand		585,673		—		—		585,673
Turkey		170,362		—		—		170,362
Total Common Stocks		8,942,293		—		—		8,942,293
Preferred Stocks
Brazil		792,257		—		—		792,257
Total Preferred Stocks		792,257		—		—		792,257
Money Market Fund		36,426		—		—		36,426
Total Investments in Securities		9,770,976		—		—		9,770,976

See the Portfolio of Investments for all investment classifications not indicated in the table.

There were no transfers of financial assets between levels during the period.

The accompanying Notes to Financial Statements are an integral part of these financial statements.

Columbia ETF Trust II | Annual Report 2018
44

PORTFOLIO OF INVESTMENTS

Columbia EM Quality Dividend ETF

March 31, 2018

(Percentages represent value of investments compared to net assets)

Investments in Securities

Common Stocks 97.3%

Issuer	Shares		Value ($)
Brazil 6.1%
Ambev SA		30,984		224,391
CCR SA		61,453		231,124
Ultrapar Participacoes SA		10,702		228,362
Total Brazil				683,877
China 11.8%
AAC Technologies Holdings, Inc.		12,058		217,552
China Merchants Bank Co., Ltd. Class H		54,207		222,055
China Overseas Land & Investment, Ltd.		63,495		220,460
China Resources Land, Ltd.		60,643		220,603
Country Garden Holdings Co., Ltd.		112,744		232,145
Ping An Insurance Group Co. of China, Ltd. Class H		20,789		211,379
Total China				1,324,194
Hong Kong 4.0%
Hong Kong & China Gas Co., Ltd.		108,640		223,141
Link REIT		25,894		221,054
Total Hong Kong				444,195
India 12.0%
Bharat Petroleum Corp., Ltd.		35,179		230,556
Bharti Infratel, Ltd.		42,531		219,203
Indian Oil Corp., Ltd.		86,222		233,462
Infosys, Ltd.		12,463		216,272
NTPC, Ltd.		85,513		222,496
Power Grid Corp. of India, Ltd.		74,903		221,936
Total India				1,343,925
Indonesia 7.9%
PT Astra International Tbk		423,882		224,756
PT Bank Rakyat Indonesia Persero Tbk^(a)		856,594		223,987
PT Telekomunikasi Indonesia Persero Tbk		842,551		220,315
PT Unilever Indonesia Tbk		60,495		217,615
Total Indonesia				886,673
Malaysia 8.1%
Maxis Bhd		150,858		221,529
Petronas Chemicals Group Bhd		107,190		225,852

Common Stocks (continued)

Issuer	Shares		Value ($)
Public Bank Bhd		36,579		226,964
Tenaga Nasional Bhd		55,631		232,419
Total Malaysia				906,764
Poland 2.0%
Polski Koncern Naftowy Orlen SA		8,895		218,447
Qatar 1.9%
Qatar National Bank QPSC		6,035		215,429
South Africa 9.8%
FirstRand, Ltd.		38,259		216,017
Mondi, Ltd.		8,281		225,204
Sanlam, Ltd.		29,006		208,816
Standard Bank Group, Ltd.		12,001		221,490
Vodacom Group, Ltd.		17,501		226,089
Total South Africa				1,097,616
South Korea 6.2%
Kia Motors Corp.		7,736		231,158
KT&G Corp.		2,453		230,134
S-Oil Corp.		2,070		232,072
Total South Korea				693,364
Taiwan 13.9%
Advanced Semiconductor Engineering, Inc.		155,377		224,617
Formosa Chemicals & Fibre Corp.		59,326		221,783
Formosa Plastics Corp.		62,448		220,604
Hon Hai Precision Industry Co., Ltd.		72,188		222,825
Nan Ya Plastics Corp.		79,390		222,729
Taiwan Semiconductor Manufacturing Co., Ltd.		26,636		222,903
Uni-President Enterprises Corp.		95,968		224,804
Total Taiwan				1,560,265
Thailand 7.8%
Kasikornbank PCL		31,675		214,745
PTT PCL		12,721		222,933
Siam Cement PCL (The) NVDR		13,944		220,286
Siam Commercial Bank PCL (The)		48,015		220,344
Total Thailand				878,308

The accompanying Notes to Financial Statements are an integral part of these financial statements.

Columbia ETF Trust II | Annual Report 2018
45

PORTFOLIO OF INVESTMENTS (continued)

Columbia EM Quality Dividend ETF

March 31, 2018

(Percentages represent value of investments compared to net assets)

Common Stocks (continued)

Issuer	Shares		Value ($)
United Arab Emirates 5.8%
DP World, Ltd.		9,323		209,768
Emaar Properties PJSC		139,540		220,346
Emirates Telecommunications Group Co. PJSC		46,044		221,257
Total United Arab Emirates				651,371
Total Common Stocks (Cost: $10,012,581)				10,904,428

Preferred Stock 2.0%

Issuer	Shares		Value ($)
Chile 2.0%
Sociedad Quimica y Minera de Chile SA Class B (Cost: $250,264)		4,631		225,556
Total Investments in Securities (Cost: $10,262,845)				11,129,984
Other Assets & Liabilities, Net				72,848
Net Assets				11,202,832

Notes to Portfolio of Investments

(a) Non-income producing security.

Abbreviation Legend

NVDR Non-Voting Depositary Receipts

PJSC Private Joint Stock Company

Fair Value Measurements

Fair value inputs are summarized in the three broad levels listed below:

• 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).

The accompanying Notes to Financial Statements are an integral part of these financial statements.

Columbia ETF Trust II | Annual Report 2018
46

PORTFOLIO OF INVESTMENTS (continued)

Columbia EM Quality Dividend ETF

March 31, 2018

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments as of March 31, 2018:

	Level 1 quoted prices in active markets for identical assets ($)		Level 2 other significant observable inputs ($)		Level 3 significant unobservable inputs ($)		Total ($)
Investments in Securities
Common Stocks
Brazil		683,877		—		—		683,877
China		1,324,194		—		—		1,324,194
Hong Kong		444,195		—		—		444,195
India		1,343,925		—		—		1,343,925
Indonesia		886,673		—		—		886,673
Malaysia		906,764		—		—		906,764
Poland		218,447		—		—		218,447
Qatar		215,429		—		—		215,429
South Africa		1,097,616		—		—		1,097,616
South Korea		693,364		—		—		693,364
Taiwan		1,560,265		—		—		1,560,265
Thailand		878,308		—		—		878,308
United Arab Emirates		651,371		—		—		651,371
Total Common Stocks		10,904,428		—		—		10,904,428
Preferred Stocks
Chile		225,556		—		—		225,556
Total Preferred Stocks		225,556		—		—		225,556
Total Investments in Securities		11,129,984		—		—		11,129,984

See the Portfolio of Investments for all investment classifications not indicated in the table.

There were no transfers of financial assets between levels during the period.

The accompanying Notes to Financial Statements are an integral part of these financial statements.

Columbia ETF Trust II | Annual Report 2018
47

PORTFOLIO OF INVESTMENTS (Consolidated)

Columbia Emerging Markets Consumer ETF

March 31, 2018

(Percentages represent value of investments compared to net assets)

Investments in Securities

Common Stocks 99.8%

Issuer	Shares		Value ($)
Brazil 12.6%
Ambev SA ADR		6,162,599		44,802,095
BRF SA ADR^(a)		2,372,885		16,420,364
Kroton Educacional SA		4,676,943		19,137,810
Lojas Renner SA		2,117,589		21,885,661
Total Brazil				102,245,930
Chile 3.3%
S.A.C.I. Falabella		2,767,659		26,702,855
China 28.2%
China Mengniu Dairy Co., Ltd.^(a)		7,497,149		25,696,432
Ctrip.com International, Ltd. ADR^(a)		728,002		33,939,453
Geely Automobile Holdings, Ltd.		10,149,225		29,225,754
Hengan International Group Co., Ltd.		2,239,182		20,741,884
JD.com, Inc. ADR^(a)		1,027,532		41,604,771
New Oriental Education & Technology Group, Inc. ADR		306,008		26,821,601
Want Want China Holdings, Ltd.		23,306,583		18,679,001
Yum China Holdings, Inc.		765,301		31,759,992
Total China				228,468,888
India 14.6%
Hindustan Unilever, Ltd.		1,519,181		31,057,148
ITC, Ltd.		6,908,020		27,061,532
Maruti Suzuki India, Ltd.		240,075		32,616,883
Tata Motors, Ltd. ADR^(a)		1,080,605		27,771,549
Total India				118,507,112
Indonesia 3.1%
PT Astra International Tbk		48,250,042		25,583,825
Malaysia 2.3%
Genting Bhd		8,142,094		18,313,397

Common Stocks (continued)

Issuer	Shares		Value ($)
Mexico 10.5%
Fomento Economico Mexicano SAB de CV Series UBD		3,839,892		34,882,674
Grupo Televisa SAB Series CPO		6,619,311		20,971,033
Wal-Mart de Mexico SAB de CV		11,531,796		29,225,129
Total Mexico				85,078,836
Philippines 2.9%
SM Investments Corp.		1,318,639		23,174,586
Russia 2.4%
Magnit PJSC GDR		1,048,762		19,333,927
South Africa 14.1%
Naspers, Ltd. N Shares		287,295		70,118,044
Shoprite Holdings, Ltd.		1,133,327		24,159,150
Tiger Brands, Ltd.		629,051		19,749,507
Total South Africa				114,026,701
Thailand 5.8%
CP ALL PCL		10,238,305		28,567,064
Thai Beverage PCL		30,728,044		18,277,949
Total Thailand				46,845,013
Total Common Stocks (Cost: $725,228,204)				808,281,070

Money Market Fund 0.2%

	Shares		Value ($)
Goldman Sachs Financial Square Funds — Treasury Instruments Fund, Institutional Shares, 1.538%^(b)(Cost: $1,238,005)		1,238,005		1,238,005
Total Investments in Securities (Cost: $726,466,209)				809,519,075
Other Assets & Liabilities, Net				391,952
Net Assets				809,911,027

Notes to Consolidated Portfolio of Investments

(a) Non-income producing security.

(b) The rate shown is the seven-day current annualized yield at March 31, 2018.

The accompanying Notes to Financial Statements are an integral part of these financial statements.

Columbia ETF Trust II | Annual Report 2018
48

PORTFOLIO OF INVESTMENTS (Consolidated) (continued)

Columbia Emerging Markets Consumer ETF

March 31, 2018

Abbreviation Legend

ADR American Depositary Receipts

GDR Global Depositary Receipts

PJSC Private Joint Stock Company

Fair Value Measurements

Fair value inputs are summarized in the three broad levels listed below:

• 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).

The accompanying Notes to Financial Statements are an integral part of these financial statements.

Columbia ETF Trust II | Annual Report 2018
49

PORTFOLIO OF INVESTMENTS (Consolidated) (continued)

Columbia Emerging Markets Consumer ETF

March 31, 2018

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments as of March 31, 2018:

	Level 1 quoted prices in active markets for identical assets ($)		Level 2 other significant observable inputs ($)		Level 3 significant unobservable inputs ($)		Total ($)
Investments in Securities
Common Stocks
Brazil		102,245,930		—		—		102,245,930
Chile		26,702,855		—		—		26,702,855
China		228,468,888		—		—		228,468,888
India		118,507,112		—		—		118,507,112
Indonesia		25,583,825		—		—		25,583,825
Malaysia		18,313,397		—		—		18,313,397
Mexico		85,078,836		—		—		85,078,836
Philippines		23,174,586		—		—		23,174,586
Russia		19,333,927		—		—		19,333,927
South Africa		114,026,701		—		—		114,026,701
Thailand		46,845,013		—		—		46,845,013
Total Common Stocks		808,281,070		—		—		808,281,070
Money Market Fund		1,238,005		—		—		1,238,005
Total Investments in Securities		809,519,075		—		—		809,519,075

See the Consolidated Portfolio of Investments for all investment classifications not indicated in the table.

There were no transfers of financial assets between levels during the period.

The accompanying Notes to Financial Statements are an integral part of these financial statements.

Columbia ETF Trust II | Annual Report 2018
50

PORTFOLIO OF INVESTMENTS (Consolidated)

Columbia India Consumer ETF

March 31, 2018

(Percentages represent value of investments compared to net assets)

Investments in Securities

Common Stocks 101.3%

Issuer	Shares		Value ($)
Consumer Discretionary 55.6%
Bajaj Auto, Ltd.		157,092		6,610,843
Balkrishna Industries, Ltd.		137,049		2,245,532
Bharat Forge, Ltd.		437,933		4,697,820
Bosch, Ltd.		16,286		4,499,021
Future Retail, Ltd.^(a)		246,179		2,078,992
Hero MotoCorp, Ltd.		128,671		6,989,325
Mahindra & Mahindra, Ltd.		633,162		7,173,125
Maruti Suzuki India, Ltd.		53,269		7,237,192
Motherson Sumi Systems, Ltd.		1,414,427		6,743,401
MRF, Ltd.		4,519		5,024,208
Page Industries, Ltd.		6,614		2,300,394
Rajesh Exports, Ltd.		98,254		1,114,179
Sun TV Network, Ltd.		108,887		1,416,729
Tata Motors, Ltd.^(a)		1,350,728		6,768,996
Titan Co., Ltd.		563,958		8,147,865
Zee Entertainment Enterprises, Ltd.		811,934		7,164,303
Total				80,211,925
Consumer Staples 45.7%
Avenue Supermarts, Ltd.^(a)(b)		176,016		3,575,282
Britannia Industries, Ltd.		95,347		7,266,474

Common Stocks (continued)

Issuer	Shares		Value ($)
Colgate-Palmolive India, Ltd.		240,950		3,904,530
Dabur India, Ltd.		1,018,850		5,130,046
Emami, Ltd.		113,466		1,859,475
GlaxoSmithKline Consumer Healthcare, Ltd.		20,942		1,958,678
Godrej Consumer Products, Ltd.		417,706		7,004,175
Hindustan Unilever, Ltd.		354,870		7,254,731
ITC, Ltd.		1,779,274		6,970,142
Marico, Ltd.		874,694		4,372,685
Nestle India, Ltd.		60,328		7,588,023
Procter & Gamble Hygiene & Health Care, Ltd.		17,231		2,524,546
United Breweries, Ltd.		119,248		1,733,000
United Spirits, Ltd.^(a)		99,880		4,792,722
Total				65,934,509
Total Common Stocks (Cost: $111,576,974)				146,146,434

Money Market Fund 0.3%

	Shares		Value ($)
Goldman Sachs Financial Square Funds — Treasury Instruments Fund, Institutional Shares, 1.538%^(c)(Cost: $500,240)		500,240		500,240
Total Investments in Securities (Cost: $112,077,214)				146,646,674
Other Assets & Liabilities, Net				(2,357,506	)
Net Assets				144,289,168

Notes to Consolidated Portfolio of Investments

(a) Non-income producing security.

(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 March 31, 2018, the value of this security amounted to $3,575,282, which represents 2.48% of net assets.

Fair Value Measurements

The accompanying Notes to Financial Statements are an integral part of these financial statements.

Columbia ETF Trust II | Annual Report 2018
51

PORTFOLIO OF INVESTMENTS (Consolidated) (continued)

Columbia India Consumer ETF

March 31, 2018

Fair Value Measurements (continued)

Fair value inputs are summarized in the three broad levels listed below:

• 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).

The following table is a summary of the inputs used to value the Fund's investments as of March 31, 2018:

	Level 1 quoted prices in active markets for identical assets ($)		Level 2 other significant observable inputs ($)		Level 3 significant unobservable inputs ($)		Total ($)
Investments in Securities
Common Stocks
Consumer Discretionary		80,211,925		—		—		80,211,925
Consumer Staples		65,934,509		—		—		65,934,509
Total Common Stocks		146,146,434		—		—		146,146,434
Money Market Fund		500,240		—		—		500,240
Total Investments in Securities		146,646,674		—		—		146,646,674

See the Consolidated Portfolio of Investments for all investment classifications not indicated in the table.

There were no transfers of financial assets between levels during the period.

The accompanying Notes to Financial Statements are an integral part of these financial statements.

Columbia ETF Trust II | Annual Report 2018
52

PORTFOLIO OF INVESTMENTS (Consolidated)

Columbia India Infrastructure ETF

March 31, 2018

(Percentages represent value of investments compared to net assets)

Investments in Securities

Common Stocks 100.8%

Issuer	Shares		Value ($)
Energy 3.6%
Petronet LNG, Ltd.		512,796		1,815,810
Industrials 37.6%
Adani Ports and Special Economic Zone, Ltd.		422,242		2,292,426
Amara Raja Batteries, Ltd.		54,049		658,814
Ashok Leyland, Ltd.		1,356,713		3,025,587
Bharat Heavy Electricals, Ltd.		958,117		1,195,044
Container Corp. of India, Ltd.		76,638		1,463,040
Cummins India, Ltd.		95,957		1,030,238
Eicher Motors, Ltd.		4,981		2,166,827
Havells India, Ltd.		145,394		1,087,529
Larsen & Toubro, Ltd.		138,652		2,786,786
NBCC India, Ltd.		154,333		450,540
Siemens, Ltd.		61,386		1,009,755
Voltas, Ltd.		159,195		1,515,511
Total				18,682,097
Materials 26.2%
Ambuja Cements, Ltd.		517,474		1,848,243
JSW Steel, Ltd.		618,737		2,733,585
Shree Cement, Ltd.		5,616		1,394,617
Tata Steel, Ltd.		287,641		2,518,447
UltraTech Cement, Ltd.		39,387		2,385,382
Vedanta, Ltd.		493,824		2,103,732
Total				12,984,006
Real Estate 2.0%
DLF, Ltd.		316,568		976,811

Common Stocks (continued)

Issuer	Shares		Value ($)
Telecommunication Services 12.2%
Bharti Airtel, Ltd.		403,130		2,464,332
Bharti Infratel, Ltd.		391,980		2,020,249
Idea Cellular, Ltd.^(a)		964,686		1,122,627
Tata Communications, Ltd.		45,030		428,161
Total				6,035,369
Utilities 19.2%
CESC, Ltd.		84,799		1,256,220
GAIL India, Ltd.		571,300		2,877,886
Indraprastha Gas Ltd.		247,261		1,059,419
NTPC, Ltd.		969,822		2,523,375
Reliance Power, Ltd.^(a)		477,814		264,468
Tata Power Co., Ltd. (The)		1,279,804		1,550,167
Total				9,531,535
Total Common Stocks (Cost: $39,761,562)				50,025,628

Money Market Fund 0.3%

	Shares		Value ($)
Goldman Sachs Financial Square Funds — Treasury Instruments Fund, Institutional Shares, 1.538%^(b)(Cost: $134,570)		134,570		134,570
Total Investments in Securities (Cost: $39,896,132)				50,160,198
Other Assets & Liabilities, Net				(547,888	)
Net Assets				49,612,310

Notes to Consolidated Portfolio of Investments

(a) Non-income producing security.

(b) The rate shown is the seven-day current annualized yield at March 31, 2018.

The accompanying Notes to Financial Statements are an integral part of these financial statements.

Columbia ETF Trust II | Annual Report 2018
53

PORTFOLIO OF INVESTMENTS (Consolidated) (continued)

Columbia India Infrastructure ETF

March 31, 2018

Fair Value Measurements

Fair value inputs are summarized in the three broad levels listed below:

• 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).

The accompanying Notes to Financial Statements are an integral part of these financial statements.

Columbia ETF Trust II | Annual Report 2018
54

PORTFOLIO OF INVESTMENTS (Consolidated) (continued)

Columbia India Infrastructure ETF

March 31, 2018

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments as of March 31, 2018:

	Level 1 quoted prices in active markets for identical assets ($)		Level 2 other significant observable inputs ($)		Level 3 significant unobservable inputs ($)		Total ($)
Investments in Securities
Common Stocks
Energy		1,815,810		—		—		1,815,810
Industrials		18,682,097		—		—		18,682,097
Materials		12,984,006		—		—		12,984,006
Real Estate		976,811		—		—		976,811
Telecommunication Services		6,035,369		—		—		6,035,369
Utilities		9,531,535		—		—		9,531,535
Total Common Stocks		50,025,628		—		—		50,025,628
Money Market Fund		134,570		—		—		134,570
Total Investments in Securities		50,160,198		—		—		50,160,198

See the Consolidated Portfolio of Investments for all investment classifications not indicated in the table.

There were no transfers of financial assets between levels during the period.

The accompanying Notes to Financial Statements are an integral part of these financial statements.

Columbia ETF Trust II | Annual Report 2018
55

PORTFOLIO OF INVESTMENTS (Consolidated)

Columbia India Small Cap ETF

March 31, 2018

(Percentages represent value of investments compared to net assets)

Investments in Securities

Common Stocks 99.8%

Issuer	Shares		Value ($)
Consumer Discretionary 9.1%
Eros International Media, Ltd.^(a)		113,984		290,458
Indo Count Industries, Ltd.		139,920		182,350
Jamna Auto Industries, Ltd.		298,405		359,156
JK Tyre & Industries, Ltd.		178,465		445,877
Kesoram Industries, Ltd.^(a)		209,043		346,954
Shankara Building Products, Ltd.		20,195		542,730
Sintex Industries, Ltd.		896,867		246,831
Trident, Ltd.		188,385		171,137
Total				2,585,493
Consumer Staples 7.7%
Balrampur Chini Mills, Ltd.		278,656		323,210
Dwarikesh Sugar Industries, Ltd.		330,800		127,559
Kaveri Seed Co., Ltd.		54,469		403,705
Kwality, Ltd.		121,953		110,413
LT Foods, Ltd.		261,003		340,152
Parag Milk Foods, Ltd.^(b)		77,381		296,133
Venky's India, Ltd.		9,712		576,421
Total				2,177,593
Energy 1.2%
Aban Offshore, Ltd.^(a)		61,138		148,483
Hindustan Oil Exploration Co., Ltd.^(a)		117,198		198,469
Total				346,952
Financials 19.0%
Andhra Bank^(a)		545,401		347,870
Central Depository Services India, Ltd.^(a)		80,730		349,858
IFCI, Ltd.^(a)		1,455,169		436,182
Karnataka Bank, Ltd. (The)		541,612		954,149
Lakshmi Vilas Bank, Ltd. (The)		422,406		637,932
Multi Commodity Exchange of India, Ltd.		82,876		847,989
Oriental Bank of Commerce^(a)		297,840		418,299
Repco Home Finance, Ltd.		81,299		700,970
SREI Infrastructure Finance, Ltd.		361,282		407,138
Tourism Finance Corp. of India, Ltd.		121,567		283,407
Total				5,383,794

Common Stocks (continued)

Issuer	Shares		Value ($)
Health Care 5.5%
Granules India, Ltd.		264,708		419,050
Marksans Pharma, Ltd.		428,137		207,761
Morepen Laboratories, Ltd.^(a)		528,692		249,667
Suven Life Sciences, Ltd.		98,668		253,244
Unichem Laboratories, Ltd.		93,899		410,743
Total				1,540,465
Industrials 16.7%
Force Motors, Ltd.		10,046		420,960
Future Enterprises, Ltd.		467,744		256,743
Gati, Ltd.		138,881		186,533
Gayatri Highways, Ltd.^(a)(c)(d)		99,938		10,167
Gayatri Projects, Ltd.^(a)		160,951		495,771
Hindustan Construction Co., Ltd.^(a)		1,084,185		369,032
KEI Industries, Ltd.		77,314		456,380
Mercator, Ltd.		405,814		214,973
Praj Industries, Ltd.		211,705		260,648
Reliance Naval and Engineering, Ltd.^(a)		458,016		192,415
Shipping Corp. of India, Ltd.^(a)		342,435		336,808
Sintex Plastics Technology, Ltd.^(a)		850,351		749,677
Texmaco Rail & Engineering, Ltd.		216,705		277,104
Titagarh Wagons, Ltd.		117,548		197,711
Welspun Enterprises, Ltd.		130,642		283,130
Total				4,708,052
Information Technology 11.2%
8K Miles Software Services, Ltd.		19,795		203,362
Firstsource Solutions, Ltd.^(a)		537,303		436,620
HCL Infosystems, Ltd.^(a)		405,830		317,027
Intellect Design Arena, Ltd.^(a)		142,521		361,210
Just Dial, Ltd.^(a)		66,644		452,712
KPIT Technologies, Ltd.		317,508		1,054,194
NIIT, Ltd.^(a)		216,180		330,625
Total				3,155,750

The accompanying Notes to Financial Statements are an integral part of these financial statements.

Columbia ETF Trust II | Annual Report 2018
56

PORTFOLIO OF INVESTMENTS (Consolidated) (continued)

Columbia India Small Cap ETF

March 31, 2018

(Percentages represent value of investments compared to net assets)

Common Stocks (continued)

Issuer	Shares		Value ($)
Materials 23.7%
Advanced Enzyme Technologies, Ltd.		153,615		502,145
Bhansali Engineering Polymers, Ltd.		146,013		381,925
Camlin Fine Sciences, Ltd.^(a)		167,943		260,714
Deepak Nitrite, Ltd.		136,878		520,257
GHCL, Ltd.		111,639		442,385
Jai Corp., Ltd.		99,564		204,099
Jindal Saw, Ltd.		244,495		445,155
JK Paper, Ltd.		142,129		294,406
Kiri Industries, Ltd.^(a)		31,378		201,195
Maithan Alloys, Ltd.		15,071		181,728
Meghmani Organics, Ltd.		522,891		675,443
Nilkamal, Ltd.		11,989		279,378
NOCIL, Ltd.		198,548		584,030
Phillips Carbon Black, Ltd.		32,118		534,597
Prakash Industries, Ltd.^(a)		145,429		377,053
Tata Metaliks, Ltd.		25,448		289,960

Common Stocks (continued)

Issuer	Shares		Value ($)
Tata Sponge Iron, Ltd.		14,483		204,216
Thirumalai Chemicals, Ltd.		12,112		316,181
Total				6,694,867
Real Estate 2.2%
Housing Development & Infrastructure, Ltd.^(a)		546,791		323,606
Omaxe, Ltd.		90,171		304,917
Total				628,523
Telecommunication Services 1.1%
Himachal Futuristic Communications, Ltd.^(a)		794,062		314,719
Utilities 2.4%
PTC India, Ltd.		504,763		676,405
Total Investments in Securities (Cost: $30,817,461)				28,212,613
Other Assets & Liabilities, Net				69,431
Net Assets				28,282,044

Notes to Consolidated Portfolio of Investments

(a) Non-income producing security.

(c) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At March 31, 2018, the value of these securities amounted to $10,167, which represents 0.04% of net assets.

(d) Valuation based on significant unobservable inputs.

Fair Value Measurements

Fair value inputs are summarized in the three broad levels listed below:

• 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).

The accompanying Notes to Financial Statements are an integral part of these financial statements.

Columbia ETF Trust II | Annual Report 2018
57

PORTFOLIO OF INVESTMENTS (Consolidated) (continued)

Columbia India Small Cap ETF

March 31, 2018

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments as of March 31, 2018:

	Level 1 quoted prices in active markets for identical assets ($)		Level 2 other significant observable inputs ($)		Level 3 significant unobservable inputs ($)		Total ($)
Investments in Securities
Common Stocks
Consumer Discretionary		2,585,493		—		—		2,585,493
Consumer Staples		2,177,593		—		—		2,177,593
Energy		346,952		—		—		346,952
Financials		5,383,794		—		—		5,383,794
Health Care		1,540,465		—		—		1,540,465
Industrials		4,697,885		—		10,167		4,708,052
Information Technology		3,155,750		—		—		3,155,750
Materials		6,694,867		—		—		6,694,867
Real Estate		628,523		—		—		628,523
Telecommunication Services		314,719		—		—		314,719
Utilities		676,405		—		—		676,405
Total Common Stocks		28,202,446		—		10,167		28,212,613
Total Investments in Securities		28,202,446		—		10,167		28,212,613

The accompanying Notes to Financial Statements are an integral part of these financial statements.

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58

PORTFOLIO OF INVESTMENTS (Consolidated) (continued)

Columbia India Small Cap ETF

March 31, 2018

Fair Value Measurements (continued)

See the Consolidated Portfolio of Investments for all investment classifications not indicated in the table.

There were no transfers of financial assets between levels during the period.

The Fund's assets assigned to the Level 3 category are valued utilizing the valuation technique deemed the most appropriate in the circumstances. Certain common stock classified as Level 3 are valued using a market approach. To determine fair value for these securities, management considered various factors which may have included, but were not limited to, the halt price of the security, the movement in observed market prices for other securities from the issuer and the movement in certain foreign or domestic market indices. Significant increases (decreases) to any of these inputs would result in a significantly lower (higher) fair value measurement.

The Fund does not hold any significant investments (greater than one percent of net assets) categorized as Level 3.

The accompanying Notes to Financial Statements are an integral part of these financial statements.

Columbia ETF Trust II | Annual Report 2018
59

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2018

	Columbia Beyond BRICs ETF			Columbia EM Core ex-China ETF			Columbia EM Quality Dividend ETF
Assets
Investments in securities, at value
Unaffiliated issuers (cost $65,088,235, $7,554,821, $10,262,845, respectively)	$	70,878,640		$	9,770,976		$	11,129,984
Cash		—			—			—
Foreign cash (cost $54,376, $1,253, $26,346, respectively)		54,334			1,253			26,282
Receivable for:
Investment sold		—			—			62,627
Capital shares sold		—			—			—
Dividends		222,874			40,876			37,387
Foreign tax reclaims		17,144			358			8,817
Expense reimbursement due from Investment Manager		16,502			2,953			—
Total assets		71,189,494			9,816,416			11,265,097
Liabilities
Payable for:
Investment purchased		—			—			15,372
Capital shares purchased		—			—			—
Investment management fees		51,951			5,907			5,714
Due to custodian		10,119			—			41,179
Accrued expenses and other liabilities		211			—			—
Total liabilities		62,281			5,907			62,265
Net assets applicable to outstanding capital stock	$	71,127,213		$	9,810,509		$	11,202,832
Represented by:
Paid-in capital	$	126,196,170		$	7,630,250		$	37,308,790
Undistributed (accumulated) net investment income (loss)		447,628			38,617			(9,998	)
Undistributed (accumulated) net realized gain (loss) on investments and foreign currency transactions		(61,307,478	)		(74,586	)		(26,963,841	)
Net unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		5,790,405			2,216,155			867,139
Foreign currency translations		488			73			742
Total — representing net assets applicable to outstanding capital stock	$	71,127,213		$	9,810,509		$	11,202,832
Shares outstanding		3,650,000			350,000			700,000
Net asset value per share	$	19.49		$	28.03		$	16.00

The accompanying Notes to Financial Statements are an integral part of these financial statements.

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60

STATEMENT OF ASSETS AND LIABILITIES (continued)

March 31, 2018

	Columbia Emerging Markets Consumer ETF (Consolidated)			Columbia India Consumer ETF (Consolidated)			Columbia India Infrastructure ETF (Consolidated)
Assets
Investments in securities, at value
Unaffiliated issuers (cost $726,466,209, $112,077,214, $39,896,132, respectively)	$	809,519,075		$	146,646,674		$	50,160,198
Cash		3,763,440			2,916			424
Foreign cash (cost $82,552, $4,678, $177,630, respectively)		86,969			4,671			177,532
Receivable for:
Investment sold		426,026			—			—
Capital shares sold		990			—			—
Dividends		434,122			18,849			5,942
Foreign tax reclaims		101,573			—			—
Expense reimbursement due from Investment Manager		—			—			—
Total assets		814,332,195			146,673,110			50,344,096
Liabilities
Payable for:
Investment purchased		3,992,169			—			—
Capital shares purchased		1,601			2,290,304			698,765
Investment management fees		427,398			93,638			33,021
Due to custodian		—			—			—
Accrued expenses and other liabilities		—			—			—
Total liabilities		4,421,168			2,383,942			731,786
Net assets applicable to outstanding capital stock	$	809,911,027		$	144,289,168		$	49,612,310
Represented by:
Paid-in capital	$	908,439,384		$	117,608,840		$	100,471,798
Undistributed (accumulated) net investment income (loss)		(666,235	)		(211,068	)		214,089
Undistributed (accumulated) net realized gain (loss) on investments and foreign currency transactions		(180,919,405	)		(7,678,057	)		(61,337,545	)
Net unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		83,052,866			34,569,460			10,264,066
Foreign currency translations		4,417			(7	)		(98	)
Total — representing net assets applicable to outstanding capital stock	$	809,911,027		$	144,289,168		$	49,612,310
Shares outstanding		30,750,000			3,150,000			3,550,000
Net asset value per share	$	26.34		$	45.81		$	13.98

The accompanying Notes to Financial Statements are an integral part of these financial statements.

Columbia ETF Trust II | Annual Report 2018
61

STATEMENT OF ASSETS AND LIABILITIES (continued)

March 31, 2018

	Columbia India Small Cap ETF (Consolidated)
Assets
Investments in securities, at value
Unaffiliated issuers (cost $30,817,461)	$	28,212,613
Cash		—
Foreign cash (cost $1,685)		262
Receivable for:
Investment sold		350,453
Capital shares sold		—
Dividends		46
Foreign tax reclaims		—
Expense reimbursement due from Investment Manager		—
Total assets		28,563,374
Liabilities
Payable for:
Investment purchased		—
Capital shares purchased		—
Investment management fees		19,293
Due to custodian		262,037
Accrued expenses and other liabilities		—
Total liabilities		281,330
Net assets applicable to outstanding capital stock	$	28,282,044
Represented by:
Paid-in capital	$	37,963,999
Undistributed (accumulated) net investment income (loss)		(427,545	)
Undistributed (accumulated) net realized gain (loss) on investments and foreign currency transactions		(6,648,139	)
Net unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		(2,604,848	)
Foreign currency translations		(1,423	)
Total — representing net assets applicable to outstanding capital stock	$	28,282,044
Shares outstanding		1,450,000
Net asset value per share	$	19.50

The accompanying Notes to Financial Statements are an integral part of these financial statements.

Columbia ETF Trust II | Annual Report 2018
62

STATEMENT OF OPERATIONS

For the Year Ended March 31, 2018

	Columbia Beyond BRICs ETF			Columbia EM Core ex-China ETF			Columbia EM Quality Dividend ETF
Investment Income:
Dividends — unaffiliated issuers	$	2,552,128		$	297,859		$	440,384
Miscellaneous income		780			—			10,421
Foreign taxes withheld		(181,349	)		(33,103	)		(37,862	)
Total income		2,371,559			264,756			412,943
Expenses:
Investment management fees		615,584			67,265			99,580
Line of credit interest		107			342			—
Overdraft expense		3,662			72			557
Tax expense		57			57			57
Total expenses		619,410			67,736			100,194
Fees waived by the Investment Manager and its affiliates		(195,538	)		(33,633	)		—
Total net expenses		423,872			34,103			100,194
Net investment income (loss)		1,947,687			230,653			312,749
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers		(965,735	)		667,488			1,111,500
In-kind transactions		(85,837	)		380,012			143,268
Foreign currency translations		(232,434	)		(3,112	)		(60,992	)
Net realized gain (loss)		(1,284,006	)		1,044,388			1,193,776
Change in net unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		14,515,779			665,473			662,688
Foreign currency translations		(13,906	)		(1,953	)		309
Net change in unrealized appreciation (depreciation)		14,501,873			663,520			662,997
Net realized and unrealized gain		13,217,867			1,707,908			1,856,773
Net increase in net assets resulting from operations	$	15,165,554		$	1,938,561		$	2,169,522

The accompanying Notes to Financial Statements are an integral part of these financial statements.

Columbia ETF Trust II | Annual Report 2018
63

STATEMENT OF OPERATIONS (continued)

For the Year Ended March 31, 2018

	Columbia Emerging Markets Consumer ETF (Consolidated)			Columbia India Consumer ETF (Consolidated)			Columbia India Infrastructure ETF (Consolidated)
Investment Income:
Dividends — unaffiliated issuers	$	11,392,279		$	1,165,159		$	1,093,573
Miscellaneous income		1,805			26			—
Foreign taxes withheld		(881,764	)		—			—
Total income		10,512,320			1,165,185			1,093,573
Expenses:
Investment management fees		7,179,708			1,138,876			435,467
Line of credit interest		—			6,915			—
Overdraft expense		9,825			—			200
Tax expense		6,237			3,137			2,481
Total expenses		7,195,770			1,148,928			438,148
Fees waived by the Investment Manager and its affiliates		—			—			—
Total net expenses		7,195,770			1,148,928			438,148
Net investment income (loss)		3,316,550			16,257			655,425
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers		(31,096,170	)		1,635,040			1,636,525
In-kind transactions		20,173,105			—			—
Foreign currency translations		(693,857	)		(199,422	)		(99,030	)
Net realized gain (loss)		(11,616,922	)		1,435,618			1,537,495
Change in net unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		64,476,243			18,167,358			956,276
Foreign currency translations		(288	)		(386	)		(211	)
Net change in unrealized appreciation (depreciation)		64,475,955			18,166,972			956,065
Net realized and unrealized gain		52,859,033			19,602,590			2,493,560
Net increase in net assets resulting from operations	$	56,175,583		$	19,618,847		$	3,148,985

The accompanying Notes to Financial Statements are an integral part of these financial statements.

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64

STATEMENT OF OPERATIONS (continued)

For the Year Ended March 31, 2018

	Columbia India Small Cap ETF (Consolidated)
Investment Income:
Dividends — unaffiliated issuers	$	270,030
Miscellaneous income		—
Foreign taxes withheld		—
Total income		270,030
Expenses:
Investment management fees		257,981
Line of credit interest		1,616
Overdraft expense		2,141
Tax expense		3,377
Total expenses		265,115
Fees waived by the Investment Manager and its affiliates		—
Total net expenses		265,115
Net investment income (loss)		4,915
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers		5,517,806
In-kind transactions		—
Foreign currency translations		(161,491	)
Net realized gain (loss)		5,356,315
Change in net unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		(3,723,269	)
Foreign currency translations		(1,886	)
Net change in unrealized appreciation (depreciation)		(3,725,155	)
Net realized and unrealized gain		1,631,160
Net increase in net assets resulting from operations	$	1,636,075

The accompanying Notes to Financial Statements are an integral part of these financial statements.

Columbia ETF Trust II | Annual Report 2018
65

STATEMENT OF CHANGES IN NET ASSETS

	Columbia Beyond BRICs ETF						Columbia EM Core ex-China ETF
	For the Year Ended March 31, 2018			For the Year Ended March 31, 2017			For the Year Ended March 31, 2018			For the Year Ended March 31, 2017
Operations
Net investment income	$	1,947,687		$	1,842,439		$	230,653		$	167,212
Net realized gain (loss)		(1,284,006	)		(8,419,986	)		1,044,388			(140,318	)
Net change in unrealized appreciation		14,501,873			9,887,345			663,520			1,479,033
Net increase (decrease) in net assets resulting from operations		15,165,554			3,309,798			1,938,561			1,505,927
Distributions to shareholders
Net investment income		(1,818,029	)		(1,842,516	)		(212,870	)		(126,499	)
Net realized gain		—			—			(617,043	)		—
Total distributions to shareholders		(1,818,029	)		(1,842,516	)		(829,913	)		(126,499	)
Shareholder transactions
Proceeds from shares sold		—			6,254,796			3,931,470			8,767,910
Cost of shares redeemed		(13,238,286	)		(28,946,398	)		(6,438,578	)		—
Transaction fees		—			—			—			(56	)
Net increase (decrease) in net assets resulting from shareholder transactions		(13,238,286	)		(22,691,602	)		(2,507,108	)		8,767,854
Increase (decrease) in net assets		109,239			(21,224,320	)		(1,398,460	)		10,147,282
Net Assets:
Net assets at beginning of year		71,017,974			92,242,294			11,208,969			1,061,687
Net assets at end of year	$	71,127,213		$	71,017,974		$	9,810,509		$	11,208,969
Undistributed (accumulated) net investment income (loss)	$	447,628		$	550,404		$	38,617		$	18,063
Capital stock activity
Shares outstanding, beginning of year		4,400,000			5,850,000			450,000			50,000
Subscriptions		—			400,000			150,000			400,000
Redemptions		(750,000	)		(1,850,000	)		(250,000	)		—
Shares outstanding, end of year		3,650,000			4,400,000			350,000			450,000

The accompanying Notes to Financial Statements are an integral part of these financial statements.

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STATEMENT OF CHANGES IN NET ASSETS (continued)

	Columbia EM Quality Dividend ETF						Columbia Emerging Markets Consumer ETF (Consolidated)
	For the Year Ended March 31, 2018			For the Year Ended March 31, 2017			For the Year Ended March 31, 2018			For the Year Ended March 31, 2017
Operations
Net investment income	$	312,749		$	405,712		$	3,316,550		$	5,104,759
Net realized gain (loss)		1,193,776			(194,219	)		(11,616,922	)		(26,324,004	)
Net change in unrealized appreciation		662,997			1,024,212			64,475,955			83,727,682
Net increase (decrease) in net assets resulting from operations		2,169,522			1,235,705			56,175,583			62,508,437
Distributions to shareholders
Net investment income		(279,712	)		(331,695	)		(3,335,918	)		(4,854,400	)
Net realized gain		—			—			—			—
Total distributions to shareholders		(279,712	)		(331,695	)		(3,335,918	)		(4,854,400	)
Shareholder transactions
Proceeds from shares sold		—			656,756			102,899,683			82,309,612
Cost of shares redeemed		(3,767,028	)		(4,492,266	)		(87,000,586	)		(11,152,187	)
Transaction fees		—			—			1,275			(158	)
Net increase (decrease) in net assets resulting from shareholder transactions		(3,767,028	)		(3,835,510	)		15,900,372			71,157,267
Increase (decrease) in net assets		(1,877,218	)		(2,931,500	)		68,740,037			128,811,304
Net Assets:
Net assets at beginning of year		13,080,050			16,011,550			741,170,990			612,359,686
Net assets at end of year	$	11,202,832		$	13,080,050		$	809,911,027		$	741,170,990
Undistributed (accumulated) net investment income (loss)	$	(9,998	)	$	511		$	(666,235	)	$	(23,291	)
Capital stock activity
Shares outstanding, beginning of year		950,000			1,250,000			29,950,000			27,100,000
Subscriptions		—			50,000			3,900,000			3,350,000
Redemptions		(250,000	)		(350,000	)		(3,100,000	)		(500,000	)
Shares outstanding, end of year		700,000			950,000			30,750,000			29,950,000

The accompanying Notes to Financial Statements are an integral part of these financial statements.

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STATEMENT OF CHANGES IN NET ASSETS (continued)

	Columbia India Consumer ETF (Consolidated)						Columbia India Infrastructure ETF (Consolidated)
	For the Year Ended March 31, 2018			For the Year Ended March 31, 2017			For the Year Ended March 31, 2018			For the Year Ended March 31, 2017
Operations
Net investment income (loss)	$	16,257		$	(74,888	)	$	655,425		$	116,095
Net realized gain (loss)		1,435,618			536,341			1,537,495			(1,068,304	)
Net change in unrealized appreciation (depreciation)		18,166,972			16,322,930			956,065			10,975,992
Net increase (decrease) in net assets resulting from operations		19,618,847			16,784,383			3,148,985			10,023,783
Distributions to shareholders
Net investment income		(79,763	)		(72,600	)		(363,029	)		(1,015,616	)
Shareholder transactions
Proceeds from shares sold		52,477,343			15,312,097			23,501,348			3,069,689
Cost of shares redeemed		(15,827,789	)		(15,598,335	)		(18,202,473	)		(10,483,631	)
Transaction fees		(975	)		(3,220	)		(1,199	)		(3,795	)
Net increase (decrease) in net assets resulting from shareholder transactions		36,648,579			(289,458	)		5,297,676			(7,417,737	)
Increase in net assets		56,187,663			16,422,325			8,083,632			1,590,430
Net Assets:
Net assets at beginning of year		88,101,505			71,679,180			41,528,678			39,938,248
Net assets at end of year	$	144,289,168		$	88,101,505		$	49,612,310		$	41,528,678
Undistributed (accumulated) net investment income (loss)	$	(211,068	)	$	49,782		$	214,089		$	40,258
Capital stock activity
Shares outstanding, beginning of year		2,300,000			2,300,000			3,200,000			3,900,000
Subscriptions		1,200,000			450,000			1,600,000			250,000
Redemptions		(350,000	)		(450,000	)		(1,250,000	)		(950,000	)
Shares outstanding, end of year		3,150,000			2,300,000			3,550,000			3,200,000

The accompanying Notes to Financial Statements are an integral part of these financial statements.

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STATEMENT OF CHANGES IN NET ASSETS (continued)

	Columbia India Small Cap ETF (Consolidated)
	For the Year Ended March 31, 2018			For the Year Ended March 31, 2017
Operations
Net investment income (loss)	$	4,915		$	(23,533	)
Net realized gain (loss)		5,356,315			2,856,803
Net change in unrealized appreciation (depreciation)		(3,725,155	)		3,589,799
Net increase (decrease) in net assets resulting from operations		1,636,075			6,423,069
Distributions to shareholders
Net investment income		(247,725	)		(160,975	)
Shareholder transactions
Proceeds from shares sold		7,647,176			2,653,031
Cost of shares redeemed		(6,314,661	)		(2,373,895	)
Transaction fees		(3,706	)		(3,344	)
Net increase (decrease) in net assets resulting from shareholder transactions		1,328,809			275,792
Increase in net assets		2,717,159			6,537,886
Net Assets:
Net assets at beginning of year		25,564,885			19,026,999
Net assets at end of year	$	28,282,044		$	25,564,885
Undistributed (accumulated) net investment income (loss)	$	(427,545	)	$	(17,874	)
Capital stock activity
Shares outstanding, beginning of year		1,400,000			1,400,000
Subscriptions		350,000			150,000
Redemptions		(300,000	)		(150,000	)
Shares outstanding, end of year		1,450,000			1,400,000

The accompanying Notes to Financial Statements are an integral part of these financial statements.

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FINANCIAL HIGHLIGHTS

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 Net Asset Value (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 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. 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 Beyond BRICs ETF

	For the Year Ended March 31,
	2018			2017			2016			2015			2014
Per share data
Net asset value, beginning of year	$	16.14		$	15.77		$	19.87		$	21.01		$	21.97
Net investment income		0.49			0.34			0.40			0.56			0.99
Net realized and unrealized gain (loss)		3.36			0.43			(3.83	)		(1.43	)		(1.77	)
Total from investment operations		3.85			0.77			(3.43	)		(0.87	)		(0.78	)
Less distributions to shareholders:
Net investment income		(0.50	)		(0.40	)		(0.67	)		(0.25	)		(0.18	)
Net realized gains		—			—			—			(0.02	)		—
Total distribution to shareholders		(0.50	)		(0.40	)		(0.67	)		(0.27	)		(0.18	)
Net asset value, end of year	$	19.49		$	16.14		$	15.77		$	19.87		$	21.01
Total Return at NAV		24.11	%		5.12	%		(17.05	)%		(4.16	)%		(3.51	)%
Total Return at Market		25.97	%		4.01	%		(17.00	)%		(4.78	)%		(3.66	)%
Ratios to average net assets of:
Expenses, prior to expense reimbursements/waivers		0.86	%^(a)		0.85	%		0.85	%		0.85	%		0.85	%
Expenses, net of expense reimbursements/waivers^(b)		0.59	%^(a)		0.58	%		0.58	%		0.58	%		0.66	%
Net Investment income, net of reimbursements/waivers		2.69	%		2.18	%		2.26	%		2.65	%		4.92	%
Supplemental data
Net assets, end of year (in thousands)	$	71,127		$	71,018		$	92,242		$	301,041		$	49,385
Portfolio turnover rate		34	%		36	%		32	%		33	%		63	%

Notes to Financial Highlights

(a) The ratio includes 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).

(b) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of these financial statements.

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FINANCIAL HIGHLIGHTS

Columbia EM Core ex-China ETF

	For the Year Ended March 31,
	2018			2017			2016^(a)
Per share data
Net asset value, beginning of year	$	24.91		$	21.23		$	20.00
Net investment income		0.66			0.41			0.22
Net realized and unrealized gain		4.83			3.55			1.52
Total from investment operations		5.49			3.96			1.74
Less distributions to shareholders:
Net investment income		(0.61	)		(0.28	)		(0.51	)
Net realized gains		(1.76	)		—			—
Total distribution to shareholders		(2.37	)		(0.28	)		(0.51	)
Net asset value, end of year	$	28.03		$	24.91		$	21.23
Total Return at NAV		22.76	%		18.83	%		8.98	%
Total Return at Market		20.45	%		23.20	%		8.49	%
Ratios to average net assets of:
Expenses, prior to expense reimbursements/waivers		0.70	%^(b)		0.70	%		0.70	%^(c)
Expenses, net of expense reimbursements/waivers^(d)		0.35	%^(b)		0.35	%		0.35	%^(c)
Net Investment income, net of reimbursements/waivers		2.40	%		1.80	%		1.92	%^(c)
Supplemental data
Net assets, end of year (in thousands)	$	9,811		$	11,209		$	1,062
Portfolio turnover rate		37	%		30	%		45	%

Notes to Financial Highlights

(a) Based on operations from September 2, 2015 (commencement of operations) through the stated period end.

(b) 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).

(d) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of these financial statements.

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FINANCIAL HIGHLIGHTS

Columbia EM Quality Dividend ETF

	For the Year Ended March 31,
	2018			2017			2016			2015			2014
Per share data
Net asset value, beginning of year	$	13.77		$	12.81		$	14.25		$	16.15		$	19.80
Net investment income		0.38			0.37			0.38			0.77			0.64
Net realized and unrealized gain (loss)		2.21			0.90			(1.45	)		(2.08	)		(3.61	)
Total from investment operations		2.59			1.27			(1.07	)		(1.31	)		(2.97	)
Less distributions to shareholders:
Net investment income		(0.36	)		(0.31	)		(0.37	)		(0.59	)		(0.65	)
Return of capital		—			—			—			—			(0.03	)
Total distribution to shareholders		(0.36	)		(0.31	)		(0.37	)		(0.59	)		(0.68	)
Net asset value, end of year	$	16.00		$	13.77		$	12.81		$	14.25		$	16.15
Total Return at NAV		18.96	%		10.05	%		(7.38	)%		(8.37	)%		(15.14	)%
Total Return at Market		20.31	%		11.09	%		(7.78	)%		(8.34	)%		(15.98	)%
Ratios to average net assets of:
Expenses, prior to expense reimbursements/waivers		0.82	%^(a)		0.85	%		0.85	%		0.89	%^(b)		0.85	%
Expenses, net of expense reimbursements/waivers^(c)		0.82	%^(a)		0.85	%		0.85	%		0.89	%^(b)		0.85	%
Net Investment income, net of reimbursements/waivers		2.55	%		2.79	%		2.88	%		4.76	%		3.54	%
Supplemental data
Net assets, end of year (in thousands)	$	11,203		$	13,080		$	16,012		$	24,935		$	57,335
Portfolio turnover rate		91	%		100	%		85	%		168	%		137	%

Notes to Financial Highlights

(a) The ratio includes 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).

(b) The ratio includes 0.04% for the period ended March 31, 2015 attributed to tax expense, which is outside the Unitary Fee (as defined in note 3).

(c) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of these financial statements.

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FINANCIAL HIGHLIGHTS

Columbia Emerging Markets Consumer ETF (Consolidated)

	For the Year Ended March 31,
	2018			2017			2016			2015			2014
Per share data
Net asset value, beginning of year	$	24.75		$	22.60		$	26.45		$	26.53		$	26.51
Net investment income		0.10			0.18			0.21			0.25			0.31
Net realized and unrealized gain (loss)		1.59			2.13			(3.83	)		(0.03	)		(0.09	)
Total from investment operations		1.69			2.31			(3.62	)		0.22			0.22
Less distributions to shareholders:
Net investment income		(0.10	)		(0.16	)		(0.23	)		(0.30	)		(0.20	)
Net asset value, end of year	$	26.34		$	24.75		$	22.60		$	26.45		$	26.53
Total Return at NAV		6.81	%		10.35	%		(13.63	)%		0.88	%		0.82	%
Total Return at Market		7.16	%		10.75	%		(13.64	)%		0.74	%		0.59	%
Ratios to average net assets of:
Expenses, prior to expense reimbursements/waivers		0.81	%^(a)		0.85	%^(b)		0.85	%		0.83	%		0.84	%
Expenses, net of expense reimbursements/waivers^(c)		0.81	%^(a)		0.85	%^(b)		0.85	%		0.83	%		0.84	%
Net Investment income, net of reimbursements/waivers		0.37	%		0.77	%		0.86	%		0.92	%		1.20	%
Supplemental data
Net assets, end of year (in thousands)	$	809,911		$	741,171		$	612,360		$	1,145,158		$	1,233,683
Portfolio turnover rate		27	%		17	%		32	%		12	%		14	%

Notes to Consolidated Financial Highlights

(a) 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).

(b) 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).

(c) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of these financial statements.

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FINANCIAL HIGHLIGHTS

Columbia India Consumer ETF (Consolidated)

	For the Year Ended March 31,
	2018			2017			2016			2015			2014
Per share data
Net asset value, beginning of year	$	38.31		$	31.16		$	35.48		$	24.72		$	22.10
Net investment income (loss)		0.01			(0.03	)		0.04			(0.12	)		0.11
Net realized and unrealized gain (loss)		7.52			7.21			(4.36	)		10.91			2.51
Total from investment operations		7.53			7.18			(4.32	)		10.79			2.62
Less distributions to shareholders:
Net investment income		(0.03	)		(0.03	)		—			(0.03	)		—
Net asset value, end of year	$	45.81		$	38.31		$	31.16		$	35.48		$	24.72
Total Return at NAV		19.64	%		23.06	%		(12.18	)%		43.64	%		11.86	%
Total Return at Market		19.98	%		23.67	%		(12.57	)%		44.04	%		12.08	%
Ratios to average net assets of:
Expenses, prior to expense reimbursements/waivers		0.87	%^(a)		0.89	%^(b)		0.89	%		0.90	%^(c)		0.89	%
Expenses, net of expense reimbursements/waivers^(d)		0.87	%^(a)		0.89	%^(b)		0.89	%		0.90	%^(c)		0.89	%
Net Investment income (loss), net of reimbursements/waivers		0.01	%		(0.09	)%		0.13	%		(0.36	)%		0.50	%
Supplemental data
Net assets, end of year (in thousands)	$	144,289		$	88,102		$	71,679		$	88,710		$	4,945
Portfolio turnover rate		28	%		31	%		47	%		82	%		43	%

Notes to Consolidated Financial Highlights

(a) 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).

(b) 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).

(c) 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).

(d) Total net expenses include the impact of certain fee waivers/expense reimbursements made by the Investment Manager and certain of its affiliates, if applicable.

The accompanying Notes to Financial Statements are an integral part of these financial statements.

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FINANCIAL HIGHLIGHTS

Columbia India Infrastructure ETF (Consolidated)

	For the Year Ended March 31,
	2018			2017			2016			2015			2014
Per share data
Net asset value, beginning of year	$	12.98		$	10.24		$	13.08		$	11.35		$	12.27
Net investment income		0.18			0.03			0.30			0.12			0.13
Net realized and unrealized gain (loss)		0.92			3.03			(3.04	)		1.65	^(a)		0.27
Total from investment operations		1.10			3.06			(2.74	)		1.77			0.40
Less distributions to shareholders:
Net investment income		(0.10	)		(0.32	)		(0.10	)		(0.04	)		(1.32	)
Net asset value, end of year	$	13.98		$	12.98		$	10.24		$	13.08		$	11.35
Total Return at NAV		8.41	%		30.61	%		(21.00	)%		15.59	%		4.04	%
Total Return at Market		9.13	%		30.93	%		(21.41	)%		15.93	%		4.49	%
Ratios to average net assets of:
Expenses, prior to expense reimbursements/waivers		0.84	%^(b)		0.98	%^(c)		0.88	%^(d)		0.88	%^(e)		0.86	%^(f)
Expenses, net of expense reimbursements/waivers^(g)		0.84	%^(b)		0.98	%^(c)		0.88	%^(d)		0.88	%^(e)		0.86	%^(f)
Net Investment income, net of reimbursements/waivers		1.25	%		0.28	%		2.68	%		0.90	%		1.18	%
Supplemental data
Net assets, end of year (in thousands)	$	49,612		$	41,529		$	39,938		$	47,736		$	17,586
Portfolio turnover rate		54	%		34	%		59	%		75	%		76	%

Notes to Consolidated Financial Highlights

(a) The realized and unrealized gain on investments and foreign currency transactions does not accord with the amounts reported in the Statement of Operations due to the timing of subscriptions of fund shares in relation to the investment performance during the period and contributions made by Authorized Participants to compensate the Fund for additional costs incurred in purchasing securities that were not transferred in kind (See Note 1).

(b) The ratio includes 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).

(c) The ratio includes 0.13% for the year ended March 31, 2017 attributed to tax expense, which is outside the Unitary Fee (as defined in Note 3).

(d) The ratio includes 0.03% for the year ended March 31, 2016 attributed to tax expense, which is outside the Unitary Fee (as defined in Note 3).

(e) The ratio includes 0.03% for the year ended March 31, 2015 attributed to tax expense, which is outside the Unitary Fee (as defined in note 3).

(f) The ratio includes 0.01% for the year ended March 31, 2014 attributed to 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.

The accompanying Notes to Financial Statements are an integral part of these financial statements.

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FINANCIAL HIGHLIGHTS

Columbia India Small Cap ETF (Consolidated)

	For the Year Ended March 31,
	2018			2017			2016			2015			2014
Per share data
Net asset value, beginning of year	$	18.26		$	13.59		$	17.48		$	12.74		$	12.45
Net investment income (loss)		0.00	^(a)		(0.02	)		0.06			0.05			0.26
Net realized and unrealized gain (loss)		1.41			4.82			(3.86	)		4.77			0.25
Total from investment operations		1.41			4.80			(3.80	)		4.82			0.51
Less distributions to shareholders:
Net investment income		(0.17	)		(0.13	)		(0.09	)		(0.08	)		(0.22	)
Net asset value, end of year	$	19.50		$	18.26		$	13.59		$	17.48		$	12.74
Total Return at NAV		7.61	%		35.62	%		(21.78	)%		37.86	%		4.29	%
Total Return at Market		8.51	%		36.29	%		(22.27	)%		39.17	%		4.30	%
Ratios to average net assets of:
Expenses, prior to expense reimbursements/waivers		0.86	%^(b)		0.86	%^(c)		0.86	%^(d)		0.92	%^(e)		0.86	%^(f)
Expenses, net of expense reimbursements/waivers^(g)		0.86	%^(b)		0.86	%^(c)		0.86	%^(d)		0.92	%^(e)		0.86	%^(f)
Net Investment income (loss), net of reimbursement/waivers		0.02	%		(0.12	)%		0.40	%		0.33	%		2.36	%
Supplemental data
Net assets, end of year (in thousands)	$	28,282		$	25,565		$	19,027		$	28,850		$	16,560
Portfolio turnover rate		107	%		71	%		45	%		117	%		56	%

Notes to Consolidated Financial Highlights

(a) Rounds to zero.

(b) The ratio includes 0.02% 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).

(c) The ratio includes 0.01% for the year ended March 31, 2017 attributed to tax expense, which is outside the Unitary Fee (as defined in Note 3).

(d) The ratio includes 0.01% for the year ended March 31, 2016 attributed to tax expense, which is outside the Unitary Fee (as defined in Note 3).

(e) The ratio includes 0.07% for the year ended March 31, 2015 attributed to tax expense, which is outside the Unitary Fee (as defined in note 3).

(f) The ratio includes 0.01% for the year ended March 31, 2014 attributed to 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.

The accompanying Notes to Financial Statements are an integral part of these financial statements.

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NOTES TO FINANCIAL STATEMENTS

March 31, 2018

Note 1. Organization

Columbia ETF Trust II (the Trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end 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 Beyond BRICs ETF, Columbia EM Core ex-China ETF, Columbia EM Quality Dividend ETF, Columbia Emerging Markets Consumer ETF, Columbia India Consumer ETF, Columbia India Infrastructure ETF, and Columbia India Small Cap ETF. Columbia Beyond BRICs ETF and Columbia EM Quality Dividend ETF are currently classified as diversified funds. Columbia EM Core ex-China ETF, Columbia Emerging Markets Consumer ETF, Columbia India Consumer ETF, Columbia India Infrastructure ETF and Columbia India Small Cap ETF are currently classified as nondiversified 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 the Funds listed below include the accounts of wholly owned subsidiaries (each, a Subsidiary and collectively, the Subsidiaries) located in the Republic of Mauritius (Mauritius). All inter-company accounts and transactions have been eliminated in consolidations.

Funds				Wholly owned subsidiary
Columbia Emerging Markets Consumer ETF				EG Shares Consumer Mauritius
Columbia India Consumer ETF				EG Shares India Consumer Mauritius
Columbia India Infrastructure ETF				EG Shares India Infrastructure Mauritius
Columbia India Small Cap ETF				EG Shares India Small Cap Mauritius

As of the date of this report, Columbia Emerging Markets Consumer ETF may invest its assets in its corresponding Subsidiary, which in turn invests substantially all (but at least 90%) of its assets in Indian securities.

As of the date of this report, Columbia India Infrastructure ETF invests substantially all of its assets in its corresponding Subsidiary, which in turn invests virtually all of its assets in Indian securities.

As of the date of this report, Columbia India Consumer ETF and Columbia India Small Cap ETF invest in Indian securities both directly (in India), and through their corresponding Subsidiaries, which in turn invest virtually all of their assets in Indian securities.

Columbia India Infrastructure ETF, Columbia India Small Cap ETF, and Columbia Emerging Markets Consumer ETF each intend to transition their investments in Indian securities out of their respective Subsidiaries, and into direct investments in India, through 2018, by selling such securities out of the Subsidiaries, and purchasing the securities directly in the Fund.

Each Fund listed in the table above 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, and 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) will result in the imposition of additional taxes by India on the Subsidiary and each Fund listed in the table above which will result in higher taxes paid indirectly by the Funds and lower returns for the Funds and their shareholders. For more information, see India-Mauritius Tax Treaty Risk.

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NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2018

A summary of each Fund's investment in its corresponding Subsidiary is as follows:

Funds	% of consolidated fund net assets		Net assets ($)		Net investment income (loss) ($)		Net realized gain (loss) ($)		Net change in unrealized appreciation (depreciation) ($)
Columbia Emerging Markets Consumer ETF		11.2		90,742,398		1,304,749		4,863,260		15,768,794
Columbia India Consumer ETF		84.9		122,487,312		1,163,856		1,431,589		18,739,560
Columbia India Infrastructure ETF		99.8		49,510,643		1,073,256		1,557,029		956,065
Columbia India Small Cap ETF		20.2		5,717,751		141,180		5,547,181		(2,397,441	)

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 principal underwriter and the transfer agent, or purchase through a dealer that has entered into such an agreement. Authorized participants may purchase or redeem Fund shares directly from the Fund only in Creation Units. The Funds' shares are also listed on the New York Stock Exchange for which investors can purchase and sell shares on the secondary market through a broker at market prices which may differ from the NAV of the Fund.

Note 2. Summary of significant accounting policies

Basis of preparation

Each Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets 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 amounts could differ from those estimates. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements.

Security valuation

All equity securities are valued at the close of business of the New York Stock Exchange. Equity securities 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.

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 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.

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NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2018

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 Fund's Portfolio of Investments.

Foreign currency transactions and translations

The values of all assets and liabilities denominated in foreign currencies are generally translated into U.S. dollars at exchange rates determined at the close of the London Stock Exchange on any given day. Net realized and unrealized gains (losses) on foreign currency transactions and translations include gains (losses) arising from the fluctuation in exchange rates between trade and settlement dates on securities transactions, gains (losses) arising from the disposition of foreign currency and currency gains (losses) between the accrual and payment dates on dividends, interest income and foreign withholding taxes.

For financial statement purposes, the Funds do not distinguish that portion of gains (losses) on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the investments. Such fluctuations are included with the net realized and unrealized gains (losses) on investments in the Statement of Operations.

Security transactions

Security transactions are accounted for on the trade date. Cost is determined and gains (losses) are based upon the specific identification method for both financial statement and federal income tax purposes.

Income recognition

Corporate actions and dividend income are generally recorded net of any non-reclaimable tax withholdings, on the ex-dividend date or upon receipt of 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, 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

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NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2018

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

Distributions from net investment income, if any, are declared and paid each calendar quarter for Columbia EM Quality Dividend ETF. The remaining 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 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 2017-08 Premium Amortization on Purchased Callable Debt Securities

In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2017-08 Premium Amortization on Purchased Callable Debt Securities. ASU No. 2017-08 updates the accounting standards to shorten the amortization period for certain purchased callable debt securities, held at a premium, to be amortized to the earliest call date. The update applies to securities with explicit, noncontingent call features that are callable at fixed prices and on preset dates. The standard is effective for annual periods beginning after December 15, 2018 and interim periods within those fiscal years. At this time, management is evaluating the implication of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

Note 3. Fees and other transactions with affiliates

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 Fund (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 Fund's 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.

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NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2018

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:

Fund	Assets (billions)	Investment management fee rate (%)
Columbia Beyond BRICs ETF	All		0.85
Columbia EM Core ex-China ETF	All		0.70

Effective February 1, 2018 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:

Fund	Assets (billions)	Investment management fee rate (%)
Columbia EM Quality Dividend ETF	All		0.59
Columbia Emerging Markets Consumer ETF	All		0.59
Columbia India Consumer ETF	All		0.75
Columbia India Infrastructure ETF	All		0.75
Columbia India Small Cap ETF	All		0.75

Prior to February 1, 2018, the investment management fee for each of these Funds was an annual fee that was equal to a percentage of each Fund's average daily net assets and was paid as follows:

Fund	Assets (billions)	Investment management fee rate (%)
Columbia EM Quality Dividend ETF	All		0.85
Columbia Emerging Markets Consumer ETF	$0-$1.0 >$1.0-$2.0 >$2.0		0.85 0.75 0.70
Columbia India Consumer ETF	All		0.89
Columbia India Infrastructure ETF	All		0.85
Columbia India Small Cap ETF	All		0.85

The annualized effective management services fee rate for the year ended March 31, 2018 was as follows:

Fund	Effective investment management fee rate (%)
Columbia Beyond BRICs ETF		0.85
Columbia EM Core ex-China ETF		0.70
Columbia EM Quality Dividend ETF		0.81
Columbia Emerging Markets Consumer ETF		0.81
Columbia India Consumer ETF		0.86
Columbia India Infrastructure ETF		0.83
Columbia India Small Cap ETF		0.83

The Investment Manager has contractually agreed to waive all or a portion of the investment management fee for the periods disclosed below, so that each Fund's investment management fee is limited as a percentage of the respective Fund's average daily net assets to the annual rate noted below:

Fund	September 1, 2016 through August 31, 2018
Columbia Beyond BRICs ETF		0.58	%
Columbia EM Core ex-China ETF		0.35

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NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2018

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 Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain funds managed by the Investment Manager. Each Fund's liability for these amounts is adjusted for market value changes and remains in the Fund until distributed in accordance with the Plan. All amounts payable under the Plan constitute a general unsecured obligation of the Fund. 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 to 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 funds governed by the Board of Trustees, 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 Plan). Under the 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.

Note 4. Federal tax information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.

At March 31, 2018, these differences are primarily due to differing treatments for deferral/reversal of wash sale losses, foreign currency transactions and passive foreign investment company (PFIC) holdings. To the extent these differences are permanent, reclassifications are made among the components of the applicable Fund's net assets in the Statement of Assets and Liabilities.

Temporary differences do not require reclassifications. In the Statement of Assets and Liabilities the following reclassifications were made:

Funds	Undistributed (excess of distributions over) net investment income ($)			Accumulated net realized gain (loss) ($)			Paid-in capital increase (decrease) ($)
Columbia Beyond BRICs ETF		(232,434	)		412,801			(180,367	)
Columbia EM Core ex-China ETF		2,771			(369,111	)		366,340
Columbia EM Quality Dividend ETF		(43,546	)		(72,262	)		115,808
Columbia Emerging Markets Consumer ETF		(623,576	)		(17,475,904	)		18,099,480
Columbia India Consumer ETF		(197,344	)		199,422			(2,078	)
Columbia India Infrastructure ETF		(118,565	)		118,565			—
Columbia India Small Cap ETF		(166,861	)		167,303			(442	)

Net investment income (loss) and net realized gains (losses), as disclosed in the Statement of Operations, and net assets were not affected by these reclassifications.

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NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2018

The tax character of distributions paid during the years indicated was as follows:

	Year ended March 31, 2018								Year ended March 31, 2017
Funds	Ordinary income ($)		Long-term capital gain ($)		Tax return of capital ($)		Total ($)		Ordinary income ($)		Long-term capital gain ($)		Tax return of capital ($)		Total ($)
Columbia Beyond BRICs ETF		1,818,029		—		—		1,818,029		1,842,516		—		—		1,842,516
Columbia EM Core ex-China ETF		308,666		521,247		—		829,913		126,499		—		—		126,499
Columbia EM Quality Dividend ETF		279,712		—		—		279,712		331,695		—		—		331,695
Columbia Emerging Markets Consumer ETF		3,335,918		—		—		3,335,918		4,854,400		—		—		4,854,400
Columbia India Consumer ETF		79,763		—		—		79,763		72,600		—		—		72,600
Columbia India Infrastructure ETF		363,029		—		—		363,029		1,015,616		—		—		1,015,616
Columbia India Small Cap ETF		247,725		—		—		247,725		160,975		—		—		160,975

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes. At March 31, 2018, the components of distributable earnings on a tax basis were as follows:

Funds	Undistributed ordinary income ($)		Accumulated capital and other losses ($)			Net unrealized appreciation (depreciation) ($)			Total accumulated earnings (losses) ($)
Columbia Beyond BRICs ETF		447,628		(58,045,519	)		2,528,934			(55,068,957	)
Columbia EM Core ex-China ETF		38,617		(7,463	)		2,149,105			2,180,259
Columbia EM Quality Dividend ETF		—		(26,945,023	)		839,065			(26,105,958	)
Columbia Emerging Markets Consumer ETF		48,094		(167,735,557	)		69,159,106			(98,528,357	)
Columbia India Consumer ETF		—		(5,522,420	)		32,413,816			26,891,396
Columbia India Infrastructure ETF		215,201		(56,058,181	)		4,983,492			(50,859,488	)
Columbia India Small Cap ETF		—		(6,095,120	)		(3,167,647	)		(9,262,767	)

At March 31, 2018, the cost of investments for federal income tax purposes along with the aggregate gross unrealized appreciation and depreciation based on that cost was:

Funds	Tax cost ($)		Gross unrealized appreciation ($)		Gross unrealized depreciation ($)			Net appreciation (depreciation) ($)
Columbia Beyond BRICs ETF		68,350,194		11,617,173		(9,088,727	)		2,528,446
Columbia EM Core ex-China ETF		7,621,944		2,551,585		(402,553	)		2,149,032
Columbia EM Quality Dividend ETF		10,291,661		1,267,524		(429,201	)		838,323
Columbia Emerging Markets Consumer ETF		740,364,386		175,241,176		(106,086,487	)		69,154,689
Columbia India Consumer ETF		114,232,851		35,988,074		(3,574,251	)		32,413,823
Columbia India Infrastructure ETF		45,176,608		10,385,785		(5,402,195	)		4,983,590
Columbia India Small Cap ETF		31,378,837		633,822		(3,800,046	)		(3,166,224	)

The following capital loss carryforward, determined at March 31, 2018, 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:

	Carryforwards with no expiration
Funds	Short-term capital loss carryforward ($)		Long-term capital loss carryforward ($)
Columbia Beyond BRICs ETF		17,608,572		40,436,947
Columbia EM Core ex-China ETF		—		—
Columbia EM Quality Dividend ETF		20,946,356		5,998,667
Columbia Emerging Markets Consumer ETF		—		167,735,557
Columbia India Consumer ETF		4,835,874		686,546
Columbia India Infrastructure ETF		15,926,335		40,131,846
Columbia India Small Cap ETF		—		6,095,120

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NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2018

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, if any, may be more likely to expire unused.

Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. At March 31, 2018, the Funds will elect to treat the following late-year ordinary losses and post-October capital losses as arising on April 1, 2018.

Funds	Late year ordinary losses ($)		Post October capital losses ($)
Columbia Beyond BRICs ETF		—		—
Columbia EM Core ex-China ETF		—		7,463
Columbia EM Quality Dividend ETF		—		—
Columbia Emerging Markets Consumer ETF		—		—
Columbia India Consumer ETF		211,068		—
Columbia India Infrastructure ETF		—		—
Columbia India Small Cap ETF		419,188		—

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 adjustments at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally the Funds' federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and in-kind transactions, for the year ended March 31, 2018, were as follows:

Funds	Purchases ($)		Sales ($)
Columbia Beyond BRICs ETF		24,075,393		29,475,785
Columbia EM Core ex-China ETF		2,808,444		4,672,798
Columbia EM Quality Dividend ETF		10,961,741		13,057,295
Columbia Emerging Markets Consumer ETF		234,596,257		233,627,523
Columbia India Consumer ETF		74,894,324		36,183,799
Columbia India Infrastructure ETF		33,979,088		27,877,295
Columbia India Small Cap ETF		33,719,337		32,901,755

The amount of purchase and sale activity impacts the portfolio turnover rate reported in the Financial Highlights.

Note 6. In-kind transactions

The Funds may accept in-kind contributions and redemptions. In-kind contributions are accounted for at the fair market value of the in-kind securities contributed on the date of contribution. For the year ended March 31, 2018, the cost basis of in-kind purchases and sales was as follows:

Funds	Purchases ($)		Sales ($)
Columbia Beyond BRICs ETF		—		7,484,831
Columbia EM Core ex-China ETF		1,834,398		2,957,525
Columbia EM Quality Dividend ETF		—		1,697,424
Columbia Emerging Markets Consumer ETF		83,039,638		68,285,790
Columbia India Consumer ETF		—		—
Columbia India Infrastructure ETF		—		—
Columbia India Small Cap ETF		—		—

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NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2018

Note 7. Line of credit

Effective December 5, 2017, 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 Fund 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, 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 overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%.

Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. Each Fund will pay a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.15% per annum.

During the year ended March 31, 2018, Columbia EM Quality Dividend ETF, Columbia Emerging Markets Consumer ETF and Columbia India Infrastructure ETF had no borrowings.

For the year ended March 31, 2018, the following funds had borrowings during the year:

Funds	Average daily loan balance ($)		Weighted average interest rate (%)
Columbia Beyond BRICs ETF		155,556		2.56
Columbia EM Core ex-China ETF		685,714		2.56
Columbia India Consumer ETF		10,887,500		2.87
Columbia India Small Cap ETF		6,800,000		2.85

Interest expense incurred by the Funds is recorded as a line of credit interest expense in the Statement of Operations. There were no outstanding borrowings at March 31, 2018.

Note 8. Significant risks

Emerging markets risk

The Funds are subject to emerging markets risk. Investments in emerging market securities are subject to even greater risks than for foreign investments generally, including increased risks of: illiquidity of securities; price volatility; inflation or deflation; restrictions on foreign investment; nationalization; higher taxation; economic and political instability; pervasive corruption and crime; less governmental regulation; and less developed legal systems. These risks may be greater for investments in frontier markets.

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.

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.

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85

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2018

Infrastructure concentration risk

Because the Columbia India Infrastructure ETF concentrates its investments in the infrastructure sectors of India, the Fund may be adversely affected by increased price volatility of securities in that sector, and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that sector.

Consumer concentration risk

Because the 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.

Financials concentration risk

Columbia Beyond BRICs ETF and Columbia EM Core ex-China ETF have 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 Funds may be adversely affected.

Industrials concentration risk

Columbia India Infrastructure ETF may be more susceptible to the particular risks that may affect companies in the industrials sector than if they were invested in a wider variety of companies in unrelated sectors. The performance of companies in the industrials sector may be affected by government regulation, world events and economic conditions.

Materials concentration risk

Columbia India Infrastructure ETF and Columbia India Small Cap ETF may be more susceptible to the particular risks that may affect companies in the materials sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the materials sector are subject to certain risks, including that many materials companies are significantly affected by the level and volatility of commodity prices, exchange rates, import controls, worldwide competition, environmental policies and consumer demand. Performance of such companies may be affected by factors including, among others, that at times worldwide production of industrial materials has exceeded demand as a result of over-building or economic downturns, leading to poor investment returns or losses. Other risks may include liabilities for environmental damage and general civil liabilities, depletion of resources, and mandated expenditures for safety and pollution control. The materials sector may also be affected by economic cycles, technical progress, labor relations, and government regulations.

India concentration risk

Because Columbia India Consumer ETF, Columbia India Infrastructure ETF and Columbia India Small Cap ETF invest predominantly in Indian securities, their NAVs 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.

Small cap and mid cap companies risk

Columbia India Small Cap ETF primarily invests in small capitalization companies. Small cap companies may have greater volatility in price than the stocks of large cap companies due to limited product lines or resources or a dependency upon a particular market niche.

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86

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2018

Non-diversification risk

Columbia EM Core ex-China ETF, Columbia Emerging Markets Consumer ETF, Columbia India Consumer ETF, Columbia India Infrastructure ETF and Columbia India Small Cap ETF are non-diversified funds. A non-diversified fund is permitted to invest a greater percentage of its total assets in fewer issuers than a diversified fund. The Fund may, therefore, have a greater risk of loss from a few issuers than a similar fund that invests more broadly.

India-Mauritius tax treaty risk

Each of Columbia Emerging Markets Consumer ETF, Columbia India Consumer ETF, Columbia India Infrastructure ETF and Columbia India Small Cap ETF and the respective Subsidiary of each has historically relied on a tax treaty between India and Mauritius for relief from certain Indian taxes. India and Mauritius have agreed to an amended protocol with respect to gains resulting from the alienation of shares in Indian companies acquired on or after April 1, 2017, which will result in higher taxes paid indirectly by the Fund and, therefore, lower returns for the Fund and its shareholders. Gains resulting from the alienation of shares acquired prior to April 1, 2017 will continue to be exempt from Indian tax under the India-Mauritius tax treaty. Additionally, India has enacted general anti-avoidance rules, and a 10% tax on long-term capital gains resulting from the alienation of Indian shares after March 31, 2018, to the extent that such gains are not otherwise exempt or reduced under a tax treaty, which could result in the imposition by India of various additional taxes on Indian securities invested in by the Subsidiary and the Fund.

Note 9. 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, and have determined that there are no other material events that impacted the Fund's financial statements.

Note 10. 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.

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87

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees of Columbia Funds ETF Trust II and Shareholders of each of the funds listed in the table below

Opinions on the Financial Statements

We have audited the financial statements and financial highlights of each of the funds listed in the table below (seven of the funds constituting Columbia Funds ETF Trust II, hereafter collectively referred to as the "Funds") as of the date listed in the table below and for the periods listed in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of the date listed in the table below, the results of each of their operations, the changes in each of their net assets and each of the financial highlights for each of the periods listed in the table below in conformity with accounting principles generally accepted in the United States of America.

Columbia Beyond BRICs ETF⁽¹⁾

Columbia EM Core ex-China ETF⁽¹⁾

Columbia EM Quality Dividend ETF⁽¹⁾

Columbia Emerging Markets Consumer ETF⁽²⁾

Columbia India Consumer ETF⁽²⁾

Columbia India Infrastructure ETF⁽²⁾

Columbia India Small Cap ETF⁽²⁾

(1) The statement of assets and liabilities, including the portfolio of investments, as of March 31, 2018, the related statement of operations for the year ended March 31, 2018, the statements of changes in net assets for each of the two years in the period ended March 31, 2018, including the related notes, and the financial highlights for each of the two years in the period ended March 31, 2018

(2) The statement of assets and liabilities (consolidated), including the portfolio of investments (consolidated), as of March 31, 2018, the related statement of operations (consolidated) for the year ended March 31, 2018, the statements of changes in net assets (consolidated) for each of the two years in the period ended March 31, 2018, including the related notes, and the financial highlights (consolidated) for each of the two years in the period ended March 31, 2018

The financial statements of the Funds as of and for the year ended March 31, 2016, and the financial highlights for each of the periods ended on or prior to March 31, 2016 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated May 26, 2016 expressed unqualified opinions on those financial statements and financial highlights.

Basis for Opinions

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2018 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP
Minneapolis, Minnesota
May 22, 2018

We have served as auditors of one or more investment companies within the Columbia Funds Complex since 1977.

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88

FEDERAL INCOME TAX INFORMATION

(Unaudited)

The Funds hereby designate the following tax attributes for the fiscal year ended March 31, 2018. Shareholders will be notified in early 2019 of the amounts for use in preparing 2018 income tax returns.

	Qualified dividend income			Foreign taxes paid		Foreign taxes paid per share		Foreign source income		Foreign source income per share
Columbia Beyond BRICs ETF		80.60	%	$	181,060	$	0.05	$	2,550,610	$	0.70
Columbia EM Core ex-China ETF		41.87	%	$	33,103	$	0.09	$	297,554	$	0.85
Columbia EM Quality Dividend ETF		62.12	%	$	40,159	$	0.06	$	440,146	$	0.63
Columbia Emerging Markets Consumer ETF		100.00	%	$	876,882	$	0.03	$	11,400,714	$	0.37
Columbia India Consumer ETF		100.00	%	$	—	$	—	$	—	$	—
Columbia India Infrastructure ETF		100.00	%	$	19,535	$	0.01	$	1,092,791	$	0.31
Columbia India Small Cap ETF		83.43	%	$	126,519	$	0.09	$	269,764	$	0.19

Qualified dividend income. For taxable, non-corporate shareholders, the percentage of ordinary income distributed during the fiscal year that represents qualified dividend income subject to reduced tax rates.

Foreign Taxes. The Fund makes the election to pass through to shareholders the foreign taxes paid. Eligible shareholders may claim a foreign tax credit. These taxes, and the corresponding foreign source income, are provided.

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89

TRUSTEES AND OFFICERS

Shareholders elect the Board that oversees the Funds' operations. The Board appoints officers who are responsible for day-to-day business decisions based on policies set by the Board. The following table provides basic biographical information about the Funds' Trustees as of the date of this report, including their principal occupations during the past five years, although specific titles for individuals may have varied over the period. Certain Trustees may have served as a Trustee to other Funds in the Columbia Funds Complex prior to the date set forth in the Position Held with the Trusts and Length of Service column. Under current Board policy, Trustees not affiliated with the Investment Manager generally may serve through the end of the calendar year in which they reach either the mandatory retirement age established by the Board or the fifteenth anniversary of the first Columbia Funds Board meeting they attended as a member of the Board.

Independent trustees

Name,
address,
year of birth

Position held
with the Trusts and
length of service

Principal occupation(s)
during the past five years
and other relevant
professional experience

Number of
Funds in the
Columbia Funds
complex
overseen

Other directorships
held by Trustee
during the past
five years

George S. Batejan
c/o Columbia Management
Investment Advisers, LLC,
225 Franklin Street,
Mail Drop BX32 05228,
Boston, MA 02110
1953

Trustee since January 2017 for each Trust

Executive Vice President, Global Head of Technology and Operations, Janus Capital Group, Inc., 2010-2016

125

Advisory Board Member, University of Colorado Business School since November 2015; former Chairman of the Board, NICSA (National Investment Company Services Association) (Executive Committee, Nominating Committee and Governance Committee), 2014-2016; former Director, Intech Investment Management, 2011-2016; former Board Member, Metro Denver Chamber of Commerce, 2016

Kathleen Blatz
c/o Columbia Management
Investment Advisers, LLC,
225 Franklin Street,
Mail Drop BX32 05228,
Boston, MA 02110
1954

Trustee since April 2016 for CET I and September 2016 for CET II

Attorney, specializing in arbitration and mediation; Interim President and Chief Executive Officer, Blue Cross and Blue Shield of Minnesota (health care insurance) since February 2018; Chief Justice, Minnesota Supreme Court, 1998-2006; Associate Justice, Minnesota Supreme Court, 1996-1998; Fourth Judicial District Court Judge, Hennepin County, 1994-1996; Attorney in private practice and public service, 1984-1993; State Representative, Minnesota House of Representatives, 1979-1993, which included service on the Tax and Financial Institutions and Insurance Committees; Interim Chair, Minnesota Sports Facilities Authority, March 2017-July 2017

125

Trustee, BlueCross BlueShield of Minnesota since 2009 (Chair of the Business Development Committee 2014-2017; Chair of the Governance Committee since 2017); Chair of the Robina Foundation since August 2013; Former Member of the Board, Minnesota Sports Facilities Authority, January 2017-July 2017

Edward J. Boudreau, Jr.
c/o Columbia Management
Investment Advisers, LLC,
225 Franklin Street,
Mail Drop BX32 05228,
Boston, MA 02110
1944

Chair of the Board since January 2018; Trustee since April 2016 for CET I and September 2016 for CET II

Managing Director, E.J. Boudreau & Associates (consulting) since 2000; FINRA Industry Arbitrator, 2002-present; Chairman and Chief Executive Officer, John Hancock Investments (asset management), Chairman and Interested Trustee for open-end and closed-end funds offered by John Hancock, 1989-2000; John Hancock Mutual Life Insurance Company, including Senior Vice President and Treasurer and Senior Vice President Information Technology, 1968-1988

125

Former Trustee, Boston Museum of Science (Chair of Finance Committee), 1985-2013; former Trustee, BofA Funds Series Trust (11 funds), 2005-2011

Columbia ETF Trust II | Annual Report 2018
90

TRUSTEES AND OFFICERS (continued)

Independent trustees (continued)

Name,
address,
year of birth

Position held
with the Trusts and
length of service

Principal occupation(s)
during the past five years
and other relevant
professional experience

Number of
Funds in the
Columbia Funds
complex
overseen

Other directorships
held by Trustee
during the past
five years

Pamela G. Carlton
c/o Columbia Management
Investment Advisers, LLC,
225 Franklin Street,
Mail Drop BX32 05228,
Boston, MA 02110
1954

Trustee since April 2016 for CET I and September 2016 for CET II

President, Springboard- Partners in Cross Cultural Leadership (consulting company) since 2003; Managing Director of US Equity Research, JP Morgan Chase, 1999-2003; Director of US Equity Research, Chase Asset Management, 1996-1999; Co-Director Latin America Research, 1993-1996, COO Global Research, 1992-1996, Co-Director of US Research, 1991-1992, Investment Banker, Morgan Stanley, 1982-1991

125

Trustee, New York Presbyterian Hospital Board (Executive Committee and Chair of Human Resources Committee) since 1996; Director, Darien Rowayton Bank (Audit Committee) since 2017

William P. Carmichael
c/o Columbia Management
Investment Advisers, LLC,
225 Franklin Street,
Mail Drop BX32 05228,
Boston, MA 02110
1943

Trustee since April 2016 for CET I and September 2016 for CET II

Retired; Co-founder, The Succession Fund (provides exit strategies to owners of privately held companies), 1998-2007; Adjunct Professor of Finance, Kelley School of Business, Indiana University, 1993-2007; Senior Vice President, Sara Lee Corporation, 1991-1993; Senior Vice President and Chief Financial Officer, Beatrice Foods Company, 1984-1990; Vice President, Esmark, Inc., 1973-1984; Associate, Price Waterhouse, 1968-1972

125

Director, The Finish Line (athletic shoes and apparel) since July 2003; former Director, Cobra Electronics Corporation (electronic equipment manufacturer), 1994-August 2014; former Director, Spectrum Brands, Inc. (consumer products), 2002-2009; former Director, Simmons Company (bedding), 2004-2010; former Trustee, BofA Funds Series Trust (11 funds) 2003-2011; former Director, McMoRan Exploration Company (oil and gas exploration and development) 2010-2013; former Director, International Textile Corp., 2012-2016; former Director, hhgregg 2015-2017

Patricia M. Flynn
c/o Columbia Management
Investment Advisers, LLC,
225 Franklin Street,
Mail Drop BX32 05228,
Boston, MA 02110
1950

Trustee since April 2016 for CET I and September 2016 for CET II

Trustee Professor of Economics and Management, Bentley University since 1976 (also teaches and conducts research on corporate governance); Dean, McCallum Graduate School of Business, Bentley University, 1992-2002

125

Trustee, MA Taxpayers Foundation since 1997; Board of Directors, The MA Business Roundtable since 2003; Board of Governors, Innovation Institute, MA Technology Collaborative since 2010

Brian J. Gallagher
c/o Columbia Management
Investment Advisers, LLC,
225 Franklin Street
Mail Drop BX32 05228,
Boston, MA 02110
1954

Trustee since December 2017 for each Trust

Retired; Partner with Deloitte & Touche LLP and its predecessors, 1977-2016

123

Trustee, Catholic Schools Foundation since 2004

Columbia ETF Trust II | Annual Report 2018
91

TRUSTEES AND OFFICERS (continued)

Independent trustees (continued)

Name,
address,
year of birth

Position held
with the Trusts and
length of service

Principal occupation(s)
during the past five years
and other relevant
professional experience

Number of
Funds in the
Columbia Funds
complex
overseen

Other directorships
held by Trustee
during the past
five years

Catherine James Paglia
c/o Columbia Management
Investment Advisers, LLC,
225 Franklin Street,
Mail Drop BX32 05228,
Boston, MA 02110
1952

Trustee since April 2016 for CET I and September 2016 for CET II

Director, Enterprise Asset Management, Inc. (private real estate and asset management company) since September 1998; Managing Director and Partner, Interlaken Capital, Inc., 1989-1997; Managing Director, Morgan Stanley, 1982-1989; Vice President, Investment Banking, 1980-1982, Associate, Investment Banking, 1976-1980, Dean Witter Reynolds, Inc.

125

Director, Valmont Industries, Inc. (irrigation systems manufacturer) since 2012; Trustee, Carleton College (on the Investment Committee); Trustee, Carnegie Endowment for International Peace (on the Investment Committee)

Minor M. Shaw
c/o Columbia Management
Investment Advisers, LLC,
225 Franklin Street,
Mail Drop BX32 05228,
Boston, MA 02110
1947

Trustee since April 2016 for CET I and September 2016 for CET II

President, Micco LLC (private investments) since 2011; President, Micco Corp. (family investment business), 1998-2011

125

Director, BlueCross BlueShield of South Carolina since April 2008; Director, National Association of Corporate Directors, Carolinas Chapter, since 2013; Board Chair, Hollingsworth Funds since 2016; Advisory Board member, Duke Energy Corp. since October 2016; Chair of the Duke Endowment; Chair of Greenville — Spartanburg Airport Commission; former Trustee, BofA Funds Series Trust (11 funds), 2003-2011; former Director, Piedmont Natural Gas, 2004-2016

Sandra Yeager
c/o Columbia Management
Investment Advisers, LLC,
225 Franklin Street
Mail Drop BX32 05228,
Boston, MA 02110
1964

Trustee since 12/17

Retired; President and founder, Hanoverian Capital, LLC (SEC registered investment advisor firm), 2008-2016

123

Director, NAPE Education Foundation since October 2016

Columbia ETF Trust II | Annual Report 2018
92

TRUSTEES AND OFFICERS (continued)

Interested trustee not affiliated with Investment Manager*

Name,
address,
year of birth

Position held
with the Trusts and
length of service

Principal occupation(s)
during the past five years
and other relevant
professional experience

Number of
Funds in the
Columbia Funds
complex
overseen

Other directorships
held by Trustee
during the past
five years

Anthony M. Santomero
c/o Columbia Management
Investment Advisers, LLC,
225 Franklin Street,
Mail Drop BX32 05228,
Boston, MA 02110
1946

Trustee since April 2016 for CET I and September 2016 for CET II

Richard K. Mellon Professor Emeritus of Finance, The Wharton School, University of Pennsylvania, since 2002; Senior Advisor, McKinsey & Company (consulting), 2006-2008; President, Federal Reserve Bank of Philadelphia, 2000-2006; Professor of Finance, The Wharton School, University of Pennsylvania, 1972-2002

123

Trustee, Penn Mutual Life Insurance Company since March 2008; Director, Renaissance Reinsurance Ltd. since May 2008; Director, Citigroup Inc. since 2009; Director, Citibank, N.A. since 2009; former Trustee, BofA Funds Series Trust (11 funds), 2008-2011

* Dr. Santomero is not an affiliated person of the Investment Manager or Ameriprise Financial. However, he is currently deemed by the Funds to be an "interested person" (as defined in the 1940 Act) of the Funds because he serves as a Director of Citigroup Inc. and Citibank, N.A., companies that may directly or through subsidiaries and affiliates engage from time-to-time in brokerage execution, principal transactions and lending relationships with the Funds or accounts advised/managed by the Investment Manager.

Interested trustee affiliated with Investment Manager*

Name,
address,
year of birth

Position held
with the Trusts and
length of service

Principal occupation(s)
during the past five years
and other relevant
professional experience

Number of
Funds in the
Columbia Funds
complex
overseen

Other directorships
held by Trustee
during the past
five years

William F. Truscott
c/o Columbia Management
Investment Advisers, LLC,
225 Franklin St.
Boston, MA 02110
1960

Trustee and Senior Vice President since April 2016 for CET I and September 2016 for CET II

Chairman of the Board and President, Columbia Management Investment Advisers, LLC since May 2010 and February 2012, respectively; Chief Executive Officer, Global Asset Management, Ameriprise Financial, Inc. since September 2012 (previously Chief Executive Officer, U.S. Asset Management & President, Annuities, May 2010-September 2012); Director and Chief Executive Officer, Columbia Management Investment Distributors, Inc. since May 2010 and February 2012, respectively; Chairman of the Board and Chief Executive Officer, RiverSource Distributors, Inc. since 2006; Director, Threadneedle Asset Management Holdings, SARL since 2014; President and Chief Executive Officer, Ameriprise Certificate Company, 2006-August 2012.

196

Chairman of the Board, Columbia Management Investment Advisers, LLC since May 2010; Director, Columbia Management Investment Distributors, Inc. since May 2010; former Director, Ameriprise Certificate Company, 2006-January 2013

* Interested person (as defined under the 1940 Act) by reason of being an officer, director, security holder and/or employee of the Investment Manager or Ameriprise Financial.

The Statement of Additional Information has additional information about the Fund's Board members and is available without charge, upon request by calling 888.800.4347 or visiting columbiathreadneedleetf.com.

Columbia ETF Trust II | Annual Report 2018
93

TRUSTEES AND OFFICERS (continued)

The Board has appointed officers who are responsible for day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. The following table provides basic information about the Officers of the Funds as of the date of this report, including principal occupations during the past five years, although their specific titles may have varied over the period. In addition to Mr. Truscott, who is Senior Vice President, the Funds' other officers are:

Fund officers

Name, address and year of birth	Position and year first appointed to position for any Fund in the Columbia Funds Complex or a predecessor thereof	Principal occupation(s) during past five years
Christopher O. Petersen 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1970	President and Principal Executive Officer (2015)	Vice President and Lead Chief Counsel, Ameriprise Financial, Inc. since January 2015 (previously, Vice President and Chief Counsel January 2010-December 2014); officer of Columbia Funds and affiliated funds since 2007.
Michael G. Clarke 225 Franklin Street Boston, MA 02110 Born 1969	Treasurer (2011), Chief Financial Officer (2009) and Chief Accounting Officer (2015)	Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC, since May 2010; senior officer of Columbia Funds and affiliated funds since 2002.
Paul B. Goucher 100 Park Avenue New York, NY 10017 Born 1968	Senior Vice President (2011), and Assistant Secretary (2008)	Senior Vice President and Assistant General Counsel, Ameriprise Financial, Inc. since January 2017 (previously Vice President and Lead Chief Counsel, November 2008-January 2017 and January 2013-January 2017, respectively; and Chief Counsel, January 2010-January 2013); Vice President, Chief Legal Officer and Assistant Secretary, Columbia Management Investment Advisers, LLC since May 2010.
Thomas P. McGuire 225 Franklin Street Boston, MA 02110 Born 1972	Senior Vice President and Chief Compliance Officer (2012)	Vice President — Asset Management Compliance, Ameriprise Financial, Inc., since May 2010; Chief Compliance Officer, Ameriprise Certificate Company since September 2010.
Colin Moore 225 Franklin Street Boston, MA 02110 Born 1958	Senior Vice President (2010)	Executive Vice President and Global Chief Investment Officer, Ameriprise Financial, Inc., since July 2013; Executive Vice President and Global Chief Investment Officer, Columbia Management Investment Advisers, LLC since July 2013 (previously Director and Global Chief Investment Officer, 2010-2013).
Ryan C. Larrenaga 225 Franklin Street Boston, MA 02110 Born 1970	Senior Vice President (2017), Chief Legal Officer (2017) and Secretary (2015)	Vice President and Group Counsel, Ameriprise Financial, Inc. since August 2011; officer of Columbia Funds and affiliated funds since 2005.
Michael E. DeFao 225 Franklin Street Boston, MA 02110 Born 1968	Vice President (2011) and Assistant Secretary (2010)	Vice President and Chief Counsel, Ameriprise Financial, Inc. since May 2010.
Amy Johnson 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1965	Vice President (2006)	Managing Director and Global Head of Operations, Columbia Management Investment Advisers, LLC since April 2016 (previously Managing Director and Chief Operating Officer, 2010-2016).
Lyn Kephart-Strong 5228 Ameriprise Financial Center Minneapolis, MN 55474 Born 1960	Vice President (2015)	President, Columbia Management Investment Services Corp. since October 2014; Vice President & Resolution Officer, Ameriprise Trust Company since August 2009.

Columbia ETF Trust II | Annual Report 2018
94

ADDITIONAL INFORMATION

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 columbiathreadneedleetf.com or searching the website of the Securities and Exchange Commission (the SEC) at sec.gov.

Quarterly schedule of investments

The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC's website at sec.gov. You can also obtain copies of Form N-Q by (i) visiting the SEC's Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC's Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to publicinfo@sec.gov.

Additional Fund information

For more information about the Funds, please visit columbiathreadneedleetf.com 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 1100
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.
101 Barclay Street
New York, NY 102869

The Bank of New York Mellon Corp. is not affiliated with Columbia Management Investment Advisers, LLC.

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Columbia ETF Trust II

225 Franklin Street

Boston, MA 02110

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 columbiathreadneedleetf.com. 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.
© 2018 Columbia Management Investment Advisers, LLC.

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ANN280_03_H01_(05/18)

Item 2. Code of Ethics.

(a) The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b) During the period covered by this report, there were not any amendments to a provision of the code of ethics adopted in 2(a) above.

(c) During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the code of ethics described in 2(a) above that relates to one or more of the items set forth in paragraph (b) of this item’s instructions.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that Pamela G. Carlton, William P. Carmichael, Brian J. Gallagher and Catherin James Paglia, each of whom are members of the registrant’s Board of Trustees and Audit Committee, each qualify as an audit committee financial expert. Ms. Carlton, Mr. Carmichael, Mr. Gallagher and Ms. Paglia are each independent trustees, as defined in paragraph (a)(2) of this item’s instructions.

Item 4. Principal Accountant Fees and Services.

Fee information below is disclosed for the seven series of the registrant whose reports to stockholders are included in this annual filing. Fiscal Year 2018 also includes fees from two funds that liquidated during the period.

(a) Audit Fees. Aggregate Audit Fees billed by the principal accountant for professional services rendered during the fiscal years ended March 31, 2018 and March 31, 2017 are approximately as follows:

2018	2017
$94,500	$122,500

Audit Fees include amounts related to the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. Audit Fees for fiscal year 2017 also include fees for a seed capital audit.

(b) Audit-Related Fees. Aggregate Audit-Related Fees billed to the registrant by the principal accountant for professional services rendered during the fiscal years ended March 31, 2018 and March 31, 2017 are approximately as follows:

2018	2017
$0	$0

Audit-Related Fees include amounts for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported in Audit Fees above. In fiscal year 2018, Audit-Related Fees consist of agreed-upon procedures performed for semi-annual shareholder reports.

During the fiscal years ended March 31, 2018 and March 31, 2017, there were no Audit-Related Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.

(c) Tax Fees. Aggregate Tax Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended March 31, 2018 and March 31, 2017 are approximately as follows:

2018	2017
$89,100	$47,500

Tax Fees include amounts for the review of annual tax returns, the review of required shareholder distribution calculations and typically include amounts for professional services by the principal accountant for tax compliance, tax advice and tax planning. Fiscal Year 2018 also includes Tax Fees for agreed-upon procedures related to a fund liquidation and a final tax return.

During the fiscal years ended March 31, 2018 and March 31, 2017, there were no Tax Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.

(d) All Other Fees. Aggregate All Other Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended March 31, 2018 and March 31, 2017 are approximately as follows:

2018	2017
$0	$0

All Other Fees include amounts for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) above.

During the fiscal years ended March 31, 2018 and March 31, 2017, there were no Aggregate All Other Fees billed by the registrant’s principal accountant to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.

(e)(1) Audit Committee Pre-Approval Policies and Procedures

The registrant’s Audit Committee is required to pre-approve the engagement of the registrant’s independent auditors to provide audit and non-audit services to the registrant and non-audit services to its investment adviser (excluding any sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser (the “Adviser”) or any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (a “Control Affiliate”) if the engagement relates directly to the operations and financial reporting of the registrant.

The Audit Committee has adopted a Policy for Engagement of Independent Auditors for Audit and Non-Audit Services (the “Policy”). The Policy sets forth the understanding of the Audit Committee regarding the engagement of the registrant’s independent accountants to provide (i) audit and permissible audit-related, tax and other services to the registrant (“Fund Services”); (ii) non-audit services to the registrant’s Adviser and any Control Affiliates, that relates directly to the operations and financial reporting of a Fund (“Fund-related Adviser Services”); and (iii) certain other audit and non-audit services to the registrant’s Adviser and its Control Affiliates. A service will require specific pre-approval by the Audit Committee if it is to be provided by the Fund’s independent auditor; provided, however, that pre-approval of non-audit services to the Fund, the Adviser or Control Affiliates may be waived if certain de minimis requirements set forth in the SEC’s rules are met.

Under the Policy, the Audit Committee may delegate pre-approval authority to any pre-designated member or members who are independent board members. The member(s) to whom such authority is delegated must report, for informational purposes only, any pre-approval decisions to the Audit Committee at its next regular meeting. The Audit Committee’s responsibilities with respect to the pre-approval of services performed by the independent auditor may not be delegated to management.

On an annual basis, at a regularly scheduled Audit Committee meeting, the Fund’s Treasurer or other Fund officer shall submit to the Audit Committee a schedule of the types of Fund Services and Fund-related Adviser Services that are subject to specific pre-approval. This schedule will provide a description of each type of service that is subject to specific pre-approval, along with total projected fees for each service. The pre-approval will generally cover a one-year period. The Audit Committee will review and approve the types of services and the projected fees for the next one-year period and may add to, or subtract from, the list of pre-approved services from time to time, based on subsequent determinations. This specific approval acknowledges that the Audit Committee is in agreement with the specific types of services that the independent auditor will be permitted to perform and the projected fees for each service.

The Fund’s Treasurer or other Fund officer shall report to the Audit Committee at each of its regular meetings regarding all Fund Services or Fund-related Adviser Services provided since the last such report was rendered, including a description of the services, by category, with forecasted fees for the

annual reporting period, proposed changes requiring specific pre-approval and a description of services provided by the independent auditor, by category, with actual fees during the current reporting period.

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(e)(2) 100% of the services performed for items (b) through (d) above during 2018 and 2017 were pre-approved by the registrant’s Audit Committee.

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the fiscal years ended March 31, 2018 and March 31, 2017 are approximately as follows:

2018	2017
$89,100	$47,500

(h) The registrant’s Audit Committee of the Board of Directors has considered whether the provision of non-audit services that were rendered to the registrant’s adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

(a) The Registrant is an issuer as defined in Section 10A-3 of the Securities Exchange Act of 1934 and has a separately-designated standing Audit Committee in accordance with Section 3(a)(58)(A) of such Act. The Board’s independent Trustees, Pamela G. Carlton, William P. Carmichael, Brian J. Gallagher and Catherine James Paglia are all members of the Audit Committee.

(b) Not Applicable.

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 controls over financial reporting that occurred during the registrant’s second fiscal quarter of 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 attached hereto as Exhibit 99.CODE ETH.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(a)(3) 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	5/22/2018

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	5/22/2018


By (Signature and Title)*		/s/ Michael G. Clarke
		Michael G. Clarke, Treasurer and Chief Financial Officer



Date	5/22/2018

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

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