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

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 

FORM N-CSR 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES 

Investment Company Act file number 811-22255 

Columbia ETF Trust II  

(Exact name of registrant as specified in charter) 

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, 2023 

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

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

Item 1. Reports to Stockholders. 

Not

FDIC

or

NCUA

Insured

No

Financial

Institution

Guarantee

May

Lose

Value

THEMATIC

BETA

ETFs

ANNUAL

REPORT

March

31,

2023

Columbia

EM

Core

ex-China

ETF

Columbia

Emerging

Markets

Consumer

ETF

Columbia

India

Consumer

ETF

Thematic

Beta

ETFs

|

Annual

Report

2023

TABLE

OF

CONTENTS

Columbia

EM

Core

ex-China

ETF

Fund

at

a

Glance

3

Manager

Discussion

of

Fund

Performance

6

Columbia

Emerging

Markets

Consumer

ETF

Fund

at

a

Glance

8

Manager

Discussion

of

Fund

Performance

10

Columbia

India

Consumer

ETF

Fund

at

a

Glance

12

Manager

Discussion

of

Fund

Performance

14

Understanding

Your

Fund’s

Expenses

16

Portfolio

of

Investments

17

Statement

of

Assets

and

Liabilities

28

Statement

of

Operations

29

Statement

of

Changes

in

Net

Assets

30

Financial

Highlights

32

Notes

to

Financial

Statements

35

Report

of

Independent

Registered

Public

Accounting

Firm

47

Federal

Income

Tax

Information

48

Trustees

and

Officers

49

Liquidity

Risk

Management

Program

56

Additional

Information

57

FUND

AT

A

GLANCE

Columbia

EM

Core

ex-China

ETF

(Unaudited)

Thematic

Beta

ETFs

|

Annual

Report

2023

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,

2023)

Inception

1

Year

5

Years

Life

Market

Price

09/02/15

-9.43

1.27

7.37

Net

Asset

Value

09/02/15

-10.15

1.51

7.36

Beta

Thematic

Emerging

Markets

ex-China

Index

-10.91

1.42

6.91

MSCI

Emerging

Markets

Index

(Net)

-10.70

-0.91

5.26

FUND

AT

A

GLANCE

(continued)

Columbia

EM

Core

ex-China

ETF

(Unaudited)

4

Thematic

Beta

ETFs

|

Annual

Report

2023

Performance

of

a

hypothetical

$10,000

investment

(September

2,

2015

—

March

31,

2023)

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,

2023

)

Australia

0.5

Brazil

8.9

Chile

0.6

China

0.2

Colombia

0.2

Czech

Republic

0.3

Hungary

0.4

India

17.0

Indonesia

3.3

Kuwait

1.1

Malaysia

2.8

Mexico

4.7

Philippines

1.5

Poland

0.9

Russia

0.0

(a)

South

Africa

6.0

South

Korea

18.8

Taiwan

27.5

Thailand

4.2

Turkey

0.9

United

States

(b)

0.2

Total

100.0

Country

Breakdown

is

based

primarily

on

issuer’s

place

of

organization/incorporation.

Percentages

indicated

are

based

upon

total

investments

and

excludes

investments

in

derivatives,

if

any.

The

Fund’s

portfolio

composition

is

subject

to

change.

(a)

Rounds

to

zero.

(b)

Includes

investments

in

Money

Market

Funds.

FUND

AT

A

GLANCE

(continued)

Columbia

EM

Core

ex-China

ETF

(Unaudited)

Thematic

Beta

ETFs

|

Annual

Report

2023

5

Equity

sector

breakdown

(%)

(at

March

31,

2023)

Communication

Services

5

.8

Consumer

Discretionary

6

.0

Consumer

Staples

6

.3

Energy

5

.9

Financials

23

.9

Health

Care

1

.9

Industrials

6

.2

Information

Technology

30

.7

Materials

10

.4

Real

Estate

0

.4

Utilities

2

.5

Total

100

.0

Percentages

indicated

are

based

upon

total

equity

investments.

The

Fund’s

portfolio

composition

is

subject

to

change.

MANAGER

DISCUSSION

OF

FUND

PERFORMANCE

Columbia

EM

Core

ex-China

ETF

(XCEM)

(Unaudited)

6

Thematic

Beta

ETFs

|

Annual

Report

2023

For

the

12-month

period

that

ended

March

31,

2023,

the

Fund

returned

-10.15%

based

on

net

asset

value

(NAV)

and

-9.43%

based

on

market

price.

The

Beta

Thematic

Emerging

Markets

ex-China

Index,

the

Fund’s

tracking

index,

returned

-10.91%

and

the

MSCI

Emerging

Markets

Index

(Net)

(the

Index)

returned

-10.70%

during

the

same

time

period.

The

Fund’s

NAV

on

March

31,

2022

was

$30.73,

and

it

ended

the

annual

period

on

March

31,

2023

with

an

NAV

of

$26.96.

The

Fund’s

market

price

on

March

31,

2023

was

$27.05

per

share.

Market

overview

Emerging

markets

equities

significantly

underperformed

both

U.S.

and

international

developed

market

equities

during

the

annual

period

that

ended

March

31,

2023.

The

MSCI

Emerging

Markets

Index

(Net)

returned

-10.70%

during

the

same

period.

Through

the

first

half

of

the

annual

period,

from

April

through

September

2022,

emerging

markets

equities

fell

significantly.

Worse

than

expected

U.S.

inflation

triggered

concerns

globally

about

tighter

monetary

policy,

as

the

U.S.

Federal

Reserve

(Fed)

raised

interest

rates

four

times

in

these

months.

Investor

sentiment

worsened

at

the

prospect

of

a

global

recession.

Also,

the

U.S.

dollar

soared

against

many

emerging

markets

currencies,

raising

the

likelihood

of

higher

input

costs

and

inflation

for

exporters

with

a

dollar

cost

base.

Equity

indices

in

commodity-dependent

countries

were

hit

particularly

hard

as

commodity

prices

tumbled.

Emerging

markets

equities

then

rose

during

the

second

half

of

the

annual

period.

Sentiment

was

supported

by

China’s

relaxation

of

its

hardline

approach

to

managing

COVID-19

and

the

resulting

reopening

of

its

economy,

as

well

as

by

the

prospect

of

slower

monetary

policy

tightening

by

the

Fed

amid

signs

of

easing

inflation.

The

collapse

of

two

mid-sized

U.S.

banks

in

March

2023

impacted

global

financial

stability

and

resulted

in

a

sell-off

in

equity

markets

globally.

However,

emerging

markets

equities

subsequently

rebounded

given

positive

China

sentiment

amid

optimism

in

the

internet

space

and

state-owned

enterprise

reform.

Dissipating

contagion

concerns

from

the

banking

collapse

proved

a

further

tailwind.

For

the

annual

period

overall,

Colombia,

the

United

Arab

Emirates

and

Qatar,

each

highly

commodity-sensitive

economies,

were

the

weakest

performing

emerging

markets

equity

markets,

followed

by

South

Africa

and

Poland.

Conversely,

the

equity

markets

of

Ireland

and

Turkey

were,

by

far,

the

strongest

performers

within

the

Index

during

the

annual

period,

followed

at

some

distance

by

Greece,

the

Czech

Republic

and

Mexico,

each

enjoying

solid

positive

absolute

returns

within

the

Index

during

the

annual

period.

Of

the

major

emerging

markets

equity

markets,

it

is

worth

noting

that

the

equity

markets

of

China,

India,

Taiwan,

South

Korea

and

Brazil

each

posted

a

negative

absolute

return,

with

China

the

only

of

these

to

outpace

the

Index

during

the

annual

period.

From

a

sector

perspective,

all

11

sectors

of

the

Index

generated

negative

absolute

returns

during

the

annual

period.

Real

estate,

materials

and

utilities

were

weakest,

and

consumer

staples,

energy

and

consumer

discretionary

were

least

weak

during

the

annual

period.

The

Fund’s

notable

contributors

during

the

period

Constituents

in

the

financials,

information

technology

and

consumer

staples

sectors

contributed

most

positively

to

the

Fund’s

returns

during

the

annual

period.

From

a

country

perspective,

constituents

in

India

and

Taiwan

and

not

having

any

exposure

to

constituents

in

Saudi

Arabia

contributed

most

positively

to

the

Fund’s

results

during

the

annual

period.

Having

out-of-Index

positions

in

India-based

multinational

bank

and

financial

services

company

ICICI

Bank

Ltd.

Sponsored

ADR,

India-based

bank

and

financial

services

company

HDFC

Bank

Ltd.

Sponsored

ADR

and

Thailand-based

electronic

equipment

and

components

manufacturer

Delta

Electronics

(Thailand)

Public

Co.

Ltd.

NVDR

and

having

overweighted

positions

in

South

Africa-based

Internet

content

and

information

company

Naspers

Ltd.

(Class

N)

and

Turkey-based

petroleum

refiner

Turkiye

Petrol

Rafinerileri

A.S.

contributed

most

positively.

Each

of

these

companies

generated

a

positive

absolute

return

during

the

annual

period.

The

Fund’s

notable

detractors

during

the

period

Constituents

in

communication

services,

health

care

and

industrials

detracted

most

from

the

Fund’s

returns

during

the

annual

period.

MANAGER

DISCUSSION

OF

FUND

PERFORMANCE

(continued)

Columbia

EM

Core

ex-China

ETF

(XCEM)

(Unaudited)

Thematic

Beta

ETFs

|

Annual

Report

2023

7

From

a

country

perspective,

constituents

in

Brazil

and

not

having

any

exposure

to

constituents

in

Hong

Kong

and

Ireland

detracted

most

from

returns

during

the

annual

period.

Having

no

positions

in

e-commerce

and

diversified

media

company

Tencent

Holdings

Ltd.,

search

engine

and

web

services

company

Baidu

Inc.

Sponsored

ADR

(Class

A)

and

e-commerce

platform

PDD

Holdings

Inc.

(Class

A)

—

each

a

China-based

company

—

detracted

most.

Having

an

out-of-Index

position

in

India-based

software

and

technology

services

provider

Infosys

Ltd.

Sponsored

ADR

and

having

an

overweighted

position

in

South

Korea-based

Internet

conglomerate

NAVER

Corp.

also

detracted.

Tencent

Holdings

Ltd.,

Baidu

Inc.

(Class

A)

and

PDD

Holdings

Inc.

Sponsored

ADR

each

posted

a

positive

absolute

return

during

the

annual

period.

Infosys

Ltd.

and

NAVER

Corp.

each

generated

a

double-digit

negative

absolute

return

during

the

annual

period.

Investing

involves

risks,

including

the

risk

of

loss

of

principal.

Market

risk

may

affect

a

single

issuer,

sector

of

the

economy,

industry

or

the

market

as

a

whole.

The

Fund

is

passively

managed

and

seeks

to

track

the

performance

of

an

index.

The

Fund

may

not

sell

a

poorly

performing

security

unless

it

was

removed

from

the

index

.

The

Fund

may

not

track

its

index

with

the

same

degree

of

accuracy

as

would

a

fund

replicating

(or

investing

in)

the

entire

index.

There

is

no

guarantee

that

the

index

will

achieve

positive

returns.

Risk

exists

that

the

index

provider

may

not

follow

its

methodology

for

index

construction.

Errors

may

result

in

a

negative

fund

performance.

The

Fund's

net

value

will

generally

decline

when

the

market

value

of

its

targeted

index

declines.

Foreign

investments

subject

the

Fund

to

risks,

including

political,

economic,

market,

social

and

other

risks

impacting

a

particular

country,

as

well

as

to

currency

instabilities

and

less

stringent

financial

and

accounting

standards

generally

applicable

to

U.S.

issuers.

These

risks

are

enhanced

for

emerging

market

issuers.

Investment

in

or

exposure

to

foreign

currencies

subjects

the

Fund

to

currency

fluctuation

and

risk

of

loss.

Investments

in

small-

and

mid-cap

companies

involve

risks

and

volatility

greater

than

investments

in

larger,

more

established

companies.

The

Fund

concentrates

its

investments

in

issuers

of

one

or

more

particular

industries

to

the

same

extent

as

the

underlying

index.

Although

the

Fund’s

shares

are

listed

on

an

exchange

,

there

can

be

no

assurance

that

an

active,

liquid

or

otherwise

orderly

trading

market

for

shares

will

be

established

or

maintained.

Active

market

trading

may

increase

portfolio

turnover,

transaction

costs

and

tracking

error

to

the

targeted

index.

The

Fund

may

have

portfolio

turnover

,

which

may

cause

an

adverse

cost

impact.

There

may

be

additional

portfolio

turnover

risk

as

active

market

trading

of

the

Fund’s

shares

may

cause

more

frequent

creation

or

redemption

activities

that

could,

in

certain

circumstances,

increase

the

number

of

portfolio

transactions

as

well

as

tracking

error

to

the

Index

and

as

high

levels

of

transactions

increase

brokerage

and

other

transaction

costs

and

may

result

in

increased

taxable

capital

gains.

The

views

expressed

in

this

report

reflect

the

current

views

of

the

respective

parties

who

have

contributed

to

this

report.

These

views

are

not

guarantees

of

future

performance

and

involve

certain

risks,

uncertainties

and

assumptions

that

are

difficult

to

predict,

so

actual

outcomes

and

results

may

differ

significantly

from

the

views

expressed.

These

views

are

subject

to

change

at

any

time

based

upon

economic

market

or

other

conditions

and

the

respective

parties

disclaim

any

responsibility

to

update

such

views.

These

views

may

not

be

relied

on

as

investment

advice

and,

because

investment

decisions

for

a

Columbia

ETF

are

based

on

numerous

factors,

may

not

be

relied

on

as

an

indication

of

trading

intent

on

behalf

of

any

particular

Columbia

ETF.

References

to

specific

securities

should

not

be

construed

as

a

recommendation

or

investment

advice.

FUND

AT

A

GLANCE

Columbia

Emerging

Markets

Consumer

ETF

(Unaudited)

8

Thematic

Beta

ETFs

|

Annual

Report

2023

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.

S&P

DJI

made

changes

to

the

Index’s

name

(formerly,

the

Dow

Jones

Emerging

Markets

Consumer

Titans

30TM

Index)

and

construction

methodology

that

went

into

effect

March

18,

2019

(the

Index

Change

Date).

Thus,

the

Index

and

Fund

returns

prior

to

the

Index

Change

Date

relate

to

the

Index’s

construction

methodology

(and

the

Fund’s

tracking

thereof)

in

effect

prior

to

the

Index

Change

Date.

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,

2023)

Inception

1

Year

5

Years

10

Years

Market

Price

09/14/10

-0.95

-3.81

-1.55

Net

Asset

Value

09/14/10

-1.93

-3.66

-1.51

Dow

Jones

Emerging

Markets

Consumer

Titans™

Index

-1.36

-2.95

-0.58

MSCI

Emerging

Markets

Index

(Net)

-10.70

-0.91

2.00

FUND

AT

A

GLANCE

(continued)

Columbia

Emerging

Markets

Consumer

ETF

(Unaudited)

Thematic

Beta

ETFs

|

Annual

Report

2023

9

Performance

of

a

hypothetical

$10,000

investment

(March

31,

2013

—

March

31,

2023)

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,

2023

)

Brazil

4.0

China

45.8

Greece

0.6

India

18.3

Indonesia

3.1

Kuwait

0.9

Mexico

3.1

Russia

0.0

(a)

Saudi

Arabia

4.8

South

Africa

2.7

Taiwan

12.0

Thailand

3.1

United

Arab

Emirates

1.6

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.

Equity

sector

breakdown

(%)

(at

March

31,

2023)

Communication

Services

32.5

Consumer

Discretionary

39.4

Consumer

Staples

28.1

Total

100.0

Percentages

indicated

are

based

upon

total

equity

investments.

The

Fund’s

portfolio

composition

is

subject

to

change.

MANAGER

DISCUSSION

OF

FUND

PERFORMANCE

Columbia

Emerging

Markets

Consumer

ETF

(ECON)

(Unaudited)

10

Thematic

Beta

ETFs

|

Annual

Report

2023

For

the

12-month

period

that

ended

March

31,

2023,

the

Fund

returned

-1.93%

based

on

net

asset

value

(NAV)

and

-0.95%

based

on

market

price.

The

Dow

Jones

Emerging

Markets

Consumer

Titans

TM

Index,

the

Fund’s

tracking

index,

returned

-1.36%

and

the

MSCI

Emerging

Markets

Index

(Net)

(the

Index)

returned

-10.70%

during

the

same

time

period.

The

Fund’s

NAV

on

March

31,

2022

was

$21.33,

and

it

ended

the

annual

period

on

March

31,

2023

with

an

NAV

of

$20.50.

The

Fund’s

market

price

on

March

31,

2023

was

$20.47

per

share.

Market

overview

Emerging

markets

equities

significantly

underperformed

both

U.S.

and

international

developed

market

equities

during

the

annual

period

that

ended

March

31,

2023.

The

MSCI

Emerging

Markets

Index

(Net)

returned

-10.70%

during

the

same

period.

Through

the

first

half

of

the

annual

period,

from

April

through

September

2022,

emerging

markets

equities

fell

significantly.

Worse

than

expected

U.S.

inflation

triggered

concerns

globally

about

tighter

monetary

policy,

as

the

U.S.

Federal

Reserve

(Fed)

raised

interest

rates

four

times

in

these

months.

Investor

sentiment

worsened

at

the

prospect

of

a

global

recession.

Also,

the

U.S.

dollar

soared

against

many

emerging

markets

currencies,

raising

the

likelihood

of

higher

input

costs

and

inflation

for

exporters

with

a

dollar

cost

base.

Equity

indices

in

commodity-dependent

countries

were

hit

particularly

hard

as

commodity

prices

tumbled.

Emerging

markets

equities

then

rose

during

the

second

half

of

the

annual

period.

Sentiment

was

supported

by

China’s

relaxation

of

its

hardline

approach

to

managing

COVID-19

and

the

resulting

reopening

of

its

economy,

as

well

as

by

the

prospect

of

slower

monetary

policy

tightening

by

the

Fed

amid

signs

of

easing

inflation.

The

collapse

of

two

mid-sized

U.S.

banks

in

March

2023

impacted

global

financial

stability

and

resulted

in

a

sell-off

in

equity

markets

globally.

However,

emerging

markets

equities

subsequently

rebounded

given

positive

China

sentiment

amid

optimism

in

the

internet

space

and

state-owned

enterprise

reform.

Dissipating

contagion

concerns

from

the

banking

collapse

proved

a

further

tailwind.

For

the

annual

period

overall,

Colombia,

the

United

Arab

Emirates

and

Qatar,

each

highly

commodity-sensitive

economies,

were

the

weakest

performing

emerging

markets

equity

markets,

followed

by

South

Africa

and

Poland.

Conversely,

the

equity

markets

of

Ireland

and

Turkey

were,

by

far,

the

strongest

performers

within

the

Index

during

the

annual

period,

followed

at

some

distance

by

Greece,

the

Czech

Republic

and

Mexico,

each

enjoying

solid

positive

absolute

returns

within

the

Index

during

the

annual

period.

Of

the

major

emerging

markets

equity

markets,

it

is

worth

noting

that

the

equity

markets

of

China,

India,

Taiwan,

South

Korea

and

Brazil

each

posted

a

negative

absolute

return,

with

China

the

only

of

these

to

outpace

the

Index

during

the

annual

period.

From

a

sector

perspective,

all

11

sectors

of

the

Index

generated

negative

absolute

returns

during

the

annual

period.

Real

estate,

materials

and

utilities

were

weakest,

and

consumer

staples,

energy

and

consumer

discretionary

were

least

weak

during

the

annual

period.

The

Fund’s

notable

contributors

during

the

period

Having

exposure

to

constituents

in

the

consumer

staples

and

consumer

discretionary

sectors

and

not

having

any

exposure

to

constituents

in

the

financials

sector

contributed

most

positively

to

the

Fund’s

returns

during

the

annual

period.

From

a

country

perspective,

constituents

in

India,

China

and

Taiwan

contributed

most

positively

to

the

Fund’s

returns

during

the

annual

period.

Having

overweight

positions

in

India-based

diversified

conglomerate

ITC

Ltd.,

British-owned

India-based

consumer

goods

company

Hindustan

Unilever

Ltd.,

China’s

largest

restaurant

company

Yum

China

Holdings,

Inc.

and

Taiwan-

based

food

manufacturer

and

processor

Uni-President

Enterprises

Corp.

and

having

an

out-of-Index

position

in

India-

based

automobile

manufacturer

Mahindra

&

Mahindra

Ltd.

Sponsored

GDR

RegS

contributed

most

positively.

Each

of

these

companies

generated

a

positive

absolute

return

during

the

annual

period.

The

Fund’s

notable

detractors

during

the

period

Having

no

exposure

to

constituents

in

the

energy,

industrials

and

health

care

sectors

detracted

most

from

the

Fund’s

returns

during

the

annual

period.

MANAGER

DISCUSSION

OF

FUND

PERFORMANCE

(continued)

Columbia

Emerging

Markets

Consumer

ETF

(ECON)

(Unaudited)

Thematic

Beta

ETFs

|

Annual

Report

2023

11

From

a

country

perspective,

constituents

in

the

United

Arab

Emirates,

Brazil

and

South

Africa

detracted

most

from

returns

during

the

annual

period.

Overweight

positions

in

Brazil-based

energy

distribution

company

Vibra

Energia

SA,

United

Arab

Emirates-

based

telecommunications

company

Emirates

Telecommunications

Group

Company

PJSC,

South

Africa-based

telecommunication

services

company

Vodacom

Group

Ltd.

and

Brazil-based

telecommunications

company

Telefonica

Brasil

SA

and

having

an

out-of-Index

position

in

China-based

e-commerce

company

JD.com

Inc.

(Class

A)

Sponsored

ADR

detracted

most.

Each

posted

a

double-digit

negative

absolute

return

during

the

annual

period.

Investing

involves

risks,

including

the

risk

of

loss

of

principal.

Market

risk

may

affect

a

single

issuer,

sector

of

the

economy,

industry

or

the

market

as

a

whole.

The

Fund

is

passively

managed

and

seeks

to

track

the

performance

of

an

index.

The

Fund

may

not

sell

a

poorly

performing

security

unless

it

was

removed

from

the

index

.

There

is

no

guarantee

that

the

index

will

achieve

positive

returns.

Risk

exists

that

the

index

provider

may

not

follow

its

methodology

for

index

construction.

Errors

may

result

in

a

negative

fund

performance.

The

Fund's

net

value

will

generally

decline

when

the

market

value

of

its

targeted

index

declines.

Foreign

investments

subject

the

Fund

to

risks,

including

political,

economic,

market,

social

and

other

risks

impacting

a

particular

country,

as

well

as

to

currency

instabilities

and

less

stringent

financial

and

accounting

standards

generally

applicable

to

U.S.

issuers.

These

risks

are

enhanced

for

emerging

market

issuers.

Investment

in

or

exposure

to

foreign

currencies

subjects

the

Fund

to

currency

fluctuation

and

risk

of

loss.

Investments

in

small-

and

mid-cap

companies

involve

risks

and

volatility

greater

than

investments

in

larger,

more

established

companies.

The

Fund

concentrates

its

investments

in

issuers

of

one

or

more

particular

industries

to

the

same

extent

as

the

underlying

index.

Investments

in

a

narrowly

focused

sector

such

as

consumer

may

exhibit

higher

volatility

than

investments

with

a

broader

focus.

Although

the

Fund’s

shares

are

listed

on

an

exchange

,

there

can

be

no

assurance

that

an

active,

liquid

or

otherwise

orderly

trading

market

for

shares

will

be

established

or

maintained.

Active

market

trading

may

increase

portfolio

turnover,

transaction

costs

and

tracking

error

to

the

targeted

index.

The

Fund

may

have

portfolio

turnover

,

which

may

cause

an

adverse

cost

impact.

There

may

be

additional

portfolio

turnover

risk

as

active

market

trading

of

the

Fund’s

shares

may

cause

more

frequent

creation

or

redemption

activities

that

could,

in

certain

circumstances,

increase

the

number

of

portfolio

transactions

as

well

as

tracking

error

to

the

Index

and

as

high

levels

of

transactions

increase

brokerage

and

other

transaction

costs

and

may

result

in

increased

taxable

capital

gains.

The

Fund

has

investment

exposure

to

Chinese

companies

through

legal

structures

known

as

variable

interest

entities

(VIEs)

in

which

the

Fund

holds

only

contractual

rights

(rather

than

equity

ownership)

in

the

company.

VIEs

are

subject

to

breach

of

such

contract

and

uncertainty

over

the

legitimacy

and

regulation

of

VIEs

which

could

adversely

affect

the

value

of

VIE

investments.

The

views

expressed

in

this

report

reflect

the

current

views

of

the

respective

parties

who

have

contributed

to

this

report.

These

views

are

not

guarantees

of

future

performance

and

involve

certain

risks,

uncertainties

and

assumptions

that

are

difficult

to

predict,

so

actual

outcomes

and

results

may

differ

significantly

from

the

views

expressed.

These

views

are

subject

to

change

at

any

time

based

upon

economic

market

or

other

conditions

and

the

respective

parties

disclaim

any

responsibility

to

update

such

views.

These

views

may

not

be

relied

on

as

investment

advice

and,

because

investment

decisions

for

a

Columbia

ETF

are

based

on

numerous

factors,

may

not

be

relied

on

as

an

indication

of

trading

intent

on

behalf

of

any

particular

Columbia

ETF.

References

to

specific

securities

should

not

be

construed

as

a

recommendation

or

investment

advice.

FUND

AT

A

GLANCE

Columbia

India

Consumer

ETF

(Unaudited)

12

Thematic

Beta

ETFs

|

Annual

Report

2023

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,

2023)

Inception

1

Year

5

Years

10

Years

Market

Price

08/10/11

-1.14

2.66

9.10

Net

Asset

Value

08/10/11

-2.38

2.81

9.09

Indxx

India

Consumer

Index

-0.54

4.42

10.76

MSCI

India

Index

(Net)

-12.17

6.15

7.00

FUND

AT

A

GLANCE

(continued)

Columbia

India

Consumer

ETF

(Unaudited)

Thematic

Beta

ETFs

|

Annual

Report

2023

13

Performance

of

a

hypothetical

$10,000

investment

(March

31,

2013

—

March

31,

2023)

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,

2023)

Consumer

Discretionary

53

.2

Consumer

Staples

46

.8

Total

100

.0

Percentages

indicated

are

based

upon

total

equity

investments.

The

Fund’s

portfolio

composition

is

subject

to

change.

MANAGER

DISCUSSION

OF

FUND

PERFORMANCE

Columbia

India

Consumer

ETF

(INCO)

(Unaudited)

14

Thematic

Beta

ETFs

|

Annual

Report

2023

For

the

12-month

period

that

ended

March

31,

2023,

the

Fund

returned

-2.38%

based

on

net

asset

value

(NAV)

and

-1.14%

based

on

market

price.

The

Indxx

India

Consumer

Index,

the

Fund’s

tracking

index,

returned

-0.54%

and

the

MSCI

India

Index

(Net)

(the

Index)

returned

-12.17%

during

the

same

time

period.

The

Fund’s

NAV

on

March

31,

2022

was

$50.13,

and

it

ended

the

annual

period

on

March

31,

2023

with

an

NAV

of

$44.38.

The

Fund’s

market

price

on

March

31,

2023

was

$44.41

per

share.

Market

overview

The

Indian

equity

market

struggled

during

the

annual

period

ended

March

31,

2023.

The

MSCI

India

Index

(Net)

returned

-12.17%,

underperforming

the

-10.70%

return

of

the

MSCI

Emerging

Markets

Index

(Net).

The

Indian

equity

market

also

underperformed

most

global

developed

markets

equity

markets,

with

the

MSCI

World

Index

(Net)

posting

a

return

of

-7.02%

for

the

annual

period.

The

Indian

equity

market

performed

poorly

in

the

first

months

of

the

annual

period,

falling

after

the

Reserve

Bank

of

India

(RBI)

raised

interest

rates

for

the

first

time

in

four

years

in

an

effort

to

control

inflation

and

support

the

rupee.

The

Indian

currency

had

weakened

significantly

in

the

first

half

of

2022

amid

concerns

surrounding

the

country’s

growing

trade

deficit.

India’s

equity

market

was

then

one

of

the

best

emerging

markets

performers

in

the

third

quarter

of

2022.

Second

quarter

2022

Gross

Domestic

Product

(GDP)

reports

showed

the

Indian

economy

had

bounced

back

strongly

from

COVID-19.

The

RBI

raised

interest

rates

again.

Investors

were

further

encouraged

by

data

indicating

that

consumer

inflation

had

fallen

for

three

consecutive

months.

The

Indian

equity

market

was

subsequently

among

the

weakest

within

the

emerging

markets

equity

universe

through

the

second

half

of

the

annual

period,

despite

inflation

continuing

to

cool.

Indeed,

retail

prices

declined

in

November

2022

to

5.9%,

within

the

RBI’s

upper

target

of

6%

for

the

first

time

since

December

2021.

The

RBI

raised

interest

rates

again

in

the

fourth

quarter

of

2022

but

then

decided

to

keep

them

unchanged

in

the

early

months

of

2023.

Separately,

consumption

in

India

moderated,

especially

in

lower

income

sectors

of

the

economy

as

inflation,

though

decreasing,

remained

high.

However,

there

began

to

be

some

pick-up

in

nominal

wage

growth

in

rural

India.

Also

supportive

of

positive

investor

sentiment

was

India’s

GDP

growth

rate,

with

the

latest

figures

showing

a

7.2%

growth

rate

in

the

first

quarter

of

2023,

a

significant

improvement

from

the

5.3%

growth

rate

seen

in

the

same

period

one

year

prior.

Several

government

stimulus

measures,

including

reduced

corporate

tax

rates

and

the

announcement

of

a

new

infrastructure

investment

plan,

were

welcomed

by

the

markets.

For

the

annual

period

as

a

whole,

the

consumer

discretionary

and

consumer

staples

sectors

were

the

two

strongest

sectors

within

the

MSCI

India

Index

(Net).

The

Fund’s

notable

contributors

during

the

period

Having

exposure

to

constituents

in

the

consumer

staples

and

consumer

discretionary

sectors

and

not

having

any

exposure

to

constituents

in

the

information

technology

sector

contributed

most

positively

to

the

Fund’s

returns

during

the

annual

period.

Overweight

positions

in

motorcycle

manufacturer

TVS

Motor

Co.

Ltd.,

consumer

goods

company

Tata

Consumer

Products

Ltd.,

packaged

food

company

Britannia

Industries

Ltd.

and

diversified

watches

and

fashion

accessories

manufacturer

Titan

Co.

Ltd.

and

having

an

out-of-Index

position

in

automotive

products

manufacturer

Bosch

Ltd.

contributed

most

positively.

Each

of

these

companies,

except

Titan

Co.

Ltd.,

posted

a

positive

absolute

return

during

the

annual

period.

Titan

Co.

Ltd.

generated

a

negative

absolute

return

but

still

outperformed

the

Index

during

the

annual

period.

The

Fund’s

notable

detractors

during

the

period

Having

no

exposure

to

constituents

in

financials

and

industrials

detracted

most

from

the

Fund’s

returns—the

only

two

sectors

to

dampen

results

during

the

annual

period.

Having

overweight

positions

in

consumer

goods

company

Hindustan

Unilever

Ltd.,

restaurant

aggregator

and

food

delivery

company

Zomato

Ltd.

and

automobile

manufacturer

Mahindra

&

Mahindra

Ltd.

and

having

out-of-Index

MANAGER

DISCUSSION

OF

FUND

PERFORMANCE

(continued)

Columbia

India

Consumer

ETF

(INCO)

(Unaudited)

Thematic

Beta

ETFs

|

Annual

Report

2023

15

positions

in

beauty,

personal

care

and

fashion

products

e-commerce

retailer

FSN

E-Commerce

Ventures

Ltd.

and

automotive

systems

and

components

manufacturer

Sona

BLW

Precision

Forgings

detracted

most.

FSN

E-Commerce

Ventures

Ltd.,

Zomato

Ltd.

and

Sona

BLW

Precision

Forgings

each

posted

a

double-digit

negative

absolute

return

during

the

annual

period.

Hindustan

Unilever

Ltd.

and

Mahindra

&

Mahindra

Ltd.

each

generated

a

double-digit

positive

return

during

the

annual

period.

Investing

involves

risks,

including

the

risk

of

loss

of

principal.

Market

risk

may

affect

a

single

issuer,

sector

of

the

economy,

industry

or

the

market

as

a

whole.

The

Fund

is

passively

managed

and

seeks

to

track

the

performance

of

an

index.

The

Fund

may

not

sell

a

poorly

performing

security

unless

it

was

removed

from

the

index

.

There

is

no

guarantee

that

the

index

will

achieve

positive

returns.

Risk

exists

that

the

index

provider

may

not

follow

its

methodology

for

index

construction.

Errors

may

result

in

a

negative

fund

performance.

The

Fund's

net

value

will

generally

decline

when

the

market

value

of

its

targeted

index

declines.

Foreign

investments

subject

the

Fund

to

risks,

including

political,

economic,

market,

social

and

other

risks

impacting

a

particular

country,

as

well

as

to

currency

instabilities

and

less

stringent

financial

and

accounting

standards

generally

applicable

to

U.S.

issuers.

These

risks

are

enhanced

for

emerging

market

issuers.

Investment

in

or

exposure

to

foreign

currencies

subjects

the

Fund

to

currency

fluctuation

and

risk

of

loss.

Investments

in

small-

and

mid-cap

companies

involve

risks

and

volatility

greater

than

investments

in

larger,

more

established

companies.

The

Fund

concentrates

its

investments

in

issuers

of

one

or

more

particular

industries

to

the

same

extent

as

the

underlying

index.

Concentration

in

the

India

region

,

where

issuers

tend

to

be

less

developed

than

U.S.

issuers,

presents

increased

risk

of

loss

than

a

fund

that

does

not

concentrate

its

investments.

Investments

in

a

narrowly

focused

sector

such

as

consumer

may

exhibit

higher

volatility

than

investments

with

a

broader

focus.

Although

the

Fund’s

shares

are

listed

on

an

exchange

,

there

can

be

no

assurance

that

an

active,

liquid

or

otherwise

orderly

trading

market

for

shares

will

be

established

or

maintained.

Active

market

trading

may

increase

portfolio

turnover,

transaction

costs

and

tracking

error

to

the

targeted

index.

The

Fund

may

have

portfolio

turnover

,

which

may

cause

an

adverse

cost

impact.

There

may

be

additional

portfolio

turnover

risk

as

active

market

trading

of

the

Fund’s

shares

may

cause

more

frequent

creation

or

redemption

activities

that

could,

in

certain

circumstances,

increase

the

number

of

portfolio

transactions

as

well

as

tracking

error

to

the

Index

and

as

high

levels

of

transactions

increase

brokerage

and

other

transaction

costs

and

may

result

in

increased

taxable

capital

gains.

The

views

expressed

in

this

report

reflect

the

current

views

of

the

respective

parties

who

have

contributed

to

this

report.

These

views

are

not

guarantees

of

future

performance

and

involve

certain

risks,

uncertainties

and

assumptions

that

are

difficult

to

predict,

so

actual

outcomes

and

results

may

differ

significantly

from

the

views

expressed.

These

views

are

subject

to

change

at

any

time

based

upon

economic,

market

or

other

conditions

and

the

respective

parties

disclaim

any

responsibility

to

update

such

views.

These

views

may

not

be

relied

on

as

investment

advice

and,

because

investment

decisions

for

a

Columbia

ETF

are

based

on

numerous

factors,

may

not

be

relied

on

as

an

indication

of

trading

intent

on

behalf

of

any

particular

Columbia

ETF.

References

to

specific

securities

should

not

be

construed

as

a

recommendation

or

investment

advice.

UNDERSTANDING

YOUR

FUND’S

EXPENSES

(Unaudited)

16

Thematic

Beta

ETFs

|

Annual

Report

2023

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,

2023.

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,

2022

—

March

31,

2023

Beginning

account

value

($)

Ending

account

value

($)

Expense

paid

for

the

period

($)

Annualized

expense

ratios

for

the

period

(%)

Actual

Hypothetical

Actual

Hypothetical

Actual

Hypothetical

Actual

Columbia

EM

Core

ex-China

ETF

1,000.00

1,000.00

1,170.00

1,024.13

0.87

0.81

0.16

Columbia

Emerging

Markets

Consumer

ETF

1,000.00

1,000.00

1,081.00

1,022.49

2.54

2.47

0.49

Columbia

India

Consumer

ETF

1,000.00

1,000.00

942.90

1,021.19

3.63

3.78

0.75

PORTFOLIO

OF

INVESTMENTS

Columbia

EM

Core

ex-China

ETF

March

31,

2023

(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

2023

17

Common

Stocks

-

95.8%

Issuer

Shares

Value

($)

Australia

-

0.5%

AngloGold

Ashanti

Ltd.

36,950‌

898,421‌

Brazil

-

5.9%

3R

PETROLEUM

OLEO

E

GAS

SA

(a)

19,210‌

111,655‌

Ambev

SA

143,856‌

406,579‌

Americanas

SA

(a)

1,325‌

261‌

B3

SA

-

Brasil

Bolsa

Balcao

463,673‌

946,505‌

Banco

BTG

Pactual

SA

161,731‌

626,796‌

Banco

do

Brasil

SA

140,462‌

1,083,471‌

Banco

Santander

Brasil

SA

167,590‌

885,836‌

Caixa

Seguridade

Participacoes

S/A

89,496‌

155,331‌

Cia

Siderurgica

Nacional

SA

65,409‌

199,184‌

Embraer

SA

(a)

82,215‌

337,113‌

Hapvida

Participacoes

e

Investimentos

SA

(a),(b)

313,225‌

161,856‌

Localiza

Rent

a

Car

SA

27,983‌

294,718‌

Lojas

Renner

SA

52,811‌

172,591‌

Magazine

Luiza

SA

(a)

36,399‌

23,762‌

Natura

&

Co.

Holding

SA

2,116‌

5,509‌

Pet

Center

Comercio

e

Participacoes

SA

80,712‌

98,696‌

Petro

Rio

SA

(a)

35,360‌

217,520‌

Rede

D'Or

Sao

Luiz

SA

(b)

22,628‌

94,792‌

Suzano

SA

42,144‌

345,780‌

TOTVS

SA

42,358‌

235,255‌

Vale

SA

197,471‌

3,127,054‌

WEG

SA

80,401‌

643,018‌

Total

10,173,282‌

Chile

-

0.3%

Empresas

Copec

SA

75,765‌

537,612‌

China

-

0.2%

Silergy

Corp.

17,548‌

276,353‌

Colombia

-

0.2%

Grupo

Argos

SA/Colombia

959‌

1,871‌

Grupo

de

Inversiones

Suramericana

SA

28,141‌

244,307‌

Interconexion

Electrica

SA

ESP

28,888‌

93,931‌

Total

340,109‌

Czech

Republic

-

0.2%

CEZ

AS

4,268‌

207,584‌

Komercni

Banka

AS

6,718‌

223,064‌

Total

430,648‌

Hungary

-

0.4%

MOL

Hungarian

Oil

&

Gas

PLC

14,181‌

103,861‌

OTP

Bank

Nyrt

12,722‌

362,743‌

Richter

Gedeon

Nyrt

8,252‌

172,660‌

Total

639,264‌

India

-

16.9%

Adani

Ports

&

Special

Economic

Zone

Ltd.

66,044‌

507,811‌

Adani

Power

Ltd.

(a)

38,036‌

88,677‌

Axis

Bank

Ltd.

140,251‌

1,465,099‌

Bandhan

Bank

Ltd.

(a),(b)

35,352‌

84,205‌

Bharat

Petroleum

Corp.

Ltd.

35,163‌

147,314‌

Bharti

Airtel

Ltd.

111,561‌

1,016,752‌

BSE

Ltd.

13,171‌

69,066‌

Cipla

Ltd.

32,233‌

353,187‌

Coal

India

Ltd.

101,874‌

264,842‌

HDFC

Bank

Ltd.

ADR

69,536‌

4,635,965‌

HDFC

Life

Insurance

Co.

Ltd.

(b)

35,752‌

217,168‌

Hindalco

Industries

Ltd.

59,041‌

291,209‌

ICICI

Bank

Ltd.

ADR

187,171‌

4,039,150‌

IDBI

Bank

Ltd.

(a)

368,421‌

201,733‌

Indian

Hotels

Co.

Ltd.

69,045‌

272,500‌

Common

Stocks

(continued)

Issuer

Shares

Value

($)

IndusInd

Bank

Ltd.

34,722‌

451,208‌

Infosys

Ltd.

ADR

193,480‌

3,374,291‌

ITC

Ltd.

340,717‌

1,589,937‌

Jubilant

Foodworks

Ltd.

34,111‌

182,670‌

Kotak

Mahindra

Bank

Ltd.

68,481‌

1,443,949‌

NTPC

Ltd.

189,441‌

403,628‌

Oil

&

Natural

Gas

Corp.

Ltd.

157,215‌

288,958‌

Power

Grid

Corp

of

India

Ltd.

115,543‌

317,319‌

Reliance

Industries

Ltd.

GDR

(b)

67,071‌

3,779,451‌

State

Bank

of

India

GDR

19,348‌

1,224,728‌

Tata

Motors

Ltd.

(a)

155,457‌

795,988‌

Tata

Power

Co.

Ltd.

(The)

84,347‌

195,261‌

Tata

Steel

Ltd.

371,422‌

472,286‌

Vedanta

Ltd.

159,294‌

531,965‌

Vodafone

Idea

Ltd.

(a)

1,056,064‌

74,531‌

Wipro

Ltd.

77,650‌

345,106‌

Zee

Entertainment

Enterprises

Ltd.

66,028‌

170,528‌

Zomato

Ltd.

(a)

165,469‌

102,685‌

Total

29,399,167‌

Indonesia

-

3.3%

PT

Adaro

Energy

Indonesia

Tbk

821,891‌

158,957‌

PT

Astra

International

Tbk

1,639,529‌

656,052‌

PT

Bank

Central

Asia

Tbk

3,887,514‌

2,268,548‌

PT

Bank

Jago

Tbk

(a)

434,381‌

70,106‌

PT

Bank

Mandiri

Persero

Tbk

2,054,588‌

1,414,760‌

PT

Bank

Rakyat

Indonesia

Persero

Tbk

56,711‌

17,890‌

PT

Elang

Mahkota

Teknologi

Tbk

977,711‌

51,512‌

PT

Merdeka

Copper

Gold

Tbk

(a)

536,539‌

149,928‌

PT

Telkom

Indonesia

Persero

Tbk

3,588,975‌

971,772‌

Total

5,759,525‌

Kuwait

-

1.1%

Agility

Public

Warehousing

Co

KSC

121,648‌

246,190‌

Gulf

Bank

KSCP

214,400‌

208,216‌

Humansoft

Holding

Co

KSC

(a)

18,078‌

229,237‌

Kuwait

Finance

House

KSCP

196,392‌

528,662‌

Kuwait

Telecommunications

Co.

134,158‌

266,261‌

National

Bank

of

Kuwait

SAKP

114,799‌

395,072‌

Total

1,873,638‌

Malaysia

-

2.8%

CIMB

Group

Holdings

Bhd

92,740‌

111,603‌

Dialog

Group

Bhd

798,817‌

427,243‌

Genting

Malaysia

Bhd

267,775‌

160,817‌

IHH

Healthcare

Bhd

673,224‌

877,289‌

Inari

Amertron

Bhd

370,661‌

206,646‌

Malayan

Banking

Bhd

178,740‌

347,151‌

Malaysia

Airports

Holdings

Bhd

(a)

17,100‌

26,314‌

Petronas

Dagangan

Bhd

155,995‌

754,432‌

Public

Bank

Bhd

130,414‌

118,222‌

Sime

Darby

Plantation

Bhd

55,100‌

53,321‌

Tenaga

Nasional

Bhd

821,699‌

1,718,817‌

Top

Glove

Corp.

Bhd

(a)

313,800‌

66,849‌

Total

4,868,704‌

Mexico

-

4.6%

America

Movil

SAB

de

CV

Series

B

365,893‌

383,604‌

Arca

Continental

SAB

de

CV

33,804‌

306,363‌

Cemex

SAB

de

CV

Series

CPO

(a)

900,159‌

493,053‌

Controladora

Vuela

Cia

de

Aviacion

SAB

de

CV

Class

A

(a)

36,635‌

45,043‌

Fomento

Economico

Mexicano

SAB

de

CV

Series

UBD

75,471‌

718,095‌

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

EM

Core

ex-China

ETF

March

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

18

Thematic

Beta

ETFs

|

Annual

Report

2023

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

24,386‌

271,830‌

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

Class

B

20,672‌

401,407‌

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

Class

B

9,785‌

298,720‌

Grupo

Bimbo

SAB

de

CV

Series

A

193,659‌

972,585‌

Grupo

Financiero

Banorte

SAB

de

CV

Class

O

132,199‌

1,112,153‌

Grupo

Mexico

SAB

de

CV

Series

B

227,449‌

1,074,891‌

Grupo

Televisa

SAB

Series

CPO

52,684‌

55,643‌

Prologis

Property

Mexico

SA

de

CV

76,886‌

277,677‌

Regional

SAB

de

CV

25,293‌

192,863‌

Wal-Mart

de

Mexico

SAB

de

CV

371,358‌

1,481,442‌

Total

8,085,369‌

Philippines

-

1.5%

ACEN

Corp.

(a)

1,200,714‌

135,167‌

Ayala

Corp.

35,905‌

429,288‌

Ayala

Land,

Inc.

363,843‌

177,354‌

International

Container

Terminal

Services,

Inc.

14,680‌

57,624‌

JG

Summit

Holdings,

Inc.

182,277‌

160,601‌

Manila

Electric

Co.

96,457‌

551,791‌

SM

Investments

Corp.

58,042‌

949,128‌

SM

Prime

Holdings,

Inc.

307,626‌

185,600‌

Total

2,646,553‌

Poland

-

0.9%

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

95,818‌

634,331‌

Powszechny

Zaklad

Ubezpieczen

SA

112,991‌

920,074‌

Total

1,554,405‌

Russia

-

0.0%

Gazprom

PJSC

(c),(d),(e)(f)

251,024‌

0‌

LUKOIL

PJSC

(c),(d),(e)

14,277‌

0‌

MMC

Norilsk

Nickel

PJSC

ADR

(a),(c),(d),(e)

19,108‌

0‌

Mobile

TeleSystems

PJSC

ADR

(a),(c),(d),(e)

49,482‌

0‌

Total

0‌

South

Africa

-

5.9%

Absa

Group

Ltd.

19,084‌

195,524‌

Anglo

American

Platinum

Ltd.

5,277‌

283,740‌

Bid

Corp.

Ltd.

45,757‌

1,027,711‌

Bidvest

Group

Ltd.

(The)

68,164‌

973,601‌

Capitec

Bank

Holdings

Ltd.

3,873‌

368,405‌

FirstRand

Ltd.

410,081‌

1,395,558‌

Gold

Fields

Ltd.

59,318‌

792,356‌

Harmony

Gold

Mining

Co.

Ltd.

41,662‌

171,838‌

Impala

Platinum

Holdings

Ltd.

43,208‌

398,972‌

Mr

Price

Group

Ltd.

15,228‌

123,764‌

MTN

Group

Ltd.

(a)

88,356‌

634,789‌

Naspers

Ltd.

Class

N

10,046‌

1,864,511‌

Sasol

Ltd.

26,560‌

359,273‌

Shoprite

Holdings

Ltd.

78,661‌

985,385‌

Sibanye

Stillwater

Ltd.

164,580‌

339,781‌

Standard

Bank

Group

Ltd.

32,401‌

315,582‌

Thungela

Resources

Ltd.

8,747‌

99,659‌

Total

10,330,449‌

South

Korea

-

18.7%

Celltrion

Healthcare

Co.

Ltd.

5,113‌

236,435‌

Celltrion,

Inc.

7,428‌

854,718‌

DB

HiTek

Co.

Ltd.

5,681‌

315,502‌

Doosan

Enerbility

Co.

Ltd.

(a)

20,510‌

267,827‌

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Ecopro

BM

Co.

Ltd.

550‌

94,846‌

Hana

Financial

Group,

Inc.

27,233‌

851,391‌

HLB,

Inc.

(a)

5,773‌

154,097‌

HMM

Co.

Ltd.

22,815‌

356,635‌

HYBE

Co.

Ltd.

(a)

2,092‌

303,552‌

Hyundai

Mobis

Co.

Ltd.

4,004‌

664,335‌

Hyundai

Motor

Co.

9,263‌

1,312,765‌

Kakao

Corp.

18,708‌

878,027‌

KakaoBank

Corp.

11,502‌

213,368‌

KB

Financial

Group,

Inc.

30,694‌

1,123,454‌

Kia

Corp.

17,386‌

1,081,742‌

Krafton,

Inc.

(a)

1,316‌

185,494‌

L&F

Co.

Ltd.

982‌

236,477‌

LG

Chem

Ltd.

2,095‌

1,145,785‌

LG

Electronics,

Inc.

10,320‌

914,004‌

LG

Energy

Solution

Ltd.

(a)

1,324‌

593,936‌

LG

Innotek

Co.

Ltd.

510‌

105,968‌

NAVER

Corp.

8,259‌

1,281,498‌

POSCO

Holdings,

Inc.

5,384‌

1,521,920‌

Samsung

Electro-Mechanics

Co.

Ltd.

8,524‌

999,819‌

Samsung

Electronics

Co.

Ltd.

220,865‌

10,857,902‌

Samsung

Engineering

Co.

Ltd.

(a)

10,455‌

254,579‌

Samsung

SDI

Co.

Ltd.

3,359‌

1,896,428‌

Shinhan

Financial

Group

Co.

Ltd.

39,072‌

1,060,948‌

SK

Hynix,

Inc.

28,898‌

1,966,711‌

SK

Innovation

Co.

Ltd.

(a)

2,413‌

332,267‌

SK

Telecom

Co.

Ltd.

4,632‌

171,852‌

Wemade

Co.

Ltd.

1,807‌

69,679‌

Woori

Financial

Group,

Inc.

16,360‌

143,386‌

Total

32,447,347‌

Taiwan

-

27.3%

Accton

Technology

Corp.

19,538‌

204,701‌

Acer,

Inc.

224,107‌

207,196‌

Advantech

Co.

Ltd.

18,646‌

227,200‌

Alchip

Technologies

Ltd.

4,666‌

190,027‌

ASE

Technology

Holding

Co.

Ltd.

108,758‌

401,848‌

Asia

Vital

Components

Co.

Ltd.

46,992‌

217,616‌

Asustek

Computer,

Inc.

21,300‌

190,631‌

AUO

Corp.

422,331‌

255,223‌

Catcher

Technology

Co.

Ltd.

98,577‌

615,145‌

Cathay

Financial

Holding

Co.

Ltd.

127,462‌

174,987‌

Chailease

Holding

Co.

Ltd.

39,979‌

293,466‌

Chang

Hwa

Commercial

Bank

Ltd.

1,352,475‌

770,685‌

China

Airlines

Ltd.

131,571‌

84,264‌

China

Development

Financial

Holding

Corp.

328,044‌

135,215‌

China

Steel

Corp.

827,055‌

839,346‌

Chipbond

Technology

Corp.

434,380‌

988,670‌

Chunghwa

Telecom

Co.

Ltd.

353,321‌

1,386,710‌

CTBC

Financial

Holding

Co.

Ltd.

1,357,202‌

973,967‌

Delta

Electronics,

Inc.

73,382‌

725,445‌

E

Ink

Holdings,

Inc.

30,891‌

187,188‌

E.Sun

Financial

Holding

Co.

Ltd.

337,148‌

280,149‌

eMemory

Technology,

Inc.

4,903‌

299,518‌

Eva

Airways

Corp.

329,396‌

290,477‌

Far

Eastern

New

Century

Corp.

1,072,579‌

1,102,610‌

Far

EasTone

Telecommunications

Co.

Ltd.

343,965‌

849,533‌

Faraday

Technology

Corp.

17,766‌

114,657‌

Formosa

Chemicals

&

Fibre

Corp.

202,321‌

459,164‌

Formosa

Petrochemical

Corp.

198,064‌

552,933‌

Formosa

Plastics

Corp.

356,797‌

1,075,752‌

Fubon

Financial

Holding

Co.

Ltd.

158,106‌

293,390‌

Gigabyte

Technology

Co.

Ltd.

40,666‌

178,304‌

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

EM

Core

ex-China

ETF

March

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Thematic

Beta

ETFs

|

Annual

Report

2023

19

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Hon

Hai

Precision

Industry

Co.

Ltd.

602,495‌

2,057,952‌

Innolux

Corp.

527,490‌

251,206‌

Largan

Precision

Co.

Ltd.

7,092‌

506,613‌

Lite-On

Technology

Corp.

102,477‌

246,706‌

Makalot

Industrial

Co.

Ltd.

81,428‌

577,665‌

MediaTek,

Inc.

69,421‌

1,794,378‌

Mega

Financial

Holding

Co.

Ltd.

210,859‌

228,536‌

Nan

Ya

Plastics

Corp.

574,500‌

1,462,312‌

Novatek

Microelectronics

Corp.

27,218‌

385,732‌

PharmaEssentia

Corp.

(a)

6,167‌

86,689‌

President

Chain

Store

Corp.

70,820‌

626,849‌

Taiwan

Business

Bank

2,340,310‌

1,033,818‌

Taiwan

Mobile

Co.

Ltd.

333,563‌

1,106,490‌

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

1,115,435‌

19,526,295‌

Unimicron

Technology

Corp.

59,727‌

289,342‌

Uni-President

Enterprises

Corp.

443,909‌

1,048,265‌

United

Microelectronics

Corp.

(a)

563,979‌

979,867‌

Walsin

Lihwa

Corp.

125,617‌

201,128‌

Wan

Hai

Lines

Ltd.

17,044‌

38,345‌

Wiwynn

Corp.

5,138‌

189,843‌

Yang

Ming

Marine

Transport

Corp.

105,179‌

222,120‌

Total

47,426,168‌

Thailand

-

4.2%

Bangkok

Expressway

&

Metro

PCL

NVDR

772,857‌

200,023‌

Banpu

PCL

NVDR

52,400‌

16,550‌

BTS

Group

Holdings

PCL

NVDR

4,149,187‌

861,507‌

Bumrungrad

Hospital

PCL

NVDR

36,029‌

238,121‌

Central

Retail

Corp

PCL

NVDR

173,238‌

226,712‌

Charoen

Pokphand

Foods

PCL

NVDR

255,771‌

158,571‌

CP

ALL

PCL

NVDR

503,398‌

912,726‌

Delta

Electronics

Thailand

PCL

NVDR

27,000‌

901,711‌

Energy

Absolute

PCL

NVDR

65,435‌

145,432‌

Global

Power

Synergy

PCL

NVDR

13,300‌

26,448‌

Gulf

Energy

Development

PCL

NVDR

270,800‌

417,742‌

Home

Product

Center

PCL

NVDR

1,908,913‌

803,870‌

Kasikornbank

PCL

NVDR

38,084‌

147,569‌

Krung

Thai

Bank

PCL

NVDR

336,236‌

162,243‌

Minor

International

PCL

NVDR

(a)

178,691‌

168,527‌

SCB

X

PCL

228,289‌

684,300‌

Siam

Cement

PCL

(The)

52,001‌

479,027‌

Thai

Oil

PCL

NVDR

76,308‌

117,157‌

Thai

Union

Group

PCL

NVDR

1,251,129‌

515,892‌

Tisco

Financial

Group

PCL

NVDR

1,200‌

3,527‌

True

Corp.

PCL

NVDR

518,284‌

127,316‌

Total

7,314,971‌

Turkey

-

0.9%

Eregli

Demir

ve

Celik

Fabrikalari

TAS

(a)

117,000‌

215,775‌

Turk

Hava

Yollari

AO

(a)

66,585‌

411,062‌

Turkiye

Petrol

Rafinerileri

AS

33,906‌

936,367‌

Total

1,563,204‌

Total

Common

Stocks

(Cost:

$166,730,129)

166,565,189‌

Preferred

Stocks

-

3.4%

Issuer

Shares

Value

($)

Brazil

-

3.0%

Azul

SA

Preference

Shares

(a)

2,842‌

6,743‌

Banco

Bradesco

SA

Preference

Shares

388,198‌

1,008,346‌

Gerdau

SA

Preference

Shares

64,743‌

322,933‌

Itau

Unibanco

Holding

SA

Preference

Shares

338,587‌

1,652,116‌

Itausa

SA

Preference

Shares

624,384‌

1,012,265‌

Preferred

Stocks

(continued)

Issuer

Shares

Value

($)

Petroleo

Brasileiro

SA

Preference

Shares

270,476‌

1,250,957‌

Total

5,253,360‌

Chile

-

0.4%

Sociedad

Quimica

y

Minera

de

Chile

SA

Preference

Shares

Class

B

6,967‌

562,217‌

Total

Preferred

Stocks

(Cost:

$6,158,452)

5,815,577‌

Rights

-

0.0%

Issuer

Shares

Value

($)

Brazil

-

0.0%

Localiza

Rent

a

Car

SA,

expiring

5/17/23

(a)

125‌

324‌

Taiwan

-

0.0%

Asia

Vital

Components

Co.

Ltd.,

expiring

4/12/23

(a)

2,736‌

4,133‌

Total

Rights

(Cost:

$0)

4,457‌

Money

Market

Funds

-

0.2%

Issuer

Shares

Value

($)

Goldman

Sachs

Financial

Square

Funds

—

Treasury

Instruments

Fund,

Institutional

Shares,

4.563%

(g)

399,769‌

399,769‌

Total

Money

Market

Funds

(Cost:

$399,769)

399,769‌

Total

Investments

in

Securities

(Cost:

$173,288,350)

172,784,992‌

Other

Assets

&

Liabilities,

Net

1,114,764‌

Net

Assets

173,899,756‌

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

EM

Core

ex-China

ETF

March

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

20

Thematic

Beta

ETFs

|

Annual

Report

2023

Security

Acquisition

Dates

Shares

Cost

($)

Value

($)

Gazprom

PJSC

04/19/2016-02/16/2022

251,024

961,853

—

LUKOIL

PJSC

04/19/2016-02/16/2022

14,277

1,117,736

—

MMC

Norilsk

Nickel

PJSC

ADR

06/19/2020-02/16/2022

19,108

569,160

—

Mobile

TeleSystems

PJSC

ADR

06/19/2020-02/16/2022

49,482

421,211

—

3,069,960

—

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,

2023,

the

total

value

of

these

securities

amounted

to

$4,337,472,

which

represents

2.49%

of

total

net

assets.

(c)

Represents

fair

value

as

determined

in

good

faith

under

procedures

approved

by

the

Board

of

Trustees.

At

March

31,

2023,

the

value

of

these

securities

amounted

to

$0,

which

represents

less

than

0.01%

of

net

assets.

(d)

Valuation

based

on

significant

unobservable

inputs.

(e)

Denotes

a

restricted

security,

which

is

subject

to

legal

or

contractual

restrictions

on

resale

under

federal

securities

laws.

Disposal

of

a

restricted

investment

may

involve

time-consuming

negotiations

and

expenses,

and

prompt

sale

at

an

acceptable

price

may

be

difficult

to

achieve.

Private

placement

securities

are

generally

considered

to

be

restricted,

although

certain

of

those

securities

may

be

traded

between

qualified

institutional

investors

under

the

provisions

of

Section

4(a)(2)

and

Rule

144A.

The

Fund

will

not

incur

any

registration

costs

upon

such

a

trade.

These

securities

are

valued

at

fair

value

determined

in

good

faith

under

consistently

applied

procedures

approved

by

the

Fund’s

Board

of

Trustees.

At

March

31,

2023,

the

total

market

value

of

these

securities

amounted

to

$0,

which

represents

less

than

0.01%

of

total

net

assets.

Additional

information

on

these

securities

is

as

follows:

(f)

As

a

result

of

sanctions

and

restricted

cross-border

payments,

certain

income

and/or

principal

has

not

been

recognized

by

the

Fund.

The

Fund

will

continue

to

monitor

the

net

realizable

value

and

record

the

income

when

it

is

considered

collectible.

(g)

The

rate

shown

is

the

seven-day

current

annualized

yield

at

March

31,

2023.

Abbreviation

Legend

ADR

American

Depositary

Receipts

GDR

Global

Depositary

Receipts

NVDR

Non-Voting

Depository

Receipts

PJSC

Private

Joint

Stock

Company

Fair

Value

Measurements

The

Fund

categorizes

its

fair

value

measurements

according

to

a

three-level

hierarchy

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

prioritizing

that

the

most

observable

input

be

used

when

available.

Observable

inputs

are

those

that

market

participants

would

use

in

pricing

an

investment

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

are

those

that

reflect

the

Fund’s

assumptions

about

the

information

market

participants

would

use

in

pricing

an

investment.

An

investment’s

level

within

the

fair

value

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

deemed

significant

to

the

asset's

or

liability’s

fair

value

measurement.

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

investments

at

that

level.

For

example,

certain

U.S.

government

securities

are

generally

high

quality

and

liquid,

however,

they

are

reflected

as

Level

2

because

the

inputs

used

to

determine

fair

value

may

not

always

be

quoted

prices

in

an

active

market.

Fair

value

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

—

Valuations

based

on

quoted

prices

for

investments

in

active

markets

that

the

Fund

has

the

ability

to

access

at

the

measurement

date.

Valuation

adjustments

are

not

applied

to

Level

1

investments.

Level

2

—

Valuations

based

on

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risks,

etc.).

Level

3

—

Valuations

based

on

significant

unobservable

inputs

(including

the

Fund’s

own

assumptions

and

judgment

in

determining

the

fair

value

of

investments).

Inputs

that

are

used

in

determining

fair

value

of

an

investment

may

include

price

information,

credit

data,

volatility

statistics,

and

other

factors.

These

inputs

can

be

either

observable

or

unobservable.

The

availability

of

observable

inputs

can

vary

between

investments,

and

is

affected

by

various

factors

such

as

the

type

of

investment,

and

the

volume

and

level

of

activity

for

that

investment

or

similar

investments

in

the

marketplace.

The

inputs

will

be

considered

by

the

Investment

Manager,

along

with

any

other

relevant

factors

in

the

calculation

of

an

investment’s

fair

value.

The

Fund

uses

prices

and

inputs

that

are

current

as

of

the

measurement

date,

which

may

include

periods

of

market

dislocations.

During

these

periods,

the

availability

of

prices

and

inputs

may

be

reduced

for

many

investments.

This

condition

could

cause

an

investment

to

be

reclassified

between

the

various

levels

within

the

hierarchy.

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

EM

Core

ex-China

ETF

March

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Thematic

Beta

ETFs

|

Annual

Report

2023

21

Fair

Value

Measurements

(continued)

Investments

falling

into

the

Level

3

category

are

primarily

supported

by

quoted

prices

from

brokers

and

dealers

participating

in

the

market

for

those

investments.

However,

these

may

be

classified

as

Level

3

investments

due

to

lack

of

market

transparency

and

corroboration

to

support

these

quoted

prices.

Additionally,

valuation

models

may

be

used

as

the

pricing

source

for

any

remaining

investments

classified

as

Level

3.

These

models

may

rely

on

one

or

more

significant

unobservable

inputs

and/or

significant

assumptions

by

the

Investment

Manager.

Inputs

used

in

valuations

may

include,

but

are

not

limited

to,

financial

statement

analysis,

capital

account

balances,

discount

rates

and

estimated

cash

flows,

and

comparable

company

data.

The

Fund's

Board

of

Trustees

(the

Board)

has

designated

the

Investment

Manager,

through

its

Valuation

Committee

(the

Committee),

as

valuation

designee,

responsible

for

determining

the

fair

value

of

the

assets

of

the

Fund

for

which

market

quotations

are

not

readily

available

using

valuation

procedures

approved

by

the

Board.

The

Committee

consists

of

voting

and

non-voting

members

from

various

groups

within

the

Investment

Manager's

organization,

including

operations

and

accounting,

trading

and

investments,

compliance,

risk

management

and

legal.

The

Committee

meets

at

least

monthly

to

review

and

approve

valuation

matters,

which

may

include

a

description

of

specific

valuation

determinations,

data

regarding

pricing

information

received

from

approved

pricing

vendors

and

brokers

and

the

results

of

Board-approved

valuation

policies

and

procedures

(the

Policies).

The

Policies

address,

among

other

things,

instances

when

market

quotations

are

or

are

not

readily

available,

including

recommendations

of

third

party

pricing

vendors

and

a

determination

of

appropriate

pricing

methodologies;

events

that

require

specific

valuation

determinations

and

assessment

of

fair

value

techniques;

securities

with

a

potential

for

stale

pricing,

including

those

that

are

illiquid,

restricted,

or

in

default;

and

the

effectiveness

of

third-party

pricing

vendors,

including

periodic

reviews

of

vendors.

The

Committee

meets

more

frequently,

as

needed,

to

discuss

additional

valuation

matters,

which

may

include

the

need

to

review

back-testing

results,

review

time-

sensitive

information

or

approve

related

valuation

actions.

Representatives

of

Columbia

Management

Investment

Advisers,

LLC

report

to

the

Board

at

each

of

its

regularly

scheduled

meetings

to

discuss

valuation

matters

and

actions

during

the

period,

similar

to

those

described

earlier.

The

following

table

is

a

summary

of

the

inputs

used

to

value

the

Fund’s

investments

at

March

31,

2023:

Level

1

($)

Level

2

($)

Level

3

($)

Total

($)

Investments

in

Securities

Common

Stocks

Australia

898,421

–

–

898,421

Brazil

10,173,282

–

–

10,173,282

Chile

537,612

–

–

537,612

China

276,353

–

–

276,353

Colombia

340,109

–

–

340,109

Czech

Republic

430,648

–

–

430,648

Hungary

639,264

–

–

639,264

India

29,399,167

–

–

29,399,167

Indonesia

5,759,525

–

–

5,759,525

Kuwait

1,873,638

–

–

1,873,638

Malaysia

4,868,704

–

–

4,868,704

Mexico

8,085,369

–

–

8,085,369

Philippines

2,646,553

–

–

2,646,553

Poland

1,554,405

–

–

1,554,405

Russia

–

–

0

(a)

0

(a)

South

Africa

10,330,449

–

–

10,330,449

South

Korea

32,447,347

–

–

32,447,347

Taiwan

47,426,168

–

–

47,426,168

Thailand

7,314,971

–

–

7,314,971

Turkey

1,563,204

–

–

1,563,204

Total

Common

Stocks

166,565,189

–

0

(a)

166,565,189

Preferred

Stocks

Brazil

5,253,360

–

–

5,253,360

Chile

562,217

–

–

562,217

Total

Preferred

Stocks

5,815,577

–

–

5,815,577

Rights

Brazil

324

–

–

324

Taiwan

–

4,133

–

4,133

Total

Rights

324

4,133

–

4,457

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

EM

Core

ex-China

ETF

March

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

22

Thematic

Beta

ETFs

|

Annual

Report

2023

Fair

Value

Measurements

(continued)

Level

1

($)

Level

2

($)

Level

3

($)

Total

($)

Rights

(continued)

Money

Market

Funds

399,769

–

–

399,769

Total

Investments

in

Securities

172,780,859

4,133

0

(a)

172,784,992

See

the

Portfolio

of

Investments

for

all

investment

classifications

not

indicated

in

the

table.

The

Fund’s

assets

assigned

to

the

Level

2

input

category

are

generally

valued

using

the

market

approach,

in

which

a

security's

value

is

determined

through

reference

to

prices

and

information

from

market

transactions

for

similar

or

identical

assets.

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,

2023

(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

2023

23

Common

Stocks

-

99.8%

Issuer

Shares

Value

($)

Brazil

-

4.0%

Raia

Drogasil

SA

299,721‌

1,445,329‌

Telefonica

Brasil

SA

127,448‌

971,774‌

Vibra

Energia

SA

337,568‌

959,392‌

Total

3,376,495‌

China

-

45.7%

Alibaba

Group

Holding

Ltd.

ADR

(a)

42,902‌

4,383,726‌

ANTA

Sports

Products

Ltd.

75,119‌

1,090,907‌

Baidu,

Inc.

ADR

(a)

19,221‌

2,900,833‌

Bilibili,

Inc.

ADR

(a)

17,482‌

410,827‌

BYD

Co.

Ltd.

Class

H

64,284‌

1,881,854‌

China

Mengniu

Dairy

Co.

Ltd.

(a)

223,644‌

917,374‌

China

Resources

Beer

Holdings

Co.

Ltd.

105,534‌

846,966‌

China

Tower

Corp.

Ltd.

Class

H

(b)

2,925,140‌

354,000‌

Geely

Automobile

Holdings

Ltd.

389,412‌

501,030‌

Great

Wall

Motor

Co.

Ltd.

Class

H

236,113‌

291,459‌

Guangzhou

Automobile

Group

Co.

Ltd.

Class

H

199,265‌

125,652‌

Haier

Smart

Home

Co.

Ltd.

Class

H

174,137‌

547,925‌

Hengan

International

Group

Co.

Ltd.

46,747‌

216,169‌

JD.com,

Inc.

ADR

79,403‌

3,484,998‌

Kuaishou

Technology

(a),(b)

150,003‌

1,155,126‌

Li

Ning

Co.

Ltd.

177,138‌

1,396,804‌

Meituan

Class

B

(a),(b)

255,035‌

4,662,134‌

NetEase,

Inc.

ADR

26,467‌

2,340,741‌

Nongfu

Spring

Co.

Ltd.

Class

H

(b)

119,528‌

687,481‌

PDD

Holdings,

Inc.

ADR

(a)

38,178‌

2,897,710‌

Tencent

Holdings

Ltd.

83,747‌

4,115,898‌

Tencent

Music

Entertainment

Group

ADR

(a)

46,128‌

381,940‌

Tingyi

Cayman

Islands

Holding

Corp.

130,281‌

217,081‌

Tsingtao

Brewery

Co.

Ltd.

Class

H

35,058‌

382,738‌

Vipshop

Holdings

Ltd.

ADR

(a)

23,604‌

358,309‌

Want

Want

China

Holdings

Ltd.

349,227‌

224,663‌

Yum

China

Holdings,

Inc.

29,705‌

1,883,000‌

Zhongsheng

Group

Holdings

Ltd.

48,183‌

237,541‌

Total

38,894,886‌

Greece

-

0.6%

Hellenic

Telecommunications

Organization

SA

33,201‌

486,600‌

India

-

18.3%

Avenue

Supermarts

Ltd.

(a),(b)

30,350‌

1,256,008‌

Hero

MotoCorp

Ltd.

25,879‌

739,173‌

Hindustan

Unilever

Ltd.

123,173‌

3,837,386‌

ITC

Ltd.

566,504‌

2,643,559‌

Mahindra

&

Mahindra

Ltd.

GDR

193,547‌

2,709,658‌

Maruti

Suzuki

India

Ltd.

26,229‌

2,646,486‌

Nestle

India

Ltd.

7,139‌

1,711,683‌

Total

15,543,953‌

Indonesia

-

3.1%

PT

Astra

International

Tbk

2,517,904‌

1,007,531‌

PT

Telkom

Indonesia

Persero

Tbk

5,893,361‌

1,595,721‌

Total

2,603,252‌

Kuwait

-

0.9%

Mobile

Telecommunications

Co.

KSCP

415,763‌

731,667‌

Mexico

-

3.1%

Fomento

Economico

Mexicano

SAB

de

CV

Series

UBD

123,842‌

1,178,337‌

Grupo

Televisa

SAB

Series

CPO

181,319‌

191,502‌

Wal-Mart

de

Mexico

SAB

de

CV

314,213‌

1,253,476‌

Total

2,623,315‌

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Russia

-

0.0%

Magnit

PJSC

GDR

(a),(c),(d),(e)

2‌

0‌

Magnit

PJSC

(a),(c),(d),(e)

15,524‌

0‌

Mobile

TeleSystems

PJSC

ADR

(a),(c),(d),(e)

86,390‌

0‌

Yandex

NV

Class

A

(a),(c),(d),(e)

66,463‌

0‌

Total

0‌

Saudi

Arabia

-

4.8%

Almarai

Co.

JSC

40,202‌

604,042‌

Etihad

Etisalat

Co.

50,805‌

558,304‌

Saudi

Telecom

Co.

276,363‌

2,948,648‌

Total

4,110,994‌

South

Africa

-

2.7%

Shoprite

Holdings

Ltd.

102,955‌

1,289,716‌

Vodacom

Group

Ltd.

148,576‌

1,021,965‌

Total

2,311,681‌

Taiwan

-

11.9%

Chunghwa

Telecom

Co.

Ltd.

782,753‌

3,072,140‌

Far

EasTone

Telecommunications

Co.

Ltd.

335,081‌

827,591‌

Hotai

Motor

Co.

Ltd.

78,153‌

1,647,893‌

President

Chain

Store

Corp.

120,332‌

1,065,095‌

Taiwan

Mobile

Co.

Ltd.

364,824‌

1,210,189‌

Uni-President

Enterprises

Corp.

993,020‌

2,344,959‌

Total

10,167,867‌

Thailand

-

3.1%

Advanced

Info

Service

PCL

151,003‌

936,179‌

Advanced

Info

Service

PCL

1,000‌

6,200‌

CP

ALL

PCL

18,700‌

33,906‌

CP

ALL

PCL

621,492‌

1,126,846‌

Thai

Beverage

PCL

1,200,228‌

568,721‌

Total

2,671,852‌

United

Arab

Emirates

-

1.6%

Emirates

Telecommunications

Group

Co.

PJSC

229,823‌

1,380,502‌

Total

Common

Stocks

(Cost:

$91,534,461)

84,903,064‌

Total

Investments

in

Securities

(Cost:

$91,534,461)

84,903,064‌

Other

Assets

&

Liabilities,

Net

176,338‌

Net

Assets

85,079,402‌

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Emerging

Markets

Consumer

ETF

March

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

24

Thematic

Beta

ETFs

|

Annual

Report

2023

Security

Acquisition

Dates

Shares

Cost

($)

Value

($)

Magnit

PJSC

GDR

9/1/2022

2

—

—

Magnit

PJSC

12/27/2012-12/17/2021

15,524

3,017,072

—

Mobile

TeleSystems

PJSC

ADR

09/18/2020-12/17/2021

86,390

774,283

—

Yandex

NV

Class

A

03/15/2019-12/17/2021

66,463

2,808,034

—

6,599,389

—

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,

2023,

the

total

value

of

these

securities

amounted

to

$8,114,749,

which

represents

9.54%

of

total

net

assets.

(c)

Represents

fair

value

as

determined

in

good

faith

under

procedures

approved

by

the

Board

of

Trustees.

At

March

31,

2023,

the

value

of

these

securities

amounted

to

$0,

which

represents

less

than

0.01%

of

net

assets.

(d)

Valuation

based

on

significant

unobservable

inputs.

(e)

Denotes

a

restricted

security,

which

is

subject

to

legal

or

contractual

restrictions

on

resale

under

federal

securities

laws.

Disposal

of

a

restricted

investment

may

involve

time-consuming

negotiations

and

expenses,

and

prompt

sale

at

an

acceptable

price

may

be

difficult

to

achieve.

Private

placement

securities

are

generally

considered

to

be

restricted,

although

certain

of

those

securities

may

be

traded

between

qualified

institutional

investors

under

the

provisions

of

Section

4(a)(2)

and

Rule

144A.

The

Fund

will

not

incur

any

registration

costs

upon

such

a

trade.

These

securities

are

valued

at

fair

value

determined

in

good

faith

under

consistently

applied

procedures

approved

by

the

Fund’s

Board

of

Trustees.

At

March

31,

2023,

the

total

market

value

of

these

securities

amounted

to

$0,

which

represents

less

than

0.01%

of

total

net

assets.

Additional

information

on

these

securities

is

as

follows:

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.

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Emerging

Markets

Consumer

ETF

March

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Thematic

Beta

ETFs

|

Annual

Report

2023

25

Fair

Value

Measurements

(continued)

The

Fund's

Board

of

Trustees

(the

Board)

has

designated

the

Investment

Manager,

through

its

Valuation

Committee

(the

Committee),

as

valuation

designee,

responsible

for

determining

the

fair

value

of

the

assets

of

the

Fund

for

which

market

quotations

are

not

readily

available

using

valuation

procedures

approved

by

the

Board.

The

Committee

consists

of

voting

and

non-voting

members

from

various

groups

within

the

Investment

Manager's

organization,

including

operations

and

accounting,

trading

and

investments,

compliance,

risk

management

and

legal.

The

Committee

meets

at

least

monthly

to

review

and

approve

valuation

matters,

which

may

include

a

description

of

specific

valuation

determinations,

data

regarding

pricing

information

received

from

approved

pricing

vendors

and

brokers

and

the

results

of

Board-approved

valuation

policies

and

procedures

(the

Policies).

The

Policies

address,

among

other

things,

instances

when

market

quotations

are

or

are

not

readily

available,

including

recommendations

of

third

party

pricing

vendors

and

a

determination

of

appropriate

pricing

methodologies;

events

that

require

specific

valuation

determinations

and

assessment

of

fair

value

techniques;

securities

with

a

potential

for

stale

pricing,

including

those

that

are

illiquid,

restricted,

or

in

default;

and

the

effectiveness

of

third-party

pricing

vendors,

including

periodic

reviews

of

vendors.

The

Committee

meets

more

frequently,

as

needed,

to

discuss

additional

valuation

matters,

which

may

include

the

need

to

review

back-testing

results,

review

time-

sensitive

information

or

approve

related

valuation

actions.

Representatives

of

Columbia

Management

Investment

Advisers,

LLC

report

to

the

Board

at

each

of

its

regularly

scheduled

meetings

to

discuss

valuation

matters

and

actions

during

the

period,

similar

to

those

described

earlier.

The

following

table

is

a

summary

of

the

inputs

used

to

value

the

Fund’s

investments

at

March

31,

2023:

Level

1

($)

Level

2

($)

Level

3

($)

Total

($)

Investments

in

Securities

Common

Stocks

Brazil

3,376,495

–

–

3,376,495

China

38,894,886

–

–

38,894,886

Greece

486,600

–

–

486,600

India

15,543,953

–

–

15,543,953

Indonesia

2,603,252

–

–

2,603,252

Kuwait

731,667

–

–

731,667

Mexico

2,623,315

–

–

2,623,315

Russia

–

–

0

(a)

0

(a)

Saudi

Arabia

4,110,994

–

–

4,110,994

South

Africa

2,311,681

–

–

2,311,681

Taiwan

10,167,867

–

–

10,167,867

Thailand

2,671,852

–

–

2,671,852

United

Arab

Emirates

1,380,502

–

–

1,380,502

Total

Common

Stocks

84,903,064

–

0

(a)

84,903,064

Total

Investments

in

Securities

84,903,064

–

0

(a)

84,903,064

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,

2023

(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.

26

Thematic

Beta

ETFs

|

Annual

Report

2023

Notes

to

Consolidated

Portfolio

of

Investments

Common

Stocks

-

102

.4

%

Issuer

Shares

Value

($)

Consumer

Discretionary

-

54.5%

Bajaj

Auto

Ltd.

71,801‌

3,394,018‌

Bharat

Forge

Ltd.

147,983‌

1,387,321‌

Bosch

Ltd.

5,199‌

1,225,372‌

Eicher

Motors

Ltd.

82,656‌

2,965,840‌

FSN

E-Commerce

Ventures

Ltd.

(a)

644,153‌

973,882‌

Hero

MotoCorp

Ltd.

81,362‌

2,323,914‌

Indian

Hotels

Co.

Ltd.

517,949‌

2,044,191‌

Mahindra

&

Mahindra

Ltd.

239,966‌

3,383,307‌

Maruti

Suzuki

India

Ltd.

34,223‌

3,453,074‌

Page

Industries

Ltd.

3,172‌

1,462,954‌

Samvardhana

Motherson

International

Ltd.

1,206,875‌

985,384‌

Tata

Motors

Ltd.

(a)

675,385‌

3,458,182‌

Titan

Co.

Ltd.

123,918‌

3,792,065‌

Trent

Ltd.

121,671‌

2,035,610‌

Tube

Investments

of

India

Ltd.

64,415‌

1,996,036‌

TVS

Motor

Co.

Ltd.

137,270‌

1,799,255‌

Zomato

Ltd.

(a)

3,205,327‌

1,989,130‌

Total

38,669,535‌

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Consumer

Staples

-

47.9%

Adani

Wilmar

Ltd.

(a)

98,555‌

486,704‌

Avenue

Supermarts

Ltd.

(a),(b)

86,786‌

3,591,562‌

Britannia

Industries

Ltd.

68,283‌

3,591,146‌

Dabur

India

Ltd.

359,640‌

2,384,545‌

Godrej

Consumer

Products

Ltd.

(a)

223,702‌

2,635,319‌

Hindustan

Unilever

Ltd.

119,397‌

3,719,746‌

ITC

Ltd.

758,676‌

3,540,319‌

Marico

Ltd.

329,136‌

1,921,570‌

Nestle

India

Ltd.

15,924‌

3,818,020‌

Procter

&

Gamble

Hygiene

&

Health

Care

Ltd.

5,928‌

962,218‌

Tata

Consumer

Products

Ltd.

380,951‌

3,285,823‌

United

Spirits

Ltd.

(a)

175,389‌

1,614,051‌

Varun

Beverages

Ltd.

146,076‌

2,465,335‌

Total

34,016,358‌

Total

Investments

in

Securities

(Cost:

$57,090,183)

72,685,893‌

Other

Assets

&

Liabilities,

Net

(

1,678,817‌

)

Net

Assets

71,007,076‌

(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,

2023,

the

total

value

of

these

securities

amounted

to

$3,591,562,

which

represents

5.06%

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.

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.

PORTFOLIO

OF

INVESTMENTS

(Consolidated)

(continued)

Columbia

India

Consumer

ETF

March

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Thematic

Beta

ETFs

|

Annual

Report

2023

27

Fair

Value

Measurements

(continued)

The

Fund's

Board

of

Trustees

(the

Board)

has

designated

the

Investment

Manager,

through

its

Valuation

Committee

(the

Committee),

as

valuation

designee,

responsible

for

determining

the

fair

value

of

the

assets

of

the

Fund

for

which

market

quotations

are

not

readily

available

using

valuation

procedures

approved

by

the

Board.

The

Committee

consists

of

voting

and

non-voting

members

from

various

groups

within

the

Investment

Manager's

organization,

including

operations

and

accounting,

trading

and

investments,

compliance,

risk

management

and

legal.

The

Committee

meets

at

least

monthly

to

review

and

approve

valuation

matters,

which

may

include

a

description

of

specific

valuation

determinations,

data

regarding

pricing

information

received

from

approved

pricing

vendors

and

brokers

and

the

results

of

Board-approved

valuation

policies

and

procedures

(the

Policies).

The

Policies

address,

among

other

things,

instances

when

market

quotations

are

or

are

not

readily

available,

including

recommendations

of

third

party

pricing

vendors

and

a

determination

of

appropriate

pricing

methodologies;

events

that

require

specific

valuation

determinations

and

assessment

of

fair

value

techniques;

securities

with

a

potential

for

stale

pricing,

including

those

that

are

illiquid,

restricted,

or

in

default;

and

the

effectiveness

of

third-party

pricing

vendors,

including

periodic

reviews

of

vendors.

The

Committee

meets

more

frequently,

as

needed,

to

discuss

additional

valuation

matters,

which

may

include

the

need

to

review

back-testing

results,

review

time-

sensitive

information

or

approve

related

valuation

actions.

Representatives

of

Columbia

Management

Investment

Advisers,

LLC

report

to

the

Board

at

each

of

its

regularly

scheduled

meetings

to

discuss

valuation

matters

and

actions

during

the

period,

similar

to

those

described

earlier.

The

following

table

is

a

summary

of

the

inputs

used

to

value

the

Fund’s

investments

at

March

31,

2023:

Level

1

($)

Level

2

($)

Level

3

($)

Total

($)

Investments

in

Securities

Common

Stocks

Consumer

Discretionary

38,669,535

–

–

38,669,535

Consumer

Staples

34,016,358

–

–

34,016,358

Total

Common

Stocks

72,685,893

–

–

72,685,893

Total

Investments

in

Securities

72,685,893

–

–

72,685,893

See

the

Portfolio

of

Investments

for

all

investment

classifications

not

indicated

in

the

table.

STATEMENT

OF

ASSETS

AND

LIABILITIES

March

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

28

Thematic

Beta

ETFs

|

Annual

Report

2023

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

$173,288,350,

$91,534,461

and

$57,090,183,

respectively)

$172,784,992

$84,903,064

$72,685,893

Cash

321,782

–

–

Foreign

currency

(cost

$5,735,

$107,131

and

$432,637,

respectively)

5,571

106,725

433,300

Receivable

for:

Investments

sold

–

192,353

–

Dividends

941,900

73,239

354

Foreign

tax

reclaims

14,047

–

–

Reimbursement

due

from

Investment

Manager

–

813

–

Total

assets

174,068,292

85,276,194

73,119,547

Liabilities

Due

to

custodian

–

45,880

185,466

Payable

for:

Investment

management

fees

22,623

34,811

53,478

Foreign

capital

gains

taxes

deferred

–

116,101

1,873,512

Accrued

expenses

and

other

liabilities

145,913

–

15

Total

liabilities

168,536

196,792

2,112,471

Net

assets

applicable

to

outstanding

capital

stock

$173,899,756

$85,079,402

$71,007,076

Represented

by:

Paid-in

capital

$181,046,211

$316,290,305

$55,258,935

Total

distributable

earnings

(loss)

(7,146,455)

(231,210,903)

15,748,141

Total

—

representing

net

assets

applicable

to

outstanding

capital

stock

$173,899,756

$85,079,402

$71,007,076

Shares

outstanding

6,450,000

4,150,000

1,600,000

Net

asset

value

per

share

$26.96

$20.50

$44.38

STATEMENT

OF

OPERATIONS

Year

Ended

March

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Thematic

Beta

ETFs

|

Annual

Report

2023

29

Columbia

EM

Core

ex-

China

ETF

Columbia

Emerging

Markets

Consumer

ETF

Columbia

India

Consumer

ETF

(Consolidated)

Investment

Income:

Dividends

-

unaffiliated

issuers

$4,663,383

$2,372,750

$971,860

Foreign

taxes

withheld

(619,712)

(253,446)

(211,030)

Total

income

4,043,671

2,119,304

760,830

Expenses:

Investment

management

fees

187,924

472,770

577,359

Mauritius

taxes

paid

–

–

9,213

Overdraft

expense

3,188

1,596

6,682

Total

expenses

191,112

474,366

593,254

Fees

waived

by

the

Investment

Manager

and

its

affiliates

–

(2,033)

(15,895)

Total

net

expenses

191,112

472,333

577,359

Net

Investment

income

3,852,559

1,646,971

183,471

Realized

and

unrealized

gain

(loss)

—

net

Net

realized

gain

(loss)

on:

Investments

-

unaffiliated

issuers

(6,028,726)

(3,993,476)

5,056,443

In-kind

transactions

651,883

826,394

–

Foreign

currency

translations

(279,156)

(90,547)

(53,042)

Net

realized

gain

(loss)

(5,655,999)

(3,257,629)

5,003,401

Change

in

net

unrealized

appreciation

(depreciation)

on:

Investments

-

unaffiliated

issuers

(3,517,587)

(2,008,184)

(6,938,281)

Foreign

capital

gains

tax

65,729

(148,205)

202,931

Foreign

currency

translations

(637)

(10,735)

(2,850)

Net

change

in

unrealized

depreciation

(3,452,495)

(2,167,124)

(6,738,200)

Net

realized

and

unrealized

loss

(9,108,494)

(5,424,753)

(1,734,799)

Net

Decrease

in

net

assets

resulting

from

operations

$(5,255,935)

$(3,777,782)

$(1,551,328)

STATEMENT

OF

CHANGES

IN

NET

ASSETS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

30

Thematic

Beta

ETFs

|

Annual

Report

2023

,

Columbia

EM

Core

ex-China

ETF

Columbia

Emerging

Markets

Consumer

ETF

Year

Ended

March

31,

2023

Year

Ended

March

31,

2022

Year

Ended

March

31,

2023

Year

Ended

March

31,

2022

Operations

Net

investment

income

$3,852,559

$1,277,747

$1,646,971

$1,939,970

Net

realized

loss

(5,655,999)

(278,614)

(3,257,629)

(1,506,371)

Net

change

in

unrealized

depreciation

(3,452,495)

(4,318,432)

(2,167,124)

(36,469,352)

Net

decrease

in

net

assets

resulting

from

operations

(5,255,935)

(3,319,299)

(3,777,782)

(36,035,753)

Distributions

to

shareholders

Net

investment

income

and

net

realized

gains

(3,303,786)

(1,046,095)

(1,518,938)

(1,431,289)

Shareholder

transactions

Proceeds

from

shares

sold

92,721,707

69,559,516

10,348,737

1,972,850

Cost

of

shares

redeemed

(5,525,974)

–

(37,269,368)

(30,207,693)

Net

increase

(decrease)

in

net

assets

resulting

from

shareholder

transactions

87,195,733

69,559,516

(26,920,631)

(28,234,843)

Increase

(decrease)

in

net

assets

78,636,012

65,194,122

(32,217,351)

(65,701,885)

Net

Assets:

Net

assets

at

beginning

of

year

95,263,744

30,069,622

117,296,753

182,998,638

Net

assets

at

end

of

year

$173,899,756

$95,263,744

$85,079,402

$117,296,753

Capital

stock

activity

Shares

outstanding,

beginning

of

year

3,100,000

950,000

5,500,000

6,600,000

Subscriptions

3,550,000

2,150,000

500,000

100,000

Redemptions

(200,000)

–

(1,850,000)

(1,200,000)

Shares

outstanding,

end

of

year

6,450,000

3,100,000

4,150,000

5,500,000

STATEMENT

OF

CHANGES

IN

NET

ASSETS

(continued)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Thematic

Beta

ETFs

|

Annual

Report

2023

31

Columbia

India

Consumer

ETF

(Consolidated)

Year

Ended

March

31,

2023

Year

Ended

March

31,

2022

Operations

Net

investment

income

$183,471

$663,309

Net

realized

gain

5,003,401

12,171,682

Net

change

in

unrealized

depreciation

(6,738,200)

(7,987,201)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

(1,551,328)

4,847,790

Distributions

to

shareholders

Net

investment

income

and

net

realized

gains

(7,435,118)

(6,069,618)

Shareholder

transactions

Proceeds

from

shares

sold

2,284,755

16,519,845

Cost

of

shares

redeemed

–

(29,121,438)

Net

increase

(decrease)

in

net

assets

resulting

from

shareholder

transactions

2,284,755

(12,601,593)

Decrease

in

net

assets

(6,701,691)

(13,823,421)

Net

Assets:

Net

assets

at

beginning

of

year

77,708,767

91,532,188

Net

assets

at

end

of

year

$71,007,076

$77,708,767

Capital

stock

activity

Shares

outstanding,

beginning

of

year

1,550,000

1,800,000

Subscriptions

50,000

300,000

Redemptions

–

(550,000)

Shares

outstanding,

end

of

year

1,600,000

1,550,000

FINANCIAL

HIGHLIGHTS

Columbia

EM

Core

ex-China

ETF

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

32

Thematic

Beta

ETFs

|

Annual

Report

2023

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

ratios

of

expenses

and

net

investment

income

are

annualized

for

periods

of

less

than

one

year.

The

portfolio

turnover

rate

is

calculated

without

regard

to

purchase

and

sales

transactions

of

short-term

instruments,

certain

derivatives

and

in-kind

transactions,

if

any.

If

such

transactions

were

included,

the

Fund’s

portfolio

turnover

rate

may

be

higher.

Year

Ended

March

31,

2023

2022

2021

2020

2019

Per

share

data

Net

asset

value,

beginning

of

year

$30.73‌

$31.65‌

$19.09‌

$25.40‌

$28.03‌

Income

(loss)

from

investment

operations:

Net

investment

income

0.86‌

0.80‌

0.68‌

0.69‌

0.65‌

Net

realized

and

unrealized

gain

(loss)

(4.01‌)

(1.10‌)

12.37‌

(6.41‌)

(2.51‌)

Total

from

investment

operations

(3.15‌)

(0.30‌)

13.05‌

(5.72‌)

(1.86‌)

Less

distributions

to

shareholders:

Net

investment

income

(0.62‌)

(0.58‌)

(0.49‌)

(0.59‌)

(0.62‌)

Net

realized

gains

–‌

(0.04‌)

–‌

–‌

(0.15‌)

Total

distribution

to

shareholders

(0.62‌)

(0.62‌)

(0.49‌)

(0.59‌)

(0.77‌)

Net

asset

value,

end

of

year

$26.96‌

$30.73‌

$31.65‌

$19.09‌

$25.40‌

Total

Return

at

NAV

(10.15‌)%

(0.96‌)%

68.56‌%

(23.25‌)%

(6.38‌)%

Total

Return

at

Market

(9.43‌)%

(1.94‌)%

69.09‌%

(23.43‌)%

(7.37‌)%

Ratios

to

average

net

assets:

Total

gross

expenses

(a)

0.16‌%

(b)

0.16‌%

(c)

0.16‌%

0.19‌%

(d)

0.47‌%

(e)

Total

net

expenses

(a)(f)

0.16‌%

(b)

0.16‌%

(c)

0.16‌%

0.19‌%

(d)

0.35‌%

(e)

Net

Investment

income

3.28‌%

2.53‌%

2.61‌%

2.70‌%

2.54‌%

Supplemental

data

Net

assets,

end

of

year

(in

thousands)

$173,900‌

$95,264‌

$30,070‌

$14,321‌

$11,431‌

Portfolio

turnover

19‌%

13‌%

19‌%

14‌%

24‌%

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,

2023

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,

2022

attributed

to

overdraft

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

(d)

The

ratio

includes

less

than

0.01%

for

the

year

ended

March

31,

2020

attributed

to

overdraft

expense

and

tax

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

(e)

The

ratio

includes

less

than

0.01%

for

the

year

ended

March

31,

2019

attributed

to

overdraft

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.

Thematic

Beta

ETFs

|

Annual

Report

2023

33

Year

Ended

March

31,

2023

2022

2021

2020

2019

(a)(b)

Per

share

data

Net

asset

value,

beginning

of

year

$21.33‌

$27.73‌

$19.65‌

$22.67‌

$26.34‌

Income

(loss)

from

investment

operations:

Net

investment

income

0.35‌

0.33‌

0.29‌

0.27‌

0.25‌

Net

realized

and

unrealized

gain

(loss)

(0.77‌)

(6.47‌)

7.97‌

(2.90‌)

(3.72‌)

Total

from

investment

operations

(0.42‌)

(6.14‌)

8.26‌

(2.63‌)

(3.47‌)

Less

distributions

to

shareholders:

Net

investment

income

(0.41‌)

(0.26‌)

(0.18‌)

(0.39‌)

(0.20‌)

Net

asset

value,

end

of

year

$20.50‌

$21.33‌

$27.73‌

$19.65‌

$22.67‌

Total

Return

at

NAV

(1.93‌)%

(22.22‌)%

42.02‌%

(11.87‌)%

(13.08‌)%

Total

Return

at

Market

(0.95‌)%

(23.46‌)%

43.27‌%

(11.95‌)%

(13.90‌)%

Ratios

to

average

net

assets:

Total

gross

expenses

(c)

0.49‌%

(d)

0.53‌%

(e)

0.59‌%

(f)

0.60‌%

(g)

0.61‌%

(h)

Total

net

expenses

(c)(i)

0.49‌%

(d)

0.53‌%

(e)

0.59‌%

(f)

0.60‌%

(g)

0.61‌%

(h)

Net

Investment

income

1.71‌%

1.28‌%

1.14‌%

1.20‌%

1.07‌%

Supplemental

data

Net

assets,

end

of

year

(in

thousands)

$85,079‌

$117,297‌

$182,999‌

$174,921‌

$290,119‌

Portfolio

turnover

25‌%

31‌%

40‌%

37‌%

61‌%

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,

2023

attributed

to

overdraft

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

There

is

no

impact

to

the

total

net

expense

ratio

attributed

to

overdraft

expense

as

the

entire

overdraft

expense

was

waived

for

the

year

ended

March

31,

2023.

(e)

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.

(f)

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.

(g)

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).

(h)

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).

(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.

34

Thematic

Beta

ETFs

|

Annual

Report

2023

Year

Ended

March

31,

2023

2022

2021

2020

2019

Per

share

data

Net

asset

value,

beginning

of

year

$50.13‌

$50.85‌

$30.80‌

$42.08‌

$45.81‌

Income

(loss)

from

investment

operations:

Net

investment

income

0.12‌

0.38‌

0.09‌

0.29‌

0.12‌

Net

realized

and

unrealized

gain

(loss)

(1.07‌)

2.27‌

20.12‌

(11.45‌)

(3.80‌)

Total

from

investment

operations

(0.95‌)

2.65‌

20.21‌

(11.16‌)

(3.68‌)

Less

distributions

to

shareholders:

Net

investment

income

(0.11‌)

(0.08‌)

(0.16‌)

(0.12‌)

(0.05‌)

Net

realized

gains

(4.69‌)

(3.29‌)

–‌

–‌

–‌

Total

distribution

to

shareholders

(4.80‌)

(3.37‌)

(0.16‌)

(0.12‌)

(0.05‌)

Net

asset

value,

end

of

year

$44.38‌

$50.13‌

$50.85‌

$30.80‌

$42.08‌

Total

Return

at

NAV

(2.38‌)%

5.22‌%

65.67‌%

(26.60‌)%

(8.03‌)%

Total

Return

at

Market

(1.14‌)%

3.17‌%

69.58‌%

(28.00‌)%

(8.44‌)%

Ratios

to

average

net

assets:

Total

gross

expenses

(a)

0.77‌%

(b)

0.77‌%

(c)

0.80‌%

(d)

0.81‌%

(e)

0.77‌%

(f)

Total

net

expenses

(a)(g)

0.75‌%

(b)

0.75‌%

(c)

0.75‌%

(d)

0.81‌%

(e)

0.77‌%

(f)

Net

Investment

income

0.24‌%

0.70‌%

0.22‌%

0.70‌%

0.26‌%

Supplemental

data

Net

assets,

end

of

year

(in

thousands)

$71,007‌

$77,709‌

$91,532‌

$67,764‌

$130,436‌

Portfolio

turnover

22‌%

31‌%

16‌%

11‌%

15‌%

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,

2023

attributed

to

overdraft

expense

and

tax

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

There

is

no

impact

to

the

total

net

expense

ratio

attributed

to

overdraft

expense,

and

tax

expense,

as

the

entire

overdraft

expense

and

tax

expense

were

waived

for

the

year

ended

March

31,

2023.

(c)

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.

(d)

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.

(e)

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).

(f)

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).

(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,

2023

Thematic

Beta

ETFs

|

Annual

Report

2023

35

Note

1.

Organization

Columbia

ETF

Trust

II

(the

Trust)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

1940

Act),

as

an

open-end

management

investment

company

organized

as

a

Delaware

statutory

trust.

The

Trust

may

issue

an

unlimited

number

of

shares

(without

par

value).

Information

presented

in

these

financial

statements

pertains

to

the

following

series

of

the

Trust

(each,

a

Fund

and

collectively,

the

Funds):

Columbia

EM

Core

ex-China

ETF,

Columbia

Emerging

Markets

Consumer

ETF

and

Columbia

India

Consumer

ETF.

Columbia

EM

Core

ex-China

ETF

and

Columbia

India

Consumer

ETF

are

non-diversified

funds.

Columbia

Emerging

Markets

Consumer

ETF

may

operate

as

a

non-diversified

Fund

while

the

Dow

Jones

Emerging

Markets

Consumer

Titans

TM

Index

is

non-diversified.

Basis

for

Consolidation

The

Consolidated

Portfolio

of

Investments;

Consolidated

Statements

of

Assets

and

Liabilities,

of

Operations

and

of

Changes

in

Net

Assets;

and

the

Consolidated

Financial

Highlights

of

Columbia

India

Consumer

ETF

include

the

accounts

of

Columbia

India

Consumer

ETF

and

EG

Shares

India

Consumer

Mauritius,

a

wholly

owned

subsidiary

of

Columbia

India

Consumer

ETF

(the

Subsidiary)

located

in

the

Republic

of

Mauritius

(Mauritius).

All

inter-company

transactions

and

balances

have

been

eliminated

in

the

consolidation

process.

As

of

the

date

of

this

report,

Columbia

India

Consumer

ETF

invests

in

Indian

securities

both

directly

(in

India),

and

through

its

corresponding

Subsidiary,

which

in

turn

invests

virtually

all

of

its

assets

in

Indian

securities.

Columbia

India

Consumer

ETF

and

its

Subsidiary

have

historically

relied

on

a

tax

treaty

between

India

and

Mauritius

for

relief

from

certain

Indian

taxes.

The

enactment

of

general

anti-avoidance

rules

in

India,

the

signing

of

a

protocol

amending

the

India-Mauritius

tax

treaty,

and

enactment

of

a

10%

tax

on

long-term

capital

gains

from

the

alienation

of

Indian

shares

after

March

31,

2018

(not

otherwise

exempt

under

a

tax

treaty)

have

resulted

in

the

imposition

of

additional

taxes

by

India

on

Columbia

India

Consumer

ETF

and

its

Subsidiary.

For

more

information,

see

India-Mauritius

Tax

Treaty

Risk.

A

summary

of

Columbia

India

Consumer

ETF’s

investment

in

the

Subsidiary

is

as

follows:

Fund

Shares

The

market

prices

of

each

Fund’s

shares

may

differ

to

some

degree

from

the

Fund’s

net

asset

value

(NAV).

Unlike

conventional

mutual

funds,

each

Fund

issues

and

redeems

shares

on

a

continuous

basis,

at

NAV,

only

in

a

large

specified

number

of

shares,

each

called

a

“Creation

Unit.”

A

Creation

Unit

consists

of

50,000

shares.

Creation

Units

are

issued

and

redeemed

generally

in-kind

for

a

basket

of

securities

and/or

for

cash.

Investors

such

as

market

makers,

large

investors

and

institutions

who

wish

to

deal

in

Creation

Units

directly

with

a

Fund

must

have

entered

into

an

authorized

participant

agreement

(Authorized

Participants)

with

the

Fund’s

principal

underwriter

and

the

transfer

agent,

or

purchase

through

a

dealer

that

has

entered

into

such

an

agreement.

Authorized

participants

may

purchase

or

redeem

Fund

shares

directly

from

the

Fund

only

in

Creation

Units.

The

Funds’

shares

are

also

listed

on

the

New

York

Stock

Exchange

for

which

investors

can

purchase

and

sell

shares

on

the

secondary

market

through

a

broker

at

market

prices

which

may

differ

from

the

NAV

of

the

Fund.

Note

2.

Summary

of

significant

accounting

policies

Basis

of

preparation

Each

Fund

is

an

investment

company

that

applies

the

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

-

Investment

Companies

(ASC

946)

.

The

financial

statements

are

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

(GAAP),

which

requires

management

to

make

certain

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

Fund

%

of

consolidated

fund

net

assets

Net

assets

($)

Net

investment

income

(loss)

($)

Net

realized

gain

(loss)

($)

Net

change

in

unrealized

appreciation

(depreciation)

($)

Columbia

India

Consumer

ETF

19.5%

13,846,159

210,291

3,820,394

(4,719,104)

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

March

31,

2023

36

Thematic

Beta

ETFs

|

Annual

Report

2023

and

liabilities,

the

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Funds

in

the

preparation

of

their

financial

statements.

Security

valuation

Equity

securities

listed

on

an

exchange

are

valued

at

the

closing

price

or

last

trade

price

on

their

primary

exchange

at

the

close

of

business

of

the

New

York

Stock

Exchange.

Securities

with

a

closing

price

not

readily

available

or

not

listed

on

any

exchange

are

valued

at

the

mean

between

the

closing

bid

and

ask

prices.

Listed

preferred

stocks

convertible

into

common

stocks

are

valued

using

an

evaluated

price

from

a

pricing

service.

Foreign

equity

securities

are

valued

based

on

the

closing

price

or

last

trade

price

on

their

primary

exchange

at

the

close

of

business

of

the

New

York

Stock

Exchange.

If

any

foreign

equity

security

closing

prices

are

not

readily

available,

the

securities

are

valued

at

the

mean

of

the

latest

quoted

bid

and

ask

prices

on

such

exchanges

or

markets.

Foreign

currency

exchange

rates

are

generally

determined

at

the

close

of

London’s

exchange

at

11:00

a.m.

Eastern

(U.S.)

time.

Investments

in

open-end

investment

companies

(other

than

exchange-traded

funds

(ETFs)),

are

valued

at

the

latest

net

asset

value

reported

by

those

companies

as

of

the

valuation

time.

Investments

for

which

market

quotations

are

not

readily

available,

or

that

have

quotations

which

management

believes

are

not

reflective

of

market

value

or

reliable,

are

valued

at

fair

value

as

determined

in

good

faith

under

procedures

approved

by

the

Board

of

Trustees.

If

a

security

or

class

of

securities

(such

as

foreign

securities)

is

valued

at

fair

value,

such

value

is

likely

to

be

different

from

the

quoted

or

published

price

for

the

security,

if

available.

The

determination

of

fair

value

often

requires

significant

judgment.

To

determine

fair

value,

management

may

use

assumptions

including

but

not

limited

to

future

cash

flows

and

estimated

risk

premiums.

Multiple

inputs

from

various

sources

may

be

used

to

determine

fair

value.

GAAP

requires

disclosure

regarding

the

inputs

and

valuation

techniques

used

to

measure

fair

value

and

any

changes

in

valuation

inputs

or

techniques.

In

addition,

investments

shall

be

disclosed

by

major

category.

This

information

is

disclosed

following

the

Funds’

Portfolio

of

Investments.

Foreign

currency

transactions

and

translations

The

values

of

all

assets

and

liabilities

denominated

in

foreign

currencies

are

generally

translated

into

U.S.

dollars

at

exchange

rates

determined

at

the

close

of

the

London

Stock

Exchange

on

any

given

day.

Net

realized

and

unrealized

gains

(losses)

on

foreign

currency

transactions

and

translations

include

gains

(losses)

arising

from

the

fluctuation

in

exchange

rates

between

trade

and

settlement

dates

on

securities

transactions,

gains

(losses)

arising

from

the

disposition

of

foreign

currency

and

currency

gains

(losses)

between

the

accrual

and

payment

dates

on

dividends,

interest

income

and

foreign

withholding

taxes.

For

financial

statement

purposes,

the

Funds

do

not

distinguish

that

portion

of

gains

(losses)

on

investments

which

is

due

to

changes

in

foreign

exchange

rates

from

that

which

is

due

to

changes

in

market

prices

of

the

investments.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gains

(losses)

on

investments

in

the

Statement

of

Operations.

Security

transactions

Security

transactions

are

accounted

for

on

the

trade

date.

Cost

is

determined

and

gains

(losses)

are

based

upon

the

specific

identification

method

for

both

financial

statement

and

federal

income

tax

purposes.

Income

recognition

Corporate

actions

and

dividend

income

are

generally

recorded

net

of

any

non-reclaimable

tax

withholdings,

on

the

ex-

dividend

date

or

upon

receipt

of

an

ex-dividend

notification

in

the

case

of

certain

foreign

securities.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

March

31,

2023

Thematic

Beta

ETFs

|

Annual

Report

2023

37

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.

The

Funds

intend

to

qualify

each

year

as

separate

regulated

investment

companies

under

Subchapter

M

of

the

Internal

Revenue

Code,

as

amended,

and

will

distribute

substantially

all

of

their

investment

company

taxable

income

and

net

capital

gain,

if

any,

for

their

tax

year,

and

as

such

will

not

be

subject

to

federal

income

taxes.

In

addition,

the

Funds

intend

to

distribute

in

each

calendar

year

substantially

all

of

their

ordinary

income,

capital

gain

net

income

and

certain

other

amounts,

if

any,

such

that

the

Funds

should

not

be

subject

to

federal

excise

tax.

Therefore,

no

federal

income

or

excise

tax

provisions

are

recorded.

Foreign

taxes

The

Funds

may

be

subject

to

foreign

taxes

on

income,

gains

on

investments

or

currency

repatriation,

a

portion

of

which

may

be

recoverable.

The

Fund

will

accrue

such

taxes

and

recoveries,

as

applicable,

based

upon

its

current

interpretation

of

tax

rules

and

regulations

that

exist

in

the

markets

in

which

it

invests.

Realized

gains

in

certain

countries

may

be

subject

to

foreign

taxes

at

the

Fund

level,

based

on

statutory

rates.

The

Fund

accrues

for

such

foreign

taxes

on

realized

and

unrealized

gains

at

the

appropriate

rate

for

each

jurisdiction,

as

applicable.

The

amount,

if

any,

is

disclosed

as

a

liability

in

the

Statement

of

Assets

and

Liabilities.

Distributions

to

shareholders

Distributions

from

net

investment

income,

if

any,

are

declared

and

paid

annually.

Net

realized

capital

gains,

if

any,

are

distributed

at

least

annually.

Income

distributions

and

capital

gain

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

Guarantees

and

indemnifications

Under

the

Trust’s

organizational

documents

and,

in

some

cases,

by

contract,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust

or

its

funds.

In

addition,

certain

of

the

Funds’

contracts

with

their

service

providers

contain

general

indemnification

clauses.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

since

the

amount

of

any

future

claims

that

may

be

made

against

the

Funds

cannot

be

determined,

and

the

Funds

have

no

historical

basis

for

predicting

the

likelihood

of

any

such

claims.

Recent

accounting

pronouncement

Tailored

Shareholder

Reports

In

October

2022,

the

Securities

and

Exchange

Commission

(SEC)

adopted

a

final

rule

relating

to

Tailored

Shareholder

Reports

for

Mutual

Funds

and

Exchange-Traded

Funds;

Fee

Information

in

Investment

Company

Advertisements.

The

rule

and

form

amendments

will,

among

other

things,

require

the

Funds

to

transmit

concise

and

visually

engaging

shareholder

reports

that

highlight

key

information.

The

amendments

will

require

that

funds

tag

information

in

a

structured

data

format

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

March

31,

2023

38

Thematic

Beta

ETFs

|

Annual

Report

2023

and

that

certain

more

in-depth

information

be

made

available

online

and

available

for

delivery

free

of

charge

to

investors

on

request.

The

amendments

became

effective

January

24,

2023.

There

is

an

18-month

transition

period

after

the

effective

date

of

the

amendment.

Note

3.

Investment

management

fees

Under

an

Investment

Management

Services

Agreement,

Columbia

Management

Investment

Advisers,

LLC

(the

Investment

Manager),

a

wholly-owned

subsidiary

of

Ameriprise

Financial,

Inc.

(Ameriprise

Financial),

determines

which

securities

will

be

purchased,

held

or

sold.

The

investment

management

fee

is

a

unitary

fee

paid

monthly

to

the

Investment

Manager

at

an

annual

rate

based

on

each

Fund’s

average

daily

net

assets.

In

return

for

this

fee,

the

Investment

Manager

pays

the

operating

costs

and

expenses

of

each

Fund

other

than

the

following

expenses

(which

will

be

paid

by

the

Fund):

taxes;

interest

incurred

on

borrowing

by

the

Funds

(including

but

not

limited

to

overdraft

fees),

if

any;

brokerage

expenses,

fees,

commissions

and

other

portfolio

transaction

expenses

(including

but

not

limited

to

service

fees

charged

by

custodians

of

depository

receipts

and

scrip

fees

related

to

registrations

on

foreign

exchanges);

interest

and

fee

expense

related

to

the

Funds’

participation

in

inverse

floater

structures;

infrequent

and/or

unusual

expenses,

including

without

limitation

litigation

expenses

(including

but

not

limited

to

arbitrations

and

indemnification

expenses);

distribution

and/or

service

fees;

expenses

incurred

in

connection

with

lending

securities;

and

any

other

expenses

approved

by

the

Board

of

Trustees.

The

investment

management

fee

is

an

annual

fee

that

is

equal

to

a

percentage

of

each

Fund’s

average

daily

net

assets

and

is

paid

as

follows:

Compensation

of

board

members

Members

of

the

Board

of

Trustees

who

are

not

officers

or

employees

of

the

Investment

Manager

or

Ameriprise

Financial

are

compensated

for

their

services

to

the

Funds.

Under

a

Deferred

Compensation

Plan

(the

Deferred

Plan),

these

members

of

the

Board

of

Trustees

may

elect

to

defer

payment

of

up

to

100%

of

their

compensation.

Deferred

amounts

are

treated

as

though

equivalent

dollar

amounts

had

been

invested

in

shares

of

certain

funds

managed

by

the

Investment

Manager.

Each

Fund’s

deferred

amount

is

adjusted

for

market

value

changes

and

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

Columbia

EM

Core

ex-China

ETF

0.16

Columbia

Emerging

Markets

Consumer

ETF

0.49

Columbia

India

Consumer

ETF

0.75

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

March

31,

2023

Thematic

Beta

ETFs

|

Annual

Report

2023

39

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,

2023,

these

differences

are

primarily

due

to

differing

treatments

for

deferral/reversal

of

wash

sale

losses,

foreign

currency

transactions

and

passive

foreign

investment

company

(PFIC)

holdings,

late

year

loss

deferral,

foreign

capital

gains

tax,

disallowed

capital

gains

(losses)

on

a

redemption

in-kind,

and

capital

loss

carryforwards.

To

the

extent

these

differences

are

permanent,

reclassifications

are

made

among

the

components

of

the

applicable

Fund’s

net

assets

in

the

Statement

of

Assets

and

Liabilities.

Temporary

differences

do

not

require

reclassifications.

The

following

reclassifications

were

made:

Net

investment

income

(loss)

and

net

realized

gains

(losses),

as

disclosed

in

the

Statement

of

Operations,

and

net

assets

were

not

affected

by

these

reclassifications.

The

tax

character

of

distributions

paid

during

the

years

indicated

was

as

follows:

Short-term

capital

gain

distributions,

if

any,

are

considered

ordinary

income

distributions

for

tax

purposes.

Fund

Through

July

31,

2023

Columbia

Emerging

Markets

Consumer

ETF

0.49%

Columbia

India

Consumer

ETF

0.75%

Fund

Undistributed

net

investment

income

($)

Accumulated

net

realized

gain

(loss)

($)

Paid-in

capital

increase

(decrease)

($)

Columbia

EM

Core

ex-China

ETF

(291,607)

(355,484)

647,091

Columbia

Emerging

Markets

Consumer

ETF

(201,238)

(12,345)

213,583

Columbia

India

Consumer

ETF

(769,075)

769,075

-

Year

Ended

March

31,

2023

Year

Ended

March

31,

2022

Fund

Ordinary

income

($)

Long-term

capital

gain

($)

Total

($)

Ordinary

income

($)

Long-term

capital

gain

($)

Total

($)

Columbia

EM

Core

ex-China

ETF

3,303,786

-

3,303,786

980,956

65,139

1,046,095

Columbia

Emerging

Markets

Consumer

ETF

1,518,938

-

1,518,938

1,431,289

-

1,431,289

Columbia

India

Consumer

ETF

211,907

7,223,211

7,435,118

155,754

5,913,864

6,069,618

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

March

31,

2023

40

Thematic

Beta

ETFs

|

Annual

Report

2023

At

March

31,

2023,

the

components

of

distributable

earnings

on

a

tax

basis

were

as

follows:

At

March

31,

2023,

the

cost

of

all

investments

for

federal

income

tax

purposes

along

with

the

aggregate

gross

unrealized

appreciation

and

depreciation

based

on

that

cost

was:

The

following

capital

loss

carryforward,

determined

at

March

31,

2023,

may

be

available

to

reduce

future

net

realized

gains

on

investments,

if

any,

to

the

extent

permitted

by

the

Internal

Revenue

Code:

Under

current

tax

rules,

regulated

investment

companies

can

elect

to

treat

certain

late-year

ordinary

losses

incurred

and

post-October

capital

losses

(capital

losses

realized

after

October

31)

as

arising

on

the

first

day

of

the

following

taxable

year.

At

March

31,

2023,

the

Funds

will

elect

to

treat

the

following

late-year

ordinary

losses

and

post-October

capital

losses

as

arising

on

April

1,

2023.

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,

2023,

were

as

follows:

The

amount

of

purchase

and

sale

activity

impacts

the

portfolio

turnover

rate

reported

in

the

Financial

Highlights.

Fund

Undistributed

ordinary

income/(loss)

($)

Undistributed

long-term

capital

gains

($)

Capital

loss

carryforwards

($)

Net

unrealized

appreciation

(depreciation)

($)

Columbia

EM

Core

ex-China

ETF

1,106,033

-

(4,539,920)

(3,717,893)

Columbia

Emerging

Markets

Consumer

ETF

627,415

-

(222,280,563)

(9,444,289)

Columbia

India

Consumer

ETF

-

5,401,921

-

12,903,599

Fund

Tax

cost

($)

Gross

unrealized

appreciation

($)

Gross

unrealized

depreciation

($)

Net

unrealized

appreciation

(depreciation)

($)

Columbia

EM

Core

ex-China

ETF

176,502,885

15,473,641

(19,191,534)

(3,717,893)

Columbia

Emerging

Markets

Consumer

ETF

94,347,353

8,391,359

(17,835,648)

(9,444,289)

Columbia

India

Consumer

ETF

59,782,294

17,037,988

(4,134,389)

12,903,599

Fund

No

expiration

short-

term

($)

No

expiration

long-term

($)

Total

($)

Utilized

($)

Columbia

EM

Core

ex-China

ETF

3,222,020

1,317,900

4,539,920

-

Columbia

Emerging

Markets

Consumer

ETF

5,070,768

217,209,795

222,280,563

-

Columbia

India

Consumer

ETF

-

-

-

-

Fund

Late

year

ordinary

losses

($)

Post-October

capital

losses

($)

Columbia

EM

Core

ex-China

ETF

-

-

Columbia

Emerging

Markets

Consumer

ETF

-

-

Columbia

India

Consumer

ETF

684,530

-

Fund

Purchases

($)

Proceeds

from

sales

($)

Columbia

EM

Core

ex-China

ETF

80,587,623

22,606,687

Columbia

Emerging

Markets

Consumer

ETF

24,193,712

34,336,449

Columbia

India

Consumer

ETF

17,469,905

22,893,151

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

March

31,

2023

Thematic

Beta

ETFs

|

Annual

Report

2023

41

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,

2023,

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,

2023,

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

27,

2022

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

0.10%

and

(iii)

the

overnight

bank

funding

rate,

plus

in

each

case,

1.00%.

Each

borrowing

under

the

credit

facility

matures

no

later

than

60

days

after

the

date

of

borrowing.

Each

Fund

also

pays

a

commitment

fee

equal

to

its

pro

rata

share

of

the

unused

amount

of

the

credit

facility

at

a

rate

of

0.15%

per

annum.

The

commitment

fee

is

included

in

other

expenses

in

the

Statement

of

Operations.

This

agreement

expires

annually

in

October

unless

extended

or

renewed.

Prior

to

the

October

27,

2022

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

secured

overnight

financing

rate

plus

0.11448%

and

(iii)

the

overnight

bank

funding

rate,

plus

in

each

case,

1.00%.

During

the

year

ended

March

31,

2023,

Columbia

EM

Core

ex-China

ETF,

Columbia

Emerging

Markets

Consumer

ETF

and

Columbia

India

Consumer

ETF

had

no

borrowings.

Note

8.

Significant

risks

Communication

services

sector

risk

Columbia

Emerging

Markets

Consumer

ETF

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

30,290,718

Columbia

Emerging

Markets

Consumer

ETF

4,796,218

Columbia

India

Consumer

ETF

-

Fund

Cost

basis

($)

Proceeds

from

sales

($)

Net

realized

gain

(loss)

($)

Columbia

EM

Core

ex-China

ETF

1,108,048

1,759,931

651,883

Columbia

Emerging

Markets

Consumer

ETF

20,423,853

21,250,247

826,394

Columbia

India

Consumer

ETF

-

-

-

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

March

31,

2023

42

Thematic

Beta

ETFs

|

Annual

Report

2023

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.

Financial

sector

risk

Columbia

EM

Core

ex-China

ETF

is

more

susceptible

to

the

particular

risks

that

may

affect

companies

in

the

financial

services

sector

than

if

it

were

invested

in

a

wider

variety

of

companies

in

unrelated

sectors.

Companies

in

the

financial

services

sector

are

subject

to

certain

risks,

including

the

risk

of

regulatory

change,

decreased

liquidity

in

credit

markets

and

unstable

interest

rates.

Such

companies

may

have

concentrated

portfolios,

such

as

a

high

level

of

loans

to

one

or

more

industries

or

sectors,

which

makes

them

vulnerable

to

economic

conditions

that

affect

such

industries

or

sectors.

Performance

of

such

companies

may

be

affected

by

competitive

pressures

and

exposure

to

investments,

agreements

and

counterparties,

including

credit

products

that,

under

certain

circumstances,

may

lead

to

losses

(e.g.,

subprime

loans).

Companies

in

the

financial

services

sector

are

subject

to

extensive

governmental

regulation

that

may

limit

the

amount

and

types

of

loans

and

other

financial

commitments

they

can

make,

and

interest

rates

and

fees

that

they

may

charge.

In

addition,

profitability

of

such

companies

is

largely

dependent

upon

the

availability

and

the

cost

of

capital.

Foreign

securities

and

emerging

market

countries

risk

Investing

in

foreign

securities

may

involve

heightened

risks

relative

to

investments

in

U.S.

securities.

Investing

in

foreign

securities

subjects

the

Fund

to

the

risks

associated

with

the

issuer’s

country

of

organization

and

places

of

business

operations,

including

risks

associated

with

political,

regulatory,

economic,

social,

diplomatic

and

other

conditions

or

events

occurring

in

the

country

or

region,

which

may

result

in

significant

market

volatility.

In

addition,

certain

foreign

securities

may

be

more

volatile

and

less

liquid

than

U.S.

securities.

Investing

in

emerging

markets

may

increase

these

risks

and

expose

the

Fund

to

elevated

risks

associated

with

increased

inflation,

deflation

or

currency

devaluation.

To

the

extent

that

the

Fund

concentrates

its

investment

exposure

to

any

one

or

a

few

specific

countries,

the

Fund

will

be

particularly

susceptible

to

the

risks

associated

with

the

conditions,

events

or

other

factors

impacting

those

countries

or

regions

and

may,

therefore,

have

a

greater

risk

than

that

of

a

fund

that

is

more

geographically

diversified.

The

financial

information

and

disclosure

made

available

by

issuers

of

emerging

market

securities

may

be

considerably

less

reliable

than

publicly

available

information

about

other

foreign

securities.

The

Public

Company

Accounting

Oversight

Board,

which

regulates

auditors

of

U.S.

public

companies,

is

unable

to

inspect

audit

work

papers

in

certain

foreign

countries.

Investors

in

foreign

countries

often

have

limited

rights

and

few

practical

remedies

to

pursue

shareholder

claims,

including

class

actions

or

fraud

claims,

and

the

ability

of

the

U.S.

Securities

and

Exchange

Commission,

the

U.S.

Department

of

Justice

and

other

authorities

to

bring

and

enforce

actions

against

foreign

issuers

or

foreign

persons

is

limited.

Geographic

focus

risk

The

Funds

may

be

particularly

susceptible

to

risks

related

to

economic,

political,

regulatory

or

other

events

or

conditions

affecting

issuers

and

countries

within

the

specific

geographic

regions

in

which

the

Funds

invest.

The

Funds’

net

asset

value

may

be

more

volatile

than

the

net

asset

value

of

a

more

geographically

diversified

fund.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

March

31,

2023

Thematic

Beta

ETFs

|

Annual

Report

2023

43

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,

2023

44

Thematic

Beta

ETFs

|

Annual

Report

2023

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

were

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

markets,

unusual

volatility

in

global

commodity

markets

and

significant

devaluations

of

Russian

currency.

The

extent

and

duration

of

the

military

action

are

impossible

to

predict

but

could

be

significant.

Market

disruption

caused

by

the

Russian

military

action,

and

any

counter-measures

or

responses

thereto

(including

international

sanctions,

a

downgrade

in

a

country's

credit

rating,

purchasing

and

financing

restrictions,

boycotts,

tariffs,

changes

in

consumer

or

purchaser

preferences,

cyberattacks

and

espionage)

could

have

severe

adverse

impacts

on

regional

and/or

global

securities

and

commodities

markets,

including

markets

for

oil

and

natural

gas.

These

impacts

may

include

reduced

market

liquidity,

distress

in

credit

markets,

further

disruption

of

global

supply

chains,

increased

risk

of

inflation,

restricted

cross-border

payments

and

limited

access

to

investments

and/or

assets

in

certain

international

markets

and/or

issuers.

These

developments

and

other

related

events

could

negatively

impact

Fund

performance.

Non-diversification

risk

Columbia

EM

Core

ex-China

ETF

and

Columbia

India

Consumer

ETF

are

non-diversified

funds.

Columbia

Emerging

Markets

Consumer

ETF

may

operate

as

a

non-diversified

fund

when

the

Index

is

non-diversified.

A

non-diversified

fund

is

permitted

to

invest

a

greater

percentage

of

its

total

assets

in

the

securities

of

fewer

issuers

than

a

diversified

fund.

This

increases

the

risk

that

a

change

in

the

value

of

any

one

investment

held

by

the

Fund

could

affect

the

overall

value

of

the

Fund

more

than

it

would

affect

that

of

a

diversified

fund

holding

a

greater

number

of

investments.

Accordingly,

the

Fund’s

value

will

likely

be

more

volatile

than

the

value

of

a

more

diversified

fund.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

March

31,

2023

Thematic

Beta

ETFs

|

Annual

Report

2023

45

Passive

investment

risk

The

Funds

are

not

"actively"

managed

and

may

be

affected

by

a

general

decline

in

market

segments

related

to

their

Index’s

investment

exposure.

The

Funds

invest

in

securities

or

instruments

included

in,

or

believed

by

the

Investment

Manager

to

be

representative

of

the

Index

regardless

of

their

investment

merits.

The

Funds

do

not

seek

temporary

defensive

positions

when

markets

decline

or

appear

overvalued.

For

Columbia

Emerging

Markets

Consumer

ETF

and

Columbia

India

Consumer

ETF,

the

decision

of

whether

to

remove

a

security

from

a

tracking

index

is

made

by

an

independent

index

provider

who

is

not

affiliated

with

the

Fund

or

the

Investment

Manager.

Sector

risk

At

times,

the

Funds

may

have

a

significant

portion

of

their

assets

invested

in

securities

of

companies

conducting

business

in

a

related

group

of

industries

within

one

or

more

economic

sectors.

Companies

in

the

same

sector

may

be

similarly

affected

by

economic,

regulatory,

political

or

market

events

or

conditions,

which

may

make

the

Funds

more

vulnerable

to

unfavorable

developments

in

that

group

of

industries

or

economic

sector

than

funds

that

invest

more

broadly.

Generally,

the

more

broadly

a

Fund

invests,

the

more

it

spreads

risk

and

potentially

reduces

the

risks

of

loss

and

volatility.

Variable

interest

entity

risk

Many

Chinese

companies

to

which

Columbia

Emerging

Markets

Consumer

ETF

seeks

investment

exposure

use

a

structure

known

as

a

variable

interest

entity

(a

VIE)

to

address

Chinese

restrictions

on

direct

foreign

investment

in

Chinese

companies

operating

in

certain

sectors.

The

Fund’s

investment

exposure

to

VIEs

may

pose

additional

risks

because

the

Fund’s

investment

is

in

a

holding

company

domiciled

outside

of

China

(a

Holding

Company)

whose

interests

in

the

business

of

the

underlying

Chinese

operating

company

(the

VIE)

are

established

through

contracts

rather

than

equity

ownership.

The

VIE

structure

is

a

longstanding

practice

in

China

that,

until

recently,

was

not

acknowledged

by

the

Chinese

government,

creating

uncertainty

over

the

possibility

that

the

Chinese

government

might

cease

to

tolerate

VIE

structures

at

any

time

or

impose

new

restrictions

on

the

structure.

In

such

a

scenario,

the

Chinese

operating

company

could

be

subject

to

penalties,

including

revocation

of

its

business

and

operating

license,

or

the

Holding

Company

could

forfeit

its

interest

in

the

business

of

the

Chinese

operating

company.

Further,

in

case

of

a

dispute,

the

remedies

and

rights

of

the

Fund

may

be

limited,

and

such

legal

uncertainty

may

be

exploited

against

the

interests

of

the

Fund.

Control

over

a

VIE

may

also

be

jeopardized

if

a

natural

person

who

holds

the

equity

interest

in

the

VIE

breaches

the

terms

of

the

contractual

arrangements,

is

subject

to

legal

proceedings,

or

if

any

physical

instruments

or

property

of

the

VIE,

such

as

seals,

business

registration

certificates,

financial

data

and

licensing

arrangements

(sometimes

referred

to

as

“chops”),

are

used

without

authorization.

In

the

event

of

such

an

occurrence,

the

Fund,

as

a

foreign

investor,

may

have

little

or

no

legal

recourse.

In

addition

to

the

risk

of

government

intervention,

investments

through

a

VIE

structure

are

subject

to

the

risks

that

the

China-based

company

(or

its

officers,

directors,

or

Chinese

equity

owners)

may

breach

the

contractual

arrangements,

that

Chinese

law

changes

in

a

way

that

adversely

affects

the

enforceability

of

the

arrangements

and

that

the

contracts

are

otherwise

not

enforceable

under

Chinese

law,

in

which

case

a

Fund

may

suffer

significant

losses

on

its

investments

through

a

VIE

structure

with

little

or

no

recourse

available.

Further,

the

Fund

is

not

a

VIE

owner/shareholder

and

cannot

exert

influence

through

proxy

voting

or

other

means.

Foreign

companies

listed

on

stock

exchanges

in

the

United

States,

including

companies

using

the

VIE

structure,

could

also

face

delisting

or

other

ramifications

for

failure

to

meet

the

expectations

and/or

requirements

of

U.S.

regulators.

Recently,

however,

China

has

proposed

the

adoption

of

rules

which

would

affirm

that

VIEs

are

legally

permissible,

though

there

remains

significant

uncertainty

over

how

these

rules

will

operate.

Any

of

these

risks

could

reduce

the

liquidity

and

value

of

the

Fund’s

investments

in

Holding

Companies

or

render

them

valueless.

Note

9.

Subsequent

events

Management

has

evaluated

the

events

and

transactions

that

have

occurred

through

the

date

the

financial

statements

were

issued

and

noted

no

items

requiring

adjustment

of

the

financial

statements

or

additional

disclosure.

Note

10.

Information

regarding

pending

and

settled

legal

proceedings

Ameriprise

Financial

and

certain

of

its

affiliates

are

involved

in

the

normal

course

of

business

in

legal

proceedings

which

include

regulatory

inquiries,

arbitration

and

litigation,

including

class

actions

concerning

matters

arising

in

connection

with

the

conduct

of

their

activities

as

part

of

a

diversified

financial

services

firm.

Ameriprise

Financial

believes

that

the

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

March

31,

2023

46

Thematic

Beta

ETFs

|

Annual

Report

2023

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.

Thematic

Beta

ETFs

|

Annual

Report

2023

47

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,

2023,

the

related

statements

of

operations

for

the

year

ended

March

31,

2023,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

March

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

March

31,

2023

(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,

2023,

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,

2023

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

March

31,

2023

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,

2023

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,

2023

We

have

served

as

the

auditor

of

one

or

more

investment

companies

within

the

Columbia

Funds

Complex

since

1977.

FEDERAL

INCOME

TAX

INFORMATION

(Unaudited)

48

Thematic

Beta

ETFs

|

Annual

Report

2023

The

Funds

hereby

designate

the

following

tax

attributes

for

the

fiscal

year

ended

March

31,

2023

.

Shareholders

will

be

notified

in

early

2024

of

the

amounts

for

use

in

preparing

2023

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

56.99%

$631,806

$0.10

$4,653,151

$0.72

Columbia

Emerging

Markets

Consumer

ETF

73.17%

$364,137

$0.09

$2,364,520

$0.57

Columbia

India

Consumer

ETF

100.00%

$927,063

$0.58

$964,939

$0.60

Funds

Columbia

India

Consumer

ETF

$5,672,042

TRUSTEES

AND

OFFICERS

(Unaudited)

Thematic

Beta

ETFs

|

Annual

Report

2023

49

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

date

of

this

SAI,

including

their

principal

occupations

during

the

past

five

years,

although

specific

titles

for

individuals

may

have

varied

over

the

period.

The

year

set

forth

beneath

Length

of

Service

in

the

table

below

is

the

year

in

which

the

Trustee

was

first

appointed

or

elected

as

Trustee

to

any

Fund

currently

in

the

Columbia

Funds

Complex

or

a

predecessor

thereof.

Under

current

Board

policy,

each

Trustee

generally

serves

until

December

31

of

the

year

such

Trustee

turns

seventy-five

(75).

Independent

trustees

Name,

Address,

Year

of

Birth

Position

Held

with

the

Columbia

Funds

and

Length

of

Service

Principal

Occupation(s)

During

the

Past

Five

Years

and

Other

Relevant

Professional

Experience

Number

of

Funds

in

the

Columbia

Funds

Complex*

Overseen

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

and

Other

Relevant

Board

Experience

George

S.

Batejan

c/o

Columbia

Management

Investment

Advisers,

LLC,

290

Congress

Street

Boston,

MA

02210

1954

Trustee

since

2017

Executive

Vice

President,

Global

Head

of

Technology

and

Operations,

Janus

Capital

Group,

Inc.,

2010-2016

177

Former

Chairman

of

the

Board,

NICSA

(National

Investment

Company

Services

Association)

(Executive

Committee,

Nominating

Committee

and

Governance

Committee),

2014-2016;

former

Director,

Intech

Investment

Management,

2011-2016;

former

Board

Member,

Metro

Denver

Chamber

of

Commerce,

2015-2016;

former

Advisory

Board

Member,

University

of

Colorado

Business

School,

2015-

2018;

former

Board

Member,

Chase

Bank

International,

1993-1994

Kathleen

Blatz

c/o

Columbia

Management

Investment

Advisers,

LLC,

290

Congress

Street

Boston,

MA

02210

1954

Trustee

since

2006

Attorney,

specializing

in

arbitration

and

mediation;

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

Blue

Shield

of

Minnesota

(health

care

insurance),

February-July

2018,

April-October

2021

177

Former

Trustee,

Blue

Cross

and

Blue

Shield

of

Minnesota,

2009-2021

(Chair

of

the

Business

Development

Committee,

2014-2017;

Chair

of

the

Governance

Committee,

2017-2019);

former

Member

and

Chair

of

the

Board,

Minnesota

Sports

Facilities

Authority,

January

2017-July

2017;

former

Director,

Robina

Foundation,

2009-2020

(Chair,

2014-2020);

Director,

Richard

M.

Schulze

Family

Foundation,

since

2021

TRUSTEES

AND

OFFICERS

(continued)

(Unaudited)

50

Thematic

Beta

ETFs

|

Annual

Report

2023

Independent

trustees

(continued)

Name,

Address,

Year

of

Birth

Position

Held

with

the

Columbia

Funds

and

Length

of

Service

Principal

Occupation(s)

During

the

Past

Five

Years

and

Other

Relevant

Professional

Experience

Number

of

Funds

in

the

Columbia

Funds

Complex*

Overseen

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

and

Other

Relevant

Board

Experience

Pamela

G.

Carlton

c/o

Columbia

Management

Investment

Advisers,

LLC,

290

Congress

Street

Boston,

MA

02210

1954

Chair

since

2023;

Trustee

since

2007

President,

Springboard-

Partners

in

Cross

Cultural

Leadership

(consulting

company),

since

2003;

Managing

Director

of

US

Equity

Research,

JP

Morgan

Chase,

1999-2003;

Director

of

US

Equity

Research,

Chase

Asset

Management,

1996-

1999;

Co-Director

Latin

America

Research,

1993-1996,

COO

Global

Research,

1992-1996,

Co-Director

of

US

Research,

1991-1992,

Investment

Banker,

1982-1991,

Morgan

Stanley;

Attorney,

Cleary

Gottlieb

Steen

&

Hamilton

LLP,

1980-1982

177

Trustee,

New

York

Presbyterian

Hospital

Board,

since

1996;

Director,

DR

Bank

(Audit

Committee),

since

2017;

Director,

Evercore

Inc.

(Audit

Committee,

Nominating

and

Governance

Committee)

since

2019;

Director,

Apollo

Commercial

Real

Estate

Finance,

Inc.

(Chair,

Nominating

and

Governance

Committee)

(financial

services),

since

2021;

the

Governing

Council

of

the

Independent

Directors

Council

(IDC),

since

2021

Janet

Langford

Carrig

c/o

Columbia

Management

Investment

Advisers,

LLC,

290

Congress

Street

Boston,

MA

02210

1957

Trustee

since

1996

Senior

Vice

President,

General

Counsel

and

Corporate

Secretary,

ConocoPhillips

(independent

energy

company),

September

2007-October

2018

175

Director,

EQT

Corporation

(natural

gas

producer),

since

2019;

Director,

Whiting

Petroleum

Corporation

(independent

oil

and

gas

company),

2020-2022

J.

Kevin

Connaughton

c/o

Columbia

Management

Investment

Advisers,

LLC,

290

Congress

Street

Boston,

MA

02210

1964

Trustee

since

2020

CEO

and

President,

RhodeWay

Financial

(non-profit

financial

planning

firm),

since

December

2022;

Member,

FINRA

National

Adjudicatory

Council

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

175

Former

Director,

The

Autism

Project,

March

2015-

December

2021;

former

Member

of

the

Investment

Committee,

St.

Michael’s

College,

November

2015-February

2020;

former

Trustee,

St.

Michael’s

College,

June

2017-September

2019;

former

Trustee,

New

Century

Portfolios

(former

mutual

fund

complex),

January

2015-December

2017

Olive

M.

Darragh

c/o

Columbia

Management

Investment

Advisers,

LLC,

290

Congress

Street

Boston,

MA

02210

1962

Trustee

since

2020

Managing

Director

of

Darragh

Inc.

(strategy

and

talent

management

consulting

firm),

since

2010;

Founder

and

CEO,

Zolio,

Inc.

(investment

management

talent

identification

platform),

since

2004;

Consultant

to

Independent

Trustees

of

CFVIT

and

CFST

I

from

June

2019

to

June

2020

with

respect

to

CFVIT

and

to

December

2020

with

respect

to

CFST

I;

Partner,

Tudor

Investments,

2004-2010;

Senior

Partner,

McKinsey

&

Company

(consulting),

1990-

2004;

Touche

Ross

CPA,

1985-1988

175

Treasurer,

Edinburgh

University

US

Trust

Board,

since

January

2023;

Member,

HBS

Community

Action

Partners

Board,

since

September

2022;

former

Director,

University

of

Edinburgh

Business

School

(Member

of

US

Board),

former

Director,

Boston

Public

Library

Foundation,

2008-2017

TRUSTEES

AND

OFFICERS

(continued)

(Unaudited)

Thematic

Beta

ETFs

|

Annual

Report

2023

51

Independent

trustees

(continued)

Name,

Address,

Year

of

Birth

Position

Held

with

the

Columbia

Funds

and

Length

of

Service

Principal

Occupation(s)

During

the

Past

Five

Years

and

Other

Relevant

Professional

Experience

Number

of

Funds

in

the

Columbia

Funds

Complex*

Overseen

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

and

Other

Relevant

Board

Experience

Patricia

M.

Flynn

c/o

Columbia

Management

Investment

Advisers,

LLC,

290

Congress

Street

Boston,

MA

02210

1950

Trustee

since

2004

Professor

of

Economics

and

Management,

Bentley

University,

since

2002;

Dean,

McCallum

Graduate

School

of

Business,

Bentley

University,

1992-2002

177

Former

Trustee,

MA

Taxpayers

Foundation,

1997-2022;

former

Director,

The

MA

Business

Roundtable,

2003-2019;

former

Chairperson,

Innovation

Index

Advisory

Committee,

MA

Technology

Collaborative,

1997-2020

Brian

J.

Gallagher

c/o

Columbia

Management

Investment

Advisers,

LLC,

290

Congress

Street

Boston,

MA

02210

1954

Trustee

since

2017

Retired;

Partner

with

Deloitte

&

Touche

LLP

and

its

predecessors,

1977-2016

177

Trustee,

Catholic

Schools

Foundation

since

2004

Douglas

A.

Hacker

c/o

Columbia

Management

Investment

Advisers,

LLC,

290

Congress

Street

Boston,

MA

02210

1955

Trustee

since

1996

Independent

business

executive,

since

May

2006;

Executive

Vice

President

–

Strategy

of

United

Airlines,

December

2002-May

2006;

President

of

UAL

Loyalty

Services

(airline

marketing

company),

September

2001-December

2002;

Executive

Vice

President

and

Chief

Financial

Officer

of

United

Airlines,

July

1999-September

2001

177

Director,

SpartanNash

Company

(Chair

of

the

Board)

(food

distributor),

since

May

2021;

Director,

Aircastle

Limited

(Chair

of

Audit

Committee)

(aircraft

leasing),

since

August

2006;

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

since

2011

Senior

Vice

President,

Partner

and

Director

of

Marketing,

Wellington

Management

Company,

LLP

(investment

adviser),

1997-

2010;

Chair,

Wellington

Management

Portfolios

(commingled

non-U.S.

investment

pools),

2007

-2010;

Director,

Wellington

Trust

Company,

NA

and

other

Wellington

affiliates,

1997-2010

175

None

TRUSTEES

AND

OFFICERS

(continued)

(Unaudited)

52

Thematic

Beta

ETFs

|

Annual

Report

2023

Independent

trustees

(continued)

Name,

Address,

Year

of

Birth

Position

Held

with

the

Columbia

Funds

and

Length

of

Service

Principal

Occupation(s)

During

the

Past

Five

Years

and

Other

Relevant

Professional

Experience

Number

of

Funds

in

the

Columbia

Funds

Complex*

Overseen

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

and

Other

Relevant

Board

Experience

David

M.

Moffett

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street,

Mail

Drop

BX32

05228,

Boston,

MA

02110

1952

Trustee

since

2011

Retired;

former

Chief

Executive

Officer

of

Freddie

Mac

and

Chief

Financial

Officer

of

U.S.

Bank

175

Director,

CSX

Corporation

(transportation

suppliers);

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;

former

Senior

Adviser

to

The

Carlyle

Group

(financial

services),

March

2008-September

2008;

former

Governance

Consultant

to

Bridgewater

Associates,

January

2013-December

2015

Catherine

James

Paglia

c/o

Columbia

Management

Investment

Advisers,

LLC,

290

Congress

Street

Boston,

MA

02210

1952

Trustee

since

2004

Director,

Enterprise

Asset

Management,

Inc.

(private

real

estate

and

asset

management

company),

since

September

1998;

Managing

Director

and

Partner,

Interlaken

Capital,

Inc.,

1989-1997;

Vice

President,

1982-1985,

Principal,

1985-1987,

Managing

Director,

1987-1989,

Morgan

Stanley;

Vice

President,

Investment

Banking,

1980-1982,

Associate,

Investment

Banking,

1976-1980,

Dean

Witter

Reynolds,

Inc.

177

Director,

Valmont

Industries,

Inc.

(irrigation

systems

manufacturer)

since

2012;

Trustee,

Carleton

College

(on

the

Investment

Committee),

since

1987;

Trustee,

Carnegie

Endowment

for

International

Peace

(on

the

Investment

Committee),

since

2009

Natalie

A.

Trunow

c/o

Columbia

Management

Investment

Advisers,

LLC,

290

Congress

Street

Boston,

MA

02210

1967

Trustee

since

2020

Chief

Executive

Officer,

Millennial

Portfolio

Solutions

LLC

(asset

management

and

consulting

services)

January

2016-

January

2022;

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-January

2022;

Consultant

to

Independent

Trustees

of

CFVIT

and

CFST

I

from

September

2016

to

June

2020

with

respect

to

CFVIT

and

to

December

2020

with

respect

to

CFST

I;

Director

of

Investments/Consultant,

Casey

Family

Programs,

April

2016-November

2016;

Senior

Vice

President

and

Chief

Investment

Officer,

Calvert

Investments,

August

2008-January

2016;

Section

Head

and

Portfolio

Manager,

General

Motors

Asset

Management,

June

1997-August

2008

175

Independent

Director,

(Investment

Committee),

Health

Services

for

Children

with

Special

Needs,

Inc.,

2010-

2021;

Independent

Director,

(Executive

Committee

and

Chair,

Audit

Committee),

Consumer

Credit

Counseling

Services

(formerly

Guidewell

Financial

Solutions),

since

2016;

Independent

Director

(

Investment

Committee),

Sarona

Asset

Management,

since

2019

TRUSTEES

AND

OFFICERS

(continued)

(Unaudited)

Thematic

Beta

ETFs

|

Annual

Report

2023

53

Independent

trustees

(continued)

Name,

Address,

Year

of

Birth

Position

Held

with

the

Columbia

Funds

and

Length

of

Service

Principal

Occupation(s)

During

the

Past

Five

Years

and

Other

Relevant

Professional

Experience

Number

of

Funds

in

the

Columbia

Funds

Complex*

Overseen

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

and

Other

Relevant

Board

Experience

Sandra

L.

Yeager

c/o

Columbia

Management

Investment

Advisers,

LLC,

290

Congress

Street

Boston,

MA

02210

1964

Trustee

since

2017

Retired;

President

and

founder,

Hanoverian

Capital,

LLC

(SEC

registered

investment

advisor

firm),

2008-2016;

Managing

Director,

DuPont

Capital,

2006-2008;

Managing

Director,

Morgan

Stanley

Investment

Management,

2004-2006;

Senior

Vice

President,

Alliance

Bernstein,

1990-2004

177

Former

Director,

NAPE

(National

Alliance

for

Partnership

in

Equity)

Education

Foundation,

October

2016-October

2020;

Advisory

Board,

Jennersville

YMCA,

since

2022

TRUSTEES

AND

OFFICERS

(continued)

(Unaudited)

54

Thematic

Beta

ETFs

|

Annual

Report

2023

*

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,

Carrig,

Flynn,

Paglia,

and

Yeager

serve

as

a

directors

of

Columbia

Seligman

Premium

Technology

Growth

Fund

and

Tri-Continental

Corporation.

**

Interested

person

(as

defined

under

the

1940 Act)

by

reason

of

being

an

officer,

director,

security

holder

and/or

employee

of

the

Investment

Manager

or

Ameriprise

Financial

The

Statement

of

Additional

Information

has

additional

information

about

the

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

date

of

this

SAI,

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

and

Other

Relevant

Board

Experience

Daniel

J.

Beckman

c/o

Columbia

Management

Investment

Advisers,

LLC

290

Congress

Street

Boston,

MA

02210

1962

Trustee

since

November

2021

and

President

since

June

2021.

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

177

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;

Director,

Columbia

Threadneedle

Canada,

Inc.,

since

December

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.

TRUSTEES

AND

OFFICERS

(continued)

(Unaudited)

Thematic

Beta

ETFs

|

Annual

Report

2023

55

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

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.

Marybeth

Pilat

290

Congress

Street

Boston,

MA

02210

1968

Treasurer

and

Chief

Accounting

Officer

(Principal

Accounting

Officer)

and

Principal

Financial

Officer

(2020)

for

CET

I

and

CET

II;

Assistant

Treasurer,

CFST,

CFST

I,

CFST

II,

CFVIT

and

CFVST

II

Vice

President

–

Product

Pricing

and

Administration,

Columbia

Management

Investment

Advisers,

LLC,

since

May

2017.

William

F.

Truscott

290

Congress

Street

Boston,

MA

02210

1960

Senior

Vice

President

(2001)

Formerly,

Trustee/Director

of

Columbia

Funds

Complex

or

legacy

funds,

November

2001

–

January

1,

2021;

Chief

Executive

Officer,

Global

Asset

Management,

Ameriprise

Financial,

Inc.,

since

September

2012;

Chairman

of

the

Board

and

President,

Columbia

Management

Investment

Advisers,

LLC,

since

July

2004

and

February

2012,

respectively;

Chairman

of

the

Board

and

Chief

Executive

Officer,

Columbia

Management

Investment

Distributors,

Inc.,

since

November

2008

and

February

2012,

respectively;

Chairman

of

the

Board

and

Director,

Threadneedle

Asset

Management

Holdings,

Sàrl,

since

March

2013

and

December

2008,

respectively;

senior

executive

of

various

entities

affiliated

with

Columbia

Threadneedle

Investments.

Christopher

O.

Petersen

5228

Ameriprise

Financial

Center

Minneapolis,

MN

55474

1970

Senior

Vice

President

and

Assistant

Secretary

(2021)

Formerly,

Trustee/Director

of

funds

within

the

Columbia

Funds

Complex,

July

1,

2020

-

November

22,

2021;

Senior

Vice

President

and

Assistant

General

Counsel,

Ameriprise

Financial,

Inc.,

since

September

2021

(previously

Vice

President

and

Lead

Chief

Counsel,

January

2015

-

September

2021);

formerly,

President

and

Principal

Executive

Officer

of

the

Columbia

Funds,

2015

-

2021;

officer

of

Columbia

Funds

and

affiliated

funds,

since

2007.

Thomas

P.

McGuire

290

Congress

Street

Boston,

MA

02210

1972

Senior

Vice

President

and

Chief

Compliance

Officer

(2012)

Vice

President

–

Asset

Management

Compliance,

Ameriprise

Financial,

Inc.,

since

May

2010;

Chief

Compliance

Officer,

Columbia

Acorn/Wanger

Funds

since

December

2015;

formerly,

Chief

Compliance

Officer,

Ameriprise

Certificate

Company,

September

2010

–

September

2020.

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)

Vice

President,

Global

Investment

Operations

Services,

Columbia

Management

Investment

Advisers,

LLC,

since

2010;

President,

Columbia

Management

Investment

Services

Corp.

since

October 2014;

President,

Ameriprise

Trust

Company,

since

January 2017.

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

(Unaudited)

56

Thematic

Beta

ETFs

|

Annual

Report

2023

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,

2022,

through

December

31,

2022,

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

Thematic

Beta

ETFs

|

Annual

Report

2023

57

Proxy

voting

policies

and

procedures

A

description

of

the

Trust’s

proxy

voting

policies

and

procedures

that

the

Trust

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities,

and

each

Fund’s

proxy

voting

record

for

the

most

recent

twelve-month

period

ended

June 30

is

available,

without

charge,

by

visiting

columbiathreadneedleus.com/etfs

or

searching

the

website

of

the

Securities

and

Exchange

Commission

(the

SEC)

at

sec.gov.

Quarterly

schedule

of

investments

Each

Fund

files

a

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

on

Form

N-PORT.

The

Funds’

Form

N-PORTs

are

available

on

the

SEC’s

website

at

sec.gov.

Each

Fund’s

complete

schedule

of

portfolio

holdings,

as

filed

on

Form

N-PORT,

is

available

on

columbiathreadneedleus.com/etfs

or

can

also

be

obtained

without

charge,

upon

request,

by

calling

800.426.3750.

Additional

Fund

information

For

more

information

about

the

Funds,

please

visit

columbiathreadneedleus.com/etfs

or

call

800.426.3750.

Premium/discount

information

for

the

Funds

covering

the

most

recently

completed

calendar

year

and

the

most

recently

completed

calendar

quarters

since

that

year

(or

since

the

Fund

began

trading,

if

shorter)

is

publicly

accessible,

free

of

charge,

at

columbiathreadneedleus.com/etfs.

Fund

investment

manager

Columbia

Management

Investment

Advisers,

LLC

290

Congress

Street

Boston,

MA

02210

Fund

distributor

ALPS

Distributors,

Inc.

1290

Broadway

Suite

1000

Denver,

CO

80203

ALPS

Distributors,

Inc.

is

not

affiliated

with

Columbia

Management

Investment

Advisers,

LLC.

Fund

administrator,

custodian

&

transfer

agent

The

Bank

of

New

York

Mellon

Corp.

240

Greenwich

Street

New

York,

NY

10286

The

Bank

of

New

York

Mellon

Corp.

is

not

affiliated

with

Columbia

Management

Investment

Advisers,

LLC.

Columbia

ETF

Trust

II

290

Congress

Street

Boston,

MA,

02210

ANN279_03_N01_(05/23)

CET001781

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.

©

2023

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, Sandra L. Yeager and Douglas A. Hacker, each of whom are members of the registrant’s Board of Trustees and Audit Committee, each qualify as an audit committee financial expert.  Mr. Moffett, Mr. Gallagher, Mr. Connaughton, Ms. Yeager and Mr. Hacker are each independent trustees, as defined in paragraph (a)(2) of this item’s instructions.  

Item 4. Principal Accountant Fees and Services.   

Fee information below is disclosed for the 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, 2023 and March 31, 2022 are approximately as follows: 

2023	2022
$47,400	$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, 2023 and March 31, 2022 are approximately as follows: 

2023	2022
$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, 2023 and March 31, 2022, 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, 2023 and March 31, 2022 are approximately as follows: 

2023	2022
$0	$10,400

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, 2023 and March 31, 2022, 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, 2023 and March 31, 2022 are approximately as follows: 

2023	2022
$0	$10,400

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, 2023 and March 31, 2022, 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, 2023 and March 31, 2022 are approximately as follows:   

2023	2022
$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, Sandra L. Yeager and Douglas A. Hacker 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. 

(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR attached hereto as Exhibit 99.CODE ETH. 

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

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT. 

SIGNATURES 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. 

(registrant)	Columbia ETF Trust II
By (Signature and Title)	/s/ Daniel J. Beckman
	Daniel J. Beckman, President and Principal Executive Officer
Date	May 23, 2023

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, 2023

By (Signature and Title)	/s/ Michael G. Clarke
	Michael G. Clarke, Chief Financial Officer,
	Principal Financial Officer and Senior Vice President
Date	May 23, 2023

By (Signature and Title)	/s/ Marybeth Pilat
	Marybeth Pilat, Treasurer, Chief Accounting
	Officer and Principal Financial Officer
Date	May 23, 2023