Certified Annual Shareholder Report for Management Investment Companies (n-csr)

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

FORM N-CSR 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES 

Investment Company Act file number   811-22255 

          Columbia ETF Trust II
(Exact name of registrant as specified in charter) 

225 Franklin Street
  Boston, MA 02110
(Address of principal executive offices) (Zip code)

Christopher O. Petersen, Esq. 

c/o Columbia Management Investment Advisers, LLC 

225 Franklin Street 

Boston, MA 02110
 

Ryan C. Larrenaga, Esq. 

c/o Columbia Management Investment Advisers, LLC
225 Franklin Street
   Boston, MA 02110
(Name and address of agent for service) 

Registrant's telephone number, including area code: (800) 345-6611 

Date of fiscal year end: March 31 

Date of reporting period: March 31, 2020 

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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission,

 

100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507. 

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Item 1. Reports to Stockholders. 

Annual
Report
March
31,
2020
Not
Federally
Insured
|
No
Financial
Institution
Guarantee
|
May
Lose
Value
THEMATIC
BETA
ETFs
Columbia
EM
Core
ex-China
ETF
Columbia
Emerging
Markets
Consumer
ETF
Columbia
India
Consumer
ETF
Beginning
on
January
1,
2021,
as
permitted
by
regulations
adopted
by
the
Securities
and
Exchange
Commission,
paper
copies
of
the
Funds’
annual
and
semiannual
shareholder
reports
like
this
one
will
no
longer
be
sent
by
mail,
unless
you
specifically
request
paper
copies
of
the
reports.
Instead,
the
reports
will
be
made
available
on
the
Funds’
website
(columbiathreadneedleus.
com/etfs),
and
each
time
a
report
is
posted
you
will
be
notified
by
mail
and
provided
with
a
website
address
to
access
the
report.
If
you
have
already
elected
to
receive
shareholder
reports
electronically,
you
will
not
be
affected
by
this
change
and
you
need
not
take
any
action.
You
may
elect
to
receive
shareholder
reports
and
other
communications
from
the
Funds
electronically
at
any
time
by
contacting
your
financial
intermediary
(such
as
a
broker-dealer
or
bank).
You
may
elect
to
receive
all
future
reports
in
paper
free
of
charge.
You
can
contact
your
financial
intermediary
to
request
that
you
continue
receiving
paper
copies
of
your
shareholder
reports.
Your
election
to
receive
paper
reports
will
apply
to
all
Columbia
Funds
held
in
your
account.
Thematic
Beta
ETFs
|
Annual
Report
2020
TABLE
OF
CONTENTS
Columbia
EM
Core
ex-China
ETF
Fund
at
a
Glance
3
Manager
Discussion
of
Fund
Performance
5
Columbia
Emerging
Markets
Consumer
ETF
Fund
at
a
Glance
7
Manager
Discussion
of
Fund
Performance
9
Columbia
India
Consumer
ETF
Fund
at
a
Glance
11
Manager
Discussion
of
Fund
Performance
13
Understanding
Your
Fund’s
Expenses
15
Frequency
Distribution
of
Premiums
and
Discounts
16
Portfolio
of
Investments
17
Statement
of
Assets
and
Liabilities
25
Statement
of
Operations
26
Statement
of
Changes
in
Net
Assets
27
Financial
Highlights
29
Notes
to
Financial
Statements
32
Report
of
Independent
Registered
Public
Accounting
Firm
42
Federal
Income
Tax
Information
43
Trustees
and
Officers
44
Liquidity
Risk
Management
Program
49
Additional
Information
50
FUND
AT
A
GLANCE
Columbia
EM
Core
ex-China
ETF
Thematic
Beta
ETFs
|
Annual
Report
2020
3
Portfolio
management
Christopher
Lo,
CFA
Portfolio
Manager
Managed
Fund
since
2016
Investment
objective
Columbia
EM
Core
ex-China
ETF
(the
Fund)
seeks
investment
results
that
correspond
(before
fees
and
expenses)
to
the
price
and
yield
performance
of
the
Beta
Thematic
Emerging
Markets
ex-China
Index.
All
results
shown
assume
reinvestment
of
distributions
during
the
period.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
Performance
results
reflect
the
effect
of
any
fee
waivers
or
reimbursements
of
Fund
expenses
by
the
Fund’s
former
investment
manager
or
Columbia
Management
Investment
Advisors,
LLC
(Columbia
Management
or
the
Investment
Manager).
Absent
these
fee
waivers
or
expense
reimbursement
arrangements,
performance
results
would
have
been
lower.
The
performance
information
shown
represents
past
performance
and
is
not
a
guarantee
of
future
results.
The
investment
return
and
principal
value
of
your
investment
will
fluctuate
so
that
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
lower
or
higher
than
the
performance
information
shown.
You
may
obtain
performance
information
current
to
the
most
recent
month-end
by
visiting
columbiathreadneedleus.com/etfs.
Columbia
Management
took
over
portfolio
management
in
September 2016
upon
its
acquisition
of
the
Fund’s
previous
investment
manager.
The
price
used
to
calculate
Market
Price
return
is
based
on
the
midpoint
of
the
4:00
PM
Eastern
(U.S.)
bid/ask
spread
on
the
NYSE
and
does
not
represent
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
The
Fund’s
shares
may
trade
above
or
below
their
net
asset
value.
The
net
asset
value
of
the
Fund
will
generally
fluctuate
with
changes
in
the
market
value
of
the
Fund’s
holdings.
The
market
prices
of
shares,
however,
will
generally
fluctuate
in
accordance
with
changes
in
net
asset
value
as
well
as
the
relative
supply
of,
and
demand
for,
shares
on
the
exchange.
The
trading
price
of
shares
may
deviate
significantly
from
the
net
asset
value.
The
Beta
Thematic
Emerging
Markets
ex-China
Index
is
a
market
capitalization-weighted
index
designed
to
provide
broad,
core
emerging
markets
equity
exposure
by
measuring
the
stock
performance
of
up
to
700
companies,
excluding
those
listed
or
domiciled
in
China
or
Hong
Kong.
The
MSCI
Emerging
Markets
Index
(Net)
is
a
free
float-adjusted
market
capitalization
index
that
is
designed
to
measure
market
performance
of
emerging
markets.
Indices
are
not
available
for
investment,
are
not
professionally
managed
and
do
not
reflect
sales
charges,
fees,
brokerage
commissions,
taxes
(except
the
MSCI
Emerging
Markets
Index
(Net),
which
reflects
reinvested
dividends
net
of
withholding
taxes)
or
other
expenses
of
investing.
Securities
in
the
Fund
may
not
match
those
in
an
index.
Fund
performance
may
be
significantly
negatively
impacted
by
the
economic
impact
of
the
COVID-19
pandemic.
The
COVID-19
pandemic
has
adversely
impacted
economies
and
capital
markets
around
the
world
in
ways
that
will
likely
continue
and
may
change
in
unforeseen
ways
for
an
indeterminate
period.
The
COVID-19
pandemic
may
exacerbate
pre-existing
political,
social
and
economic
risks
in
certain
countries
and
globally.
Average
annual
total
returns
(%)
(for
period
ended
March
31,
2020)
Inception
1
Year
Life
Market
Price
09/02/15
-23.43
2.94
Net
Asset
Value
09/02/15
-23.25
2.94
Beta
Thematic
Emerging
Markets
ex-China
Index
-24.55
1.45
MSCI
Emerging
Markets
Index
(Net)
-17.69
3.62
FUND
AT
A
GLANCE
(continued)
Columbia
EM
Core
ex-China
ETF
4
Thematic
Beta
ETFs
|
Annual
Report
2020
Performance
of
a
hypothetical
$10,000
investment
(September
2,
2015
—
March
31,
2020)
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.
Country
breakdown
(%)
(at
March
31,
2020
)
Brazil
10
.5
Chile
1
.4
India
13
.5
Indonesia
3
.5
Malaysia
5
.1
Mexico
2
.6
Philippines
2
.2
Poland
1
.8
Russia
5
.2
South
Africa
4
.8
South
Korea
17
.4
Taiwan
25
.7
Thailand
5
.5
Turkey
0
.5
United
States
(a)
0
.3
Total
100
.0
Country
Breakdown
is
based
primarily
on
issuer’s
place
of
organization/incorporation.
Percentages
indicated
are
based
upon
total
investments
and
excludes
investments
in
derivatives,
if
any.
The
Fund’s
portfolio
composition
is
subject
to
change.
(a)
Includes
investments
in
Money
Market
Funds.
Equity
sector
breakdown
(%)
(at
March
31,
2020)
Communication
Services
5
.9
Consumer
Discretionary
5
.8
Consumer
Staples
7
.7
Energy
9
.8
Financials
23
.1
Health
Care
4
.6
Industrials
4
.5
Information
Technology
26
.0
Materials
9
.3
Real
Estate
0
.5
Utilities
2
.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
EM
Core
ex-China
ETF
(XCEM)
Thematic
Beta
ETFs
|
Annual
Report
2020
5
For
the
12-month
period
that
ended
March
31,
2020,
the
Fund
returned
-23.25%
based
on
net
asset
value
(NAV)
and
-23.43%
based
on
market
price.
The
Beta
Thematic
Emerging
Markets
ex-China
Index
returned
-24.55%,
and
the
MSCI
Emerging
Markets
Index
(Net)
returned
-17.69%
during
the
same
time
period.
The
Fund’s
NAV
on
March
31,
2019
was
$25.40,
and
it
ended
the
annual
period
on
March
31,
2020
with
a
NAV
of
$19.09.
The
Fund’s
market
price
on
March
31,
2020
was
$19.13
per
share.
Emerging
market
equities
struggled
amid
rippling
effects
of
global
pandemic
Emerging
market
equities
underperformed
both
U.S.
and
developed
market
international
equities
during
the
annual
period.
The
MSCI
Emerging
Markets
Index
(Net)
returned
-17.69%
during
the
annual
period,
as
compared
to
S&P
500
Index
and
MSCI
EAFE
Index
(Net)
returns
of
-6.98%
and
-14.38%,
respectively,
for
the
same
time
period.
Emerging
market
equities,
like
the
global
equity
markets
broadly,
started
the
annual
period
with
signs
of
global
economic
growth
bottoming
out
given
the
flexibility
of
central
banks,
supportive
activity
data
and
ongoing
U.S.-China
trade
talks.
However,
re-escalation
of
trade
tensions
as
the
second
calendar
quarter
progressed
demonstrated
the
precarious
nature
of
the
recovery.
June
2019
ended
on
a
modestly
positive
note
following
talks
at
the
G20
summit
and
central
banks
indicating
their
readiness
to
ease,
but
emerging
market
equities
overall
were
virtually
flat
for
the
second
quarter
of
2019
overall.
The
third
quarter
of
2019
was
a
volatile
and
challenging
one
for
emerging
market
equities,
as
U.S.-China
trade
concerns
hurt
market
sentiment,
and
the
stronger
U.S.
dollar
acted
as
a
further
negative
headwind.
All
three
major
emerging
markets
regions,
Asia,
Latin
America
and
EMEA
(Europe,
the
Middle
East
and
Africa),
generated
negative
returns
for
the
quarter.
Emerging
market
equities
then
experienced
a
strong
rebound
in
the
final
quarter
of
2019.
Investor
risk
aversion
ebbed
with
the
agreement
in
principle
of
a
“Phase
One”
U.S.-China
trade
deal,
further
helped
by
a
weaker
U.S.
dollar.
The
year
2020
began
strongly
for
emerging
market
equities.
Across
emerging
market
regions,
there
were
signs
of
a
pick-
up
in
economic
growth,
notably
in
China
and
Brazil,
especially
with
what
seemed
to
be
a
thawing
in
U.S.-China
relations
following
the
signing
of
the
“Phase
One”
trade
deal
in
mid-January
2020.
This
was
turned
upside
down
with
the
arrival
of
COVID-19,
first
in
China
and
then
the
rest
of
the
world.
Instead
of
economic
growth,
investors
feared
what
might
be
the
steepest
and
fastest
recession,
globally,
in
history.
The
initial
market
reaction
to
the
outbreak
of
the
novel
coronavirus
in
China,
in
January
and
early
February
2020,
was
remarkably
resilient.
The
“hyper”
bear
market
then
came
on
fast
and
led
to
dislocation
in
many
areas.
Market
volatility
increased
dramatically
with
the
spread
of
COVID-19,
and
the
MSCI
Emerging
Markets
Index
(Net)
declined
more
than
15%
in
the
month
of
March
2020
alone
and
more
than
23%
in
the
first
calendar
quarter
of
2020.
Contributors
and
detractors
Constituents
in
consumer
discretionary,
financials
and
consumer
staples
detracted
most
from
the
Fund’s
returns
during
the
annual
period.
Constituents
in
the
information
technology,
health
care
and
industrials
sectors
contributed
most
positively
to
the
Fund’s
returns
during
the
annual
period.
From
a
country
perspective,
as
compared
to
the
MSCI
Emerging
Markets
Index
(Net),
a
lack
of
constituents
in
China,
Brazil
and
South
Africa
detracted
most
from
returns
during
the
annual
period.
Conversely,
constituents
in
South
Korea
and
Malaysia,
and
a
lack
of
holdings
in
Saudi
Arabia,
contributed
most
positively
to
the
Fund’s
returns
during
the
annual
period.
As
compared
to
the
MSCI
Emerging
Markets
Index
(Net),
having
an
out-of-benchmark
position
in
India-based
bank
HDFC
Bank,
Ltd.
and
not
holding
positions
in
China-based
Internet
retailer
Alibaba
Group
Holdings
and
China-based
Internet
and
mobile-focused
media
company
Tencent
Holdings
detracted
most.
HDFC
Bank
produced
a
double-digit
negative
absolute
return
during
the
annual
period,
while
Alibaba
Group
Holdings
and
Tencent
Holdings
each
posted
solid
single-
digit
positive
absolute
returns
during
the
annual
period.
Positions
in
Taiwan-based
integrated
circuit
manufacturer
Taiwan
Semiconductor
Manufacturing
Co.,
Ltd.,
Brazilian
multichannel
retail
platform
operator
of
mobile,
website
and
physical
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
Columbia
EM
Core
ex-China
ETF
(XCEM)
6
Thematic
Beta
ETFs
|
Annual
Report
2020
stores
Magazine
Luiza
SA
and
South
Korea-based
biotechnology
firm
Celltrion,
Inc.
contributed
most
positively.
Each
generated
a
double-digit
positive
absolute
return
during
the
annual
period.
Investing
involves
risks,
including
the
risk
of
loss
of
principal.
Market
risk
may
affect
a
single
issuer,
sector
of
the
economy,
industry
or
the
market
as
a
whole.
The
Fund
is
passively
managed
and
seeks
to
track
the
performance
of
an
index.
The
Fund
may
not
sell
a
poorly
performing
security
unless
it
was
removed
from
the
index.
There
is
no
guarantee
that
the
index
will
achieve
positive
returns.
Risk
exists
that
the
index
provider
may
not
follow
its
methodology
for
index
construction.
Errors
may
result
in
a
negative
Fund
performance.
The
Fund's
net
asset
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.
See
the
Fund’s
prospectus
for
more
information
on
these
and
other
risks.
The
views
expressed
in
this
report
reflect
the
current
views
of
the
respective
parties.
These
views
are
not
guarantees
of
future
performance
and
involve
certain
risks,
uncertainties
and
assumptions
that
are
difficult
to
predict,
so
actual
outcomes
and
results
may
differ
significantly
from
the
views
expressed.
These
views
are
subject
to
change
at
any
time
based
upon
economic,
market
or
other
conditions
and
the
respective
parties
disclaim
any
responsibility
to
update
such
views.
These
views
may
not
be
relied
on
as
investment
advice
and,
because
investment
decisions
for
a
Columbia
ETF
are
based
on
numerous
factors,
may
not
be
relied
on
as
an
indication
of
trading
intent
on
behalf
of
any
particular
Columbia
ETF.
References
to
specific
securities
should
not
be
construed
as
a
recommendation
or
investment
advice.
FUND
AT
A
GLANCE
Columbia
Emerging
Markets
Consumer
ETF
Thematic
Beta
ETFs
|
Annual
Report
2020
7
Portfolio
management
Christopher
Lo,
CFA
Portfolio
Manager
Managed
Fund
since
September
2016
Investment
objective
Columbia
Emerging
Markets
Consumer
ETF
(the
Fund)
seeks
investment
results
that
correspond
(before
fees
and
expenses)
to
the
price
and
yield
performance
of
the
Dow
Jones
Emerging
Markets
Consumer
Titans
TM
Index.
All
results
shown
assume
reinvestment
of
distributions
during
the
period.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
Performance
results
reflect
the
effect
of
any
fee
waivers
or
reimbursements
of
Fund
expenses
by
the
Fund’s
former
investment
manager
or
Columbia
Management
Investment
Advisers,
LLC
(Columbia
Management
or
the
Investment
Manager).
Absent
these
fee
waivers
or
expense
reimbursement
arrangements,
performance
results
would
have
been
lower.
The
performance
information
shown
represents
past
performance
and
is
not
a
guarantee
of
future
results.
The
investment
return
and
principal
value
of
your
investment
will
fluctuate
so
that
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
lower
or
higher
than
the
performance
information
shown.
You
may
obtain
performance
information
current
to
the
most
recent
month-end
by
visiting
columbiathreadneedleus.com/etfs.
Columbia
Management
took
over
portfolio
management
in
September
2016
upon
its
acquisition
of
the
Fund’s
previous
investment
manager.
The
price
used
to
calculate
Market
Price
return
is
based
on
the
midpoint
of
the
4:00
PM
Eastern
(U.S.)
bid/ask
spread
on
the
NYSE
and
does
not
represent
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
The
Fund’s
shares
may
trade
above
or
below
their
net
asset
value.
The
net
asset
value
of
the
Fund
will
generally
fluctuate
with
changes
in
the
market
value
of
the
Fund’s
holdings.
The
market
prices
of
shares,
however,
will
generally
fluctuate
in
accordance
with
changes
in
net
asset
value
as
well
as
the
relative
supply
of,
and
demand
for,
shares
on
the
exchange.
The
trading
price
of
shares
may
deviate
significantly
from
the
net
asset
value.
The
Dow
Jones
Emerging
Markets
Consumer
Titans
TM
Index
is
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.
Fund
performance
may
be
significantly
negatively
impacted
by
the
economic
impact
of
the
COVID-19
pandemic.
The
COVID-19
pandemic
has
adversely
impacted
economies
and
capital
markets
around
the
world
in
ways
that
will
likely
continue
and
may
change
in
unforeseen
ways
for
an
indeterminate
period.
The
COVID-19
pandemic
may
exacerbate
pre-existing
political,
social
and
economic
risks
in
certain
countries
and
globally.
Average
annual
total
returns
(%)
(for
period
ended
March
31,
2020)
Inception
1
Year
5
Years
Life
Market
Price
09/14/10
-11.95
-4.92
0.59
Net
Asset
Value
09/14/10
-11.87
-4.85
0.63
Dow
Jones
Emerging
Markets
Consumer
Titans™
Index
-11.29
-3.90
1.74
MSCI
Emerging
Markets
Index
(Net)
-17.69
-0.37
0.32
FUND
AT
A
GLANCE
(continued)
Columbia
Emerging
Markets
Consumer
ETF
8
Thematic
Beta
ETFs
|
Annual
Report
2020
Performance
of
a
hypothetical
$10,000
investment
(September
14,
2010
—
March
31,
2020)
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.
Country
breakdown
(%)
(at
March
31,
2020
)
Brazil
5
.3
Chile
0
.8
China
54
.5
India
10
.1
Indonesia
2
.1
Mexico
2
.5
Russia
3
.9
Saudi
Arabia
3
.6
South
Africa
2
.8
Taiwan
10
.7
Thailand
2
.8
United
Arab
Emirates
0
.9
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.
Equity
sector
breakdown
(%)
(at
March
31,
2020)
Communication
Services
41
.7
Consumer
Discretionary
32
.8
Consumer
Staples
25
.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
Emerging
Markets
Consumer
ETF
(ECON)
Thematic
Beta
ETFs
|
Annual
Report
2020
9
For
the
12-month
period
that
ended
March
31,
2020,
the
Fund
returned
-11.87%
based
on
net
asset
value
(NAV)
and
-11.95%
based
on
market
price.
The
Dow
Jones
Emerging
Markets
Consumer
Titans
TM
Index
returned
-11.29%,
during
the
same
time
period.
The
Fund’s
NAV
on
March
31,
2019
was
$22.67,
and
it
ended
the
annual
period
on
March
31,
2020
with
an
NAV
of
$19.65.
The
Fund’s
market
price
on
March
31,
2020
was
$19.57
per
share.
Emerging
market
equities
struggled
amid
rippling
effects
of
global
pandemic
Emerging
market
equities
underperformed
both
U.S.
and
developed
market
international
equities
during
the
annual
period.
The
MSCI
Emerging
Markets
Index
(Net)
returned
-17.69%
during
the
annual
period,
as
compared
to
S&P
500
Index
and
MSCI
EAFE
Index
(Net)
returns
of
-6.98%
and
-14.38%,
respectively,
for
the
same
time
period.
Emerging
market
equities,
like
the
global
equity
markets
broadly,
started
the
annual
period
with
signs
of
global
economic
growth
bottoming
out
given
the
flexibility
of
central
banks,
supportive
activity
data
and
ongoing
U.S.-China
trade
talks.
However,
re-escalation
of
trade
tensions
as
the
second
calendar
quarter
progressed
demonstrated
the
precarious
nature
of
the
recovery.
June
2019
ended
on
a
modestly
positive
note
following
talks
at
the
G20
summit
and
central
banks
indicating
their
readiness
to
ease,
but
emerging
market
equities
overall
were
virtually
flat
for
the
second
quarter
of
2019
overall.
The
third
quarter
of
2019
was
a
volatile
and
challenging
one
for
emerging
market
equities,
as
U.S.-China
trade
concerns
hurt
market
sentiment,
and
the
stronger
U.S.
dollar
acted
as
a
further
negative
headwind.
All
three
major
emerging
markets
regions,
Asia,
Latin
America
and
EMEA
(Europe,
the
Middle
East
and
Africa),
generated
negative
returns
for
the
quarter.
Emerging
market
equities
then
experienced
a
strong
rebound
in
the
final
quarter
of
2019.
Investor
risk
aversion
ebbed
with
the
agreement
in
principle
of
a
“Phase
One”
U.S.-China
trade
deal,
further
helped
by
a
weaker
U.S.
dollar.
The
year
2020
began
strongly
for
emerging
market
equities.
Across
emerging
market
regions,
there
were
signs
of
a
pick-
up
in
economic
growth,
notably
in
China
and
Brazil,
especially
with
what
seemed
to
be
a
thawing
in
U.S.-China
relations
following
the
signing
of
the
“Phase
One”
trade
deal
in
mid-January
2020.
This
was
turned
upside
down
with
the
arrival
of
COVID-19,
first
in
China
and
then
in
the
rest
of
the
world.
Instead
of
economic
growth,
investors
feared
what
might
be
the
steepest
and
fastest
recession,
globally,
in
history.
The
initial
market
reaction
to
the
outbreak
of
the
novel
coronavirus
in
China,
in
January
and
early
February
2020,
was
remarkably
resilient.
The
“hyper”
bear
market
then
came
on
fast
and
led
to
dislocation
in
many
areas.
Market
volatility
increased
dramatically
with
the
spread
of
COVID-19,
and
the
MSCI
Emerging
Markets
Index
(Net)
declined
more
than
15%
in
the
month
of
March
2020
alone
and
more
than
23%
in
the
first
calendar
quarter.
Contributors
and
detractors
Not
having
any
exposure
to
constituents
in
the
information
technology
and
health
sectors
and
having
exposure
to
constituents
in
the
consumer
discretionary
sector
detracted
most
from
the
Fund’s
returns
during
the
annual
period.
Not
having
any
exposure
to
constituents
in
financials,
energy
and
materials
contributed
most
positively
to
the
Fund’s
returns
during
the
annual
period.
From
a
country
perspective,
constituents
in
Hong
Kong,
Chile
and
Taiwan
detracted
most
from
returns
during
the
annual
period.
Conversely,
constituents
in
China,
Brazil
and
Saudi
Arabia
contributed
most
positively
to
the
Fund’s
returns
during
the
annual
period.
Positions
in
India-based
diversified
consumer
products
company
ITC,
Ltd.
and
China-based
Internet
search
engine
operator
Baidu,
Inc.
and
not
holding
a
position
in
Taiwan-based
integrated
circuit
manufacturer
Taiwan
Semiconductor
Manufacturing
Co.,
Ltd.
detracted
most.
ITC
and
Baidu
each
produced
a
double-digit
negative
absolute
return
during
the
annual
period,
while
Taiwan
Semiconductor
Manufacturing
generated
a
double-digit
positive
absolute
return
during
the
annual
period.
Positions
in
China-based
online
direct
sales
company
JD.com,
Inc.,
India-based
consumer
products
manufacturer
Hindustan
Unilever,
Ltd.
and
China-based
Internet
technology
and
software
company
NetEase,
Inc.
contributed
most
positively.
Each
generated
a
double-digit
absolute
gain
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
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
Columbia
Emerging
Markets
Consumer
ETF
(ECON)
10
Thematic
Beta
ETFs
|
Annual
Report
2020
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.
See
the
Fund’s
prospectus
for
more
information
on
these
and
other
risks.
The
views
expressed
in
this
report
reflect
the
current
views
of
the
respective
parties.
These
views
are
not
guarantees
of
future
performance
and
involve
certain
risks,
uncertainties
and
assumptions
that
are
difficult
to
predict,
so
actual
outcomes
and
results
may
differ
significantly
from
the
views
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
Thematic
Beta
ETFs
|
Annual
Report
2020
11
Portfolio
management
Christopher
Lo,
CFA
Portfolio
Manager
Managed
Fund
since
September
2016
Investment
objective
Columbia
India
Consumer
ETF
(the
Fund)
seeks
investment
results
that
correspond
(before
fees
and
expenses)
to
the
price
and
yield
performance
of
the
Indxx
India
Consumer
Index.
All
results
shown
assume
reinvestment
of
distributions
during
the
period.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
on
the
redemption
of
Fund
shares.
Performance
results
reflect
the
effect
of
any
fee
waivers
or
reimbursements
of
Fund
expenses
by
the
Fund’s
former
investment
manager
or
Columbia
Management
Investment
Advisers,
LLC
(Columbia
Management
or
the
Investment
Manager).
Absent
these
fee
waivers
or
expense
reimbursement
arrangements,
performance
results
would
have
been
lower.
The
performance
information
shown
represents
past
performance
and
is
not
a
guarantee
of
future
results.
The
investment
return
and
principal
value
of
your
investment
will
fluctuate
so
that
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
lower
or
higher
than
the
performance
information
shown.
You
may
obtain
performance
information
current
to
the
most
recent
month-end
by
visiting
columbiathreadneedleus.com/etfs.
Columbia
Management
took
over
portfolio
management
in
September 2016
upon
its
acquisition
of
the
Fund’s
previous
investment
manager.
The
price
used
to
calculate
Market
Price
return
is
based
on
the
midpoint
of
the
4:00
PM
Eastern
(U.S.)
bid/ask
spread
on
the
NYSE
and
does
not
represent
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
The
Fund’s
shares
may
trade
above
or
below
their
net
asset
value.
The
net
asset
value
of
the
Fund
will
generally
fluctuate
with
changes
in
the
market
value
of
the
Fund’s
holdings.
The
market
prices
of
shares,
however,
will
generally
fluctuate
in
accordance
with
changes
in
net
asset
value
as
well
as
the
relative
supply
of,
and
demand
for,
shares
on
the
exchange.
The
trading
price
of
shares
may
deviate
significantly
from
the
net
asset
value.
The
Indxx
India
Consumer
Index
is
a
maximum
30-stock
free-float
adjusted
market
capitalization
weighted
index
designed
to
measure
the
market
performance
of
companies
in
the
consumer
industry
in
India
as
defined
by
Indxx’s
proprietary
methodology.
The
index
consists
of
common
stocks
listed
on
the
primary
exchange
of
India.
The
MSCI
India
Index
(Net)
is
designed
to
measure
the
performance
of
the
large
and
mid
cap
segments
of
the
Indian
market.
With
80
constituents,
the
index
covers
approximately
85%
of
the
Indian
equity
universe.
Indices
are
not
available
for
investment,
are
not
professionally
managed
and
do
not
reflect
sales
charges,
fees,
brokerage
commissions,
taxes
(except
the
MSCI
India
Index
(Net),
which
reflects
reinvested
dividends
net
of
withholding
taxes)
or
other
expenses
of
investing.
Securities
in
the
Fund
may
not
match
those
in
an
index.
Fund
performance
may
be
significantly
negatively
impacted
by
the
economic
impact
of
the
COVID-19
pandemic.
The
COVID-19
pandemic
has
adversely
impacted
economies
and
capital
markets
around
the
world
in
ways
that
will
likely
continue
and
may
change
in
unforeseen
ways
for
an
indeterminate
period.
The
COVID-19
pandemic
may
exacerbate
pre-existing
political,
social
and
economic
risks
in
certain
countries
and
globally.
Average
annual
total
returns
(%)
(for
period
ended
March
31,
2020)
Inception
1
Year
5
Years
Life
Market
Price
08/10/11
-28.00
-3.08
5.01
Net
Asset
Value
08/10/11
-26.60
-2.68
5.20
Indxx
India
Consumer
Index
-26.51
-1.63
6.59
MSCI
India
Index
(Net)
-30.86
-3.50
0.37
FUND
AT
A
GLANCE
(continued)
Columbia
India
Consumer
ETF
12
Thematic
Beta
ETFs
|
Annual
Report
2020
Performance
of
a
hypothetical
$10,000
investment
(August
10,
2011
—
March
31,
2020)
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.
Equity
sector
breakdown
(%)
(at
March
31,
2020)
Consumer
Discretionary
45
.4
Consumer
Staples
54
.6
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)
Thematic
Beta
ETFs
|
Annual
Report
2020
13
For
the
12-month
period
that
ended
March
31,
2020,
the
Fund
returned
-26.60%
based
on
net
asset
value
(NAV)
and
-28.00%
based
on
market
price.
The
Indxx
India
Consumer
Index
returned
-26.51%
during
the
same
time
period.
The
Fund’s
NAV
on
March
31,
2019
was
$42.08,
and
it
ended
the
annual
period
on
March
31,
2020
with
an
NAV
of
$30.80.
The
Fund’s
market
price
on
March
31,
2020
was
$30.32
per
share.
Indian
equities
declined
sharply
amid
rippling
effects
of
global
pandemic
The
Indian
equity
market
declined
sharply
during
the
annual
period.
The
MSCI
India
Index
(Net)
returned
-30.86%
for
the
annual
period,
significantly
underperforming
the
-17.69%
return
of
the
MSCI
Emerging
Markets
Index
(Net).
Emerging
market
equities,
like
the
global
equity
markets
broadly,
started
the
annual
period
with
signs
of
global
economic
growth
bottoming
out
given
the
flexibility
of
central
banks,
supportive
activity
data
and
ongoing
U.S.-China
trade
talks.
However,
re-escalation
of
trade
tensions
as
the
second
calendar
quarter
progressed
demonstrated
the
precarious
nature
of
the
recovery.
While
June
2019
ended
on
a
modestly
positive
note
following
talks
at
the
G20
summit
and
central
banks
indicating
their
readiness
to
ease,
emerging
market
equities
overall
were
virtually
flat
for
the
second
quarter
of
2019
overall.
Indian
equities
were
similarly
rather
flat
for
the
quarter.
The
Reserve
Bank
of
India
cut
interest
rates
by
25
basis
points
in
response
to
slower
economic
growth
and
low
inflation,
and
Prime
Minister
Modi
was
re-elected
to
a
second
term,
ensuring
policy
and
policy
reform
continuity,
which
was
welcomed
by
investors.
The
third
quarter
of
2019
was
a
volatile
and
challenging
one
for
emerging
market
equities,
as
U.S.-China
trade
concerns
hurt
market
sentiment
and
the
stronger
U.S.
dollar
acted
as
a
further
negative
headwind.
India’s
equities
initially
declined
on
disappointment
over
its
government’s
new
budget
but
then
rebounded
after
its
government
introduced
a
host
of
stimulus
measures.
Also
boosting
Indian
equities
was
improved
sentiment
from
President
Modi’s
announcement
that
taxes
for
domestic
companies
would
be
reduced
to
25%
from
35%
in
an
effort
to
ignite
economic
growth
and
more
closely
align
its
taxes
with
those
of
other
countries.
Emerging
market
equities
then
experienced
a
strong
rebound
in
the
final
quarter
of
2019.
Investor
risk
aversion
ebbed
with
the
agreement
of
a
“Phase
One”
U.S.-China
trade
deal,
further
helped
by
a
weaker
U.S.
dollar.
Despite
faltering
economic
growth
and
lingering
unrest
surrounding
Prime
Minister
Modi’s
controversial
citizenship
law,
Indian
equities
rallied,
additionally
supported
by
cuts
in
interest
rates,
better
than
market-expected
corporate
earnings
and
the
Indian
government’s
plan
to
reduce
corporate
taxes.
The
year
2020
began
strongly
for
emerging
market
equities.
Across
emerging
market
regions,
there
were
signs
of
a
pick-up
in
economic
growth,
especially
with
what
seemed
to
be
a
thawing
in
U.S.-China
relations
following
the
signing
of
the
“Phase
One”
trade
deal
at
the
end
of
December
2019.
This
was
turned
upside
down
with
the
arrival
of
COVID-19,
first
in
China
and
then
the
rest
of
the
world.
Instead
of
economic
growth,
investors
feared
what
might
be
the
steepest
and
fastest
recession,
globally,
in
history.
The
initial
market
reaction
to
the
outbreak
of
the
novel
coronavirus
in
China,
in
January
and
early
February
2020,
was
remarkably
resilient.
Market
volatility
then
increased
dramatically
with
the
spread
of
COVID-19,
and
the
MSCI
Emerging
Markets
Index
(Net)
declined
more
than
15%
in
the
month
of
March
2020
alone
and
more
than
23%
in
the
first
calendar
quarter.
Even
more
dramatically,
the
MSCI
India
Index
(Net)
fell
25.13%
in
March
2020
and
31.13%
in
the
first
quarter
of
2020.
Toward
the
end
of
the
annual
period,
India
became
stricter
with
its
population’s
confinement.
However,
with
the
informal
nature
of
India’s
economy,
it
may
be
difficult
for
its
government
to
plug
the
output
gap.
Contributors
and
detractors
As
compared
to
the
MSCI
India
Index
(Net),
constituents
in
consumer
discretionary,
information
technology
and
communication
services
detracted
most
from
the
Fund’s
returns
during
the
annual
period.
Constituents
in
the
consumer
staples,
financials
and
materials
sectors
contributed
most
positively
to
the
Fund’s
returns
during
the
annual
period.
Positions
in
auto
manufacturer
Tata
Motors,
Ltd.,
automobile,
farm
equipment
and
automotive
components
manufacturer
Mahindra
&
Mahindra,
Ltd.
and
automotive
parts
manufacturer
Motherson
Sumi
Systems,
Ltd.
detracted
most.
Each
generated
a
double-digit
negative
absolute
return
during
the
annual
period.
Positions
in
food
products
manufacturer
Nestle
India,
Ltd.
and
supermarket
chain
operator
Avenue
Supermarts,
Ltd.
and
not
holding
a
position
in
bank
Axis
Bank
MANAGER
DISCUSSION
OF
FUND
PERFORMANCE
(continued)
Columbia
India
Consumer
ETF
(INCO)
14
Thematic
Beta
ETFs
|
Annual
Report
2020
contributed
most
positively.
Nestle
India
and
Avenue
Supermarts
each
produced
a
double-digit
absolute
gain
during
the
annual
period,
while
Axis
Bank
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.
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
narrowly
focused
sectors,
such
as
consumer
discretionary
and
consumer
staples,
may
exhibit
higher
volatility
than
investments
with
a
broader
focus.
Although
the
Fund’s
shares
are
listed
on
an
exchange,
there
can
be
no
assurance
that
an
active,
liquid
or
otherwise
orderly
trading
market
for
shares
will
be
established
or
maintained.
Active
market
trading
may
increase
portfolio
turnover,
transaction
costs
and
tracking
error
to
the
targeted
index.
The
Fund
may
have
portfolio
turnover,
which
may
cause
an
adverse
cost
impact.
There
may
be
additional
portfolio
turnover
risk
as
active
market
trading
of
the
Fund’s
shares
may
cause
more
frequent
creation
or
redemption
activities
that
could,
in
certain
circumstances,
increase
the
number
of
portfolio
transactions
as
well
as
tracking
error
to
the
Index
and
as
high
levels
of
transactions
increase
brokerage
and
other
transaction
costs
and
may
result
in
increased
taxable
capital
gains.
See
the
Fund’s
prospectus
for
more
information
on
these
and
other
risks.
The
views
expressed
in
this
report
reflect
the
current
views
of
the
respective
parties.
These
views
are
not
guarantees
of
future
performance
and
involve
certain
risks,
uncertainties
and
assumptions
that
are
difficult
to
predict,
so
actual
outcomes
and
results
may
differ
significantly
from
the
views
are
subject
to
change
at
any
time
based
upon
economic,
market
or
other
conditions
and
the
respective
parties
disclaim
any
responsibility
to
update
such
views.
These
views
may
not
be
relied
on
as
investment
advice
and,
because
investment
decisions
for
a
Columbia
ETF
are
based
on
numerous
factors,
may
not
be
relied
on
as
an
indication
of
trading
intent
on
behalf
of
any
particular
Columbia
ETF.
References
to
specific
securities
should
not
be
construed
as
a
recommendation
or
investment
advice.
UNDERSTANDING
YOUR
FUND’S
EXPENSES
(Unaudited)
Thematic
Beta
ETFs
|
Annual
Report
2020
15
As
a
shareholder
of
a
Fund,
you
incur
ongoing
costs,
including
investment
management
fees.
The
following
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars
and
cents)
of
investing
in
a
fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
funds.
The
examples
are
based
on
an
initial
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
period
ended
March
31,
2020.
Actual
Expenses
The
information
under
each
column
in
the
table
below
entitled
“Actual”
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
these
columns,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
for
your
Fund
under
the
heading
entitled
“Expenses
paid
for
the
period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
For
Comparison
Purposes
The
information
under
each
column
in
the
table
entitled
“Hypothetical”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
each
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
your
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
brokerage
commissions
paid
on
purchases
and
sales
of
Fund
shares.
Therefore,
the
ending
account
values
and
expenses
paid
for
the
period
in
the
table
is
useful
in
comparing
ongoing
Fund
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Expenses
are
calculated
using
the
Fund’s
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
then
multiplied
by
the
number
of
days
in
the
Fund’s
most
recent
fiscal
half-year
and
divided
by
366.
Had
the
Investment
Manager
not
waived
fees
or
reimbursed
a
portion
of
expenses
for
Columbia
Emerging
Markets
Consumer
ETF,
account
values
at
the
end
of
the
period
would
have
been
reduced.
October
1,
2019
—
March
31,
2020
Beginning
account
value
($)
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
760.70
1,024.20
0.70
0.81
0.16
Columbia
Emerging
Markets
Consumer
ETF
1,000.00
1,000.00
906.50
1,022.05
2.81
2.98
0.59
Columbia
India
Consumer
ETF
1,000.00
1,000.00
745.50
1,021.05
3.45
3.99
0.79
FREQUENCY
DISTRIBUTION
OF
PREMIUMS
AND
DISCOUNTS
(Unaudited)
16
Thematic
Beta
ETFs
|
Annual
Report
2020
The
tables
that
follow
present
information
about
the
differences
between
the
daily
market
price
on
secondary
markets
for
shares
of
a
Fund
and
that
Fund’s
net
asset
value.
Net
asset
value,
or
“NAV”,
is
the
price
per
share
at
which
each
Fund
issues
and
redeems
shares.
It
is
calculated
in
accordance
with
the
standard
formula
for
valuing
fund
shares.
The
“Market
Price”
of
each
Fund
generally
is
determined
using
the
midpoint
between
the
highest
bid
and
the
lowest
offer
on
the
stock
exchange
on
which
the
shares
of
such
Fund
are
listed
for
trading,
as
of
the
time
that
the
Fund’s
NAV
is
calculated.
Each
Fund’s
Market
Price
may
be
at,
above
or
below
its
NAV.
The
NAV
of
each
Fund
will
fluctuate
with
changes
in
the
market
value
of
its
portfolio
holdings.
The
Market
Price
of
each
Fund
will
fluctuate
in
accordance
with
changes
in
its
NAV,
as
well
as
market
supply
and
demand.
Premiums
or
discounts
are
the
differences
(expressed
as
a
percentage)
between
the
NAV
and
Market
Price
of
a
Fund
on
a
given
day,
generally
at
the
time
NAV
is
calculated.
A
premium
is
the
amount
that
a
Fund
is
trading
above
the
reported
NAV,
expressed
as
a
percentage
of
the
NAV.
A
discount
is
the
amount
that
a
Fund
is
trading
below
the
reported
NAV,
expressed
as
a
percentage
of
the
NAV.
The
following
information
shows
the
frequency
distributions
of
premiums
and
discounts
for
each
of
the
Funds.
The
information
shown
for
each
Fund
is
for
the
period
from
inception
date
of
such
Fund
through
March
31,
2020.
Each
line
in
the
table
shows
the
number
of
trading
days
in
which
the
Fund
traded
within
the
premium/discount
range
indicated.
All
data
presented
here
represents
past
performance,
which
cannot
be
used
to
predict
future
results.
Basis
Point
Differential
Market
Price
Above
or
Equal
to
NAV
Number
of
Days
Market
Price
Below
NAV
Number
of
Days
Columbia
EM
Core
ex-China
ETF
September
2,
2015
–
March
31,
2020
0
–
49.9
324
192
50
-99.9
341
72
100
–
199.9
178
26
>200
14
5
Total
857
295
Basis
Point
Differential
Market
Price
Above
or
Equal
to
NAV
Number
of
Days
Market
Price
Below
NAV
Number
of
Days
Columbia
Emerging
Markets
Consumer
ETF
September
14,
2010
–
March
31,
2020
0
–
49.9
933
646
50
-99.9
388
273
100
-199.9
59
77
>
200
8
19
Total
1388
1015
Basis
Point
Differential
Market
Price
Above
or
Equal
to
NAV
Number
of
Days
Market
Price
Below
NAV
Number
of
Days
Columbia
India
Consumer
ETF
August
10,
2011
–
March
31,
2020
0
–
49.9
562
490
50
–
99.9
365
271
100
–
199.9
263
136
>200
63
24
Total
1253
921
PORTFOLIO
OF
INVESTMENTS
Columbia
EM
Core
ex-China
ETF
March
31,
2020
(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
2020
17
Common
Stocks
-
94.7%
Issuer
Shares
Value
($)
Brazil
-
6.6%
B3
SA
-
Brasil
Bolsa
Balcao
16,962‌
117,405‌
Banco
do
Brasil
SA
13,238‌
71,185‌
BRF
SA
(a)
6,217‌
18,088‌
Cia
Brasileira
de
Distribuicao
4,578‌
58,556‌
Magazine
Luiza
SA
17,010‌
127,872‌
Petroleo
Brasileiro
SA
ADR
23,214‌
127,677‌
TIM
Participacoes
SA
74,250‌
178,088‌
Vale
SA
28,790‌
239,907‌
Total
938,778‌
Chile
-
0.8%
Cia
Cervecerias
Unidas
SA
7,296‌
50,249‌
Empresas
COPEC
SA
11,801‌
67,845‌
Total
118,094‌
India
-
13.4%
Dr.
Reddy's
Laboratories,
Ltd.
ADR
6,461‌
260,572‌
HDFC
Bank,
Ltd.
ADR
14,309‌
550,324‌
ICICI
Bank,
Ltd.
ADR
56,169‌
477,437‌
Infosys,
Ltd.
ADR
59,139‌
485,531‌
Tata
Motors,
Ltd.
ADR
(a)
10,703‌
50,518‌
Vedanta,
Ltd.
ADR
15,962‌
56,825‌
Wipro,
Ltd.
ADR
13,248‌
41,069‌
Total
1,922,276‌
Indonesia
-
3.5%
PT
Astra
International
Tbk
190,554‌
45,565‌
PT
Bank
Central
Asia
Tbk
174,136‌
294,942‌
PT
Bank
Mandiri
Persero
Tbk
291,763‌
83,719‌
PT
Telekomunikasi
Indonesia
Persero
Tbk
417,135‌
80,818‌
Total
505,044‌
Malaysia
-
5.1%
Dialog
Group
Bhd
332,324‌
233,858‌
IHH
Healthcare
Bhd
136,514‌
163,058‌
Petronas
Dagangan
Bhd
29,648‌
145,220‌
Tenaga
Nasional
Bhd
65,776‌
183,016‌
Total
725,152‌
Mexico
-
2.6%
Grupo
Bimbo
SAB
de
CV
Series
A
60,461‌
88,864‌
Grupo
Mexico
SAB
de
CV
Series
B
57,771‌
107,715‌
Wal-Mart
de
Mexico
SAB
de
CV
71,354‌
169,570‌
Total
366,149‌
Philippines
-
2.2%
Aboitiz
Power
Corp.
123,216‌
63,716‌
Bloomberry
Resorts
Corp.
25,412‌
2,998‌
Jollibee
Foods
Corp.
15,444‌
32,309‌
Manila
Electric
Co.
13,300‌
58,838‌
Puregold
Price
Club,
Inc.
74,955‌
53,718‌
SM
Investments
Corp.
6,722‌
108,112‌
Total
319,691‌
Poland
-
1.8%
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
23,639‌
128,738‌
Powszechny
Zaklad
Ubezpieczen
SA
17,525‌
132,192‌
Total
260,930‌
Russia
-
5.1%
Gazprom
PJSC
ADR
35,484‌
164,610‌
LUKOIL
PJSC
ADR
6,092‌
365,520‌
Sberbank
of
Russia
PJSC
ADR
21,527‌
205,153‌
Total
735,283‌
South
Africa
-
4.8%
Anglo
American
Platinum,
Ltd.
1,308‌
55,234‌
Common
Stocks
(continued)
Issuer
Shares
Value
($)
AngloGold
Ashanti,
Ltd.
8,052‌
143,868‌
Bid
Corp.,
Ltd.
10,275‌
122,357‌
Bidvest
Group,
Ltd.
(The)
11,157‌
91,330‌
FirstRand,
Ltd.
28,774‌
64,878‌
Foschini
Group,
Ltd.
(The)
15,866‌
60,115‌
Kumba
Iron
Ore,
Ltd.
491‌
7,699‌
Nedbank
Group,
Ltd.
9,081‌
42,029‌
Sasol,
Ltd.
(a)
5,377‌
11,118‌
Shoprite
Holdings,
Ltd.
12,267‌
85,855‌
Total
684,483‌
South
Korea
-
17.4%
Celltrion
,
Inc.
(a)
1,215‌
228,614‌
Hana
Financial
Group,
Inc.
3,166‌
60,077‌
Hyundai
Mobis
Co.,
Ltd.
468‌
65,163‌
Hyundai
Motor
Co.
1,427‌
103,976‌
KB
Financial
Group,
Inc.
5,898‌
167,393‌
Kia
Motors
Corp.
3,809‌
81,352‌
KT&G
Corp.
1,306‌
80,140‌
LG
Electronics,
Inc.
1,692‌
66,993‌
POSCO
809‌
106,994‌
Samsung
Electro-Mechanics
Co.,
Ltd.
995‌
79,855‌
Samsung
Electronics
Co.,
Ltd.
24,303‌
953,274‌
Shinhan
Financial
Group
Co.,
Ltd.
6,036‌
141,808‌
SK
Hynix,
Inc.
5,107‌
349,458‌
Total
2,485,097‌
Taiwan
-
25.5%
ASE
Technology
Holding
Co.,
Ltd.
29,700‌
57,551‌
Catcher
Technology
Co.,
Ltd.
11,448‌
74,007‌
Chang
Hwa
Commercial
Bank,
Ltd.
148,124‌
93,308‌
China
Steel
Corp.
178,287‌
111,719‌
Chipbond
Technology
Corp.
50,469‌
82,609‌
Chunghwa
Telecom
Co.,
Ltd.
58,415‌
207,649‌
CTBC
Financial
Holding
Co.,
Ltd.
157,695‌
93,340‌
Eva
Airways
Corp.
186,940‌
54,954‌
Far
Eastern
New
Century
Corp.
145,182‌
108,257‌
Far
EasTone
Telecommunications
Co.,
Ltd.
101,455‌
212,360‌
Formosa
Chemicals
&
Fibre
Corp.
23,504‌
52,073‌
Formosa
Petrochemical
Corp.
23,132‌
62,263‌
Formosa
Plastics
Corp.
55,753‌
138,454‌
Formosa
Taffeta
Co.,
Ltd.
73,600‌
74,959‌
Hon
Hai
Precision
Industry
Co.,
Ltd.
99,687‌
230,416‌
Largan
Precision
Co.,
Ltd.
820‌
103,851‌
Makalot
Industrial
Co.,
Ltd.
8,833‌
30,961‌
MediaTek
,
Inc.
12,779‌
138,390‌
Nan
Ya
Plastics
Corp.
79,097‌
143,068‌
President
Chain
Store
Corp.
17,728‌
165,899‌
Taiwan
Business
Bank
268,134‌
85,916‌
Taiwan
Mobile
Co.,
Ltd.
45,672‌
150,873‌
Taiwan
Semiconductor
Manufacturing
Co.,
Ltd.
121,378‌
1,099,733‌
Uni
-President
Enterprises
Corp.
37,365‌
81,052‌
Total
3,653,662‌
Thailand
-
5.4%
BTS
Group
Holdings
PCL
NVDR
1,018,294‌
282,364‌
CP
ALL
PCL
NVDR
39,298‌
73,046‌
Home
Product
Center
PCL
NVDR
221,713‌
74,991‌
Ratch
Group
PCL
52,792‌
91,693‌
Siam
Cement
PCL
(The)
6,401‌
63,196‌
Siam
Commercial
Bank
PCL
(The)
31,813‌
67,130‌
Tesco
Lotus
Retail
Growth
Freehold
&
Leasehold
Property
Fund
162,913‌
75,456‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
EM
Core
ex-China
ETF
March
31,
2020
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
18
Thematic
Beta
ETFs
|
Annual
Report
2020
Notes
to
Portfolio
of
Investments
Abbreviation
Legend
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Thai
Union
Group
PCL
NVDR
122,329‌
51,440‌
Total
779,316‌
Turkey
-
0.5%
Tupras
Turkiye
Petrol
Rafinerileri
AS
(a)
5,889‌
67,466‌
Total
Common
Stocks
(Cost:
$16,656,558)
13,561,421‌
Preferred
Stocks
-
4.5%
Issuer
Shares
Value
($)
Brazil
-
3.9%
Banco
Bradesco
SA
Preference
Shares
29,315‌
117,394‌
Itau
Unibanco
Holding
SA
Preference
Shares
40,931‌
182,219‌
Itausa
-
Investimentos
Itau
SA
Preference
Shares
62,829‌
106,237‌
Petroleo
Brasileiro
SA
Preference
Shares
56,375‌
152,062‌
Total
557,912‌
Preferred
Stocks
(continued)
Issuer
Shares
Value
($)
Chile
-
0.6%
Sociedad
Quimica
y
Minera
de
Chile
SA
Preference
Shares
Class
B
3,434‌
78,727‌
Total
Preferred
Stocks
(Cost:
$1,025,460)
636,639‌
Money
Market
Funds
-
0.3%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Funds
—
Treasury
Instruments
Fund,
Institutional
Shares,
0.516%
(b)
48,901‌
48,901‌
Total
Money
Market
Funds
(Cost
$48,901)
48,901‌
Total
Investments
in
Securities
(Cost:
$17,730,919)
14,246,961‌
Other
Assets
&
Liabilities,
Net
74,288‌
Net
Assets
14,321,249‌
(a)
Non-income
producing
investment.
(b)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
March
31,
2020.
ADR
American
Depositary
Receipts
NVDR
Non-Voting
Depository
Receipts
PJSC
Private
Joint
Stock
Company
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
2
because
the
inputs
used
to
determine
fair
value
may
not
always
be
quoted
prices
in
an
active
market.
Fair
value
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
Valuations
based
on
quoted
prices
for
investments
in
active
markets
that
the
Fund
has
the
ability
to
access
at
the
measurement
date.
Valuation
adjustments
are
not
applied
to
Level
1
investments.
Level
2
—
Valuations
based
on
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risks,
etc.).
Level
3
—
Valuations
based
on
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
and
judgment
in
determining
the
fair
value
of
investments).
Inputs
that
are
used
in
determining
fair
value
of
an
investment
may
include
price
information,
credit
data,
volatility
statistics,
and
other
factors.
These
inputs
can
be
either
observable
or
unobservable.
The
availability
of
observable
inputs
can
vary
between
investments,
and
is
affected
by
various
factors
such
as
the
type
of
investment,
and
the
volume
and
level
of
activity
for
that
investment
or
similar
investments
in
the
marketplace.
The
inputs
will
be
considered
by
the
Investment
Manager,
along
with
any
other
relevant
factors
in
the
calculation
of
an
investment’s
fair
value.
The
Fund
uses
prices
and
inputs
that
are
current
as
of
the
measurement
date,
which
may
include
periods
of
market
dislocations.
During
these
periods,
the
availability
of
prices
and
inputs
may
be
reduced
for
many
investments.
This
condition
could
cause
an
investment
to
be
reclassified
between
the
various
levels
within
the
hierarchy.
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
EM
Core
ex-China
ETF
March
31,
2020
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Thematic
Beta
ETFs
|
Annual
Report
2020
19
Fair
Value
Measurements
(continued)
Investments
falling
into
the
Level
3
category
are
primarily
supported
by
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
those
investments.
However,
these
may
be
classified
as
Level
3
investments
due
to
lack
of
market
transparency
and
corroboration
to
support
these
quoted
prices.
Additionally,
valuation
models
may
be
used
as
the
pricing
source
for
any
remaining
investments
classified
as
Level
3.
These
models
may
rely
on
one
or
more
significant
unobservable
inputs
and/or
significant
assumptions
by
the
Investment
Manager.
Inputs
used
in
valuations
may
include,
but
are
not
limited
to,
financial
statement
analysis,
capital
account
balances,
discount
rates
and
estimated
cash
flows,
and
comparable
company
data.
Under
the
direction
of
the
Fund’s
Board
of
Trustees
(the
Board),
the
Investment
Manager’s
Valuation
Committee
(the
Committee)
is
responsible
for
overseeing
the
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager’s
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
control
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
The
Committee
reports
to
the
Board,
with
members
of
the
Committee
meeting
with
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
March
31,
2020:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Brazil
938,778
–
–
938,778
Chile
118,094
–
–
118,094
India
1,922,276
–
–
1,922,276
Indonesia
505,044
–
–
505,044
Malaysia
725,152
–
–
725,152
Mexico
366,149
–
–
366,149
Philippines
319,691
–
–
319,691
Poland
260,930
–
–
260,930
Russia
735,283
–
–
735,283
South
Africa
684,483
–
–
684,483
South
Korea
2,485,097
–
–
2,485,097
Taiwan
3,653,662
–
–
3,653,662
Thailand
779,316
–
–
779,316
Turkey
67,466
–
–
67,466
Total
Common
Stocks
13,561,421
–
–
13,561,421
Preferred
Stocks
Brazil
557,912
–
–
557,912
Chile
78,727
–
–
78,727
Total
Preferred
Stocks
636,639
–
–
636,639
Money
Market
Funds
48,901
–
–
48,901
Total
Investments
in
Securities
14,246,961
–
–
14,246,961
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
PORTFOLIO
OF
INVESTMENTS
Columbia
Emerging
Markets
Consumer
ETF
March
31,
2020
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
20
Thematic
Beta
ETFs
|
Annual
Report
2020
Common
Stocks
-
98.4%
Issuer
Shares
Value
($)
Brazil
-
4.2%
Cia
Brasileira
de
Distribuicao
70,414‌
900,641‌
Lojas
Renner
SA
360,519‌
2,332,745‌
Petrobras
Distribuidora
SA
327,355‌
978,922‌
Raia
Drogasil
SA
118,306‌
2,323,192‌
TIM
Participacoes
SA
362,038‌
868,344‌
Total
7,403,844‌
Chile
-
0.8%
Cencosud
SA
609,813‌
636,851‌
S.A.C.I.
Falabella
329,706‌
729,568‌
Total
1,366,419‌
China
-
54.2%
58.com,
Inc.
ADR
(a)
29,239‌
1,424,524‌
Alibaba
Group
Holding,
Ltd.
ADR
(a)
44,775‌
8,707,842‌
ANTA
Sports
Products,
Ltd.
323,647‌
2,378,007‌
Autohome
,
Inc.
ADR
(a)
17,933‌
1,273,602‌
Baidu,
Inc.
ADR
(a)
84,984‌
8,565,537‌
BYD
Co.,
Ltd.
Class
H
193,474‌
1,010,940‌
China
Mengniu
Dairy
Co.,
Ltd.
(a)
856,794‌
2,979,086‌
China
Mobile,
Ltd.
1,282,978‌
9,542,593‌
China
Resources
Beer
Holdings
Co.,
Ltd.
430,491‌
1,966,143‌
China
Telecom
Corp.,
Ltd.
Class
H
4,379,604‌
1,327,855‌
China
Tower
Corp.
Ltd.
Class
H
(b)
13,990,906‌
3,140,819‌
China
Unicom
Hong
Kong,
Ltd.
1,834,740‌
1,058,108‌
Dongfeng
Motor
Group
Co.,
Ltd.
Class
H
784,400‌
517,138‌
Geely
Automobile
Holdings,
Ltd.
1,615,828‌
2,384,894‌
Guangzhou
Automobile
Group
Co.,
Ltd.
Class
H
890,522‌
895,014‌
Haier
Electronics
Group
Co.,
Ltd.
380,707‌
1,014,282‌
Hengan
International
Group
Co.,
Ltd.
221,516‌
1,667,607‌
JD.com,
Inc.
ADR
(a)
213,774‌
8,657,847‌
NetEase
,
Inc.
ADR
21,809‌
6,999,817‌
New
Oriental
Education
&
Technology
Group,
Inc.
ADR
(a)
37,498‌
4,058,784‌
TAL
Education
Group
ADR
(a)
121,611‌
6,477,002‌
Tencent
Holdings,
Ltd.
187,453‌
9,195,014‌
Trip.com
Group
Ltd.
ADR
(a)
129,027‌
3,025,683‌
Want
Want
China
Holdings,
Ltd.
1,998,251‌
1,448,886‌
Yum
China
Holdings,
Inc.
118,632‌
5,057,282‌
Total
94,774,306‌
India
-
10.0%
Hero
MotoCorp,
Ltd.
44,343‌
935,760‌
Hindustan
Unilever,
Ltd.
310,514‌
9,434,298‌
ITC,
Ltd.
1,324,264‌
3,005,583‌
Mahindra
&
Mahindra,
Ltd.
275,828‌
1,038,941‌
Maruti
Suzuki
India,
Ltd.
54,756‌
3,103,850‌
Total
17,518,432‌
Indonesia
-
2.1%
PT
Astra
International
Tbk
4,413,579‌
1,055,362‌
PT
Telekomunikasi
Indonesia
Persero
Tbk
10,367,924‌
2,008,746‌
PT
Unilever
Indonesia
Tbk
1,247,749‌
554,640‌
Total
3,618,748‌
Mexico
-
2.5%
Coca-Cola
Femsa
SAB
de
CV
81,265‌
331,341‌
Fomento
Economico
Mexicano
SAB
de
CV
Series
UBD
287,585‌
1,755,722‌
Grupo
Televisa
SAB
Series
CPO
391,485‌
455,579‌
Wal-Mart
de
Mexico
SAB
de
CV
783,529‌
1,862,026‌
Total
4,404,668‌
Russia
-
3.8%
Magnit
PJSC
GDR
170,876‌
1,531,391‌
Common
Stocks
(continued)
Issuer
Shares
Value
($)
X5
Retail
Group
NV
GDR
50,451‌
1,362,177‌
Yandex
NV
Class
A
(a)
112,301‌
3,823,849‌
Total
6,717,417‌
Saudi
Arabia
-
3.6%
Saudi
Telecom
Co.
268,029‌
6,242,357‌
South
Africa
-
2.8%
Shoprite
Holdings,
Ltd.
288,576‌
2,019,709‌
Vodacom
Group,
Ltd.
442,284‌
2,897,629‌
Total
4,917,338‌
Taiwan
-
10.6%
Chunghwa
Telecom
Co.,
Ltd.
1,722,556‌
6,123,200‌
Hotai
Motor
Co.,
Ltd.
160,258‌
2,601,944‌
President
Chain
Store
Corp.
254,407‌
2,380,741‌
Taiwan
Mobile
Co.,
Ltd.
738,633‌
2,440,006‌
Uni
-President
Enterprises
Corp.
2,317,409‌
5,026,934‌
Total
18,572,825‌
Thailand
-
2.8%
Advanced
Info
Service
PCL
278,300‌
1,704,527‌
CP
ALL
PCL
1,145,105‌
2,128,480‌
Thai
Beverage
PCL
2,416,944‌
1,026,970‌
Total
4,859,977‌
United
Arab
Emirates
-
1.0%
Emirates
Telecommunications
Group
Co.
PJSC
435,638‌
1,662,781‌
Total
Common
Stocks
(Cost:
$200,425,220)
172,059,112‌
Preferred
Stock
-
1.0%
Issuer
Shares
Value
($)
Brazil
-
1.0%
Telefonica
Brasil
SA
Preference
Shares
(Cost:
$2,376,739)
187,683‌
1,789,405‌
Total
Preferred
Stock
(cost
$2,376,739)
1,789,405‌
Total
Investments
in
Securities
(Cost:
$202,801,959)
173,848,517‌
Other
Assets
&
Liabilities,
Net
1,072,673‌
Net
Assets
174,921,190‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Emerging
Markets
Consumer
ETF
March
31,
2020
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Thematic
Beta
ETFs
|
Annual
Report
2020
21
Notes
to
Portfolio
of
Investments
Abbreviation
Legend
(a)
Non-income
producing
investment.
(b)
Represents
privately
placed
and
other
securities
and
instruments
exempt
from
SEC
registration
(collectively,
private
placements),
such
as
Section
4(a)(2)
and
Rule
144A
eligible
securities,
which
are
often
sold
only
to
qualified
institutional
buyers.
The
Fund
may
invest
in
private
placements
determined
to
be
liquid
as
well
as
those
determined
to
be
illiquid.
Private
placements
may
be
determined
to
be
liquid
under
guidelines
established
by
the
Fund’s
Board
of
Trustees.
At
March
31,
2020,
the
net
value
of
these
securities
amounted
to
$3,140,819
which
represents
1.80%
of
net
assets.
ADR
American
Depositary
Receipts
GDR
Global
Depositary
Receipts
PJSC
Private
Joint
Stock
Company
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
2
because
the
inputs
used
to
determine
fair
value
may
not
always
be
quoted
prices
in
an
active
market.
Fair
value
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
Valuations
based
on
quoted
prices
for
investments
in
active
markets
that
the
Fund
has
the
ability
to
access
at
the
measurement
date.
Valuation
adjustments
are
not
applied
to
Level
1
investments.
Level
2
—
Valuations
based
on
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risks,
etc.).
Level
3
—
Valuations
based
on
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
and
judgment
in
determining
the
fair
value
of
investments).
Inputs
that
are
used
in
determining
fair
value
of
an
investment
may
include
price
information,
credit
data,
volatility
statistics,
and
other
factors.
These
inputs
can
be
either
observable
or
unobservable.
The
availability
of
observable
inputs
can
vary
between
investments,
and
is
affected
by
various
factors
such
as
the
type
of
investment,
and
the
volume
and
level
of
activity
for
that
investment
or
similar
investments
in
the
marketplace.
The
inputs
will
be
considered
by
the
Investment
Manager,
along
with
any
other
relevant
factors
in
the
calculation
of
an
investment’s
fair
value.
The
Fund
uses
prices
and
inputs
that
are
current
as
of
the
measurement
date,
which
may
include
periods
of
market
dislocations.
During
these
periods,
the
availability
of
prices
and
inputs
may
be
reduced
for
many
investments.
This
condition
could
cause
an
investment
to
be
reclassified
between
the
various
levels
within
the
hierarchy.
Investments
falling
into
the
Level
3
category
are
primarily
supported
by
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
those
investments.
However,
these
may
be
classified
as
Level
3
investments
due
to
lack
of
market
transparency
and
corroboration
to
support
these
quoted
prices.
Additionally,
valuation
models
may
be
used
as
the
pricing
source
for
any
remaining
investments
classified
as
Level
3.
These
models
may
rely
on
one
or
more
significant
unobservable
inputs
and/or
significant
assumptions
by
the
Investment
Manager.
Inputs
used
in
valuations
may
include,
but
are
not
limited
to,
financial
statement
analysis,
capital
account
balances,
discount
rates
and
estimated
cash
flows,
and
comparable
company
data.
Under
the
direction
of
the
Fund’s
Board
of
Trustees
(the
Board),
the
Investment
Manager’s
Valuation
Committee
(the
Committee)
is
responsible
for
overseeing
the
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager’s
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
control
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
The
Committee
reports
to
the
Board,
with
members
of
the
Committee
meeting
with
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
March
31,
2020:
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Emerging
Markets
Consumer
ETF
March
31,
2020
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
22
Thematic
Beta
ETFs
|
Annual
Report
2020
Fair
Value
Measurements
(continued)
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Brazil
7,403,844
–
–
7,403,844
Chile
1,366,419
–
–
1,366,419
China
94,774,306
–
–
94,774,306
India
17,518,432
–
–
17,518,432
Indonesia
3,618,748
–
–
3,618,748
Mexico
4,404,668
–
–
4,404,668
Russia
6,717,417
–
–
6,717,417
Saudi
Arabia
6,242,357
–
–
6,242,357
South
Africa
4,917,338
–
–
4,917,338
Taiwan
18,572,825
–
–
18,572,825
Thailand
4,859,977
–
–
4,859,977
United
Arab
Emirates
1,662,781
–
–
1,662,781
Total
Common
Stocks
172,059,112
–
–
172,059,112
Preferred
Stocks
Brazil
1,789,405
–
–
1,789,405
Total
Preferred
Stocks
1,789,405
–
–
1,789,405
Total
Investments
in
Securities
173,848,517
–
–
173,848,517
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
PORTFOLIO
OF
INVESTMENTS
(Consolidated)
Columbia
India
Consumer
ETF
March
31,
2020
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Thematic
Beta
ETFs
|
Annual
Report
2020
23
Notes
to
Consolidated
Portfolio
of
Investments
Common
Stocks
-
99.6%
Issuer
Shares
Value
($)
Consumer
Discretionary
-
45.2%
Bajaj
Auto,
Ltd.
111,801‌
2,988,725‌
Balkrishna
Industries,
Ltd.
88,741‌
928,627‌
Bata
India,
Ltd.
68,163‌
1,109,241‌
Bharat
Forge,
Ltd.
290,220‌
901,336‌
Bosch,
Ltd.
9,811‌
1,218,482‌
Eicher
Motors,
Ltd.
15,554‌
2,692,535‌
Hero
MotoCorp,
Ltd.
144,735‌
3,054,307‌
Jubilant
Foodworks
,
Ltd.
85,744‌
1,667,758‌
Mahindra
&
Mahindra,
Ltd.
649,214‌
2,445,347‌
Maruti
Suzuki
India,
Ltd.
47,438‌
2,689,029‌
Motherson
Sumi
Systems,
Ltd.
1,373,907‌
1,108,733‌
MRF,
Ltd.
3,038‌
2,335,766‌
Page
Industries,
Ltd.
4,745‌
1,063,986‌
Rajesh
Exports,
Ltd.
68,445‌
495,483‌
Tata
Motors,
Ltd.
(a)
2,195,378‌
2,061,851‌
Titan
Co.,
Ltd.
246,081‌
3,037,171‌
Whirlpool
of
India,
Ltd.
35,969‌
864,811‌
Total
30,663,188‌
Consumer
Staples
-
54.4%
Avenue
Supermarts
,
Ltd.
(a),(b)
136,378‌
3,943,449‌
Britannia
Industries
Ltd.
99,234‌
3,527,176‌
Colgate-Palmolive
India,
Ltd.
150,127‌
2,485,935‌
Dabur
India,
Ltd.
610,888‌
3,634,178‌
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Godrej
Consumer
Products,
Ltd.
417,900‌
2,877,193‌
Hindustan
Unilever,
Ltd.
139,696‌
4,244,361‌
ITC,
Ltd.
1,682,418‌
3,818,459‌
Marico,
Ltd.
579,733‌
2,106,239‌
Nestle
India,
Ltd.
18,612‌
4,010,334‌
Procter
&
Gamble
Hygiene
&
Health
Care,
Ltd.
10,765‌
1,461,305‌
Tata
Consumer
Products
Ltd.
469,470‌
1,829,755‌
United
Breweries,
Ltd.
74,611‌
906,215‌
United
Spirits,
Ltd.
(a)
312,999‌
2,004,981‌
Total
36,849,580‌
Total
Common
Stocks
(Cost:
$75,068,687)
67,512,768‌
Money
Market
Funds
-
0.1%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Funds
—
Treasury
Instruments
Fund,
Institutional
Shares,
0.516%
(c)
46,078‌
46,078‌
Total
Money
Market
Funds
(cost
$46,078)
46,078‌
Total
Investments
in
Securities
(Cost:
$75,114,765)
67,558,846‌
Other
Assets
&
Liabilities,
Net
205,215‌
Net
Assets
67,764,061‌
(a)
Non-income
producing
investment.
(b)
Represents
privately
placed
and
other
securities
and
instruments
exempt
from
SEC
registration
(collectively,
private
placements),
such
as
Section
4(a)(2)
and
Rule
144A
eligible
securities,
which
are
often
sold
only
to
qualified
institutional
buyers.
The
Fund
may
invest
in
private
placements
determined
to
be
liquid
as
well
as
those
determined
to
be
illiquid.
Private
placements
may
be
determined
to
be
liquid
under
guidelines
established
by
the
Fund’s
Board
of
Trustees.
At
March
31,
2020,
the
net
value
of
these
securities
amounted
to
$3,943,449
which
represents
5.82%
of
net
assets.
(c)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
March
31,
2020.
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
2
because
the
inputs
used
to
determine
fair
value
may
not
always
be
quoted
prices
in
an
active
market.
Fair
value
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
Valuations
based
on
quoted
prices
for
investments
in
active
markets
that
the
Fund
has
the
ability
to
access
at
the
measurement
date.
Valuation
adjustments
are
not
applied
to
Level
1
investments.
Level
2
—
Valuations
based
on
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risks,
etc.).
Level
3
—
Valuations
based
on
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
and
judgment
in
determining
the
fair
value
of
investments).
Inputs
that
are
used
in
determining
fair
value
of
an
investment
may
include
price
information,
credit
data,
volatility
statistics,
and
other
factors.
These
inputs
can
be
either
observable
or
unobservable.
The
availability
of
observable
inputs
can
vary
between
investments,
and
is
affected
by
various
factors
such
as
the
type
of
investment,
and
the
volume
and
level
of
activity
for
that
investment
or
similar
investments
in
the
marketplace.
The
inputs
will
be
considered
by
the
Investment
Manager,
along
with
any
other
relevant
factors
in
the
calculation
of
an
investment’s
fair
value.
The
Fund
uses
prices
and
inputs
that
are
current
as
of
the
measurement
date,
which
may
include
periods
of
market
dislocations.
During
these
periods,
the
availability
of
prices
and
inputs
may
be
reduced
for
many
investments.
This
condition
could
cause
an
investment
to
be
reclassified
between
the
various
levels
within
the
hierarchy.
PORTFOLIO
OF
INVESTMENTS
(Consolidated)
(continued)
Columbia
India
Consumer
ETF
March
31,
2020
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
24
Thematic
Beta
ETFs
|
Annual
Report
2020
Fair
Value
Measurements
(continued)
Investments
falling
into
the
Level
3
category
are
primarily
supported
by
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
those
investments.
However,
these
may
be
classified
as
Level
3
investments
due
to
lack
of
market
transparency
and
corroboration
to
support
these
quoted
prices.
Additionally,
valuation
models
may
be
used
as
the
pricing
source
for
any
remaining
investments
classified
as
Level
3.
These
models
may
rely
on
one
or
more
significant
unobservable
inputs
and/or
significant
assumptions
by
the
Investment
Manager.
Inputs
used
in
valuations
may
include,
but
are
not
limited
to,
financial
statement
analysis,
capital
account
balances,
discount
rates
and
estimated
cash
flows,
and
comparable
company
data.
Under
the
direction
of
the
Fund’s
Board
of
Trustees
(the
Board),
the
Investment
Manager’s
Valuation
Committee
(the
Committee)
is
responsible
for
overseeing
the
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager’s
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
control
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
The
Committee
reports
to
the
Board,
with
members
of
the
Committee
meeting
with
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
March
31,
2020:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Consumer
Discretionary
30,663,188
–
–
30,663,188
Consumer
Staples
36,849,580
–
–
36,849,580
Total
Common
Stocks
67,512,768
–
–
67,512,768
Money
Market
Funds
46,078
–
–
46,078
Total
Investments
in
Securities
67,558,846
–
–
67,558,846
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
STATEMENT
OF
ASSETS
AND
LIABILITIES
March
31,
2020
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Thematic
Beta
ETFs
|
Annual
Report
2020
25
5d
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
$17,730,919,
$202,801,959
and
$75,114,765,
respectively)
$14,246,961
$173,848,517
$67,558,846
Cash
–
–
212,300
Foreign
currency
(cost
$–,
$2,125,646
and
$41,859,
respectively)
–
2,125,647
41,859
Receivable
for:
Investments
sold
–
2,089,314
–
Dividends
75,960
169,605
169
Foreign
tax
reclaims
474
26,630
–
Reimbursement
due
from
Investment
Manager
–
1,601
–
Total
assets
14,323,395
178,261,314
67,813,174
Liabilities
Due
to
custodian
–
2,320,574
–
Payable
for:
Capital
shares
purchased
–
921,753
–
Investment
management
fees
2,109
97,797
49,063
Accrued
expenses
and
other
liabilities
37
–
50
Total
liabilities
2,146
3,340,124
49,113
Net
assets
applicable
to
outstanding
capital
stock
$14,321,249
$174,921,190
$67,764,061
Represented
by:
Paid-in
capital
$18,233,651
$413,884,997
$80,021,785
Total
distributable
loss
(3,912,402)
(238,963,807)
(12,257,724)
Total
—
representing
net
assets
applicable
to
outstanding
capital
stock
$14,321,249
$174,921,190
$67,764,061
Shares
outstanding
750,000
8,900,000
2,200,000
Net
asset
value
per
share
$19.09
$19.65
$30.80
STATEMENT
OF
OPERATIONS
For
the
Year
Ended
March
31,
2020
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
26
Thematic
Beta
ETFs
|
Annual
Report
2020
Columbia
EM
Core
ex-
China
ETF
Columbia
Emerging
Markets
Consumer
ETF
Columbia
India
Consumer
ETF
(Consolidated)
Investment
Income:
Dividends
-
unaffiliated
issuers
$
460,142‌
$
4,970,908‌
$
1,652,707‌
Foreign
taxes
withheld
(
67,543‌
)
(
477,645‌
)
–‌
Total
income
392,599‌
4,493,263‌
1,652,707‌
Expenses:
Excise
tax
42‌
–‌
–‌
Investment
management
fees
25,386‌
1,471,340‌
820,441‌
Mauritius
taxes
paid
–‌
15,832‌
40,219‌
Overdraft
expense
5‌
18,928‌
21,195‌
Total
expenses
25,433‌
1,506,100‌
881,855‌
Fees
waived
by
the
Investment
Manager
and
its
affiliates
–‌
(
3,667‌
)
–‌
Total
net
expenses
25,433‌
1,502,433‌
881,855‌
Net
investment
income
367,166‌
2,990,830‌
770,852‌
Realized
and
unrealized
gain
(loss)
—
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
68,311‌
(
6,339,472‌
)
32,176‌
In-kind
transactions
–‌
838,692‌
–‌
Foreign
currency
translations
(
23,363‌
)
(
273,528‌
)
(
152,458‌
)
Net
realized
gain
(loss)
44,948‌
(
5,774,308‌
)
(
120,282‌
)
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
(
5,278,064‌
)
(
22,917,002‌
)
(
28,225,200‌
)
Foreign
capital
gains
tax
–‌
–‌
577,251‌
Foreign
currency
translations
(
3,088‌
)
(
18,081‌
)
396‌
Net
change
in
unrealized
depreciation
(
5,281,152‌
)
(
22,935,083‌
)
(
27,647,553‌
)
Net
realized
and
unrealized
loss
(
5,236,204‌
)
(
28,709,391‌
)
(
27,767,835‌
)
Net
decrease
in
net
assets
resulting
from
operations
$(4,869,038)
$(25,718,561)
$(26,996,983)
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Thematic
Beta
ETFs
|
Annual
Report
2020
27
,
Columbia
EM
Core
ex-China
ETF
Columbia
Emerging
Markets
Consumer
ETF
Year
Ended
March
31,
2020
Year
Ended
March
31,
2019
Year
Ended
March
31,
2020
Year
Ended
March
31,
2019
(a)(b)
Operations
Net
investment
income
$
367,166‌
$
236,852‌
$
2,990,830‌
$
5,131,130‌
Net
realized
gain
(loss)
44,948‌
(
415,704‌
)
(
5,774,308‌
)
(
20,154,637‌
)
Net
change
in
unrealized
depreciation
(
5,281,152‌
)
(
422,429‌
)
(
22,935,083‌
)
(
89,095,835‌
)
Net
decrease
in
net
assets
resulting
from
operations
(
4,869,038‌
)
(
601,281‌
)
(
25,718,561‌
)
(
104,119,342‌
)
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(
352,464‌
)
(
269,920‌
)
(
4,114,374‌
)
(
2,714,200‌
)
Shareholder
transactions
Proceeds
from
shares
sold
8,111,660‌
2,491,783‌
–‌
–‌
Cost
of
shares
redeemed
–‌
–‌
(
85,364,536‌
)
(
412,983,788‌
)
Transaction
fees
–‌
–‌
–‌
24,964‌
Net
increase
(decrease)
in
net
assets
resulting
from
shareholder
transactions
8,111,660‌
2,491,783‌
(
85,364,536‌
)
(
412,958,824‌
)
Increase
(decrease)
in
net
assets
2,890,158‌
1,620,582‌
(
115,197,471‌
)
(
519,792,366‌
)
Net
Assets:
Net
assets
at
beginning
of
year
11,431,091‌
9,810,509‌
290,118,661‌
809,911,027‌
Net
assets
at
end
of
year
$
14,321,249‌
$
11,431,091‌
$
174,921,190‌
$
290,118,661‌
Capital
stock
activity
Shares
outstanding,
beginning
of
year
450,000‌
350,000‌
12,800,000‌
30,750,000‌
Subscriptions
300,000‌
100,000‌
–‌
–‌
Redemptions
–‌
–‌
(
3,900,000‌
)
(
17,950,000‌
)
Shares
outstanding,
end
of
year
750,000‌
450,000‌
8,900,000‌
12,800,000‌
(a)
Consolidated.
(b)
EG
Shares
Consumer
Mauritius,
the
Fund's
Subsidiary,
was
liquidated
on
November
30,
2018.
STATEMENT
OF
CHANGES
IN
NET
ASSETS
(continued)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
28
Thematic
Beta
ETFs
|
Annual
Report
2020
Columbia
India
Consumer
ETF
(Consolidated)
Year
Ended
March
31,
2020
Year
Ended
March
31,
2019
Operations
Net
investment
income
$
770,852‌
$
362,258‌
Net
realized
gain
(loss)
(
120,282‌
)
2,622,524‌
Net
change
in
unrealized
depreciation
(
27,647,553‌
)
(
14,477,422‌
)
Net
decrease
in
net
assets
resulting
from
operations
(
26,996,983‌
)
(
11,492,640‌
)
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(
299,950‌
)
(
167,832‌
)
Shareholder
transactions
Cost
of
shares
redeemed
(
35,375,250‌
)
(
2,192,452‌
)
Net
decrease
in
net
assets
resulting
from
shareholder
transactions
(
35,375,250‌
)
(
2,192,452‌
)
Decrease
in
net
assets
(
62,672,183‌
)
(
13,852,924‌
)
Net
Assets:
Net
assets
at
beginning
of
year
130,436,244‌
144,289,168‌
Net
assets
at
end
of
year
$
67,764,061‌
$
130,436,244‌
Capital
stock
activity
Shares
outstanding,
beginning
of
year
3,100,000‌
3,150,000‌
Subscriptions
–‌
–‌
Redemptions
(
900,000‌
)
(
50,000‌
)
Shares
outstanding,
end
of
year
2,200,000‌
3,100,000‌
FINANCIAL
HIGHLIGHTS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Thematic
Beta
ETFs
|
Annual
Report
2020
29
The
following
tables
are
intended
to
help
you
understand
each
Fund’s
financial
performance.
Per
share
net
investment
income
(loss)
amounts
are
calculated
based
on
average
shares
outstanding
during
the
period.
Total
return
assumes
reinvestment
of
all
dividends
and
distributions,
if
any.
Total
Return
at
NAV
is
calculated
assuming
an
initial
investment
made
at
the
net
asset
value
at
the
beginning
of
the
period,
reinvestment
of
all
dividends
and
distributions
at
net
asset
value
during
the
period
and
redemption
on
the
last
day
of
the
period.
Total
Return
at
Market
is
calculated
assuming
an
initial
investment
made
at
the
market
price
at
the
beginning
of
the
period,
reinvestment
of
all
dividends
and
distributions
at
market
price
during
the
period
and
redemption
on
the
last
day
of
the
period.
The
total
return
would
have
been
lower
if
certain
expenses
had
not
been
reimbursed/waived
by
the
Investment
Manager.
The
price
used
to
calculate
Total
Return
at
Market
is
based
on
the
midpoint
of
the
4:00
PM
Eastern
(U.S.)
bid/ask
spread
on
the
NYSE
and
does
not
represent
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
Total
return
and
portfolio
turnover
are
not
annualized
for
periods
of
less
than
one
year.
The
portfolio
turnover
rate
is
calculated
without
regard
to
purchase
and
sales
transactions
of
short-term
instruments,
certain
derivatives
and
in-kind
transactions,
if
any.
If
such
transactions
were
included,
the
Fund’s
portfolio
turnover
rate
may
be
higher.
Columbia
EM
Core
ex-China
ETF
Year
Ended
March
31,
2016
(a)
2020
2019
2018
2017
Per
share
data
Net
asset
value,
beginning
of
year
$25.40‌
$28.03‌
$24.91‌
$21.23‌
$20.00‌
Income
(loss)
from
investment
operations:
Net
investment
income
0.69‌
0.65‌
0.66‌
0.41‌
0.22‌
Net
realized
and
unrealized
gain
(loss)
(6.41‌)
(2.51‌)
4.83‌
3.55‌
1.52‌
Total
from
investment
operations
(5.72‌)
(1.86‌)
5.49‌
3.96‌
1.74‌
Less
distributions
to
shareholders:
Net
investment
income
(0.59‌)
(0.62‌)
(0.61‌)
(0.28‌)
(0.51‌)
Net
realized
gains
–‌
(0.15‌)
(1.76‌)
–‌
–‌
Total
distribution
to
shareholders
(0.59‌)
(0.77‌)
(2.37‌)
(0.28‌)
(0.51‌)
Net
asset
value,
end
of
year
$19.09‌
$25.40‌
$28.03‌
$24.91‌
$21.23‌
Total
Return
at
NAV
(23.25‌)%
(6.38‌)%
22.76‌%
18.83‌%
8.98‌%
Total
Return
at
Market
(23.43‌)%
(7.37‌)%
20.45‌%
23.20‌%
8.49‌%
Ratios
to
average
net
assets:
Total
gross
expenses
(b)
0.19‌%
(c)
0.47‌%
(d)
0.70‌%
(e)
0.70‌%
0.70‌%
(f)
Total
net
expenses
(b)(g)
0.19‌%
(c)
0.35‌%
(d)
0.35‌%
(e)
0.35‌%
0.35‌%
(f)
Net
Investment
income
2.70‌%
2.54‌%
2.40‌%
1.80‌%
1.92‌%
(f)
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$14,321‌
$11,431‌
$9,811‌
$11,209‌
$1,062‌
Portfolio
turnover
14‌%
24‌%
37‌%
30‌%
45‌%
Notes
to
Financial
Highlights
(a)
Based
on
operations
from
September
2,
2015
(commencement
of
operations)
through
the
stated
period
end.
(b)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund's
reported
expense
ratios.
(c)
The
ratio
includes
less
than
0.01%
for
the
year
ended
March
31,
2020
attributed
to
overdraft
expense
and
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(d)
The
ratio
includes
less
than
0.01%
for
the
year
ended
March
31,
2019
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(e)
The
ratio
includes
less
than
0.01%
for
the
year
ended
March
31,
2018
attributed
to
line
of
credit
interest
expense,
overdraft
expense
and
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(f)
Annualized.
(g)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
FINANCIAL
HIGHLIGHTS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
30
Thematic
Beta
ETFs
|
Annual
Report
2020
Columbia
Emerging
Markets
Consumer
ETF
Year
Ended
March
31,
2020
2019
(a)(b)
2018
(a)
2017
(a)
2016
(a)
Per
share
data
Net
asset
value,
beginning
of
year
$
22
.67‌
$
26
.34‌
$
24
.75‌
$
22
.60‌
$
26
.45‌
Income
(loss)
from
investment
operations:
Net
investment
income
0
.27‌
0
.25‌
0
.10‌
0
.18‌
0
.21‌
Net
realized
and
unrealized
gain
(loss)
(
2
.90‌
)
(
3
.72‌
)
1
.59‌
2
.13‌
(
3
.83‌
)
Total
from
investment
operations
(
2
.63‌
)
(
3
.47‌
)
1
.69‌
2
.31‌
(
3
.62‌
)
Less
distributions
to
shareholders:
Net
investment
income
(
0
.39‌
)
(
0
.20‌
)
(
0
.10‌
)
(
0
.16‌
)
(
0
.23‌
)
Net
asset
value,
end
of
year
$
19
.65‌
$
22
.67‌
$
26
.34‌
$
24
.75‌
$
22
.60‌
Total
Return
at
NAV
(
11
.87‌
)
%
(
13
.08‌
)
%
6
.81‌
%
10
.35‌
%
(
13
.63‌
)
%
Total
Return
at
Market
(
11
.95‌
)
%
(
13
.90‌
)
%
7
.16‌
%
10
.75‌
%
(
13
.64‌
)
%
Ratios
to
average
net
assets:
Total
gross
expenses
(c)
0
.60‌
%
(d)
0
.61‌
%
(e)
0
.81‌
%
(f)
0
.85‌
%
(g)
0
.85‌
%
Total
net
expenses
(c)(h)
0
.60‌
%
(d)
0
.61‌
%
(e)
0
.81‌
%
(f)
0
.85‌
%
(g)
0
.85‌
%
Net
Investment
income
1
.20‌
%
1
.07‌
%
0
.37‌
%
0
.77‌
%
0
.86‌
%
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$
174,921‌
$
290,119‌
$
809,911‌
$
741,171‌
$
612,360‌
Portfolio
turnover
37‌
%
61‌
%
27‌
%
17‌
%
32‌
%
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
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).
Effective
August
1,
2019
through
July
31,
2020,
the
Investment
Manager
has
contractually
agreed
to
limit
the
Fund's
operating
expenses
to
the
annual
rate
of
0.59%
of
Fund's
average
daily
net
assets,
inclusive
of
any
overdraft
charges
(as
defined
in
Note
3).
(e)
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).
(f)
The
ratio
includes
less
than
0.01%
for
the
year
ended
March
31,
2018
attributed
to
overdraft
expense
and
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(g)
The
ratio
includes
less
than
0.01%
for
the
year
ended
March
31,
2017
attributed
to
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(h)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
FINANCIAL
HIGHLIGHTS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
these
financial
statements.
Thematic
Beta
ETFs
|
Annual
Report
2020
31
Columbia
India
Consumer
ETF
(Consolidated)
Year
Ended
March
31,
2020
2019
2018
2017
2016
Per
share
data
Net
asset
value,
beginning
of
year
$42.08‌
$45.81‌
$38.31‌
$31.16‌
$35.48‌
Income
(loss)
from
investment
operations:
Net
investment
income
(loss)
0.29‌
0.12‌
0.01‌
(0.03‌)
0.04‌
Net
realized
and
unrealized
gain
(loss)
(11.45‌)
(3.80‌)
7.52‌
7.21‌
(4.36‌)
Total
from
investment
operations
(11.16‌)
(3.68‌)
7.53‌
7.18‌
(4.32‌)
Less
distributions
to
shareholders:
Net
investment
income
(0.12‌)
(0.05‌)
(0.03‌)
(0.03‌)
–‌
Net
asset
value,
end
of
year
$30.80‌
$42.08‌
$45.81‌
$38.31‌
$31.16‌
Total
Return
at
NAV
(26.60‌)%
(8.03‌)%
19.64‌%
23.06‌%
(12.18‌)%
Total
Return
at
Market
(28.00‌)%
(8.44‌)%
19.98‌%
23.67‌%
(12.57‌)%
Ratios
to
average
net
assets:
Total
gross
expenses
(a)
0.81‌%
(b)
0.77‌%
(c)
0.87‌%
(d)
0.89‌%
(e)
0.89‌%
Total
net
expenses
(a)(f)
0.81‌%
(b)
0.77‌%
(c)
0.87‌%
(d)
0.89‌%
(e)
0.89‌%
Net
Investment
income
(loss)
0.70‌%
0.26‌%
0.01‌%
(0.09‌)%
0.13‌%
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$67,764‌
$130,436‌
$144,289‌
$88,102‌
$71,679‌
Portfolio
turnover
11‌%
15‌%
28‌%
31‌%
47‌%
Notes
to
Financial
Highlights
(a)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund's
reported
expense
ratios.
(b)
The
ratio
includes
0.06%
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).
(c)
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).
(d)
The
ratio
includes
0.01%
for
the
year
ended
March
31,
2018
attributed
to
line
of
credit
interest
expense
and
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(e)
The
ratio
includes
less
than
0.01%
for
the
year
ended
March
31,
2017
attributed
to
tax
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(f)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
NOTES
TO
FINANCIAL
STATEMENTS
March
31,
2020
32
Thematic
Beta
ETFs
|
Annual
Report
2020
Organization
Columbia
ETF
Trust
II
(the
Trust)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
1940
Act),
as
an
open-end
registered
investment
company
organized
as
a
Delaware
statutory
trust.
The
Trust
may
issue
an
unlimited
number
of
shares
(without
par
value).
Information
presented
in
these
financial
statements
pertains
to
the
following
series
of
the
Trust
(each,
a
Fund
and
collectively,
the
Funds):
Columbia
EM
Core
ex-China
ETF,
Columbia
Emerging
Markets
Consumer
ETF
and
Columbia
India
Consumer
ETF.
Columbia
EM
Core
ex-China
ETF
and
Columbia
India
Consumer
ETF
are
currently
classified
as
non-
diversified
funds.
Basis
for
Consolidation
The
Consolidated
Portfolio
of
Investments;
Consolidated
Statements
of
Assets
and
Liabilities,
of
Operations
and
of
Changes
in
Net
Assets;
and
the
Consolidated
Financial
Highlights
of
Columbia
India
Consumer
ETF
include
the
account
of
EG
Shares
India
Consumer
Mauritius,
a
wholly
owned
subsidiary
(the
Subsidiary)
located
in
the
Republic
of
Mauritius
(Mauritius).
All
inter-company
accounts
and
transactions
have
been
eliminated
in
consolidations.
As
of
the
date
of
this
report,
Columbia
India
Consumer
ETF
invests
in
Indian
securities
both
directly
(in
India),
and
through
its
corresponding
Subsidiary,
which
in
turn
invests
virtually
all
of
its
assets
in
Indian
securities.
Columbia
India
Consumer
ETF
has
historically
relied
on
a
tax
treaty
between
India
and
Mauritius
for
relief
from
certain
Indian
taxes.
The
enactment
of
general
anti-avoidance
rules
in
India,
the
signing
of
a
protocol
amending
the
India-
Mauritius
tax
treaty,
and
enactment
of
a
10%
tax
on
long-term
capital
gains
from
sales
of
Indian
shares
after
March
31,
2018
(not
otherwise
exempt
under
a
tax
treaty)
have
resulted
in
the
imposition
of
additional
taxes
by
India
on
Columbia
India
Consumer
ETF
and
its
Subsidiary.
For
more
information,
see
India-Mauritius
Tax
Treaty
Risk.
A
summary
of
Columbia
India
Consumer
ETF’s
investment
in
the
Subsidiary
is
as
follows:
Fund
shares
The
market
prices
of
each
Fund’s
shares
may
differ
to
some
degree
from
the
Fund’s
net
asset
value
(NAV).
Unlike
conventional
mutual
funds,
each
Fund
issues
and
redeems
shares
on
a
continuous
basis,
at
NAV,
only
in
a
large
specified
number
of
shares,
each
called
a
“Creation
Unit.”
A
Creation
Unit
consists
of
50,000
shares.
Creation
Units
are
issued
and
redeemed
generally
in-kind
for
a
basket
of
securities
and/or
for
cash.
Investors
such
as
market
makers,
large
investors
and
institutions
who
wish
to
deal
in
Creation
Units
directly
with
a
Fund
must
have
entered
into
an
authorized
participant
agreement
(Authorized
Participants)
with
the
Fund’s
principal
underwriter
and
the
transfer
agent,
or
purchase
through
a
dealer
that
has
entered
into
such
an
agreement.
Authorized
participants
may
purchase
or
redeem
Fund
shares
directly
from
the
Fund
only
in
Creation
Units.
The
Funds’
shares
are
also
listed
on
the
New
York
Stock
Exchange
for
which
investors
can
purchase
and
sell
shares
on
the
secondary
market
through
a
broker
at
market
prices
which
may
differ
from
the
NAV
of
the
Fund.
Summary
of
significant
accounting
policies
Basis
of
preparation
Each
Fund
is
an
investment
company
that
applies
the
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
-
Investment
Companies
(ASC
946).
The
financial
statements
are
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(GAAP),
which
requires
management
to
make
certain
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities,
the
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
Fund
%
of
consolidated
fund
net
assets
Net
assets
($)
Net
investment
income
(loss)
($)
Net
realized
gain
(loss)
($)
Net
change
in
unrealized
appreciation
(depreciation)
($)
Columbia
India
Consumer
ETF
62.7%
42,516,632
1,234,500
3,071,924
(18,615,879)
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
March
31,
2020
Thematic
Beta
ETFs
|
Annual
Report
2020
33
The
following
is
a
summary
of
significant
accounting
policies
followed
by
the
Funds
in
the
preparation
of
their
financial
statements.
Security
valuation
All
equity
securities
and
exchange-traded
funds
are
valued
at
the
close
of
business
of
the
New
York
Stock
Exchange.
Equity
securities
and
exchange-traded
funds
are
valued
at
the
last
quoted
sales
price
on
the
principal
exchange
or
market
on
which
they
trade,
except
for
securities
traded
on
the
NASDAQ
Stock
Market,
which
are
valued
at
the
NASDAQ
official
close
price.
Unlisted
securities
or
listed
securities
for
which
there
were
no
sales
during
the
day
are
valued
at
the
mean
of
the
latest
quoted
bid
and
ask
prices
on
such
exchanges
or
markets.
Foreign
equity
securities
are
valued
based
on
the
closing
price
on
the
foreign
exchange
in
which
such
securities
are
primarily
traded.
If
any
foreign
equity
security
closing
prices
are
not
readily
available,
the
securities
are
valued
at
the
mean
of
the
latest
quoted
bid
and
ask
prices
on
such
exchanges
or
markets.
Foreign
currency
exchange
rates
are
generally
determined
at
the
close
of
London’s
exchange
at
11:00
a.m.
Eastern
(U.S.)
time.
Investments
in
open-end
investment
companies,
including
money
market
funds,
are
valued
at
their
latest
net
asset
value.
Investments
for
which
market
quotations
are
not
readily
available,
or
that
have
quotations
which
management
believes
are
not
reflective
of
market
value
or
reliable,
are
valued
at
fair
value
as
determined
in
good
faith
under
procedures
approved
by
and
under
the
general
supervision
of
the
Board
of
Trustees.
If
a
security
or
class
of
securities
(such
as
foreign
securities)
is
valued
at
fair
value,
such
value
is
likely
to
be
different
from
the
quoted
or
published
price
for
the
security,
if
available.
The
determination
of
fair
value
often
requires
significant
judgment.
To
determine
fair
value,
management
may
use
assumptions
including
but
not
limited
to
future
cash
flows
and
estimated
risk
premiums.
Multiple
inputs
from
various
sources
may
be
used
to
determine
fair
value.
GAAP
requires
disclosure
regarding
the
inputs
and
valuation
techniques
used
to
measure
fair
value
and
any
changes
in
valuation
inputs
or
techniques.
In
addition,
investments
shall
be
disclosed
by
major
category.
This
information
is
disclosed
following
the
Funds’
Portfolio
of
Investments.
Foreign
currency
transactions
and
translation
The
values
of
all
assets
and
liabilities
denominated
in
foreign
currencies
are
generally
translated
into
U.S.
dollars
at
exchange
rates
determined
at
the
close
of
the
London
Stock
Exchange
on
any
given
day.
Net
realized
and
unrealized
gains
(losses)
on
foreign
currency
transactions
and
translations
include
gains
(losses)
arising
from
the
fluctuation
in
exchange
rates
between
trade
and
settlement
dates
on
securities
transactions,
gains
(losses)
arising
from
the
disposition
of
foreign
currency
and
currency
gains
(losses)
between
the
accrual
and
payment
dates
on
dividends,
interest
income
and
foreign
withholding
taxes.
For
financial
statement
purposes,
the
Funds
do
not
distinguish
that
portion
of
gains
(losses)
on
investments
which
is
due
to
changes
in
foreign
exchange
rates
from
that
which
is
due
to
changes
in
market
prices
of
the
investments.
Such
fluctuations
are
included
with
the
net
realized
and
unrealized
gains
(losses)
on
investments
in
the
Statement
of
Operations.
Security
transactions
Security
transactions
are
accounted
for
on
the
trade
date.
Cost
is
determined
and
gains
(losses)
are
based
upon
the
specific
identification
method
for
both
financial
statement
and
federal
income
tax
purposes.
Income
recognition
Corporate
actions
and
dividend
income
are
generally
recorded
net
of
any
non-reclaimable
tax
withholdings,
on
the
ex-
dividend
date
or
upon
receipt
of
ex-dividend
notification
in
the
case
of
certain
foreign
securities.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
March
31,
2020
34
Thematic
Beta
ETFs
|
Annual
Report
2020
Awards
from
class
action
litigation
are
recorded
as
a
reduction
of
cost
basis
if
the
Fund
still
owns
the
applicable
securities
on
the
payment
date.
If
the
Fund
no
longer
owns
the
applicable
securities
on
the
payment
date,
the
proceeds
are
recorded
as
realized
gains.
Expenses
General
expenses
of
the
Trust
are
allocated
to
the
Funds
based
upon
relative
net
assets
or
other
expense
allocation
methodologies
determined
by
the
nature
of
the
expense.
Expenses
directly
attributable
to
a
Fund
are
charged
to
that
Fund.
Determination
of
net
asset
value
The
NAV
per
share
of
each
Fund
is
computed
by
dividing
the
value
of
the
net
assets
of
a
Fund
by
the
total
number
of
outstanding
shares
of
that
Fund,
rounded
to
the
nearest
cent,
at
the
close
of
regular
trading
(ordinarily
4:00
p.m.
Eastern
Time)
every
day
the
New
York
Stock
Exchange
is
open.
Federal
income
tax
status
For
federal
income
tax
purposes,
each
Fund
is
treated
as
a
separate
entity.
Each
Fund
intends
to
qualify
each
year
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code,
as
amended,
and
will
distribute
substantially
all
of
its
investment
company
taxable
income
and
net
capital
gain,
if
any,
for
its
tax
year,
and
as
such
will
not
be
subject
to
federal
income
taxes.
In
addition,
each
Fund
intends
to
distribute
in
each
calendar
year
substantially
all
of
its
ordinary
income,
capital
gain
net
income
and
certain
other
amounts,
if
any,
such
that
the
Fund
should
not
be
subject
to
federal
excise
tax.
Therefore,
no
federal
income
or
excise
tax
provisions
are
recorded.
Foreign
taxes
The
Funds
may
be
subject
to
foreign
taxes
on
income,
gains
on
investments
or
currency
repatriation,
a
portion
of
which
may
be
recoverable.
The
Fund
will
accrue
such
taxes
and
recoveries,
as
applicable,
based
upon
its
current
interpretation
of
tax
rules
and
regulations
that
exist
in
the
markets
in
which
it
invests.
Realized
gains
in
certain
countries
may
be
subject
to
foreign
taxes
at
the
Fund
level,
based
on
statutory
rates.
The
Fund
accrues
for
such
foreign
taxes
on
realized
and
unrealized
gains
at
the
appropriate
rate
for
each
jurisdiction,
as
applicable.
The
amount,
if
any,
is
disclosed
as
a
liability
on
the
Statement
of
Assets
and
Liabilities.
Distributions
to
shareholders
The
Funds
declare
and
distribute
net
investment
income
annually.
Net
realized
capital
gains,
if
any,
are
distributed
at
least
annually.
Income
distributions
and
capital
gain
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
GAAP.
Guarantees
and
indemnifications
Under
the
Trust’s
organizational
documents
and,
in
some
cases,
by
contract,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust
or
its
funds.
In
addition,
certain
of
the
Funds’
contracts
with
their
service
providers
contain
general
indemnification
clauses.
The
Funds’
maximum
exposure
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.
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
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
March
31,
2020
Thematic
Beta
ETFs
|
Annual
Report
2020
35
the
Funds’
participation
in
inverse
floater
structures;
infrequent
and/or
unusual
expenses,
including
without
limitation
litigation
expenses
(including
but
not
limited
to
arbitrations
and
indemnification
expenses);
distribution
and/or
service
fees;
expenses
incurred
in
connection
with
lending
securities;
and
any
other
expenses
approved
by
the
Board
of
Trustees.
The
investment
management
fee
is
an
annual
fee
that
is
equal
to
a
percentage
of
each
Fund’s
average
daily
net
assets
and
is
paid
as
follows:
The
effective
management
services
fee
rate
for
the
year
ended
March
31,
2020
was
as
follows:
Compensation
of
board
members
Members
of
the
Board
of
Trustees
who
are
not
officers
or
employees
of
the
Investment
Manager
or
Ameriprise
Financial
are
compensated
for
their
services
to
the
Funds
as
disclosed
in
the
Statement
of
Operations.
Under
a
Deferred
Compensation
Plan
(the
Deferred
Plan),
these
members
of
the
Board
of
Trustees
may
elect
to
defer
payment
of
up
to
100%
of
their
compensation.
Deferred
amounts
are
treated
as
though
equivalent
dollar
amounts
had
been
invested
in
shares
of
certain
funds
managed
by
the
Investment
Manager.
Each
Fund’s
liability
for
the
deferred
amount
is
adjusted
for
market
value
changes
and
remains
in
the
Fund
until
distributed
in
accordance
with
the
Deferred
Plan.
All
amounts
payable
under
the
Deferred
Plan
constitute
a
general
unsecured
obligation
of
the
Funds.
The
expenses
of
the
compensation
of
the
members
of
the
Board
of
Trustees
that
are
allocated
to
the
Fund
are
payable
by
the
Investment
Manager.
Compensation
of
Chief
Compliance
Officer
The
Board
of
Trustees
has
appointed
a
Chief
Compliance
Officer
for
the
Funds
in
accordance
with
federal
securities
regulations.
A
portion
of
the
Chief
Compliance
Officer’s
total
compensation
is
allocated
to
the
Funds,
along
with
other
allocations
to
affiliated
registered
investment
companies
managed
by
the
Investment
Manager
and
its
affiliates,
based
on
relative
net
assets.
The
expenses
of
the
Chief
Compliance
Officer
allocated
to
the
Funds
are
payable
by
the
Investment
Manager.
Distribution
and
service
fees
ALPS
Distributors,
Inc.,
(the
Distributor)
serves
as
the
distributor
for
the
Funds.
The
Funds
have
adopted
a
distribution
and
service
plan
(the
Distribution
Plan).
Under
the
Distribution
Plan,
the
Funds
are
authorized
to
pay
distribution
fees
to
the
Distributor
and
other
firms
that
provide
distribution
and
shareholder
services
at
the
maximum
annual
rate
of
0.25%
of
average
daily
net
assets
of
each
Fund.
No
distribution
or
service
fees
are
currently
paid
by
the
Funds
or
have
been
approved
for
payment
by
the
Board
of
Trustees,
however,
and
there
are
no
current
plans
to
impose
these
fees.
Expenses
waived/reimbursed
by
the
Investment
Manager
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
Effective
June
1,
2019
Prior
to
June
1,
2019
Fund
Assets
(billions)
Investment
management
fee
rate
(%)
Assets
(billions)
Investment
management
fee
rate
(%)
Columbia
EM
Core
ex-China
ETF
All
0.16
All
0.35
Columbia
Emerging
Markets
Consumer
ETF
All
0.59
All
0.59
Columbia
India
Consumer
ETF
All
0.75
All
0.75
Fund
Effective
investment
management
fee
rate
(%)
Columbia
EM
Core
ex-China
ETF
0.19
Columbia
Emerging
Markets
Consumer
ETF
0.59
Columbia
India
Consumer
ETF
0.75
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
March
31,
2020
36
Thematic
Beta
ETFs
|
Annual
Report
2020
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:
taxes,
expenses
associated
with
investment
in
affiliated
and
non-affiliated
pooled
investment
vehicles
(including
mutual
funds
and
other
exchange-traded
funds),
brokerage
commissions,
interest
(but
not
Fund
overdraft
charges),
infrequent
and/or
unusual
expenses
and
any
other
expenses
the
exclusion
of
which
is
specifically
approved
by
the
Fund’s
Board.
This
agreement
may
be
modified
or
amended
only
with
approval
from
the
Investment
Manager
and
the
Fund.
Any
fees
waived
and/
or
expenses
reimbursed
under
the
expense
reimbursement
arrangements
described
above
are
not
recoverable
by
the
Investment
Manager
in
future
periods.
Federal
tax
information
The
timing
and
character
of
income
and
capital
gain
distributions
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
GAAP
because
of
temporary
or
permanent
book
to
tax
differences.
At
March
31,
2020,
these
differences
are
primarily
due
to
differing
treatments
for
deferral/reversal
of
wash
sale
losses,
foreign
currency
transactions,
late
year
ordinary
losses,
capital
loss
carry
forward,
foreign
capital
gains
tax,
redemption
in
kind,
and
passive
foreign
investment
company
(PFIC)
holdings.
To
the
extent
these
differences
are
permanent,
reclassifications
are
made
among
the
components
of
the
applicable
Fund’s
net
assets
in
the
Statement
of
Assets
and
Liabilities.
Temporary
differences
do
not
require
reclassifications.
In
the
Statement
of
Assets
and
Liabilities
the
following
reclassifications
were
made:
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.
At
March
31,
2020,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
Fund
August
1,
2019
through
July
31,
2020
Columbia
Emerging
Markets
Consumer
ETF
0.59%
Funds
Undistributed
net
investment
income
($)
Accumulated
net
realized
gain
(loss)
($)
Paid-in
capital
increase
(decrease)
($)
Columbia
EM
Core
ex-China
ETF
(23,321)
23,363
(42)
Columbia
Emerging
Markets
Consumer
ETF
(164,101)
(141,214)
305,315
Columbia
India
Consumer
ETF
(152,936)
152,936
-
Year
Ended
March
31,
2020
Year
Ended
March
31,
2019
Fund
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
Columbia
EM
Core
ex-China
ETF
352,464
-
352,464
224,521
45,399
269,920
Columbia
Emerging
Markets
Consumer
ETF
4,114,374
-
4,114,374
2,714,200
-
2,714,200
Columbia
India
Consumer
ETF
299,950
-
299,950
167,832
-
167,832
Funds
Undistributed
ordinary
income/(loss)
~
1
($)
Undistributed
long-term
capital
gains
($)
Capital
loss
carryforwards
($)
Net
unrealized
appreciation
(depreciation)
($)
Columbia
EM
Core
ex-China
ETF
43,530
-
(382,376)
(3,573,556)
Columbia
Emerging
Markets
Consumer
ETF
(140,345)
-
(208,252,819)
(30,570,643)
Columbia
India
Consumer
ETF
152,774
-
(1,946,318)
(10,464,180)
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
March
31,
2020
Thematic
Beta
ETFs
|
Annual
Report
2020
37
1
Includes
late
year
ordinary
loss,
if
any.
At
March
31,
2020,
the
cost
of
all
investments
for
federal
income
tax
purposes
along
with
the
aggregate
gross
unrealized
appreciation
and
depreciation
based
on
that
cost
was:
Tax
cost
of
investments
and
unrealized
appreciation/(depreciation)
may
also
include
timing
differences
that
do
not
constitute
adjustments
to
tax
basis.
The
following
capital
loss
carryforward,
determined
at
March
31,
2020,
may
be
available
to
reduce
taxable
income
arising
from
future
net
realized
gains
on
investments,
if
any,
to
the
extent
permitted
by
the
Internal
Revenue
Code:
Capital
loss
carryforwards
with
no
expiration
are
required
to
be
utilized
prior
to
any
capital
losses
which
carry
an
expiration
date.
As
a
result
of
this
ordering
rule,
capital
loss
carryforwards
which
carry
an
expiration
date,
if
any,
may
be
more
likely
to
expire
unused.
Under
current
tax
rules,
regulated
investment
companies
can
elect
to
treat
certain
late-year
ordinary
losses
incurred
and
post-October
capital
losses
(capital
losses
realized
after
October
31)
as
arising
on
the
first
day
of
the
following
taxable
year.
At
March
31,
2020,
the
Funds
will
elect
to
treat
the
following
late-year
ordinary
losses
and
post-October
capital
losses
as
arising
on
April
1,
2020.
Management
of
the
Funds
has
concluded
that
there
are
no
significant
uncertain
tax
positions
in
the
Funds
that
would
require
recognition
in
the
financial
statements.
However,
management’s
conclusion
may
be
subject
to
review
and
adjustment
at
a
later
date
based
on
factors
including,
but
not
limited
to,
new
tax
laws,
regulations,
and
administrative
interpretations
(including
relevant
court
decisions).
Generally,
the
Funds’
federal
tax
returns
for
the
prior
three
fiscal
years
remain
subject
to
examination
by
the
Internal
Revenue
Service.
Portfolio
information
The
cost
of
purchases
and
proceeds
from
sales
of
securities,
excluding
short-term
investments
and
in-kind
transactions,
for
the
year
ended
March
31,
2020,
were
as
follows:
The
amount
of
purchase
and
sale
activity
impacts
the
portfolio
turnover
rate
reported
in
the
Financial
Highlights.
Fund
Tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
depreciation
($)
Net
unrealized
appreciation
(depreciation)
($)
Columbia
EM
Core
ex-China
ETF
17,817,122
968,368
(4,538,529)
(3,570,161)
Columbia
Emerging
Markets
Consumer
ETF
204,398,967
14,543,174
(45,093,624)
(30,550,450)
Columbia
India
Consumer
ETF
78,023,423
12,981,907
(23,446,484)
(10,464,577)
Funds
No
expiration
short-
term
($)
No
expiration
long-term
($)
Total
($)
Utilized
($)
Expired
($)
Columbia
EM
Core
ex-China
ETF
35,079
347,297
382,376
-
-
Columbia
Emerging
Markets
Consumer
ETF
6,466,467
201,786,352
208,252,819
-
-
Columbia
India
Consumer
ETF
1,946,318
-
1,946,318
571,954
-
Funds
Late
year
ordinary
losses
($)
Post-October
capital
losses($)
Columbia
EM
Core
ex-China
ETF
-
-
Columbia
Emerging
Markets
Consumer
ETF
140,345
-
Columbia
India
Consumer
ETF
-
-
Fund
Purchases
($)
Proceeds
from
sales
($)
Columbia
EM
Core
ex-China
ETF
6,377,259
1,885,639
Columbia
Emerging
Markets
Consumer
ETF
89,656,807
121,791,508
Columbia
India
Consumer
ETF
11,583,352
46,814,348
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
March
31,
2020
38
Thematic
Beta
ETFs
|
Annual
Report
2020
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,
2020,
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,
2020,
the
in-kind
redemptions
were
as
follows:
Line
of
credit
Each
Fund
has
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
Citibank,
N.A.,
HSBC
Bank
USA,
N.A.
and
JPMorgan
Chase
Bank,
N.A.
whereby
the
Funds
may
borrow
for
the
temporary
funding
of
shareholder
redemptions
or
for
other
temporary
or
emergency
purposes.
The
credit
facility,
which
is
a
collective
agreement
between
the
Fund
and
certain
other
funds
managed
by
the
Investment
Manager
or
an
affiliated
investment
manager,
severally
and
not
jointly,
permits
collective
borrowings
up
to
$1
billion.
Interest
is
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
one-month
LIBOR
rate
and
(iii)
the
overnight
bank
funding
rate,
plus
in
each
case,
1.00%.
Each
borrowing
under
the
credit
facility
matures
no
later
than
60
days
after
the
date
of
borrowing.
Each
Fund
also
pays
a
commitment
fee
equal
to
its
pro
rata
share
of
the
unused
amount
of
the
credit
facility
at
a
rate
of
0.15%
per
annum.
The
commitment
fee
is
included
in
other
expenses
in
the
Statement
of
Operations.
This
agreement
expires
annually
in
December
unless
extended
or
renewed.
During
the
year
ended
March
31,
2020,
Columbia
EM
Core
ex-China
ETF,
Columbia
Emerging
Markets
Consumer
ETF
and
Columbia
India
Consumer
ETF
had
no
borrowings.
Significant
risks
Communication
Services
concentration
risk
Columbia
Emerging
Markets
Consumer
ETF
may
be
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.
Concentration
risk
Each
Fund
concentrates
its
investments
in
a
particular
sector
or
a
group
of
sectors
to
approximately
the
same
extent
as
its
respective
underlying
index,
and
as
such,
may
be
adversely
affected
by
increased
price
volatility
of
securities
in
those
sectors,
and
may
be
more
susceptible
to
adverse
economic,
market,
political
or
regulatory
occurrences
affecting
those
sectors.
Fund
Contributions
($)
Columbia
EM
Core
ex-China
ETF
3,559,418
Columbia
Emerging
Markets
Consumer
ETF
-
Columbia
India
Consumer
ETF
-
Fund
Cost
basis
($)
Proceeds
from
sales
($)
Net
realized
gain
(loss)
($)
Columbia
EM
Core
ex-China
ETF
-
-
-
Columbia
Emerging
Markets
Consumer
ETF
54,002,829
54,841,521
838,692
Columbia
India
Consumer
ETF
-
-
-
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
March
31,
2020
Thematic
Beta
ETFs
|
Annual
Report
2020
39
Consumer
concentration
risk
Because
Columbia
Emerging
Markets
Consumer
ETF
and
Columbia
India
Consumer
ETF
concentrate
their
investments
in
the
consumer
discretionary/staples
sectors
(specifically
the
consumer
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
success
of
consumer
discretionary/staples
suppliers
and
retailers
is
tied
closely
to
the
performance
of
the
domestic
and
international
economy,
consumer
spending
levels,
changing
demographics
and
consumer
tastes.
Country
and
regional
risk
Each
Fund
will
invest
in
specific
countries
or
geographic
regions
to
approximately
the
same
extent
as
its
underlying
index.
To
the
extent
that
a
Fund
invests
a
significant
portion
of
its
assets
in
a
particular
country
or
a
specific
geographic
region,
the
Fund
will
generally
have
more
exposure
to
that
country’s
or
region’s
economic
risks.
In
the
event
of
economic
or
political
turmoil
or
a
deterioration
of
diplomatic
relations
in
a
country
or
region
where
a
substantial
portion
of
a
Fund’s
assets
are
invested,
the
Fund
may
experience
increased
volatility
or
illiquidity
of
its
portfolio
holdings,
which
may
adversely
affect
that
Fund’s
performance.
Emerging
markets
risk
The
Funds
are
subject
to
emerging
markets
risk.
Investments
in
emerging
market
securities
are
likely
to
have
greater
exposure
to
risks
of
investing
in
foreign
investments
including
risks
associated
with
political,
regulatory,
economic,
social,
diplomatic,
and
other
conditions
or
events
(including,
for
example,
military
confrontations,
war,
terrorism,
natural
disasters
and
disease
pandemics),
occurring
in
the
country
or
region.
In
addition,
emerging
market
countries
are
typically
less
developed
with
more
limited
trading
activity
than
more
developed
countries,
which
may
result
in
increased
liquidity
risk
and
other
risks.
Many
emerging
market
countries
are
heavily
dependent
on
international
trade
and
have
fewer
trading
partners,
which
may
make
them
more
sensitive
to
world
commodity
prices
and
economic
downturns
in
other
countries,
and
some
have
a
higher
risk
of
currency
devaluation.
The
financial
information
and
disclosure
made
available
by
issuers
of
emerging
market
securities
may
be
considerably
less
reliable
than
publicly
available
information
about
other
foreign
securities.
The
Public
Company
Accounting
Oversight
Board,
which
regulates
auditors
of
U.S.
public
companies,
is
unable
to
inspect
audit
work
papers
in
certain
foreign
countries.
Investors
in
foreign
countries
often
have
limited
rights
and
few
practical
remedies
to
pursue
shareholder
claims,
including
class
actions
or
fraud
claims,
and
the
ability
of
the
U.S.
Securities
and
Exchange
Commission,
the
U.S.
Department
of
Justice
and
other
authorities
to
bring
and
enforce
actions
against
foreign
issuers
or
foreign
persons
is
limited.
Financial
concentration
risk
Columbia
EM
Core
ex-China
ETF
has
concentrated
investments
in
the
financials
sector.
Because
companies
in
the
financials
sector
are
subject
to
extensive
governmental
regulation,
which
may
adversely
affect
the
scope
of
their
activities,
the
prices
they
can
charge
and
the
amount
of
capital
they
must
maintain,
these
factors
may
adversely
affect
Fund
performance.
India
concentration
risk
Because
Columbia
India
Consumer
ETF
invests
predominantly
in
Indian
securities,
its
NAV
will
be
much
more
sensitive
to
changes
in
economic,
political
and
other
factors
within
India
than
would
a
fund
that
invested
in
a
greater
variety
of
countries.
Special
risks
include,
among
others,
political
and
legal
uncertainty,
persistent
religious,
ethnic
and
border
disputes,
greater
government
control
over
the
economy,
currency
fluctuations
or
blockage
and
the
risk
of
nationalization
or
expropriation
of
assets.
Uncertainty
regarding
inflation
and
currency
exchange
rates,
fiscal
policy,
credit
ratings
and
the
possibility
that
future
harmful
political
actions
will
be
taken
by
the
Indian
government,
could
negatively
impact
the
Indian
economy
and
securities
markets,
and
thus
adversely
affect
the
Fund’s
performance.
India-Mauritius
tax
treaty
risk
Columbia
India
Consumer
ETF
and
its
respective
Subsidiary
historically
relied
on
a
tax
treaty
between
India
and
Mauritius
for
relief
from
certain
Indian
taxes.
India
and
Mauritius
agreed
to
an
amended
protocol
with
respect
to
gains
resulting
from
the
alienation
of
shares
in
Indian
companies
if
the
shares
were
acquired
by
the
Subsidiary
on
or
after
April
1,
2017.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
March
31,
2020
40
Thematic
Beta
ETFs
|
Annual
Report
2020
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.
Information
technology
sector
risk
Columbia
EM
Core
ex-China
ETF
may
be
more
susceptible
to
the
particular
risks
that
may
affect
companies
in
the
information
technology
sector
than
if
it
was
invested
in
a
wider
variety
of
companies
in
unrelated
sectors.
Companies
in
the
information
technology
sector
are
subject
to
certain
risks,
including
the
risk
that
new
services,
equipment
or
technologies
will
not
be
accepted
by
consumers
and
businesses
or
will
become
rapidly
obsolete.
Performance
of
such
companies
may
be
affected
by
factors
including
obtaining
and
protecting
patents
(or
the
failure
to
do
so)
and
significant
competitive
pressures,
including
aggressive
pricing
of
their
products
or
services,
new
market
entrants,
competition
for
market
share
and
short
product
cycles
due
to
an
accelerated
rate
of
technological
developments.
Such
competitive
pressures
may
lead
to
limited
earnings
and/or
falling
profit
margins.
As
a
result,
the
value
of
their
securities
may
fall
or
fail
to
rise.
In
addition,
many
information
technology
sector
companies
have
limited
operating
histories
and
prices
of
these
companies’
securities
historically
have
been
more
volatile
than
other
securities,
especially
over
the
short
term.
Market
and
environment
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,
including
causing
difficulty
in
assigning
prices
to
hard-to-value
assets
in
thinly
traded
and
closed
markets,
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.
The
coronavirus
disease
2019
(COVID-19)
public
health
crisis
has
become
a
pandemic
that
has
resulted
in,
and
may
continue
to
result
in,
significant
global
economic
and
societal
disruption
and
market
volatility
due
to
disruptions
in
market
access,
resource
availability,
facilities
operations,
imposition
of
tariffs,
export
controls
and
supply
chain
disruption,
among
others.
Such
disruptions
may
be
caused,
or
exacerbated
by,
quarantines
and
travel
restrictions,
workforce
displacement
and
loss
in
human
and
other
resources.
The
uncertainty
surrounding
the
magnitude,
duration,
reach,
costs
and
effects
of
the
global
pandemic,
as
well
as
actions
that
have
been
or
could
be
taken
by
governmental
authorities
or
other
third
parties,
present
unknowns
that
are
yet
to
unfold.
The
impacts,
as
well
as
the
uncertainty
over
impacts
to
come,
of
COVID-19
–
and
any
other
infectious
illness
outbreaks,
epidemics
and
pandemics
that
may
arise
in
the
future
–
could
negatively
affect
global
economies
and
markets
in
ways
that
cannot
necessarily
be
foreseen.
In
addition,
the
impact
of
infectious
illness
outbreaks
and
epidemics
in
emerging
market
countries
may
be
greater
due
to
generally
less
established
healthcare
systems,
governments
and
financial
markets.
Public
health
crises
caused
by
the
COVID-19
outbreak
may
exacerbate
other
pre-existing
political,
social
and
economic
risks
in
certain
countries
or
globally.
The
disruptions
caused
by
COVID-19
could
prevent
the
Funds
from
executing
advantageous
investment
decisions
in
a
timely
manner
and
negatively
impact
the
Funds’
ability
to
achieve
their
investment
objectives.
Any
such
event(s)
could
have
a
significant
adverse
impact
on
the
value
and
risk
profile
of
the
Funds.
The
Investment
Manager
and
its
affiliates
have
systematically
implemented
strategies
to
address
the
operating
environment
spurred
by
the
COVID-19
pandemic.
To
promote
the
safety
and
security
of
our
employees
and
to
assure
the
continuity
of
our
business
operations,
we
have
implemented
a
work
from
home
protocol
for
virtually
all
of
our
employee
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
March
31,
2020
Thematic
Beta
ETFs
|
Annual
Report
2020
41
population,
restricted
business
travel,
and
provided
resources
for
complying
with
the
guidance
from
the
World
Health
Organization,
the
U.S.
Centers
for
Disease
Control
and
governments.
Our
operations
teams
seek
to
operate
without
significant
disruptions
in
service.
Our
pandemic
strategy
takes
into
consideration
that
a
pandemic
could
be
widespread
and
may
occur
in
multiple
waves,
affecting
different
communities
at
different
times
with
varying
levels
of
severity.
We
cannot,
however,
predict
the
impact
that
natural
or
man-made
disasters,
including
the
COVID-19
pandemic,
may
have
on
the
ability
of
our
employees
and
third-party
service
providers
to
continue
ordinary
business
operations
and
technology
functions
over
near-
or
longer-term
periods.
Non-diversification
risk
Columbia
EM
Core
ex-China
ETF
and
Columbia
India
Consumer
ETF
are
non-diversified
funds.
A
non-diversified
fund
is
permitted
to
invest
a
greater
percentage
of
its
total
assets
in
the
securities
of
fewer
issuers
than
a
diversified
fund.
This
increases
the
risk
that
a
change
in
the
value
of
any
one
investment
held
by
the
Fund
could
affect
the
overall
value
of
the
Fund
more
than
it
would
affect
that
of
a
diversified
fund
holding
a
greater
number
of
investments.
Accordingly,
the
Fund’s
value
will
likely
be
more
volatile
than
the
value
of
a
more
diversified
fund.
Passive
investment
risk
The
Funds
are
not
"actively"
managed
and
may
be
affected
by
a
general
decline
in
market
segments
related
to
their
underlying
index.
The
Funds
invest
in
securities
or
instruments
included
in,
or
believed
by
the
Investment
Manager
to
be
representative
of,
its
underlying
index,
regardless
of
their
investment
merits.
The
Funds
do
not
seek
temporary
defensive
positions
when
markets
decline
or
appear
overvalued.
The
decision
of
whether
to
remove
a
security
from
an
index
is
made
by
an
independent
index
provider
who
is
not
affiliated
with
the
Fund
or
the
Investment
Manager.
Subsequent
events
Management
has
evaluated
the
events
and
transactions
that
have
occurred
through
the
date
the
financial
statements
were
issued
and
noted
no
items
requiring
adjustment
of
the
financial
statements
or
additional
disclosure.
Information
regarding
pending
and
settled
legal
proceedings
Ameriprise
Financial
and
certain
of
its
affiliates
have
historically
been
involved
in
a
number
of
legal,
arbitration
and
regulatory
proceedings,
including
routine
litigation,
class
actions,
and
governmental
actions,
concerning
matters
arising
in
connection
with
the
conduct
of
their
business
activities.
Ameriprise
Financial
believes
that
the
Funds
are
not
currently
the
subject
of,
and
that
neither
Ameriprise
Financial
nor
any
of
its
affiliates
are
the
subject
of,
any
pending
legal,
arbitration
or
regulatory
proceedings
that
are
likely
to
have
a
material
adverse
effect
on
the
Funds
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Funds.
Ameriprise
Financial
is
required
to
make
quarterly
(10-Q),
annual
(10-K)
and,
as
necessary,
8-K
filings
with
the
Securities
and
Exchange
Commission
(SEC)
on
legal
and
regulatory
matters
that
relate
to
Ameriprise
Financial
and
its
affiliates.
Copies
of
these
filings
may
be
obtained
by
accessing
the
SEC
website
at
www.sec.gov.
There
can
be
no
assurance
that
these
matters,
or
the
adverse
publicity
associated
with
them,
will
not
result
in
increased
Fund
redemptions,
reduced
sale
of
Fund
shares
or
other
adverse
consequences
to
the
Funds.
Further,
although
we
believe
proceedings
are
not
likely
to
have
a
material
adverse
effect
on
the
Funds
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Funds,
these
proceedings
are
subject
to
uncertainties
and,
as
such,
we
are
unable
to
estimate
the
possible
loss
or
range
of
loss
that
may
result.
An
adverse
outcome
in
one
or
more
of
these
proceedings
could
result
in
adverse
judgments,
settlements,
fines,
penalties
or
other
relief
that
could
have
a
material
adverse
effect
on
the
consolidated
financial
condition
or
results
of
operations
of
Ameriprise
Financial.
42
Thematic
Beta
ETFs
|
Annual
Report
2020
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,
2020,
the
related
statements
of
operations
for
the
year
ended
March
31,
2020,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
March
31,
2020,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
four
years
in
the
period
ended
March
31,
2020
(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,
2020,
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,
2020
and
each
of
the
financial
highlights
for
each
of
the
four
years
in
the
period
ended
March
31,
2020
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
The
financial
statements
of
Columbia
EM
Core
ex-China
ETF
as
of
March
31,
2016
and
for
the
period
September
2,
2015
(commencement
of
operations)
through
March
31,
2016
and
the
financial
highlights
for
the
period
then
ended
(not
presented
herein,
other
than
the
financial
highlights)
and
the
financial
statements
of
Columbia
Emerging
Markets
Consumer
ETF
and
Columbia
India
Consumer
ETF
as
of
and
for
the
year
ended
March
31,
2016
and
the
financial
highlights
for
the
year
then
ended
(not
presented
herein,
other
than
the
financial
highlights)
were
audited
by
other
auditors
whose
report
dated
May
26,
2016
expressed
an
unqualified
opinion
on
those
financial
statements
and
financial
highlights.
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
March
31,
2020
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 21,
2020
We
have
served
as
the
auditor
of
one
or
more
investment
companies
within
the
Columbia
Funds
Complex
since
1977.
FEDERAL
INCOME
TAX
INFORMATION
(Unaudited)
Thematic
Beta
ETFs
|
Annual
Report
2020
43
The
Funds
hereby
designate
the
following
tax
attributes
for
the
fiscal
year
ended
March
31,
2020
.
Shareholders
will
be
notified
in
early
2021
of
the
amounts
for
use
in
preparing
2020
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.
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
56.34%
$67,468
$0.09
$458,594
$0.61
Columbia
Emerging
Markets
Consumer
ETF
81.95%
$841,922
$0.09
$4,943,674
$0.56
Columbia
India
Consumer
ETF
100.00%
$-
$-
$-
$-
TRUSTEES
AND
OFFICERS
44
Thematic
Beta
ETFs
|
Annual
Report
2020
The
Board
oversees
the
Funds’
operations
and
appoints
officers
who
are
responsible
for
day-to-day
business
decisions
based
on
policies
set
by
the
Board.
The
following
table
provides
basic
biographical
information
about
the
Funds’
Trustees
as
of
the
printing
of
this
report,
including
their
principal
occupations
during
the
past
five
years,
although
specific
titles
for
individuals
may
have
varied
over
the
period.
Certain
Trustees
may
have
served
as
a
Trustee
to
other
Funds
in
the
Columbia
Funds
Complex
prior
to
the
date
set
forth
in
the
Position
Held
with
the
Trusts
and
Length
of
Service
column.
Under
current
Board
policy,
Trustees
not
affiliated
with
the
Investment
Manager
generally
may
serve
through
the
end
of
the
calendar
year
in
which
they
reach
the
mandatory
retirement
age
established
by
the
Board.
Independent
trustees
Name,
address,
year
of
birth
Position
held
with
the
Trusts
and
length
of
service
Principal
occupation(s)
during
the
past
five
years
and
other
relevant
professional
experience
Number
of
Funds
in
the
Columbia
Funds
complex
overseen
Other
directorships
held
by
Trustee
during
the
past
five
years
George
S.
Batejan
c/o
Columbia
Management
Investment
Advisers,
LLC,
225
Franklin
Street,
Mail
Drop
BX32
05228,
Boston,
MA
02110
1953
Trustee
since
January 2017
for
each
Trust
Executive
Vice
President,
Global
Head
of
Technology
and
Operations,
Janus
Capital
Group,
Inc.,
2010-2016
117
Former
Chairman
of
the
Board,
NICSA
(National
Investment
Company
Services
Association)
(Executive
Committee,
Nominating
Committee
and
Governance
Committee),
2014-2016;
former
Director,
Intech
Investment
Management,
2011-2016;
former
Board
Member,
Metro
Denver
Chamber
of
Commerce,
2015-2016;
former
Advisory
Board
Member,
University
of
Colorado
Business
School,
2015-2018
Kathleen
Blatz
c/o
Columbia
Management
Investment
Advisers,
LLC,
225
Franklin
Street,
Mail
Drop
BX32
05228,
Boston,
MA
02110
1954
Trustee
since
April 2016
for
CET
I
and
September 2016
for
CET
II
Attorney,
specializing
in
arbitration
and
mediation;
Chief
Justice,
Minnesota
Supreme
Court,
1998-2006;
Associate
Justice,
Minnesota
Supreme
Court,
1996-1998;
Fourth
Judicial
District
Court
Judge,
Hennepin
County,
1994-1996;
Attorney
in
private
practice
and
public
service,
1984-1993;
State
Representative,
Minnesota
House
of
Representatives,
1979-1993,
which
included
service
on
the
Tax
and
Financial
Institutions
and
Insurance
Committees;
Member
and
Interim
Chair,
Minnesota
Sports
Facilities
Authority,
January-July 2017;
Interim
President
and
Chief
Executive
Officer,
Blue
Cross
and
Blue
Shield
of
Minnesota
(health
care
insurance),
February-July
2018
117
Trustee,
BlueCross
BlueShield
of
Minnesota
since
2009
(Chair
of
the
Business
Development
Committee
2014-2017;
Chair
of
the
Governance
Committee
since
2017);
Chair
of
the
Robina
Foundation
since
August 2013;
former
Member
and
Chair
of
the
Board,
Minnesota
Sports
Facilities
Authority,
January
2017-July
2017
TRUSTEES
AND
OFFICERS
(continued)
Thematic
Beta
ETFs
|
Annual
Report
2020
45
Independent
trustees
(continued)
Name,
address,
year
of
birth
Position
held
with
the
Trusts
and
length
of
service
Principal
occupation(s)
during
the
past
five
years
and
other
relevant
professional
experience
Number
of
Funds
in
the
Columbia
Funds
complex
overseen
Other
directorships
held
by
Trustee
during
the
past
five
years
Pamela
G.
Carlton
c/o
Columbia
Management
Investment
Advisers,
LLC,
225
Franklin
Street,
Mail
Drop
BX32
05228,
Boston,
MA
02110
1954
Trustee
since
April 2016
for
CET
I
and
September 2016
for
CET
II
President,
Springboard-
Partners
in
Cross
Cultural
Leadership
(consulting
company)
since
2003;
Managing
Director
of
US
Equity
Research,
JP
Morgan
Chase,
1999-2003;
Director
of
US
Equity
Research,
Chase
Asset
Management,
1996-
1999;
Co-Director
Latin
America
Research,
1993-1996,
COO
Global
Research,
1992-1996,
Co-Director
of
US
Research,
1991-1992,
Investment
Banker,
Morgan
Stanley,
1982-1991
117
Trustee,
New
York
Presbyterian
Hospital
Board
(Executive
Committee
and
Chair
of
Human
Resources
Committee)
since
1996;
Director,
DR
Bank
(Audit
Committee)
since
2017;
Director,
Evercore
Inc.
(Audit
Committee,
Nominating
and
Governance
Committee)
since
2019
Patricia
M.
Flynn
c/o
Columbia
Management
Investment
Advisers,
LLC,
225
Franklin
Street,
Mail
Drop
BX32
05228,
Boston,
MA
02110
1950
Trustee
since
April 2016
for
CET
I
and
September 2016
for
CET
II
Trustee
Professor
of
Economics
and
Management,
Bentley
University
since
1976
(also
teaches
and
conducts
research
on
corporate
governance);
Dean,
McCallum
Graduate
School
of
Business,
Bentley
University,
1992-2002
117
Trustee,
MA
Taxpayers
Foundation
since
1997;
Board
of
Governors,
Innovation
Institute,
MA
Technology
Collaborative
since
2010;
Board
of
Directors,
The
MA
Business
Roundtable
2003-2019
Brian
J.
Gallagher
c/o
Columbia
Management
Investment
Advisers,
LLC,
225
Franklin
Street
Mail
Drop
BX32
05228,
Boston,
MA
02110
1954
Trustee
since
December
2017
for
each
Trust
Retired;
Partner
with
Deloitte &
Touche
LLP
and
its
predecessors,
1977-2016
117
Trustee,
Catholic
Schools
Foundation
since
2004
Catherine
James
Paglia
c/o
Columbia
Management
Investment
Advisers,
LLC,
225
Franklin
Street,
Mail
Drop
BX32
05228,
Boston,
MA
02110
1952
Chair
of
the
Board
since
1/20;
Trustee
since
April 2016
for
CET
I
and
September 2016
for
CET
II
Director,
Enterprise
Asset
Management,
Inc.
(private
real
estate
and
asset
management
company)
since
September
1998;
Managing
Director
and
Partner,
Interlaken
Capital,
Inc.,
1989-1997;
Managing
Director,
Morgan
Stanley,
1982-1989;
Vice
President,
Investment
Banking,
1980-1982,
Associate,
Investment
Banking,
1976-1980,
Dean
Witter
Reynolds,
Inc.
117
Director,
Valmont
Industries,
Inc.
(irrigation
systems
manufacturer)
since
2012;
Trustee,
Carleton
College
(on
the
Investment
Committee);
Trustee,
Carnegie
Endowment
for
International
Peace
(on
the
Investment
Committee)
TRUSTEES
AND
OFFICERS
(continued)
46
Thematic
Beta
ETFs
|
Annual
Report
2020
Independent
trustees
(continued)
Name,
address,
year
of
birth
Position
held
with
the
Trusts
and
length
of
service
Principal
occupation(s)
during
the
past
five
years
and
other
relevant
professional
experience
Number
of
Funds
in
the
Columbia
Funds
complex
overseen
Other
directorships
held
by
Trustee
during
the
past
five
years
Anthony
M.
Santomero
c/o
Columbia
Management
Investment
Advisers,
LLC,
225
Franklin
Street,
Mail
Drop
BX32
05228,
Boston,
MA
02110
1946
Trustee
since
April 2016
for
CET
I
and
September 2016
for
CET
II
Richard
K.
Mellon
Professor
Emeritus
of
Finance,
The
Wharton
School,
University
of
Pennsylvania,
since
2002;
Senior
Advisor,
McKinsey &
Company
(consulting),
2006-2008;
President,
Federal
Reserve
Bank
of
Philadelphia,
2000-2006;
Professor
of
Finance,
The
Wharton
School,
University
of
Pennsylvania,
1972-2002
117
Trustee,
Penn
Mutual
Life
Insurance
Company
since
March 2008;
Director,
Renaissance
Reinsurance
Ltd.
since
May 2008;
former
Trustee,
BofA
Funds
Series
Trust
(11
funds),
2008-2011;
former
Director,
Citigroup
Inc.
and
Citibank,
N.A.,
2009-2019
Minor
M.
Shaw
c/o
Columbia
Management
Investment
Advisers,
LLC,
225
Franklin
Street,
Mail
Drop
BX32
05228,
Boston,
MA
02110
1947
Trustee
since
April 2016
for
CET
I
and
September 2016
for
CET
II
President,
Micco
LLC
(private
investments)
since
2011;
President,
Micco
Corp.
(family
investment
business),
1998-2011
117
Director,
BlueCross
BlueShield
of
South
Carolina
since
April
2008;
Trustee,
Hollingsworth
Funds
since
2016
(previously
Board
Chair
from
2016-2019);
Advisory
Board
member,
Duke
Energy
Corp.
since
October
2016;
Chair
of
the
Duke
Endowment;
Chair
of
Greenville
–
Spartanburg
Airport
Commission;
former
Trustee,
BofA
Funds
Series
Trust
(11
funds),
2003-2011;
former
Director,
Piedmont
Natural
Gas,
2004-2016;
former
Director,
National
Association
of
Corporate
Directors,
Carolinas
Chapter,
2013-2018
Sandra
Yeager
c/o
Columbia
Management
Investment
Advisers,
LLC,
225
Franklin
Street
Mail
Drop
BX32
05228,
Boston,
MA
02110
1964
Trustee
since
12/17
Retired;
President
and
founder,
Hanoverian
Capital,
LLC
(SEC
registered
investment
advisor
firm),
2008-2016;
Managing
Director,
DuPont
Capital,
2006-2008;
Managing
Director,
Morgan
Stanley
Investment
Management,
2004-2006;
Senior
Vice
President,
Alliance
Bernstein,
1990-2004
115
Director,
NAPE
Education
Foundation
since
October
2016
TRUSTEES
AND
OFFICERS
(continued)
Thematic
Beta
ETFs
|
Annual
Report
2020
47
*
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
Funds’
Board
members
and
is
available
without
charge,
upon
request
by
calling
888.800.4347
or
visiting
columbiathreadneedleus.com/etfs.
Interested
trustee
affiliated
with
Investment
Manager*
Name,
address,
year
of
birth
Position
held
with
the
Trusts
and
length
of
service
Principal
occupation(s)
during
the
past
five
years
and
other
relevant
professional
experience
Number
of
Funds
in
the
Columbia
Funds
complex
overseen
Other
directorships
held
by
Trustee
during
the
past
five
years
William
F.
Truscott
c/o
Columbia
Management
Investment
Advisers,
LLC,
225
Franklin
St.Boston
,
MA
02110
1960
Trustee
and
Senior
Vice
President
since
April 2016
for
CET
I
and
September 2016
for
CET
II
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
185
Trustee,
Columbia
Funds
since
November
2001
TRUSTEES
AND
OFFICERS
(continued)
48
Thematic
Beta
ETFs
|
Annual
Report
2020
The
Board
has
appointed
officers
who
are
responsible
for
day-to-day
business
decisions
based
on
policies
it
has
established.
The
officers
serve
at
the
pleasure
of
the
Board.
The
following
table
provides
basic
information
about
the
Officers
of
the
Funds
as
of
the
printing
of
this
report,
including
principal
occupations
during
the
past
five
years,
although
their
specific
titles
may
have
varied
over
the
period.
In
addition
to
Mr. Truscott,
who
is
Senior
Vice
President,
the
Funds’
other
officers
are:
Fund
officers
Name,
address,
and
year
of
birth
Position
and
year
first
appointed
to
position
for
any
Fund
in
the
Columbia
Funds
complex
or
a
predecessor
thereof
Principal
occupation(s)
during
the
past
five
years
Christopher
O.
Petersen
5228
Ameriprise
Financial
Center
Minneapolis,
MN
55474
Born
1970
President
and
Principal
Executive
Officer
(2015)
Vice
President
and
Lead
Chief
Counsel,
Ameriprise
Financial,
Inc.
since
January 2015
(previously,
Vice
President
and
Chief
Counsel,
January 2010-December 2014);
officer
of
Columbia
Funds
and
affiliated
funds
since
2007.
Michael
G.
Clarke
225
Franklin
Street
Boston,
MA
02110
Born
1969
Chief
Financial
Officer
(Principal
Financial
Officer)(2009)
and
Senior
Vice
President
(2019)
Vice
President,
Head
of
North
American
Operations,
and
Co-Head
of
Global
Operations,
Columbia
Management
Investment
Advisers,
LLC,
since
June
2019
(previously
Vice
President
–
Accounting
and
Tax,
May
2010
–
May
2019);
senior
officer
of
Columbia
Funds
and
affiliated
funds
since
2002
(previously
Treasurer
and
Chief
Accounting
Officer,
January
2009
–
January
2019
and
December
2015
–
January
2019,
respectively).
Marybeth
Pilat
225
Franklin
Street
Boston,
MA
02110
Born
1968
Treasurer
and
Chief
Accounting
Officer
(Principal
Accounting
Officer)
(2019),
and
Principal
Financial
Officer
(2020)
Vice
President
–
Product
Pricing
and
Administration,
Columbia
Management
Investment
Advisers,
LLC,
since
May
2017;
Director
-
Fund
Administration,
Calvert
Investments,
August
2015
–
March
2017;
Vice
President
-
Fund
Administration,
Legg
Mason,
May
2015
-
July
2015;
Vice
President
-
Fund
Administration,
Columbia
Management
Investment
Advisers,
LLC,
May
2010
-
April
2015.
Paul
B.
Goucher
485
Lexington
Avenue
New
York,
NY
10017
Born
1968
Senior
Vice
President
(2011),
and
Assistant
Secretary
(2008)
Senior
Vice
President
and
Assistant
General
Counsel,
Ameriprise
Financial,
Inc.
since
January
2017
(previously
Vice
President
and
Lead
Chief
Counsel,
November
2008
–
January
2017
and
January
2013
–
January
2017,
respectively);
Vice
President,
Chief
Legal
Officer
and
Assistant
Secretary,
Columbia
Management
Investment
Advisers,
LLC
since
March
2015
(previously
Vice
President
and
Assistant
Secretary,
May
2010
–
March
2015).
Thomas
P.
McGuire
225
Franklin
Street
Boston,
MA
02110
Born
1972
Senior
Vice
President
and
Chief
Compliance
Officer
(2012)
Vice
President
–
Asset
Management
Compliance,
Ameriprise
Financial,
Inc.,
since
May
2010;
Chief
Compliance
Officer,
Ameriprise
Certificate
Company
since
September
2010;
Chief
Compliance
Officer,
Columbia
Acorn/
Wanger
Funds
since
December
2015.
Colin
Moore
225
Franklin
Street
Boston,
MA
02110
Born
1958
Senior
Vice
President
(2010)
Executive
Vice
President
and
Global
Chief
Investment
Officer,
Ameriprise
Financial,
Inc.,
since
July
2013;
Executive
Vice
President
and
Global
Chief
Investment
Officer,
Columbia
Management
Investment
Advisers,
LLC
since
July
2013.
Ryan
C.
Larrenaga
225
Franklin
Street
Boston,
MA
02110
Born
1970
Senior
Vice
President
(2017),
Chief
Legal
Officer
(2017),
and
Secretary
(2015)
Vice
President
and
Chief
Counsel,
Ameriprise
Financial,
Inc.
since
August
2018
(previously
Vice
President
and
Group
Counsel,
August
2011
-
August
2018);
officer
of
Columbia
Funds
and
affiliated
funds
since
2005.
Daniel
J.
Beckman
225
Franklin
St.
Boston,
MA
02110
Born
1962
Senior
Vice
President
(2020)
Vice
President
–
Head
of
North
America
Product,
Columbia
Management
Investment
Advisers,
LLC
(since
April
2015);
previously,
Senior
Vice
President
of
Investment
Product
Management,
Fidelity
Financial
Advisor
Solutions,
a
division
of
Fidelity
Investments
(January
2012
–
March
2015).
Michael
E.
DeFao
225
Franklin
Street
Boston,
MA
02110
Born
1968
Vice
President
(2011)
and
Assistant
Secretary
(2010)
Vice
President
and
Chief
Counsel,
Ameriprise
Financial,
Inc.
since
May 2010.
Lyn
Kephart
-Strong
5228
Ameriprise
Financial
Center
Minneapolis,
MN
55474
Born
1960
Vice
President
(2015)
President,
Columbia
Management
Investment
Services
Corp.
since
October 2014;
Vice
President &
Resolution
Officer,
Ameriprise
Trust
Company
since
August 2009.
LIQUIDITY
RISK
MANAGEMENT
PROGRAM
Thematic
Beta
ETFs
|
Annual
Report
2020
49
Pursuant
to
Rule
22e-4
under
the
1940
Act,
each
Fund
has
adopted
a
liquidity
risk
management
program
(“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
December
1,
2018,
through
December
31,
2019,
including:
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.
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.
ADDITIONAL
INFORMATION
50
Thematic
Beta
ETFs
|
Annual
Report
2020
Proxy
voting
policies
and
procedures
A
description
of
the
Trust’s
proxy
voting
policies
and
procedures
that
the
Trust
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities,
and
each
Fund’s
proxy
voting
record
for
the
most
recent
twelve-month
period
ended
June 30
is
available,
without
charge,
by
visiting
columbiathreadneedleus.com/etfs
or
searching
the
website
of
the
Securities
and
Exchange
Commission
(the
SEC)
at
sec.gov.
Quarterly
schedule
of
investments
The
Funds
file
a
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
on
Form
N-PORT
(available
for
filings
after
March
31,
2019).
The
Funds’
Form
N-Q
or
Form
N-PORT
is
available
on
the
SEC’s
website
at
sec.gov.
Each
Fund’s
complete
schedule
of
portfolio
holdings,
as
filed
on
Form
N-Q
or
Form
N-PORT,
can
also
be
obtained
without
charge,
upon
request,
by
calling
888.800.4347.
Additional
Fund
information
For
more
information
about
the
Funds,
please
visit
columbiathreadneedleus.com/etfs
or
call
888.800.4347.
Fund
investment
manager
Columbia
Management
Investment
Advisers,
LLC
225
Franklin
Street
Boston,
MA
02110
Fund
distributor
ALPS
Distributors,
Inc.
1290
Broadway
Suite
1000
Denver,
CO
80203
ALPS
Distributors,
Inc.
is
not
affiliated
with
Columbia
Management
Investment
Advisers,
LLC.
Fund
administrator,
custodian
&
transfer
agent
The
Bank
of
New
York
Mellon
Corp.
240
Greenwich
Street
New
York,
NY
10286
The
Bank
of
New
York
Mellon
Corp.
is
not
affiliated
with
Columbia
Management
Investment
Advisers,
LLC.
Columbia
ETF
Trust
II
225
Franklin
Street
Boston,
MA,
02110
ANN279_03_K01_(05/20)
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.
©
2020
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 Brian J. Gallagher, Pamela G. Carlton, Anthony M. Santomero, and Sandra L. Yeager, each of whom are members of the registrant's Board of Trustees and Audit Committee, each qualify as an audit committee financial expert. Mr. Gallagher, Ms. Carlton, Mr. Santomero, and Ms. Yeager are each independent trustees, as defined in paragraph (a)(2) of this item's instructions.

Item 4. Principal Accountant Fees and Services.

Fee information below is disclosed for the three series of the registrant whose reports to stockholders are included in this annual filing. Fiscal Year 2019 also includes fees from four funds that liquidated during the period

(a)Audit Fees. Aggregate Audit Fees billed by the principal accountant for professional services rendered during the fiscal years ended March 31, 2020 and March 31, 2019 are approximately as follows:

20202019

$45,000             $94,500

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, 2020 and March 31, 2019 are approximately as follows:

2020

2019

$0

$2,500

Audit-Related Fees include amounts for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported in Audit Fees above.

During the fiscal years ended March 31, 2020 and March 31, 2019, 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, 2020 and March 31, 2019 are approximately as follows:

2020

2019

$0

$75,600

Tax Fees include amounts for the review of annual tax returns, the review of required shareholder distribution calculations and typically include amounts for professional services by the principal accountant for tax compliance, tax advice and tax planning. During the fiscal years ended March 31, 2020 and March 31, 2019, 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, 2020 and March 31, 2019 are approximately as follows:

2020

2019

$0

$0

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

 

During the fiscal years ended March 31, 2020 and March 31, 2019, 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) 100% of the services performed for items (b) through (d) above during 2020 and 2019 were pre-approved by the registrant's Audit Committee.

(f)Not applicable.

(g)The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the fiscal years ended March 31, 2020 and March 31, 2019 are approximately as follows:

2020

2019

$0

$78,100

(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, Brian J. Gallagher, Pamela G. Carlton, Anthony Santomero, and Sandra L. Yeager are all members of the Audit Committee.

(b)Not Applicable.

 

Item 6. Investments

(a)The registrant's "Schedule I – Investments in securities of unaffiliated issuers" (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR.

(b)Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

Item 11. Controls and Procedures.

(a)The registrant's principal executive officer and principal financial officers, based on their evaluation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant's management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

(b)There was no change in the registrant's internal controls over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

 

Item 13. Exhibits.

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

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

(a)(3) Not applicable.

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

SIGNATURES

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

authorized.

 

(registrant)

 

Columbia ETF Trust II

By (Signature and Title)

/s/ Christopher O. Petersen

 

 

 

Christopher O. Petersen, President and Principal Executive Officer

Date

 

May 22, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)

/s/ Christopher O. Petersen

 

 

Christopher O. Petersen, President and Principal Executive Officer

Date

 

May 22, 2020

By (Signature and Title)

/s/ Michael G. Clarke

 

 

Michael G. Clarke, Chief Financial Officer, Principal Financial Officer

 

 

and Senior Vice President

Date

 

May 22, 2020

By (Signature and Title)

/s/ Marybeth Pilat

 

 

Marybeth Pilat, Treasurer, Chief Accounting Officer and Principal

 

 

Financial Officer

Date

 

May 22, 2020