Columbia ETF Trust II 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)

Christopher O. Petersen, Esq. c/o Columbia Management Investment Advisers, LLC 225 Franklin Street Boston, Massachusetts 02110 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, 2019

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

ANNUAL REPORT

March 31, 2019

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

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds' annual and semiannual shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds' website (columbiathreadneedleus.com/etfs), and each time a report is posted you will be notified by mail and provided with a website address to access the report.

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank).

You may elect to receive all future reports in paper free of charge. You can contact your financial intermediary to request that you continue receiving paper copies of your shareholder reports. Your election to receive paper reports will apply to all Columbia Funds held in your account.

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					62
Statement of Operations					65
Statement of Changes in Net Assets					68
Financial Highlights					72
Notes to Financial Statements					79
Report of Independent Registered Public Accounting Firm					91
Federal Income Tax Information					92
Trustees and Officers					93
Additional Information					99

Columbia ETF Trust II | Annual Report 2019

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, CFA

Portfolio Manager

Managed Fund since 2016

The Board of Trustees of Columbia ETF Trust II, based upon the recommendation of the Investment Manager, determined to close and liquidate the Fund. The last day of trading for the Fund on the NYSE Arca Exchange is expected to be June 14, 2019. On or about June 21, 2019, the Fund will make a liquidating distribution to remaining shareholders equal to the shareholder's proportionate interest in the net assets of the Fund.

Average annual total returns (%) (for period ended March 31, 2019)

	Inception	1 Year		5 Years		Life
Market Price	08/15/12		-10.15		-1.43		-0.01
Net Asset Value	08/15/12		-9.46		-1.25		0.01
Tracked Index⁽¹⁾			-9.01		-0.02		1.57

(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 the Fund's former investment manager or Columbia Management Investment Advisers, LLC (Columbia Management or the Investment Manager). Absent these fee waivers or expense reimbursement arrangements, performance results would have been lower.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting columbiathreadneedleus.com/etfs.

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

The price used to calculate Market Price return is based on the midpoint of the 4:00 PM Eastern (U.S.) bid/ask spread on the NYSE and does not represent returns an investor would receive if shares were traded at other times.

The Fund's shares may trade above or below their net asset value. The net asset value of the Fund will generally fluctuate with changes in the market value of the Fund's holdings. The market prices of shares, however, will generally fluctuate in accordance with changes in net asset value as well as the relative supply of, and demand for, shares on the exchange. The trading price of shares may deviate significantly from the net asset value.

The 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 2019
2

FUND AT A GLANCE (continued)

Columbia Beyond BRICs ETF

Performance of a hypothetical $10,000 investment (August 15, 2012 — March 31, 2019)

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, 2019)

Naspers, Ltd. N Shares (South Africa)					3.6
Qatar National Bank QPSC (Qatar)					2.6
PTT PCL NVDR (Thailand)					2.5
America Movil SAB de CV Series L (Mexico)					2.3
Fomento Economico Mexicano SAB de CV Series UBD (Mexico)					2.3
PT Bank Central Asia Tbk (Indonesia)					2.2
Banca Transilvania SA (Romania)					2.1
Safaricom PLC (Kenya)					2.1
National Bank of Kuwait SAKP (Kuwait)					2.1
Guaranty Trust Bank PLC (Nigeria)					2.1

Percentages indicated are based upon total investments (excluding Money Market Funds and derivatives, if any).

For further detail about these holdings, please refer to the section entitled "Portfolio of Investments."

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

Country breakdown (%) (at March 31, 2019)

Bangladesh					5.5
Chile					3.4
Colombia					0.6
Czech Republic					0.4
Hungary					1.2
Indonesia					9.4
Kenya					3.4
Kuwait					2.9
Malaysia					8.2
Mexico					11.1
Morocco					3.8
Nigeria					3.9
Philippines					3.5
Qatar					3.9
Romania					2.1
South Africa					14.8
Thailand					12.4
United Arab Emirates					3.0
United States^(a)					0.5
Vietnam					6.0
Total					100.0

Country Breakdown is based primarily on issuer's place of organization/incorporation. Percentages indicated are based upon total investments and excludes investments in derivatives, if any. The Fund's portfolio composition is subject to change.

(a) Includes investments in Money Market Funds.

Columbia ETF Trust II | Annual Report 2019
3

FUND AT A GLANCE (continued)

Columbia Beyond BRICs ETF

Equity sector breakdown (%) (at March 31, 2019)

Communication Services					14.0
Consumer Discretionary					5.4
Consumer Staples					8.7
Energy					4.8
Financials					43.5
Health Care					3.5
Industrials					2.9
Materials					9.1
Real Estate					3.7
Utilities					4.4
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 2019
4

MANAGER DISCUSSION OF FUND PERFORMANCE

Columbia Beyond BRICs ETF (BBRC)

For the 12-month period that ended March 31, 2019, the Fund returned -9.46% based on net asset value (NAV) and -10.15% based on market price. The Fund's Tracked Index, the FTSE Beyond BRICS Index, returned -9.01%.

The Fund's NAV on March 31, 2018 was $19.49, and it ended the annual period on March 31, 2019 with an NAV of $16.70. The Fund's market price on March 31, 2019 was $16.66 per share.

Emerging market equities struggled amid escalating trade tensions and more

Emerging market equities underperformed both U.S. and developed market international equities during the annual period. The MSCI Emerging Markets Index (Net) returned -7.41% during the annual period, as compared to S&P 500 Index and MSCI EAFE Index (Net) returns of 9.50% and -3.71%, respectively, for the same time period.

Emerging market equities had a challenging start to the annual period, primarily because of escalating trade tensions between the U.S. and China, a hawkish U.S. Federal Reserve (Fed) and resultant currency pressures. Fed tightening, rising bond yields and a stronger U.S. dollar weighed on emerging market currencies. Emerging market equities declined in the third quarter of 2018 as well. The quarter started positively with political developments in Latin America. Brazilian equities initially rebounded, driven by strong earnings results and reduced political uncertainty. Positive trade rhetoric from the Mexican president-elect also boosted investor sentiment, as his inclination toward a re-negotiation of the North American Free Trade Agreement and maintaining fiscal prudence mitigated concerns. However, Chinese equities fell, as the U.S. heightened the trade conflict by threatening to impose tariffs on an additional $267 billion worth of Chinese imports in addition to those already announced. Further, U.S. sanctions and concerns around central bank policy in the face of rising inflation spurred a sell-off in Turkish assets.

Emerging equity markets, like most global equity markets, ended calendar year 2018 on a down note, led by the threat of slowing global economic growth and tightening liquidity. Emerging market equities remained particularly challenged, primarily around persistent U.S.-China trade tensions and the resultant concerns of a Chinese economic slowdown. The success of Jair Bolsonaro in the Brazilian elections brought some relief for markets as did a subsequent temporary truce in the U.S.-China trade war and the accommodative stance of the Chinese government, particularly toward the private sector. But the optimism was short-lived following the arrest of technology company Huawei's Chief Financial Officer. Asian equities broadly suffered, including the equity markets of China, South Korea, Taiwan and Hong Kong. Elsewhere, falling oil prices and geopolitical tensions dampened Russian equities, though Turkish equities rallied as political tensions began to fade.

Following on the heels of a trying year in 2018, emerging market equities, like global equities broadly, came roaring back in the first quarter of 2019. Much of the impetus for the strong equity recovery can be attributed to an abrupt change in monetary policy direction by the Fed, where its bias shifted from a tightening mode to a more dovish stance. Other contributing factors to the sharp market turnaround included a sizable fiscal and monetary stimulus program in China, which seems to have had a fairly immediate impact based on leading economic indicators, and progress made on trade talks between the U.S. and China.

Contributors and detractors

Constituents in the financials, materials and energy sectors detracted most from the Fund's absolute returns during the annual period. Constituents in the information technology, consumer discretionary and utilities sectors contributed most positively to the Fund's absolute returns during the annual period.

From a country perspective, constituents in South Africa, Mexico and Malaysia detracted most from the Fund's absolute returns during the annual period. Conversely, constituents in United Arab Emirates, Qatar and Indonesia contributed most positively to the Fund's absolute returns during the annual period.

Positions in South African communication services provider MTN Group, Vietnamese industrial production company Hoa Phat Group and Mexican telecommunication services provider America Movil detracted most. Each generated a double-digit negative absolute return during the annual period. Positions in United Arab Emirates bank First Abu Dhabi Bank,

Columbia ETF Trust II | Annual Report 2019
5

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Columbia Beyond BRICs ETF (BBRC)

Bangladesh utilities company United Power Generation & Distribution Company and Qatari bank Qatar National Bank contributed most positively. Each generated a double-digit absolute gain 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.

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 2019
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, CFA

Portfolio Manager

Managed Fund since 2016

Average annual total returns (%) (for period ended March 31, 2019)

	Inception	1 Year		Life
Market Price	09/02/15		-7.37		11.80
Net Asset Value	09/02/15		-6.38		11.74
MSCI Emerging Markets Index (Net)			-7.41		10.51
Beta Thematic Emerging Markets ex-China Index			-8.44		10.19

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 2019
7

FUND AT A GLANCE (continued)

Columbia EM Core ex-China ETF

Performance of a hypothetical $10,000 investment (September 2, 2015 — March 31, 2019)

Top ten holdings (%) (at March 31, 2019)

Samsung Electronics Co., Ltd. (South Korea)					6.6
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)					5.4
Infosys, Ltd. ADR (India)					3.5
ICICI Bank, Ltd. ADR (India)					3.5
LUKOIL PJSC ADR (Russia)					2.9
Naspers, Ltd. N Shares (South Africa)					2.7
Petroleo Brasileiro SA Preference Shares (Brazil)					2.2
Vale SA (Brazil)					2.0
Itau Unibanco Holding SA Preference Shares (Brazil)					2.0
BTS Group Holdings PCL NVDR (Thailand)					1.9

Percentages indicated are based upon total investments (excluding Money Market Funds and derivatives, if any).

For further detail about these holdings, please refer to the section entitled "Portfolio of Investments."

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

Country breakdown (%) (at March 31, 2019)

Brazil					9.3
Chile					1.4
India					13.1
Indonesia					3.8
Malaysia					4.0
Mexico					3.5
Philippines					2.3
Poland					2.3
Russia					5.3
South Africa					10.0
South Korea					16.9
Taiwan					19.8
Thailand					6.8
Turkey					0.7
United Kingdom					0.5
United States^(a)					0.3
Total					100.0

(a) Includes investments in Money Market Funds.

Columbia ETF Trust II | Annual Report 2019
8

FUND AT A GLANCE (continued)

Columbia EM Core ex-China ETF

Equity sector breakdown (%) (at March 31, 2019)

Communication Services					3.3
Consumer Discretionary					9.0
Consumer Staples					7.2
Energy					9.4
Financials					24.6
Health Care					3.1
Industrials					5.8
Information Technology					22.7
Materials					11.0
Real Estate					1.8
Utilities					2.1
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 2019
9

MANAGER DISCUSSION OF FUND PERFORMANCE

Columbia EM Core ex-China ETF (XCEM)

For the 12-month period that ended March 31, 2019, the Fund returned -6.38% based on net asset value (NAV) and -7.37% based on market price. The MSCI Emerging Markets Index (Net) returned -7.41%, and the Beta Thematic Emerging Markets ex-China Index returned -8.44% during the same time period.

The Fund's NAV on March 31, 2018 was $28.03, and it ended the annual period on March 31, 2019 with an NAV of $25.40. The Fund's market price on March 31, 2019 was $25.51 per share.

Emerging market equities struggled amid escalating trade tensions and more

Contributors and detractors

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

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

Positions in India-based bank Icici Bank, India-based technology services company Infosys and Russian energy company Lukoil contributed most positively. Each generated a double-digit absolute gain during the annual period. Positions in

Columbia ETF Trust II | Annual Report 2019
10

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Columbia EM Core ex-China ETF (XCEM)

South Korea-based biotechnology firm Celltrion, India-based auto manufacturer Tata Motors and South Korea-based electronic equipment and products manufacturer Samsung Electronics detracted most. Each produced 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 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 2019
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, CFA

Portfolio Manager

Managed Fund since 2016

Average annual total returns (%) (for period ended March 31, 2019)

	Inception	1 Year		5 Years		Life
Market Price	08/04/11		-10.44		0.23		-1.20
Net Asset Value	08/04/11		-9.01		0.22		-1.15
MSCI Emerging Markets Index (Net)			-7.41		3.68		1.85
Tracked Index⁽¹⁾			-7.98		1.96		0.31

(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.

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 2019
12

FUND AT A GLANCE (continued)

Columbia EM Quality Dividend ETF

Performance of a hypothetical $10,000 investment (August 4, 2011 — March 31, 2019)

Top ten holdings (%) (at March 31, 2019)

Bharat Petroleum Corp., Ltd. (India)					2.1
Link REIT (Hong Kong)					2.1
Grupo Mexico SAB de CV Series B (Mexico)					2.1
Indian Oil Corp., Ltd. (India)					2.1
PT Telekomunikasi Indonesia Persero Tbk (Indonesia)					2.1
Formosa Chemicals & Fibre Corp. (Taiwan)					2.1
Nan Ya Plastics Corp. (Taiwan)					2.1
CK Asset Holdings Ltd. (Hong Kong)					2.1
Vale SA (Brazil)					2.0
Formosa Plastics Corp. (Taiwan)					2.0

Percentages indicated are based upon total investments (excluding Money Market Funds and derivatives, if any).

For further detail about these holdings, please refer to the section entitled "Portfolio of Investments."

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

Country breakdown (%) (at March 31, 2019)

Brazil					6.0
Chile					4.1
China					9.8
Colombia					2.0
Hong Kong					10.2
India					12.2
Indonesia					7.9
Kenya					2.0
Malaysia					11.9
Mexico					4.1
Poland					1.9
Qatar					2.0
South Africa					4.0
South Korea					5.7
Taiwan					12.2
Thailand					2.0
United Arab Emirates					2.0
Total					100.0

Columbia ETF Trust II | Annual Report 2019
13

FUND AT A GLANCE (continued)

Columbia EM Quality Dividend ETF

Equity sector breakdown (%) (at March 31, 2019)

Communication Services					9.9
Consumer Discretionary					2.0
Consumer Staples					10.0
Energy					11.9
Financials					19.9
Information Technology					9.8
Materials					18.4
Real Estate					6.1
Utilities					12.0
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 2019
14

MANAGER DISCUSSION OF FUND PERFORMANCE

Columbia EM Quality Dividend ETF (HILO)

For the 12-month period that ended March 31, 2019, the Fund returned -9.01% based on net asset value (NAV) and -10.44% based on market price. The MSCI Emerging Markets Index (Net) returned -7.41%, and the Fund's Tracked Index, the Beta Advantage® Emerging Markets Quality Dividend Index, returned -7.98% during the same time period.

The Fund's NAV on March 31, 2018 was $16.00, and it ended the annual period on March 31, 2019 with an NAV of $14.10. The Fund's market price on March 31, 2019 was $14.04 per share.

Emerging market equities struggled amid escalating trade tensions and more

Contributors and detractors

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

From a country perspective, constituents in Brazil, South Africa and China detracted most from absolute returns during the annual period. Conversely, constituents in Hong Kong, Qatar and Kenya contributed most positively to the Fund's absolute returns during the annual period.

Positions in China-based acoustic components manufacturer AAC Technologies, Brazilian highway manager CCR and Brazilian energy company Ultrapar Participacoes detracted most. Each generated a double-digit negative absolute return

Columbia ETF Trust II | Annual Report 2019
15

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Columbia EM Quality Dividend ETF (HILO)

during the annual period. Positions in Qatari bank Qatar National Bank, Hong Kong-based retail real estate investment trust Link REIT and India-based technology services company Infosys contributed most positively. Each of these companies produced a double-digit absolute gain 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 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. 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 2019
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^TM Index.

Portfolio management

Christopher Lo, CFA

Portfolio Manager

Managed Fund since 2016

Average annual total returns (%) (for period ended March 31, 2019)

	Inception	1 Year		5 Years		Life
Market Price	09/14/10		-13.90		-2.33		2.17
Net Asset Value	09/14/10		-13.08		-2.25		2.21
Dow Jones Emerging Markets Consumer Titans^TM Index*			-12.28		-1.20		3.38

* As of 3/18/2019, the index name changed from Dow Jones Emerging Markets Consumer Titans 30^TM Index to Dow Jones Emerging Markets Consumer Titans^TM Index.

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^TM Index is a free-float market capitalization-weighted index that measures the performance of 60 leading emerging market companies in the Consumer Discretionary, Consumer Staples, and Communication Services sectors as defined by the S&P Dow Jones Indexes.

Columbia ETF Trust II | Annual Report 2019
17

FUND AT A GLANCE (continued)

Columbia Emerging Markets Consumer ETF

Performance of a hypothetical $10,000 investment (September 14, 2010 — March 31, 2019)

Top ten holdings (%) (at March 31, 2019)

Tencent Holdings, Ltd. (China)					5.0
Alibaba Group Holding, Ltd. ADR (China)					4.9
China Mobile, Ltd. (China)					4.9
Baidu, Inc. ADR (China)					4.8
Hindustan Unilever, Ltd. (India)					4.7
Chunghwa Telecom Co., Ltd. (Taiwan)					3.9
Uni-President Enterprises Corp. (Taiwan)					3.5
ITC, Ltd. (India)					3.3
Maruti Suzuki India, Ltd. (India)					3.1
JD.com, Inc. ADR (China)					3.0

Percentages indicated are based upon total investments (excluding Money Market Funds and derivatives, if any).

For further detail about these holdings, please refer to the section entitled "Portfolio of Investments."

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

Country breakdown (%) (at March 31, 2019)

Brazil					7.2
Chile					1.5
China					42.8
Hong Kong					0.4
India					16.6
Indonesia					3.2
Mexico					3.6
Russia					4.5
South Africa					4.5
Taiwan					10.6
Thailand					3.8
United Arab Emirates					0.9
United States^(a)					0.4
Total					100.0

(a) Includes investments in Money Market Funds.

Columbia ETF Trust II | Annual Report 2019
18

FUND AT A GLANCE (continued)

Columbia Emerging Markets Consumer ETF

Equity sector breakdown (%) (at March 31, 2019)

Communication Services					39.2
Consumer Discretionary					30.9
Consumer Staples					29.9
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 2019
19

MANAGER DISCUSSION OF FUND PERFORMANCE

Columbia Emerging Markets Consumer ETF (ECON)

Effective prior to the market open on March 18, 2019, the Fund's benchmark, the Dow Jones Emerging Markets Consumer Titans 30^TM Index changed its name to the Dow Jones Emerging Markets Consumer Titans^TM Index and modified its construction criteria to more effectively and comprehensively capture the emerging market consumer theme while limiting geographic and single stock concentration. The revised Dow Jones Emerging Markets Consumer Titans^TM Index is designed to measure the performance of 60 leading emerging market companies classified in the GICS consumer discretionary, consumer staples and communication services sectors.

For the 12-month period that ended March 31, 2019, the Fund returned -13.08% based on net asset value (NAV) and -13.90% based on market price. The Dow Jones Emerging Markets Consumer Titans^TM Index returned -12.28%, during the same time period.

The Fund's NAV on March 31, 2018 was $26.34, and it ended the annual period on March 31, 2019 with an NAV of $22.67. The Fund's market price on March 31, 2019 was $22.60 per share.

Emerging market equities struggled amid escalating trade tensions and more

Columbia ETF Trust II | Annual Report 2019
20

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Columbia Emerging Markets Consumer ETF (ECON)

Contributors and detractors

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

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

Positions in Brazilian beverage producer and distributor Ambev, India-based auto manufacturer Tata Motors and South African consumer staples retailer Shoprite Holdings detracted most. Each of these companies produced a double-digit negative absolute return during the annual period. Positions in China-based educational services provider Tal Education Group, India-based consumer products manufacturer Hindustan Unilever and India-based diversified consumer products company ITC contributed most positively. Each generated a double-digit absolute gain 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 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 2019
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, CFA

Portfolio Manager

Managed Fund since 2016

Average annual total returns (%) (for period ended March 31, 2019)

	Inception	1 Year		5 Years		Life
Market Price	08/10/11		-8.44		11.34		10.32
Net Asset Value	08/10/11		-8.03		11.30		10.27
Indxx India Consumer Index			-6.72		12.93		11.91

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 maximum 30-stock free-float adjusted market capitalization weighted index designed to measure the market performance of companies in the consumer industry in India as defined by Indxx's proprietary methodology. The index consists of common stocks listed on the primary exchange of India.

Columbia ETF Trust II | Annual Report 2019
22

FUND AT A GLANCE (continued)

Columbia India Consumer ETF

Performance of a hypothetical $10,000 investment (August 10, 2011 — March 31, 2019)

Top ten holdings (%) (at March 31, 2019)

Nestle India, Ltd.					5.3
Titan Co., Ltd.					5.3
ITC, Ltd.					5.0
Britannia Industries Ltd.					4.9
Mahindra & Mahindra, Ltd.					4.9
Hindustan Unilever, Ltd.					4.9
Bajaj Auto, Ltd.					4.8
Tata Motors, Ltd.					4.7
Maruti Suzuki India, Ltd.					4.7
Eicher Motors, Ltd.					4.6

Percentages indicated are based upon total investments (excluding Money Market Funds and derivatives, if any).

For further detail about these holdings, please refer to the section entitled "Portfolio of Investments."

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

Equity sector breakdown (%) (at March 31, 2019)

Consumer Discretionary					54.3
Consumer Staples					45.7
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 2019
23

MANAGER DISCUSSION OF FUND PERFORMANCE

Columbia India Consumer ETF (INCO)

For the 12-month period that ended March 31, 2019, the Fund returned -8.03% based on net asset value (NAV) and -8.44% based on market price. The Indxx India Consumer Index returned -6.72% during the same time period.

The Fund's NAV on March 31, 2018 was $45.81, and it ended the annual period on March 31, 2019 with an NAV of $42.08. The Fund's market price on March 31, 2019 was $42.23 per share.

Indian equities gained despite rising crude prices and financial sector concerns

The Indian equity market enjoyed solid returns during the annual period despite rising crude oil prices and financial sector concerns. The MSCI India Index returned 6.75% for the annual period, significantly outperforming the -7.41% return of the MSCI Emerging Markets Index (Net). Still, there were challenges. Brent crude oil rose to as high as $85 per barrel in October 2018, the highest level seen since November 2014. This increase was a result of the Organization of Petroleum Exporting Countries (OPEC) refusing to ramp up production, and the U.S. persuading buyers to cut down imports of Iranian oil. As the world's third largest oil importer, India faced the brunt of the rising crude oil prices, a situation exacerbated by a depreciating rupee. The annual period also saw a major liquidity issue surrounding Infrastructure Leasing and Financial Services, an Indian infrastructure development and finance company. The lender defaulted on its short-term commercial papers, which rocked the debt market. Throughout September and October 2018, the Indian equity market declined substantially on the back of non-banking financial company sector liquidity fears. Further pressuring investor sentiment was Finance Minister Arun Jaitley re-introducing a long-term capital gains tax and levying a tax on profits generated from assets such as shares and share-oriented products. On the positive side, Indian Prime Minister Narendra Modi's government released on February 1, 2019 its last budget before the April 2019 general elections. It focused on supporting farmers and those economically less privileged, while continuing its push toward better physical and social infrastructure. India's general election was scheduled to begin on April 11, 2019, and after seven phases, the results are anticipated to be reported on May 23. Campaign promises of both Modi's Bharatiya Janata Party (BJP) and Gandhi's Indian National Congress include increased spending to provide income support to the poor and to farmers. Also, BJP has pledged to spend significant monies on infrastructure. If campaign promises are implemented, such spending should help support demand in consumer-oriented sectors.

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.

Contributors and detractors

Constituents in consumer discretionary, information technology and energy detracted most from the Fund's absolute returns during the annual period. Consumer staples, materials and utilities contributed most positively to the Fund's absolute returns during the annual period.

Positions in auto manufacturer Maruti Suzuki India, motorcycle manufacturer Hero MotoCorp and auto manufacturer Tata Motors detracted most. Each generated a double-digit negative absolute return during the annual period. Positions in food products manufacturer Nestle India, diversified consumer products manufacturer Hindustan Unilever and jewelry manufacturer and retailer and perfume producer Titan contributed most positively. Each of these companies produced a double-digit absolute gain 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 2019
24

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Columbia India Consumer ETF (INCO)

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 2019
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, CFA

Portfolio Manager

Managed Fund since 2016

Average annual total returns (%) (for period ended March 31, 2019)

	Inception	1 Year		5 Years		Life
Market Price	08/11/10		-14.36		2.20		-3.57
Net Asset Value	08/11/10		-12.39		2.52		-3.46
Indxx India Infrastructure Index			-11.41		3.65		-2.36

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 2019
26

FUND AT A GLANCE (continued)

Columbia India Infrastructure ETF

Performance of a hypothetical $10,000 investment (August 11, 2010 — March 31, 2019)

Top ten holdings (%) (at March 31, 2019)

Larsen & Toubro, Ltd.					5.6
Power Grid Corp. of India, Ltd.					5.5
NTPC, Ltd.					5.2
Adani Ports and Special Economic Zone, Ltd.					5.1
UltraTech Cement, Ltd.					5.1
GAIL India, Ltd.					5.0
Bharti Airtel, Ltd.					4.6
Hindalco Industries, Ltd.					4.6
Tata Steel, Ltd.					4.5
Grasim Industries Ltd.					4.5

Percentages indicated are based upon total investments (excluding Money Market Funds and derivatives, if any).

For further detail about these holdings, please refer to the section entitled "Portfolio of Investments."

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

Equity sector breakdown (%) (at March 31, 2019)

Communication Services					12.5
Consumer Discretionary					3.9
Energy					3.2
Industrials					26.8
Materials					32.2
Real Estate					1.6
Utilities					19.8
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 2019
27

MANAGER DISCUSSION OF FUND PERFORMANCE

Columbia India Infrastructure ETF (INXX)

For the 12-month period that ended March 31, 2019, the Fund returned -12.39% based on net asset value (NAV) and -14.36% based on market price. The Indxx India Infrastructure Index returned -11.41% during the same time period.

The Fund's NAV on March 31, 2018 was $13.98, and it ended the annual period on March 31, 2019 with an NAV of $12.08. The Fund's market price on March 31, 2019 was $11.96 per share.

Indian equities gained despite rising crude prices and financial sector concerns

Contributors and detractors

Constituents in the materials, information technology and energy sectors detracted most from the Fund's absolute returns during the annual period. Constituents in the consumer discretionary sector contributed positively to the Fund's absolute returns during the annual period.

Positions in commercial vehicles manufacturer Eicher Motors, transportation equipment manufacturer Ashok Leyland and telecommunication services provider Vodafone Idea detracted most. Each generated a double-digit negative absolute return during the annual period. Positions in electrical equipment manufacturer Havells India, integrated steel producer JSW Steel and utilities company Power Grid Corp of India contributed most positively. Havells India produced a double-digit absolute gain during the annual period; JSW Steel posted a modestly negative absolute return during the annual period; and Power Grid Corp of India generated a single-digit absolute gain 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 2019
28

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Columbia India Infrastructure ETF (INXX)

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 2019
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, CFA

Portfolio Manager

Managed Fund since 2016

Average annual total returns (%) (for period ended March 31, 2019)

	Inception	1 Year		5 Years		Life
Market Price	07/07/10		-22.98		4.26		-2.31
Net Asset Value	07/07/10		-22.00		4.18		-2.32
Indxx India Small Cap Index			-20.41		5.67		-0.94

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 2019
30

FUND AT A GLANCE (continued)

Columbia India Small Cap ETF

Performance of a hypothetical $10,000 Investment (July 7, 2010 — March 31, 2019)

Top ten holdings (%) (at March 31, 2019)

IDFC Ltd.					2.9
Mahanagar Gas, Ltd.					2.8
Kajaria Ceramics Ltd.					2.7
NIIT Technologies, Ltd.					2.6
Escorts, Ltd.					2.6
DCB Bank, Ltd.					2.6
Century Textiles & Industries, Ltd.					2.6
NCC, Ltd.					2.6
VIP Industries, Ltd.					2.5
Dewan Housing Finance Corp., Ltd.					2.4

Percentages indicated are based upon total investments (excluding Money Market Funds and derivatives, if any).

For further detail about these holdings, please refer to the section entitled "Portfolio of Investments."

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.

Equity sector breakdown (%) (at March 31, 2019)

Communication Services					5.8
Consumer Discretionary					10.1
Consumer Staples					6.6
Energy					0.7
Financials					23.5
Health Care					5.8
Industrials					20.8
Information Technology					11.3
Materials					8.4
Real Estate					1.6
Utilities					5.4
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 2019
31

MANAGER DISCUSSION OF FUND PERFORMANCE

Columbia India Small Cap ETF (SCIN)

For the 12-month period that ended March 31, 2019, the Fund returned -22.00% based on net asset value (NAV) and -22.98% based on market price. The Indxx India Small Cap Index returned -20.41% during the same time period.

The Fund's NAV on March 31, 2018 was $19.50, and it ended the annual period on March 31, 2019 with an NAV of $15.21. The Fund's market price on March 31, 2019 was $15.22 per share.

Indian equities gained despite rising crude prices and financial sector concerns

Contributors and detractors

Constituents in the information technology, materials and financials sectors detracted most from absolute returns during the annual period. Constituents in the communication services and utilities sectors contributed most positively to the Fund's absolute returns.

Positions in automotive technology solutions provider Birlasoft India, home improvement and building products retailer Shankara Building Products and plastic storage and material handling products company Sintex Plastics Technology detracted most. Each generated a double-digit negative absolute return during the annual period. Positions in ethyl alcohol, ethanol and organic manure manufacturer Balrampur Chini Mills, fermentation systems engineering firm Praj Industries and search engine operator Just Dial contributed most positively. Each produced a double-digit absolute gain 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 2019
32

MANAGER DISCUSSION OF FUND PERFORMANCE (continued)

Columbia India Small Cap ETF (SCIN)

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 2019
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, 2019.

Actual Expenses

The information under each column in the table below entitled "Actual" provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number for your Fund under the heading entitled "Expenses paid for the period" to estimate the expenses you paid on your account during this period.

Hypothetical Example For Comparison Purposes

The information under each column in the table entitled "Hypothetical" provides information about hypothetical account values and hypothetical expenses based on each Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the ending account values and expenses paid for the period in the table is useful in comparing ongoing Fund costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

October 1, 2018 — March 31, 2019

	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		986.40		1,021.79		3.12		3.18		0.63
Columbia EM Core ex-China ETF		1,000.00		1,000.00		1,012.00		1,023.19		1.76		1.77		0.35
Columbia EM Quality Dividend ETF		1,000.00		1,000.00		981.40		1,021.94		2.96		3.02		0.60
Columbia Emerging Markets Consumer ETF		1,000.00		1,000.00		1,022.10		1,021.84		3.13		3.13		0.62
Columbia India Consumer ETF		1,000.00		1,000.00		1,022.60		1,021.09		3.88		3.88		0.77
Columbia India Infrastructure ETF		1,000.00		1,000.00		1,030.10		1,020.24		4.76		4.73		0.94
Columbia India Small Cap ETF		1,000.00		1,000.00		1,078.70		1,021.19		3.89		3.78		0.75

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.

Columbia ETF Trust II | Annual Report 2019
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, 2019.

Each line in the table shows the number of trading days in which the Fund traded within the premium/discount range indicated. All data presented here represents past performance, which cannot be used to predict future results.

			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, 2019
		0 - 49.9		365		361
		50 - 99.9		336		327
		100 - 199.9		120		140
		> 200		5		11
		Total		826		839
			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, 2019
		0 - 49.9		248		150
		50 - 99.9		262		57
		100 - 199.9		149		20
		> 200		12		1
		Total		671		228
			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, 2019
		0 - 49.9		430		528
		50 - 99.9		189		464
		100 - 199.9		50		230
		> 200		8		26
		Total		677		1248

Columbia ETF Trust II | Annual Report 2019
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, 2019
		0 - 49.9		892		502
		50 - 99.9		383		229
		100 - 199.9		58		63
		> 200		8		15
		Total		1341		809
			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, 2019
		0 - 49.9		523		400
		50 - 99.9		362		196
		100 - 199.9		261		102
		> 200		61		16
		Total		1207		714
			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, 2019
		0 - 49.9		525		435
		50 - 99.9		359		324
		100 - 199.9		244		201
		> 200		40		45
		Total		1168		1005
			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, 2019
		0 - 49.9		493		435
		50 - 99.9		306		339
		100 - 199.9		242		284
		> 200		40		59
		Total		1081		1117

Columbia ETF Trust II | Annual Report 2019
36

PORTFOLIO OF INVESTMENTS

Columbia Beyond BRICs ETF

March 31, 2019

(Percentages represent value of investments compared to net assets)

Investments in Securities

Common Stocks 99.0%

Issuer	Shares		Value ($)
Bangladesh 5.5%
BRAC Bank Ltd.^(a)		182,352		167,180
GrameenPhone, Ltd.		45,902		221,793
Square Pharmaceuticals, Ltd.		153,518		488,148
United Power Generation and Distribution Co. Ltd.		103,099		492,904
Total Bangladesh				1,370,025
Chile 3.3%
Banco de Chile		799,518		117,717
Banco Santander Chile		1,783,976		134,203
Empresas CMPC SA		32,123		113,296
Empresas COPEC SA		14,022		178,036
Enel Americas SA		793,770		141,122
S.A.C.I. Falabella		20,766		154,416
Total Chile				838,790
Colombia 0.6%
Ecopetrol SA		136,479		146,313
Czech Republic 0.4%
CEZ AS		4,547		106,832
Hungary 1.1%
OTP Bank Nyrt.		6,565		288,782
Indonesia 9.3%
PT Astra International Tbk		582,532		299,652
PT Bank Central Asia Tbk		277,808		541,375
PT Bank Mandiri Persero Tbk^(a)		533,003		278,853
PT Bank Negara Indonesia Persero Tbk^(a)		212,981		140,591
PT Bank Rakyat Indonesia Persero Tbk		1,523,256		440,717
PT Hanjaya Mandala Sampoerna Tbk		251,615		66,261
PT Telekomunikasi Indonesia Persero Tbk		1,336,010		370,593
PT Unilever Indonesia Tbk		33,010		114,109
PT United Tractors Tbk		43,590		82,803
Total Indonesia				2,334,954
Kenya 3.4%
Equity Group Holdings PLC		775,795		320,328
Safaricom PLC		1,917,811		524,424
Total Kenya				844,752

Common Stocks (continued)

Issuer	Shares		Value ($)
Kuwait 2.9%
Kuwait Finance House KSCP		93,883		215,490
National Bank of Kuwait SAKP		175,039		518,037
Total Kuwait				733,527
Malaysia 8.1%
Axiata Group Bhd		127,913		130,028
CIMB Group Holdings Bhd		193,906		244,609
DiGi.Com Bhd		105,425		117,497
IHH Healthcare Bhd		85,606		120,991
Malayan Banking Bhd		168,213		381,956
Petronas Chemicals Group Bhd		81,499		182,861
Public Bank Bhd		88,724		503,331
Tenaga Nasional Bhd		113,896		353,196
Total Malaysia				2,034,469
Mexico 11.1%
America Movil SAB de CV Series L		789,837		565,173
Arca Continental SAB de CV		11,195		62,406
Cemex SAB de CV Series CPO^(a)		434,494		203,163
Fomento Economico Mexicano SAB de CV Series UBD		60,500		558,761
Grupo Elektra, SAB de CV^(a)		1,863		100,790
Grupo Financiero Banorte SAB de CV Class O		80,972		440,561
Grupo Mexico SAB de CV Series B		103,203		283,898
Grupo Televisa SAB Series CPO		71,670		158,840
Wal-Mart de Mexico SAB de CV		148,519		397,531
Total Mexico				2,771,123
Morocco 3.8%
Attijariwafa Bank		10,663		468,914
Maroc Telecom		32,341		480,209
Total Morocco				949,123
Nigeria 3.9%
Guaranty Trust Bank PLC		5,100,361		509,330
Zenith Bank PLC		7,560,035		456,534
Total Nigeria				965,864

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

Columbia ETF Trust II | Annual Report 2019
37

PORTFOLIO OF INVESTMENTS (continued)

Columbia Beyond BRICs ETF

March 31, 2019

Common Stocks (continued)

Issuer	Shares		Value ($)
Philippines 3.5%
Ayala Corp.		7,090		126,921
Ayala Land, Inc.		199,577		170,653
BDO Unibank, Inc.		56,357		143,603
SM Investments Corp.		13,901		247,258
SM Prime Holdings, Inc.		260,060		197,608
Total Philippines				886,043
Qatar 3.9%
Industries Qatar QSC		5,759		195,987
Qatar Islamic Bank SAQ		3,336		138,956
Qatar National Bank QPSC		12,791		634,149
Total Qatar				969,092
Romania 2.1%
Banca Transilvania SA		1,090,889		531,785
South Africa 14.7%
Absa Group Ltd.		17,596		185,584
Aspen Pharmacare Holdings, Ltd.		9,256		59,677
FirstRand, Ltd.		79,086		345,272
MTN Group, Ltd.		44,764		275,079
MultiChoice Group Ltd.^(a)		10,602		88,734
Naspers, Ltd. N Shares		3,885		897,659
Nedbank Group, Ltd.		9,828		171,219
Old Mutual Ltd.		120,092		182,121
Remgro, Ltd.		12,803		164,472
Sanlam, Ltd.		43,277		221,348
Sasol, Ltd.		13,847		432,081
Shoprite Holdings, Ltd.		11,725		128,956
Standard Bank Group, Ltd.		31,758		407,907
Vodacom Group, Ltd.		15,789		121,998
Total South Africa				3,682,107
Thailand 12.4%
Advanced Info Service PCL NVDR		32,171		186,528
Airports of Thailand PCL NVDR		123,628		264,903
Bangkok Bank PCL NVDR		14,575		95,069

Common Stocks (continued)

Issuer	Shares		Value ($)
Bangkok Dusit Medical Services PCL NVDR		253,007		197,718
Central Pattana PCL NVDR		71,147		164,220
CP ALL PCL NVDR		150,245		353,894
Indorama Ventures PCL NVDR		51,426		80,619
Kasikornbank PCL NVDR		33,903		200,309
PTT Exploration & Production PCL NVDR		39,789		157,350
PTT Global Chemical PCL NVDR NVDR		58,517		124,004
PTT PCL NVDR		411,930		623,055
Siam Cement PCL (The) NVDR		24,188		367,374
Siam Commercial Bank PCL NVDR		69,300		288,250
Total Thailand				3,103,293
United Arab Emirates 3.0%
Dubai Islamic Bank PJSC		47,361		63,181
Emaar Properties PJSC		101,069		128,775
Emirates Telecommunications Group Co. PJSC		50,108		227,819
First Abu Dhabi Bank PJSC		78,209		324,921
Total United Arab Emirates				744,696
Vietnam 6.0%
Bank for Foreign Trade of Vietnam JSC		99,620		288,934
Hoa Phat Group JSC^(a)		338,846		470,214
No Va Land Investment Group Corp.^(a)		107,694		258,978
Vietnam Dairy Products JSC		82,074		476,796
Total Vietnam				1,494,922
Total Common Stocks (Cost: $24,335,358)				24,796,492

Money Market Funds 0.5%

	Shares		Value ($)
Goldman Sachs Financial Square Funds — Treasury Instruments Fund, Institutional Shares, 2.263%^(b)		136,124		136,124
Total Money Market Funds (Cost $136,124)				136,124
Total Investments in Securities (Cost: $24,471,482)				24,932,616
Other Assets & Liabilities, Net				113,026
Net Assets				25,045,642

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

Columbia ETF Trust II | Annual Report 2019
38

PORTFOLIO OF INVESTMENTS (continued)

Columbia Beyond BRICs ETF

March 31, 2019

Notes to Portfolio of Investments

(a) Non-income producing investment.

(b) The rate shown is the seven-day current annualized yield at March 31, 2019.

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 recommendations of third party pricing vendors and a determination of appropriate pricing methodologies; events that require specific valuation determinations and assessment of fair value techniques; securities with a potential for stale pricing, including those that are illiquid, restricted, or in default; and the effectiveness of third-party pricing vendors, including periodic reviews of vendors. The Committee meets more frequently, as needed, to discuss additional valuation matters, which may include the need to review back-testing results, review time-sensitive information or approve related valuation actions. The Committee reports to the Board, with members of the Committee meeting with the Board at each of its regularly scheduled meetings to discuss valuation matters and actions during the period, similar to those described earlier.

For investments categorized as Level 3, the Committee monitors information similar to that described above, which may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. This data is also used to corroborate, when available, information received from approved pricing vendors and brokers. Various factors impact the frequency of monitoring this information (which may occur as often as daily). However, the Committee may determine that changes to inputs, assumptions and models are not required as a result of the monitoring procedures performed.

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

Columbia ETF Trust II | Annual Report 2019
39

PORTFOLIO OF INVESTMENTS (continued)

Columbia Beyond BRICs ETF

March 31, 2019

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at March 31, 2019:

	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		1,370,025		—		—		1,370,025
Chile		838,790		—		—		838,790
Colombia		146,313		—		—		146,313
Czech Republic		106,832		—		—		106,832
Hungary		288,782		—		—		288,782
Indonesia		2,334,954		—		—		2,334,954
Kenya		844,752		—		—		844,752
Kuwait		733,527		—		—		733,527
Malaysia		2,034,469		—		—		2,034,469
Mexico		2,771,123		—		—		2,771,123
Morocco		949,123		—		—		949,123
Nigeria		965,864		—		—		965,864
Philippines		886,043		—		—		886,043
Qatar		969,092		—		—		969,092
Romania		531,785		—		—		531,785
South Africa		3,682,107		—		—		3,682,107
Thailand		3,103,293		—		—		3,103,293
United Arab Emirates		744,696		—		—		744,696
Vietnam		1,494,922		—		—		1,494,922
Total Common Stocks		24,796,492		—		—		24,796,492
Money Market Funds		136,124		—		—		136,124
Total Investments in Securities		24,932,616		—		—		24,932,616

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 2019
40

PORTFOLIO OF INVESTMENTS

Columbia EM Core ex-China ETF

March 31, 2019

(Percentages represent value of investments compared to net assets)

Investments in Securities

Common Stocks 93.3%

Issuer	Shares		Value ($)
Brazil 3.2%
B3 SA — Brasil Bolsa Balcao		9,944		82,073
Banco do Brasil SA		4,157		52,041
Vale SA		17,603		230,367
Total Brazil				364,481
Chile 1.3%
Cia Cervecerias Unidas SA		4,459		63,838
Empresas COPEC SA		7,214		91,595
Total Chile				155,433
India 13.0%
Dr. Reddy's Laboratories, Ltd. ADR		3,150		127,575
HDFC Bank, Ltd. ADR		1,779		206,204
ICICI Bank, Ltd. ADR		34,481		395,152
Infosys, Ltd. ADR		36,160		395,229
Tata Motors, Ltd. ADR^(a)		6,544		82,192
Vedanta, Ltd. ADR		9,759		103,055
Wipro, Ltd. ADR		25,601		101,892
WNS Holdings, Ltd. ADR^(a)		1,447		77,082
Total India				1,488,381
Indonesia 3.8%
PT Astra International Tbk		116,514		59,934
PT Bank Central Asia Tbk		106,908		208,336
PT Bank Mandiri Persero Tbk^(a)		179,858		94,097
PT Telekomunikasi Indonesia Persero Tbk		255,058		70,750
Total Indonesia				433,117
Malaysia 3.9%
Dialog Group Bhd		203,000		157,627
IHH Healthcare Bhd		83,400		117,873
Petronas Dagangan Bhd		14,300		87,569
Tenaga Nasional Bhd		29,000		89,930
Total Malaysia				452,999
Mexico 3.5%
Cemex SAB de CV Series CPO^(a)		58,517		27,362
Coca-Cola Femsa SAB de CV Series L		14,246		94,234

Common Stocks (continued)

Issuer	Shares		Value ($)
Grupo Bimbo SAB de CV Series A		29,598		61,919
Grupo Mexico SAB de CV Series B		35,324		97,172
Wal-Mart de Mexico SAB de CV		43,629		116,779
Total Mexico				397,466
Philippines 2.3%
Aboitiz Power Corp.		75,300		50,764
Jollibee Foods Corp.		9,440		56,989
Manila Electric Co.		5,620		40,670
Puregold Price Club, Inc.		44,500		40,763
SM Investments Corp.		4,110		73,105
Total Philippines				262,291
Poland 2.3%
Powszechna Kasa Oszczednosci Bank Polski SA		14,512		146,034
Powszechny Zaklad Ubezpieczen SA		10,714		113,181
Total Poland				259,215
Russia 5.3%
Gazprom PJSC ADR		21,695		97,931
LUKOIL PJSC ADR		3,725		333,760
Sberbank of Russia PJSC ADR		13,162		174,528
Total Russia				606,219
South Africa 10.0%
AngloGold Ashanti, Ltd.		4,923		65,403
Bid Corp., Ltd.		5,483		113,300
Bidvest Group, Ltd. (The)		6,822		91,535
Coronation Fund Managers, Ltd.		19,014		60,571
FirstRand, Ltd.		17,463		76,240
Hyprop Investments, Ltd.		11,459		56,003
MTN Group, Ltd.		7,227		44,411
Naspers, Ltd. N Shares		1,343		310,310
Sanlam, Ltd.		12,712		65,018
Sasol, Ltd.		3,287		102,567
Standard Bank Group, Ltd.		6,897		88,587
Woolworths Holdings, Ltd.		21,107		68,028
Total South Africa				1,141,973

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

Columbia ETF Trust II | Annual Report 2019
41

PORTFOLIO OF INVESTMENTS (continued)

Columbia EM Core ex-China ETF

March 31, 2019

Common Stocks (continued)

Issuer	Shares		Value ($)
South Korea 16.9%
Celltrion, Inc.^(a)		708		112,877
Hana Financial Group, Inc.		1,965		63,013
Hyundai Mobis Co., Ltd.		286		52,534
Hyundai Motor Co.		873		91,907
KB Financial Group, Inc.		3,625		133,650
Kia Motors Corp.		2,328		72,500
KT&G Corp.		798		72,763
LG Electronics, Inc.		1,034		68,411
POSCO		494		110,106
Samsung Electro-Mechanics Co., Ltd.		607		55,882
Samsung Electronics Co., Ltd.		19,161		753,712
Shinhan Financial Group Co., Ltd.		3,708		137,200
SK Hynix, Inc.		3,121		204,016
Total South Korea				1,928,571
Taiwan 19.8%
ASE Industrial Holding Co., Ltd.^(a)		18,160		39,772
Catcher Technology Co., Ltd.		7,000		53,828
Chang Hwa Commercial Bank, Ltd.		89,796		53,754
China Steel Corp.		109,015		89,489
Chipbond Technology Corp.		30,858		71,086
Chunghwa Telecom Co., Ltd.		30,597		108,706
CTBC Financial Holding Co., Ltd.		85,911		57,004
Eva Airways Corp.		110,992		54,379
Far Eastern New Century Corp.		88,772		87,705
Far EasTone Telecommunications Co., Ltd.		35,034		84,458
Formosa Chemicals & Fibre Corp.		14,371		52,223
Formosa Petrochemical Corp.		14,144		53,005
Formosa Plastics Corp.		34,090		121,116
Formosa Taffeta Co., Ltd.		45,002		53,733
Hon Hai Precision Industry Co., Ltd.		60,953		145,359
Makalot Industrial Co., Ltd.		5,144		36,051
MediaTek, Inc.		7,814		71,623
Nan Ya Plastics Corp.		48,364		123,811

Common Stocks (continued)

Issuer	Shares		Value ($)
President Chain Store Corp.		10,839		106,735
Taiwan Business Bank		158,144		61,574
Taiwan Mobile Co., Ltd.		17,942		64,909
Taiwan Semiconductor Manufacturing Co., Ltd.		77,017		613,477
Uni-President Enterprises Corp.		22,846		55,446
Total Taiwan				2,259,243
Thailand 6.8%
Airports of Thailand PCL NVDR		60,400		129,422
BTS Group Holdings PCL NVDR		622,555		215,790
CP ALL PCL NVDR		24,000		56,531
Home Product Center PCL NVDR		135,400		65,279
Ratchaburi Electricity Generating Holding PCL		32,300		59,541
Siam Cement PCL (The)		4,100		62,272
Siam Commercial Bank PCL (The)		19,600		81,525
Tesco Lotus Retail Growth Freehold & Leasehold Property Fund		99,400		65,149
Thai Union Group PCL NVDR		64,696		39,346
Total Thailand				774,855
Turkey 0.7%
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		304,417		82,441
United Kingdom 0.5%
Mondi PLC		2,705		59,625
Total Common Stocks (Cost: $9,165,058)				10,666,310

Preferred Stocks 6.0%

Issuer	Shares		Value ($)
Brazil 6.0%
Banco Bradesco SA Preference Shares		8,969		98,962
Itau Unibanco Holding SA Preference Shares		25,123		222,264
Itausa — Investimentos Itau SA Preference Shares		38,614		118,867
Petroleo Brasileiro SA Preference Shares		34,471		248,543
Total Brazil				688,636
Total Preferred Stocks (Cost: $397,769)				688,636

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

Columbia ETF Trust II | Annual Report 2019
42

PORTFOLIO OF INVESTMENTS (continued)

Columbia EM Core ex-China ETF

March 31, 2019

Warrants 0.0%

Issuer	Shares		Value ($)
Thailand 0.0%
BTS Group Holdings PCL, expiring 12/29/19^(a)		56,295		1,987
Total Warrants (Cost $0)				1,987

Money Market Funds 0.3%

	Shares		Value ($)
Goldman Sachs Financial Square Funds — Treasury Instruments Fund, Institutional Shares, 2.263%^(b)		31,980		31,980
Total Money Market Funds (Cost $31,980)				31,980
Total Investments in Securities (Cost: $9,594,807)				11,388,913
Other Assets & Liabilities, Net				42,178
Net Assets				11,431,091

Notes to Portfolio of Investments

(a) Non-income producing investment.

(b) The rate shown is the seven-day current annualized yield at March 31, 2019.

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 2019
43

PORTFOLIO OF INVESTMENTS (continued)

Columbia EM Core ex-China ETF

March 31, 2019

Fair Value Measurements (continued)

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

Columbia ETF Trust II | Annual Report 2019
44

PORTFOLIO OF INVESTMENTS (continued)

Columbia EM Core ex-China ETF

March 31, 2019

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at March 31, 2019:

	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		364,481		—		—		364,481
Chile		155,433		—		—		155,433
India		1,488,381		—		—		1,488,381
Indonesia		433,117		—		—		433,117
Malaysia		452,999		—		—		452,999
Mexico		397,466		—		—		397,466
Philippines		262,291		—		—		262,291
Poland		259,215		—		—		259,215
Russia		606,219		—		—		606,219
South Africa		1,141,973		—		—		1,141,973
South Korea		1,928,571		—		—		1,928,571
Taiwan		2,259,243		—		—		2,259,243
Thailand		774,855		—		—		774,855
Turkey		82,441		—		—		82,441
United Kingdom		59,625		—		—		59,625
Total Common Stocks		10,666,310		—		—		10,666,310
Preferred Stocks
Brazil		688,636		—		—		688,636
Total Preferred Stocks		688,636		—		—		688,636
Warrants
Thailand		1,987		—		—		1,987
Total Warrants		1,987		—		—		1,987
Money Market Funds		31,980		—		—		31,980
Total Investments in Securities		11,388,913		—		—		11,388,913

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 2019
45

PORTFOLIO OF INVESTMENTS

Columbia EM Quality Dividend ETF

March 31, 2019

(Percentages represent value of investments compared to net assets)

Investments in Securities

Common Stocks 97.3%

Issuer	Shares		Value ($)
Brazil 6.0%
Cielo SA		44,032		107,373
Suzano Papel e Celulose SA		9,556		114,303
Vale SA		8,763		114,680
Total Brazil				336,356
Chile 2.0%
Enel Americas SA		643,583		114,421
China 9.8%
Bank of China, Ltd. Class H		241,274		109,419
China Construction Bank Corp. Class H		127,243		109,089
China Mobile, Ltd.		10,782		109,881
Industrial & Commercial Bank of China, Ltd. Class H		148,165		108,529
Ping An Insurance Group Co. of China, Ltd. Class H		10,209		114,316
Total China				551,234
Colombia 2.0%
Ecopetrol SA		102,869		110,281
Hong Kong 10.1%
CK Asset Holdings Ltd.		12,948		115,131
CLP Holdings, Ltd.		9,688		112,307
Hang Seng Bank Ltd.		4,609		113,729
Hong Kong Exchanges & Clearing, Ltd.		3,237		112,821
Link REIT		10,029		117,283
Total Hong Kong				571,271
India 12.1%
Bharat Petroleum Corp., Ltd.		20,481		117,535
GAIL India, Ltd.		22,241		111,614
Indian Oil Corp., Ltd.		49,418		116,171
Infosys, Ltd.		10,444		112,144
ITC, Ltd.		26,027		111,679
Power Grid Corp. of India, Ltd.		39,099		111,695
Total India				680,838
Indonesia 7.9%
PT Astra International Tbk		219,876		113,103
PT Gudang Garam Tbk		18,558		108,429

Common Stocks (continued)

Issuer	Shares		Value ($)
PT Telekomunikasi Indonesia Persero Tbk		417,305		115,755
PT United Tractors Tbk		56,935		108,153
Total Indonesia				445,440
Kenya 1.9%
Safaricom PLC		402,379		110,030
Malaysia 11.8%
Malayan Banking Bhd		49,200		111,717
Maxis Bhd		82,258		107,998
Nestle Malaysia Bhd		3,100		111,471
Petronas Chemicals Group Bhd		50,590		113,510
Petronas Gas Bhd		25,600		110,489
Tenaga Nasional Bhd		35,531		110,183
Total Malaysia				665,368
Mexico 4.1%
Grupo Mexico SAB de CV Series B		42,448		116,769
Wal-Mart de Mexico SAB de CV		42,582		113,977
Total Mexico				230,746
Poland 1.9%
Polski Koncern Naftowy Orlen SA		4,288		109,206
Qatar 2.0%
Qatar National Bank QPSC		2,276		112,839
South Africa 3.9%
Standard Bank Group, Ltd.		8,905		114,378
Vodacom Group, Ltd.		14,025		108,368
Total South Africa				222,746
South Korea 5.7%
KB Financial Group, Inc.		2,992		110,312
Samsung Electronics Co., Ltd.		2,732		107,465
S-Oil Corp.		1,323		104,432
Total South Korea				322,209
Taiwan 12.1%
Formosa Chemicals & Fibre Corp.		31,797		115,549
Formosa Plastics Corp.		32,240		114,543
Nan Ya Plastics Corp.		45,011		115,227

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

Columbia ETF Trust II | Annual Report 2019
46

PORTFOLIO OF INVESTMENTS (continued)

Columbia EM Quality Dividend ETF

March 31, 2019

Common Stocks (continued)

Issuer	Shares		Value ($)
Taiwan Semiconductor Manufacturing Co., Ltd.		13,947		111,094
Uni-President Enterprises Corp.		46,899		113,822
Yageo Corp.		10,592		111,005
Total Taiwan				681,240
Thailand 2.0%
PTT Global Chemical PCL NVDR		52,608		111,482
United Arab Emirates 2.0%
Emaar Properties PJSC		87,951		112,061
Total Common Stocks (Cost: $5,445,570)				5,487,768

Preferred Stocks 2.0%

Issuer	Shares		Value ($)
Chile 2.0%
Sociedad Quimica y Minera de Chile SA Class B		2,950		113,361
Total Preferred Stocks (Cost $143,800)				113,361
Total Investments in Securities (Cost: $5,589,370)				5,601,129
Other Assets & Liabilities, Net				38,852
Net Assets				5,639,981

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 2019
47

PORTFOLIO OF INVESTMENTS (continued)

Columbia EM Quality Dividend ETF

March 31, 2019

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at March 31, 2019:

	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		336,356		—		—		336,356
Chile		114,421		—		—		114,421
China		551,234		—		—		551,234
Colombia		110,281		—		—		110,281
Hong Kong		571,271		—		—		571,271
India		680,838		—		—		680,838
Indonesia		445,440		—		—		445,440
Kenya		110,030		—		—		110,030
Malaysia		665,368		—		—		665,368
Mexico		230,746		—		—		230,746
Poland		109,206		—		—		109,206
Qatar		112,839		—		—		112,839
South Africa		222,746		—		—		222,746
South Korea		322,209		—		—		322,209
Taiwan		681,240		—		—		681,240
Thailand		111,482		—		—		111,482
United Arab Emirates		112,061		—		—		112,061
Total Common Stocks		5,487,768		—		—		5,487,768
Preferred Stocks
Chile		113,361		—		—		113,361
Total Preferred Stocks		113,361		—		—		113,361
Total Investments in Securities		5,601,129		—		—		5,601,129

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 2019
48

PORTFOLIO OF INVESTMENTS

Columbia Emerging Markets Consumer ETF

March 31, 2019

(Percentages represent value of investments compared to net assets)

Investments in Securities

Common Stocks 96.1%

Issuer	Shares		Value ($)
Brazil 3.8%
Lojas Americanas SA		144,605		491,219
Lojas Renner SA		602,843		6,784,830
Raia Drogasil SA		218,538		3,666,915
Total Brazil				10,942,964
Chile 1.4%
Cencosud SA		788,888		1,365,794
S.A.C.I. Falabella		382,405		2,843,557
Total Chile				4,209,351
China 42.8%
58.com, Inc. ADR^(a)		31,118		2,043,830
Alibaba Group Holding, Ltd. ADR^(a)		78,007		14,232,377
ANTA Sports Products, Ltd.		307,397		2,091,096
Autohome, Inc. ADR^(a)		19,131		2,011,051
Baidu, Inc. ADR^(a)		84,390		13,911,692
BYD Co., Ltd. Class H		212,539		1,280,657
China Mengniu Dairy Co., Ltd.^(a)		939,600		3,495,095
China Mobile, Ltd.		1,392,305		14,189,186
China Resources Beer Holdings Co., Ltd.		482,348		2,030,790
China Telecom Corp., Ltd. Class H		4,811,152		2,672,198
China Tower Corp. Ltd. Class H^(a)(b)		15,367,892		3,563,024
China Unicom Hong Kong, Ltd.		2,015,528		2,554,730
Ctrip.com International, Ltd. ADR^(a)		132,314		5,780,799
Dongfeng Motor Group Co., Ltd. Class H		911,320		912,487
Geely Automobile Holdings, Ltd.		1,930,738		3,689,332
Guangzhou Automobile Group Co., Ltd. Class H		976,555		1,153,213
Hengan International Group Co., Ltd.		251,592		2,205,050
JD.com, Inc. ADR^(a)		283,838		8,557,716
NetEase, Inc. ADR		25,496		6,156,009
New Oriental Education & Technology Group, Inc. ADR^(a)		40,567		3,654,681
TAL Education Group ADR^(a)		123,290		4,448,303
Tencent Holdings, Ltd.		311,538		14,326,871
Want Want China Holdings, Ltd.		2,201,179		1,828,252
Weibo Corp. ADR^(a)		21,883		1,356,527

Common Stocks (continued)

Issuer	Shares		Value ($)
Yum China Holdings, Inc.		131,396		5,900,994
Total China				124,045,960
Hong Kong 0.4%
Haier Electronics Group Co., Ltd.^(a)		427,605		1,241,969
India 16.6%
Bharti Airtel, Ltd.		1,009,580		4,854,437
Hero MotoCorp, Ltd.		74,887		2,759,982
Hindustan Unilever, Ltd.		546,654		13,468,481
ITC, Ltd.		2,236,484		9,596,461
Mahindra & Mahindra, Ltd.		465,833		4,531,575
Maruti Suzuki India, Ltd.		92,477		8,907,361
Titan Co., Ltd.		237,807		3,919,739
Total India				48,038,036
Indonesia 3.2%
PT Astra International Tbk		6,721,115		3,457,315
PT Telekomunikasi Indonesia Persero Tbk		16,117,462		4,470,785
PT Unilever Indonesia Tbk		380,020		1,313,658
Total Indonesia				9,241,758
Mexico 3.6%
Coca-Cola Femsa SAB de CV Series L		142,753		944,278
Fomento Economico Mexicano SAB de CV Series UBD		505,177		4,665,677
Grupo Televisa SAB Series CPO		594,656		1,317,915
Wal-Mart de Mexico SAB de CV		1,328,902		3,556,984
Total Mexico				10,484,854
Russia 4.5%
Magnit PJSC GDR		269,183		3,795,480
X5 Retail Group NV GDR		93,215		2,322,918
Yandex NV Class A^(a)		199,336		6,845,198
Total Russia				12,963,596
South Africa 4.5%
Shoprite Holdings, Ltd.		578,756		6,365,363
Vodacom Group, Ltd.		874,119		6,754,136
Total South Africa				13,119,499

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

Columbia ETF Trust II | Annual Report 2019
49

PORTFOLIO OF INVESTMENTS (continued)

Columbia Emerging Markets Consumer ETF

March 31, 2019

Common Stocks (continued)

Issuer	Shares		Value ($)
Taiwan 10.6%
Chunghwa Telecom Co., Ltd.		3,182,527		11,306,978
President Chain Store Corp.		470,032		4,628,566
Taiwan Mobile Co., Ltd.		1,346,137		4,869,949
Uni-President Enterprises Corp.		4,138,842		10,044,788
Total Taiwan				30,850,281
Thailand 3.8%
Advanced Info Service PCL		522,900		3,031,782
CP ALL PCL		2,149,805		5,063,744
Thai Beverage PCL		4,783,044		2,983,885
Total Thailand				11,079,411
United Arab Emirates 0.9%
Emirates Telecommunications Group Co. PJSC		581,897		2,645,634
Total Common Stocks (Cost: $284,081,555)				278,863,313

Preferred Stocks 3.5%

Issuer	Shares		Value ($)
Brazil 3.5%
Cia Brasileira de Distribuicao Preference Shares		131,542		3,091,408
Lojas Americanas SA Preference Shares		621,613		2,678,636
Telefonica Brasil SA Preference Shares		346,753		4,232,281
Total Brazil				10,002,325
Total Preferred Stocks (Cost: $10,820,523)				10,002,325

Money Market Funds 0.4%

	Shares		Value ($)
Goldman Sachs Financial Square Funds — Treasury Instruments Fund, Institutional Shares, 2.263%^(c)		1,160,736		1,160,736
Total Money Market Funds (Cost $1,160,736)				1,160,736
Total Investments in Securities (Cost: $296,062,814)				290,026,374
Other Assets & Liabilities, Net				92,287
Net Assets				290,118,661

Notes to Portfolio of Investments

(a) Non-income producing investment.

(b) Represents privately placed and other securities and instruments exempt from SEC registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. The Fund may invest in private placements determined to be liquid as well as those determined to be illiquid. Private placements may be determined to be liquid under guidelines established by the Fund's Board of Trustees. At March 31, 2019, the total value of these securities amounted to $3,563,024, which represents 1.23% of net assets.

Abbreviation Legend

ADR American Depositary Receipts

GDR Global Depositary Receipts

PJSC Private Joint Stock Company

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

Columbia ETF Trust II | Annual Report 2019
50

PORTFOLIO OF INVESTMENTS (continued)

Columbia Emerging Markets Consumer ETF

March 31, 2019

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 2019
51

PORTFOLIO OF INVESTMENTS (continued)

Columbia Emerging Markets Consumer ETF

March 31, 2019

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at March 31, 2019:

	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		10,942,964		—		—		10,942,964
Chile		4,209,351		—		—		4,209,351
China		124,045,960		—		—		124,045,960
Hong Kong		1,241,969		—		—		1,241,969
India		48,038,036		—		—		48,038,036
Indonesia		9,241,758		—		—		9,241,758
Mexico		10,484,854		—		—		10,484,854
Russia		12,963,596		—		—		12,963,596
South Africa		13,119,499		—		—		13,119,499
Taiwan		30,850,281		—		—		30,850,281
Thailand		11,079,411		—		—		11,079,411
United Arab Emirates		2,645,634		—		—		2,645,634
Total Common Stocks		278,863,313		—		—		278,863,313
Preferred Stocks
Brazil		10,002,325		—		—		10,002,325
Total Preferred Stocks		10,002,325		—		—		10,002,325
Money Market Funds		1,160,736		—		—		1,160,736
Total Investments in Securities		290,026,374		—		—		290,026,374

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 2019
52

PORTFOLIO OF INVESTMENTS (Consolidated)

Columbia India Consumer ETF

March 31, 2019

(Percentages represent value of investments compared to net assets)

Investments in Securities

Common Stocks 100.4%

Issuer	Shares		Value ($)
Consumer Discretionary 54.5%
Aditya Birla Fashion and Retail, Ltd.^(a)		451,389		1,435,779
Bajaj Auto, Ltd.		150,446		6,322,099
Bharat Forge, Ltd.		391,208		2,893,612
Bosch, Ltd.		14,923		3,917,322
Eicher Motors, Ltd.		20,338		6,032,467
Exide Industries, Ltd.		701,838		2,215,691
Future Retail, Ltd.^(a)		273,334		1,790,727
Hero MotoCorp, Ltd.		161,799		5,963,148
Jubilant Foodworks, Ltd.		118,355		2,467,046
Mahindra & Mahindra, Ltd.		663,787		6,457,251
Maruti Suzuki India, Ltd.		63,776		6,142,888
Motherson Sumi Systems, Ltd.		1,957,211		4,229,441
MRF, Ltd.		4,136		3,462,069
Page Industries, Ltd.		6,964		2,510,382
Rajesh Exports, Ltd.		225,581		2,168,541
Tata Motors, Ltd.^(a)		2,448,136		6,157,888
Titan Co., Ltd.		422,060		6,956,755
Total				71,123,106
Consumer Staples 45.9%
Avenue Supermarts, Ltd.^(a)(b)		166,915		3,544,549
Britannia Industries Ltd.		145,143		6,464,651
Colgate-Palmolive India, Ltd.		221,168		4,016,781

Common Stocks (continued)

Issuer	Shares		Value ($)
Dabur India, Ltd.		925,200		5,459,715
GlaxoSmithKline Consumer Healthcare, Ltd.		19,221		2,010,693
Godrej Consumer Products, Ltd.		574,542		5,689,438
Hindustan Unilever, Ltd.		261,437		6,441,294
ITC, Ltd.		1,522,698		6,533,699
Marico, Ltd.		861,669		4,311,766
Nestle India, Ltd.		44,005		6,962,636
Procter & Gamble Hygiene & Health Care, Ltd.		15,840		2,477,134
United Breweries, Ltd.		107,579		2,166,022
United Spirits, Ltd.^(a)		467,106		3,734,825
Total				59,813,203
Total Common Stocks (Cost: $110,267,028)				130,936,309

Money Market Funds 0.1%

	Shares		Value ($)
Goldman Sachs Financial Square Funds — Treasury Instruments Fund, Institutional Shares, 2.263%^(c)		159,999		159,999
Total Money Market Funds (Cost $159,999)				159,999
Total Investments in Securities (Cost: $110,427,027)				131,096,308
Other Assets & Liabilities, Net				(660,064	)
Net Assets				130,436,244

Notes to Consolidated Portfolio of Investments

(a) Non-income producing investment.

Fair Value Measurements

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

Columbia ETF Trust II | Annual Report 2019
53

PORTFOLIO OF INVESTMENTS (Consolidated) (continued)

Columbia India Consumer ETF

March 31, 2019

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 at March 31, 2019:

	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		71,123,106		—		—		71,123,106
Consumer Staples		59,813,203		—		—		59,813,203
Total Common Stocks		130,936,309		—		—		130,936,309
Money Market Funds		159,999		—		—		159,999
Total Investments in Securities		131,096,308		—		—		131,096,308

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 2019
54

PORTFOLIO OF INVESTMENTS

Columbia India Infrastructure ETF

March 31, 2019

(Percentages represent value of investments compared to net assets)

Investments in Securities

Common Stocks 98.1%

Issuer	Shares		Value ($)
Communication Services 11.0%
Bharti Airtel, Ltd.		299,959		1,442,315
Bharti Infratel, Ltd.		262,286		1,186,581
Tata Communications, Ltd.		24,952		220,705
Vodafone Idea, Ltd.^(a)		2,323,796		612,187
Total				3,461,788
Consumer Discretionary 3.9%
Eicher Motors, Ltd.		4,091		1,213,434
Energy 3.2%
Petronet LNG, Ltd.		276,546		1,004,188
Industrials 26.7%
Adani Ports and Special Economic Zone, Ltd.		294,156		1,605,703
Ashok Leyland, Ltd.		708,061		933,179
Bharat Heavy Electricals, Ltd.		511,951		553,890
Container Corp. Of India, Ltd.		101,567		770,164
Cummins India, Ltd.		51,272		552,132
Havells India, Ltd.		82,529		920,298
Larsen & Toubro, Ltd.		86,913		1,738,009
Siemens, Ltd.		32,636		531,787
Voltas, Ltd.		84,733		769,905
Total				8,375,067
Materials 32.0%
Grasim Industries Ltd.		114,431		1,417,194
Hindalco Industries, Ltd.		483,498		1,434,267
JSW Steel, Ltd.		288,942		1,222,295
NMDC, Ltd.		320,928		483,882
Shree Cement, Ltd.		3,145		847,488
Steel Authority of India, Ltd.^(a)		382,169		296,522
Tata Steel, Ltd.		189,376		1,424,250

Common Stocks (continued)

Issuer	Shares		Value ($)
UltraTech Cement, Ltd.		27,447		1,584,160
Vedanta, Ltd.		507,353		1,350,866
Total				10,060,924
Real Estate 1.6%
DLF, Ltd.		168,852		493,455
Utilities 19.7%
GAIL India, Ltd.		310,691		1,559,173
Indraprastha Gas, Ltd.		132,119		582,544
NTPC, Ltd.		830,149		1,614,162
Power Grid Corp. of India, Ltd.		598,846		1,710,742
Tata Power Co., Ltd. (The)		681,005		725,488
Total				6,192,109
Total Common Stocks (Cost: $29,354,526)				30,800,965

Rights 1.4%

Issuer	Shares		Value ($)
Communication Services 1.4%
Vodafone Idea, Ltd., expiring 4/29/19^(a)		5,320,269		441,596
Total Rights (Cost: $574,112)				441,596

Money Market Funds 0.5%

	Shares		Value ($)
Goldman Sachs Financial Square Funds — Treasury Instruments Fund, Institutional Shares, 2.263%^(b)		152,972		152,972
Total Money Market Funds (Cost $152,972)				152,972
Total Investments in Securities (Cost: $30,081,610)				31,395,533
Other Assets & Liabilities, Net				6,447
Net Assets				31,401,980

Notes to Portfolio of Investments

(a) Non-income producing investment.

(b) The rate shown is the seven-day current annualized yield at March 31, 2019.

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

Columbia ETF Trust II | Annual Report 2019
55

PORTFOLIO OF INVESTMENTS (continued)

Columbia India Infrastructure ETF

March 31, 2019

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 2019
56

PORTFOLIO OF INVESTMENTS (continued)

Columbia India Infrastructure ETF

March 31, 2019

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at March 31, 2019:

	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
Communication Services		3,461,788		—		—		3,461,788
Consumer Discretionary		1,213,434		—		—		1,213,434
Energy		1,004,188		—		—		1,004,188
Industrials		8,375,067		—		—		8,375,067
Materials		10,060,924		—		—		10,060,924
Real Estate		493,455		—		—		493,455
Utilities		6,192,109		—		—		6,192,109
Total Common Stocks		30,800,965		—		—		30,800,965
Rights
Communication Services		—		441,596		—		441,596
Total Rights		—		441,596		—		441,596
Money Market Funds		152,972		—		—		152,972
Total Investments in Securities		30,953,937		441,596		—		31,395,533

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

The Fund's assets assigned to the Level 2 input category are generally valued using the market approach, in which a security's value is determined through reference to prices and information from market transactions for similar or identical assets.

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 2019
57

PORTFOLIO OF INVESTMENTS

Columbia India Small Cap ETF

March 31, 2019

(Percentages represent value of investments compared to net assets)

Investments in Securities

Common Stocks 99.5%

Issuer	Shares		Value ($)
Communication Services 5.8%
Dish TV India, Ltd.		316,500		177,724
Just Dial, Ltd.^(a)		19,381		168,827
PVR, Ltd.		13,884		330,029
TV18 Broadcast, Ltd.^(a)		314,654		161,245
Total				837,825
Consumer Discretionary 10.0%
Arvind, Ltd.		79,089		103,835
Bajaj Electricals Ltd.		18,003		145,037
Bombay Dyeing & Manufacturing Co., Ltd.		54,172		105,529
Ceat, Ltd.		8,461		136,780
KPIT Engineering Ltd.^(a)(b)(c)		244,608		288,304
PC Jeweller, Ltd.		82,894		98,360
Raymond, Ltd.		17,862		209,239
VIP Industries, Ltd.		51,784		361,311
Total				1,448,395
Consumer Staples 6.5%
Avanti Feeds Ltd.		20,914		123,416
Balrampur Chini Mills, Ltd.		68,999		136,554
Bombay Burmah Trading Co.		8,655		162,330
Godfrey Phillips India, Ltd.		7,916		132,449
Kaveri Seed Co., Ltd.		14,897		98,887
Radico Khaitan, Ltd.		36,226		206,610
Venky's India, Ltd.		2,497		81,726
Total				941,972
Energy 0.8%
Chennai Petroleum Corp., Ltd.		26,892		106,093
Financials 23.3%
Allahabad Bank^(a)		113,734		89,641
Can Fin Homes Ltd.		30,414		153,157
DCB Bank, Ltd.		127,365		376,350
Dewan Housing Finance Corp., Ltd.		158,228		343,179
Equitas Holdings Ltd.^(a)		142,411		281,430
IDFC Ltd.		615,544		413,621

Common Stocks (continued)

Issuer	Shares		Value ($)
Indian Energy Exchange Ltd.^(d)		65,076		154,999
Karnataka Bank, Ltd. (The)		149,712		288,834
Oriental Bank of Commerce^(a)		48,596		81,549
Reliance Capital, Ltd.		72,373		213,645
Repco Home Finance, Ltd.		21,110		141,454
South Indian Bank Ltd. (The)		861,049		205,086
Syndicate Bank^(a)		212,050		132,235
Ujjivan Financial Services Ltd.		40,568		203,674
Union Bank of India^(a)		211,454		291,808
Total				3,370,662
Health Care 5.8%
Ajanta Pharma Ltd.		13,108		195,877
Granules India, Ltd.		74,332		122,805
Strides Pharma Science Ltd.		32,550		221,965
Sun Pharma Advanced Research Co., Ltd.^(a)		33,826		93,311
Suven Life Sciences, Ltd.		25,470		95,924
Wockhardt, Ltd.^(a)		15,943		101,952
Total				831,834
Industrials 20.7%
BEML, Ltd.		10,610		155,080
CG Power and Industrial Solutions, Ltd.^(a)		227,837		140,435
Dilip Buildcon Ltd.^(d)		17,066		158,035
Engineers India, Ltd.		168,438		285,208
Escorts, Ltd.		32,818		377,117
Graphite India Ltd.		35,103		226,453
Hindustan Construction Co., Ltd.^(a)		402,693		87,194
IRB Infrastructure Developers, Ltd.		82,954		173,452
Jain Irrigation Systems, Ltd.		169,950		144,497
Kajaria Ceramics Ltd.		45,085		383,881
NCC, Ltd.		227,951		371,336
Praj Industries, Ltd.		53,228		119,172
Suzlon Energy, Ltd.^(a)		1,698,202		150,761
V-Guard Industries, Ltd.		66,890		214,695
Total				2,987,316

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

Columbia ETF Trust II | Annual Report 2019
58

PORTFOLIO OF INVESTMENTS (continued)

Columbia India Small Cap ETF

March 31, 2019

Common Stocks (continued)

Issuer	Shares		Value ($)
Information Technology 11.3%
Birlasoft Ltd.		127,308		181,291
Firstsource Solutions, Ltd.		147,059		99,667
Intellect Design Arena, Ltd.^(a)		37,274		109,414
NIIT Technologies, Ltd.		19,894		380,750
Persistent Systems Ltd.		28,402		258,109
Tata Elxsi, Ltd.		19,020		264,427
Vakrangee Ltd.		333,767		242,345
Zensar Technologies Ltd.		26,758		88,878
Total				1,624,881
Materials 8.3%
Century Textiles & Industries, Ltd.		27,669		372,688
Gujarat Narmada Valley Fertilizers & Chemicals, Ltd.		49,794		219,913
Gujarat State Fertilizers & Chemicals Ltd.		119,930		180,479
India Cements, Ltd. (The)		104,581		163,495
JK Paper, Ltd.		45,675		93,526
Phillips Carbon Black, Ltd.		42,474		108,185
Prakash Industries, Ltd.^(a)		48,469		62,655
Total				1,200,941
Real Estate 1.6%
Housing Development & Infrastructure, Ltd.^(a)		153,124		57,138
Indiabulls Real Estate, Ltd.^(a)		132,297		176,078
Total				233,216

Common Stocks (continued)

Issuer	Shares		Value ($)
Utilities 5.4%
Mahanagar Gas, Ltd.		26,064		396,951
PTC India, Ltd.		132,212		140,180
Reliance Infrastructure, Ltd.		79,633		157,484
Reliance Power, Ltd.^(a)		537,938		88,136
Total				782,751
Total Common Stocks (Cost: $14,156,425)				14,365,886

Money Market Funds 0.6%

	Shares		Value ($)
Goldman Sachs Financial Square Funds — Treasury Instruments Fund, Institutional Shares, 2.263%^(e)		92,658		92,658
Total Money Market Funds (Cost $92,658)				92,658
Total Investments in Securities (Cost: $14,249,083)				14,458,544
Other Assets & Liabilities, Net				(8,442	)
Net Assets				14,450,102

Notes to Portfolio of Investments

(a) Non-income producing investment.

(b) Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At March 31, 2019, the value of these securities amounted to $288,304, which represents less than 2.00% of net assets.

(d) 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, 2019, the total value of these securities amounted to $313,034, which represents 2.17% of net assets.

(e) The rate shown is the seven-day current annualized yield at March 31, 2019.

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

Columbia ETF Trust II | Annual Report 2019
59

PORTFOLIO OF INVESTMENTS (continued)

Columbia India Small Cap ETF

March 31, 2019

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 2019
60

PORTFOLIO OF INVESTMENTS (continued)

Columbia India Small Cap ETF

March 31, 2019

Fair Value Measurements (continued)

The following table is a summary of the inputs used to value the Fund's investments at March 31, 2019:

	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
Communication Services		837,825		—		—		837,825
Consumer Discretionary		1,160,091		—		288,304		1,448,395
Consumer Staples		941,972		—		—		941,972
Energy		106,093		—		—		106,093
Financials		3,370,662		—		—		3,370,662
Health Care		831,834		—		—		831,834
Industrials		2,987,316		—		—		2,987,316
Information Technology		1,624,881		—		—		1,624,881
Materials		1,200,941		—		—		1,200,941
Real Estate		233,216		—		—		233,216
Utilities		782,751		—		—		782,751
Total Common Stocks		14,077,582		—		288,304		14,365,886
Money Market Funds		92,658		—		—		92,658
Total Investments in Securities		14,170,240		—		288,304		14,458,544

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 following table is a reconciliation of Level 3 assets for which significant observable and unobservable inputs were used to determine fair value:

	Balance as of 03/31/2018 ($)		Increase (decrease) in accrued discounts/ premiums ($)		Realized gain (loss) ($)		Change in unrealized appreciation (depreciation)^(a)($)		Purchases ($)		Sales ($)		Transfers into Level 3 ($)		Transfers out of Level 3 ($)		Balance as of 03/31/2019 ($)
Common Stocks		—		—		—		7,677		280,627		—		—		—		288,304
Total		—		—		—		7,677		280,627		—		—		—		288,304

(a) Change in unrealized appreciation (depreciation) relating to securities held at March 31, 2019 was $7,677 which is comprised of Common Stocks.

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 stocks 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, estimated cash flows of the securities, observed yields on securities deemed comparable, the subscription prices of the security, closing prices of similar securities from the issuer and single market quotation from broker dealers. Significant increases (decreases) to any of these inputs would result in a significantly higher (lower) fair value measurement.

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

Columbia ETF Trust II | Annual Report 2019
61

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2019

	Columbia Beyond BRICs ETF			Columbia EM Core ex-China ETF		Columbia EM Quality Dividend ETF
Assets
Investments in securities, at value
Unaffiliated issuers (cost $24,471,482, $9,594,807 and $5,589,370, respectively)	$	24,932,616		$	11,388,913	$	5,601,129
Cash		—			—		13,929
Foreign currency (cost $1,484, $847 and $1,132, respectively)		1,484			846		1,132
Receivable for:
Investments sold		—			—		2,766
Dividends		101,376			44,650		14,620
Foreign tax reclaims		25,156			303		9,406
Total assets		25,060,632			11,434,712		5,642,982
Liabilities
Due to custodian		—			—		—
Payable for:
Capital shares purchased		—			—		—
Investments management fees		13,218			3,377		3,001
Foreign capital gains taxes deferred		—			—		—
Accrued expenses and other liabilities		1,772			244		—
Total liabilities		14,990			3,621		3,001
Net assets applicable to outstanding capital stock	$	25,045,642		$	11,431,091	$	5,639,981
Represented by:
Paid-in capital	$	87,674,902		$	10,122,033	$	33,047,070
Total distributable earnings (loss) (Note 2)		(62,629,260	)		1,309,058		(27,407,089	)
Total — representing net assets applicable to outstanding capital stock	$	25,045,642		$	11,431,091	$	5,639,981
Shares outstanding		1,500,000			450,000		400,000
Net asset value per share	$	16.70		$	25.40	$	14.10

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

Columbia ETF Trust II | Annual Report 2019
62

STATEMENT OF ASSETS AND LIABILITIES (continued)

March 31, 2019

	Columbia Emerging Markets Consumer ETF			Columbia India Consumer ETF (Consolidated)		Columbia India Infrastructure ETF
Assets
Investments in securities, at value
Unaffiliated issuers (cost $296,062,814, $110,427,027 and $30,081,610, respectively)	$	290,026,374		$	131,096,308	$	31,395,533
Cash		—			961		—
Foreign currency (cost $—, $12 and $—, respectively)		—			13		—
Receivable for:
Investments sold		1,212,271			—		—
Dividends		278,385			326		25,775
Foreign tax reclaims		14,378			—		—
Total assets		291,531,408			131,097,608		31,421,308
Liabilities
Due to custodian		749			—		—
Payable for:
Capital shares purchased		1,264,844			—		—
Investments management fees		147,154			83,808		19,328
Foreign capital gains taxes deferred		—			577,251		—
Accrued expenses and other liabilities		—			305		—
Total liabilities		1,412,747			661,364		19,328
Net assets applicable to outstanding capital stock	$	290,118,661		$	130,436,244	$	31,401,980
Represented by:
Paid-in capital	$	498,944,218		$	115,397,035	$	88,065,221
Total distributable earnings (loss) (Note 2)		(208,825,557	)		15,039,209		(56,663,241	)
Total — representing net assets applicable to outstanding capital stock	$	290,118,661		$	130,436,244	$	31,401,980
Shares outstanding		12,800,000			3,100,000		2,600,000
Net asset value per share	$	22.67		$	42.08	$	12.08

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

Columbia ETF Trust II | Annual Report 2019
63

STATEMENT OF ASSETS AND LIABILITIES (continued)

March 31, 2019

	Columbia India Small Cap ETF
Assets
Investments in securities, at value
Unaffiliated issuers (cost $14,249,083)	$	14,458,544
Cash		—
Foreign currency (cost $—)		—
Receivable for:
Investments sold		—
Dividends		713
Foreign tax reclaims		—
Total assets		14,459,257
Liabilities
Due to custodian		—
Payable for:
Capital shares purchased		—
Investments management fees		9,155
Foreign capital gains taxes deferred		—
Accrued expenses and other liabilities		—
Total liabilities		9,155
Net assets applicable to outstanding capital stock	$	14,450,102
Represented by:
Paid-in capital	$	29,329,113
Total distributable earnings (loss) (Note 2)		(14,879,011	)
Total — representing net assets applicable to outstanding capital stock	$	14,450,102
Shares outstanding		950,000
Net asset value per share	$	15.21

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

Columbia ETF Trust II | Annual Report 2019
64

STATEMENT OF OPERATIONS

For the Year Ended March 31, 2019

	Columbia Beyond BRICs ETF			Columbia EM Core ex-China ETF			Columbia EM Quality Dividend ETF
Investment Income:
Dividends — unaffiliated issuers	$	1,907,787		$	309,929		$	348,365
Foreign taxes withheld		(164,637	)		(40,380	)		(32,765	)
Total income		1,743,150			269,549			315,600
Expenses:
Investment management fees		365,515			43,507			47,889
Mauritius taxes paid		—			—			—
Line of credit interest		—			—			—
Overdraft expense		7,358			21			535
Total expenses		372,873			43,528			48,424
Fees waived by the Investment Manager and its affiliates		(61,339	)		(10,831	)		—
Total net expenses		311,534			32,697			48,424
Net investment income		1,431,616			236,852			267,176
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers		(2,322,850	)		(409,532	)		(466,883	)
In-kind transactions		(1,624,353	)		—			69,832
Foreign currency translations		(78,245	)		(6,172	)		(28,538	)
Net realized loss		(4,025,448	)		(415,704	)		(425,589	)
Change in net unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		(5,329,271	)		(422,049	)		(855,380	)
Foreign capital gains tax		—			—			—
Foreign currency translations		(2,531	)		(380	)		(1,325	)
Net change in unrealized depreciation		(5,331,802	)		(422,429	)		(856,705	)
Net realized and unrealized loss		(9,357,250	)		(838,133	)		(1,282,294	)
Net decrease in net assets resulting from operations	$	(7,925,634	)	$	(601,281	)	$	(1,015,118	)

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

Columbia ETF Trust II | Annual Report 2019
65

STATEMENT OF OPERATIONS (continued)

For the Year Ended March 31, 2019

	Columbia Emerging Markets Consumer ETF^(a)(Consolidated)			Columbia India Consumer ETF (Consolidated)			Columbia India Infrastructure ETF^(b)(Consolidated)
Investment Income:
Dividends — unaffiliated issuers	$	8,650,029		$	1,430,962		$	737,452
Interest		24,430			—			—
Foreign taxes withheld		(617,794	)		—			—
Total income		8,056,665			1,430,962			737,452
Expenses:
Investment management fees		2,836,748			1,036,908			264,161
Mauritius taxes paid		52,942			31,796			43,722
Line of credit interest		—			—			2,167
Overdraft expense		35,845			—			14,488
Total expenses		2,925,535			1,068,704			324,538
Net investment income		5,131,130			362,258			412,914
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers		(26,138,022	)		2,790,427			3,233,147
In-kind transactions		6,704,594			—			—
Foreign currency translations		(721,209	)		(167,903	)		(65,981	)
Net realized gain (loss)		(20,154,637	)		2,622,524			3,167,166
Change in net unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		(89,089,306	)		(13,900,179	)		(8,950,143	)
Foreign capital gains tax		—			(577,251	)		—
Foreign currency translations		(6,529	)		8			(17	)
Net change in unrealized depreciation		(89,095,835	)		(14,477,422	)		(8,950,160	)
Net realized and unrealized loss		(109,250,472	)		(11,854,898	)		(5,782,994	)
Net decrease in net assets resulting from operations	$	(104,119,342	)	$	(11,492,640	)	$	(5,370,080	)

(a) EG Shares Consumer Mauritius, the Fund's Subsidiary, was liquidated on November 30, 2018.

(b) EG Shares India Infrastructure Mauritius, the Fund's Subsidiary, was liquidated on November 16, 2018.

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

Columbia ETF Trust II | Annual Report 2019
66

STATEMENT OF OPERATIONS (continued)

For the Year Ended March 31, 2019

	Columbia India Small Cap ETF^(a)(Consolidated)
Investment Income:
Dividends — unaffiliated issuers	$	479,849
Foreign taxes withheld		—
Total income		479,849
Expenses:
Investment management fees		145,780
Mauritius taxes paid		1,010
Line of credit interest		—
Overdraft expense		3,020
Total expenses		149,810
Net investment income		330,039
Realized and unrealized gain (loss) — net
Net realized gain (loss) on:
Investments — unaffiliated issuers		(8,431,975	)
In-kind transactions		—
Foreign currency translations		(9,084	)
Net realized loss		(8,441,059	)
Change in net unrealized appreciation (depreciation) on:
Investments — unaffiliated issuers		2,814,309
Foreign capital gains tax		—
Foreign currency translations		1,422
Net change in unrealized appreciation		2,815,731
Net realized and unrealized loss		(5,625,328	)
Net decrease in net assets resulting from operations	$	(5,295,289	)

(a) EG Shares India Small Cap Mauritius, the Fund's Subsidiary, was liquidated on August 24, 2018.

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

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67

STATEMENT OF CHANGES IN NET ASSETS

	Columbia Beyond BRICs ETF						Columbia EM Core ex-China ETF
	Year Ended March 31, 2019			Year Ended March 31, 2018			Year Ended March 31, 2019			Year Ended March 31, 2018
Operations
Net investment income	$	1,431,616		$	1,947,687		$	236,852		$	230,653
Net realized gain (loss)		(4,025,448	)		(1,284,006	)		(415,704	)		1,044,388
Net change in unrealized appreciation (depreciation)		(5,331,802	)		14,501,873			(422,429	)		663,520
Net increase (decrease) in net assets resulting from operations		(7,925,634	)		15,165,554			(601,281	)		1,938,561
Distributions to shareholders
Net investment income and net realized gains		(1,602,594	)		—			(269,920	)		—
Net investment income		—			(1,818,029	)		—			(212,870	)
Net realized gain		—			—			—			(617,043	)
Total distributions to shareholders (Note 2)		(1,602,594	)		(1,818,029	)		(269,920	)		(829,913	)
Shareholder transactions
Proceeds from shares sold		—			—			2,491,783			3,931,470
Cost of shares redeemed		(36,553,343	)		(13,238,286	)		—			(6,438,578	)
Net increase (decrease) in net assets resulting from shareholder transactions		(36,553,343	)		(13,238,286	)		2,491,783			(2,507,108	)
Increase (decrease) in net assets		(46,081,571	)		109,239			1,620,582			(1,398,460	)
Net Assets:
Net assets at beginning of year		71,127,213			71,017,974			9,810,509			11,208,969
Net assets at end of year	$	25,045,642		$	71,127,213		$	11,431,091		$	9,810,509
Undistributed (accumulated) net investment income (loss)	$	198,405		$	447,628		$	52,149		$	38,617
Capital stock activity
Shares outstanding, beginning of year		3,650,000			4,400,000			350,000			450,000
Subscriptions		—			—			100,000			150,000
Redemptions		(2,150,000	)		(750,000	)		—			(250,000	)
Shares outstanding, end of year		1,500,000			3,650,000			450,000			350,000

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^(a) (Consolidated)
	Year Ended March 31, 2019			Year Ended March 31, 2018			Year Ended March 31, 2019			Year Ended March 31, 2018
Operations
Net investment income	$	267,176		$	312,749		$	5,131,130		$	3,316,550
Net realized gain (loss)		(425,589	)		1,193,776			(20,154,637	)		(11,616,922	)
Net change in unrealized appreciation (depreciation)		(856,705	)		662,997			(89,095,835	)		64,475,955
Net increase (decrease) in net assets resulting from operations		(1,015,118	)		2,169,522			(104,119,342	)		56,175,583
Distributions to shareholders
Net investment income and net realized gains		(238,019	)		—			(2,714,200	)		—
Net investment income		—			(279,712	)		—			(3,335,918	)
Total distributions to shareholders (Note 2)		(238,019	)		(279,712	)		(2,714,200	)		(3,335,918	)
Shareholder transactions
Proceeds from shares sold		—			—			—			102,899,683
Cost of shares redeemed		(4,309,714	)		(3,767,028	)		(412,983,788	)		(87,000,586	)
Transaction fees		—			—			24,964			1,275
Net increase (decrease) in net assets resulting from shareholder transactions		(4,309,714	)		(3,767,028	)		(412,958,824	)		15,900,372
Increase (decrease) in net assets		(5,562,851	)		(1,877,218	)		(519,792,366	)		68,740,037
Net Assets:
Net assets at beginning of year		11,202,832			13,080,050			809,911,027			741,170,990
Net assets at end of year	$	5,639,981		$	11,202,832		$	290,118,661		$	809,911,027
Undistributed (accumulated) net investment income (loss)	$	2,431		$	(9,998	)	$	1,147,300		$	(666,235	)
Capital stock activity
Shares outstanding, beginning of year		700,000			950,000			30,750,000			29,950,000
Subscriptions		—			—			—			3,900,000
Redemptions		(300,000	)		(250,000	)		(17,950,000	)		(3,100,000	)
Shares outstanding, end of year		400,000			700,000			12,800,000			30,750,000

(a) EG Shares Consumer Mauritius, the Fund's Subsidiary, was liquidated on November 30, 2018.

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

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69

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Columbia India Consumer ETF (Consolidated)						Columbia India Infrastructure ETF^(a) (Consolidated)
	Year Ended March 31, 2019			Year Ended March 31, 2018			Year Ended March 31, 2019			Year Ended March 31, 2018
Operations
Net investment income	$	362,258		$	16,257		$	412,914		$	655,425
Net realized gain		2,622,524			1,435,618			3,167,166			1,537,495
Net change in unrealized appreciation (depreciation)		(14,477,422	)		18,166,972			(8,950,160	)		956,065
Net increase (decrease) in net assets resulting from operations		(11,492,640	)		19,618,847			(5,370,080	)		3,148,985
Distributions to shareholders
Net investment income and net realized gains		(167,832	)		—			(433,673	)		—
Net investment income		—			(79,763	)		—			(363,029	)
Total distributions to shareholders (Note 2)		(167,832	)		(79,763	)		(433,673	)		(363,029	)
Shareholder transactions
Proceeds from shares sold		—			52,477,343			—			23,501,348
Cost of shares redeemed		(2,192,452	)		(15,827,789	)		(12,406,577	)		(18,202,473	)
Transaction fees		—			(975	)		—			(1,199	)
Net increase (decrease) in net assets resulting from shareholder transactions		(2,192,452	)		36,648,579			(12,406,577	)		5,297,676
Increase (decrease) in net assets		(13,852,924	)		56,187,663			(18,210,330	)		8,083,632
Net Assets:
Net assets at beginning of year		144,289,168			88,101,505			49,612,310			41,528,678
Net assets at end of year	$	130,436,244		$	144,289,168		$	31,401,980		$	49,612,310
Undistributed (accumulated) net investment income (loss)	$	(165,192	)	$	(211,068	)	$	128,461		$	214,089
Capital stock activity
Shares outstanding, beginning of year		3,150,000			2,300,000			3,550,000			3,200,000
Subscriptions		—			1,200,000			—			1,600,000
Redemptions		(50,000	)		(350,000	)		(950,000	)		(1,250,000	)
Shares outstanding, end of year		3,100,000			3,150,000			2,600,000			3,550,000

(a) EG Shares India Infrastructure Mauritius, the Fund's Subsidiary, was liquidated on November 16, 2018.

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

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70

STATEMENT OF CHANGES IN NET ASSETS (continued)

	Columbia India Small Cap ETF^(a) (Consolidated)
	Year Ended March 31, 2019			Year Ended March 31, 2018
Operations
Net investment income	$	330,039		$	4,915
Net realized gain (loss)		(8,441,059	)		5,356,315
Net change in unrealized appreciation (depreciation)		2,815,731			(3,725,155	)
Net increase (decrease) in net assets resulting from operations		(5,295,289	)		1,636,075
Distributions to shareholders
Net investment income		—			(247,725	)
Shareholder transactions
Proceeds from shares sold		—			7,647,176
Cost of shares redeemed		(8,536,653	)		(6,314,661	)
Transaction fees		—			(3,706	)
Net increase (decrease) in net assets resulting from shareholder transactions		(8,536,653	)		1,328,809
Increase (decrease) in net assets		(13,831,942	)		2,717,159
Net Assets:
Net assets at beginning of year		28,282,044			25,564,885
Net assets at end of year	$	14,450,102		$	28,282,044
Undistributed (accumulated) net investment income (loss)	$	—		$	(427,545	)
Capital stock activity
Shares outstanding, beginning of year		1,450,000			1,400,000
Subscriptions		—			350,000
Redemptions		(500,000	)		(300,000	)
Shares outstanding, end of year		950,000			1,450,000

(a) EG Shares India Small Cap Mauritius, the Fund's Subsidiary, was liquidated on August 24, 2018.

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 NAV is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period. Total Return at Market is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period and redemption on the last day of the period. The total return would have been lower if certain expenses had not been reimbursed/waived by the Investment Manager. The price used to calculate Total Return at Market is based on the midpoint of the 4:00 PM Eastern (U.S.) bid/ask spread on the NYSE and does not represent returns an investor would receive if shares were traded at other times. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments, certain derivatives and in-kind transactions, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.

Columbia Beyond BRICs ETF

	Year Ended March 31,
	2019			2018			2017			2016			2015
Per share data
Net asset value, beginning of year	$	19.49		$	16.14		$	15.77		$	19.87		$	21.01
Income (loss) from investment operations:
Net investment income		0.49			0.49			0.34			0.40			0.56
Net realized and unrealized gain (loss)		(2.39	)		3.36			0.43			(3.83	)		(1.43	)
Total from investment operations		(1.90	)		3.85			0.77			(3.43	)		(0.87	)
Less distributions to shareholders:
Net investment income		(0.89	)		(0.50	)		(0.40	)		(0.67	)		(0.25	)
Net realized gains		—			—			—			—			(0.02	)
Total distribution to shareholders		(0.89	)		(0.50	)		(0.40	)		(0.67	)		(0.27	)
Net asset value, end of year	$	16.70		$	19.49		$	16.14		$	15.77		$	19.87
Total Return at NAV		(9.46	)%		24.11	%		5.12	%		(17.05	)%		(4.16	)%
Total Return at Market		(10.15	)%		25.97	%		4.01	%		(17.00	)%		(4.78	)%
Ratios to average net assets:
Total gross expenses^(a)		0.72	%^(b)		0.86	%^(c)		0.85	%		0.85	%		0.85	%
Total net expenses^(a)(d)		0.60	%^(b)		0.59	%^(c)		0.58	%		0.58	%		0.58	%
Net Investment income		2.75	%		2.69	%		2.18	%		2.26	%		2.65	%
Supplemental data
Net assets, end of year (in thousands)	$	25,046		$	71,127		$	71,018		$	92,242		$	301,041
Portfolio turnover		23	%		34	%		36	%		32	%		33	%

Notes to Financial Highlights

(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios.

(b) The ratio includes 0.01% for the year ended March 31, 2019 attributed to overdraft expense, which is outside the Unitary Fee (as defined in Note 3).

(c) 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).

(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 Core ex-China ETF

	Year Ended March 31,
	2019			2018			2017			2016^(a)
Per share data
Net asset value, beginning of year	$	28.03		$	24.91		$	21.23		$	20.00
Income (loss) from investment operations:
Net investment income		0.65			0.66			0.41			0.22
Net realized and unrealized gain (loss)		(2.51	)		4.83			3.55			1.52
Total from investment operations		(1.86	)		5.49			3.96			1.74
Less distributions to shareholders:
Net investment income		(0.62	)		(0.61	)		(0.28	)		(0.51	)
Net realized gains		(0.15	)		(1.76	)		—			—
Total distribution to shareholders		(0.77	)		(2.37	)		(0.28	)		(0.51	)
Net asset value, end of year	$	25.40		$	28.03		$	24.91		$	21.23
Total Return at NAV		(6.38	)%		22.76	%		18.83	%		8.98	%
Total Return at Market		(7.37	)%		20.45	%		23.20	%		8.49	%
Ratios to average net assets:
Total gross expenses^(b)		0.47	%^(c)		0.70	%^(d)		0.70	%		0.70	%^(e)
Total net expenses^(b)(f)		0.35	%^(c)		0.35	%^(d)		0.35	%		0.35	%^(e)
Net Investment income		2.54	%		2.40	%		1.80	%		1.92	%^(e)
Supplemental data
Net assets, end of year (in thousands)	$	11,431		$	9,811		$	11,209		$	1,062
Portfolio turnover		24	%		37	%		30	%		45	%

Notes to Financial Highlights

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

(b) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios.

(c) The ratio includes less than 0.01% for the year ended March 31, 2019 attributed to overdraft expense, which is outside the Unitary Fee (as defined in Note 3).

(d) 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).

(e) Annualized.

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

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

	Year Ended March 31,
	2019			2018			2017			2016			2015
Per share data
Net asset value, beginning of year	$	16.00		$	13.77		$	12.81		$	14.25		$	16.15
Income (loss) from investment operations:
Net investment income		0.48			0.38			0.37			0.38			0.77
Net realized and unrealized gain (loss)		(1.93	)		2.21			0.90			(1.45	)		(2.08	)
Total from investment operations		(1.45	)		2.59			1.27			(1.07	)		(1.31	)
Less distributions to shareholders:
Net investment income		(0.45	)		(0.36	)		(0.31	)		(0.37	)		(0.59	)
Net asset value, end of year	$	14.10		$	16.00		$	13.77		$	12.81		$	14.25
Total Return at NAV		(9.01	)%		18.96	%		10.05	%		(7.38	)%		(8.37	)%
Total Return at Market		(10.44	)%		20.31	%		11.09	%		(7.78	)%		(8.34	)%
Ratios to average net assets:
Total gross expenses^(a)		0.60	%^(b)		0.82	%^(c)		0.85	%		0.85	%		0.89	%^(d)
Total net expenses^(a)(e)		0.60	%^(b)		0.82	%^(c)		0.85	%		0.85	%		0.89	%^(d)
Net Investment income		3.29	%		2.55	%		2.79	%		2.88	%		4.76	%
Supplemental data
Net assets, end of year (in thousands)	$	5,640		$	11,203		$	13,080		$	16,012		$	24,935
Portfolio turnover		71	%		91	%		100	%		85	%		168	%

Notes to Financial Highlights

(b) The ratio includes 0.01% for the year ended March 31, 2019 attributed to overdraft expense, which is outside the Unitary Fee (as defined in Note 3).

(c) 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).

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

(e) 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^(a) (Consolidated)

	Year Ended March 31,
	2019			2018			2017			2016			2015
Per share data
Net asset value, beginning of year	$	26.34		$	24.75		$	22.60		$	26.45		$	26.53
Income (loss) from investment operations:
Net investment income		0.25			0.10			0.18			0.21			0.25
Net realized and unrealized gain (loss)		(3.72	)		1.59			2.13			(3.83	)		(0.03	)
Total from investment operations		(3.47	)		1.69			2.31			(3.62	)		0.22
Less distributions to shareholders:
Net investment income		(0.20	)		(0.10	)		(0.16	)		(0.23	)		(0.30	)
Net asset value, end of year	$	22.67		$	26.34		$	24.75		$	22.60		$	26.45
Total Return at NAV		(13.08	)%		6.81	%		10.35	%		(13.63	)%		0.88	%
Total Return at Market		(13.90	)%		7.16	%		10.75	%		(13.64	)%		0.74	%
Ratios to average net assets:
Total gross expenses^(b)		0.61	%^(c)		0.81	%^(d)		0.85	%^(e)		0.85	%		0.83	%
Total net expenses^(b)(f)		0.61	%^(c)		0.81	%^(d)		0.85	%^(e)		0.85	%		0.83	%
Net Investment income		1.07	%		0.37	%		0.77	%		0.86	%		0.92	%
Supplemental data
Net assets, end of year (in thousands)	$	290,119		$	809,911		$	741,171		$	612,360		$	1,145,158
Portfolio turnover		61	%		27	%		17	%		32	%		12	%

Notes to Financial Highlights

(a) EG Shares Consumer Mauritius, the Fund's Subsidiary, was liquidated on November 30, 2018.

(c) The ratio includes 0.02% for the year ended March 31, 2019 attributed to overdraft expense and tax expense, which is outside the Unitary Fee (as defined in Note 3).

(d) 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).

(e) 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).

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

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)

	Year Ended March 31,
	2019			2018			2017			2016			2015
Per share data
Net asset value, beginning of year	$	45.81		$	38.31		$	31.16		$	35.48		$	24.72
Income (loss) from investment operations:
Net investment income (loss)		0.12			0.01			(0.03	)		0.04			(0.12	)
Net realized and unrealized gain (loss)		(3.80	)		7.52			7.21			(4.36	)		10.91
Total from investment operations		(3.68	)		7.53			7.18			(4.32	)		10.79
Less distributions to shareholders:
Net investment income		(0.05	)		(0.03	)		(0.03	)		—			(0.03	)
Net asset value, end of year	$	42.08		$	45.81		$	38.31		$	31.16		$	35.48
Total Return at NAV		(8.03	)%		19.64	%		23.06	%		(12.18	)%		43.64	%
Total Return at Market		(8.44	)%		19.98	%		23.67	%		(12.57	)%		44.04	%
Ratios to average net assets:
Total gross expenses^(a)		0.77	%^(b)		0.87	%^(c)		0.89	%^(d)		0.89	%		0.90	%^(e)
Total net expenses^(a)(f)		0.77	%^(b)		0.87	%^(c)		0.89	%^(d)		0.89	%		0.90	%^(e)
Net Investment income (loss)		0.26	%		0.01	%		(0.09	)%		0.13	%		(0.36	)%
Supplemental data
Net assets, end of year (in thousands)	$	130,436		$	144,289		$	88,102		$	71,679		$	88,710
Portfolio turnover		15	%		28	%		31	%		47	%		82	%

Notes to Financial Highlights

(b) The ratio includes 0.02% for the year ended March 31, 2019 attributed to tax expense, which is outside the Unitary Fee (as defined in Note 3).

(c) 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).

(d) 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).

(e) 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).

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

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

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FINANCIAL HIGHLIGHTS

Columbia India Infrastructure ETF^(a) (Consolidated)

	Year Ended March 31,
	2019			2018			2017			2016			2015
Per share data
Net asset value, beginning of year	$	13.98		$	12.98		$	10.24		$	13.08		$	11.35
Income (loss) from investment operations:
Net investment income		0.15			0.18			0.03			0.30			0.12
Net realized and unrealized gain (loss)		(1.89	)		0.92			3.03			(3.04	)		1.65	^(b)
Total from investment operations		(1.74	)		1.10			3.06			(2.74	)		1.77
Less distributions to shareholders:
Net investment income		(0.16	)		(0.10	)		(0.32	)		(0.10	)		(0.04	)
Net asset value, end of year	$	12.08		$	13.98		$	12.98		$	10.24		$	13.08
Total Return at NAV		(12.39	)%		8.41	%		30.61	%		(21.00	)%		15.59	%
Total Return at Market		(14.36	)%		9.13	%		30.93	%		(21.41	)%		15.93	%
Ratios to average net assets:
Total gross expenses^(c)		0.92	%^(d)		0.84	%^(e)		0.98	%^(f)		0.88	%^(g)		0.88	%^(h)
Total net expenses^(c)(i)		0.92	%^(d)		0.84	%^(e)		0.98	%^(f)		0.88	%^(g)		0.88	%^(h)
Net Investment income		1.17	%		1.25	%		0.28	%		2.68	%		0.90	%
Supplemental data
Net assets, end of year (in thousands)	$	31,402		$	49,612		$	41,529		$	39,938		$	47,736
Portfolio turnover		88	%		54	%		34	%		59	%		75	%

Notes to Financial Highlights

(a) EG Shares India Infrastructure Mauritius, the Fund's Subsidiary, was liquidated on November 16, 2018.

(b) 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).

(c) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund's reported expense ratios.

(d) The ratio includes 0.17% for the year ended March 31, 2019 attributed to line of credit interest expense, overdraft expense and tax expense, which is outside the Unitary Fee (as defined in Note 3).

(e) The ratio includes 0.01% for the year ended March 31, 2018 attributed to overdraft expense and tax expense, which is outside the Unitary Fee (as defined in Note 3).

(f) 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).

(g) 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).

(h) 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).

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

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

Columbia ETF Trust II | Annual Report 2019
77

FINANCIAL HIGHLIGHTS

Columbia India Small Cap ETF^(a) (Consolidated)

	Year Ended March 31,
	2019			2018			2017			2016			2015
Per share data
Net asset value, beginning of year	$	19.50		$	18.26		$	13.59		$	17.48		$	12.74
Income (loss) from investment operations:
Net investment income (loss)		0.28			0.00	^(b)		(0.02	)		0.06			0.05
Net realized and unrealized gain (loss)		(4.57	)		1.41			4.82			(3.86	)		4.77
Total from investment operations		(4.29	)		1.41			4.80			(3.80	)		4.82
Less distributions to shareholders:
Net investment income		—			(0.17	)		(0.13	)		(0.09	)		(0.08	)
Net asset value, end of year	$	15.21		$	19.50		$	18.26		$	13.59		$	17.48
Total Return at NAV		(22.00	)%		7.61	%		35.62	%		(21.78	)%		37.86	%
Total Return at Market		(22.98	)%		8.51	%		36.29	%		(22.27	)%		39.17	%
Ratios to average net assets:
Total gross expenses^(c)		0.77	%^(d)		0.86	%^(e)		0.86	%^(f)		0.86	%^(g)		0.92	%^(h)
Total net expenses^(c)(i)		0.77	%^(d)		0.86	%^(e)		0.86	%^(f)		0.86	%^(g)		0.92	%^(h)
Net Investment income (loss)		1.70	%		0.02	%		(0.12	)%		0.40	%		0.33	%
Supplemental data
Net assets, end of year (in thousands)	$	14,450		$	28,282		$	25,565		$	19,027		$	28,850
Portfolio turnover		84	%		107	%		71	%		45	%		117	%

Notes to Financial Highlights

(a) EG Shares India Small Cap Mauritius, the Fund's Subsidiary, was liquidated on August 24, 2018.

(b) Rounds to zero.

(d) The ratio includes 0.02% for the year ended March 31, 2019 attributed to overdraft expense and tax expense, which is outside the Unitary Fee (as defined in Note 3).

(e) 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).

(f) 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).

(g) 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).

(h) 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).

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

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

Columbia ETF Trust II | Annual Report 2019
78

NOTES TO FINANCIAL STATEMENTS

March 31, 2019

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 non-diversified funds.

Basis for Consolidation

The Consolidated Portfolio of Investments; Consolidated Statements of Assets and Liabilities, of Operations and of Changes in Net Assets; and the Consolidated Financial Highlights of the Funds listed below include (or previously included) 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.

Fund				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 India Consumer ETF invests in Indian securities both directly (in India), and through its corresponding Subsidiary, which in turn invests virtually all of its assets in Indian securities.

As of the date of this report, Columbia Emerging Markets Consumer ETF, Columbia India Infrastructure ETF and Columbia India Small Cap ETF have transitioned all of their Indian securities out of their corresponding Subsidiary and hold investments in Indian 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, the signing of a protocol amending the India-Mauritius tax treaty, and enactment of a 10% tax on long-term capital gains from sales of Indian shares after March 31, 2018 (not otherwise exempt under a tax treaty) have resulted in the imposition of additional taxes by India on each Fund and Subsidiary listed in the table above. For more information, see India-Mauritius Tax Treaty Risk.

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		0.0	%		—		955,012		36,926,304			(37,343,283	)
Columbia India Consumer ETF		72.5	%		94,548,810		1,218,907		3,436,219			(11,663,047	)
Columbia India Infrastructure ETF		0.0	%		—		374,050		3,216,931			(10,263,968	)
Columbia India Small Cap ETF		0.0	%		—		17,641		(1,565,514	)		1,278,558

Columbia ETF Trust II | Annual Report 2019
79

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2019

Fund shares

The market prices of each Fund's shares may differ to some degree from the Fund's net asset value (NAV). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at NAV, only in a large specified number of shares, each called a "Creation Unit." A Creation Unit consists of 50,000 shares. Creation Units are issued and redeemed generally in-kind for a basket of securities and/or for cash. Investors such as market makers, large investors and institutions who wish to deal in Creation Units directly with a Fund must have entered into an authorized participant agreement (Authorized Participants) with the Fund's principal underwriter and the transfer agent, or purchase through a dealer that has entered into such an agreement. Authorized participants may purchase or redeem Fund shares directly from the Fund only in Creation Units. The Funds' shares are also listed on the New York Stock Exchange for which investors can purchase and sell shares on the secondary market through a broker at market prices which may differ from the NAV of the Fund.

Note 2. Summary of significant accounting policies

Basis of preparation

Each Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements.

Security valuation

All equity securities and exchange-traded funds are valued at the close of business of the New York Stock Exchange. Equity securities and exchange-traded funds are valued at the last quoted sales price on the principal exchange or market on which they trade, except for securities traded on the NASDAQ Stock Market, which are valued at the NASDAQ official close price. Unlisted securities or listed securities for which there were no sales during the day are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets.

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.

The determination of fair value often requires significant judgment. To determine fair value, management may use assumptions including but not limited to future cash flows and estimated risk premiums. Multiple inputs from various sources may be used to determine fair value.

GAAP requires disclosure regarding the inputs and valuation techniques used to measure fair value and any changes in valuation inputs or techniques. In addition, investments shall be disclosed by major category. This information is disclosed following the Funds' Portfolio of Investments.

Columbia ETF Trust II | Annual Report 2019
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NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2019

Foreign currency transactions and translation

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

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

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 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.

Columbia ETF Trust II | Annual Report 2019
81

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2019

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 pronouncements

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. Management does not expect the implementation of this guidance to have a material impact on the financial statement amounts and footnote disclosures.

Accounting Standards Update 2018-13 Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement

In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2018-13 Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement. ASU No. 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and the policy for the timing of transfers between levels. The standard is effective for annual periods beginning after December 15, 2019 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 disclosures, if any.

Disclosure Update and Simplification

In September 2018, the Securities and Exchange Commission (SEC) released Final Rule 33-10532, Disclosure Update and Simplification, which amends certain financial statement disclosure requirements that the SEC determined to be redundant, outdated, or superseded in light of other SEC disclosure requirements, GAAP, or changes in the information environment. As a result of the amendments, management implemented disclosure changes which included removing the components of distributable earnings presented on the Statement of Assets and Liabilities and combining income and gain distributions paid to shareholders as presented on the Statement of Changes in Net Assets. Any values presented to meet prior year requirements were left unchanged. The amendments had no effect on the Funds' net assets or results of operation.

Columbia ETF Trust II | Annual Report 2019
82

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2019

Note 3. Investment management fees

Under an Investment Management Services Agreement, Columbia Management Investment Advisers, LLC (the Investment Manager), a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial), determines which securities will be purchased, held or sold. The investment management fee is a unitary fee paid monthly to the Investment Manager at an annual rate based on each Fund's average daily net assets. In return for this fee, the Investment Manager pays the operating costs and expenses of each Fund other than the following expenses (which will be paid by the Fund): taxes; interest incurred on borrowing by the Funds (including but not limited to overdraft fees), if any; brokerage expenses, fees, commissions and other portfolio transaction expenses (including but not limited to service fees charged by custodians of depository receipts and scrip fees related to registrations on foreign exchanges); interest and fee expense related to the Funds' participation in inverse floater structures; infrequent and/or unusual expenses, including without limitation litigation expenses (including but not limited to arbitrations and indemnification expenses); distribution and/or service fees; expenses incurred in connection with lending securities; and any other expenses approved by the Board of Trustees.

The investment management fee is an annual fee that is equal to a percentage of each Fund's average daily net assets and is paid as follows:

Effective August 1, 2018

Prior to August 1, 2018

Fund

Assets (billions)

Investment
management
fee rate (%)

Assets (billions)

Investment
management
fee rate (%)

Columbia Beyond BRICs ETF

All

0.59

All

0.85

Columbia EM Core ex-China ETF

All

0.35

All

0.70

Columbia EM Quality Dividend ETF

All

0.59

All

0.59

Columbia Emerging Markets Consumer ETF

All

0.59

All

0.59

Columbia India Consumer ETF

All

0.75

All

0.75

Columbia India Infrastructure ETF

All

0.75

All

0.75

Columbia India Small Cap ETF

All

0.75

All

0.75

The effective management services fee rate for the year ended March 31, 2019 was as follows:

Fund	Effective investment management fee rate (%)
Columbia Beyond BRICs ETF		0.70
Columbia EM Core ex-China ETF		0.47
Columbia EM Quality Dividend ETF		0.59
Columbia Emerging Markets Consumer ETF		0.59
Columbia India Consumer ETF		0.75
Columbia India Infrastructure ETF		0.75
Columbia India Small Cap ETF		0.75

The Investment Manager had 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 was limited as a percentage of the respective Fund's average daily net assets to the annual rate noted below:

Fund	Prior to September 1, 2018
Columbia Beyond BRICs ETF		0.58	%
Columbia EM Core ex-China ETF		0.35

Columbia ETF Trust II | Annual Report 2019
83

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2019

Compensation of board members

Members of the Board of Trustees who are not officers or employees of the Investment Manager or Ameriprise Financial are compensated for their services to the Funds as disclosed in the Statement of Operations. Under a Deferred Compensation Plan (the Deferred Plan), these members of the Board of Trustees may elect to defer payment of up to 100% of their compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested 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 Deferred Plan. All amounts payable under the Deferred Plan constitute a general unsecured obligation of the Funds. The expenses of the compensation of the members of the Board of Trustees that are allocated to the Fund are payable by the Investment Manager.

Compensation of Chief Compliance Officer

The Board of Trustees has appointed a Chief Compliance Officer 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 registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets. The expenses of the Chief Compliance Officer allocated to the Funds are payable by the Investment Manager.

Distribution and service fees

ALPS Distributors, Inc., (the Distributor) serves as the distributor for the Funds. The Funds have adopted a distribution and service plan (the 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, 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, 2019, these differences are primarily due to differing treatments for deferral/reversal of wash sale losses, foreign currency transactions, disallowed capital gains (losses) on a redemption in-kind, re-characterization of distributions for investments 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		(78,245	)		2,046,170			(1,967,925	)
Columbia EM Core ex-China ETF		(6,096	)		6,096			—
Columbia EM Quality Dividend ETF		(16,728	)		(31,266	)		47,994
Columbia Emerging Markets Consumer ETF		(603,395	)		(2,860,263	)		3,463,658
Columbia India Consumer ETF		(148,550	)		167,903			(19,353	)
Columbia India Infrastructure ETF		(64,869	)		64,869			—
Columbia India Small Cap ETF		97,506			727			(98,233	)

Columbia ETF Trust II | Annual Report 2019
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NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2019

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

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

	Year Ended March 31, 2019						Year Ended March 31, 2018
Funds	Ordinary income ($)		Long-term capital gain ($)		Total ($)		Ordinary income ($)		Long-term capital gain ($)		Total ($)
Columbia Beyond BRICs ETF		1,602,594		—		1,602,594		1,818,029		—		1,818,029
Columbia EM Core ex-China ETF		224,521		45,399		269,920		308,666		521,247		829,913
Columbia EM Quality Dividend ETF		238,019		—		238,019		279,712		—		279,712
Columbia Emerging Markets Consumer ETF		2,714,200		—		2,714,200		3,335,918		—		3,335,918
Columbia India Consumer ETF		167,832		—		167,832		79,763		—		79,763
Columbia India Infrastructure ETF		433,673		—		433,673		363,029		—		363,029
Columbia India Small Cap ETF		—		—		—		247,725		—		247,725

Short-term capital gain distributions, if any, are considered ordinary income distributions for tax purposes.

At March 31, 2019, the components of distributable earnings on a tax basis were as follows:

Funds	Undistributed ordinary income ($)		Undistributed long-term capital gains ($)		Capital loss carryforwards ($)			Net unrealized appreciation (depreciation) ($)
Columbia Beyond BRICs ETF		198,405		—		(61,479,061	)		(1,348,604	)
Columbia EM Core ex-China ETF		64,208		—		(468,339	)		1,713,189
Columbia EM Quality Dividend ETF		38,244		—		(27,327,654	)		(117,679	)
Columbia Emerging Markets Consumer ETF		1,147,300		—		(202,083,868	)		(7,888,989	)
Columbia India Consumer ETF		—		—		(2,518,272	)		17,722,673
Columbia India Infrastructure ETF		128,461		—		(52,619,357	)		(4,172,345	)
Columbia India Small Cap ETF		—		—		(14,773,105	)		(105,906	)

At March 31, 2019, the cost of all 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		26,279,177		3,378,980		(4,725,541	)		(1,346,561	)
Columbia EM Core ex-China ETF		9,675,417		2,035,767		(322,271	)		1,713,496
Columbia EM Quality Dividend ETF		5,718,225		424,584		(541,680	)		(117,096	)
Columbia Emerging Markets Consumer ETF		297,913,251		16,368,710		(24,255,587	)		(7,886,877	)
Columbia India Consumer ETF		112,796,385		28,563,598		(10,263,675	)		18,299,923
Columbia India Infrastructure ETF		35,567,763		1,993,666		(6,165,896	)		(4,172,230	)
Columbia India Small Cap ETF		14,564,449		531,492		(637,397	)		(105,905	)

Tax cost of investments and unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.

Columbia ETF Trust II | Annual Report 2019
85

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2019

The following capital loss carryforward, determined at March 31, 2019, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

Funds	No expiration short-term ($)		No expiration long-term ($)		Total ($)		Utilized ($)		Expired ($)
Columbia Beyond BRICs ETF		17,918,647		43,560,414		61,479,061		—		—
Columbia EM Core ex-China ETF		—		—		—		—		—
Columbia EM Quality Dividend ETF		21,430,417		5,897,237		27,327,654		—		—
Columbia Emerging Markets Consumer ETF		5,503,691		196,580,177		202,083,868		—		—
Columbia India Consumer ETF		2,518,272		—		2,518,272		3,004,148		—
Columbia India Infrastructure ETF		16,835,384		35,783,973		52,619,357		3,438,824		—
Columbia India Small Cap ETF		6,379,617		8,393,488		14,773,105		—		—

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, 2019, the Funds will elect to treat the following late-year ordinary losses and post-October capital losses as arising on April 1, 2019.

Funds	Late year ordinary losses ($)		Post-October capital losses ($)
Columbia Beyond BRICs ETF		—		—
Columbia EM Core ex-China ETF		—		468,339
Columbia EM Quality Dividend ETF		—		—
Columbia Emerging Markets Consumer ETF		—		—
Columbia India Consumer ETF		165,192		—
Columbia India Infrastructure ETF		—		—
Columbia India Small Cap ETF		—		—

Management of the Funds has concluded that there are no significant uncertain tax positions in the Funds that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Funds' federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

Note 5. Portfolio information

The cost of purchases and proceeds from sales of securities, excluding short-term investments and in-kind transactions, for the year ended March 31, 2019, were as follows:

Funds	Purchases ($)			Proceeds from sales ($)
Columbia Beyond BRICs ETF		11,847,408			28,828,234
Columbia EM Core ex-China ETF		3,608,072			2,233,816
Columbia EM Quality Dividend ETF		5,811,941			8,271,488
Columbia Emerging Markets Consumer ETF		293,599,851			384,557,833
Columbia India Consumer ETF		20,676,608			24,853,692
Columbia India Infrastructure ETF		31,275,967			44,347,762
Columbia India Small Cap ETF		16,202,635	�

Columbia ETF Trust II N-CSRCertified annual shareholder report (management investment company)