UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22255
Columbia ETF Trust II
(Exact name of registrant as specified in charter)
290 Congress Street
Boston, MA 02210
(Address of principal executive offices) (Zip code)
Daniel J. Beckman
c/o Columbia Management Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
Ryan C. Larrenaga, Esq.
c/o Columbia Management Investment Advisers, LLC
290 Congress Street
Boston, MA 02210
(Name and address of agent for service)
Registrant's telephone number, including area code: (800) 345-6611
Date of fiscal year end: March 31
Date of reporting period: March 31, 2022
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission,
100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
Not
Federally
Insured
|
No
Financial
Institution
Guarantee
|
May
Lose
Value
THEMATIC
BETA
ETFs
Annual
Report
March
31,
2022
Columbia
EM
Core
ex-China
ETF
Columbia
Emerging
Markets
Consumer
ETF
Columbia
India
Consumer
ETF
Thematic
Beta
ETFs
|
Annual
Report
2022
TABLE
OF
CONTENTS
Columbia
EM
Core
ex-China
ETF
Fund
at
a
Glance
3
Manager
Discussion
of
Fund
Performance
5
Columbia
Emerging
Markets
Consumer
ETF
Fund
at
a
Glance
7
Manager
Discussion
of
Fund
Performance
9
Columbia
India
Consumer
ETF
Fund
at
a
Glance
11
Manager
Discussion
of
Fund
Performance
13
Understanding
Your
Fund’s
Expenses
15
Portfolio
of
Investments
16
Statement
of
Assets
and
Liabilities
25
Statement
of
Operations
26
Statement
of
Changes
in
Net
Assets
27
Financial
Highlights
29
Notes
to
Financial
Statements
32
Report
of
Independent
Registered
Public
Accounting
Firm
44
Federal
Income
Tax
Information
45
Trustees
and
Officers
46
Liquidity
Risk
Management
Program
53
Additional
Information
54
FUND
AT
A
GLANCE
Columbia
EM
Core
ex-China
ETF
(Unaudited)
Thematic
Beta
ETFs
|
Annual
Report
2022
3
Portfolio
management
Christopher
Lo,
CFA
Lead
Portfolio
Manager
Managed
Fund
since
2016
Henry
Hom,
CFA
Portfolio
Manager
Managed
Fund
since
October
2021
Investment
objective
Columbia
EM
Core
ex-China
ETF
(the
Fund)
seeks
investment
results
that
correspond
(before
fees
and
expenses)
to
the
price
and
yield
performance
of
the
Beta
Thematic
Emerging
Markets
ex-China
Index.
All
results
shown
assume
reinvestment
of
distributions
during
the
period.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
Performance
results
reflect
the
effect
of
any
fee
waivers
or
reimbursements
of
Fund
expenses
by
the
Fund’s
former
investment
manager
or
Columbia
Management
Investment
Advisers,
LLC
(Columbia
Management
or
the
Investment
Manager).
Absent
these
fee
waivers
or
expense
reimbursement
arrangements,
performance
results
would
have
been
lower.
The
performance
information
shown
represents
past
performance
and
is
not
a
guarantee
of
future
results.
The
investment
return
and
principal
value
of
your
investment
will
fluctuate
so
that
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
lower
or
higher
than
the
performance
information
shown.
You
may
obtain
performance
information
current
to
the
most
recent
month-end
by
visiting
columbiathreadneedleus.com/etfs.
Columbia
Management
took
over
portfolio
management
in
September 2016
upon
its
acquisition
of
the
Fund’s
previous
investment
manager.
Performance
prior
to
September
2016
is
attributable
to
the
Fund's
previous
investment
manager.
Through
July
31,
2020,
Market
Price
returns
are
based
on
the
midpoint
of
the
bid/ask
spread
for
Fund
shares
at
market
close
(typically
4
pm
ET).
Beginning
with
August
31,
2020
month-end
performance,
Market
Price
returns
are
based
on
closing
prices
reported
by
the
Fund's
primary
listing
exchange
(typically
4
pm
ET
close).
These
returns
do
not
represent
the
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
The
Fund’s
shares
may
trade
above
or
below
their
net
asset
value.
The
net
asset
value
of
the
Fund
will
generally
fluctuate
with
changes
in
the
market
value
of
the
Fund’s
holdings.
The
market
prices
of
shares,
however,
will
generally
fluctuate
in
accordance
with
changes
in
net
asset
value
as
well
as
the
relative
supply
of,
and
demand
for,
shares
on
the
exchange.
The
trading
price
of
shares
may
deviate
significantly
from
the
net
asset
value.
The
Beta
Thematic
Emerging
Markets
ex-China
Index
is
a
market
capitalization-weighted
index
designed
to
provide
broad,
core
emerging
markets
equity
exposure
by
measuring
the
stock
performance
of
up
to
700
companies,
excluding
those
listed
or
domiciled
in
China
or
Hong
Kong.
The
MSCI
Emerging
Markets
Index
(Net)
is
a
free
float-adjusted
market
capitalization
index
that
is
designed
to
measure
market
performance
of
emerging
markets.
Indices
are
not
available
for
investment,
are
not
professionally
managed
and
do
not
reflect
sales
charges,
fees,
brokerage
commissions,
taxes
(except
the
MSCI
Emerging
Markets
Index
(Net),
which
reflects
reinvested
dividends
net
of
withholding
taxes)
or
other
expenses
of
investing.
Securities
in
the
Fund
may
not
match
those
in
an
index.
Average
annual
total
returns
(%)
(for
period
ended
March
31,
2022)
Inception
1
Year
5
Years
Life
Market
Price
09/02/15
-1.94
7.21
10.19
Net
Asset
Value
09/02/15
-0.96
8.05
10.30
Beta
Thematic
Emerging
Markets
ex-China
Index
0.71
7.59
9.91
MSCI
Emerging
Markets
Index
(Net)
-11.37
5.98
7.93
FUND
AT
A
GLANCE
(continued)
Columbia
EM
Core
ex-China
ETF
(Unaudited)
4
Thematic
Beta
ETFs
|
Annual
Report
2022
Performance
of
a
hypothetical
$10,000
investment
(September
2,
2015
—
March
31,
2022)
The
chart
above
shows
the
change
in
value
of
a
hypothetical
$10,000
investment
made
on
the
Fund’s
inception,
and
does
not
reflect
the
deduction
of
taxes
or
brokerage
commissions
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
For
Illustrative
purposes
only.
There
is
no
guarantee
similar
results
can
be
achieved.
Country
breakdown
(%)
(at
March
31,
2022
)
Brazil
10
.7
Chile
1
.3
China
0
.2
Colombia
0
.5
Denmark
0
.4
India
18
.5
Indonesia
3
.1
Malaysia
2
.9
Mexico
3
.7
Philippines
0
.9
Poland
1
.5
Russia
0
.0
(a)
South
Africa
7
.1
South
Korea
17
.4
Taiwan
27
.1
Tanzania
0
.5
Thailand
3
.5
Turkey
0
.4
United
States
(b)
0
.3
Total
100
.0
Country
Breakdown
is
based
primarily
on
issuer’s
place
of
organization/incorporation.
Percentages
indicated
are
based
upon
total
investments
and
excludes
investments
in
derivatives,
if
any.
The
Fund’s
portfolio
composition
is
subject
to
change.
(a)
Rounds
to
zero.
(b)
Includes
investments
in
Money
Market
Funds.
Equity
sector
breakdown
(%)
(at
March
31,
2022)
Communication
Services
6
.5
Consumer
Discretionary
6
.0
Consumer
Staples
6
.2
Energy
5
.7
Financials
23
.4
Health
Care
2
.7
Industrials
5
.8
Information
Technology
29
.0
Materials
12
.4
Utilities
2
.3
Total
100
.0
Percentages
indicated
are
based
upon
total
equity
investments.
The
Fund’s
portfolio
composition
is
subject
to
change.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
Columbia
EM
Core
ex-China
ETF
(XCEM)
(Unaudited)
Thematic
Beta
ETFs
|
Annual
Report
2022
5
For
the
12-month
period
that
ended
March
31,
2022,
the
Fund
returned
-0.96%
based
on
net
asset
value
(NAV)
and
-1.94%
based
on
market
price.
The
Beta
Thematic
Emerging
Markets
ex-China
Index,
the
Fund's
tracking
index,
returned
0.71%
and
the
MSCI
Emerging
Markets
Index
(Net)
(the
Index)
returned
-11.37%
during
the
same
time
period.
The
Fund’s
NAV
on
March
31,
2021
was
$31.65,
and
it
ended
the
annual
period
on
March
31,
2022
with
an
NAV
of
$30.73.
The
Fund’s
market
price
on
March
31,
2022
was
$30.59
per
share.
Market
overview
Emerging
market
equities
significantly
underperformed
both
U.S.
and
international
developed
market
equities
during
the
annual
period.
The
Index
returned
-11.37%
during
the
annual
period,
as
compared
to
S&P
500
Index
and
MSCI
EAFE
Index
(Net)
returns
of
15.65%
and
1.16%,
respectively,
for
the
same
time
period.
The
annual
period
began
with
emerging
markets
equities
generally
recording
healthy
gains.
However,
the
Index
fell
in
each
of
the
subsequent
three
quarters,
experiencing
considerable
volatility
despite
continued
recovery
in
economic
activity
across
the
emerging
markets
regions.
During
the
third
quarter
of
2021,
the
sell-off
in
Chinese
stocks
dragged
down
emerging
markets
equities
overall
amid
ongoing
regulatory
concerns
and
financial
difficulties
facing
property
developer
Evergrande,
which
led
to
fears
about
the
potential
for
wider
contagion.
Still,
higher
oil
and
gas
prices
during
the
quarter
supported
energy-heavy
markets.
In
the
fourth
quarter
of
2021,
optimism
about
ongoing
economic
recovery
was
ultimately
overtaken
by
concerns
surrounding
slowing
Chinese
economic
activity,
the
prospect
of
faster
than
expected
U.S.
Federal
Reserve
monetary
policy
normalization
and
the
emergence
of
the
new
COVID-19
Omicron
variant.
The
result
was
a
style
rotation
away
from
growth-oriented
stocks
into
value-oriented
stocks
toward
the
end
of
the
quarter,
a
trend
that
continued
into
the
first
quarter
of
2022.
Additionally,
macro
volatility
dominated
emerging
markets
during
the
first
months
of
2022,
overshadowing
fundamentals.
More
specifically,
the
volatility
was
the
result
of
a
combination
of
the
regulatory
reset
in
China
and
the
impacts
of
its
“Zero
COVID-19”
policy;
the
Brazilian
macro
environment
and
concerns
about
inflation,
monetary
tightening
and
election
uncertainty
there;
and,
beginning
in
late
February,
the
Russian
invasion
of
Ukraine.
Notably,
effective
March
9,
2022,
MSCI
Inc.
removed
Russian
securities
from
the
Index
after
deeming
the
Russian
equity
market
“uninvestable”
as
a
result
of
Russia’s
invasion
of
Ukraine.
For
the
annual
period
overall,
Russia
and
China
were
the
weakest
performing
emerging
markets
equity
markets,
followed
at
some
distance
by
Pakistan,
South
Korea
and
Egypt.
Russian
equities
had
performed
well
during
the
first
half
of
the
annual
period,
supported
by
the
advancing
price
of
oil.
However,
in
the
fourth
quarter
of
2021,
Omicron
news
and
associated
concerns
about
its
impact
on
energy
demand
subdued
sentiment.
In
the
first
quarter
of
2022,
Russia’s
invasion
of
Ukraine
led
to
its
equity
market
becoming
“uninvestable.”
Chinese
equities
were
weak
throughout
the
annual
period
due
to
its
government’s
tightened
regulations,
doubts
about
its
property
sector,
electricity
shortages
affecting
its
industrial
production,
its
“Zero
COVID-19”
policy
and
slowing
economic
activity.
Conversely,
the
equity
markets
of
United
Arab
Emirates,
Czech
Republic,
Kuwait,
Colombia
and
Saudi
Arabia
each
enjoyed
double-digit
positive
absolute
returns
within
the
Index
during
the
annual
period,
in
most
cases
as
a
result
of
being
commodity-sensitive
markets.
From
a
sector
perspective,
consumer
discretionary,
real
estate,
health
care
and
communication
services
were
weakest
during
the
annual
period.
The
financials,
utilities,
materials
and
energy
sectors
were
strongest.
The
Fund’s
notable
detractors
during
the
period
Though
the
sectors
delivered
strong
overall
performance
for
the
Index,
constituents
in
energy
and
utilities
detracted
most
from
returns
—
the
only
two
sectors
to
detract
from
the
Fund’s
returns
during
the
annual
period.
From
a
country
perspective,
constituents
in
Russia
and
not
having
any
exposure
to
constituents
in
Saudi
Arabia
and
United
Arab
Emirates
detracted
most
from
returns
during
the
annual
period.
Having
out-of-Index
positions
in
integrated
oil
and
gas
company
LUKOIL
PJSC
Sponsored
ADR,
regional
bank
Sberbank
Russia
PJSC
Sponsored
ADR,
integrated
oil
and
gas
company
Gazprom
PJSC
Sponsored
ADR
and
metals
and
mining
company
MMC
Norilsk
Nickel
PJSC
ADR,
each
a
Russia-based
company,
detracted
most.
Having
an
overweight
position
in
South
Africa-based
Internet
content
and
information
company
Naspers
Limited
Class
N
also
detracted.
Each
posted
a
double-digit
negative
absolute
return
during
the
annual
period.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
Columbia
EM
Core
ex-China
ETF
(XCEM)
(Unaudited)
6
Thematic
Beta
ETFs
|
Annual
Report
2022
The
Fund’s
notable
contributors
during
the
period
Despite
weak
overall
performance
of
the
sectors
within
the
Index,
constituents
in
the
consumer
discretionary,
communication
services
and
consumer
staples
sectors
contributed
most
positively
to
the
Fund’s
returns
during
the
annual
period.
From
a
country
perspective,
constituents
in
Taiwan
and
India
and
not
having
any
exposure
to
constituents
in
China
contributed
most
positively
to
the
Fund’s
results
during
the
annual
period.
Having
no
positions
in
China-based
e-commerce
giant
Alibaba
Group
Holding
Ltd.,
e-commerce
and
diversified
media
company
Tencent
Holdings
Ltd.
and
e-commerce
retailer
Meituan
Class
B;
having
an
out-of-Index
position
in
India-based
software
and
technology
services
provider
Infosys
Limited
Sponsored
ADR;
and
having
an
overweighted
position
in
Taiwan-based
semiconductor
manufacturer
Taiwan
Semiconductor
Manufacturing
Co.,
Ltd.
contributed
most
positively.
The
three
China-based
companies
each
generated
a
double-digit
negative
absolute
return
during
the
annual
period.
Infosys
Limited
Sponsored
ADR
posted
a
double-digit
positive
absolute
return
during
the
annual
period,
and
Taiwan
Semiconductor
Manufacturing
Co.,
Ltd.
generated
a
single-digit
positive
absolute
return
during
the
annual
period.
Investing
involves
risks,
including
the
risk
of
loss
of
principal.
Market
risk
may
affect
a
single
issuer,
sector
of
the
economy,
industry
or
the
market
as
a
whole.
The
Fund
is
passively
managed
and
seeks
to
track
the
performance
of
an
index.
The
Fund
may
not
sell
a
poorly
performing
security
unless
it
was
removed
from
the
index
.
The
Fund
may
not
track
its
index
with
the
same
degree
of
accuracy
as
would
a
fund
replicating
(or
investing
in)
the
entire
index.
There
is
no
guarantee
that
the
index
will
achieve
positive
returns.
Risk
exists
that
the
index
provider
may
not
follow
its
methodology
for
index
construction.
Errors
may
result
in
a
negative
fund
performance.
The
Fund's
net
value
will
generally
decline
when
the
market
value
of
its
targeted
index
declines.
Foreign
investments
subject
the
Fund
to
risks,
including
political,
economic,
market,
social
and
other
risks
impacting
a
particular
country,
as
well
as
to
currency
instabilities
and
less
stringent
financial
and
accounting
standards
generally
applicable
to
U.S.
issuers.
These
risks
are
enhanced
for
emerging
market
issuers.
Investment
in
or
exposure
to
foreign
currencies
subjects
the
fund
to
currency
fluctuation
and
risk
of
loss.
Investments
in
small-
and
mid-cap
companies
involve
risks
and
volatility
greater
than
investments
in
larger,
more
established
companies.
The
Fund
concentrates
its
investments
in
issuers
of
one
or
more
particular
industries
to
the
same
extent
as
the
underlying
index.
Although
the
Fund’s
shares
are
listed
on
an
exchange
,
there
can
be
no
assurance
that
an
active,
liquid
or
otherwise
orderly
trading
market
for
shares
will
be
established
or
maintained.
Active
market
trading
may
increase
portfolio
turnover,
transaction
costs
and
tracking
error
to
the
targeted
index.
The
Fund
may
have
portfolio
turnover
,
which
may
cause
an
adverse
cost
impact.
There
may
be
additional
portfolio
turnover
risk
as
active
market
trading
of
the
Fund’s
shares
may
cause
more
frequent
creation
or
redemption
activities
that
could,
in
certain
circumstances,
increase
the
number
of
portfolio
transactions
as
well
as
tracking
error
to
the
Index
and
as
high
levels
of
transactions
increase
brokerage
and
other
transaction
costs
and
may
result
in
increased
taxable
capital
gains.
The
views
expressed
in
this
report
reflect
the
current
views
of
the
respective
parties
who
have
contributed
to
this
report.
These
views
are
not
guarantees
of
future
performance
and
involve
certain
risks,
uncertainties
and
assumptions
that
are
difficult
to
predict,
so
actual
outcomes
and
results
may
differ
significantly
from
the
views
expressed.
These
views
are
subject
to
change
at
any
time
based
upon
economic
market
or
other
conditions
and
the
respective
parties
disclaim
any
responsibility
to
update
such
views.
These
views
may
not
be
relied
on
as
investment
advice
and,
because
investment
decisions
for
a
Columbia
ETF
are
based
on
numerous
factors,
may
not
be
relied
on
as
an
indication
of
trading
intent
on
behalf
of
any
particular
Columbia
ETF.
References
to
specific
securities
should
not
be
construed
as
a
recommendation
or
investment
advice.
FUND
AT
A
GLANCE
Columbia
Emerging
Markets
Consumer
ETF
(Unaudited)
Thematic
Beta
ETFs
|
Annual
Report
2022
7
Portfolio
management
Christopher
Lo,
CFA
Lead
Portfolio
Manager
Managed
Fund
since
2016
Henry
Hom,
CFA
Portfolio
Manager
Managed
Fund
since
October
2021
Investment
objective
Columbia
Emerging
Markets
Consumer
ETF
(the
Fund)
seeks
investment
results
that
correspond
(before
fees
and
expenses)
to
the
price
and
yield
performance
of
the
Dow
Jones
Emerging
Markets
Consumer
Titans
TM
Index.
All
results
shown
assume
reinvestment
of
distributions
during
the
period.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
Performance
results
reflect
the
effect
of
any
fee
waivers
or
reimbursements
of
Fund
expenses
by
the
Fund’s
former
investment
manager
or
Columbia
Management
Investment
Advisers,
LLC
(Columbia
Management
or
the
Investment
Manager).
Absent
these
fee
waivers
or
expense
reimbursement
arrangements,
performance
results
would
have
been
lower.
The
performance
information
shown
represents
past
performance
and
is
not
a
guarantee
of
future
results.
The
investment
return
and
principal
value
of
your
investment
will
fluctuate
so
that
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
lower
or
higher
than
the
performance
information
shown.
You
may
obtain
performance
information
current
to
the
most
recent
month-end
by
visiting
columbiathreadneedleus.com/etfs.
Columbia
Management
took
over
portfolio
management
in
September
2016
upon
its
acquisition
of
the
Fund’s
previous
investment
manager.
Performance
prior
to
September
2016
is
attributable
to
the
Fund's
previous
investment
manager.
Through
July
31,
2020,
Market
Price
returns
are
based
on
the
midpoint
of
the
bid/ask
spread
for
Fund
shares
at
market
close
(typically
4
pm
ET).
Beginning
with
August
31,
2020
month-end
performance,
Market
Price
returns
are
based
on
closing
prices
reported
by
the
Fund's
primary
listing
exchange
(typically
4
pm
ET
close).
These
returns
do
not
represent
the
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
The
Fund’s
shares
may
trade
above
or
below
their
net
asset
value.
The
net
asset
value
of
the
Fund
will
generally
fluctuate
with
changes
in
the
market
value
of
the
Fund’s
holdings.
The
market
prices
of
shares,
however,
will
generally
fluctuate
in
accordance
with
changes
in
net
asset
value
as
well
as
the
relative
supply
of,
and
demand
for,
shares
on
the
exchange.
The
trading
price
of
shares
may
deviate
significantly
from
the
net
asset
value.
The
Dow
Jones
Emerging
Markets
Consumer
Titans
TM
Index
is
designed
to
measure
the
performance
of
60
leading
emerging
market
companies
classified
in
the
GICS
Consumer
Discretionary,
Consumer
Staples,
and
Communication
Services
sectors.
The
MSCI
Emerging
Markets
Index
(Net)
is
a
free
float-adjusted
market
capitalization
index
that
is
designed
to
measure
market
performance
of
emerging
markets.
Indices
are
not
available
for
investment,
are
not
professionally
managed
and
do
not
reflect
sales
charges,
fees,
brokerage
commissions,
taxes
(except
the
MSCI
Emerging
Markets
Index
(Net),
which
reflects
reinvested
dividends
net
of
withholding
taxes)
or
other
expenses
of
investing.
Securities
in
the
Fund
may
not
match
those
in
an
index.
Average
annual
total
returns
(%)
(for
period
ended
March
31,
2022)
Inception
1
Year
5
Years
10
Years
Market
Price
09/14/10
-23.46
-2.29
-0.74
Net
Asset
Value
09/14/10
-22.22
-2.00
-0.60
Dow
Jones
Emerging
Markets
Consumer
Titans™
Index
-21.86
-1.22
0.36
MSCI
Emerging
Markets
Index
(Net)
-11.37
5.98
3.36
FUND
AT
A
GLANCE
(continued)
Columbia
Emerging
Markets
Consumer
ETF
(Unaudited)
8
Thematic
Beta
ETFs
|
Annual
Report
2022
Performance
of
a
hypothetical
$10,000
investment
(March
31,
2012
—
March
31,
2022)
The
chart
above
shows
the
change
in
value
of
a
hypothetical
$10,000
investment
made
during
the
stated
time
period
and
does
not
reflect
the
deduction
of
taxes
or
brokerage
commissions
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
For
Illustrative
purposes
only.
There
is
no
guarantee
similar
results
can
be
achieved.
Country
breakdown
(%)
(at
March
31,
2022
)
Brazil
5
.4
China
41
.4
Greece
0
.5
India
18
.2
Indonesia
2
.6
Kuwait
1
.1
Mexico
2
.9
Russia
0
.0
(a)
Saudi
Arabia
5
.3
South
Africa
4
.1
Taiwan
13
.6
Thailand
3
.0
United
Arab
Emirates
1
.8
United
States
(b)
0
.1
Total
100
.0
Country
Breakdown
is
based
primarily
on
issuer’s
place
of
organization/incorporation.
Percentages
indicated
are
based
upon
total
investments
and
excludes
investments
in
derivatives,
if
any.
The
Fund’s
portfolio
composition
is
subject
to
change.
(a)
Rounds
to
zero.
(b)
Includes
investments
in
Money
Market
Funds.
Equity
sector
breakdown
(%)
(at
March
31,
2022)
Communication
Services
35
.3
Consumer
Discretionary
35
.8
Consumer
Staples
28
.9
Total
100
.0
Percentages
indicated
are
based
upon
total
equity
investments.
The
Fund’s
portfolio
composition
is
subject
to
change.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
Columbia
Emerging
Markets
Consumer
ETF
(ECON)
(Unaudited)
Thematic
Beta
ETFs
|
Annual
Report
2022
9
For
the
12-month
period
that
ended
March
31,
2022,
the
Fund
returned
-22.22%
based
on
net
asset
value
(NAV)
and
-23.46%
based
on
market
price.
The
Dow
Jones
Emerging
Markets
Consumer
Titans
TM
Index,
the
Fund's
tracking
index,
returned
-21.86%
and
the
MSCI
Emerging
Markets
Index
(Net)
(the
Index)
returned
-11.37%
during
the
same
time
period.
The
Fund’s
NAV
on
March
31,
2021
was
$27.73,
and
it
ended
the
annual
period
on
March
31,
2022
with
an
NAV
of
$21.33.
The
Fund’s
market
price
on
March
31,
2022
was
$21.09
per
share.
Market
overview
Emerging
market
equities
significantly
underperformed
both
U.S.
and
international
developed
market
equities
during
the
annual
period.
The
Index
returned
-11.37%
during
the
annual
period,
as
compared
to
S&P
500
Index
and
MSCI
EAFE
Index
(Net)
returns
of
15.65%
and
1.16%,
respectively,
for
the
same
time
period.
The
annual
period
began
in
the
second
quarter
of
2021
with
emerging
markets
equities
generally
recording
healthy
gains,
its
fifth
consecutive
quarter-on-quarter
gain
amid
a
robust
economic
recovery.
However,
the
Index
fell
in
each
of
the
subsequent
three
quarters,
experiencing
considerable
volatility
despite
continued
recovery
in
economic
activity
across
the
emerging
markets
regions.
During
the
third
quarter
of
2021,
the
sell-off
in
Chinese
stocks
dragged
down
emerging
markets
equities
overall
amid
ongoing
regulatory
concerns
and
financial
difficulties
facing
property
developer
Evergrande,
which
led
to
fears
about
the
potential
for
wider
contagion.
Still,
higher
oil
and
gas
prices
during
the
quarter
supported
energy-heavy
markets.
In
the
fourth
quarter
of
2021,
optimism
about
ongoing
economic
recovery
was
ultimately
overtaken
by
concerns
surrounding
slowing
Chinese
economic
activity,
the
prospect
of
faster
than
expected
U.S.
Federal
Reserve
monetary
policy
normalization
and
the
emergence
of
the
new
COVID-19
Omicron
variant.
The
result
was
a
style
rotation
away
from
growth-oriented
stocks
into
value-oriented
stocks
toward
the
end
of
the
quarter,
a
trend
that
continued
into
the
first
quarter
of
2022.
Additionally,
macro
volatility
dominated
emerging
markets
during
the
first
months
of
2022,
overshadowing
fundamentals.
More
specifically,
the
volatility
was
the
result
of
a
combination
of
the
regulatory
reset
in
China
and
the
impacts
of
its
“Zero
COVID-19”
policy;
the
Brazilian
macro
environment
and
concerns
about
inflation,
monetary
tightening
and
election
uncertainty
there;
and,
beginning
in
late
February,
the
Russian
invasion
of
Ukraine.
Notably,
effective
March
9,
2022,
MSCI
Inc.
removed
Russian
securities
from
the
Index
after
deeming
the
Russian
equity
market
“uninvestable”
as
a
result
of
Russia’s
invasion
of
Ukraine.
For
the
annual
period
overall,
Russia
and
China
were,
by
far,
the
weakest
performing
emerging
markets
equity
markets,
followed
at
some
distance
by
Pakistan,
South
Korea
and
Egypt.
Russian
equities
had
performed
well
during
the
first
half
of
the
annual
period,
supported
by
the
advancing
price
of
oil.
However,
in
the
fourth
quarter
of
2021,
Omicron
news
and
associated
concerns
about
its
impact
on
energy
demand
subdued
sentiment.
In
the
first
quarter
of
2022,
Russia’s
invasion
of
Ukraine
led
to
its
equity
market
becoming
“uninvestable.”
Chinese
equities
were
weak
throughout
the
annual
period
on
its
government’s
tightened
regulations,
doubts
about
its
property
sector,
electricity
shortages
affecting
its
industrial
production,
its
“Zero
COVID-19”
policy
and
slowing
economic
activity
there.
Conversely,
the
equity
markets
of
United
Arab
Emirates,
Czech
Republic,
Kuwait,
Colombia
and
Saudi
Arabia
each
enjoyed
double-digit
positive
absolute
returns
within
the
Index
during
the
annual
period,
in
most
cases
a
result
of
being
commodity-sensitive
markets.
From
a
sector
perspective,
consumer
discretionary,
real
estate,
health
care
and
communication
services
were
weakest
during
the
annual
period.
The
financials,
utilities,
materials
and
energy
sectors
were
strongest.
The
Fund’s
notable
detractors
during
the
period
Constituents
in
the
consumer
discretionary
and
communication
services
sectors
and
not
having
any
exposure
to
constituents
in
the
financials
sector
detracted
most
from
the
Fund’s
returns
during
the
annual
period.
From
a
country
perspective,
constituents
in
China,
India
and
Saudi
Arabia
detracted
most
from
returns
during
the
annual
period.
Overweight
positions
in
China-based
educational
services
providers
New
Oriental
Education
&
Technology
Group,
Inc.
Sponsored
ADR
and
TAL
Education
Group
Sponsored
ADR
Class
A,
China-based
electronic
gaming
and
multimedia
company
Bilibili,
Inc.
Sponsored
ADR
Class
Z
and
China-based
e-commerce
retailer
Meituan
Class
B
and
having
an
out-
of-Index
position
in
Netherlands-based
Internet
content
and
information
company
Yandex
NV
Class
A
detracted
most.
Each
posted
a
double-digit
negative
absolute
return
during
the
annual
period.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
Columbia
Emerging
Markets
Consumer
ETF
(ECON)
(Unaudited)
10
Thematic
Beta
ETFs
|
Annual
Report
2022
The
Fund’s
notable
contributors
during
the
period
Having
exposure
to
constituents
in
the
consumer
staples
sector
and
not
having
any
exposure
to
constituents
in
the
health
care
and
real
estate
sectors
contributed
most
positively
to
the
Fund’s
returns
during
the
annual
period.
From
a
country
perspective,
constituents
in
South
Africa
and
Indonesia
and
having
no
exposure
to
constituents
in
South
Korea
contributed
most
positively
to
the
Fund’s
returns
during
the
annual
period.
Having
no
exposure
to
China-based
e-commerce
giant
Alibaba
Group
Holding
Ltd.
and
having
overweight
positions
in
Taiwan-based
telecommunication
services
company
Chunghwa
Telecom
Co.,
Ltd.,
South
Africa-based
department
store
operator
Shoprite
Holdings
Limited,
China-based
auto
manufacturer
BYD
Company
Limited
Class
H
and
South
Africa-based
telecommunication
services
company
Vodacom
Group
Limited
contributed
most
positively.
Alibaba
Group
Holding
Ltd.
generated
a
double-digit
negative
absolute
return
during
the
annual
period,
and
each
of
the
other
four
companies
posted
a
double-digit
positive
absolute
return
during
the
annual
period.
Investing
involves
risks,
including
the
risk
of
loss
of
principal.
Market
risk
may
affect
a
single
issuer,
sector
of
the
economy,
industry
or
the
market
as
a
whole.
The
Fund
is
passively
managed
and
seeks
to
track
the
performance
of
an
index.
The
Fund
may
not
sell
a
poorly
performing
security
unless
it
was
removed
from
the
index
.
There
is
no
guarantee
that
the
index
will
achieve
positive
returns.
Risk
exists
that
the
index
provider
may
not
follow
its
methodology
for
index
construction.
Errors
may
result
in
a
negative
fund
performance.
The
Fund's
net
value
will
generally
decline
when
the
market
value
of
its
targeted
index
declines.
Foreign
investments
subject
the
Fund
to
risks,
including
political,
economic,
market,
social
and
other
risks
impacting
a
particular
country,
as
well
as
to
currency
instabilities
and
less
stringent
financial
and
accounting
standards
generally
applicable
to
U.S.
issuers.
These
risks
are
enhanced
for
emerging
market
issuers.
Investment
in
or
exposure
to
foreign
currencies
subjects
the
Fund
to
currency
fluctuation
and
risk
of
loss.
Investments
in
small-
and
mid-cap
companies
involve
risks
and
volatility
greater
than
investments
in
larger,
more
established
companies.
The
Fund
concentrates
its
investments
in
issuers
of
one
or
more
particular
industries
to
the
same
extent
as
the
underlying
index.
Investments
in
a
narrowly
focused
sector
such
as
consumer
may
exhibit
higher
volatility
than
investments
with
a
broader
focus.
Although
the
Fund’s
shares
are
listed
on
an
exchange
,
there
can
be
no
assurance
that
an
active,
liquid
or
otherwise
orderly
trading
market
for
shares
will
be
established
or
maintained.
Active
market
trading
may
increase
portfolio
turnover,
transaction
costs
and
tracking
error
to
the
targeted
index.
The
Fund
may
have
portfolio
turnover
,
which
may
cause
an
adverse
cost
impact.
There
may
be
additional
portfolio
turnover
risk
as
active
market
trading
of
the
Fund’s
shares
may
cause
more
frequent
creation
or
redemption
activities
that
could,
in
certain
circumstances,
increase
the
number
of
portfolio
transactions
as
well
as
tracking
error
to
the
Index
and
as
high
levels
of
transactions
increase
brokerage
and
other
transaction
costs
and
may
result
in
increased
taxable
capital
gains.
The
Fund
has
investment
exposure
to
Chinese
companies
through
legal
structures
known
as
variable
interest
entities
(VIEs)
in
which
the
Fund
holds
only
contractual
rights
(rather
than
equity
ownership)
in
the
company.
VIEs
are
subject
to
breach
of
such
contract
and
uncertainty
over
the
legitimacy
and
regulation
of
VIEs
which
could
adversely
affect
the
value
of
VIE
investments.
The
views
expressed
in
this
report
reflect
the
current
views
of
the
respective
parties
who
have
contributed
to
this
report.
These
views
are
not
guarantees
of
future
performance
and
involve
certain
risks,
uncertainties
and
assumptions
that
are
difficult
to
predict,
so
actual
outcomes
and
results
may
differ
significantly
from
the
views
expressed.
These
views
are
subject
to
change
at
any
time
based
upon
economic
market
or
other
conditions
and
the
respective
parties
disclaim
any
responsibility
to
update
such
views.
These
views
may
not
be
relied
on
as
investment
advice
and,
because
investment
decisions
for
a
Columbia
ETF
are
based
on
numerous
factors,
may
not
be
relied
on
as
an
indication
of
trading
intent
on
behalf
of
any
particular
Columbia
ETF.
References
to
specific
securities
should
not
be
construed
as
a
recommendation
or
investment
advice.
FUND
AT
A
GLANCE
Columbia
India
Consumer
ETF
(Unaudited)
Thermatic
Beta
ETFs
|
Annual
Report
2022
11
Portfolio
management
Christopher
Lo,
CFA
Lead
Portfolio
Manager
Managed
Fund
since
2016
Henry
Hom,
CFA
Portfolio
Manager
Managed
Fund
since
October
2021
Investment
objective
Columbia
India
Consumer
ETF
(the
Fund)
seeks
investment
results
that
correspond
(before
fees
and
expenses)
to
the
price
and
yield
performance
of
the
Indxx
India
Consumer
Index.
All
results
shown
assume
reinvestment
of
distributions
during
the
period.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
Performance
results
reflect
the
effect
of
any
fee
waivers
or
reimbursements
of
Fund
expenses
by
the
Fund’s
former
investment
manager
or
Columbia
Management
Investment
Advisers,
LLC
(Columbia
Management
or
the
Investment
Manager).
Absent
these
fee
waivers
or
expense
reimbursement
arrangements,
performance
results
would
have
been
lower.
The
performance
information
shown
represents
past
performance
and
is
not
a
guarantee
of
future
results.
The
investment
return
and
principal
value
of
your
investment
will
fluctuate
so
that
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
lower
or
higher
than
the
performance
information
shown.
You
may
obtain
performance
information
current
to
the
most
recent
month-end
by
visiting
columbiathreadneedleus.com/etfs.
Columbia
Management
took
over
portfolio
management
in
September 2016
upon
its
acquisition
of
the
Fund’s
previous
investment
manager.
Performance
prior
to
September
2016
is
attributable
to
the
Fund's
previous
investment
manager.
Through
July
31,
2020,
Market
Price
returns
are
based
on
the
midpoint
of
the
bid/ask
spread
for
Fund
shares
at
market
close
(typically
4
pm
ET).
Beginning
with
August
31,
2020
month-end
performance,
Market
Price
returns
are
based
on
closing
prices
reported
by
the
Fund's
primary
listing
exchange
(typically
4
pm
ET
close).
These
returns
do
not
represent
the
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
The
Fund’s
shares
may
trade
above
or
below
their
net
asset
value.
The
net
asset
value
of
the
Fund
will
generally
fluctuate
with
changes
in
the
market
value
of
the
Fund’s
holdings.
The
market
prices
of
shares,
however,
will
generally
fluctuate
in
accordance
with
changes
in
net
asset
value
as
well
as
the
relative
supply
of,
and
demand
for,
shares
on
the
exchange.
The
trading
price
of
shares
may
deviate
significantly
from
the
net
asset
value.
The
Indxx
India
Consumer
Index
is
a
maximum
30-stock
free-float
adjusted
market
capitalization
weighted
index
designed
to
measure
the
market
performance
of
companies
in
the
consumer
industry
in
India
as
defined
by
Indxx’s
proprietary
methodology.
The
MSCI
India
Index
(Net)
is
designed
to
measure
the
performance
of
the
large
and
mid
cap
segments
of
the
Indian
market.
With
80
constituents,
the
index
covers
approximately
85%
of
the
Indian
equity
universe.
Indices
are
not
available
for
investment,
are
not
professionally
managed
and
do
not
reflect
sales
charges,
fees,
brokerage
commissions,
taxes
(except
the
MSCI
India
Index
(Net),
which
reflects
reinvested
dividends
net
of
withholding
taxes)
or
other
expenses
of
investing.
Securities
in
the
Fund
may
not
match
those
in
an
index.
Average
annual
total
returns
(%)
(for
period
ended
March
31,
2022)
Inception
1
Year
5
Years
10
Years
Market
Price
08/10/11
3.17
6.71
10.84
Net
Asset
Value
08/10/11
5.22
7.08
10.97
Indxx
India
Consumer
Index
6.74
8.60
12.65
MSCI
India
Index
(Net)
17.86
11.08
8.64
FUND
AT
A
GLANCE
(continued)
Columbia
India
Consumer
ETF
(Unaudited)
12
Thermatic
Beta
ETFs
|
Annual
Report
2022
Performance
of
a
hypothetical
$10,000
investment
(March
31,
2012
—
March
31,
2022)
The
chart
above
shows
the
change
in
value
of
a
hypothetical
$10,000
investment
made
during
the
stated
time
period,
and
does
not
reflect
the
deduction
of
taxes
or
brokerage
commissions
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
For
Illustrative
purposes
only.
There
is
no
guarantee
similar
results
can
be
achieved.
Equity
sector
breakdown
(%)
(at
March
31,
2022)
Consumer
Discretionary
56
.3
Consumer
Staples
43
.7
Total
100
.0
Percentages
indicated
are
based
upon
total
equity
investments.
The
Fund’s
portfolio
composition
is
subject
to
change.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
Columbia
India
Consumer
ETF
(INCO)
(Unaudited)
Thematic
Beta
ETFs
|
Annual
Report
2022
13
For
the
12-month
period
that
ended
March
31,
2022,
the
Fund
returned
5.22%
based
on
net
asset
value
(NAV)
and
3.17%
based
on
market
price.
The
Indxx
India
Consumer
Index,
the
Fund's
tracking
index,
returned
6.74%
and
the
MSCI
India
Index
(Net)
(the
Index)
returned
17.86%
during
the
same
time
period.
The
Fund’s
NAV
on
March
31,
2021
was
$50.85,
and
it
ended
the
annual
period
on
March
31,
2022
with
an
NAV
of
$50.13.
The
Fund’s
market
price
on
March
31,
2022
was
$49.56
per
share.
Market
overview
The
Indian
equity
market
rallied
strongly
during
the
annual
period.
The
Index
returned
17.86%
for
the
annual
period,
significantly
outperforming
the
-11.37%
return
of
the
MSCI
Emerging
Markets
Index
(Net).
The
Indian
equity
market
also
outperformed
most
global
developed
markets
equity
markets,
with
the
MSCI
World
Index
(Net)
posting
a
return
of
10.12%
for
the
annual
period.
The
Indian
equity
market
was
pushed
significantly
higher
during
the
first
half
of
the
annual
period
on
liquidity
surges,
policy
reforms
and
the
Indian
government’s
focus
on
developing
infrastructure
and
manufacturing
hubs
within
the
nation.
More
specifically,
the
Indian
equity
market
was
supported
to
see
favorable
growth
potential
amid
revival
of
a
healthy
recovery
in
economic
activity
and
corporate
earnings
after
a
devastating
second
COVID-19
infection
wave
had
peaked
in
May
2021.
High
frequency
data,
such
as
economic
mobility,
and
power
demand
improved
through
the
end
of
the
annual
period.
These
positive
economic
factors
more
than
offset
the
pressures
of
heightened
geopolitical
risk
during
the
second
half
of
the
annual
period,
which
dominated
the
narrative
as
markets
faced
the
risks
of
rising
commodity
prices
following
Russia’s
invasion
of
Ukraine.
Indeed,
during
the
fourth
quarter
of
2021,
the
Indian
equity
market
was
flat,
and
during
the
first
quarter
of
2022,
the
Index
fell
1.86%,
as
higher
commodity
prices
fed
through
to
broad-based
inflationary
pressures.
Retail
inflation
in
India
jumped
to
a
17-month
high
of
6.95%
in
March
2022
from
6.07%
in
February,
driven
primarily
by
high
food
prices.
The
Reserve
Bank
of
India
assessed
that
persistently
high
inflation
was
a
notable
worry
for
policymakers
in
the
months
ahead.
Despite
high
inflation,
unemployment
and
a
poor
record
of
handling
COVID-19,
the
Indian
equity
market
rallied
in
mid-March
2022,
following
earlier
first
quarter
declines
when
Prime
Minister
Modi’s
ruling
party
claimed
victory
in
four
key
state
elections,
including
the
country’s
most
populous
state,
Uttar
Pradesh.
The
election
results
consolidated
support
for
Modi
and
provided
what
investors
saw
as
some
pro-market
populist
appeal.
Interestingly,
during
the
annual
period
overall,
foreign
institutional
investors
were
net
sellers,
while
domestic
institutional
investors
were
net
buyers
of
Indian
equities,
supported
by
retail
flows,
especially
into
the
automobile,
computer
software
&
hardware,
and
services
sectors.
For
the
annual
period
as
a
whole,
the
consumer
discretionary
and
consumer
staples
sectors
each
posted
a
positive
absolute
return,
but
each
was
among
the
three
weakest
sectors
within
the
Index
during
the
annual
period,
impacted
largely
by
surging
inflation.
The
Fund’s
notable
detractors
during
the
period
Having
exposure
to
constituents
in
consumer
discretionary
and
consumer
staples
and
not
having
any
exposure
to
constituents
in
information
technology
detracted
most
from
the
Fund’s
returns
during
the
annual
period.
Having
overweight
positions
in
motorized
two-wheeler
vehicles
manufacturer
Hero
Motocorp
Ltd.,
packaged
food
company
Britannia
Industries
Ltd.,
vehicle
manufacturer
Eicher
Motors
Ltd.
and
food
products
manufacturer
Nestle
India,
Ltd.
detracted
most.
Each
generated
a
negative
absolute
return
during
the
annual
period.
Having
no
position
in
software
and
technology
services
provider
Infosys
Ltd.,
which
posted
a
double-digit
positive
absolute
return
during
the
annual
period,
also
detracted.
Having
a
position
in
the
Indian
rupee,
albeit
modest,
during
an
annual
period
when
the
Indian
equity
market
rallied
hurt
as
well.
The
Fund’s
notable
contributors
during
the
period
Not
having
any
exposure
to
constituents
in
the
financials,
health
care
and
real
estate
sectors
contributed
most
positively
to
the
Fund’s
returns
during
the
annual
period.
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
Columbia
India
Consumer
ETF
(INCO)
(Unaudited)
14
Thematic
Beta
ETFs
|
Annual
Report
2022
Overweight
positions
in
diversified
watches
and
fashion
accessories
manufacturer
Titan
Co.
Ltd.,
auto
manufacturer
Tata
Motors
Ltd.,
supermarket
retailer
Avenue
Supermarts
Ltd.
and
alcoholic
beverage
manufacturer
United
Spirits
Ltd.
contributed
most
positively,
as
each
posted
a
robust
double-digit
positive
absolute
return
during
the
annual
period.
Having
no
position
in
housing
finance
provider
Housing
Development
Finance,
which
generated
a
negative
absolute
return
during
the
annual
period,
also
contributed
positively.
Investing
involves
risks,
including
the
risk
of
loss
of
principal.
Market
risk
may
affect
a
single
issuer,
sector
of
the
economy,
industry
or
the
market
as
a
whole.
The
Fund
is
passively
managed
and
seeks
to
track
the
performance
of
an
index.
The
Fund
may
not
sell
a
poorly
performing
security
unless
it
was
removed
from
the
index
.
There
is
no
guarantee
that
the
index
will
achieve
positive
returns.
Risk
exists
that
the
index
provider
may
not
follow
its
methodology
for
index
construction.
Errors
may
result
in
a
negative
fund
performance.
The
Fund's
net
value
will
generally
decline
when
the
market
value
of
its
targeted
index
declines.
Foreign
investments
subject
the
Fund
to
risks,
including
political,
economic,
market,
social
and
other
risks
impacting
a
particular
country,
as
well
as
to
currency
instabilities
and
less
stringent
financial
and
accounting
standards
generally
applicable
to
U.S.
issuers.
These
risks
are
enhanced
for
emerging
market
issuers.
Investment
in
or
exposure
to
foreign
currencies
subjects
the
Fund
to
currency
fluctuation
and
risk
of
loss.
Investments
in
small-
and
mid-cap
companies
involve
risks
and
volatility
greater
than
investments
in
larger,
more
established
companies.
The
Fund
concentrates
its
investments
in
issuers
of
one
or
more
particular
industries
to
the
same
extent
as
the
underlying
index.
Concentration
in
the
India
region
,
where
issuers
tend
to
be
less
developed
than
U.S.
issuers,
presents
increased
risk
of
loss
than
a
fund
that
does
not
concentrate
its
investments.
Investments
in
a
narrowly
focused
sector
such
as
consumer
may
exhibit
higher
volatility
than
investments
with
a
broader
focus.
Although
the
Fund’s
shares
are
listed
on
an
exchange
,
there
can
be
no
assurance
that
an
active,
liquid
or
otherwise
orderly
trading
market
for
shares
will
be
established
or
maintained.
Active
market
trading
may
increase
portfolio
turnover,
transaction
costs
and
tracking
error
to
the
targeted
index.
The
Fund
may
have
portfolio
turnover
,
which
may
cause
an
adverse
cost
impact.
There
may
be
additional
portfolio
turnover
risk
as
active
market
trading
of
the
Fund’s
shares
may
cause
more
frequent
creation
or
redemption
activities
that
could,
in
certain
circumstances,
increase
the
number
of
portfolio
transactions
as
well
as
tracking
error
to
the
Index
and
as
high
levels
of
transactions
increase
brokerage
and
other
transaction
costs
and
may
result
in
increased
taxable
capital
gains.
The
views
expressed
in
this
report
reflect
the
current
views
of
the
respective
parties
who
have
contributed
to
this
report.
These
views
are
not
guarantees
of
future
performance
and
involve
certain
risks,
uncertainties
and
assumptions
that
are
difficult
to
predict,
so
actual
outcomes
and
results
may
differ
significantly
from
the
views
expressed.
These
views
are
subject
to
change
at
any
time
based
upon
economic,
market
or
other
conditions
and
the
respective
parties
disclaim
any
responsibility
to
update
such
views.
These
views
may
not
be
relied
on
as
investment
advice
and,
because
investment
decisions
for
a
Columbia
ETF
are
based
on
numerous
factors,
may
not
be
relied
on
as
an
indication
of
trading
intent
on
behalf
of
any
particular
Columbia
ETF.
References
to
specific
securities
should
not
be
construed
as
a
recommendation
or
investment
advice.
UNDERSTANDING
YOUR
FUND’S
EXPENSES
(Unaudited)
Thematic
Beta
ETFs
|
Annual
Report
2022
15
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,
2022.
Actual
Expenses
The
information
under
each
column
in
the
table
below
entitled
“Actual”
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
these
columns,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
for
your
Fund
under
the
heading
entitled
“Expenses
paid
for
the
period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
For
Comparison
Purposes
The
information
under
each
column
in
the
table
entitled
“Hypothetical”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
each
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
your
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
brokerage
commissions
paid
on
purchases
and
sales
of
Fund
shares.
Therefore,
the
ending
account
values
and
expenses
paid
for
the
period
in
the
table
is
useful
in
comparing
ongoing
Fund
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Expenses
are
calculated
using
the
Fund’s
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
then
multiplied
by
the
number
of
days
in
the
Fund’s
most
recent
fiscal
half-year
and
divided
by
365.
Had
the
Investment
Manager
not
waived
fees
or
reimbursed
a
portion
of
expenses
for
Columbia
Emerging
Markets
Consumer
ETF
and
Columbia
India
Consumer
ETF,
account
values
at
the
end
of
the
period
would
have
been
reduced.
October
1,
2021
—
March
31,
2022
Beginning
account
value
($)
Ending
account
value
($)
Expense
paid
for
the
period
($)
Annualized
expense
ratios
for
the
period
(%)
Actual
Hypothetical
Actual
Hypothetical
Actual
Hypothetical
Actual
Columbia
EM
Core
ex-China
ETF
1,000.00
1,000.00
974.70
1,024.13
0.79
0.81
0.16
Columbia
Emerging
Markets
Consumer
ETF
1,000.00
1,000.00
861.00
1,022.49
2.27
2.47
0.49
Columbia
India
Consumer
ETF
1,000.00
1,000.00
930.00
1,021.19
3.61
3.78
0.75
PORTFOLIO
OF
INVESTMENTS
Columbia
EM
Core
ex-China
ETF
March
31,
2022
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
16
Thematic
BetaETFs
|
Annual
Report
2022
Common
Stocks
-
94.6%
Issuer
Shares
Value
($)
Brazil
-
6.4%
B3
SA
-
Brasil
Bolsa
Balcao
222,832
736,685
Banco
BTG
Pactual
SA
77,711
425,845
Banco
do
Brasil
SA
67,497
492,881
Banco
Santander
Brasil
SA
80,539
625,065
Cia
Siderurgica
Nacional
SA
26,662
146,048
Cyrela
Brazil
Realty
SA
Empreendimentos
e
Participacoes
74,840
275,456
Embraer
SA
(a)
39,505
124,369
Hapvida
Participacoes
e
Investimentos
SA
(b)
51,065
127,234
Locaweb
Servicos
de
Internet
SA
(a),(b)
61,675
131,087
Magazine
Luiza
SA
151,624
217,611
Natura
&
Co.
Holding
SA
(a)
33,898
185,827
Suzano
SA
20,235
234,842
Vale
SA
109,568
2,204,295
XP,
Inc.
BDR
(a)
5,925
178,924
Total
6,106,169
Chile
-
0.6%
Cia
Cervecerias
Unidas
SA
28,082
210,153
Empresas
COPEC
SA
43,701
360,970
Total
571,123
China
-
0.2%
Silergy
Corp.
1,921
229,972
Colombia
-
0.5%
Grupo
de
Inversiones
Suramericana
SA
52,129
494,667
Denmark
-
0.4%
Ascendis
Pharma
A/S
ADR
(a)
3,097
363,464
India
-
18.5%
Adani
Enterprises
Ltd.
10,721
285,056
Adani
Green
Energy
Ltd.
(a)
9,358
236,460
Adani
Ports
&
Special
Economic
Zone
Ltd.
31,740
324,291
Axis
Bank
Ltd.
(a)
67,399
677,014
Bharti
Airtel
Ltd.
(a)
53,606
534,079
Cipla
Ltd.
15,369
206,485
HCL
Technologies
Ltd.
23,376
359,008
HDFC
Bank
Ltd.
ADR
33,421
2,049,710
Housing
Development
Finance
Corp.
Ltd.
38,497
1,214,427
ICICI
Bank
Ltd.
ADR
100,023
1,894,436
IndusInd
Bank
Ltd.
16,688
206,004
Infosys
Ltd.
ADR
96,856
2,410,746
ITC
Ltd.
163,740
541,622
JSW
Steel
Ltd.
18,717
180,970
Kotak
Mahindra
Bank
Ltd.
31,856
737,323
Larsen
&
Toubro
Ltd.
22,948
535,322
Laurus
Labs
Ltd.
(b)
20,896
162,728
Mahindra
&
Mahindra
Ltd.
26,040
277,170
Reliance
Industries
Ltd.
GDR
(b)
29,205
2,015,145
SBI
Cards
&
Payment
Services
Ltd.
14,699
165,215
State
Bank
of
India
GDR
9,298
597,861
Sun
Pharmaceutical
Industries
Ltd.
25,177
303,935
Tata
Motors
Ltd.
ADR
(a)
18,708
522,889
Tata
Steel
Ltd.
17,849
307,914
UPL
Ltd.
14,164
143,855
Vedanta
Ltd.
76,545
407,449
Wipro
Ltd.
37,316
291,486
Total
17,588,600
Indonesia
-
3.1%
PT
Astra
International
Tbk
787,919
360,701
PT
Bank
Central
Asia
Tbk
2,494,205
1,384,946
PT
Bank
Mandiri
Persero
Tbk
1,206,394
663,569
Common
Stocks
(continued)
Issuer
Shares
Value
($)
PT
Telkom
Indonesia
Persero
Tbk
1,724,782
550,009
Total
2,959,225
Malaysia
-
2.9%
Dialog
Group
Bhd
570,224
371,583
IHH
Healthcare
Bhd
420,914
620,647
Petronas
Dagangan
Bhd
118,448
575,233
Tenaga
Nasional
Bhd
507,676
1,086,648
Top
Glove
Corp.
Bhd
273,900
125,070
Total
2,779,181
Mexico
-
3.7%
Cemex
SAB
de
CV
Series
CPO
(a)
418,995
224,604
Controladora
Vuela
Cia
de
Aviacion
SAB
de
CV
Class
A
(a)
101,903
185,696
Fomento
Economico
Mexicano
SAB
de
CV
Series
UBD
33,493
277,726
Grupo
Bimbo
SAB
de
CV
Series
A
221,904
668,316
Grupo
Mexico
SAB
de
CV
Series
B
151,439
903,683
Grupo
Televisa
SAB
Series
CPO
64,502
151,244
Wal-Mart
de
Mexico
SAB
de
CV
276,911
1,137,526
Total
3,548,795
Philippines
-
0.9%
Manila
Electric
Co.
55,130
398,040
SM
Investments
Corp.
27,872
489,625
Total
887,665
Poland
-
1.5%
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
(a)
76,601
732,326
Powszechny
Zaklad
Ubezpieczen
SA
84,232
684,205
Total
1,416,531
Russia
-
0.0%
Gazprom
PJSC
ADR
(c),(d)
125,512
0
LUKOIL
PJSC
ADR
(c),(d)
14,277
0
MMC
Norilsk
Nickel
PJSC
ADR
(c),(d)
19,108
0
Mobile
TeleSystems
PJSC
ADR
(c),(d)
49,482
0
Total
0
South
Africa
-
7.1%
Anglo
American
Platinum
Ltd.
3,107
426,639
Bid
Corp.
Ltd.
27,039
588,465
Bidvest
Group
Ltd.
(The)
46,130
706,196
Capitec
Bank
Holdings
Ltd.
1,863
298,533
FirstRand
Ltd.
205,591
1,089,966
Gold
Fields
Ltd.
28,498
444,754
Impala
Platinum
Holdings
Ltd.
17,466
268,973
MTN
Group
Ltd.
38,616
502,107
Naspers
Ltd.
Class
N
10,052
1,144,755
Sasol
Ltd.
(a)
12,758
309,946
Shoprite
Holdings
Ltd.
41,045
664,753
Sibanye
Stillwater
Ltd.
71,916
294,308
Total
6,739,395
South
Korea
-
17.4%
Celltrion
Healthcare
Co.
Ltd.
2,362
126,681
Celltrion
,
Inc.
3,481
492,490
Hana
Financial
Group,
Inc.
13,088
524,794
HMM
Co.
Ltd.
7,991
192,185
Hyundai
Mobis
Co.
Ltd.
1,925
341,467
Hyundai
Motor
Co.
4,834
719,885
Kakao
Corp.
8,987
789,667
KB
Financial
Group,
Inc.
16,571
838,086
Kia
Corp.
9,471
578,239
LG
Chem
Ltd.
926
406,445
LG
Electronics,
Inc.
4,958
492,916
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
EM
Core
ex-China
ETF
March
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Thematic
BetaETFs
|
Annual
Report
2022
17
Common
Stocks
(continued)
Issuer
Shares
Value
($)
NAVER
Corp.
3,969
1,115,007
POSCO
Holdings,
Inc.
2,610
630,939
Samsung
Electro-Mechanics
Co.
Ltd.
4,100
558,145
Samsung
Electronics
Co.
Ltd.
96,378
5,534,350
Samsung
SDI
Co.
Ltd.
1,672
822,171
Shinhan
Financial
Group
Co.
Ltd.
23,885
817,811
SK
Hynix,
Inc.
13,882
1,351,492
SK
Innovation
Co.
Ltd.
(a)
1,125
199,550
Total
16,532,320
Taiwan
-
27.0%
ASE
Technology
Holding
Co.
Ltd.
52,247
188,736
AU
Optronics
Corp.
279,985
193,976
Catcher
Technology
Co.
Ltd.
47,359
238,849
Chang
Hwa
Commercial
Bank
Ltd.
643,352
430,002
China
Steel
Corp.
446,663
607,212
Chipbond
Technology
Corp.
208,695
503,318
Chunghwa
Telecom
Co.
Ltd.
209,333
927,885
CTBC
Financial
Holding
Co.
Ltd.
652,052
669,086
Delta
Electronics,
Inc.
26,108
244,664
Eva
Airways
Corp.
(a)
360,635
405,929
Evergreen
Marine
Corp.
Taiwan
Ltd.
65,918
310,592
Far
Eastern
New
Century
Corp.
600,322
636,957
Far
EasTone
Telecommunications
Co.
Ltd.
306,995
787,537
Formosa
Chemicals
&
Fibre
Corp.
97,199
268,004
Formosa
Petrochemical
Corp.
95,665
314,860
Formosa
Plastics
Corp.
230,523
856,873
Hon
Hai
Precision
Industry
Co.
Ltd.
355,821
1,316,407
Innolux
Corp.
309,126
181,258
Largan
Precision
Co.
Ltd.
3,405
224,017
Makalot
Industrial
Co.
Ltd.
39,122
280,599
MediaTek
,
Inc.
36,519
1,153,507
Nan
Ya
Plastics
Corp.
327,068
1,063,914
Novatek
Microelectronics
Corp.
13,073
194,602
President
Chain
Store
Corp.
34,019
312,270
Taiwan
Business
Bank
1,203,708
539,855
Taiwan
Mobile
Co.
Ltd.
224,755
823,666
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
512,992
10,689,012
Uni
-President
Enterprises
Corp.
213,275
488,311
United
Microelectronics
Corp.
270,945
510,655
Wan
Hai
Lines
Ltd.
28,706
158,801
Yang
Ming
Marine
Transport
Corp.
(a)
43,078
187,188
Total
25,708,542
Tanzania
-
0.5%
AngloGold
Ashanti
Ltd.
18,776
450,367
Thailand
-
3.5%
BTS
Group
Holdings
PCL
NVDR
2,627,394
726,978
CP
ALL
PCL
NVDR
242,098
473,274
Delta
Electronics
Thailand
PCL
NVDR
12,100
141,197
Gulf
Energy
Development
PCL
NVDR
130,100
200,530
Home
Product
Center
PCL
NVDR
917,313
438,655
Ratch
Group
PCL
217,292
287,545
Siam
Cement
PCL
(The)
25,201
290,285
Siam
Commercial
Bank
PCL
(The)
130,513
447,473
Thai
Union
Group
PCL
NVDR
601,229
341,751
Total
3,347,688
Turkey
-
0.4%
Turkiye
Petrol
Rafinerileri
AS
(a)
24,365
356,146
Common
Stocks
(continued)
Total
Common
Stocks
(Cost:
$87,783,886)
90,079,850
Preferred
Stocks
-
4.9%
Issuer
Shares
Value
($)
Brazil
-
4.2%
Azul
SA
Preference
Shares
(a)
50,097
252,174
Banco
Bradesco
SA
Preference
Shares
180,036
841,844
Banco
Inter
SA
Banco
Bradesco
SA
Preference
Shares
(b)
76,719
115,919
Itau
Unibanco
Holding
SA
Preference
Shares
169,258
978,800
Itausa
SA
Preference
Shares
272,789
617,111
Petroleo
Brasileiro
SA
Preference
Shares
175,021
1,232,011
Total
4,037,859
Chile
-
0.7%
Sociedad
Quimica
y
Minera
de
Chile
SA
Preference
Shares
Class
B
7,378
637,644
Total
Preferred
Stocks
(Cost:
$3,957,238)
4,675,503
Money
Market
Funds
-
0.3%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Funds
—
Treasury
Instruments
Fund,
Institutional
Shares,
0.164%
(e)
293,824
293,824
Total
Money
Market
Funds
(Cost:
$293,824)
293,824
Total
Investments
in
Securities
(Cost:
$92,034,948)
95,049,177
Other
Assets
&
Liabilities,
Net
214,567
Net
Assets
95,263,744
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
EM
Core
ex-China
ETF
March
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
18
Thematic
BetaETFs
|
Annual
Report
2022
Notes
to
Portfolio
of
Investments
(a)
Non-income
producing
investment.
(b)
Represents
privately
placed
and
other
securities
and
instruments
exempt
from
Securities
and
Exchange
Commission
registration
(collectively,
private
placements),
such
as
Section
4(a)(2)
and
Rule
144A
eligible
securities,
which
are
often
sold
only
to
qualified
institutional
buyers.
At
March
31,
2022,
the
total
value
of
these
securities
amounted
to
$2,552,113,
which
represents
2.68%
of
total
net
assets.
(c)
Represents
fair
value
as
determined
in
good
faith
under
procedures
approved
by
the
Board
of
Trustees.
At
March
31,
2022,
the
value
of
these
securities
amounted
to
$0,
which
represents
less
than
0.01%
of
net
assets.
(d)
Valuation
based
on
significant
unobservable
inputs.
(e)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
March
31,
2022.
Abbreviation
Legend
ADR
American
Depositary
Receipts
BDR
Brazilian
Depositary
Receipts
GDR
Global
Depositary
Receipts
NVDR
Non-Voting
Depository
Receipts
PJSC
Private
Joint
Stock
Company
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
2
because
the
inputs
used
to
determine
fair
value
may
not
always
be
quoted
prices
in
an
active
market.
Fair
value
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
Valuations
based
on
quoted
prices
for
investments
in
active
markets
that
the
Fund
has
the
ability
to
access
at
the
measurement
date.
Valuation
adjustments
are
not
applied
to
Level
1
investments.
Level
2
—
Valuations
based
on
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risks,
etc.).
Level
3
—
Valuations
based
on
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
and
judgment
in
determining
the
fair
value
of
investments).
Inputs
that
are
used
in
determining
fair
value
of
an
investment
may
include
price
information,
credit
data,
volatility
statistics,
and
other
factors.
These
inputs
can
be
either
observable
or
unobservable.
The
availability
of
observable
inputs
can
vary
between
investments,
and
is
affected
by
various
factors
such
as
the
type
of
investment,
and
the
volume
and
level
of
activity
for
that
investment
or
similar
investments
in
the
marketplace.
The
inputs
will
be
considered
by
the
Investment
Manager,
along
with
any
other
relevant
factors
in
the
calculation
of
an
investment’s
fair
value.
The
Fund
uses
prices
and
inputs
that
are
current
as
of
the
measurement
date,
which
may
include
periods
of
market
dislocations.
During
these
periods,
the
availability
of
prices
and
inputs
may
be
reduced
for
many
investments.
This
condition
could
cause
an
investment
to
be
reclassified
between
the
various
levels
within
the
hierarchy.
Investments
falling
into
the
Level
3
category
are
primarily
supported
by
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
those
investments.
However,
these
may
be
classified
as
Level
3
investments
due
to
lack
of
market
transparency
and
corroboration
to
support
these
quoted
prices.
Additionally,
valuation
models
may
be
used
as
the
pricing
source
for
any
remaining
investments
classified
as
Level
3.
These
models
may
rely
on
one
or
more
significant
unobservable
inputs
and/or
significant
assumptions
by
the
Investment
Manager.
Inputs
used
in
valuations
may
include,
but
are
not
limited
to,
financial
statement
analysis,
capital
account
balances,
discount
rates
and
estimated
cash
flows,
and
comparable
company
data.
Under
the
direction
of
the
Fund’s
Board
of
Trustees
(the
Board),
the
Investment
Manager’s
Valuation
Committee
(the
Committee)
is
responsible
for
overseeing
the
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager’s
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
control
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
The
Committee
reports
to
the
Board,
with
members
of
the
Committee
meeting
with
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
EM
Core
ex-China
ETF
March
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Thematic
BetaETFs
|
Annual
Report
2022
19
Fair
Value
Measurements
(continued)
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
March
31,
2022:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Brazil
6,106,169
–
–
6,106,169
Chile
571,123
–
–
571,123
China
229,972
–
–
229,972
Colombia
494,667
–
–
494,667
Denmark
363,464
–
–
363,464
India
17,588,600
–
–
17,588,600
Indonesia
2,959,225
–
–
2,959,225
Malaysia
2,779,181
–
–
2,779,181
Mexico
3,548,795
–
–
3,548,795
Philippines
887,665
–
–
887,665
Poland
1,416,531
–
–
1,416,531
Russia
–
–
0
(a)
0
(a)
South
Africa
6,739,395
–
–
6,739,395
South
Korea
16,532,320
–
–
16,532,320
Taiwan
25,708,542
–
–
25,708,542
Tanzania
450,367
–
–
450,367
Thailand
3,347,688
–
–
3,347,688
Turkey
356,146
–
–
356,146
Total
Common
Stocks
90,079,850
–
0
(a)
90,079,850
Preferred
Stocks
Brazil
4,037,859
–
–
4,037,859
Chile
637,644
–
–
637,644
Total
Preferred
Stocks
4,675,503
–
–
4,675,503
Money
Market
Funds
293,824
–
–
293,824
Total
Investments
in
Securities
95,049,177
–
0
(a)
95,049,177
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
The
Fund
does
not
hold
any
significant
investments
(greater
than
one
percent
of
net
assets)
categorized
as
Level
3.
(a)
Rounds
to
zero.
PORTFOLIO
OF
INVESTMENTS
Columbia
Emerging
Markets
Consumer
ETF
March
31,
2022
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
20
Thematic
Beta
ETFs
|
Annual
Report
2022
Common
Stocks
-
99.6%
Issuer
Shares
Value
($)
Brazil
-
5.4%
Raia
Drogasil
SA
418,876
2,110,269
Telefonica
Brasil
SA
171,559
1,938,363
Vibra
Energia
SA
454,516
2,236,257
Total
6,284,889
China
-
41.2%
Alibaba
Group
Holding
Ltd.
ADR
(a)
50,408
5,484,390
ANTA
Sports
Products
Ltd.
121,504
1,526,674
Baidu,
Inc.
ADR
(a)
30,330
4,012,659
Bilibili,
Inc.
ADR
(a)
23,792
608,599
BYD
Co.
Ltd.
Class
H
85,534
2,450,881
China
Feihe
Ltd.
(b)
313,977
311,114
China
Mengniu
Dairy
Co.
Ltd.
(a)
291,697
1,571,828
China
Resources
Beer
Holdings
Co.
Ltd.
165,644
1,016,318
China
Tower
Corp.
Ltd.
Class
H
(b)
4,640,077
521,397
Dongfeng
Motor
Group
Co.
Ltd.
Class
H
261,649
196,786
Geely
Automobile
Holdings
Ltd.
546,409
862,377
Great
Wall
Motor
Co.
Ltd.
Class
H
331,371
531,453
Guangzhou
Automobile
Group
Co.
Ltd.
Class
H
300,562
250,999
Haier
Smart
Home
Co.
Ltd.
Class
H
248,086
806,215
Hengan
International
Group
Co.
Ltd.
70,624
326,454
JD.com,
Inc.
ADR
(a)
92,488
5,352,281
JD.com,
Inc.
Class
A
(a)
4,926
147,188
Kuaishou
Technology
(a),(b)
160,479
1,520,487
Li
Ning
Co.
Ltd.
249,118
2,150,366
Meituan
Class
B
(a),(b)
267,984
5,324,503
NetEase,
Inc.
ADR
39,905
3,579,079
Nongfu
Spring
Co.
Ltd.
Class
H
(b)
183,078
976,008
Tencent
Holdings
Ltd.
103,452
4,943,144
Tencent
Music
Entertainment
Group
ADR
(a)
62,767
305,675
Tingyi
Cayman
Islands
Holding
Corp.
198,528
334,623
Vipshop
Holdings
Ltd.
ADR
(a)
39,124
352,116
Want
Want
China
Holdings
Ltd.
624,035
576,910
Yum
China
Holdings,
Inc.
45,784
1,901,867
Zhongsheng
Group
Holdings
Ltd.
61,855
437,568
Total
48,379,959
Greece
-
0.5%
Hellenic
Telecommunications
Organization
SA
30,870
563,296
India
-
18.2%
Avenue
Supermarts
Ltd.
(a),(b)
44,474
2,349,653
Hero
MotoCorp
Ltd.
38,768
1,173,733
Hindustan
Unilever
Ltd.
195,001
5,272,039
ITC
Ltd.
882,816
2,920,196
Mahindra
&
Mahindra
Ltd.
GDR
285,747
3,171,792
Maruti
Suzuki
India
Ltd.
39,676
3,959,118
Nestle
India
Ltd.
10,649
2,442,566
Total
21,289,097
Indonesia
-
2.6%
PT
Astra
International
Tbk
2,563,091
1,173,356
PT
Telkom
Indonesia
Persero
Tbk
6,020,938
1,919,993
Total
3,093,349
Kuwait
-
1.1%
Mobile
Telecommunications
Co.
KSCP
632,909
1,308,317
Mexico
-
2.9%
Fomento
Economico
Mexicano
SAB
de
CV
Series
UBD
148,522
1,231,551
Grupo
Televisa
SAB
Series
CPO
204,560
479,652
Wal-Mart
de
Mexico
SAB
de
CV
409,410
1,681,821
Total
3,393,024
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Russia
-
0.0%
Magnit
PJSC
GDR
(c),(d)
77,622
0
Mobile
TeleSystems
PJSC
ADR
(c),(d)
86,390
0
Yandex
NV
Class
A
(a),(c),(d)
66,463
0
Total
0
Saudi
Arabia
-
5.2%
Almarai
Co.
JSC
61,916
845,022
Etihad
Etisalat
Co.
93,444
1,033,700
Saudi
Telecom
Co.
148,599
4,270,018
Total
6,148,740
South
Africa
-
4.1%
Shoprite
Holdings
Ltd.
153,570
2,487,177
Vodacom
Group
Ltd.
213,726
2,340,199
Total
4,827,376
Taiwan
-
13.6%
Chunghwa
Telecom
Co.
Ltd.
1,181,279
5,236,111
Far
EasTone
Telecommunications
Co.
Ltd.
506,113
1,298,337
Hotai
Motor
Co.
Ltd.
112,118
2,340,072
President
Chain
Store
Corp.
178,284
1,636,518
Taiwan
Mobile
Co.
Ltd.
524,325
1,921,509
Uni-President
Enterprises
Corp.
1,514,353
3,467,237
Total
15,899,784
Thailand
-
3.0%
Advanced
Info
Service
PCL
180,969
1,268,144
CP
ALL
PCL
744,276
1,454,976
Thai
Beverage
PCL
1,444,084
762,936
Total
3,486,056
United
Arab
Emirates
-
1.8%
Emirates
Telecommunications
Group
Co.
PJSC
212,966
2,142,967
Total
Common
Stocks
(Cost:
$121,440,067)
116,816,854
Money
Market
Funds
-
0.1%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Funds
—
Treasury
Instruments
Fund,
Institutional
Shares,
0.164%
(e)
127,783
127,783
Total
Money
Market
Funds
(Cost:
$127,783)
127,783
Total
Investments
in
Securities
(Cost:
$121,567,850)
116,944,637
Other
Assets
&
Liabilities,
Net
352,116
Net
Assets
117,296,753
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Emerging
Markets
Consumer
ETF
March
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Thematic
Beta
ETFs
|
Annual
Report
2022
21
Notes
to
Portfolio
of
Investments
(a)
Non-income
producing
investment.
(b)
Represents
privately
placed
and
other
securities
and
instruments
exempt
from
Securities
and
Exchange
Commission
registration
(collectively,
private
placements),
such
as
Section
4(a)(2)
and
Rule
144A
eligible
securities,
which
are
often
sold
only
to
qualified
institutional
buyers.
At
March
31,
2022,
the
total
value
of
these
securities
amounted
to
$11,003,162,
which
represents
9.38%
of
total
net
assets.
(c)
Represents
fair
value
as
determined
in
good
faith
under
procedures
approved
by
the
Board
of
Trustees.
At
March
31,
2022,
the
value
of
these
securities
amounted
to
$0,
which
represents
less
than
0.01%
of
net
assets.
(d)
Valuation
based
on
significant
unobservable
inputs.
(e)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
March
31,
2022.
Abbreviation
Legend
ADR
American
Depositary
Receipts
GDR
Global
Depositary
Receipts
PJSC
Private
Joint
Stock
Company
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
2
because
the
inputs
used
to
determine
fair
value
may
not
always
be
quoted
prices
in
an
active
market.
Fair
value
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
Valuations
based
on
quoted
prices
for
investments
in
active
markets
that
the
Fund
has
the
ability
to
access
at
the
measurement
date.
Valuation
adjustments
are
not
applied
to
Level
1
investments.
Level
2
—
Valuations
based
on
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risks,
etc.).
Level
3
—
Valuations
based
on
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
and
judgment
in
determining
the
fair
value
of
investments).
Inputs
that
are
used
in
determining
fair
value
of
an
investment
may
include
price
information,
credit
data,
volatility
statistics,
and
other
factors.
These
inputs
can
be
either
observable
or
unobservable.
The
availability
of
observable
inputs
can
vary
between
investments,
and
is
affected
by
various
factors
such
as
the
type
of
investment,
and
the
volume
and
level
of
activity
for
that
investment
or
similar
investments
in
the
marketplace.
The
inputs
will
be
considered
by
the
Investment
Manager,
along
with
any
other
relevant
factors
in
the
calculation
of
an
investment’s
fair
value.
The
Fund
uses
prices
and
inputs
that
are
current
as
of
the
measurement
date,
which
may
include
periods
of
market
dislocations.
During
these
periods,
the
availability
of
prices
and
inputs
may
be
reduced
for
many
investments.
This
condition
could
cause
an
investment
to
be
reclassified
between
the
various
levels
within
the
hierarchy.
Investments
falling
into
the
Level
3
category
are
primarily
supported
by
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
those
investments.
However,
these
may
be
classified
as
Level
3
investments
due
to
lack
of
market
transparency
and
corroboration
to
support
these
quoted
prices.
Additionally,
valuation
models
may
be
used
as
the
pricing
source
for
any
remaining
investments
classified
as
Level
3.
These
models
may
rely
on
one
or
more
significant
unobservable
inputs
and/or
significant
assumptions
by
the
Investment
Manager.
Inputs
used
in
valuations
may
include,
but
are
not
limited
to,
financial
statement
analysis,
capital
account
balances,
discount
rates
and
estimated
cash
flows,
and
comparable
company
data.
Under
the
direction
of
the
Fund’s
Board
of
Trustees
(the
Board),
the
Investment
Manager’s
Valuation
Committee
(the
Committee)
is
responsible
for
overseeing
the
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager’s
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
control
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
The
Committee
reports
to
the
Board,
with
members
of
the
Committee
meeting
with
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Emerging
Markets
Consumer
ETF
March
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
22
Thematic
Beta
ETFs
|
Annual
Report
2022
Fair
Value
Measurements
(continued)
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
March
31,
2022:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Brazil
6,284,889
–
–
6,284,889
China
48,379,959
–
–
48,379,959
Greece
563,296
–
–
563,296
India
21,289,097
–
–
21,289,097
Indonesia
3,093,349
–
–
3,093,349
Kuwait
1,308,317
–
–
1,308,317
Mexico
3,393,024
–
–
3,393,024
Russia
–
–
0
(a)
0
(a)
Saudi
Arabia
6,148,740
–
–
6,148,740
South
Africa
4,827,376
–
–
4,827,376
Taiwan
15,899,784
–
–
15,899,784
Thailand
3,486,056
–
–
3,486,056
United
Arab
Emirates
2,142,967
–
–
2,142,967
Total
Common
Stocks
116,816,854
–
0
(a)
116,816,854
Money
Market
Funds
127,783
–
–
127,783
Total
Investments
in
Securities
116,944,637
–
0
(a)
116,944,637
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
The
Fund
does
not
hold
any
significant
investments
(greater
than
one
percent
of
net
assets)
categorized
as
Level
3.
(a)
Rounds
to
zero.
PORTFOLIO
OF
INVESTMENTS
(Consolidated)
Columbia
India
Consumer
ETF
March
31,
2022
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Thematic
Beta
ETFs
|
Annual
Report
2022
23
Notes
to
Consolidated
Portfolio
of
Investments
Common
Stocks
-
102.4%
Issuer
Shares
Value
($)
Consumer
Discretionary
-
57.7%
Bajaj
Auto
Ltd.
83,835
4,041,560
Balkrishna
Industries
Ltd.
62,959
1,774,900
Bharat
Forge
Ltd.
184,363
1,704,582
Bosch
Ltd.
6,798
1,295,321
Eicher
Motors
Ltd.
103,554
3,357,938
FSN
E-Commerce
Ventures
Ltd.
(a)
87,479
1,950,513
Hero
MotoCorp
Ltd.
101,829
3,082,956
Jubilant
Foodworks
Ltd.
60,204
2,094,726
Mahindra
&
Mahindra
Ltd.
390,538
4,156,891
Maruti
Suzuki
India
Ltd.
40,404
4,031,762
Motherson
Sumi
Systems
Ltd.
1,065,573
1,960,992
Page
Industries
Ltd.
3,962
2,258,215
Relaxo
Footwears
Ltd.
37,328
525,301
Sona
Blw
Precision
Forgings
Ltd.
(b)
128,860
1,155,446
Tata
Motors
Ltd.
(a)
686,278
3,928,381
Titan
Co.
Ltd.
115,082
3,851,735
TVS
Motor
Co.
Ltd.
157,951
1,304,151
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Zomato
Ltd.
(a)
2,160,875
2,346,948
Total
44,822,318
Consumer
Staples
-
44.7%
Avenue
Supermarts
Ltd.
(a),(b)
68,342
3,610,649
Britannia
Industries
Ltd.
89,680
3,794,787
Colgate-Palmolive
India
Ltd.
104,639
2,129,719
Dabur
India
Ltd.
447,660
3,167,737
Godrej
Consumer
Products
Ltd.
(a)
274,349
2,705,655
Hindustan
Unilever
Ltd.
137,016
3,704,359
ITC
Ltd.
1,214,161
4,016,225
Marico
Ltd.
411,372
2,734,518
Nestle
India
Ltd.
16,562
3,798,834
Procter
&
Gamble
Hygiene
&
Health
Care
Ltd.
7,437
1,414,831
United
Breweries
Ltd.
50,546
993,610
United
Spirits
Ltd.
(a)
230,746
2,705,157
Total
34,776,081
Total
Investments
in
Securities
(Cost:
$57,064,408)
79,598,399
Other
Assets
&
Liabilities,
Net
(1,889,632)
Net
Assets
77,708,767
(a)
Non-income
producing
investment.
(b)
Represents
privately
placed
and
other
securities
and
instruments
exempt
from
Securities
and
Exchange
Commission
registration
(collectively,
private
placements),
such
as
Section
4(a)(2)
and
Rule
144A
eligible
securities,
which
are
often
sold
only
to
qualified
institutional
buyers.
At
March
31,
2022,
the
total
value
of
these
securities
amounted
to
$4,766,095,
which
represents
6.13%
of
total
net
assets.
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
2
because
the
inputs
used
to
determine
fair
value
may
not
always
be
quoted
prices
in
an
active
market.
Fair
value
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
Valuations
based
on
quoted
prices
for
investments
in
active
markets
that
the
Fund
has
the
ability
to
access
at
the
measurement
date.
Valuation
adjustments
are
not
applied
to
Level
1
investments.
Level
2
—
Valuations
based
on
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risks,
etc.).
Level
3
—
Valuations
based
on
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
and
judgment
in
determining
the
fair
value
of
investments).
Inputs
that
are
used
in
determining
fair
value
of
an
investment
may
include
price
information,
credit
data,
volatility
statistics,
and
other
factors.
These
inputs
can
be
either
observable
or
unobservable.
The
availability
of
observable
inputs
can
vary
between
investments,
and
is
affected
by
various
factors
such
as
the
type
of
investment,
and
the
volume
and
level
of
activity
for
that
investment
or
similar
investments
in
the
marketplace.
The
inputs
will
be
considered
by
the
Investment
Manager,
along
with
any
other
relevant
factors
in
the
calculation
of
an
investment’s
fair
value.
The
Fund
uses
prices
and
inputs
that
are
current
as
of
the
measurement
date,
which
may
include
periods
of
market
dislocations.
During
these
periods,
the
availability
of
prices
and
inputs
may
be
reduced
for
many
investments.
This
condition
could
cause
an
investment
to
be
reclassified
between
the
various
levels
within
the
hierarchy.
PORTFOLIO
OF
INVESTMENTS
(Consolidated)
(continued)
Columbia
India
Consumer
ETF
March
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
24
Thematic
Beta
ETFs
|
Annual
Report
2022
Fair
Value
Measurements
(continued)
Investments
falling
into
the
Level
3
category
are
primarily
supported
by
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
those
investments.
However,
these
may
be
classified
as
Level
3
investments
due
to
lack
of
market
transparency
and
corroboration
to
support
these
quoted
prices.
Additionally,
valuation
models
may
be
used
as
the
pricing
source
for
any
remaining
investments
classified
as
Level
3.
These
models
may
rely
on
one
or
more
significant
unobservable
inputs
and/or
significant
assumptions
by
the
Investment
Manager.
Inputs
used
in
valuations
may
include,
but
are
not
limited
to,
financial
statement
analysis,
capital
account
balances,
discount
rates
and
estimated
cash
flows,
and
comparable
company
data.
Under
the
direction
of
the
Fund’s
Board
of
Trustees
(the
Board),
the
Investment
Manager’s
Valuation
Committee
(the
Committee)
is
responsible
for
overseeing
the
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager’s
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
control
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
The
Committee
reports
to
the
Board,
with
members
of
the
Committee
meeting
with
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
March
31,
2022:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Consumer
Discretionary
44,822,318
–
–
44,822,318
Consumer
Staples
34,776,081
–
–
34,776,081
Total
Common
Stocks
79,598,399
–
–
79,598,399
Total
Investments
in
Securities
79,598,399
–
–
79,598,399
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
STATEMENT
OF
ASSETS
AND
LIABILITIES
March
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Thematic
Beta
ETFs
|
Annual
Report
2022
25
Columbia
EM
Core
ex-
China
ETF
Columbia
Emerging
Markets
Consumer
ETF
Columbia
India
Consumer
ETF
(Consolidated)
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$92,034,948,
$121,567,850
and
$57,064,408,
respectively)
$95,049,177
$116,944,637
$79,598,399
Cash
45
–
–
Foreign
currency
(cost
$7,869,
$199,290
and
$877,619,
respectively)
7,912
199,661
881,099
Receivable
for:
Investments
sold
–
33,623
–
Capital
shares
sold
–
3,686
–
Dividends
312,829
132,318
5,947
Foreign
tax
reclaims
2,765
32,104
–
Reimbursement
due
from
Investment
Manager
–
–
3,182
Total
assets
95,372,728
117,346,029
80,488,627
Liabilities
Due
to
custodian
–
–
651,297
Payable
for:
Investments
purchased
31,830
–
–
Capital
shares
purchased
3,054
–
–
Investment
management
fees
12,003
49,276
52,000
Foreign
capital
gains
taxes
deferred
58,316
–
2,076,443
Accrued
expenses
and
other
liabilities
3,781
–
120
Total
liabilities
108,984
49,276
2,779,860
Net
assets
applicable
to
outstanding
capital
stock
$95,263,744
$117,296,753
$77,708,767
Represented
by:
Paid-in
capital
$93,203,387
$342,997,353
$52,974,180
Total
distributable
earnings
(loss)
2,060,357
(225,700,600)
24,734,587
Total
—
representing
net
assets
applicable
to
outstanding
capital
stock
$95,263,744
$117,296,753
$77,708,767
Shares
outstanding
3,100,000
5,500,000
1,550,000
Net
asset
value
per
share
$30.73
$21.33
$50.13
STATEMENT
OF
OPERATIONS
Year
Ended
March
31,
2022
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
26
Thematic
Beta
ETFs
|
Annual
Report
2022
Columbia
EM
Core
ex-
China
ETF
Columbia
Emerging
Markets
Consumer
ETF
Columbia
India
Consumer
ETF
(Consolidated)
Investment
Income:
Dividends
-
unaffiliated
issuers
$1,562,045
$3,106,477
$1,626,471
Foreign
taxes
withheld
(203,124)
(366,168)
(253,785)
Total
income
1,358,921
2,740,309
1,372,686
Expenses:
Excise
tax
–
1,040
–
Investment
management
fees
80,982
800,775
709,377
Mauritius
taxes
paid
–
–
13,179
Overdraft
expense
192
1,118
3,435
Total
expenses
81,174
802,933
725,991
Fees
waived
by
the
Investment
Manager
and
its
affiliates
–
(2,594)
(16,614)
Total
net
expenses
81,174
800,339
709,377
Net
Investment
income
1,277,747
1,939,970
663,309
Realized
and
unrealized
gain
(loss)
—
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
(163,458)
(5,965,222)
12,164,173
In-kind
transactions
–
4,602,939
–
Foreign
currency
translations
(115,156)
(144,088)
7,509
Net
realized
gain
(loss)
(278,614)
(1,506,371)
12,171,682
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
(4,261,224)
(36,628,390)
(7,535,803)
Foreign
capital
gains
tax
(58,143)
131,552
(454,657)
Foreign
currency
translations
935
27,486
3,259
Net
change
in
unrealized
depreciation
(4,318,432)
(36,469,352)
(7,987,201)
Net
realized
and
unrealized
gain
(loss)
(4,597,046)
(37,975,723)
4,184,481
Net
Increase
(Decrease)
in
net
assets
resulting
from
operations
$(3,319,299)
$(36,035,753)
$4,847,790
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Thematic
Beta
ETFs
|
Annual
Report
2022
27
,
Columbia
EM
Core
ex-China
ETF
Columbia
Emerging
Markets
Consumer
ETF
Year
Ended
March
31,
2022
Year
Ended
March
31,
2021
Year
Ended
March
31,
2022
Year
Ended
March
31,
2021
Operations
Net
investment
income
$1,277,747
$574,042
$1,939,970
$1,998,093
Net
realized
loss
(278,614)
(555,181)
(1,506,371)
(3,655,741)
Net
change
in
unrealized
appreciation
(depreciation)
(4,318,432)
10,760,247
(36,469,352)
60,865,248
Net
increase
(decrease)
in
net
assets
resulting
from
operations
(3,319,299)
10,779,108
(36,035,753)
59,207,600
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(1,046,095)
(440,955)
(1,431,289)
(1,161,030)
Shareholder
transactions
Proceeds
from
shares
sold
69,559,516
5,410,220
1,972,850
4,208,501
Cost
of
shares
redeemed
–
–
(30,207,693)
(54,177,623)
Net
increase
(decrease)
in
net
assets
resulting
from
shareholder
transactions
69,559,516
5,410,220
(28,234,843)
(49,969,122)
Increase
(decrease)
in
net
assets
65,194,122
15,748,373
(65,701,885)
8,077,448
Net
Assets:
Net
assets
at
beginning
of
year
30,069,622
14,321,249
182,998,638
174,921,190
Net
assets
at
end
of
year
$95,263,744
$30,069,622
$117,296,753
$182,998,638
Capital
stock
activity
Shares
outstanding,
beginning
of
year
950,000
750,000
6,600,000
8,900,000
Subscriptions
2,150,000
200,000
100,000
150,000
Redemptions
–
–
(1,200,000)
(2,450,000)
Shares
outstanding,
end
of
year
3,100,000
950,000
5,500,000
6,600,000
STATEMENT
OF
CHANGES
IN
NET
ASSETS
(continued)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
28
Thematic
Beta
ETFs
|
Annual
Report
2022
Columbia
India
Consumer
ETF
(Consolidated)
Year
Ended
March
31,
2022
Year
Ended
March
31,
2021
Operations
Net
investment
income
$663,309
$178,073
Net
realized
gain
12,171,682
2,328,562
Net
change
in
unrealized
appreciation
(depreciation)
(7,987,201)
36,003,784
Net
increase
in
net
assets
resulting
from
operations
4,847,790
38,510,419
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(6,069,618)
(296,280)
Shareholder
transactions
Proceeds
from
shares
sold
16,519,845
–
Cost
of
shares
redeemed
(29,121,438)
(14,446,012)
Net
decrease
in
net
assets
resulting
from
shareholder
transactions
(12,601,593)
(14,446,012)
Increase
(decrease)
in
net
assets
(13,823,421)
23,768,127
Net
Assets:
Net
assets
at
beginning
of
year
91,532,188
67,764,061
Net
assets
at
end
of
year
$77,708,767
$91,532,188
Capital
stock
activity
Shares
outstanding,
beginning
of
year
1,800,000
2,200,000
Subscriptions
300,000
–
Redemptions
(550,000)
(400,000)
Shares
outstanding,
end
of
year
1,550,000
1,800,000
FINANCIAL
HIGHLIGHTS
Columbia
EM
Core
ex-China
ETF
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Thematic
Beta
ETFs
|
Annual
Report
2022
29
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.
Through
July
31,
2020,
Market
Price
returns
are
based
on
the
midpoint
of
the
bid/ask
spread
for
Fund
shares
at
market
close
(typically
4
pm
ET).
Beginning
with
August
31,
2020
month-end
performance,
Market
Price
returns
are
based
on
closing
prices
reported
by
the
Fund's
primary
listing
exchange
(typically
4
pm
ET
close).
These
returns
do
not
represent
the
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
Total
return
and
portfolio
turnover
are
not
annualized
for
periods
of
less
than
one
year.
The
portfolio
turnover
rate
is
calculated
without
regard
to
purchase
and
sales
transactions
of
short-term
instruments,
certain
derivatives
and
in-kind
transactions,
if
any.
If
such
transactions
were
included,
the
Fund’s
portfolio
turnover
rate
may
be
higher.
Year
Ended
March
31,
2022
2021
2020
2019
2018
Per
share
data
Net
asset
value,
beginning
of
year
$31.65
$19.09
$25.40
$28.03
$24.91
Income
(loss)
from
investment
operations:
Net
investment
income
0.80
0.68
0.69
0.65
0.66
Net
realized
and
unrealized
gain
(loss)
(1.10)
12.37
(6.41)
(2.51)
4.83
Total
from
investment
operations
(0.30)
13.05
(5.72)
(1.86)
5.49
Less
distributions
to
shareholders:
Net
investment
income
(0.58)
(0.49)
(0.59)
(0.62)
(0.61)
Net
realized
gains
(0.04)
–
–
(0.15)
(1.76)
Total
distribution
to
shareholders
(0.62)
(0.49)
(0.59)
(0.77)
(2.37)
Net
asset
value,
end
of
year
$30.73
$31.65
$19.09
$25.40
$28.03
Total
Return
at
NAV
(0.96)%
68.56%
(23.25)%
(6.38)%
22.76%
Total
Return
at
Market
(1.94)%
69.09%
(23.43)%
(7.37)%
20.45%
Ratios
to
average
net
assets:
Total
gross
expenses
(a)
0.16%
(b)
0.16%
0.19%
(c)
0.47%
(d)
0.70%
(e)
Total
net
expenses
(a)(f)
0.16%
(b)
0.16%
0.19%
(c)
0.35%
(d)
0.35%
(e)
Net
Investment
income
2.53%
2.61%
2.70%
2.54%
2.40%
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$95,264
$30,070
$14,321
$11,431
$9,811
Portfolio
turnover
13%
19%
14%
24%
37%
Notes
to
Financial
Highlights
(a)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund's
reported
expense
ratios.
(b)
The
ratio
includes
less
than
0.01%
for
the
year
ended
March
31,
2022
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(c)
The
ratio
includes
less
than
0.01%
for
the
year
ended
March
31,
2020
attributed
to
overdraft
expense
and
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(d)
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).
(e)
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).
(f)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
FINANCIAL
HIGHLIGHTS
Columbia
Emerging
Markets
Consumer
ETF
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
30
Thematic
Beta
ETFs
|
Annual
Report
2022
Year
Ended
March
31,
2022
2021
2020
2019
(a)(b)
2018
(a)
Per
share
data
Net
asset
value,
beginning
of
year
$27.73
$19.65
$22.67
$26.34
$24.75
Income
(loss)
from
investment
operations:
Net
investment
income
0.33
0.29
0.27
0.25
0.10
Net
realized
and
unrealized
gain
(loss)
(6.47)
7.97
(2.90)
(3.72)
1.59
Total
from
investment
operations
(6.14)
8.26
(2.63)
(3.47)
1.69
Less
distributions
to
shareholders:
Net
investment
income
(0.26)
(0.18)
(0.39)
(0.20)
(0.10)
Net
asset
value,
end
of
year
$21.33
$27.73
$19.65
$22.67
$26.34
Total
Return
at
NAV
(22.22)%
42.02%
(11.87)%
(13.08)%
6.81%
Total
Return
at
Market
(23.46)%
43.27%
(11.95)%
(13.90)%
7.16%
Ratios
to
average
net
assets:
Total
gross
expenses
(c)
0.53%
(d)
0.59%
(e)
0.60%
(f)
0.61%
(g)
0.81%
(h)
Total
net
expenses
(c)(i
)
0.53%
(d)
0.59%
(e)
0.60%
(f)
0.61%
(g)
0.81%
(h)
Net
Investment
income
1.28%
1.14%
1.20%
1.07%
0.37%
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$117,297
$182,999
$174,921
$290,119
$809,911
Portfolio
turnover
31%
40%
37%
61%
27%
Notes
to
Financial
Highlights
(a)
Consolidated.
(b)
EG
Shares
Consumer
Mauritius,
the
Fund's
Subsidiary,
was
liquidated
on
November
30,
2018.
(c)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund's
reported
expense
ratios.
(d)
The
total
gross
expense
ratio
includes
less
than
0.01%
for
the
year
ended
March
31,
2022
attributed
to
overdraft
expense
and
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
There
is
no
impact
to
the
total
net
expense
ratio
attributed
to
overdraft
expense,
and
tax
expense,
as
the
entire
overdraft
expense
and
tax
expense
were
waived
for
the
year
ended
March
31,
2022.
(e)
The
total
gross
expense
ratio
includes
less
than
0.01%
for
the
year
ended
March
31,
2021
attributed
to
overdraft
expense
and
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
There
is
no
impact
to
the
total
net
expense
ratio
attributed
to
overdraft
expense
and
tax
expense,
as
the
entire
overdraft
expense
and
tax
expense
were
waived
for
the
year
ended
March
31,
2021.
(f)
The
ratio
includes
0.01%
for
the
year
ended
March
31,
2020
attributed
to
overdraft
expense
and
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(g)
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).
(h)
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).
(i)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
FINANCIAL
HIGHLIGHTS
Columbia
India
Consumer
ETF
(Consolidated)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Thematic
Beta
ETFs
|
Annual
Report
2022
31
Year
Ended
March
31,
2022
2021
2020
2019
2018
Per
share
data
Net
asset
value,
beginning
of
year
$50.85
$30.80
$42.08
$45.81
$38.31
Income
(loss)
from
investment
operations:
Net
investment
income
0.38
0.09
0.29
0.12
0.01
Net
realized
and
unrealized
gain
(loss)
2.2
7
20.12
(11.45)
(3.80)
7.52
Total
from
investment
operations
2.6
5
20.21
(11.16)
(3.68)
7.53
Less
distributions
to
shareholders:
Net
investment
income
(0.0
8
)
(0.16)
(0.12)
(0.05)
(0.03)
Net
realized
gains
(3.29)
–
–
–
–
Total
distribution
to
shareholders
(3.3
7
)
(0.16)
(0.12)
(0.05)
(0.03)
Net
asset
value,
end
of
year
$50.13
$50.85
$30.80
$42.08
$45.81
Total
Return
at
NAV
5.22%
65.67%
(26.60)%
(8.03)%
19.64%
Total
Return
at
Market
3.17%
69.58%
(28.00)%
(8.44)%
19.98%
Ratios
to
average
net
assets:
Total
gross
expenses
(a)
0.77%
(b)
0.80%
(c)
0.81%
(d)
0.77%
(e)
0.87%
(f)
Total
net
expenses
(a)(g)
0.75%
(b)
0.75%
(c)
0.81%
(d)
0.77%
(e)
0.87%
(f)
Net
Investment
income
0.70%
0.22%
0.70%
0.26%
0.01%
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$77,709
$91,532
$67,764
$130,436
$144,289
Portfolio
turnover
31%
16%
11%
15%
28%
Notes
to
Financial
Highlights
(a)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund's
reported
expense
ratios.
(b)
The
total
gross
expense
ratio
includes
0.02%
for
the
year
ended
March
31,
2022
attributed
to
overdraft
expense
and
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
There
is
no
impact
to
the
total
net
expense
ratio
attributed
to
overdraft
expense,
and
tax
expense,
as
the
entire
overdraft
expense
and
tax
expense
were
waived
for
the
year
ended
March
31,
2022.
(c)
The
total
gross
expense
ratio
includes
0.05%
for
the
year
ended
March
31,
2021
attributed
to
overdraft
expense
and
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
The
total
net
expense
ratio
includes
less
than
0.01%
for
the
year
ended
March
31,
2021
attributed
to
overdraft
expense.
(d)
The
ratio
includes
0.06%
for
the
year
ended
March
31,
2020
attributed
to
overdraft
expense
and
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(e)
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).
(f)
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).
(g)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
NOTES
TO
FINANCIAL
STATEMENTS
March
31,
2022
32
Thematic
Beta
ETFs
|
Annual
Report
2022
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
investment
company
organized
as
a
Delaware
statutory
trust.
The
Trust
may
issue
an
unlimited
number
of
shares
(without
par
value).
Information
presented
in
these
financial
statements
pertains
to
the
following
series
of
the
Trust
(each,
a
Fund
and
collectively,
the
Funds):
Columbia
EM
Core
ex-China
ETF,
Columbia
Emerging
Markets
Consumer
ETF
and
Columbia
India
Consumer
ETF.
Columbia
EM
Core
ex-China
ETF
and
Columbia
India
Consumer
ETF
are
non-diversified
funds.
Columbia
Emerging
Markets
Consumer
ETF
may
operate
as
a
non-diversified
Fund
while
the
Dow
Jones
Emerging
Markets
Consumer
Titans
TM
Index
is
non-diversified.
Basis
for
Consolidation
The
Consolidated
Portfolio
of
Investments;
Consolidated
Statements
of
Assets
and
Liabilities,
of
Operations
and
of
Changes
in
Net
Assets;
and
the
Consolidated
Financial
Highlights
of
Columbia
India
Consumer
ETF
include
the
accounts
of
Columbia
India
Consumer
ETF
and
EG
Shares
India
Consumer
Mauritius,
a
wholly
owned
subsidiary
of
Columbia
India
Consumer
ETF
(the
Subsidiary)
located
in
the
Republic
of
Mauritius
(Mauritius).
All
inter-company
transactions
and
balances
have
been
eliminated
in
the
consolidation
process.
As
of
the
date
of
this
report,
Columbia
India
Consumer
ETF
invests
in
Indian
securities
both
directly
(in
India),
and
through
its
corresponding
Subsidiary,
which
in
turn
invests
virtually
all
of
its
assets
in
Indian
securities.
Columbia
India
Consumer
ETF
and
its
Subsidiary
have
historically
relied
on
a
tax
treaty
between
India
and
Mauritius
for
relief
from
certain
Indian
taxes.
The
enactment
of
general
anti-avoidance
rules
in
India,
the
signing
of
a
protocol
amending
the
India-Mauritius
tax
treaty,
and
enactment
of
a
10%
tax
on
long-term
capital
gains
from
the
alienation
of
Indian
shares
after
March
31,
2018
(not
otherwise
exempt
under
a
tax
treaty)
have
resulted
in
the
imposition
of
additional
taxes
by
India
on
Columbia
India
Consumer
ETF
and
its
Subsidiary.
For
more
information,
see
India-Mauritius
Tax
Treaty
Risk.
A
summary
of
Columbia
India
Consumer
ETF’s
investment
in
the
Subsidiary
is
as
follows:
Fund
shares
The
market
prices
of
each
Fund’s
shares
may
differ
to
some
degree
from
the
Fund’s
net
asset
value
(NAV).
Unlike
conventional
mutual
funds,
each
Fund
issues
and
redeems
shares
on
a
continuous
basis,
at
NAV,
only
in
a
large
specified
number
of
shares,
each
called
a
“Creation
Unit.”
A
Creation
Unit
consists
of
50,000
shares.
Creation
Units
are
issued
and
redeemed
generally
in-kind
for
a
basket
of
securities
and/or
for
cash.
Investors
such
as
market
makers,
large
investors
and
institutions
who
wish
to
deal
in
Creation
Units
directly
with
a
Fund
must
have
entered
into
an
authorized
participant
agreement
(Authorized
Participants)
with
the
Fund’s
principal
underwriter
and
the
transfer
agent,
or
purchase
through
a
dealer
that
has
entered
into
such
an
agreement.
Authorized
participants
may
purchase
or
redeem
Fund
shares
directly
from
the
Fund
only
in
Creation
Units.
The
Funds’
shares
are
also
listed
on
the
New
York
Stock
Exchange
for
which
investors
can
purchase
and
sell
shares
on
the
secondary
market
through
a
broker
at
market
prices
which
may
differ
from
the
NAV
of
the
Fund.
Note
2.
Summary
of
significant
accounting
policies
Basis
of
preparation
Each
Fund
is
an
investment
company
that
applies
the
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
-
Investment
Companies
(ASC
946)
.
The
financial
statements
are
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(GAAP),
which
requires
management
to
make
certain
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
Fund
%
of
consolidated
fund
net
assets
Net
assets
($)
Net
investment
income
(loss)
($)
Net
realized
gain
(loss)
($)
Net
change
in
unrealized
appreciation
(depreciation)
($)
Columbia
India
Consumer
ETF
32.7%
25,411,743
805,491
11,432,525
(9,017,382)
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
March
31,
2022
Thematic
Beta
ETFs
|
Annual
Report
2022
33
and
liabilities,
the
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
following
is
a
summary
of
significant
accounting
policies
followed
by
the
Funds
in
the
preparation
of
their
financial
statements.
Security
valuation
Equity
securities
listed
on
an
exchange
are
valued
at
the
closing
price
or
last
trade
price
on
their
primary
exchange
at
the
close
of
business
of
the
New
York
Stock
Exchange.
Securities
with
a
closing
price
not
readily
available
or
not
listed
on
any
exchange
are
valued
at
the
mean
between
the
closing
bid
and
ask
prices.
Listed
preferred
stocks
convertible
into
common
stocks
are
valued
using
an
evaluated
price
from
a
pricing
service.
Foreign
equity
securities
are
valued
based
on
the
closing
price
or
last
trade
price
on
their
primary
exchange
at
the
close
of
business
of
the
New
York
Stock
Exchange.
If
any
foreign
equity
security
closing
prices
are
not
readily
available,
the
securities
are
valued
at
the
mean
of
the
latest
quoted
bid
and
ask
prices
on
such
exchanges
or
markets.
Foreign
currency
exchange
rates
are
generally
determined
at
the
close
of
London’s
exchange
at
11:00
a.m.
Eastern
(U.S.)
time.
Investments
in
open-end
investment
companies
(other
than
exchange-traded
funds
(ETFs)),
are
valued
at
the
latest
net
asset
value
reported
by
those
companies
as
of
the
valuation
time.
Investments
for
which
market
quotations
are
not
readily
available,
or
that
have
quotations
which
management
believes
are
not
reflective
of
market
value
or
reliable,
are
valued
at
fair
value
as
determined
in
good
faith
under
procedures
approved
by
and
under
the
general
supervision
of
the
Board
of
Trustees.
If
a
security
or
class
of
securities
(such
as
foreign
securities)
is
valued
at
fair
value,
such
value
is
likely
to
be
different
from
the
quoted
or
published
price
for
the
security,
if
available.
The
determination
of
fair
value
often
requires
significant
judgment.
To
determine
fair
value,
management
may
use
assumptions
including
but
not
limited
to
future
cash
flows
and
estimated
risk
premiums.
Multiple
inputs
from
various
sources
may
be
used
to
determine
fair
value.
GAAP
requires
disclosure
regarding
the
inputs
and
valuation
techniques
used
to
measure
fair
value
and
any
changes
in
valuation
inputs
or
techniques.
In
addition,
investments
be
disclosed
by
major
category.
This
information
is
disclosed
following
the
Funds’
Portfolio
of
Investments.
Foreign
currency
transactions
and
translations
The
values
of
all
assets
and
liabilities
denominated
in
foreign
currencies
are
generally
translated
into
U.S.
dollars
at
exchange
rates
determined
at
the
close
of
the
London
Stock
Exchange
on
any
given
day.
Net
realized
and
unrealized
gains
(losses)
on
foreign
currency
transactions
and
translations
include
gains
(losses)
arising
from
the
fluctuation
in
exchange
rates
between
trade
and
settlement
dates
on
securities
transactions,
gains
(losses)
arising
from
the
disposition
of
foreign
currency
and
currency
gains
(losses)
between
the
accrual
and
payment
dates
on
dividends,
interest
income
and
foreign
withholding
taxes.
For
financial
statement
purposes,
the
Funds
do
not
distinguish
that
portion
of
gains
(losses)
on
investments
which
is
due
to
changes
in
foreign
exchange
rates
from
that
which
is
due
to
changes
in
market
prices
of
the
investments.
Such
fluctuations
are
included
with
the
net
realized
and
unrealized
gains
(losses)
on
investments
in
the
Statement
of
Operations.
Security
transactions
Security
transactions
are
accounted
for
on
the
trade
date.
Cost
is
determined
and
gains
(losses)
are
based
upon
the
specific
identification
method
for
both
financial
statement
and
federal
income
tax
purposes.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
March
31,
2022
34
Thematic
Beta
ETFs
|
Annual
Report
2022
Income
recognition
Corporate
actions
and
dividend
income
are
generally
recorded
net
of
any
non-reclaimable
tax
withholdings,
on
the
ex-
dividend
date
or
upon
receipt
of
an
ex-dividend
notification
in
the
case
of
certain
foreign
securities.
Interest
income
is
recorded
on
an
accrual
basis.
Awards
from
class
action
litigation
are
recorded
as
a
reduction
of
cost
basis
if
the
Fund
still
owns
the
applicable
securities
on
the
payment
date.
If
the
Fund
no
longer
owns
the
applicable
securities
on
the
payment
date,
the
proceeds
are
recorded
as
realized
gains.
Expenses
General
expenses
of
the
Trust
are
allocated
to
the
Funds
based
upon
relative
net
assets
or
other
expense
allocation
methodologies
determined
by
the
nature
of
the
expense.
Expenses
directly
attributable
to
a
Fund
are
charged
to
that
Fund.
Determination
of
net
asset
value
The
net
asset
value
per
share
of
each
Fund
is
computed
by
dividing
the
value
of
the
net
assets
of
a
Fund
by
the
total
number
of
outstanding
shares
of
that
Fund,
rounded
to
the
nearest
cent,
at
the
close
of
regular
trading
(ordinarily
4:00
p.m.
Eastern
Time)
every
day
the
New
York
Stock
Exchange
is
open.
Federal
income
tax
status
For
federal
income
tax
purposes,
each
Fund
is
treated
as
a
separate
entity.
Each
Fund
intends
to
qualify
each
year
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code,
as
amended,
and
will
distribute
substantially
all
of
its
investment
company
taxable
income
and
net
capital
gain,
if
any,
for
its
tax
year,
and
as
such
will
not
be
subject
to
federal
income
taxes.
In
addition,
each
Fund
intends
to
distribute
in
each
calendar
year
substantially
all
of
its
ordinary
income,
capital
gain
net
income
and
certain
other
amounts,
if
any,
such
that
the
Fund
should
not
be
subject
to
federal
excise
tax.
Therefore,
no
federal
income
or
excise
tax
provisions
are
recorded.
Foreign
taxes
The
Funds
may
be
subject
to
foreign
taxes
on
income,
gains
on
investments
or
currency
repatriation,
a
portion
of
which
may
be
recoverable.
The
Fund
will
accrue
such
taxes
and
recoveries,
as
applicable,
based
upon
its
current
interpretation
of
tax
rules
and
regulations
that
exist
in
the
markets
in
which
it
invests.
Realized
gains
in
certain
countries
may
be
subject
to
foreign
taxes
at
the
Fund
level,
based
on
statutory
rates.
The
Fund
accrues
for
such
foreign
taxes
on
realized
and
unrealized
gains
at
the
appropriate
rate
for
each
jurisdiction,
as
applicable.
The
amount,
if
any,
is
disclosed
as
a
liability
on
the
Statement
of
Assets
and
Liabilities.
Distributions
to
shareholders
The
Funds
declare
and
distribute
net
investment
income
annually.
Net
realized
capital
gains,
if
any,
are
distributed
at
least
annually.
Income
distributions
and
capital
gain
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
GAAP.
Guarantees
and
indemnifications
Under
the
Trust’s
organizational
documents
and,
in
some
cases,
by
contract,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust
or
its
funds.
In
addition,
certain
of
the
Funds’
contracts
with
their
service
providers
contain
general
indemnification
clauses.
The
Funds’
maximum
exposure
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.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
March
31,
2022
Thematic
Beta
ETFs
|
Annual
Report
2022
35
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,
2021,
the
fee
is
equal
to
0.49%
of
the
Fund’s
average
daily
net
assets
for
Columbia
Emerging
Markets
Consumer
ETF.
The
effective
annualized
investment
management
fee
rate
for
the
annual
reporting
period
was
0.53%
of
Columbia
Emerging
Markets
Consumer
ETF’s
average
daily
net
assets.
The
effective
investment
management
fee
rate
is
shown
below:
Compensation
of
board
members
Members
of
the
Board
of
Trustees
who
are
not
officers
or
employees
of
the
Investment
Manager
or
Ameriprise
Financial
are
compensated
for
their
services
to
the
Funds.
Under
a
Deferred
Compensation
Plan
(the
Deferred
Plan),
these
members
of
the
Board
of
Trustees
may
elect
to
defer
payment
of
up
to
100%
of
their
compensation.
Deferred
amounts
are
treated
as
though
equivalent
dollar
amounts
had
been
invested
in
shares
of
certain
funds
managed
by
the
Investment
Manager.
Each
Fund’s
deferred
amount
is
adjusted
for
market
value
changes
and
remains
in
the
Fund
until
distributed
in
accordance
with
the
Deferred
Plan.
All
amounts
payable
under
the
Deferred
Plan
constitute
a
general
unsecured
obligation
of
the
Funds.
The
expenses
of
the
compensation
of
the
members
of
the
Board
of
Trustees
that
are
allocated
to
the
Fund
are
payable
by
the
Investment
Manager.
Compensation
of
Chief
Compliance
Officer
The
Board
of
Trustees
has
appointed
a
Chief
Compliance
Officer
for
the
Funds
in
accordance
with
federal
securities
regulations.
A
portion
of
the
Chief
Compliance
Officer’s
total
compensation
is
allocated
to
the
Funds,
along
with
other
allocations
to
affiliated
registered
investment
companies
managed
by
the
Investment
Manager
and
its
affiliates,
based
on
relative
net
assets.
The
expenses
of
the
Chief
Compliance
Officer
allocated
to
the
Funds
are
payable
by
the
Investment
Manager.
Distribution
and
service
fees
ALPS
Distributors,
Inc.,
(the
Distributor)
serves
as
the
distributor
for
the
Funds.
The
Funds
have
adopted
a
distribution
and
service
plan
(the
Distribution
Plan).
Under
the
Distribution
Plan,
the
Funds
are
authorized
to
pay
distribution
and
service
fees
to
the
Distributor
and
other
firms
that
provide
distribution
and
shareholder
services
at
the
maximum
annual
rate
of
0.25%
of
average
daily
net
assets
of
each
Fund.
No
distribution
or
service
fees
are
currently
paid
by
the
Funds
or
have
been
approved
for
payment
by
the
Board
of
Trustees.
There
are
no
current
plans
to
impose
these
fees.
Effective
investment
management
fee
rate
(%)
Fund
August
1,
2021
through
July
31,
2022
Prior
to
August
1,
2021
Columbia
EM
Core
ex-China
ETF
0.16
0.16
Columbia
Emerging
Markets
Consumer
ETF
0.49
0.59
Columbia
India
Consumer
ETF
0.75
0.75
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
March
31,
2022
36
Thematic
Beta
ETFs
|
Annual
Report
2022
Expenses
waived/reimbursed
by
the
Investment
Manager
The
Investment
Manager
has
contractually
agreed
to
waive
fees
and/or
reimburse
expenses
(excluding
certain
fees
and
expenses
described
below)
for
the
period(s)
disclosed
below,
unless
sooner
terminated
at
the
sole
discretion
of
the
Board
of
Trustees,
so
that
the
Fund’s
net
operating
expenses,
after
giving
effect
to
fees
waived/expenses
reimbursed
and
any
balance
credits
and/or
overdraft
charges
from
the
Fund’s
custodian,
do
not
exceed
the
following
annual
rate(s)
as
a
percentage
of
the
average
daily
net
assets.
Under
the
agreement,
the
following
fees
and
expenses
are
excluded
from
the
Fund's
operating
expenses
when
calculating
the
waiver/reimbursement
commitment,
and
therefore
will
be
paid
by
the
Fund,
if
applicable:
expenses
associated
with
investment
in
affiliated
and
non-affiliated
pooled
investment
vehicles
(including
mutual
funds
and
ETFs
(but
not
for
Columbia
Emerging
Markets
Consumer
ETF)),
brokerage
commissions,
interest
(but
not
Fund
overdraft
charges),
infrequent
and/or
unusual
expenses
and
any
other
expenses
the
exclusion
of
which
is
specifically
approved
by
the
Fund's
Board.
This
agreement
may
be
modified
or
amended
only
with
approval
from
all
parties.
Any
fees
waived
and/
or
expenses
reimbursed
under
the
expense
reimbursement
arrangements
described
above
are
not
recoverable
by
the
Investment
Manager
in
future
periods.
Note
4.
Federal
tax
information
The
timing
and
character
of
income
and
capital
gain
distributions
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
GAAP
because
of
temporary
or
permanent
book
to
tax
differences.
At
March
31,
2022,
these
differences
are
primarily
due
to
differing
treatments
for
deferral/reversal
of
wash
sale
losses,
foreign
currency
transactions,
capital
loss
carryforwards,
post-October
capital
losses,
non
deductible
expense,
distribution
reclassifications,
foreign
capital
gains
tax,
disallowed
capital
gains
(losses)
on
a
redemption-in-kind
and
passive
foreign
investment
company
(PFIC)
holdings.
To
the
extent
these
differences
were
permanent,
reclassifications
were
made
among
the
components
of
the
applicable
Fund’s
net
assets.
Temporary
differences
do
not
require
reclassifications.
The
following
reclassifications
were
made:
Net
investment
income
(loss)
and
net
realized
gains
(losses),
as
disclosed
in
the
Statement
of
Operations,
and
net
assets
were
not
affected
by
these
reclassifications.
The
tax
character
of
distributions
paid
during
the
years
indicated
was
as
follows:
Short-term
capital
gain
distributions,
if
any,
are
considered
ordinary
income
distributions
for
tax
purposes.
Fund
August
1,
2021
through
July
31,
2022
(%)
Prior
to
August
1,
2021(%)
Columbia
Emerging
Markets
Consumer
ETF
0.49
0.59
Columbia
India
Consumer
ETF
0.75
0.75
Funds
Undistributed
net
investment
income
($)
Accumulated
net
realized
gain
(loss)
($)
Paid-in
capital
increase
(decrease)
($)
Columbia
EM
Core
ex-China
ETF
(117,288)
117,288
-
Columbia
Emerging
Markets
Consumer
ETF
(192,944)
(3,985,895)
4,178,839
Columbia
India
Consumer
ETF
(462,494)
462,494
-
Year
Ended
March
31,
2022
Year
Ended
March
31,
2021
Fund
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
Columbia
EM
Core
ex-China
ETF
980,956
65,139
1,046,095
440,955
-
440,955
Columbia
Emerging
Markets
Consumer
ETF
1,431,289
-
1,431,289
1,161,030
-
1,161,030
Columbia
India
Consumer
ETF
155,754
5,913,864
6,069,618
296,280
-
296,280
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
March
31,
2022
Thematic
Beta
ETFs
|
Annual
Report
2022
37
At
March
31,
2022,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
At
March
31,
2022,
the
cost
of
all
investments
for
federal
income
tax
purposes
along
with
the
aggregate
gross
unrealized
appreciation
and
depreciation
based
on
that
cost
was:
Tax
cost
of
investments
and
unrealized
appreciation/(depreciation)
may
also
include
timing
differences
that
do
not
constitute
adjustments
to
tax
basis.
The
following
capital
loss
carryforward,
determined
at
March
31,
2022,
may
be
available
to
reduce
future
net
realized
gains
on
investments,
if
any,
to
the
extent
permitted
by
the
Internal
Revenue
Code.
In
addition,
for
the
year
ended
March
31,
2022,
capital
loss
carryforwards
utilized,
if
any,
were
as
follows:
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,
2022,
the
Funds
will
elect
to
treat
the
following
late-year
ordinary
losses
and
post-October
capital
losses
as
arising
on
April
1,
2022.
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,
2022,
were
as
follows:
Funds
Undistributed
ordinary
income/(loss)
($)
Undistributed
long-term
capital
gains
($)
Capital
loss
carryforwards
($)
Net
unrealized
appreciation
(depreciation)
($)
Columbia
EM
Core
ex-China
ETF
328,666
-
-
2,714,659
Columbia
Emerging
Markets
Consumer
ETF
700,620
-
(219,741,107)
(6,705,587)
Columbia
India
Consumer
ETF
112,981
7,223,187
-
19,471,349
Fund
Tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
depreciation
($)
Net
unrealized
appreciation
(depreciation)
($)
Columbia
EM
Core
ex-China
ETF
92,334,518
11,677,254
(8,962,595)
2,714,659
Columbia
Emerging
Markets
Consumer
ETF
123,650,224
16,553,266
(23,258,853)
(6,705,587)
Columbia
India
Consumer
ETF
60,127,050
22,038,894
(2,567,545)
19,471,349
Funds
No
expiration
short-
term
($)
No
expiration
long-term
($)
Total
($)
Utilized
($)
Columbia
EM
Core
ex-China
ETF
-
-
-
840,954
Columbia
Emerging
Markets
Consumer
ETF
4,788,186
214,952,921
219,741,107
-
Columbia
India
Consumer
ETF
-
-
-
57,905
Fund
Late
year
ordinary
losses
($)
Post-October
capital
losses
($)
Columbia
EM
Core
ex-China
ETF
-
923,201
Columbia
Emerging
Markets
Consumer
ETF
-
-
Columbia
India
Consumer
ETF
-
-
Fund
Purchases
($)
Proceeds
from
sales
($)
Columbia
EM
Core
ex-China
ETF
54,079,163
6,529,513
Columbia
Emerging
Markets
Consumer
ETF
47,082,662
57,163,675
Columbia
India
Consumer
ETF
29,681,106
48,303,412
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
March
31,
2022
38
Thematic
Beta
ETFs
|
Annual
Report
2022
The
amount
of
purchase
and
sale
activity
impacts
the
portfolio
turnover
rate
reported
in
the
Financial
Highlights.
Note
6.
In-kind
transactions
The
Funds
may
accept
in-kind
contributions
and
redemptions.
In-kind
contributions
are
accounted
for
at
the
fair
market
value
of
the
in-kind
securities
contributed
on
the
date
of
contribution.
For
the
year
ended
March
31,
2022,
the
cost
basis
of
securities
contributed
was
as
follows:
Proceeds
from
the
sales
of
securities
include
the
value
of
securities
delivered
through
an
in-kind
redemption
of
certain
Fund
shares.
Net
realized
gains
on
these
securities
are
not
taxable
to
remaining
shareholders
in
the
Fund.
For
the
year
ended
March
31,
2022,
the
in-kind
redemptions
were
as
follows:
Note
7.
Line
of
credit
Each
Fund
has
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
JPMorgan
Chase
Bank,
N.A.,
Citibank,
N.A.
and
Wells
Fargo
Bank,
N.A.
whereby
the
Fund
may
borrow
for
the
temporary
funding
of
shareholder
redemptions
or
for
other
temporary
or
emergency
purposes.
Pursuant
to
an
October
28,
2021
amendment
and
restatement,
the
credit
facility,
which
is
an
agreement
between
the
Fund
and
certain
other
funds
managed
by
the
Investment
Manager
or
an
affiliated
investment
manager,
severally
and
not
jointly,
permits
aggregate
borrowings
up
to
$950
million.
Interest
is
currently
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
secured
overnight
financing
rate
plus
0.11448%
and
(iii)
the
overnight
bank
funding
rate,
plus
in
each
case,
1.00%.
Each
borrowing
under
the
credit
facility
matures
no
later
than
60
days
after
the
date
of
borrowing.
Each
Fund
also
pays
a
commitment
fee
equal
to
its
pro
rata
share
of
the
unused
amount
of
the
credit
facility
at
a
rate
of
0.15%
per
annum.
The
commitment
fee
is
included
in
other
expenses
in
the
Statement
of
Operations.
This
agreement
expires
annually
in
October
unless
extended
or
renewed.
Prior
to
the
October
28,
2021
amendment
and
restatement,
the
Fund
had
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
JPMorgan
Chase
Bank,
N.A.,
Citibank,
N.A.
and
Wells
Fargo
Bank,
N.A.
which
permitted
collective
borrowings
up
to
$950
million.
Interest
was
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
one-
month
London
Interbank
Offered
Rate
(LIBOR)
rate
and
(iii)
the
overnight
bank
funding
rate,
plus
in
each
case,
1.25%.
During
the
year
ended
March
31,
2022,
Columbia
EM
Core
ex-China
ETF,
Columbia
Emerging
Markets
Consumer
ETF
and
Columbia
India
Consumer
ETF
had
no
borrowings.
Note
8.
Significant
risks
Communication
Services
concentration
risk
Columbia
Emerging
Markets
Consumer
ETF
is
more
susceptible
to
the
particular
risks
that
may
affect
companies
in
the
communication
services
sector
than
if
it
were
invested
in
a
wider
variety
of
companies
in
unrelated
sectors.
Companies
in
the
communication
services
sector
are
subject
to
certain
risks,
including
the
risk
that
new
services,
equipment
or
technologies
will
not
be
accepted
by
consumers
and
businesses
or
will
become
rapidly
obsolete.
Performance
of
such
companies
may
be
affected
by
factors
including
obtaining
and
protecting
patents
(or
the
failure
to
do
so)
and
significant
competitive
pressures,
including
aggressive
pricing
of
their
products
or
services,
new
market
entrants,
competition
for
market
share
and
short
product
cycles
due
to
an
accelerated
rate
of
technological
developments.
Such
competitive
pressures
may
lead
to
limited
earnings
and/or
falling
profit
margins.
As
a
result,
the
value
of
their
securities
may
fall
or
fail
to
rise.
In
addition,
many
communication
services
sector
companies
have
limited
operating
histories
and
prices
of
these
companies’
securities
historically
have
been
more
volatile
than
other
securities,
especially
over
the
short
term.
Fund
Contributions
($)
Columbia
EM
Core
ex-China
ETF
21,758,259
Columbia
Emerging
Markets
Consumer
ETF
644,020
Columbia
India
Consumer
ETF
-
Fund
Cost
basis
($)
Proceeds
from
sales
($)
Net
realized
gain
(loss)
($)
Columbia
EM
Core
ex-China
ETF
-
-
-
Columbia
Emerging
Markets
Consumer
ETF
14,083,805
18,686,744
4,602,939
Columbia
India
Consumer
ETF
-
-
-
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
March
31,
2022
Thematic
Beta
ETFs
|
Annual
Report
2022
39
Concentration
risk
Each
Fund
concentrates
its
investments
in
a
particular
sector
or
a
group
of
sectors
to
approximately
the
same
extent
as
its
respective
tracking
index,
and
as
such,
may
be
adversely
affected
by
increased
price
volatility
of
securities
in
those
sectors,
and
is
more
susceptible
to
adverse
economic,
market,
political
or
regulatory
occurrences
affecting
those
sectors.
Consumer
concentration
risk
Because
Columbia
Emerging
Markets
Consumer
ETF
and
Columbia
India
Consumer
ETF
concentrate
their
investments
in
the
discretionary/staples
sectors
(specifically
the
discretionary/staples
sectors
of
India
for
the
Columbia
India
Consumer
ETF),
these
Funds
may
be
adversely
affected
by
increased
price
volatility
of
securities
in
those
sectors,
and
may
be
more
susceptible
to
adverse
economic,
market,
political
or
regulatory
occurrences
affecting
those
sectors.
The
performance
of
companies
in
the
consumer
discretionary/staples
sectors
is
tied
closely
to
the
performance
of
the
domestic
and
international
economy,
consumer
spending
levels,
changing
demographics
and
consumer
tastes.
Correlation/tracking
error
risk
Each
Fund’s
value
will
generally
decline
when
the
performance
of
securities
within
its
tracking
index
declines.
A
number
of
factors
may
affect
the
Funds’
ability
to
achieve
a
high
degree
of
correlation
with
its
tracking
index,
and
there
is
no
guarantee
that
the
Funds
will
achieve
a
high
degree
of
correlation.
Failure
to
achieve
a
high
degree
of
correlation
may
prevent
the
Funds
from
achieving
their
investment
objective.
When
using
a
representative
sampling
approach,
the
Funds
may
not
track
the
tracking
index
as
closely
as
they
would
by
using
a
full
replication
approach.
The
Funds
also
bear
management
and
other
expenses
and
transaction
costs
in
trading
securities
or
other
instruments,
which
the
tracking
index
does
not
bear.
Accordingly,
the
Funds’
performance
will
likely
fail
to
match
the
performance
of
the
tracking
index,
after
taking
expenses
into
account.
It
is
not
possible
to
invest
directly
in
an
index.
Emerging
markets
risk
The
Funds
are
subject
to
emerging
markets
risk.
Investments
in
emerging
market
securities
are
likely
to
have
greater
exposure
to
risks
of
investing
in
foreign
investments
including
risks
associated
with
political,
regulatory,
economic,
social,
diplomatic,
and
other
conditions
or
events
(including,
for
example,
military
confrontations,
war,
terrorism,
natural
disasters
and
disease
pandemics),
occurring
in
the
country
or
region.
In
addition,
emerging
market
countries
are
typically
less
developed
with
more
limited
trading
activity
than
more
developed
countries,
which
may
result
in
increased
liquidity
risk
and
other
risks.
Many
emerging
market
countries
are
heavily
dependent
on
international
trade
and
have
fewer
trading
partners,
which
may
make
them
more
sensitive
to
world
commodity
prices
and
economic
downturns
in
other
countries,
and
some
have
a
higher
risk
of
currency
devaluation.
The
financial
information
and
disclosure
made
available
by
issuers
of
emerging
market
securities
may
be
considerably
less
reliable
than
publicly
available
information
about
other
foreign
securities.
The
Public
Company
Accounting
Oversight
Board,
which
regulates
auditors
of
U.S.
public
companies,
is
unable
to
inspect
audit
work
papers
in
certain
foreign
countries.
Investors
in
foreign
countries
often
have
limited
rights
and
few
practical
remedies
to
pursue
shareholder
claims,
including
class
actions
or
fraud
claims,
and
the
ability
of
the
U.S.
Securities
and
Exchange
Commission,
the
U.S.
Department
of
Justice
and
other
authorities
to
bring
and
enforce
actions
against
foreign
issuers
or
foreign
persons
is
limited.
Financial
concentration
risk
Columbia
EM
Core
ex-China
ETF
has
concentrated
investments
in
the
financials
sector.
Because
companies
in
the
financials
sector
are
subject
to
extensive
governmental
regulation,
which
may
adversely
affect
the
scope
of
their
activities,
the
prices
they
can
charge
and
the
amount
of
capital
they
must
maintain,
these
factors
may
adversely
affect
Fund
performance.
Geographic
focus
risk
The
Funds
may
be
particularly
susceptible
to
economic,
political,
regulatory
or
other
events
or
conditions
affecting
issuers
and
countries
within
the
specific
geographic
regions
in
which
the
Funds
invests.
The
Funds’
NAV
may
be
more
volatile
than
the
NAV
of
a
more
geographically
diversified
fund.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
March
31,
2022
40
Thematic
Beta
ETFs
|
Annual
Report
2022
Asia
Pacific
Region.
Columbia
EM
Core
ex-China
ETF
and
Columbia
Emerging
Markets
Consumer
ETF
are
particularly
susceptible
to
economic,
political,
regulatory
or
other
events
or
conditions
affecting
issuers
and
countries
in
the
Asia
Pacific
region.
Many
of
the
countries
in
the
region
are
considered
underdeveloped
or
developing,
including
from
a
political,
economic
and/or
social
perspective,
and
may
have
relatively
unstable
governments
and
economies
based
on
limited
business,
industries
and/or
natural
resources
or
commodities.
Events
in
any
one
country
within
the
region
may
impact
other
countries
in
the
region
or
the
region
as
a
whole.
As
a
result,
events
in
the
region
will
generally
have
a
greater
effect
on
the
Funds
than
if
the
Funds
were
more
geographically
diversified.
This
could
result
in
increased
volatility
in
the
value
of
the
Funds’
investments
and
losses
for
the
Funds.
Also,
securities
of
some
companies
in
the
region
can
be
less
liquid
than
U.S.
or
other
foreign
securities,
potentially
making
it
difficult
for
the
Funds
to
sell
such
securities
at
a
desirable
time
and
price.
Greater
China.
Columbia
Emerging
Markets
Consumer
ETF
is
particularly
susceptible
to
economic,
political,
regulatory
or
other
events
or
conditions
affecting
issuers
in
the
Greater
China
region.
The
region
consists
of
Hong
Kong,
The
People’s
Republic
of
China
and
Taiwan,
among
other
countries,
and
the
Fund’s
investments
in
the
region
are
particularly
susceptible
to
risks
in
that
region.
The
Hong
Kong,
Taiwanese,
and
Chinese
economies
are
dependent
on
the
economies
of
other
countries
and
can
be
significantly
affected
by
currency
fluctuations
and
increasing
competition
from
other
emerging
economies
in
Asia
with
lower
costs.
Adverse
events
in
any
one
country
within
the
region
may
impact
the
other
countries
in
the
region
or
Asia
as
a
whole.
As
a
result,
adverse
events
in
the
region
will
generally
have
a
greater
effect
on
the
Fund
than
if
the
Fund
were
more
geographically
diversified,
which
could
result
in
greater
volatility
in
the
Fund’s
net
asset
value
and
losses.
Markets
in
the
Greater
China
region
can
experience
significant
volatility
due
to
social,
economic,
regulatory
and
political
uncertainties.
Changes
in
Chinese
government
policy
and
economic
growth
rates
could
significantly
affect
local
markets
and
the
entire
Greater
China
region.
China
has
yet
to
develop
comprehensive
securities,
corporate,
or
commercial
laws,
its
market
is
relatively
new
and
less
developed,
and
its
economy
is
experiencing
a
relative
slowdown.
Export
growth
continues
to
be
a
major
driver
of
China’s
economic
growth.
As
a
result,
a
reduction
in
spending
on
Chinese
products
and
services,
the
institution
of
additional
tariffs
or
other
trade
barriers,
including
as
a
result
of
heightened
trade
tensions
between
China
and
the
United
States,
or
a
downturn
in
any
of
the
economies
of
China’s
key
trading
partners
may
have
an
adverse
impact
on
the
Chinese
economy.
India
.
Columbia
India
Consumer
ETF
is
particularly
susceptible
to
risks
related
to
economic,
political,
regulatory
or
other
events
or
conditions
affecting
issuers
in
India.
Because
the
Fund
invests
predominantly
in
Indian
securities,
its
net
asset
value
will
be
much
more
sensitive
to
changes
in
economic,
political
and
other
factors
within
India
than
would
a
fund
that
invested
in
a
variety
of
countries.
Special
risks
include,
among
others,
political
and
legal
uncertainty,
persistent
religious,
ethnic
and
border
disputes,
greater
government
control
over
the
economy,
currency
fluctuations
or
blockage
and
the
risk
of
nationalization
or
expropriation
of
assets.
Uncertainty
regarding
inflation
and
currency
exchange
rates,
fiscal
policy,
credit
ratings
and
the
possibility
that
future
harmful
political
actions
will
be
taken
by
the
Indian
government,
could
negatively
impact
the
Indian
economy
and
securities
markets,
and
thus
adversely
affect
the
Fund’s
performance.
India-Mauritius
tax
treaty
risk
Columbia
India
Consumer
ETF
and
its
Subsidiary
have
historically
relied
on
a
tax
treaty
between
India
and
Mauritius
for
relief
from
certain
Indian
taxes.
India
and
Mauritius
agreed
to
an
amended
protocol
with
respect
to
gains
resulting
from
the
alienation
of
shares
in
Indian
companies
if
the
shares
were
acquired
by
the
Subsidiary
on
or
after
April
1,
2017.
Gains
realized
in
the
Subsidiary
resulting
from
the
alienation
of
Indian
shares
acquired
prior
to
April
1,
2017
continue
to
be
exempt
from
Indian
tax
under
the
India-Mauritius
tax
treaty.
Additionally,
India
has
enacted
general
anti-avoidance
rules
(GAAR),
which
seek
to
curb
tax
evasion
via
investments
through
foreign
tax
havens
and
other
avenues.
Any
assertion
that
the
Subsidiary
is
in
violation
of
GAAR
or
any
change
in
the
requirements
established
by
Mauritius
to
qualify
as
a
Mauritius
resident
could
result
in
the
imposition
by
India
of
various
taxes
on
Indian
securities
invested
in
by
the
Subsidiary
(and
indirectly
the
Fund).
The
imposition
of
taxes
on
the
Subsidiary
by
India
for
any
of
the
reasons
described
herein
would
result
in
higher
taxes
and
lower
returns
for
the
Fund
and
its
shareholders.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
March
31,
2022
Thematic
Beta
ETFs
|
Annual
Report
2022
41
Information
technology
sector
risk
Columbia
EM
Core
ex-China
ETF
is
more
susceptible
to
the
particular
risks
that
may
affect
companies
in
the
information
technology
sector
than
if
it
was
invested
in
a
wider
variety
of
companies
in
unrelated
sectors.
Companies
in
the
information
technology
sector
are
subject
to
certain
risks,
including
the
risk
that
new
services,
equipment
or
technologies
will
not
be
accepted
by
consumers
and
businesses
or
will
become
rapidly
obsolete.
Performance
of
such
companies
may
be
affected
by
factors
including
obtaining
and
protecting
patents
(or
the
failure
to
do
so)
and
significant
competitive
pressures,
including
aggressive
pricing
of
their
products
or
services,
new
market
entrants,
competition
for
market
share
and
short
product
cycles
due
to
an
accelerated
rate
of
technological
developments.
Such
competitive
pressures
may
lead
to
limited
earnings
and/or
falling
profit
margins.
As
a
result,
the
value
of
their
securities
may
fall
or
fail
to
rise.
In
addition,
many
information
technology
sector
companies
have
limited
operating
histories
and
prices
of
these
companies’
securities
historically
have
been
more
volatile
than
other
securities,
especially
over
the
short
term.
Some
companies
in
the
information
technology
sector
are
facing
increased
government
and
regulatory
scrutiny
and
may
be
subject
to
adverse
government
or
regulatory
action,
which
could
negatively
impact
the
value
of
their
securities.
Market
risk
The
Funds
may
incur
losses
due
to
declines
in
the
value
of
one
or
more
securities
in
which
they
invest.
These
declines
may
be
due
to
factors
affecting
a
particular
issuer,
or
the
result
of,
among
other
things,
political,
regulatory,
market,
economic
or
social
developments
affecting
the
relevant
market(s)
more
generally.
In
addition,
turbulence
in
financial
markets
and
reduced
liquidity
in
equity,
credit
and/or
fixed
income
markets
may
negatively
affect
many
issuers,
which
could
adversely
affect
the
Funds
ability
to
price
or
value
hard-to-value
assets
in
thinly
traded
and
closed
markets
and
could
cause
significant
redemptions
and
operational
challenges.
Global
economies
and
financial
markets
are
increasingly
interconnected,
and
conditions
and
events
in
one
country,
region
or
financial
market
may
adversely
impact
issuers
in
a
different
country,
region
or
financial
market.
These
risks
may
be
magnified
if
certain
events
or
developments
adversely
interrupt
the
global
supply
chain;
in
these
and
other
circumstances,
such
risks
might
affect
companies
worldwide.
As
a
result,
local,
regional
or
global
events
such
as
terrorism,
war,
natural
disasters,
disease/virus
outbreaks
and
epidemics
or
other
public
health
issues,
recessions,
depressions
or
other
events
–
or
the
potential
for
such
events
–
could
have
a
significant
negative
impact
on
global
economic
and
market
conditions
and
could
result
in
increased
premiums
or
discounts
to
the
Funds’
net
asset
value.
The
large-scale
invasion
of
Ukraine
by
Russia
in
February
2022
has
resulted
in
sanctions
and
market
disruptions,
including
declines
in
regional
and
global
stock
and
commodity
markets
and
significant
devaluations
of
Russian
currency.
The
extent
and
duration
of
the
military
action
are
impossible
to
predict
but
could
be
significant.
Market
disruption
caused
by
the
Russian
military
action,
and
any
counter
measures
or
responses
thereto
(including
international
sanctions,
a
downgrade
in
the
country's
credit
rating,
purchasing
and
financing
restrictions,
boycotts,
tariffs,
changes
in
consumer
or
purchaser
preferences,
cyberattacks
and
espionage)
could
have
severe
adverse
impacts
on
regional
and/or
global
securities
and
commodities
markets,
including
markets
for
oil
and
natural
gas.
These
impacts
may
include
reduced
market
liquidity
distress
in
credit
markets,
further
disruption
of
global
supply
chains,
increased
risk
of
inflation
and
limited
access
to
investments
in
certain
international
markets
and
/or
issuers.
These
developments
and
other
related
events
could
negatively
impact
Fund
performance.
The
pandemic
caused
by
coronavirus
disease
2019
and
its
variants
(COVID-19)
has
resulted
in,
and
may
continue
to
result
in,
significant
global
economic
and
societal
disruption
and
market
volatility
due
to
disruptions
in
market
access,
resource
availability,
facilities
operations,
imposition
of
tariffs,
export
controls
and
supply
chain
disruption,
among
others.
Such
disruptions
may
be
caused,
or
exacerbated
by,
quarantines
and
travel
restrictions,
workforce
displacement
and
loss
in
human
and
other
resources.
The
uncertainty
surrounding
the
magnitude,
duration,
reach,
costs
and
effects
of
the
global
pandemic,
as
well
as
actions
that
have
been
or
could
be
taken
by
governmental
authorities
or
other
third
parties,
present
unknowns
that
are
yet
to
unfold.
The
impacts,
as
well
as
the
uncertainty
over
impacts
to
come,
of
COVID-19
–
and
any
other
infectious
illness
outbreaks,
epidemics
and
pandemics
that
may
arise
in
the
future
–
could
negatively
affect
global
economies
and
markets
in
ways
that
cannot
necessarily
be
foreseen.
In
addition,
the
impact
of
infectious
illness
outbreaks
and
epidemics
in
emerging
market
countries
may
be
greater
due
to
generally
less
established
healthcare
systems,
governments
and
financial
markets.
Public
health
crises
caused
by
the
COVID-19
outbreak
may
exacerbate
other
pre-existing
political,
social
and
economic
risks
in
certain
countries
or
globally.
The
disruptions
caused
by
COVID-19
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
March
31,
2022
42
Thematic
Beta
ETFs
|
Annual
Report
2022
could
prevent
the
Funds
from
executing
advantageous
investment
decisions
in
a
timely
manner
and
negatively
impact
the
Funds’
ability
to
achieve
their
investment
objective.
Any
such
events
could
have
a
significant
adverse
impact
on
the
value
and
risk
profile
of
the
Funds.
Non-diversification
risk
Columbia
EM
Core
ex-China
ETF
and
Columbia
India
Consumer
ETF
are
non-diversified
funds.
Columbia
Emerging
Markets
Consumer
ETF
may
operate
as
a
non-diversified
fund
when
the
Index
is
non-diversified.
A
non-diversified
fund
is
permitted
to
invest
a
greater
percentage
of
its
total
assets
in
the
securities
of
fewer
issuers
than
a
diversified
fund.
This
increases
the
risk
that
a
change
in
the
value
of
any
one
investment
held
by
the
Fund
could
affect
the
overall
value
of
the
Fund
more
than
it
would
affect
that
of
a
diversified
fund
holding
a
greater
number
of
investments.
Accordingly,
the
Fund’s
value
will
likely
be
more
volatile
than
the
value
of
a
more
diversified
fund.
Passive
investment
risk
The
Funds
are
not
"actively"
managed
and
may
be
affected
by
a
general
decline
in
market
segments
related
to
their
tracking
index.
The
Funds
invest
in
securities
or
instruments
included
in,
or
believed
by
the
Investment
Manager
to
be
representative
of,
its
tracking
index,
regardless
of
their
investment
merits.
The
Funds
do
not
seek
temporary
defensive
positions
when
markets
decline
or
appear
overvalued.
The
decision
of
whether
to
remove
a
security
from
a
tracking
index
is
made
by
an
independent
index
provider
who
is
not
affiliated
with
the
Fund
or
the
Investment
Manager.
Variable
interest
entity
risk
Many
Chinese
companies
to
which
Columbia
Emerging
Markets
Consumer
ETF
seeks
investment
exposure
use
a
structure
known
as
a
variable
interest
entity
(a
VIE)
to
address
Chinese
restrictions
on
direct
foreign
investment
in
Chinese
companies
operating
in
certain
sectors.
The
Fund’s
investment
exposure
to
VIEs
may
pose
additional
risks
because
the
Fund’s
investment
is
in
a
holding
company
domiciled
outside
of
China
(a
Holding
Company)
whose
interests
in
the
business
of
the
underlying
Chinese
operating
company
(the
VIE)
are
established
through
contracts
rather
than
equity
ownership.
The
VIE
structure
is
a
longstanding
practice
in
China
but,
until
recently,
was
not
acknowledged
by
the
Chinese
government,
creating
uncertainty
over
the
possibility
that
the
Chinese
government
might
cease
to
tolerate
VIE
structures
at
any
time
or
impose
new
restrictions
on
the
structure.
In
such
a
scenario,
the
Chinese
operating
company
could
be
subject
to
penalties,
including
revocation
of
its
business
and
operating
license,
or
the
Holding
Company
could
forfeit
its
interest
in
the
business
of
the
Chinese
operating
company.
Further,
in
case
of
a
dispute,
the
remedies
and
rights
of
the
Fund
may
be
limited,
and
legal
uncertainty
may
be
exploited
against
the
interests
of
the
Fund.
Control
over
a
VIE
may
also
be
jeopardized
if
a
natural
person
who
holds
the
equity
interest
in
the
VIE
breaches
the
terms
of
the
contractual
arrangements,
is
subject
to
legal
proceedings,
or
if
any
physical
instruments
or
property
of
the
VIE,
such
as
seals,
business
registration
certificates,
financial
data
and
licensing
arrangements
(sometimes
referred
to
as
“chops”),
are
used
without
authorization.
In
the
event
of
such
an
occurrence,
the
Fund,
as
a
foreign
investor,
may
have
little
or
no
legal
recourse.
In
addition
to
the
risk
of
government
intervention,
investments
through
a
VIE
structure
are
subject
to
the
risks
that
the
China-based
company
(or
its
officers,
directors,
or
Chinese
equity
owners)
may
breach
the
contractual
arrangements,
that
Chinese
law
changes
in
a
way
that
adversely
affects
the
enforceability
of
the
arrangements
and
that
the
contracts
are
otherwise
not
enforceable
under
Chinese
law,
in
which
case
a
Fund
may
suffer
significant
losses
on
its
investments
through
a
VIE
structure
with
little
or
no
recourse
available.
Further,
the
Fund
is
not
a
VIE
owner/shareholder
and
cannot
exert
influence
through
proxy
voting
or
other
means.
Foreign
companies
listed
on
stock
exchanges
in
the
United
States,
including
companies
using
the
VIE
structure,
could
also
face
delisting
or
other
ramifications
for
failure
to
meet
the
expectations
and/or
requirements
of
U.S.
regulators.
Recently,
however,
China
has
proposed
the
adoption
of
rules
which
would
affirm
that
VIEs
are
legally
permissible,
though
there
remains
significant
uncertainty
over
how
these
rules
will
operate.
Any
of
these
risks
could
reduce
the
liquidity
and
value
of
the
Fund’s
investments
in
Holding
Companies
or
render
them
valueless.
Note
9.
Subsequent
events
Management
has
evaluated
the
events
and
transactions
that
have
occurred
through
the
date
the
financial
statements
were
issued
and
noted
no
items
requiring
adjustment
of
the
financial
statements
or
additional
disclosure.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
March
31,
2022
Thematic
Beta
ETFs
|
Annual
Report
2022
43
Note
10.
Information
regarding
pending
and
settled
legal
proceedings
Ameriprise
Financial
and
certain
of
its
affiliates
are
involved
in
the
normal
course
of
business
in
legal
proceedings
which
include
regulatory
inquiries,
arbitration
and
litigation,
including
class
actions
concerning
matters
arising
in
connection
with
the
conduct
of
its
activities
as
a
diversified
financial
services
firm.
Ameriprise
Financial
believes
that
the
Funds
are
not
currently
the
subject
of,
and
that
neither
Ameriprise
Financial
nor
any
of
its
affiliates
are
the
subject
of,
any
pending
legal,
arbitration
or
regulatory
proceedings
that
are
likely
to
have
a
material
adverse
effect
on
the
Funds
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Funds.
Ameriprise
Financial
is
required
to
make
quarterly
(10-Q),
annual
(10-K)
and,
as
necessary,
8-K
filings
with
the
Securities
and
Exchange
Commission
(SEC)
on
legal
and
regulatory
matters
that
relate
to
Ameriprise
Financial
and
its
affiliates.
Copies
of
these
filings
may
be
obtained
by
accessing
the
SEC
website
at
www.sec.gov.
There
can
be
no
assurance
that
these
matters,
or
the
adverse
publicity
associated
with
them,
will
not
result
in
increased
Fund
redemptions,
reduced
sale
of
Fund
shares
or
other
adverse
consequences
to
the
Funds.
Further,
although
we
believe
proceedings
are
not
likely
to
have
a
material
adverse
effect
on
the
Funds
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Funds,
these
proceedings
are
subject
to
uncertainties
and,
as
such,
we
are
unable
to
estimate
the
possible
loss
or
range
of
loss
that
may
result.
An
adverse
outcome
in
one
or
more
of
these
proceedings
could
result
in
adverse
judgments,
settlements,
fines,
penalties
or
other
relief
that
could
have
a
material
adverse
effect
on
the
consolidated
financial
condition
or
results
of
operations
of
Ameriprise
Financial
or
one
or
more
of
its
affiliates
that
provides
services
to
the
Funds.
44
Thematic
Beta
ETFs
|
Annual
Report
2022
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Trustees
of
Columbia
ETF
Trust
II
and
Shareholders
of
Columbia
EM
Core
ex-China
ETF,
Columbia
Emerging
Markets
Consumer
ETF
and
Columbia
India
Consumer
ETF
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities,
including
the
portfolios
of
investments,
of
Columbia
EM
Core
ex-China
ETF,
Columbia
Emerging
Markets
Consumer
ETF
and
Columbia
India
Consumer
ETF
(three
of
the
funds
constituting
Columbia
ETF
Trust
II,
hereafter
collectively
referred
to
as
the
"Funds")
as
of
March
31,
2022,
the
related
statements
of
operations
for
the
year
ended
March
31,
2022,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
March
31,
2022,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
March
31,
2022
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
each
of
the
Funds
as
of
March
31,
2022,
the
results
of
each
of
their
operations
for
the
year
then
ended,
the
changes
in
each
of
their
net
assets
for
each
of
the
two
years
in
the
period
ended
March
31,
2022
and
each
of
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
March
31,
2022
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
March
31,
2022
by
correspondence
with
the
custodian
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/PricewaterhouseCoopers
LLP
Minneapolis,
Minnesota
May 23,
2022
We
have
served
as
the
auditor
of
one
or
more
investment
companies
within
the
Columbia
Funds
Complex
since
1977.
FEDERAL
INCOME
TAX
INFORMATION
(Unaudited)
Thematic
Beta
ETFs
|
Annual
Report
2022
45
The
Funds
hereby
designate
the
following
tax
attributes
for
the
fiscal
year
ended
March
31,
2022
.
Shareholders
will
be
notified
in
early
2023
of
the
amounts
for
use
in
preparing
2022
income
tax
returns.
Qualified
dividend
income.
For
taxable,
non-corporate
shareholders,
the
percentage
of
ordinary
income
distributed
during
the
fiscal
year
that
represents
qualified
dividend
income
subject
to
reduced
tax
rates.
Foreign
Taxes.
The
Fund
makes
the
election
to
pass
through
to
shareholders
the
foreign
taxes
paid.
Eligible
shareholders
may
claim
a
foreign
tax
credit.
These
taxes,
and
the
corresponding
foreign
source
income,
are
provided.
The
Funds
designate
as
a
capital
gain
dividend
the
amount
reflected
below,
or
if
subsequently
determined
to
be
different,
the
net
capital
gain
of
such
fiscal
period.
Funds
Qualified
dividend
income
Foreign
taxes
paid
Foreign
taxes
paid
per
share
Foreign
source
income
Foreign
source
income
per
share
Columbia
EM
Core
ex-China
ETF
59.00%
$205,785
$0.07
$1,508,028
$0.49
Columbia
Emerging
Markets
Consumer
ETF
81.61%
$423,159
$0.08
$3,294,973
$0.60
Columbia
India
Consumer
ETF
100.00%
$722,446
$0.47
$1,641,224
$1.06
Funds
Columbia
EM
Core
ex-China
ETF
$68,396
Columbia
India
Consumer
ETF
$13,793,904
TRUSTEES
AND
OFFICERS
(Unaudited)
46
Thematic
Beta
ETFs
|
Annual
Report
2022
The
Board
oversees
the
Funds’
operations
and
appoints
officers
who
are
responsible
for
day-to-day
business
decisions
based
on
policies
set
by
the
Board.
The
following
table
provides
basic
biographical
information
about
the
Funds’
Trustees
as
of
the
printing
of
this
report,
including
their
principal
occupations
during
the
past
five
years,
although
specific
titles
for
individuals
may
have
varied
over
the
period.
The
year
set
forth
beneath
Length
of
Service
in
the
table
below
is
the
year
in
which
the
Trustee
was
first
appointed
or
elected
as
Trustee
to
any
Fund
currently
in
the
Columbia
Funds
Complex
or
a
predecessor
thereof.
Under
current
Board
policy,
each
Trustee
generally
serves
until
December
31
of
the
year
such
Trustee
turns
seventy-five
(75).
Independent
trustees
Name,
Address,
Year
of
Birth
Position
Held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex*
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
George
S.
Batejan
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1953
Trustee
2017
Executive
Vice
President,
Global
Head
of
Technology
and
Operations,
Janus
Capital
Group,
Inc.,
2010-2016
176
Former
Chairman
of
the
Board,
NICSA
(National
Investment
Company
Services
Association)
(Executive
Committee,
Nominating
Committee
and
Governance
Committee),
2014-2016;
former
Director,
Intech
Investment
Management,
2011-2016;
former
Board
Member,
Metro
Denver
Chamber
of
Commerce,
2015-2016;
former
Advisory
Board
Member,
University
of
Colorado
Business
School,
2015-2018
Kathleen
Blatz
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
2006
Attorney,
specializing
in
arbitration
and
mediation;
Chief
Justice,
Minnesota
Supreme
Court,
1998-2006;
Associate
Justice,
Minnesota
Supreme
Court,
1996-1998;
Fourth
Judicial
District
Court
Judge,
Hennepin
County,
1994-1996;
Attorney
in
private
practice
and
public
service,
1984-1993;
State
Representative,
Minnesota
House
of
Representatives,
1979-1993,
which
included
service
on
the
Tax
and
Financial
Institutions
and
Insurance
Committees;
Member
and
Interim
Chair,
Minnesota
Sports
Facilities
Authority,
January
-July 2017;
Interim
President
and
Chief
Executive
Officer,
Blue
Cross
and
Blue
Shield
of
Minnesota
(health
care
insurance),
February-July
2018,
April-October
2021
176
Trustee,
BlueCross
BlueShield
of
Minnesota
since
2009-2021
(Chair
of
the
Business
Development
Committee,
2014-2017;
Chair
of
the
Governance
Committee,
2017-2019);
former
Member
and
Chair
of
the
Board,
Minnesota
Sports
Facilities
Authority,
January
2017-July
2017;
former
Director,
Robina
Foundation,
2009-2020
(Chair,
2014-2020);
Director,
Richard
M.
Schulze
Family
Foundation,
since
2021
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Thematic
Beta
ETFs
|
Annual
Report
2022
47
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
Held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex*
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
Pamela
G.
Carlton
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
2007
President,
Springboard-
Partners
in
Cross
Cultural
Leadership
(consulting
company)
since
2003;
Managing
Director
of
US
Equity
Research,
JP
Morgan
Chase,
1999-2003;
Director
of
US
Equity
Research,
Chase
Asset
Management,
1996-
1999;
Co-Director
Latin
America
Research,
1993-1996,
COO
Global
Research,
1992-1996,
Co-Director
of
US
Research,
1991-1992,
Investment
Banker,
1982-1991,
Morgan
Stanley;
Attorney,
Cleary
Gottlieb
Steen
&
Hamilton
LLP,
1980-1982
176
Trustee,
New
York
Presbyterian
Hospital
Board
(Executive
Committee
and
Chair
of
People
Committee)
since
1996;
Director,
DR
Bank
(Audit
Committee)
since
2017;
Director,
Evercore
Inc.
(Audit
Committee);
Director,
Apollo
Commercial
Real
Estate
Finance,
Inc.
since
2021;
the
Governing
Council
of
the
Independent
Directors
Council
(IDC),
since
2021
Janet
Langford
Carrig
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1957
Trustee
1996
Senior
Vice
President,
General
Counsel
and
Corporate
Secretary,
ConocoPhillips
(independent
energy
company),
September
2007-October
2018
174
Director,
EQT
Corporation
(natural
gas
producer)
since
2019;
Director,
Whiting
Petroleum
Corporation
(independent
oil
and
gas
company)
since
2020
J.
Kevin
Connaughton
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1964
Trustee
2020
Member,
FINRA
National
Adjudicatory
Council
since
January
2020;
Adjunct
Professor
of
Finance,
Bentley
University
since
January
2018;
Consultant
to
Independent
Trustees
of
CFVIT
and
CFST
I
from
March
2016
to
June
2020
with
respect
to
CFVIT
and
to
December
2020
with
respect
to
CFST
I;
Managing
Director
and
General
Manager
of
Mutual
Fund
Products,
Columbia
Management
Investment
Advisers,
LLC,
May
2010-February
2015;
President,
Columbia
Funds,
2008-2015;
and
senior
officer
of
Columbia
Funds
and
affiliated
funds,
2003-2015
174
Former
Director,
The
Autism
Project,
March
2015-
December
2021;
former
Member
of
the
Investment
Committee,
St.
Michael’s
College,
November
2015-February
2020;
former
Trustee,
St.
Michael’s
College,
June
2017-September
2019;
former
Trustee,
New
Century
Portfolios,
January
2015-December
2017
Olive
M.
Darragh
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1962
Trustee
2020
Managing
Director
of
Darragh
Inc.
(strategy
and
talent
management
consulting
firm)
since
2010;
Founder
and
CEO,
Zolio,
Inc.
(investment
management
talent
identification
platform)
since
2004;
Consultant
to
Independent
Trustees
of
CFVIT
and
CFST
I
from
June
2019
to
June
2020
with
respect
to
CFVIT
and
to
December
2020
with
respect
to
CFST
I;
Partner,
Tudor
Investments,
2004-2010;
Senior
Partner,
McKinsey
&
Company
(consulting),
1990-
2004;
Touche
Ross
CPA,
1985-1988
174
Former
Director,
University
of
Edinburgh
Business
School
(Member
of
US
Board);
former
Director,
Boston
Public
Library
Foundation
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
48
Thematic
Beta
ETFs
|
Annual
Report
2022
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
Held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex*
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
Patricia
M.
Flynn
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1950
Trustee
2004
Trustee
Professor
of
Economics
and
Management,
Bentley
University
since
1976
(also
teaches
and
conducts
research
on
corporate
governance);
Dean,
McCallum
Graduate
School
of
Business,
Bentley
University,
1992-2002
176
Trustee,
MA
Taxpayers
Foundation
since
1997;
Board
of
Governors,
Innovation
Institute,
MA
Technology
Collaborative
2010-2020;
former
Board
of
Directors,
The
MA
Business
Roundtable,
2003-2019
Brian
J.
Gallagher
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1954
Trustee
2017
Retired;
Partner
with
Deloitte
&
Touche
LLP
and
its
predecessors,
1977-2016
176
Trustee,
Catholic
Schools
Foundation
since
2004
Douglas
A.
Hacker
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1955
Co-Chair
since
2021;
Chair
of
CFST
I
and
CFVIT
since
2014;
Trustee
of
CFST
I
and
CFVIT
since
1996
and
CFST,
CFST
II,
CFVST
II,
CET
I
and
CET
II
2021
Independent
business
executive
since
May
2006;
Executive
Vice
President
–
Strategy
of
United
Airlines,
December
2002-May
2006;
President
of
UAL
Loyalty
Services
(airline
marketing
company),
September
2001-December
2002;
Executive
Vice
President
and
Chief
Financial
Officer
of
United
Airlines,
July
1999-September
2001
176
Director,
Spartan
Nash
Company
(food
distributor);
Director,
Aircastle
Limited
(Chair
of
Audit
Committee)
(aircraft
leasing);
former
Director,
Nash
Finch
Company
(food
distributor),
2005-
2013;
former
Director,
SeaCube
Container
Leasing
Ltd.
(container
leasing),
2010-2013;
and
former
Director,
Travelport
Worldwide
Limited
(travel
information
technology),
2014-2019
Nancy
T.
Lukitsh
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1956
Trustee
2011
Senior
Vice
President,
Partner
and
Director
of
Marketing,
Wellington
Management
Company,
LLP
(investment
adviser),
1997-
2010;
Chair,
Wellington
Management
Portfolios
(commingled
non-U.S.
investment
pools),
2007
-2010;
Director,
Wellington
Trust
Company,
NA
and
other
Wellington
affiliates,
1997-2010
174
None
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Thematic
Beta
ETFs
|
Annual
Report
2022
49
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
Held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex*
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
David
M.
Moffett
c/o
Columbia
Management
Investment
Advisers,
LLC,
225
Franklin
Street,
Mail
Drop
BX32
05228,
Boston,
MA
02210
1952
Trustee
2011
Retired;
Consultant
to
Bridgewater
and
Associates
174
Director,
CSX
Corporation
(transportation
suppliers);
Director,
Genworth
Financial,
Inc.
(financial
and
insurance
products
and
services);
Director,
PayPal
Holdings
Inc.
(payment
and
data
processing
services);
Trustee,
University
of
Oklahoma
Foundation;
former
Director,
eBay
Inc.
(online
trading
community),
2007-2015;
and
former
Director,
CIT
Bank,
CIT
Group
Inc.
(commercial
and
consumer
finance),
2010-2016
Catherine
James
Paglia
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1952
Co-Chair
since
2021;
Chair
of
CFST,
CFST
II,
CFVST
II,
CET
I
and
CET
II
since
2020;
Trustee
of
CFST,
CFST
II,
CFVST
II,
CET
I
and
CET
II
since
2004
and
CFST
I
and
CFVIT
since
2021
Director,
Enterprise
Asset
Management,
Inc.
(private
real
estate
and
asset
management
company)
since
September
1998;
Managing
Director
and
Partner,
Interlaken
Capital,
Inc.,
1989-1997;
Vice
President,
1982-1985,
Principal,
1985-1987,
Managing
Director,
1987-1989,
Morgan
Stanley;
Vice
President,
Investment
Banking,
1980-1982,
Associate,
Investment
Banking,
1976-1980,
Dean
Witter
Reynolds,
Inc.
176
Director,
Valmont
Industries,
Inc.
(irrigation
systems
manufacturer)
since
2012;
Trustee,
Carleton
College
(on
the
Investment
Committee);
Trustee,
Carnegie
Endowment
for
International
Peace
(on
the
Investment
Committee)
Minor
M.
Shaw
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1947
Trustee
2003
President,
Micco
LLC
(private
investments)
since
2011;
President,
Micco
Corp.
(family
investment
business),
1998-2011
176
Director,
Blue
Cross
Blue
Shield
of
South
Carolina
(Chair
of
Compensation
Committee)
since
April
2008;
Trustee,
Hollingsworth
Funds
(on
the
Investment
Committee)
since
2016
(previously
Board
Chair
from
2016-2019);
Former
Advisory
Board
member,
Duke
Energy
Corp.,
2016-
2020;
Chair
of
the
Duke
Endowment;
Chair
of
Greenville
–
Spartanburg
Airport
Commission;
former
Trustee,
BofA
Funds
Series
Trust
(11
funds),
2003-2011;
former
Director,
Piedmont
Natural
Gas,
2004-2016;
former
Director,
National
Association
of
Corporate
Directors,
Carolinas
Chapter,
2013-2018;
Chair
of
Daniel-Mickel
Foundation
since
1998
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
50
Thematic
Beta
ETFs
|
Annual
Report
2022
*
The
term
“Columbia
Funds
Complex”
as
used
herein
includes
Columbia
Seligman
Premium
Technology
Growth
Fund,
Tri-Continental
Corporation
and
each
series
of
Columbia
Funds
Series
Trust
(CFST),Columbia
Funds
Series
Trust
I
(CFST
I),
Columbia
Funds
Series
Trust
II
(CFST
II),
Columbia
ETF
Trust
I
(CET
I),
Columbia
ETF
Trust
II
(CET
II),
Columbia
Funds
Variable
Insurance
Trust
(CFVIT)
and
Columbia
Funds
Variable
Series
Trust
II
(CFVST
II).
Messrs.
Batejan,
Beckman,
Gallagher
and
Hacker
and
Mses.
Blatz,
Carlton,
Flynn,
Paglia,
Shaw
and
Yeager
serve
as
a
directors
of
Columbia
Seligman
Premium
Technology
Growth
Fund
and
Tri-Continental
Corporation.
Independent
trustees
(continued)
Name,
Address,
Year
of
Birth
Position
Held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex*
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
Natalie
A.
Trunow
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1967
Trustee
2020
Chief
Executive
Officer,
Millennial
Portfolio
Solutions
LLC
(asset
management
and
consulting
services)
January
2016-
January
2021;
Non-executive
Member
of
the
Investment
Committee
and
Valuation
Committee,
Sarona
Asset
Management
Inc.
(private
equity
firm)
since
September
2019;
Advisor,
Horizon
Investments
(asset
management
and
consulting
services),
August
2018-January
2021;
Advisor,
Paradigm
Asset
Management
November
2016-December
2021;
Consultant
to
Independent
Trustees
of
CFVIT
and
CFST
I
from
September
2016
to
June
2020
with
respect
to
CFVIT
and
to
December
2020
with
respect
to
CFST
I;
Director
of
Investments/Consultant,
Casey
Family
Programs,
April
2016-November
2016;
Senior
Vice
President
and
Chief
Investment
Officer,
Calvert
Investments,
August
2008-January
2016;
Section
Head
and
Portfolio
Manager,
General
Motors
Asset
Management,
June
1997-August
2008
174
Former
Director,
Investment
Committee,
Health
Services
for
Children
with
Special
Needs,
Inc.,
2012-
2019;
Director,
Chair
of
Audit
Committee,
Consumer
Credit
Counseling
Services
(formerly
Guidewell
Financial
Solutions),
since
2019;
Independent
Director,
Investment
Committee
and
Valuation
Committee,
Sarona
Asset
Management,
since
2019
Sandra
L.
Yeager
c/o
Columbia
Management
Investment
Advisers,
LLC,
290
Congress
Street
Boston,
MA
02210
1964
Trustee
2017
Retired;
President
and
founder,
Hanoverian
Capital,
LLC
(SEC
registered
investment
advisor
firm),
2008-2016;
Managing
Director,
DuPont
Capital,
2006-2008;
Managing
Director,
Morgan
Stanley
Investment
Management,
2004-2006;
Senior
Vice
President,
Alliance
Bernstein,
1990-2004
176
Former
Director,
NAPE
Education
Foundation,
October
2016-October
2020
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
Thematic
Beta
ETFs
|
Annual
Report
2022
51
*
Interested
person
(as
defined
under
the
1940 Act)
by
reason
of
being
an
officer,
director,
security
holder
and/or
employee
of
the
Investment
Manager
or
Ameriprise
Financial.
The
Statement
of
Additional
Information
has
additional
information
about
the
Fund’s
Board
members
and
is
available,
without
charge,
upon
request
by
calling
800.345.6611,
visiting
columbiathreadneedleus.com/etfs
or
contacting
your
financial
intermediary.
The
Board
has
appointed
officers
who
are
responsible
for
day-to-day
business
decisions
based
on
policies
it
has
established.
The
officers
serve
at
the
pleasure
of
the
Board.
The
following
table
provides
basic
information
about
the
Officers
of
the
Trusts
as
of
the
printing
of
this
report,
including
principal
occupations
during
the
past
five
years,
although
their
specific
titles
may
have
varied
over
the
period.
In
addition
to
Mr.
Beckman
who
is
the
President
and
Principal
Executive
Officer,
the
Funds'
other
officers
are:
Interested
trustee
affiliated
with
Investment
Manager*
Name,
Address,
Year
of
Birth
Position
Held
with
the
Columbia
Funds
and
Length
of
Service
Principal
Occupation(s)
During
the
Past
Five
Years
and
Other
Relevant
Professional
Experience
Number
of
Funds
in
the
Columbia
Funds
Complex*
Overseen
Other
Directorships
Held
by
Trustee
During
the
Past
Five
Years
Daniel
J.
Beckman
c/o
Columbia
Management
Investment
Advisers,
LLC
290
Congress
Street
Boston,
MA
02210
1962
Trustee
since
November
2021
and
President
since
June
2021
Vice
President
–
Head
of
North
America
Product,
Columbia
Management
Investment
Advisers,
LLC
since
April
2015;
President
and
Principal
Executive
Officer
of
the
Columbia
Funds
since
June
2021;
officer
of
Columbia
Funds
and
affiliated
funds,
2020-2021
176
Director,
Ameriprise
Trust
Company,
since
October
2016;
Director,
Columbia
Management
Investment
Distributors,
Inc.
since
November
2018;
Board
of
Governors,
Columbia
Wanger
Asset
Management,
LLC
since
January
2022
Fund
officers
Name,
Address,
and
Year
of
Birth
Position
and
Year
First
Appointed
to
Position
for
any
Fund
in
the
Columbia
Funds
Complex
or
a
Predecessor
Thereof
Principal
Occupation(s)
During
the
Past
Five
Years
Michael
G.
Clarke
290
Congress
Street
Boston,
MA
02210
1969
Chief
Financial
Officer
and
Principal
Financial
Officer
(2009)
and
Senior
Vice
President
(2019)
Senior
Vice
President
and
Head
of
Global
Operations
&
Investor
Services,
Columbia
Management
Investment
Advisers,
LLC,
since
March
2022
(previously
Vice
President,
Head
of
North
American
Operations,
and
Co-Head
of
Global
Operations,
June
2019
to
February
2022
and
Vice
President
–
Accounting
and
Tax,
May
2010
-
May
2019);
senior
officer
of
Columbia
Funds
and
affiliated
funds
since
2002.
Joseph
Beranek
5890
Ameriprise
Financial
Center
Minneapolis,
MN
55474
1965
Treasurer
and
Chief
Accounting
Officer
(Principal
Accounting
Officer)
(2019)
and
Principal
Financial
Officer
(2020),
CFST,
CFST
I,
CFST
II,
CFVIT
and
CFVST
II;
Assistant
Treasurer,
CET
I
and
CET
II
Vice
President
–
Mutual
Fund
Accounting
and
Financial
Reporting,
Columbia
Management
Investment
Advisers,
LLC,
since
December
2018
and
March
2017,
respectively
(previously
Vice
President
–
Pricing
and
Corporate
Actions,
May
2010
–
March
2017).
TRUSTEES
AND
OFFICERS
(continued)
(Unaudited)
52
Thematic
Beta
ETFs
|
Annual
Report
2022
Fund
officers
(continued)
Name,
Address,
and
Year
of
Birth
Position
and
Year
First
Appointed
to
Position
for
any
Fund
in
the
Columbia
Funds
Complex
or
a
Predecessor
Thereof
Principal
Occupation(s)
During
the
Past
Five
Years
Marybeth
Pilat
290
Congress
Street
Boston,
MA
02210
1968
Treasurer
and
Chief
Accounting
Officer
(Principal
Accounting
Officer)
and
Principal
Financial
Officer
(2020)
for
CET
I
and
CET
II;
Assistant
Treasurer,
CFST,
CFST
I,
CFST
II,
CFVIT
and
CFVST
II
Vice
President
–
Product
Pricing
and
Administration,
Columbia
Management
Investment
Advisers,
LLC,
since
May
2017;
Director
-
Fund
Administration,
Calvert
Investments,
August
2015
–
March
2017;
Vice
President
-
Fund
Administration,
Legg
Mason,
May
2015
-
July
2015;
Vice
President
-
Fund
Administration,
Columbia
Management
Investment
Advisers,
LLC,
May
2010
-
April
2015.
William
F.
Truscott
290
Congress
Street
Boston,
MA
02210
1960
Senior
Vice
President
(2001)
Formerly,
Trustee/Director
of
Columbia
Funds
Complex
or
legacy
funds,
November
2001
–
January
1,
2021;
Chief
Executive
Officer,
Global
Asset
Management,
Ameriprise
Financial,
Inc.
since
September
2012;
Chairman
of
the
Board
and
President,
Columbia
Management
Investment
Advisers,
LLC
since
July
2004
and
February
2012,
respectively;
Chairman
of
the
Board
and
Chief
Executive
Officer,
Columbia
Management
Investment
Distributors,
Inc.
since
November
2008
and
February
2012,
respectively;
Chairman
of
the
Board
and
Director,
Threadneedle
Asset
Management
Holdings,
Sàrl
since
March
2013
and
December
2008,
respectively;
senior
executive
of
various
entities
affiliated
with
Columbia
Threadneedle.
Christopher
O.
Petersen
5228
Ameriprise
Financial
Center
Minneapolis,
MN
55474
1970
Senior
Vice
President
and
Assistant
Secretary
(2021)
Formerly,
Trustee/Director
of
funds
within
the
Columbia
Funds
Complex,
July
1,
2020
-
November
22,
2021;
Senior
Vice
President
and
Assistant
General
Counsel,
Ameriprise
Financial,
Inc.
since
September
2021
(previously
Vice
President
and
Lead
Chief
Counsel,
January
2015
-
September
2021);
President
and
Principal
Executive
Officer
of
the
Columbia
Funds,
2015
-
2021;
officer
of
Columbia
Funds
and
affiliated
funds
since
2007.
Thomas
P.
McGuire
290
Congress
Street
Boston,
MA
02210
1972
Senior
Vice
President
and
Chief
Compliance
Officer
(2012)
Vice
President
–
Asset
Management
Compliance,
Ameriprise
Financial,
Inc.,
since
May
2010;
Chief
Compliance
Officer,
Columbia
Acorn/Wanger
Funds
since
December
2015;
Chief
Compliance
Officer,
Ameriprise
Certificate
Company
September
2010
–
September
2020.
Ryan
C.
Larrenaga
290
Congress
Street
Boston,
MA
02210
1970
Senior
Vice
President
(2017),
Chief
Legal
Officer
(2017)
and
Secretary
(2015)
Vice
President
and
Chief
Counsel,
Ameriprise
Financial,
Inc.
since
August
2018
(previously
Vice
President
and
Group
Counsel,
August
2011
–
August
2018);
Chief
Legal
Officer,
Columbia
Acorn/Wanger
Funds,
since
September
2020;
officer
of
Columbia
Funds
and
affiliated
funds
since
2005.
Michael
E.
DeFao
290
Congress
Street
Boston,
MA
02210
1968
Vice
President
(2011)
and
Assistant
Secretary
(2010)
Vice
President
and
Chief
Counsel,
Ameriprise
Financial,
Inc.
since
May 2010;
Vice
President,
Chief
Legal
Officer
and
Assistant
Secretary,
Columbia
Management
Investment
Advisers,
LLC
since
October
2021
(previously
Vice
President
and
Assistant
Secretary,
May
2010
–
September
2021).
Lyn
Kephart-Strong
5228
Ameriprise
Financial
Center
Minneapolis,
MN
55474
1960
Vice
President
(2015)
President,
Columbia
Management
Investment
Services
Corp.
since
October 2014;
Vice
President &
Resolution
Officer,
Ameriprise
Trust
Company
since
August 2009.
LIQUIDITY
RISK
MANAGEMENT
PROGRAM
(Unaudited)
Thematic
Beta
ETFs
|
Annual
Report
2022
53
Pursuant
to
Rule
22e-4
under
the
1940
Act,
each
Fund
has
adopted
a
liquidity
risk
management
program
(the
Program).
The
Program’s
principal
objectives
include
assessing,
managing
and
periodically
reviewing
the
Fund’s
liquidity
risk.
Liquidity
risk
is
defined
as
the
risk
that
the
Fund
could
not
meet
redemption
requests
without
significant
dilution
of
remaining
investors’
interests
in
the
Fund.
The
Board
has
appointed
the
Investment
Manager
as
the
program
administrator
for
each
Fund’s
Program.
The
Investment
Manager
has
delegated
oversight
of
the
Program
to
its
Liquidity
Risk
Management
Committee
(the
Committee).
At
a
board
meeting
during
the
fiscal
period,
the
Committee
provided
the
Board
with
a
report
addressing
the
operations
of
the
program
and
assessing
its
adequacy
and
effectiveness
of
implementation
for
the
period
January
1,
2021,
through
December
31,
2021,
including:
the
Fund
had
sufficient
liquidity
to
both
meet
redemptions
and
operate
effectively
on
behalf
of
shareholders;
there
were
no
material
changes
to
the
Program
during
the
period;
the
implementation
of
the
Program
was
effective
to
manage
the
Fund’s
liquidity
risk;
and
the
Program
operated
adequately
during
the
period.
There
can
be
no
assurance
that
the
Program
will
achieve
its
objectives
in
the
future.
Please
refer
to
the
Fund’s
prospectus
for
more
information
regarding
the
Fund’s
exposure
to
liquidity
risk
and
other
principal
risks
to
which
an
investment
in
the
Fund
may
be
subject.
ADDITIONAL
INFORMATION
54
Thematic
Beta
ETFs
|
Annual
Report
2022
Proxy
voting
policies
and
procedures
A
description
of
the
Trust’s
proxy
voting
policies
and
procedures
that
the
Trust
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities,
and
each
Fund’s
proxy
voting
record
for
the
most
recent
twelve-month
period
ended
June 30
is
available,
without
charge,
by
visiting
columbiathreadneedleus.com/etfs
or
searching
the
website
of
the
Securities
and
Exchange
Commission
(the
SEC)
at
sec.gov.
Quarterly
schedule
of
investments
Each
Fund
files
a
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
on
Form
N-PORT.
The
Funds’
Form
N-PORTs
are
available
on
the
SEC’s
website
at
sec.gov.
Each
Fund’s
complete
schedule
of
portfolio
holdings,
as
filed
on
Form
N-PORT,
can
also
be
obtained
without
charge,
upon
request,
by
calling
888.800.4347.
Additional
Fund
information
For
more
information
about
the
Funds,
please
visit
columbiathreadneedleus.com/etfs
or
call
888.800.4347.
Premium/discount
information
for
the
Funds
covering
the
most
recently
completed
calendar
year
and
the
most
recently
completed
calendar
quarters
since
that
year
(or
since
the
Fund
began
trading,
if
shorter)
is
publicly
accessible,
free
of
charge,
at
columbiathreadneedleus.com/etfs.
Fund
investment
manager
Columbia
Management
Investment
Advisers,
LLC
290
Congress
Street
Boston,
MA
02210
Fund
distributor
ALPS
Distributors,
Inc.
1290
Broadway
Suite
1000
Denver,
CO
80203
ALPS
Distributors,
Inc.
is
not
affiliated
with
Columbia
Management
Investment
Advisers,
LLC.
Fund
administrator,
custodian
&
transfer
agent
The
Bank
of
New
York
Mellon
Corp.
240
Greenwich
Street
New
York,
NY
10286
The
Bank
of
New
York
Mellon
Corp.
is
not
affiliated
with
Columbia
Management
Investment
Advisers,
LLC.
Columbia
ETF
Trust
II
290
Congress
Street
Boston,
MA,
02210
ANN279_03_M01_(05/22)
CET001573
Investors
should
consider
the
investment
objectives,
risks,
charges
and
expenses
of
an
exchange-traded
fund
(ETF)
carefully
before
investing.
For
a
free
prospectus
and
summary
prospectus,
which
contains
this
and
other
important
information
about
the
ETFs,
visit
columbiathreadneedleus.com/etfs.
Read
the
prospectus
and
summary
prospectus
carefully
before
investing.
Columbia
Management
Investment
Advisers,
LLC
serves
as
the
investment
manager
to
the
ETFs.
The
ETFs
are
distributed
by
ALPS
Distributors,
Inc.,
which
is
not
affiliated
with
Columbia
Management
Investment
Advisers,
LLC,
or
its
parent
company,
Ameriprise
Financial,
Inc.
©
2022
Columbia
Management
Investment
Advisers,
LLC.
columbiathreadneedleus.com/etfs
Item 2. Code of Ethics.
(a)The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.
(b)During the period covered by this report, there were not any amendments to a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item.
(c)During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the code of ethics to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party that relates to one or more of the items set forth in paragraph (b) of this Item.
Item 3. Audit Committee Financial Expert.
The registrant's Board of Trustees has determined that David M. Moffett, Brian J. Gallagher, J. Kevin Connaughton and Sandra L. Yeager, each of whom are members of the registrant's Board of Trustees and Audit Committee, each qualify as an audit committee financial expert. Mr. Moffett, Mr. Gallagher, Mr. Connaughton, and Ms. Yeager are each independent trustees, as defined in paragraph (a)(2) of this item's instructions.
Item 4. Principal Accountant Fees and Services.
Fee information below is disclosed for the three series of the registrant whose reports to stockholders are included in this annual filing.
(a)Audit Fees. Aggregate Audit Fees billed by the principal accountant for professional services rendered during the fiscal years ended March 31, 2022 and March 31, 2021 are approximately as follows:
20222021
$46,500 �� $46,500
Audit Fees include amounts related to the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.
(b)Audit-Related Fees. Aggregate Audit-Related Fees billed to the registrant by the principal accountant for professional services rendered during the fiscal years ended March 31, 2022 and March 31, 2021 are approximately as follows:
2022 | 2021 |
$0 | $0 |
Audit-Related Fees, if any, include amounts for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported in Audit Fees above.
During the fiscal years ended March 31, 2022 and March 31, 2021, there were no Audit- Related Fees billed by the registrant's principal accountant to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.
(c)Tax Fees. Aggregate Tax Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended March 31, 2022 and March 31, 2021 are approximately as follows:
2022 | 2021 |
$0 | $0 |
Tax Fees, if any, include amounts for the review of annual tax returns, the review of required shareholder distribution calculations and typically include amounts for professional services by the principal accountant for tax compliance, tax advice and tax planning.
During the fiscal years ended March 31, 2022 and March 31, 2021, there were no Tax Fees billed by the registrant's principal accountant to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.
(d)All Other Fees. Aggregate All Other Fees billed by the principal accountant to the registrant for professional services rendered during the fiscal years ended March 31, 2022 and March 31, 2021 are approximately as follows:
2022 | 2021 |
$0 | $0 |
All Other Fees include amounts for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) above.
During the fiscal years ended March 31, 2022 and March 31, 2021, there were no Aggregate All Other Fees billed by the registrant's principal accountant to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.
(e)(1) Audit Committee Pre-Approval Policies and Procedures
The registrant's Audit Committee is required to pre-approve the engagement of the registrant's independent auditors to provide audit and non-audit services to the registrant and non-audit services to its investment adviser (excluding any sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser (the "Adviser") or any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (a "Control Affiliate") if the engagement relates directly to the operations and financial reporting of the registrant.
The Audit Committee has adopted a Policy for Engagement of Independent Auditors for Audit and Non-Audit Services (the "Policy"). The Policy sets forth the understanding of the Audit Committee regarding the engagement of the registrant's independent accountants to provide (i) audit and permissible audit-related, tax and other services to the registrant ("Fund Services"); (ii) non-audit services to the registrant's Adviser and any Control Affiliates, that relates directly to the operations and financial reporting of a Fund ("Fund-related Adviser Services"); and (iii) certain other audit and non-audit services to the registrant's Adviser and its Control Affiliates. A service will require specific pre-approval by the Audit Committee if it is to be provided by the Fund's independent auditor; provided, however, that pre-approval of non-audit services to the Fund, the Adviser or Control Affiliates may be waived if certain de minimis requirements set forth in the SEC's rules are met.
Under the Policy, the Audit Committee may delegate pre-approval authority to any pre- designated member or members who are independent board members. The member(s) to whom such authority is delegated must report, for informational purposes only, any pre- approval decisions to the Audit Committee at its next regular meeting. The Audit Committee's responsibilities with respect to the pre-approval of services performed by the independent auditor may not be delegated to management.
On an annual basis, at a regularly scheduled Audit Committee meeting, the Fund's Treasurer or other Fund officer shall submit to the Audit Committee a schedule of the types of Fund Services and Fund-related Adviser Services that are subject to specific pre- approval. This schedule will provide a description of each type of service that is subject to specific pre-approval, along with total projected fees for each service. The pre- approval will generally cover a one-year period. The Audit Committee will review and
approve the types of services and the projected fees for the next one-year period and may add to, or subtract from, the list of pre-approved services from time to time, based on subsequent determinations. This specific approval acknowledges that the Audit Committee is in agreement with the specific types of services that the independent auditor will be permitted to perform and the projected fees for each service.
The Fund's Treasurer or other Fund officer shall report to the Audit Committee at each of its regular meetings regarding all Fund Services or Fund-related Adviser Services provided since the last such report was rendered, including a description of the services, by category, with forecasted fees for the annual reporting period, proposed changes requiring specific pre-approval and a description of services provided by the independent auditor, by category, with actual fees during the current reporting period.
*****
(e)(2) None, or 0%, of the Audit-Related Fees, Tax Fees and All Other Fees paid by the Fund or affiliated entities relating directly to the operations and financial reporting of the Registrant disclosed above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (which permits audit committee approval after the start of the engagement with respect to services other than audit, review or attest services, if certain conditions are satisfied).
(f)Not applicable.
(g)The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the fiscal years ended March 31, 2022 and March 31, 2021 are approximately as follows:
2022 | 2021 |
$0 | $0 |
(h)The registrant's Audit Committee of the Board of Directors has considered whether the provision of non-audit services that were rendered to the registrant's adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant's independence.
Item 5. Audit Committee of Listed Registrants.
(a)The Registrant is an issuer as defined in Section 10A-3 of the Securities Exchange Act of 1934 and has a separately-designated standing Audit Committee in accordance with Section 3(a)(58)(A) of such Act. The Board's independent
Trustees, David M. Moffett, Brian J. Gallagher, J. Kevin Connaughton, and Sandra L. Yeager are all members of the Audit Committee.
(b)Not Applicable.
Item 6. Investments
(a)The registrant's "Schedule I – Investments in securities of unaffiliated issuers" (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR.
(b)Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.
Item 11. Controls and Procedures.
(a)The registrant's principal executive officer and principal financial officers, based on their evaluation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant's management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
(b)There was no change in the registrant's internal controls over financial reporting that occurred during the period covered by this report that has materially affected,
or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized. |
|
|
| ||
(registrant) |
| Columbia ETF Trust II |
| ||
By (Signature and Title) | /s/ Daniel J. Beckman | ||||
|
|
| Daniel J. Beckman, President and Principal Executive Officer | ||
Date |
| May 23, 2022 |
| ||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) | /s/ Daniel J. Beckman | |||
|
| Daniel J. Beckman, President and Principal Executive Officer | ||
Date |
| May 23, 2022 |
| |
By (Signature and Title) | /s/ Michael G. Clarke | |||
|
| Michael G. Clarke, Chief Financial Officer, Principal Financial Officer | ||
|
| and Senior Vice President | ||
Date |
| May 23, 2022 |
| |
By (Signature and Title) | /s/ Marybeth Pilat | |||
|
| Marybeth Pilat, Treasurer, Chief Accounting Officer and Principal | ||
|
| Financial Officer | ||
Date |
| May 23, 2022 |
| |