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 StreetBoston, 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, 2021 

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

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

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

Item 1. Reports to Stockholders. 

Not

Federally

Insured

|

No

Financial

Institution

Guarantee

|

May

Lose

Value

THEMATIC

BETA

ETFs

ANNUAL

REPORT

March

31,

2021

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

are

no

longer

sent

by

mail,

unless

you

specifically

requested

paper

copies

of

the

reports.

Instead,

the

reports

are

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

shareholder

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

2021

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

12

Manager

Discussion

of

Fund

Performance

14

Understanding

Your

Fund’s

Expenses

16

Portfolio

of

Investments

17

Statement

of

Assets

and

Liabilities

26

Statement

of

Operations

27

Statement

of

Changes

in

Net

Assets

28

Financial

Highlights

30

Notes

to

Financial

Statements

33

Report

of

Independent

Registered

Public

Accounting

Firm

44

Federal

Income

Tax

Information

45

Trustees

and

Officers

46

Liquidity

Risk

Management

Program

53

Results

of

Meeting

of

Shareholders

54

Additional

Information

55

FUND

AT

A

GLANCE

Columbia

EM

Core

ex-China

ETF

Thematic

Beta

ETFs

|

Annual

Report

2021

3

Portfolio

management

Christopher

Lo,

CFA

Lead

Portfolio

Manager

Managed

Fund

since

2016

Michelle

Teng,

CFA

Portfolio

Manager

Managed

Fund

since

November

2020

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.

Performance

prior

to

September

2016

is

attributable

to

the

Fund's

previous

investment

manager.

Through

July

31,

2020,

Market

Price

returns

are

based

on

the

midpoint

of

the

bid/ask

spread

for

fund

shares

at

market

close

(typically

4

pm

ET).

Beginning

with

August

31,

2020

month-end

performance,

Market

Price

returns

are

based

on

closing

prices

reported

by

the

Fund's

primary

listing

exchange

(typically

4

pm

ET

close).

These

returns

do

not

represent

the

returns

an

investor

would

receive

if

shares

were

traded

at

other

times.

The

Fund’s

shares

may

trade

above

or

below

their

net

asset

value.

The

net

asset

value

of

the

Fund

will

generally

fluctuate

with

changes

in

the

market

value

of

the

Fund’s

holdings.

The

market

prices

of

shares,

however,

will

generally

fluctuate

in

accordance

with

changes

in

net

asset

value

as

well

as

the

relative

supply

of,

and

demand

for,

shares

on

the

exchange.

The

trading

price

of

shares

may

deviate

significantly

from

the

net

asset

value.

The

Beta

Thematic

Emerging

Markets

ex-China

Index

is

a

market

capitalization-weighted

index

designed

to

provide

broad,

core

emerging

markets

equity

exposure

by

measuring

the

stock

performance

of

up

to

700

companies,

excluding

those

listed

or

domiciled

in

China

or

Hong

Kong.

The

MSCI

Emerging

Markets

Index

(Net)

is

a

free

float-adjusted

market

capitalization

index

that

is

designed

to

measure

market

performance

of

emerging

markets.

Indices

are

not

available

for

investment,

are

not

professionally

managed

and

do

not

reflect

sales

charges,

fees,

brokerage

commissions,

taxes

(except

the

MSCI

Emerging

Markets

Index

(Net),

which

reflects

reinvested

dividends

net

of

withholding

taxes)

or

other

expenses

of

investing.

Securities

in

the

Fund

may

not

match

those

in

an

index.

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,

2021)

Inception

1

Year

5

Year

Life

Market

Price

09/02/15

69.09

12.22

12.51

Net

Asset

Value

09/02/15

68.56

12.06

12.45

Beta

Thematic

Emerging

Markets

ex-China

Index

73.15

11.14

11.64

MSCI

Emerging

Markets

Index

(Net)

58.39

12.07

11.80

FUND

AT

A

GLANCE

(continued)

Columbia

EM

Core

ex-China

ETF

4

Thematic

Beta

ETFs

|

Annual

Report

2021

Performance

of

a

hypothetical

$10,000

investment

(September

2,

2015

—

March

31,

2021)

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,

2021

)

Brazil

7

.5

Chile

1

.6

India

16

.7

Indonesia

2

.8

Malaysia

2

.4

Mexico

2

.8

Philippines

1

.1

Poland

1

.5

Russia

5

.8

South

Africa

5

.2

South

Korea

21

.3

Taiwan

26

.2

Tanzania

0

.5

Thailand

4

.1

Turkey

0

.3

United

States

(a)

0

.2

Total

100

.0

Country

Breakdown

is

based

primarily

on

issuer’s

place

of

organization/incorporation.

Percentages

indicated

are

based

upon

total

investments

and

excludes

investments

in

derivatives,

if

any.

The

Fund’s

portfolio

composition

is

subject

to

change.

(a)

Includes

investments

in

Money

Market

Funds.

Equity

sector

breakdown

(%)

(at

March

31,

2021)

Communication

Services

6

.9

Consumer

Discretionary

8

.7

Consumer

Staples

6

.8

Energy

8

.0

Financials

21

.8

Health

Care

1

.6

Industrials

3

.8

Information

Technology

29

.8

Materials

10

.7

Real

Estate

0

.3

Utilities

1

.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

EM

Core

ex-China

ETF

(XCEM)

Thematic

Beta

ETFs

|

Annual

Report

2021

5

For

the

12-month

period

that

ended

March

31,

2021,

the

Fund

returned

68.56%

based

on

net

asset

value

(NAV)

and

69.09%

based

on

market

price.

The

Beta

Thematic

Emerging

Markets

ex-China

Index,

the

Fund's

tracking

index,

returned

73.15%

and

the

MSCI

Emerging

Markets

Index

(Net)

(the

“Index”)

returned

58.39%

during

the

same

time

period.

The

Fund’s

NAV

on

March

31,

2020

was

$19.09,

and

it

ended

the

annual

period

on

March

31,

2021

with

an

NAV

of

$31.65.

The

Fund’s

market

price

on

March

31,

2021

was

$31.82

per

share.

Market

overview

Emerging

market

equities

outperformed

both

U.S.

and

developed

market

international

equities

during

the

annual

period.

The

Index

returned

58.39%

during

the

annual

period,

as

compared

to

S&P

500

Index

and

MSCI

EAFE

Index

(Net)

returns

of

56.35%

and

44.57%,

respectively,

for

the

same

time

period.

The

annual

period

began

in

the

immediate

aftermath

of

the

sharp

March

2020

sell-off

in

emerging

markets

equities

and

the

broad

global

equity

markets,

driven

by

the

COVID-19

pandemic

and

fears

about

its

economic

impact.

In

response

to

the

crisis,

governments

and

central

banks

around

the

world

engaged

in

extraordinary

fiscal

and

monetary

stimulus

efforts,

highlighted

by

the

U.S.

Federal

Reserve

(Fed)

slashing

short-term

interest

rates

to

near

zero.

With

investor

sentiment

improving

in

the

second

quarter

of

2020

as

a

result

of

these

stimulus

efforts,

gradual

re-opening

of

economies,

early

signs

of

progress

in

the

search

for

a

COVID-19

vaccine

and

a

rally

in

oil

prices,

emerging

markets

equities

rebounded.

As

the

annual

period

progressed,

emerging

markets

equities

were

supported

by

increasing

economic

activity,

prospects

of

further

stimulus

measures,

signals

from

the

U.S.

Fed

it

would

keep

short-term

interest

rates

anchored

near

zero

for

the

foreseeable

future,

and

a

weaker

U.S.

dollar.

However,

rising

COVID-19

cases

globally

and

speculation

around

a

possible

disputed

outcome

to

the

U.S.

presidential

election

drove

bouts

of

volatility.

Emerging

markets

equities

were

buoyed

in

November

2020

as

the

U.S.

elections

produced

a

clear

outcome,

removing

a

source

of

uncertainty

and

increasing

the

likelihood

of

additional

stimulus.

This

was

followed

shortly

thereafter

by

news

of

positive

results

for

a

pair

of

COVID-19

vaccines,

raising

the

potential

for

a

return

to

more

normal

economic

activity.

In

the

last

months

of

2020

and

into

early

2021,

the

U.S.

dollar

continued

to

weaken

supporting

positive

corporate

earnings

trends

across

emerging

markets.

Structural

progress

also

continued,

with

reforms

and

domestic

demand

being

especially

key

drivers

to

unlocking

economic

growth

potential

in

Brazil,

Indonesia,

India

and

China.

However,

volatility

spiked

in

emerging

markets,

especially

China,

in

the

last

weeks

of

the

annual

period.

Such

volatility

was

due

to

a

number

of

factors,

including

concerns

around

Chinese

regulatory

bodies

looking

at

its

own

financial

technology

and

e-commerce

firms,

U.S.-China

relations

coming

back

to

the

forefront

with

the

mid-March

2021

Alaska

talks

and

ongoing

Securities

&

Exchange

Commission

discussions

about

de-listing

American

depository

receipts

issued

by

Chinese

firms.

An

increase

in

U.S.

Treasury

yields

that

accelerated

a

rotation

from

growth

stocks

to

value

stocks

across

markets

also

prompted

market

volatility.

For

the

annual

period

overall,

Taiwan

and

South

Korea

led

emerging

markets

equity

performance,

as

Asian

countries

were

among

the

first

to

contain

COVID-19

and

return

to

relatively

normal

economic

activity.

The

Asian

emerging

markets

were

supported

in

part

by

The

People’s

Bank

of

China

implementing

strong

stimulus

measures,

including

adding

to

the

money

supply

via

reverse

repurchase

agreements

and

lowering

the

reserve

requirement

for

banks.

Latin

American

equity

market

returns

underperformed

the

Index,

with

Brazil

suffering

on

fiscal

concerns

and

lagging

COVID-19

containment

measures.

Elsewhere,

Russia

and

Thailand

were

also

among

the

weakest

performers

in

the

Index

during

the

annual

period.

From

a

sector

perspective,

information

technology

led

Index

gains,

followed

by

materials,

consumer

discretionary

and

health

care.

Laggards

included

real

estate,

utilities,

consumer

staples,

financials

and

energy.

The

Fund’s

notable

contributors

during

the

period

Constituents

in

the

information

technology,

financials

and

consumer

discretionary

sectors

contributed

positively

to

the

Fund’s

returns

during

the

annual

period.

From

a

country

perspective,

constituents

in

India,

South

Korea

and

having

no

weight

in

China

contributed

positively

to

the

Fund’s

returns

during

the

annual

period.

MANAGER

DISCUSSION

OF

FUND

PERFORMANCE

(continued)

Columbia

EM

Core

ex-China

ETF

(XCEM)

6

Thematic

Beta

ETFs

|

Annual

Report

2021

Having

out-of-Index

positions

in

India-based

software

and

technology

services

provider

Infosys

Ltd.-SP

ADR,

India-based

bank

HDFC

Bank

Ltd.-ADR,

India-based

auto

manufacturer

Tata

Motors

Ltd.-Spon

ADR

and

India-based

base

metals

miner

Vedanta

Ltd.-ADR

and

an

overweight

position

in

Mexico-based

precious

and

base

metals

miner

Grupo

Mexico

SAB

de

CV-SER

B

contributed

positively.

Each

generated

a

triple-digit

positive

absolute

return

during

the

annual

period.

The

Fund’s

notable

detractors

during

the

period

Constituents

in

utilities,

energy

and

industrials

detracted

from

returns

during

the

annual

period.

From

a

country

perspective,

constituents

in

Malaysia,

Thailand

and

Indonesia

detracted

from

returns

during

the

annual

period.

Positions

in

Taiwan-based

telecommunications

company

Far

EasTone

Telecommunications

Co.

Ltd.,

Taiwan-based

telecommunications

company

Chunghwa

Telecom

Co.

Ltd.,

Taiwan-based

convenience

store

operator

President

Chain

Store

Corp.

and

Taiwan-based

telecommunications

company

Taiwan

Mobile

Co.

Ltd.

and

an

out-of

Index

position

in

India-based

petroleum

refiner

and

petrochemicals

manufacturer

Reliance

Industries

Ltd.-Spons

GDR

144A

detracted.

Each

posted

positive

absolute

returns

during

the

annual

period

but

significantly

lagged

the

Index.

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

its

tracking

index.

The

Fund

may

not

sell

a

poorly

performing

security

unless

it

was

removed

from

the

tracking

index.

There

is

no

guarantee

that

the

tracking

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

tracking

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

tracking

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

tracking

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

tracking

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

who

have

contributed

to

the

report.

These

views

are

not

guarantees

of

future

performance

and

involve

certain

risks,

uncertainties

and

assumptions

that

are

difficult

to

predict,

so

actual

outcomes

and

results

may

differ

significantly

from

the

views

expressed.

These

views

are

subject

to

change

at

any

time

based

upon

economic,

market

or

other

conditions

and

the

respective

parties

disclaim

any

responsibility

to

update

such

views.

These

views

may

not

be

relied

on

as

investment

advice

and,

because

investment

decisions

for

a

Columbia

ETF

are

based

on

numerous

factors,

may

not

be

relied

on

as

an

indication

of

trading

intent

on

behalf

of

any

particular

Columbia

ETF.

References

to

specific

securities

should

not

be

construed

as

a

recommendation

or

investment

advice.

FUND

AT

A

GLANCE

Columbia

Emerging

Markets

Consumer

ETF

Thematic

Beta

ETFs

|

Annual

Report

2021

7

Portfolio

management

Christopher

Lo,

CFA

Lead

Portfolio

Manager

Managed

Fund

since

2016

Michelle

Teng,

CFA

Portfolio

Manager

Managed

Fund

since

November

2020

Investment

objective

Columbia

Emerging

Markets

Consumer

ETF

(the

Fund)

seeks

investment

results

that

correspond

(before

fees

and

expenses)

to

the

price

and

yield

performance

of

the

Dow

Jones

Emerging

Markets

Consumer

Titans

TM

Index.

All

results

shown

assume

reinvestment

of

distributions

during

the

period.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

on

the

redemption

of

Fund

shares.

Performance

results

reflect

the

effect

of

any

fee

waivers

or

reimbursements

of

Fund

expenses

by

the

Fund’s

former

investment

manager

or

Columbia

Management

Investment

Advisers,

LLC

(Columbia

Management

or

the

Investment

Manager).

Absent

these

fee

waivers

or

expense

reimbursement

arrangements,

performance

results

would

have

been

lower.

The

performance

information

shown

represents

past

performance

and

is

not

a

guarantee

of

future

results.

The

investment

return

and

principal

value

of

your

investment

will

fluctuate

so

that

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

lower

or

higher

than

the

performance

information

shown.

You

may

obtain

performance

information

current

to

the

most

recent

month-end

by

visiting

columbiathreadneedleus.com/etfs.

Columbia

Management

took

over

portfolio

management

in

September

2016

upon

its

acquisition

of

the

Fund’s

previous

investment

manager.

Performance

prior

to

September

2016

is

attributable

to

the

Fund's

previous

investment

manager.

Through

July

31,

2020,

Market

Price

returns

are

based

on

the

midpoint

of

the

bid/ask

spread

for

fund

shares

at

market

close

(typically

4

pm

ET).

Beginning

with

August

31,

2020

month-end

performance,

Market

Price

returns

are

based

on

closing

prices

reported

by

the

Fund's

primary

listing

exchange

(typically

4

pm

ET

close).

These

returns

do

not

represent

the

returns

an

investor

would

receive

if

shares

were

traded

at

other

times.

The

Fund’s

shares

may

trade

above

or

below

their

net

asset

value.

The

net

asset

value

of

the

Fund

will

generally

fluctuate

with

changes

in

the

market

value

of

the

Fund’s

holdings.

The

market

prices

of

shares,

however,

will

generally

fluctuate

in

accordance

with

changes

in

net

asset

value

as

well

as

the

relative

supply

of,

and

demand

for,

shares

on

the

exchange.

The

trading

price

of

shares

may

deviate

significantly

from

the

net

asset

value.

The

Dow

Jones

Emerging

Markets

Consumer

Titans

TM

Index

is

designed

to

measure

the

performance

of

60

leading

emerging

market

companies

classified

in

the

GICS

Consumer

Discretionary,

Consumer

Staples,

and

Communication

Services

sectors.

The

MSCI

Emerging

Markets

Index

(Net)

is

a

free

float-adjusted

market

capitalization

index

that

is

designed

to

measure

market

performance

of

emerging

markets.

Indices

are

not

available

for

investment,

are

not

professionally

managed

and

do

not

reflect

sales

charges,

fees,

brokerage

commissions,

taxes

(except

the

MSCI

Emerging

Markets

Index

(Net),

which

reflects

reinvested

dividends

net

of

withholding

taxes)

or

other

expenses

of

investing.

Securities

in

the

Fund

may

not

match

those

in

an

index.

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,

2021)

Inception

1

Year

5

Years

10

Years

Market

Price

09/14/10

43.27

5.21

2.88

Net

Asset

Value

09/14/10

42.02

5.10

2.85

Dow

Jones

Emerging

Markets

Consumer

Titans™

Index

43.56

5.97

3.88

MSCI

Emerging

Markets

Index

(Net)

58.39

12.07

3.65

FUND

AT

A

GLANCE

(continued)

Columbia

Emerging

Markets

Consumer

ETF

8

Thematic

Beta

ETFs

|

Annual

Report

2021

Performance

of

a

hypothetical

$10,000

investment

(March

31,

2011

—

March

31,

2021)

The

chart

above

shows

the

change

in

value

of

a

hypothetical

$10,000

investment

made

during

the

stated

time

period,

and

does

not

reflect

the

deduction

of

taxes

or

brokerage

commissions

that

a

shareholder

may

pay

on

Fund

distributions

or

on

the

redemption

of

Fund

shares.

Country

breakdown

(%)

(at

March

31,

2021

)

Brazil

4

.7

China

50

.0

Greece

0

.4

India

12

.6

Indonesia

1

.9

Mexico

2

.4

Russia

4

.5

Saudi

Arabia

3

.9

South

Africa

3

.7

Taiwan

12

.1

Thailand

2

.8

United

Arab

Emirates

0

.9

United

States

(a)

0

.1

Total

100

.0

Country

Breakdown

is

based

primarily

on

issuer’s

place

of

organization/incorporation.

Percentages

indicated

are

based

upon

total

investments

and

excludes

investments

in

derivatives,

if

any.

The

Fund’s

portfolio

composition

is

subject

to

change.

(a)

Includes

investments

in

Money

Market

Funds.

Equity

sector

breakdown

(%)

(at

March

31,

2021)

Communication

Services

35

.6

Consumer

Discretionary

36

.7

Consumer

Staples

27

.7

Total

100

.0

Percentages

indicated

are

based

upon

total

equity

investments.

The

Fund’s

portfolio

composition

is

subject

to

change.

MANAGER

DISCUSSION

OF

FUND

PERFORMANCE

Columbia

Emerging

Markets

Consumer

ETF

(ECON)

Thematic

Beta

ETFs

|

Annual

Report

2021

9

In

February

2021,

S&P

Dow

Jones

Index

conducted

a

consultation

with

market

participants,

on

potential

changes

to

the

Dow

Jones

Emerging

Markets

Consumer

Titans

TM

Index.

Effective

after

the

close

of

business

on

March

18,

2021,

certain

changes

regarding

when

replacements

would

be

added

if

a

constituent

is

removed

outside

the

normal

rebalancing

period

and

reducing

the

weighting

of

any

individual

constituent

were

made

to

the

Dow

Jones

Emerging

Markets

Consumer

Titans

TM

Index.

For

the

12-month

period

that

ended

March

31,

2021,

the

Fund

returned

42.02%

based

on

net

asset

value

(NAV)

and

43.27%

based

on

market

price.

The

Dow

Jones

Emerging

Markets

Consumer

Titans

TM

Index,

the

Fund's

tracking

index,

returned

43.56%

and

the

MSCI

Emerging

Markets

Index

(Net)

(the

“Index”)

returned

58.39%

during

the

same

time

period.

The

Fund’s

NAV

on

March

31,

2020

was

$19.65,

and

it

ended

the

annual

period

on

March

31,

2021

with

an

NAV

of

$27.73.

The

Fund’s

market

price

on

March

31,

2021

was

$27.86

per

share.

Market

overview

Emerging

market

equities

outperformed

both

U.S.

and

developed

market

international

equities

during

the

annual

period.

The

Index

returned

58.39%

during

the

annual

period,

as

compared

to

S&P

500

Index

and

MSCI

EAFE

Index

(Net)

returns

of

56.35%

and

44.57%,

respectively,

for

the

same

time

period.

The

annual

period

began

in

the

immediate

aftermath

of

the

sharp

March

2020

sell-off

in

emerging

markets

equities

and

the

broad

global

equity

markets,

driven

by

the

COVID-19

pandemic

and

fears

about

its

economic

impact.

In

response

to

the

crisis,

governments

and

central

banks

around

the

world

engaged

in

extraordinary

fiscal

and

monetary

stimulus

efforts,

highlighted

by

the

U.S.

Federal

Reserve

(Fed)

slashing

short-term

interest

rates

to

near

zero.

With

investor

sentiment

improving

in

the

second

quarter

of

2020

as

a

result

of

these

stimulus

efforts,

gradual

re-opening

of

economies,

early

signs

of

progress

in

the

search

for

a

COVID-19

vaccine

and

a

rally

in

oil

prices,

emerging

markets

equities

rebounded.

As

the

annual

period

progressed,

emerging

markets

equities

were

supported

by

increasing

economic

activity,

prospects

of

further

stimulus

measures,

signals

from

the

U.S.

Fed

it

would

keep

short-term

interest

rates

anchored

near

zero

for

the

foreseeable

future,

and

a

weaker

U.S.

dollar.

However,

rising

COVID-19

cases

globally

and

speculation

around

a

possible

disputed

outcome

to

the

U.S.

presidential

election

drove

bouts

of

volatility.

Emerging

markets

equities

were

buoyed

in

November

2020

as

the

U.S.

elections

produced

a

clear

outcome,

removing

a

source

of

uncertainty

and

increasing

the

likelihood

of

additional

stimulus.

This

was

followed

shortly

thereafter

by

news

of

positive

results

for

a

pair

of

COVID-19

vaccines,

raising

the

potential

for

a

return

to

more

normal

economic

activity.

In

the

last

months

of

2020

and

into

early

2021,

the

U.S.

dollar

continued

to

weaken

supporting

positive

corporate

earnings

trends

across

emerging

markets.

Structural

progress

also

continued,

with

reforms

and

domestic

demand

being

especially

key

drivers

to

unlocking

economic

growth

potential

in

Brazil,

Indonesia,

India

and

China.

However,

volatility

spiked

in

emerging

markets,

especially

China,

in

the

last

weeks

of

the

annual

period.

Such

volatility

was

due

to

a

number

of

factors,

including

concerns

around

Chinese

regulatory

bodies

looking

at

its

own

financial

technology

and

e-commerce

firms,

U.S.-China

relations

coming

back

to

the

forefront

with

the

mid-March

2021

Alaska

talks

and

ongoing

Securities

&

Exchange

Commission

discussions

about

de-listing

American

depository

receipts

issued

by

Chinese

firms.

An

increase

in

U.S.

Treasury

yields

that

accelerated

a

rotation

from

growth

stocks

to

value

stocks

across

markets

also

prompted

market

volatility.

For

the

annual

period

overall,

Taiwan

and

South

Korea

led

emerging

markets

equity

performance,

as

Asian

countries

were

among

the

first

to

contain

COVID-19

and

return

to

relatively

normal

economic

activity.

China

also

performed

well

through

the

first

three

quarters

of

the

annual

period,

before

the

volatility

of

the

first

quarter

of

2021.

The

Asian

emerging

markets

were

supported

in

part

by

The

People’s

Bank

of

China

implementing

strong

stimulus

measures,

including

adding

to

the

money

supply

via

reverse

repurchase

agreements

and

lowering

the

reserve

requirement

for

banks.

Latin

American

equity

market

returns

underperformed

the

Index,

with

Brazil

suffering

on

fiscal

concerns

and

lagging

COVID-19

containment

measures.

Elsewhere,

Russia

and

Thailand

were

also

among

the

weakest

performers

in

the

Index

during

the

annual

period.

From

a

sector

perspective,

information

technology

led

Index

gains,

followed

by

materials,

consumer

discretionary

and

health

care.

Laggards

included

real

estate,

utilities,

consumer

staples,

financials

and

energy.

MANAGER

DISCUSSION

OF

FUND

PERFORMANCE

(continued)

Columbia

Emerging

Markets

Consumer

ETF

(ECON)

10

Thematic

Beta

ETFs

|

Annual

Report

2021

The

Fund’s

notable

contributors

during

the

period

Not

having

any

exposure

to

constituents

in

financials

and

real

estate

and

having

exposure

to

constituents

in

the

consumer

discretionary

sector

contributed

most

positively

to

the

Fund’s

returns

during

the

annual

period.

From

a

country

perspective,

constituents

in

China

and

Russia

and

having

no

exposure

to

constituents

in

Malaysia

contributed

most

positively

to

the

Fund’s

returns

during

the

annual

period.

An

underweight

position

in

China-based

e-commerce

giant

Alibaba

Group

Holdings-SP

ADR;

overweight

positions

in

China-based

Internet

search

engine

operator

Baidu

Inc.-Spon

ADR,

China-based

online

direct

sales

company

JD.com

Inc.-ADR

and

China-based

auto

manufacturer

BYD

Co.

Ltd.-H;

and

an

out-of

Index

position

in

Russia-based

Internet

search

engine

and

information

website

operator

Yandex

NV-A

contributed

most

positively.

Alibaba

Group

Holdings-SP

ADR

generated

a

double-digit

absolute

gain

but

lagged

the

Index

during

the

annual

period.

Baidu

Inc.-Spon

ADR,

JD.com

Inc.-ADR

and

BYD

Co.

Ltd.-H

each

posted

a

triple-digit

absolute

gain

during

the

annual

period.

Yandex

NV-A

produced

a

double-digit

absolute

gain

that

outpaced

the

Index

during

the

annual

period.

The

Fund’s

notable

detractors

during

the

period

Not

having

any

exposure

to

constituents

in

the

information

technology

sector

and

having

exposure

to

constituents

in

the

communication

services

and

consumer

staples

sectors

detracted

most

from

the

Fund’s

returns

during

the

annual

period.

From

a

country

perspective,

constituents

in

Taiwan

and

India

and

having

no

exposure

to

constituents

in

South

Korea

detracted

most

from

returns

during

the

annual

period.

An

underweight

position

in

China-based

e-commerce

and

diversified

media

company

Tencent

Holdings

Ltd.

and

overweight

positions

in

China-based

educational

services

provider

Tal

Education

Group-ADR,

Hong

Kong-based

telecommunication

services

provider

China

Mobile

Ltd.,

Brazil-based

apparel

and

footwear

retailer

Lojas

Renner

S.A.

and

China-based

telecommunications

company

China

Tower

Corp.

Ltd.-H

detracted

most.

Tencent

Holdings

Ltd.

produced

a

double-digit

positive

absolute

return

that

outperformed

the

Index

during

the

annual

period.

Tal

Education

Group-ADR

posted

a

single-digit

positive

absolute

return;

Lojas

Renner

S.A.

posted

a

double-digit

positive

absolute

return

but

underperformed

the

Index.

China

Mobile

Ltd.

and

China

Tower

Corp.

Ltd.-H

each

generated

a

double-digit

negative

absolute

return

during

the

annual

period.

Investing

involves

risks,

including

the

risk

of

loss

of

principal.

Market

risk

may

affect

a

single

issuer,

sector

of

the

economy,

industry

or

the

market

as

a

whole.

The

Fund

is

passively

managed

and

seeks

to

track

the

performance

of

its

tracking

index.

The

Fund

may

not

sell

a

poorly

performing

security

unless

it

was

removed

from

the

tracking

index.

There

is

no

guarantee

that

the

tracking

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

tracking

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

tracking

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

tracking

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

MANAGER

DISCUSSION

OF

FUND

PERFORMANCE

(continued)

Columbia

Emerging

Markets

Consumer

ETF

(ECON)

Thematic

Beta

ETFs

|

Annual

Report

2021

11

as

tracking

error

to

the

tracking

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

who

have

contributed

to

the

report.

These

views

are

not

guarantees

of

future

performance

and

involve

certain

risks,

uncertainties

and

assumptions

that

are

difficult

to

predict,

so

actual

outcomes

and

results

may

differ

significantly

from

the

views

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

12

Thermatic

Beta

ETFs

|

Annual

Report

2021

Portfolio

management

Christopher

Lo,

CFA

Lead

Portfolio

Manager

Managed

Fund

since

2016

Michelle

Teng,

CFA

Portfolio

Manager

Managed

Fund

since

November

2020

Investment

objective

Columbia

India

Consumer

ETF

(the

Fund)

seeks

investment

results

that

correspond

(before

fees

and

expenses)

to

the

price

and

yield

performance

of

the

Indxx

India

Consumer

Index.

All

results

shown

assume

reinvestment

of

distributions

during

the

period.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

on

the

redemption

of

Fund

shares.

Performance

results

reflect

the

effect

of

any

fee

waivers

or

reimbursements

of

Fund

expenses

by

the

Fund’s

former

investment

manager

or

Columbia

Management

Investment

Advisers,

LLC

(Columbia

Management

or

the

Investment

Manager).

Absent

these

fee

waivers

or

expense

reimbursement

arrangements,

performance

results

would

have

been

lower.

The

performance

information

shown

represents

past

performance

and

is

not

a

guarantee

of

future

results.

The

investment

return

and

principal

value

of

your

investment

will

fluctuate

so

that

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

lower

or

higher

than

the

performance

information

shown.

You

may

obtain

performance

information

current

to

the

most

recent

month-end

by

visiting

columbiathreadneedleus.com/etfs.

Columbia

Management

took

over

portfolio

management

in

September 2016

upon

its

acquisition

of

the

Fund’s

previous

investment

manager.

Performance

prior

to

September

2016

is

attributable

to

the

Fund's

previous

investment

manager.

Through

July

31,

2020,

Market

Price

returns

are

based

on

the

midpoint

of

the

bid/ask

spread

for

fund

shares

at

market

close

(typically

4

pm

ET).

Beginning

with

August

31,

2020

month-end

performance,

Market

Price

returns

are

based

on

closing

prices

reported

by

the

Fund's

primary

listing

exchange

(typically

4

pm

ET

close).

These

returns

do

not

represent

the

returns

an

investor

would

receive

if

shares

were

traded

at

other

times.

The

Fund’s

shares

may

trade

above

or

below

their

net

asset

value.

The

net

asset

value

of

the

Fund

will

generally

fluctuate

with

changes

in

the

market

value

of

the

Fund’s

holdings.

The

market

prices

of

shares,

however,

will

generally

fluctuate

in

accordance

with

changes

in

net

asset

value

as

well

as

the

relative

supply

of,

and

demand

for,

shares

on

the

exchange.

The

trading

price

of

shares

may

deviate

significantly

from

the

net

asset

value.

The

Indxx

India

Consumer

Index

is

a

maximum

30-stock

free-float

adjusted

market

capitalization

weighted

index

designed

to

measure

the

market

performance

of

companies

in

the

consumer

industry

in

India

as

defined

by

Indxx’s

proprietary

methodology.

The

MSCI

India

Index

(Net)

is

designed

to

measure

the

performance

of

the

large

and

mid

cap

segments

of

the

Indian

market.

With

80

constituents,

the

index

covers

approximately

85%

of

the

Indian

equity

universe.

Indices

are

not

available

for

investment,

are

not

professionally

managed

and

do

not

reflect

sales

charges,

fees,

brokerage

commissions,

taxes

(except

the

MSCI

India

Index

(Net),

which

reflects

reinvested

dividends

net

of

withholding

taxes)

or

other

expenses

of

investing.

Securities

in

the

Fund

may

not

match

those

in

an

index.

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,

2021)

Inception

1

Year

5

Years

Life

Market

Price

08/10/11

69.58

10.65

10.36

Net

Asset

Value

08/10/11

65.67

10.49

10.27

Indxx

India

Consumer

Index

70.60

12.02

11.92

MSCI

India

Index

(Net)

76.35

11.18

6.41

FUND

AT

A

GLANCE

(continued)

Columbia

India

Consumer

ETF

Thermatic

Beta

ETFs

|

Annual

Report

2021

13

Performance

of

a

hypothetical

$10,000

investment

(August

10,

2011

—

March

31,

2021)

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,

2021)

Consumer

Discretionary

56

.9

Consumer

Staples

43

.1

Total

100

.0

Percentages

indicated

are

based

upon

total

equity

investments.

The

Fund’s

portfolio

composition

is

subject

to

change.

MANAGER

DISCUSSION

OF

FUND

PERFORMANCE

Columbia

India

Consumer

ETF

(INCO)

14

Thematic

Beta

ETFs

|

Annual

Report

2021

For

the

12-month

period

that

ended

March

31,

2021,

the

Fund

returned

65.67%

based

on

net

asset

value

(NAV)

and

69.58%

based

on

market

price.

The

Indxx

India

Consumer

Index,

the

Fund's

tracking

index,

returned

70.60%

and

the

MSCI

India

Index

(Net)

(the

“Index”)

returned

76.35%

during

the

same

time

period.

The

Fund’s

NAV

on

March

31,

2020

was

$30.80,

and

it

ended

the

annual

period

on

March

31,

2021

with

an

NAV

of

$50.85.

The

Fund’s

market

price

on

March

31,

2021

was

$51.24

per

share.

Market

overview

The

Indian

equity

market

rallied

sharply

during

the

annual

period.

The

Index

returned

76.35%

for

the

annual

period,

significantly

outperforming

the

58.39%

return

of

the

MSCI

Emerging

Markets

Index

(Net).

The

annual

period

began

in

the

immediate

aftermath

of

the

sharp

March

2020

sell-off

in

the

Indian

equity

market

and

broad

developed

and

emerging

markets

equities

markets,

driven

by

the

COVID-19

pandemic

and

fears

about

its

economic

impact.

In

response

to

the

crisis,

the

Indian

government

took

unprecedented

steps

to

slow

the

spread

of

COVID-19

by

ordering

a

nationwide

lockdown

for

21

days

starting

on

March

25th.

In

addition,

India’s

Finance

Minister

announced

significant

fiscal

stimulus

in

hopes

of

aiding

low-income

households

while

in

lockdown.

The

Reserve

Bank

of

India

took

significant

steps

as

well,

seeking

to

lower

the

cost

of

capital

by

reducing

repurchase

agreement

rates

and

by

injecting

surplus

liquidity

in

an

effort

to

keep

the

strength

of

the

country’s

financial

system

intact.

Even

as

India

registered

the

second-highest

number

of

COVID-19

cases

in

the

world,

Indian

equities

soared

in

the

second

and

third

quarters

of

2020

as

lockdown

restrictions

were

gradually

eased

and

economic

activity

started

to

normalize.

In

the

fourth

quarter

of

2020,

local

sentiment

had

improved

regarding

India’s

economy.

Economic

restrictions

in

large

urban

sectors

were

gradually

easing,

and

there

was

near-normalization

of

mobility

and

economic

activity.

For

example,

restaurants

and

bars

in

Mumbai

were

allowed

to

open

in

early

October.

Government

fiscal

accounts

were

outperforming

estimates,

as

tax

receipts

were

coming

in

higher

than

expected.

In

addition,

economic

output,

as

measured

by

Purchasing

Managers

Index

composite

data,

seemed

well

placed

in

expansionary

territory.

Rural

India

also

weathered

the

economic

storm

better

than

anticipated

on

the

back

of

robust

rainfall

during

the

country’s

monsoons,

helping

to

cushion

the

negative

impact

of

COVID-19

on

India

as

a

whole.

Indian

equities

continued

to

trend

upward

as

investors

redeployed

capital

into

industries

that

were

hardest

hit

by

the

pandemic,

notably

banks.

In

the

first

quarter

of

2021,

India’s

equities

were

bolstered

by

its

government’s

announcement

of

key

structural

reforms,

particularly

in

the

banking

sector.

Additionally,

India’s

finance

minister

unveiled

an

expansionary

budget

to

boost

the

country’s

economy,

which

included

higher

spending

on

infrastructure

and

health

care.

Notably,

however,

as

of

the

end

of

the

first

quarter

of

2021,

India’s

real

Gross

Domestic

Product

had

contracted

by

an

annualized

rate

of

23.9%,

dragged

lower

by

deep

contractions

in

its

manufacturing,

construction

and

services

sectors.

A

persistent

acceleration

in

the

COVID-19

outbreak

across

the

nation

continued

to

delay

a

return

to

normalcy

in

major

economic

drivers,

which

more

than

offset

strengthening

of

activity

in

the

agriculture

sector,

where

the

summer

harvest

was

expected

to

benefit

from

good

monsoon

rainfall.

For

the

annual

period

as

a

whole,

the

consumer

discretionary

sector

was

the

third-strongest

sector

within

the

Index,

posting

triple-digit

percentage

gains.

Consumer

staples

generated

a

double-digit

percentage

absolute

gain

but

was

the

weakest

sector

in

the

Index

during

the

annual

period.

The

Fund’s

notable

contributors

during

the

period

Having

exposure

to

constituents

in

the

consumer

discretionary

sector

and

not

having

any

exposure

to

constituents

in

the

communication

services

and

utilities

sectors

contributed

most

positively

to

the

Fund’s

returns

during

the

annual

period.

Positions

in

consumer

staples

products

manufacturer

Hindustan

Unilever

Ltd.,

food

and

beverage

products

producer

Tata

Consumer

Products

Ltd.,

light

commercial

vehicle

manufacturer

Eicher

Motors

Ltd.,

auto

manufacturer

Maruti

Suzuki

India

Ltd.

and

auto

manufacturer

Tata

Motors

Ltd.

contributed

most

positively.

MANAGER

DISCUSSION

OF

FUND

PERFORMANCE

(continued)

Columbia

India

Consumer

ETF

(INCO)

Thematic

Beta

ETFs

|

Annual

Report

2021

15

Hindustan

Unilever

Ltd.,

Tata

Consumer

Products

Ltd.

and

Maruti

Suzuki

India

Ltd.

each

produced

a

double-digit

absolute

gain

during

the

annual

period.

Eicher

Motors

Ltd.

and

Tata

Motors

Ltd.

each

posted

a

triple-digit

absolute

gain

during

the

annual

period.

The

Fund’s

notable

detractors

during

the

period

Having

exposure

to

constituents

in

consumer

staples

and

not

having

any

exposure

to

constituents

in

information

technology

and

materials

detracted

most

from

the

Fund’s

returns

during

the

annual

period.

A

position

in

tire

manufacturer

MRF

Ltd.

and

out-of-Index

positions

in

footwear

and

sports

apparel

manufacturer

and

retailer

Bata

India

Ltd.,

gold

and

gold

jewelry

exporter

Rajesh

Exports

Ltd.,

appliances

manufacturer

Whirlpool

of

India

Ltd.

and

consumer

electrical

products

manufacturer

Crompton

Greaves

Consumer

Electricals

Ltd.

detracted

most.

MRF

Ltd.,

Bata

India

Ltd.

and

Whirlpool

of

India

Ltd.

each

generated

a

double-digit

positive

absolute

return

during

the

annual

period

but

underperformed

the

Index.

Rajesh

Exports

Ltd.

and

Crompton

Greaves

Consumer

Electricals

Ltd.

each

posted

a

single-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

its

tracking

index.

The

Fund

may

not

sell

a

poorly

performing

security

unless

it

was

removed

from

the

tracking

index.

There

is

no

guarantee

that

the

tracking

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

tracking

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

tracking

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

tracking

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

tracking

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

who

have

contributed

to

the

report.

These

views

are

not

guarantees

of

future

performance

and

involve

certain

risks,

uncertainties

and

assumptions

that

are

difficult

to

predict,

so

actual

outcomes

and

results

may

differ

significantly

from

the

views

are

subject

to

change

at

any

time

based

upon

economic,

market

or

other

conditions

and

the

respective

parties

disclaim

any

responsibility

to

update

such

views.

These

views

may

not

be

relied

on

as

investment

advice

and,

because

investment

decisions

for

a

Columbia

ETF

are

based

on

numerous

factors,

may

not

be

relied

on

as

an

indication

of

trading

intent

on

behalf

of

any

particular

Columbia

ETF.

References

to

specific

securities

should

not

be

construed

as

a

recommendation

or

investment

advice.

UNDERSTANDING

YOUR

FUND’S

EXPENSES

(Unaudited)

16

Thematic

Beta

ETFs

|

Annual

Report

2021

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,

2021.

Actual

Expenses

The

information

under

each

column

in

the

table

below

entitled

“Actual”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

these

columns,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

for

your

Fund

under

the

heading

entitled

“Expenses

paid

for

the

period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

For

Comparison

Purposes

The

information

under

each

column

in

the

table

entitled

“Hypothetical”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

each

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

your

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs,

such

as

brokerage

commissions

paid

on

purchases

and

sales

of

Fund

shares.

Therefore,

the

ending

account

values

and

expenses

paid

for

the

period

in

the

table

is

useful

in

comparing

ongoing

Fund

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

Expenses

are

calculated

using

the

Fund’s

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

then

multiplied

by

the

number

of

days

in

the

Fund’s

most

recent

fiscal

half-year

and

divided

by

365.

Had

the

Investment

Manager

not

waived

fees

or

reimbursed

a

portion

of

expenses

for

Columbia

Emerging

Markets

Consumer

ETF

and

Columbia

India

Consumer

ETF,

account

values

at

the

end

of

the

period

would

have

been

reduced.

October

1,

2020

—

March

31,

2021

Beginning

account

value

($)

Ending

account

value

($)

Expense

paid

for

the

period

($)

Annualized

expense

ratios

for

the

period

(%)

Actual

Hypothetical

Actual

Hypothetical

Actual

Hypothetical

Actual

Columbia

EM

Core

ex-China

ETF

1,000.00

1,000.00

1,342.40

1,024.13

0.93

0.81

0.16

Columbia

Emerging

Markets

Consumer

ETF

1,000.00

1,000.00

1,115.90

1,021.99

3.11

2.97

0.59

Columbia

India

Consumer

ETF

1,000.00

1,000.00

1,212.90

1,021.19

4.14

3.78

0.75

PORTFOLIO

OF

INVESTMENTS

Columbia

EM

Core

ex-China

ETF

March

31,

2021

(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

2021

17

Common

Stocks

-

95.2%

Issuer

Shares

Value

($)

Brazil

-

4.1%

B3

SA

-

Brasil

Bolsa

Balcao

22,754‌

220,242‌

Banco

do

Brasil

SA

20,673‌

111,553‌

Cyrela

Brazil

Realty

SA

Empreendimentos

e

Participacoes

22,923‌

100,133‌

Magazine

Luiza

SA

55,145‌

197,791‌

Vale

SA

34,464‌

598,341‌

Total

1,228,060‌

Chile

-

0.9%

Cia

Cervecerias

Unidas

SA

8,598‌

75,616‌

Empresas

COPEC

SA

14,949‌

185,156‌

Total

260,772‌

India

-

16.6%

HDFC

Bank

Ltd.

ADR

(a)

17,080‌

1,326,945‌

Hindustan

Unilever

Ltd.

5,551‌

184,606‌

Housing

Development

Finance

Corp.

Ltd.

6,980‌

238,488‌

ICICI

Bank

Ltd.

ADR

(a)

47,206‌

756,712‌

Infosys

Ltd.

ADR

53,823‌

1,007,567‌

ITC

Ltd.

59,065‌

176,515‌

Kotak

Mahindra

Bank

Ltd.

(a)

5,566‌

133,452‌

Reliance

Industries

Ltd.

GDR

(b)

8,932‌

493,940‌

Tata

Motors

Ltd.

ADR

(a)

13,256‌

275,592‌

Vedanta

Ltd.

ADR

20,218‌

254,140‌

WNS

Holdings

Ltd.

ADR

(a)

1,926‌

139,520‌

Total

4,987,477‌

Indonesia

-

2.8%

PT

Astra

International

Tbk

241,370‌

87,658‌

PT

Bank

Central

Asia

Tbk

220,575‌

471,901‌

PT

Bank

Mandiri

Persero

Tbk

369,569‌

156,479‌

PT

Telkom

Indonesia

Persero

Tbk

528,376‌

124,409‌

Total

840,447‌

Malaysia

-

2.4%

Dialog

Group

Bhd

221,824‌

166,375‌

IHH

Healthcare

Bhd

128,514‌

164,885‌

Petronas

Dagangan

Bhd

37,648‌

181,952‌

Tenaga

Nasional

Bhd

83,376‌

203,488‌

Total

716,700‌

Mexico

-

2.7%

Grupo

Bimbo

SAB

de

CV

Series

A

76,585‌

160,578‌

Grupo

Mexico

SAB

de

CV

Series

B

73,179‌

384,341‌

Wal-Mart

de

Mexico

SAB

de

CV

90,382‌

284,789‌

Total

829,708‌

Philippines

-

1.1%

Aboitiz

Power

Corp.

156,016‌

75,537‌

Manila

Electric

Co.

16,860‌

94,482‌

SM

Investments

Corp.

8,522‌

168,552‌

Total

338,571‌

Poland

-

1.5%

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

(a)

29,943‌

248,361‌

Powszechny

Zaklad

Ubezpieczen

SA

(a)

22,201‌

191,854‌

Total

440,215‌

Russia

-

5.8%

Gazprom

PJSC

ADR

44,948‌

268,070‌

LUKOIL

PJSC

ADR

7,716‌

623,916‌

MMC

Norilsk

Nickel

PJSC

ADR

6,843‌

214,254‌

Mobile

TeleSystems

PJSC

ADR

17,720‌

147,785‌

Sberbank

of

Russia

PJSC

ADR

31,209‌

480,774‌

Total

1,734,799‌

Common

Stocks

(continued)

Issuer

Shares

Value

($)

South

Africa

-

5.2%

Anglo

American

Platinum

Ltd.

1,175‌

171,254‌

Bid

Corp.

Ltd.

(a)

13,015‌

252,090‌

Bidvest

Group

Ltd.

(The)

14,133‌

163,083‌

FirstRand

Ltd.

62,977‌

220,156‌

Naspers

Ltd.

Class

N

2,598‌

621,375‌

Shoprite

Holdings

Ltd.

12,574‌

133,793‌

Total

1,561,751‌

South

Korea

-

21.2%

Celltrion

,

Inc.

(a)

1,068‌

306,221‌

Hana

Financial

Group,

Inc.

4,010‌

151,648‌

Hyundai

Mobis

Co.

Ltd.

592‌

152,740‌

Hyundai

Motor

Co.

1,689‌

325,339‌

Kakao

Corp.

936‌

411,865‌

KB

Financial

Group,

Inc.

7,473‌

371,091‌

Kia

Motors

Corp.

3,056‌

223,850‌

KT&G

Corp.

1,654‌

118,962‌

LG

Electronics,

Inc.

2,081‌

275,812‌

NAVER

Corp.

1,217‌

405,398‌

POSCO

982‌

277,659‌

Samsung

Electro-Mechanics

Co.

Ltd.

1,262‌

209,079‌

Samsung

Electronics

Co.

Ltd.

28,863‌

2,075,943‌

Samsung

SDI

Co.

Ltd.

511‌

297,999‌

Shinhan

Financial

Group

Co.

Ltd.

7,648‌

253,075‌

SK

Hynix,

Inc.

4,579‌

536,088‌

Total

6,392,769‌

Taiwan

-

26.0%

Catcher

Technology

Co.

Ltd.

14,504‌

107,510‌

Chang

Hwa

Commercial

Bank

Ltd.

195,131‌

120,021‌

China

Steel

Corp.

225,831‌

204,992‌

Chipbond

Technology

Corp.

63,929‌

174,089‌

Chunghwa

Telecom

Co.

Ltd.

114,361‌

446,895‌

CTBC

Financial

Holding

Co.

Ltd.

199,750‌

154,715‌

Eva

Airways

Corp.

236,792‌

130,292‌

Far

Eastern

New

Century

Corp.

183,898‌

194,642‌

Far

EasTone

Telecommunications

Co.

Ltd.

128,511‌

288,703‌

Formosa

Chemicals

&

Fibre

Corp.

29,772‌

91,404‌

Formosa

Petrochemical

Corp.

29,303‌

99,412‌

Formosa

Plastics

Corp.

70,621‌

249,981‌

Formosa

Taffeta

Co.

Ltd.

93,228‌

100,635‌

Hon

Hai

Precision

Industry

Co.

Ltd.

110,004‌

478,060‌

Largan

Precision

Co.

Ltd.

1,040‌

117,001‌

Makalot

Industrial

Co.

Ltd.

11,984‌

103,531‌

MediaTek

,

Inc.

16,187‌

549,722‌

Nan

Ya

Plastics

Corp.

100,192‌

280,213‌

President

Chain

Store

Corp.

22,456‌

214,069‌

Taiwan

Business

Bank

356,621‌

124,486‌

Taiwan

Mobile

Co.

Ltd.

68,852‌

236,963‌

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

155,436‌

3,197,734‌

Uni

-President

Enterprises

Corp.

65,329‌

167,140‌

Total

7,832,210‌

Tanzania

-

0.5%

AngloGold

Ashanti

Ltd.

6,399‌

139,470‌

Thailand

-

4.1%

BTS

Group

Holdings

PCL

NVDR

1,289,894‌

398,319‌

CP

ALL

PCL

NVDR

74,398‌

164,866‌

Home

Product

Center

PCL

NVDR

280,913‌

133,041‌

Lotus's

Retail

Growth

Freehold

&

Leasehold

Property

Fund

206,513‌

103,091‌

Ratch

Group

PCL

66,792‌

109,539‌

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

EM

Core

ex-China

ETF

March

31,

2021

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

18

Thematic

Beta

ETFs

|

Annual

Report

2021

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Siam

Cement

PCL

(The)

8,001‌

102,157‌

Siam

Commercial

Bank

PCL

(The)

40,213‌

143,480‌

Thai

Union

Group

PCL

NVDR

184,129‌

86,614‌

Total

1,241,107‌

Turkey

-

0.3%

Turkiye

Petrol

Rafinerileri

AS

(a)

7,461‌

81,135‌

Total

Common

Stocks

(Cost:

$21,253,912)

28,625,191‌

Preferred

Stocks

-

4.2%

Issuer

Shares

Value

($)

Brazil

-

3.4%

Azul

SA

Preference

Shares

(a)

10,598‌

71,085‌

Banco

Bradesco

SA

Preference

Shares

50,134‌

237,832‌

Itau

Unibanco

Holding

SA

Preference

Shares

51,847‌

256,984‌

Itausa

SA

Preference

Shares

79,585‌

145,546‌

Petroleo

Brasileiro

SA

Preference

Shares

71,411‌

304,981‌

Total

1,016,428‌

Chile

-

0.8%

Sociedad

Quimica

y

Minera

de

Chile

SA

Preference

Shares

Class

B

4,350‌

233,183‌

Total

Preferred

Stocks

(Cost:

$1,345,437)

1,249,611‌

Money

Market

Funds

-

0.2%

Issuer

Shares

Value

($)

Goldman

Sachs

Financial

Square

Funds

—

Treasury

Instruments

Fund,

Institutional

Shares,

0.006%

(c)

64,070‌

64,070‌

Total

Money

Market

Funds

(Cost:

$64,070)

64,070‌

Total

Investments

in

Securities

(Cost:

$22,663,419)

29,938,872‌

Other

Assets

&

Liabilities,

Net

130,750‌

Net

Assets

30,069,622‌

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

EM

Core

ex-China

ETF

March

31,

2021

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Thematic

Beta

ETFs

|

Annual

Report

2021

19

Notes

to

Portfolio

of

Investments

(a)

Non-income

producing

investment.

(b)

Represents

privately

placed

and

other

securities

and

instruments

exempt

from

Securities

and

Exchange

Commission

registration

(collectively,

private

placements),

such

as

Section

4(a)(2)

and

Rule

144A

eligible

securities,

which

are

often

sold

only

to

qualified

institutional

buyers.

At

March

31,

2021,

the

total

value

of

these

securities

amounted

to

$493,940,

which

represents

1.64%

of

total

net

assets.

(c)

The

rate

shown

is

the

seven-day

current

annualized

yield

at

March

31,

2021.

Abbreviation

Legend

ADR

American

Depositary

Receipts

GDR

Global

Depositary

Receipts

NVDR

Non-Voting

Depository

Receipts

PJSC

Private

Joint

Stock

Company

Fair

Value

Measurements

The

Fund

categorizes

its

fair

value

measurements

according

to

a

three-level

hierarchy

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

prioritizing

that

the

most

observable

input

be

used

when

available.

Observable

inputs

are

those

that

market

participants

would

use

in

pricing

an

investment

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

are

those

that

reflect

the

Fund’s

assumptions

about

the

information

market

participants

would

use

in

pricing

an

investment.

An

investment’s

level

within

the

fair

value

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

deemed

significant

to

the

asset's

or

liability’s

fair

value

measurement.

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

investments

at

that

level.

For

example,

certain

U.S.

government

securities

are

generally

high

quality

and

liquid,

however,

they

are

reflected

as

Level

2

because

the

inputs

used

to

determine

fair

value

may

not

always

be

quoted

prices

in

an

active

market.

Fair

value

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

—

Valuations

based

on

quoted

prices

for

investments

in

active

markets

that

the

Fund

has

the

ability

to

access

at

the

measurement

date.

Valuation

adjustments

are

not

applied

to

Level

1

investments.

Level

2

—

Valuations

based

on

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risks,

etc.).

Level

3

—

Valuations

based

on

significant

unobservable

inputs

(including

the

Fund’s

own

assumptions

and

judgment

in

determining

the

fair

value

of

investments).

Inputs

that

are

used

in

determining

fair

value

of

an

investment

may

include

price

information,

credit

data,

volatility

statistics,

and

other

factors.

These

inputs

can

be

either

observable

or

unobservable.

The

availability

of

observable

inputs

can

vary

between

investments,

and

is

affected

by

various

factors

such

as

the

type

of

investment,

and

the

volume

and

level

of

activity

for

that

investment

or

similar

investments

in

the

marketplace.

The

inputs

will

be

considered

by

the

Investment

Manager,

along

with

any

other

relevant

factors

in

the

calculation

of

an

investment’s

fair

value.

The

Fund

uses

prices

and

inputs

that

are

current

as

of

the

measurement

date,

which

may

include

periods

of

market

dislocations.

During

these

periods,

the

availability

of

prices

and

inputs

may

be

reduced

for

many

investments.

This

condition

could

cause

an

investment

to

be

reclassified

between

the

various

levels

within

the

hierarchy.

Investments

falling

into

the

Level

3

category

are

primarily

supported

by

quoted

prices

from

brokers

and

dealers

participating

in

the

market

for

those

investments.

However,

these

may

be

classified

as

Level

3

investments

due

to

lack

of

market

transparency

and

corroboration

to

support

these

quoted

prices.

Additionally,

valuation

models

may

be

used

as

the

pricing

source

for

any

remaining

investments

classified

as

Level

3.

These

models

may

rely

on

one

or

more

significant

unobservable

inputs

and/or

significant

assumptions

by

the

Investment

Manager.

Inputs

used

in

valuations

may

include,

but

are

not

limited

to,

financial

statement

analysis,

capital

account

balances,

discount

rates

and

estimated

cash

flows,

and

comparable

company

data.

Under

the

direction

of

the

Fund’s

Board

of

Trustees

(the

Board),

the

Investment

Manager’s

Valuation

Committee

(the

Committee)

is

responsible

for

overseeing

the

valuation

procedures

approved

by

the

Board.

The

Committee

consists

of

voting

and

non-voting

members

from

various

groups

within

the

Investment

Manager’s

organization,

including

operations

and

accounting,

trading

and

investments,

compliance,

risk

management

and

legal.

The

Committee

meets

at

least

monthly

to

review

and

approve

valuation

matters,

which

may

include

a

description

of

specific

valuation

determinations,

data

regarding

pricing

information

received

from

approved

pricing

vendors

and

brokers

and

the

results

of

Board-approved

valuation

control

policies

and

procedures

(the

Policies).

The

Policies

address,

among

other

things,

instances

when

market

quotations

are

or

are

not

readily

available,

including

recommendations

of

third

party

pricing

vendors

and

a

determination

of

appropriate

pricing

methodologies;

events

that

require

specific

valuation

determinations

and

assessment

of

fair

value

techniques;

securities

with

a

potential

for

stale

pricing,

including

those

that

are

illiquid,

restricted,

or

in

default;

and

the

effectiveness

of

third-party

pricing

vendors,

including

periodic

reviews

of

vendors.

The

Committee

meets

more

frequently,

as

needed,

to

discuss

additional

valuation

matters,

which

may

include

the

need

to

review

back-testing

results,

review

time-

sensitive

information

or

approve

related

valuation

actions.

The

Committee

reports

to

the

Board,

with

members

of

the

Committee

meeting

with

the

Board

at

each

of

its

regularly

scheduled

meetings

to

discuss

valuation

matters

and

actions

during

the

period,

similar

to

those

described

earlier.

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

EM

Core

ex-China

ETF

March

31,

2021

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

20

Thematic

Beta

ETFs

|

Annual

Report

2021

Fair

Value

Measurements

(continued)

The

following

table

is

a

summary

of

the

inputs

used

to

value

the

Fund’s

investments

at

March

31,

2021:

Level

1

($)

Level

2

($)

Level

3

($)

Total

($)

Investments

in

Securities

Common

Stocks

Brazil

1,228,060

–

–

1,228,060

Chile

260,772

–

–

260,772

India

4,987,477

–

–

4,987,477

Indonesia

840,447

–

–

840,447

Malaysia

716,700

–

–

716,700

Mexico

829,708

–

–

829,708

Philippines

338,571

–

–

338,571

Poland

440,215

–

–

440,215

Russia

1,734,799

–

–

1,734,799

South

Africa

1,561,751

–

–

1,561,751

South

Korea

6,392,769

–

–

6,392,769

Taiwan

7,832,210

–

–

7,832,210

Tanzania

139,470

–

–

139,470

Thailand

1,241,107

–

–

1,241,107

Turkey

81,135

–

–

81,135

Total

Common

Stocks

28,625,191

–

–

28,625,191

Preferred

Stocks

Brazil

1,016,428

–

–

1,016,428

Chile

233,183

–

–

233,183

Total

Preferred

Stocks

1,249,611

–

–

1,249,611

Money

Market

Funds

64,070

–

–

64,070

Total

Investments

in

Securities

29,938,872

–

–

29,938,872

See

the

Portfolio

of

Investments

for

all

investment

classifications

not

indicated

in

the

table.

PORTFOLIO

OF

INVESTMENTS

Columbia

Emerging

Markets

Consumer

ETF

March

31,

2021

(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

2021

21

Common

Stocks

-

99.9%

Issuer

Shares

Value

($)

Brazil

-

4.7%

Lojas

Renner

SA

386,293‌

2,915,509‌

Petrobras

Distribuidora

SA

369,938‌

1,447,498‌

Raia

Drogasil

SA

563,518‌

2,502,527‌

Telefonica

Brasil

SA

219,985‌

1,724,249‌

Total

8,589,783‌

China

-

50.0%

Alibaba

Group

Holding

Ltd.

ADR

(a)

36,190‌

8,205,359‌

ANTA

Sports

Products

Ltd.

171,477‌

2,796,762‌

Autohome

,

Inc.

ADR

10,968‌

1,022,985‌

Baidu,

Inc.

ADR

(a)

33,234‌

7,230,057‌

Bilibili

,

Inc.

ADR

(a)

29,812‌

3,191,673‌

BYD

Co.

Ltd.

Class

H

142,496‌

3,022,412‌

China

Feihe

Ltd.

(b)

548,262‌

1,551,462‌

China

Mengniu

Dairy

Co.

Ltd.

(a)

522,697‌

2,991,853‌

China

Resources

Beer

Holdings

Co.

Ltd.

261,431‌

2,049,562‌

China

Tower

Corp.

Ltd.

Class

H

(b)

8,954,456‌

1,324,547‌

Dongfeng

Motor

Group

Co.

Ltd.

Class

H

471,912‌

438,257‌

Geely

Automobile

Holdings

Ltd.

1,092,443‌

2,779,428‌

Guangzhou

Automobile

Group

Co.

Ltd.

Class

H

540,723‌

454,170‌

Haier

Smart

Home

Co.

Ltd.

Class

H

(a)

366,501‌

1,466,108‌

Hengan

International

Group

Co.

Ltd.

134,245‌

882,367‌

iQIYI

,

Inc.

ADR

(a)

62,197‌

1,033,714‌

JD.com,

Inc.

ADR

(a)

94,922‌

8,004,772‌

JOYY,

Inc.

ADR

10,794‌

1,011,721‌

Meituan

Class

B

(a),(b)

207,631‌

7,963,980‌

NetEase

,

Inc.

ADR

76,907‌

7,941,417‌

New

Oriental

Education

&

Technology

Group,

Inc.

ADR

(a)

287,344‌

4,022,816‌

TAL

Education

Group

ADR

(a)

76,660‌

4,128,141‌

Tencent

Holdings

Ltd.

99,945‌

7,841,899‌

Tencent

Music

Entertainment

Group

ADR

(a)

79,790‌

1,634,897‌

Vipshop

Holdings

Ltd.

ADR

(a)

74,184‌

2,215,134‌

Want

Want

China

Holdings

Ltd.

1,190,595‌

892,818‌

Yum

China

Holdings,

Inc.

80,671‌

4,776,530‌

Zhongsheng

Group

Holdings

Ltd.

96,446‌

679,822‌

Total

91,554,663‌

Greece

-

0.4%

Hellenic

Telecommunications

Organization

SA

43,698‌

702,581‌

India

-

12.6%

Hero

MotoCorp

Ltd.

52,924‌

2,109,034‌

Hindustan

Unilever

Ltd.

277,512‌

9,229,050‌

ITC

Ltd.

1,185,771‌

3,543,669‌

Maruti

Suzuki

India

Ltd.

52,571‌

4,931,973‌

Nestle

India

Ltd.

14,329‌

3,364,075‌

Total

23,177,801‌

Indonesia

-

1.9%

PT

Astra

International

Tbk

3,451,114‌

1,253,331‌

PT

Telkom

Indonesia

Persero

Tbk

8,106,918‌

1,908,823‌

PT

Unilever

Indonesia

Tbk

975,591‌

441,619‌

Total

3,603,773‌

Mexico

-

2.4%

Fomento

Economico

Mexicano

SAB

de

CV

Series

UBD

271,335‌

2,043,450‌

Wal-Mart

de

Mexico

SAB

de

CV

739,254‌

2,329,352‌

Total

4,372,802‌

Russia

-

4.5%

Magnit

PJSC

GDR

92,394‌

1,384,986‌

Mobile

TeleSystems

PJSC

ADR

110,175‌

918,859‌

Common

Stocks

(continued)

Issuer

Shares

Value

($)

X5

Retail

Group

NV

GDR

27,283‌

879,604‌

Yandex

NV

Class

A

(a)

78,043‌

4,999,435‌

Total

8,182,884‌

Saudi

Arabia

-

3.9%

Almarai

Co.

JSC

74,622‌

1,034,648‌

Saudi

Telecom

Co.

179,093‌

6,055,085‌

Total

7,089,733‌

South

Africa

-

3.7%

Shoprite

Holdings

Ltd.

294,031‌

3,128,631‌

Vodacom

Group

Ltd.

423,877‌

3,624,394‌

Total

6,753,025‌

Taiwan

-

12.1%

Chunghwa

Telecom

Co.

Ltd.

1,795,813‌

7,017,599‌

Hotai

Motor

Co.

Ltd.

171,129‌

3,526,578‌

President

Chain

Store

Corp.

273,744‌

2,609,553‌

Taiwan

Mobile

Co.

Ltd.

803,215‌

2,764,368‌

Uni

-President

Enterprises

Corp.

2,423,910‌

6,201,431‌

Total

22,119,529‌

Thailand

-

2.8%

Advanced

Info

Service

PCL

267,500‌

1,485,160‌

CP

ALL

PCL

1,099,805‌

2,437,168‌

Thai

Beverage

PCL

2,133,344‌

1,174,959‌

Total

5,097,287‌

United

Arab

Emirates

-

0.9%

Emirates

Telecommunications

Group

Co.

PJSC

279,274‌

1,645,315‌

Total

Common

Stocks

(Cost:

$150,883,999)

182,889,176‌

Money

Market

Funds

-

0.1%

Issuer

Shares

Value

($)

Goldman

Sachs

Financial

Square

Funds

—

Treasury

Instruments

Fund,

Institutional

Shares,

0.006%

(c)

119,492‌

119,492‌

Total

Money

Market

Funds

(Cost:

$119,492)

119,492‌

Total

Investments

in

Securities

(Cost:

$151,003,491)

183,008,668‌

Other

Assets

&

Liabilities,

Net

(10,030‌)

Net

Assets

182,998,638‌

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Emerging

Markets

Consumer

ETF

March

31,

2021

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

22

Thematic

Beta

ETFs

|

Annual

Report

2021

Notes

to

Portfolio

of

Investments

(a)

Non-income

producing

investment.

(b)

Represents

privately

placed

and

other

securities

and

instruments

exempt

from

Securities

and

Exchange

Commission

registration

(collectively,

private

placements),

such

as

Section

4(a)(2)

and

Rule

144A

eligible

securities,

which

are

often

sold

only

to

qualified

institutional

buyers.

At

March

31,

2021,

the

total

value

of

these

securities

amounted

to

$10,839,989,

which

represents

5.92%

of

total

net

assets.

(c)

The

rate

shown

is

the

seven-day

current

annualized

yield

at

March

31,

2021.

Abbreviation

Legend

ADR

American

Depositary

Receipts

GDR

Global

Depositary

Receipts

PJSC

Private

Joint

Stock

Company

Fair

Value

Measurements

The

Fund

categorizes

its

fair

value

measurements

according

to

a

three-level

hierarchy

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

prioritizing

that

the

most

observable

input

be

used

when

available.

Observable

inputs

are

those

that

market

participants

would

use

in

pricing

an

investment

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

are

those

that

reflect

the

Fund’s

assumptions

about

the

information

market

participants

would

use

in

pricing

an

investment.

An

investment’s

level

within

the

fair

value

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

deemed

significant

to

the

asset's

or

liability’s

fair

value

measurement.

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

investments

at

that

level.

For

example,

certain

U.S.

government

securities

are

generally

high

quality

and

liquid,

however,

they

are

reflected

as

Level

2

because

the

inputs

used

to

determine

fair

value

may

not

always

be

quoted

prices

in

an

active

market.

Fair

value

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

—

Valuations

based

on

quoted

prices

for

investments

in

active

markets

that

the

Fund

has

the

ability

to

access

at

the

measurement

date.

Valuation

adjustments

are

not

applied

to

Level

1

investments.

Level

2

—

Valuations

based

on

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risks,

etc.).

Level

3

—

Valuations

based

on

significant

unobservable

inputs

(including

the

Fund’s

own

assumptions

and

judgment

in

determining

the

fair

value

of

investments).

Inputs

that

are

used

in

determining

fair

value

of

an

investment

may

include

price

information,

credit

data,

volatility

statistics,

and

other

factors.

These

inputs

can

be

either

observable

or

unobservable.

The

availability

of

observable

inputs

can

vary

between

investments,

and

is

affected

by

various

factors

such

as

the

type

of

investment,

and

the

volume

and

level

of

activity

for

that

investment

or

similar

investments

in

the

marketplace.

The

inputs

will

be

considered

by

the

Investment

Manager,

along

with

any

other

relevant

factors

in

the

calculation

of

an

investment’s

fair

value.

The

Fund

uses

prices

and

inputs

that

are

current

as

of

the

measurement

date,

which

may

include

periods

of

market

dislocations.

During

these

periods,

the

availability

of

prices

and

inputs

may

be

reduced

for

many

investments.

This

condition

could

cause

an

investment

to

be

reclassified

between

the

various

levels

within

the

hierarchy.

Investments

falling

into

the

Level

3

category

are

primarily

supported

by

quoted

prices

from

brokers

and

dealers

participating

in

the

market

for

those

investments.

However,

these

may

be

classified

as

Level

3

investments

due

to

lack

of

market

transparency

and

corroboration

to

support

these

quoted

prices.

Additionally,

valuation

models

may

be

used

as

the

pricing

source

for

any

remaining

investments

classified

as

Level

3.

These

models

may

rely

on

one

or

more

significant

unobservable

inputs

and/or

significant

assumptions

by

the

Investment

Manager.

Inputs

used

in

valuations

may

include,

but

are

not

limited

to,

financial

statement

analysis,

capital

account

balances,

discount

rates

and

estimated

cash

flows,

and

comparable

company

data.

Under

the

direction

of

the

Fund’s

Board

of

Trustees

(the

Board),

the

Investment

Manager’s

Valuation

Committee

(the

Committee)

is

responsible

for

overseeing

the

valuation

procedures

approved

by

the

Board.

The

Committee

consists

of

voting

and

non-voting

members

from

various

groups

within

the

Investment

Manager’s

organization,

including

operations

and

accounting,

trading

and

investments,

compliance,

risk

management

and

legal.

The

Committee

meets

at

least

monthly

to

review

and

approve

valuation

matters,

which

may

include

a

description

of

specific

valuation

determinations,

data

regarding

pricing

information

received

from

approved

pricing

vendors

and

brokers

and

the

results

of

Board-approved

valuation

control

policies

and

procedures

(the

Policies).

The

Policies

address,

among

other

things,

instances

when

market

quotations

are

or

are

not

readily

available,

including

recommendations

of

third

party

pricing

vendors

and

a

determination

of

appropriate

pricing

methodologies;

events

that

require

specific

valuation

determinations

and

assessment

of

fair

value

techniques;

securities

with

a

potential

for

stale

pricing,

including

those

that

are

illiquid,

restricted,

or

in

default;

and

the

effectiveness

of

third-party

pricing

vendors,

including

periodic

reviews

of

vendors.

The

Committee

meets

more

frequently,

as

needed,

to

discuss

additional

valuation

matters,

which

may

include

the

need

to

review

back-testing

results,

review

time-

sensitive

information

or

approve

related

valuation

actions.

The

Committee

reports

to

the

Board,

with

members

of

the

Committee

meeting

with

the

Board

at

each

of

its

regularly

scheduled

meetings

to

discuss

valuation

matters

and

actions

during

the

period,

similar

to

those

described

earlier.

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Emerging

Markets

Consumer

ETF

March

31,

2021

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Thematic

Beta

ETFs

|

Annual

Report

2021

23

Fair

Value

Measurements

(continued)

The

following

table

is

a

summary

of

the

inputs

used

to

value

the

Fund’s

investments

at

March

31,

2021:

Level

1

($)

Level

2

($)

Level

3

($)

Total

($)

Investments

in

Securities

Common

Stocks

Brazil

8,589,783

–

–

8,589,783

China

91,554,663

–

–

91,554,663

Greece

702,581

–

–

702,581

India

23,177,801

–

–

23,177,801

Indonesia

3,603,773

–

–

3,603,773

Mexico

4,372,802

–

–

4,372,802

Russia

8,182,884

–

–

8,182,884

Saudi

Arabia

7,089,733

–

–

7,089,733

South

Africa

6,753,025

–

–

6,753,025

Taiwan

22,119,529

–

–

22,119,529

Thailand

5,097,287

–

–

5,097,287

United

Arab

Emirates

1,645,315

–

–

1,645,315

Total

Common

Stocks

182,889,176

–

–

182,889,176

Money

Market

Funds

119,492

–

–

119,492

Total

Investments

in

Securities

183,008,668

–

–

183,008,668

See

the

Portfolio

of

Investments

for

all

investment

classifications

not

indicated

in

the

table.

PORTFOLIO

OF

INVESTMENTS

(Consolidated)

Columbia

India

Consumer

ETF

March

31,

2021

(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.

24

Thermatic

Beta

ETFs

|

Annual

Report

2021

Notes

to

Consolidated

Portfolio

of

Investments

Common

Stocks

-

101.8%

Issuer

Shares

Value

($)

Consumer

Discretionary

-

57.9%

Bajaj

Auto

Ltd.

(a)

89,823‌

4,509,471‌

Balkrishna

Industries

Ltd.

69,928‌

1,614,928‌

Bharat

Forge

Ltd.

(a)

216,935‌

1,768,236‌

Bosch

Ltd.

22,595‌

4,353,865‌

Crompton

Greaves

Consumer

Electricals

Ltd.

462,183‌

2,481,159‌

Eicher

Motors

Ltd.

(a)

116,764‌

4,158,556‌

Hero

MotoCorp

Ltd.

100,435‌

4,002,358‌

Jubilant

Foodworks

Ltd.

(a)

66,096‌

2,631,545‌

Mahindra

&

Mahindra

Ltd.

393,212‌

4,276,922‌

Maruti

Suzuki

India

Ltd.

47,421‌

4,448,823‌

Motherson

Sumi

Systems

Ltd.

(a)

1,033,325‌

2,847,116‌

MRF

Ltd.

1,965‌

2,210,799‌

Page

Industries

Ltd.

4,215‌

1,747,798‌

Relaxo

Footwears

Ltd.

(a)

55,260‌

662,391‌

Tata

Motors

Ltd.

(a)

1,059,711‌

4,374,291‌

Titan

Co.

Ltd.

226,989‌

4,837,123‌

TVS

Motor

Co.

Ltd.

147,811‌

1,182,771‌

Whirlpool

of

India

Ltd.

28,043‌

854,019‌

Total

52,962,171‌

Consumer

Staples

-

43.9%

Avenue

Supermarts

Ltd.

(a),(b)

107,534‌

4,205,024‌

Britannia

Industries

Ltd.

97,987‌

4,858,290‌

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Colgate-Palmolive

India

Ltd.

117,628‌

2,508,738‌

Dabur

India

Ltd.

494,606‌

3,656,420‌

Godrej

Consumer

Products

Ltd.

(a)

332,459‌

3,317,826‌

Hindustan

Unilever

Ltd.

152,630‌

5,075,924‌

ITC

Ltd.

1,639,918‌

4,900,885‌

Marico

Ltd.

465,632‌

2,619,404‌

Nestle

India

Ltd.

20,123‌

4,724,355‌

Procter

&

Gamble

Hygiene

&

Health

Care

Ltd.

8,389‌

1,454,770‌

United

Breweries

Ltd.

54,331‌

922,524‌

United

Spirits

Ltd.

(a)

251,871‌

1,916,581‌

Total

40,160,741‌

Total

Common

Stocks

(Cost:

$63,053,118)

93,122,912‌

Money

Market

Funds

-

0.0%

Issuer

Shares

Value

($)

Goldman

Sachs

Financial

Square

Funds

—

Treasury

Instruments

Fund,

Institutional

Shares,

0.006%

(c)

17,383‌

17,383‌

Total

Money

Market

Funds

(Cost:

$17,383)

17,383‌

Total

Investments

in

Securities

(Cost:

$63,070,501)

93,140,295‌

Other

Assets

&

Liabilities,

Net

(1,608,107‌)

Net

Assets

91,532,188‌

(a)

Non-income

producing

investment.

(b)

Represents

privately

placed

and

other

securities

and

instruments

exempt

from

Securities

and

Exchange

Commission

registration

(collectively,

private

placements),

such

as

Section

4(a)(2)

and

Rule

144A

eligible

securities,

which

are

often

sold

only

to

qualified

institutional

buyers.

At

March

31,

2021,

the

total

value

of

these

securities

amounted

to

$4,205,024,

which

represents

4.59%

of

total

net

assets.

(c)

The

rate

shown

is

the

seven-day

current

annualized

yield

at

March

31,

2021.

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,

2021

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Thermatic

Beta

ETFs

|

Annual

Report

2021

25

See

the

Portfolio

of

Investments

for

all

investment

classifications

not

indicated

in

the

table.

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,

2021:

Level

1

($)

Level

2

($)

Level

3

($)

Total

($)

Investments

in

Securities

Common

Stocks

Consumer

Discretionary

52,962,171

–

–

52,962,171

Consumer

Staples

40,160,741

–

–

40,160,741

Total

Common

Stocks

93,122,912

–

–

93,122,912

Money

Market

Funds

17,383

–

–

17,383

Total

Investments

in

Securities

93,140,295

–

–

93,140,295

STATEMENT

OF

ASSETS

AND

LIABILITIES

March

31,

2021

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

26

Thematic

Beta

ETFs

|

Annual

Report

2021

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

$22,663,419,

$151,003,491

and

$63,070,501,

respectively)

$29,938,872

$183,008,668

$93,140,295

Cash

–

–

257

Foreign

currency

(cost

$1,409,

$–

and

$34,567,

respectively)

1,409

–

34,717

Receivable

for:

Dividends

133,893

182,591

28,688

Foreign

tax

reclaims

539

–

–

Reimbursement

due

from

Investment

Manager

–

1,137

9,012

Total

assets

30,074,713

183,192,396

93,212,969

Liabilities

Due

to

custodian

–

53

–

Payable

for:

Investment

management

fees

4,098

94,257

58,689

Foreign

capital

gains

taxes

deferred

173

99,448

1,621,786

Accrued

expenses

and

other

liabilities

820

–

306

Total

liabilities

5,091

193,758

1,680,781

Net

assets

applicable

to

outstanding

capital

stock

$30,069,622

$182,998,638

$91,532,188

Represented

by:

Paid-in

capital

$23,643,871

$367,053,357

$65,575,773

Total

distributable

earnings

(loss)

6,425,751

(184,054,719)

25,956,415

Total

—

representing

net

assets

applicable

to

outstanding

capital

stock

$30,069,622

$182,998,638

$91,532,188

Shares

outstanding

950,000

6,600,000

1,800,000

Net

asset

value

per

share

$31.65

$27.73

$50.85

STATEMENT

OF

OPERATIONS

For

the

Year

Ended

March

31,

2021

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Thematic

Beta

ETFs

|

Annual

Report

2021

27

Columbia

EM

Core

ex-

China

ETF

Columbia

Emerging

Markets

Consumer

ETF

Columbia

India

Consumer

ETF

(Consolidated)

Investment

Income:

Dividends

-

unaffiliated

issuers

$707,783

$3,476,371

$997,504

Foreign

taxes

withheld

(98,560)

(440,351)

(220,254)

Total

income

609,223

3,036,020

777,250

Expenses:

Excise

tax

–

1,101

–

Investment

management

fees

35,181

1,037,927

596,864

Mauritius

taxes

paid

–

–

40,758

Overdraft

expense

–

1,626

2,479

Total

expenses

35,181

1,040,654

640,101

Fees

waived

by

the

Investment

Manager

and

its

affiliates

–

(2,727)

(40,924)

Total

net

expenses

35,181

1,037,927

599,177

Net

Investment

income

574,042

1,998,093

178,073

Realized

and

unrealized

gain

(loss)

—

net

Net

realized

gain

(loss)

on:

Investments

-

unaffiliated

issuers

(526,389)

(6,775,287)

2,330,375

In-kind

transactions

–

3,372,669

–

Foreign

currency

translations

(28,792)

(253,123)

(1,813)

Net

realized

gain

(loss)

(555,181)

(3,655,741)

2,328,562

Change

in

net

unrealized

appreciation

(depreciation)

on:

Investments

-

unaffiliated

issuers

10,759,411

60,958,619

37,625,713

Foreign

capital

gains

tax

(173)

(99,448)

(1,621,786)

Foreign

currency

translations

1,009

6,077

(143)

Net

change

in

unrealized

appreciation

10,760,247

60,865,248

36,003,784

Net

realized

and

unrealized

gain

10,205,066

57,209,507

38,332,346

Net

Increase

in

net

assets

resulting

from

operations

$10,779,108

$59,207,600

$38,510,419

STATEMENT

OF

CHANGES

IN

NET

ASSETS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

28

Thematic

Beta

ETFs

|

Annual

Report

2021

,

Columbia

EM

Core

ex-China

ETF

Columbia

Emerging

Markets

Consumer

ETF

Year

Ended

March

31,

2021

Year

Ended

March

31,

2020

Year

Ended

March

31,

2021

Year

Ended

March

31,

2020

Operations

Net

investment

income

$574,042

$367,166

$1,998,093

$2,990,830

Net

realized

gain

(loss)

(555,181)

44,948

(3,655,741)

(5,774,308)

Net

change

in

unrealized

appreciation

(depreciation)

10,760,247

(5,281,152)

60,865,248

(22,935,083)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

10,779,108

(4,869,038)

59,207,600

(25,718,561)

Distributions

to

shareholders

Net

investment

income

and

net

realized

gains

(440,955)

(352,464)

(1,161,030)

(4,114,374)

Shareholder

transactions

Proceeds

from

shares

sold

5,410,220

8,111,660

4,208,501

–

Cost

of

shares

redeemed

–

–

(54,177,623)

(85,364,536)

Net

increase

(decrease)

in

net

assets

resulting

from

shareholder

transactions

5,410,220

8,111,660

(49,969,122)

(85,364,536)

Increase

(decrease)

in

net

assets

15,748,373

2,890,158

8,077,448

(115,197,471)

Net

Assets:

Net

assets

at

beginning

of

year

14,321,249

11,431,091

174,921,190

290,118,661

Net

assets

at

end

of

year

$30,069,622

$14,321,249

$182,998,638

$174,921,190

Capital

stock

activity

Shares

outstanding,

beginning

of

year

750,000

450,000

8,900,000

12,800,000

Subscriptions

200,000

300,000

150,000

–

Redemptions

–

–

(2,450,000)

(3,900,000)

Shares

outstanding,

end

of

year

950,000

750,000

6,600,000

8,900,000

STATEMENT

OF

CHANGES

IN

NET

ASSETS

(continued)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

Thematic

Beta

ETFs

|

Annual

Report

2021

29

Columbia

India

Consumer

ETF

(Consolidated)

Year

Ended

March

31,

2021

Year

Ended

March

31,

2020

Operations

Net

investment

income

$178,073

$770,852

Net

realized

gain

(loss)

2,328,562

(120,282)

Net

change

in

unrealized

appreciation

(depreciation)

36,003,784

(27,647,553)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

38,510,419

(26,996,983)

Distributions

to

shareholders

Net

investment

income

and

net

realized

gains

(296,280)

(299,950)

Shareholder

transactions

Cost

of

shares

redeemed

(14,446,012)

(35,375,250)

Net

decrease

in

net

assets

resulting

from

shareholder

transactions

(14,446,012)

(35,375,250)

Increase

(decrease)

in

net

assets

23,768,127

(62,672,183)

Net

Assets:

Net

assets

at

beginning

of

year

67,764,061

130,436,244

Net

assets

at

end

of

year

$91,532,188

$67,764,061

Capital

stock

activity

Shares

outstanding,

beginning

of

year

2,200,000

3,100,000

Subscriptions

–

–

Redemptions

(400,000)

(900,000)

Shares

outstanding,

end

of

year

1,800,000

2,200,000

FINANCIAL

HIGHLIGHTS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

30

Thematic

Beta

ETFs

|

Annual

Report

2021

The

following

tables

are

intended

to

help

you

understand

each

Fund’s

financial

performance.

Per

share

net

investment

income

(loss)

amounts

are

calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

assumes

reinvestment

of

all

dividends

and

distributions,

if

any.

Total

Return

at

NAV

is

calculated

assuming

an

initial

investment

made

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

net

asset

value

during

the

period

and

redemption

on

the

last

day

of

the

period.

Total

Return

at

Market

is

calculated

assuming

an

initial

investment

made

at

the

market

price

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

market

price

during

the

period

and

redemption

on

the

last

day

of

the

period.

The

total

return

would

have

been

lower

if

certain

expenses

had

not

been

reimbursed/waived

by

the

Investment

Manager.

Through

July

31,

2020,

Market

Price

returns

are

based

on

the

midpoint

of

the

bid/ask

spread

for

fund

shares

at

market

close

(typically

4

pm

ET).

Beginning

with

August

31,

2020

month-end

performance,

Market

Price

returns

are

based

on

closing

prices

reported

by

the

fund's

primary

listing

exchange

(typically

4

pm

ET

close).

These

returns

do

not

represent

the

returns

an

investor

would

receive

if

shares

were

traded

at

other

times.

Total

return

and

portfolio

turnover

are

not

annualized

for

periods

of

less

than

one

year.

The

portfolio

turnover

rate

is

calculated

without

regard

to

purchase

and

sales

transactions

of

short-term

instruments,

certain

derivatives

and

in-kind

transactions,

if

any.

If

such

transactions

were

included,

the

Fund’s

portfolio

turnover

rate

may

be

higher.

Columbia

EM

Core

ex-China

ETF

Year

Ended

March

31,

2021

2020

2019

2018

2017

Per

share

data

Net

asset

value,

beginning

of

year

$19.09‌

$25.40‌

$28.03‌

$24.91‌

$21.23‌

Income

(loss)

from

investment

operations:

Net

investment

income

0.68‌

0.69‌

0.65‌

0.66‌

0.41‌

Net

realized

and

unrealized

gain

(loss)

12.37‌

(6.41‌)

(2.51‌)

4.83‌

3.55‌

Total

from

investment

operations

13.05‌

(5.72‌)

(1.86‌)

5.49‌

3.96‌

Less

distributions

to

shareholders:

Net

investment

income

(0.49‌)

(0.59‌)

(0.62‌)

(0.61‌)

(0.28‌)

Net

realized

gains

–‌

–‌

(0.15‌)

(1.76‌)

–‌

Total

distribution

to

shareholders

(0.49‌)

(0.59‌)

(0.77‌)

(2.37‌)

(0.28‌)

Net

asset

value,

end

of

year

$31.65‌

$19.09‌

$25.40‌

$28.03‌

$24.91‌

Total

Return

at

NAV

68.56‌%

(23.25‌)%

(6.38‌)%

22.76‌%

18.83‌%

Total

Return

at

Market

69.09‌%

(23.43‌)%

(7.37‌)%

20.45‌%

23.20‌%

Ratios

to

average

net

assets:

Total

gross

expenses

(a)

0.16‌%

0.19‌%

(b)

0.47‌%

(c)

0.70‌%

(d)

0.70‌%

Total

net

expenses

(a)(e)

0.16‌%

0.19‌%

(b)

0.35‌%

(c)

0.35‌%

(d)

0.35‌%

Net

Investment

income

2.61‌%

2.70‌%

2.54‌%

2.40‌%

1.80‌%

Supplemental

data

Net

assets,

end

of

year

(in

thousands)

$30,070‌

$14,321‌

$11,431‌

$9,811‌

$11,209‌

Portfolio

turnover

19‌%

14‌%

24‌%

37‌%

30‌%

Notes

to

Financial

Highlights

(a)

In

addition

to

the

fees

and

expenses

that

the

Fund

bears

directly,

the

Fund

indirectly

bears

a

pro

rata

share

of

the

fees

and

expenses

of

any

other

funds

in

which

it

invests.

Such

indirect

expenses

are

not

included

in

the

Fund's

reported

expense

ratios.

(b)

The

ratio

includes

less

than

0.01%

for

the

year

ended

March

31,

2020

attributed

to

overdraft

expense

and

tax

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

(c)

The

ratio

includes

less

than

0.01%

for

the

year

ended

March

31,

2019

attributed

to

overdraft

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

(d)

The

ratio

includes

less

than

0.01%

for

the

year

ended

March

31,

2018

attributed

to

line

of

credit

interest

expense,

overdraft

expense

and

tax

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

(e)

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

2021

31

Columbia

Emerging

Markets

Consumer

ETF

Year

Ended

March

31,

2021

2020

2019

(a)(b)

2018

(a)

2017

(a)

Per

share

data

Net

asset

value,

beginning

of

year

$19.65‌

$22.67‌

$26.34‌

$24.75‌

$22.60‌

Income

(loss)

from

investment

operations:

Net

investment

income

0.29‌

0.27‌

0.25‌

0.10‌

0.18‌

Net

realized

and

unrealized

gain

(loss)

7.97‌

(2.90‌)

(3.72‌)

1.59‌

2.13‌

Total

from

investment

operations

8.26‌

(2.63‌)

(3.47‌)

1.69‌

2.31‌

Less

distributions

to

shareholders:

Net

investment

income

(0.18‌)

(0.39‌)

(0.20‌)

(0.10‌)

(0.16‌)

Net

asset

value,

end

of

year

$27.73‌

$19.65‌

$22.67‌

$26.34‌

$24.75‌

Total

Return

at

NAV

42.02‌%

(11.87‌)%

(13.08‌)%

6.81‌%

10.35‌%

Total

Return

at

Market

43.27‌%

(11.95‌)%

(13.90‌)%

7.16‌%

10.75‌%

Ratios

to

average

net

assets:

Total

gross

expenses

(c)

0.59‌%

(d)

0.60‌%

(e)

0.61‌%

(f)

0.81‌%

(g)

0.85‌%

(h)

Total

net

expenses

(c)(

i

)

0.59‌%

(d)

0.60‌%

(e)

0.61‌%

(f)

0.81‌%

(g)

0.85‌%

(h)

Net

Investment

income

1.14‌%

1.20‌%

1.07‌%

0.37‌%

0.77‌%

Supplemental

data

Net

assets,

end

of

year

(in

thousands)

$182,999‌

$174,921‌

$290,119‌

$809,911‌

$741,171‌

Portfolio

turnover

40‌%

37‌%

61‌%

27‌%

17‌%

Notes

to

Financial

Highlights

(a)

Consolidated.

(b)

EG

Shares

Consumer

Mauritius,

the

Fund's

Subsidiary,

was

liquidated

on

November

30,

2018.

(c)

In

addition

to

the

fees

and

expenses

that

the

Fund

bears

directly,

the

Fund

indirectly

bears

a

pro

rata

share

of

the

fees

and

expenses

of

any

other

funds

in

which

it

invests.

Such

indirect

expenses

are

not

included

in

the

Fund's

reported

expense

ratios.

(d)

The

total

gross

expense

ratio

includes

less

than

0.01%

for

the

year

ended

March

31,

2021

attributed

to

overdraft

expense

and

tax

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

There

is

no

impact

to

the

total

net

expense

ratio

attributed

to

overdraft

expense

and

tax

expense,

as

the

entire

overdraft

expense

and

tax

expense

were

waived

for

the

year

ended

March

31,

2021.

(e)

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).

(f)

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).

(g)

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).

(h)

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).

(

i

)

Total

net

expenses

include

the

impact

of

certain

fee

waivers/expense

reimbursements

made

by

the

Investment

Manager

and

certain

of

its

affiliates,

if

applicable.

FINANCIAL

HIGHLIGHTS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

these

financial

statements.

32

Thematic

Beta

ETFs

|

Annual

Report

2021

Columbia

India

Consumer

ETF

(Consolidated)

Year

Ended

March

31,

2021

2020

2019

2018

2017

Per

share

data

Net

asset

value,

beginning

of

year

$30.80‌

$42.08‌

$45.81‌

$38.31‌

$31.16‌

Income

(loss)

from

investment

operations:

Net

investment

income

(loss)

0.09‌

0.29‌

0.12‌

0.01‌

(0.03‌)

Net

realized

and

unrealized

gain

(loss)

20.12‌

(11.45‌)

(3.80‌)

7.52‌

7.21‌

Total

from

investment

operations

20.21‌

(11.16‌)

(3.68‌)

7.53‌

7.18‌

Less

distributions

to

shareholders:

Net

investment

income

(0.16‌)

(0.12‌)

(0.05‌)

(0.03‌)

(0.03‌)

Net

asset

value,

end

of

year

$50.85‌

$30.80‌

$42.08‌

$45.81‌

$38.31‌

Total

Return

at

NAV

65.67‌%

(26.60‌)%

(8.03‌)%

19.64‌%

23.06‌%

Total

Return

at

Market

69.58‌%

(28.00‌)%

(8.44‌)%

19.98‌%

23.67‌%

Ratios

to

average

net

assets:

Total

gross

expenses

(a)

0.80‌%

(b)

0.81‌%

(c)

0.77‌%

(d)

0.87‌%

(e)

0.89‌%

(f)

Total

net

expenses

(a)(g)

0.75‌%

(b)

0.81‌%

(c)

0.77‌%

(d)

0.87‌%

(e)

0.89‌%

(f)

Net

Investment

income

(loss)

0.22‌%

0.70‌%

0.26‌%

0.01‌%

(0.09‌)%

Supplemental

data

Net

assets,

end

of

year

(in

thousands)

$91,532‌

$67,764‌

$130,436‌

$144,289‌

$88,102‌

Portfolio

turnover

16‌%

11‌%

15‌%

28‌%

31‌%

Notes

to

Financial

Highlights

(a)

In

addition

to

the

fees

and

expenses

that

the

Fund

bears

directly,

the

Fund

indirectly

bears

a

pro

rata

share

of

the

fees

and

expenses

of

any

other

funds

in

which

it

invests.

Such

indirect

expenses

are

not

included

in

the

Fund's

reported

expense

ratios.

(b)

The

total

gross

expense

ratio

includes

0.05%

for

the

year

ended

March

31,

2021

attributed

to

overdraft

expense

and

tax

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

The

total

net

expense

ratio

includes

less

than

0.01%

for

the

year

ended

March

31,

2021

attributed

to

overdraft

expense.

(c)

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).

(d)

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).

(e)

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).

(f)

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).

(g)

Total

net

expenses

include

the

impact

of

certain

fee

waivers/expense

reimbursements

made

by

the

Investment

Manager

and

certain

of

its

affiliates,

if

applicable.

NOTES

TO

FINANCIAL

STATEMENTS

March

31,

2021

Thematic

Beta

ETFs

|

Annual

Report

2021

33

Note

1.

Organization

Columbia

ETF

Trust

II

(the

Trust)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

1940

Act),

as

an

open-end

registered

investment

company

organized

as

a

Delaware

statutory

trust.

The

Trust

may

issue

an

unlimited

number

of

shares

(without

par

value).

Information

presented

in

these

financial

statements

pertains

to

the

following

series

of

the

Trust

(each,

a

Fund

and

collectively,

the

Funds):

Columbia

EM

Core

ex-China

ETF,

Columbia

Emerging

Markets

Consumer

ETF

and

Columbia

India

Consumer

ETF.

Columbia

EM

Core

ex-China

ETF

and

Columbia

India

Consumer

ETF

are

non-diversified

funds.

Columbia

Emerging

Markets

Consumer

ETF

may

operate

as

a

non-diversified

Fund

while

the

Dow

Jones

Emerging

Markets

Consumer

Titans

TM

Index

is

non-diversified.

Basis

for

Consolidation

The

Consolidated

Portfolio

of

Investments;

Consolidated

Statements

of

Assets

and

Liabilities,

of

Operations

and

of

Changes

in

Net

Assets;

and

the

Consolidated

Financial

Highlights

of

Columbia

India

Consumer

ETF

include

the

accounts

of

Columbia

India

Consumer

ETF

and

EG

Shares

India

Consumer

Mauritius,

a

wholly

owned

subsidiary

Columbia

India

Consumer

ETF

and

(the

Subsidiary)

located

in

the

Republic

of

Mauritius

(Mauritius).

All

inter-company

transactions

and

balances

have

been

eliminated

in

the

consolidation

process.

As

of

the

date

of

this

report,

Columbia

India

Consumer

ETF

invests

in

Indian

securities

both

directly

(in

India),

and

through

its

corresponding

Subsidiary,

which

in

turn

invests

virtually

all

of

its

assets

in

Indian

securities.

Columbia

India

Consumer

ETF

and

its

Subsidiary

have

historically

relied

on

a

tax

treaty

between

India

and

Mauritius

for

relief

from

certain

Indian

taxes.

The

enactment

of

general

anti-avoidance

rules

in

India,

the

signing

of

a

protocol

amending

the

India-Mauritius

tax

treaty,

and

enactment

of

a

10%

tax

on

long-term

capital

gains

from

the

alienation

of

Indian

shares

after

March

31,

2018

(not

otherwise

exempt

under

a

tax

treaty)

have

resulted

in

the

imposition

of

additional

taxes

by

India

on

Columbia

India

Consumer

ETF

and

its

Subsidiary.

For

more

information,

see

India-Mauritius

Tax

Treaty

Risk.

A

summary

of

Columbia

India

Consumer

ETF’s

investment

in

the

Subsidiary

is

as

follows:

Fund

shares

The

market

prices

of

each

Fund’s

shares

may

differ

to

some

degree

from

the

Fund’s

net

asset

value

(NAV).

Unlike

conventional

mutual

funds,

each

Fund

issues

and

redeems

shares

on

a

continuous

basis,

at

NAV,

only

in

a

large

specified

number

of

shares,

each

called

a

“Creation

Unit.”

A

Creation

Unit

consists

of

50,000

shares.

Creation

Units

are

issued

and

redeemed

generally

in-kind

for

a

basket

of

securities

and/or

for

cash.

Investors

such

as

market

makers,

large

investors

and

institutions

who

wish

to

deal

in

Creation

Units

directly

with

a

Fund

must

have

entered

into

an

authorized

participant

agreement

(Authorized

Participants)

with

the

Fund’s

principal

underwriter

and

the

transfer

agent,

or

purchase

through

a

dealer

that

has

entered

into

such

an

agreement.

Authorized

participants

may

purchase

or

redeem

Fund

shares

directly

from

the

Fund

only

in

Creation

Units.

The

Funds’

shares

are

also

listed

on

the

New

York

Stock

Exchange

for

which

investors

can

purchase

and

sell

shares

on

the

secondary

market

through

a

broker

at

market

prices

which

may

differ

from

the

NAV

of

the

Fund.

Note

2.

Summary

of

significant

accounting

policies

Basis

of

preparation

Each

Fund

is

an

investment

company

that

applies

the

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

-

Investment

Companies

(ASC

946).

The

financial

statements

are

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

(GAAP),

which

requires

management

to

make

certain

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

Fund

%

of

consolidated

fund

net

assets

Net

assets

($)

Net

investment

income

(loss)

($)

Net

realized

gain

(loss)

($)

Net

change

in

unrealized

appreciation

(depreciation)

($)

Columbia

India

Consumer

ETF

50.5%

46,264,839

417,532

2,003,774

16,976,125

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

March

31,

2021

34

Thematic

Beta

ETFs

|

Annual

Report

2021

and

liabilities,

the

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Funds

in

the

preparation

of

their

financial

statements.

Security

valuation

All

equity

securities

and

exchange-traded

funds

are

valued

at

the

close

of

business

of

the

New

York

Stock

Exchange.

Equity

securities

and

exchange-traded

funds

are

valued

at

the

last

quoted

sales

price

on

the

principal

exchange

or

market

on

which

they

trade,

except

for

securities

traded

on

the

NASDAQ

Stock

Market,

which

are

valued

at

the

NASDAQ

official

close

price.

Unlisted

securities

or

listed

securities

for

which

there

were

no

sales

during

the

day

are

valued

at

the

mean

of

the

latest

quoted

bid

and

ask

prices

on

such

exchanges

or

markets.

Foreign

equity

securities

are

valued

based

on

the

closing

price

or

last

trade

on

their

primary

exchange

at

the

close

of

business

of

the

New

York

Stock

Exchange.

If

any

foreign

equity

security

closing

prices

are

not

readily

available,

the

securities

are

valued

at

the

mean

of

the

latest

quoted

bid

and

ask

prices

on

such

exchanges

or

markets.

Foreign

currency

exchange

rates

are

generally

determined

at

the

close

of

London’s

exchange

at

11:00

a.m.

Eastern

(U.S.)

time.

Investments

in

open-end

investment

companies

(other

than

exchange-traded

funds

(ETFs)),

are

valued

at

the

latest

net

asset

value

reported

by

those

companies

as

of

the

valuation

time.

Investments

for

which

market

quotations

are

not

readily

available,

or

that

have

quotations

which

management

believes

are

not

reflective

of

market

value

or

reliable,

are

valued

at

fair

value

as

determined

in

good

faith

under

procedures

approved

by

and

under

the

general

supervision

of

the

Board

of

Trustees.

If

a

security

or

class

of

securities

(such

as

foreign

securities)

is

valued

at

fair

value,

such

value

is

likely

to

be

different

from

the

quoted

or

published

price

for

the

security,

if

available.

The

determination

of

fair

value

often

requires

significant

judgment.

To

determine

fair

value,

management

may

use

assumptions

including

but

not

limited

to

future

cash

flows

and

estimated

risk

premiums.

Multiple

inputs

from

various

sources

may

be

used

to

determine

fair

value.

GAAP

requires

disclosure

regarding

the

inputs

and

valuation

techniques

used

to

measure

fair

value

and

any

changes

in

valuation

inputs

or

techniques.

In

addition,

investments

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.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

March

31,

2021

Thematic

Beta

ETFs

|

Annual

Report

2021

35

Income

recognition

Corporate

actions

and

dividend

income

are

generally

recorded

net

of

any

non-reclaimable

tax

withholdings,

on

the

ex-

dividend

date

or

upon

receipt

of

an

ex-dividend

notification

in

the

case

of

certain

foreign

securities.

Interest

income

is

recorded

on

an

accrual

basis.

Awards

from

class

action

litigation

are

recorded

as

a

reduction

of

cost

basis

if

the

Fund

still

owns

the

applicable

securities

on

the

payment

date.

If

the

Fund

no

longer

owns

the

applicable

securities

on

the

payment

date,

the

proceeds

are

recorded

as

realized

gains.

Expenses

General

expenses

of

the

Trust

are

allocated

to

the

Funds

based

upon

relative

net

assets

or

other

expense

allocation

methodologies

determined

by

the

nature

of

the

expense.

Expenses

directly

attributable

to

a

Fund

are

charged

to

that

Fund.

Determination

of

net

asset

value

The

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.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

March

31,

2021

36

Thematic

Beta

ETFs

|

Annual

Report

2021

Note

3.

Investment

management

fees

Under

an

Investment

Management

Services

Agreement,

Columbia

Management

Investment

Advisers,

LLC

(the

Investment

Manager),

a

wholly-owned

subsidiary

of

Ameriprise

Financial,

Inc.

(Ameriprise

Financial),

determines

which

securities

will

be

purchased,

held

or

sold.

The

investment

management

fee

is

a

unitary

fee

paid

monthly

to

the

Investment

Manager

at

an

annual

rate

based

on

each

Fund’s

average

daily

net

assets.

In

return

for

this

fee,

the

Investment

Manager

pays

the

operating

costs

and

expenses

of

each

Fund

other

than

the

following

expenses

(which

will

be

paid

by

the

Fund):

taxes;

interest

incurred

on

borrowing

by

the

Funds

(including

but

not

limited

to

overdraft

fees),

if

any;

brokerage

expenses,

fees,

commissions

and

other

portfolio

transaction

expenses

(including

but

not

limited

to

service

fees

charged

by

custodians

of

depository

receipts

and

scrip

fees

related

to

registrations

on

foreign

exchanges);

interest

and

fee

expense

related

to

the

Funds’

participation

in

inverse

floater

structures;

infrequent

and/or

unusual

expenses,

including

without

limitation

litigation

expenses

(including

but

not

limited

to

arbitrations

and

indemnification

expenses);

distribution

and/or

service

fees;

expenses

incurred

in

connection

with

lending

securities;

and

any

other

expenses

approved

by

the

Board

of

Trustees.

The

investment

management

fee

is

an

annual

fee

that

is

equal

to

a

percentage

of

each

Fund’s

average

daily

net

assets

and

is

paid

as

follows:

Click

here

to

add

static

content

to

this

content

block.

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

and

service

fees

to

the

Distributor

and

other

firms

that

provide

distribution

and

shareholder

services

at

the

maximum

annual

rate

of

0.25%

of

average

daily

net

assets

of

each

Fund.

No

distribution

or

service

fees

are

currently

paid

by

the

Funds

or

have

been

approved

for

payment

by

the

Board

of

Trustees.

There

are

no

current

plans

to

impose

these

fees.

Fund

Effective

investment

management

fee

rate

(%)

Columbia

EM

Core

ex-China

ETF

0.16

Columbia

Emerging

Markets

Consumer

ETF

0.59

Columbia

India

Consumer

ETF

0.75

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

March

31,

2021

Thematic

Beta

ETFs

|

Annual

Report

2021

37

Expenses

waived/reimbursed

by

the

Investment

Manager

The

Investment

Manager

has

contractually

agreed

to

waive

fees

and/or

reimburse

expenses

(excluding

certain

fees

and

expenses

described

below)

for

the

period(s)

disclosed

below,

unless

sooner

terminated

at

the

sole

discretion

of

the

Board

of

Trustees,

so

that

the

Fund’s

net

operating

expenses,

after

giving

effect

to

fees

waived/expenses

reimbursed

and

any

balance

credits

and/or

overdraft

charges

from

the

Fund’s

custodian,

do

not

exceed

the

following

annual

rate(s)

as

a

percentage

of

the

average

daily

net

assets.

Under

the

agreement,

the

following

fees

and

expenses

are

excluded

from

Columbia

Emerging

Markets

Consumer

ETF’s

operating

expenses

when

calculating

the

waiver/reimbursement

commitment,

and

therefore

will

be

paid

by

the

Fund,

if

applicable:

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.

Prior

to

August

1,

2020,

the

following

fees

and

expenses

were

also

excluded

from

the

Fund’s

operating

expenses,

if

applicable:

taxes,

and

expenses

associated

with

investment

in

affiliated

and

non-affiliated

pooled

investment

vehicles

(including

mutual

funds

and

other

exchange-traded

funds).

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.

Under

the

agreement,

the

following

fees

and

expenses

are

excluded

from

Columbia

India

Consumer

ETF’s

operating

expenses

when

calculating

the

waiver/reimbursement

commitment,

and

therefore

will

be

paid

by

the

Fund,

if

applicable:

expenses

associated

with

investment

in

affiliated

and

non-affiliated

pooled

investment

vehicles

(including

mutual

funds

and

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.

Note

4.

Federal

tax

information

The

timing

and

character

of

income

and

capital

gain

distributions

are

determined

in

accordance

with

income

tax

regulations,

which

may

differ

from

GAAP

because

of

temporary

or

permanent

book

to

tax

differences.

At

March

31,

2021,

these

differences

are

primarily

due

to

differing

treatments

for

deferral/reversal

of

wash

sale

losses,

foreign

currency

transactions,

capital

loss

carryforwards,

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:

Fund

August

1,

2020

through

July

31,

2021

Prior

to

August

1,

2020

Columbia

Emerging

Markets

Consumer

ETF

0.59%

0.59%

Columbia

India

Consumer

ETF

0.75%

-

Funds

Undistributed

net

investment

income

($)

Accumulated

net

realized

gain

(loss)

($)

Paid-in

capital

increase

(decrease)

($)

Columbia

EM

Core

ex-China

ETF

(28,792)

28,792

-

Columbia

Emerging

Markets

Consumer

ETF

(311,835)

(2,825,647)

3,137,482

Columbia

India

Consumer

ETF

(10,580)

10,580

-

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

March

31,

2021

38

Thematic

Beta

ETFs

|

Annual

Report

2021

Short-term

capital

gain

distributions,

if

any,

are

considered

ordinary

income

distributions

for

tax

purposes.

At

March

31,

2021,

the

components

of

distributable

earnings

on

a

tax

basis

were

as

follows:

At

March

31,

2021,

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

carryforwards,

determined

at

March

31,

2021,

may

be

available

to

reduce

future

net

realized

gains

on

investments,

if

any,

to

the

extent

permitted

by

the

Internal

Revenue

Code.

In

addition,

for

the

year

ended

March

31,

2021,

capital

loss

carryforwards

utilized,

if

any,

were

as

follows:

Management

of

the

Funds

has

concluded

that

there

are

no

significant

uncertain

tax

positions

in

the

Funds

that

would

require

recognition

in

the

financial

statements.

However,

management’s

conclusion

may

be

subject

to

review

and

adjustment

at

a

later

date

based

on

factors

including,

but

not

limited

to,

new

tax

laws,

regulations,

and

administrative

interpretations

(including

relevant

court

decisions).

Generally,

the

Funds’

federal

tax

returns

for

the

prior

three

fiscal

years

remain

subject

to

examination

by

the

Internal

Revenue

Service.

Note

5.

Portfolio

information

The

cost

of

purchases

and

proceeds

from

sales

of

securities,

excluding

short-term

investments

and

in-kind

transactions,

for

the

year

ended

March

31,

2021,

were

as

follows:

The

amount

of

purchase

and

sale

activity

impacts

the

portfolio

turnover

rate

reported

in

the

Financial

Highlights.

Year

Ended

March

31,

2021

Year

Ended

March

31,

2020

Fund

Ordinary

income

($)

Long-term

capital

gain

($)

Total

($)

Ordinary

income

($)

Long-term

capital

gain

($)

Total

($)

Columbia

EM

Core

ex-China

ETF

440,955

-

440,955

352,464

-

352,464

Columbia

Emerging

Markets

Consumer

ETF

1,161,030

-

1,161,030

4,114,374

-

4,114,374

Columbia

India

Consumer

ETF

296,280

-

296,280

299,950

-

299,950

Funds

Undistributed

ordinary

income/(loss)

($)

Undistributed

long-term

capital

gains

($)

Capital

loss

carryforwards

($)

Net

unrealized

appreciation

(depreciation)

($)

Columbia

EM

Core

ex-China

ETF

147,825

-

(840,954)

7,118,880

Columbia

Emerging

Markets

Consumer

ETF

384,883

-

(214,201,033)

29,761,431

Columbia

India

Consumer

ETF

23,987

-

(57,905)

25,990,333

Fund

Tax

cost

($)

Gross

unrealized

appreciation

($)

Gross

unrealized

depreciation

($)

Net

unrealized

appreciation

(depreciation)

($)

Columbia

EM

Core

ex-China

ETF

23,001,675

8,153,362

(1,216,165)

6,937,197

Columbia

Emerging

Markets

Consumer

ETF

153,266,710

42,670,185

(12,928,227)

29,741,958

Columbia

India

Consumer

ETF

65,528,430

30,090,575

(2,478,710)

27,611,865

Funds

No

expiration

short-

term

($)

No

expiration

long-term

($)

Total

($)

Utilized

($)

Columbia

EM

Core

ex-China

ETF

440,538

400,416

840,954

-

Columbia

Emerging

Markets

Consumer

ETF

1,416,943

212,784,090

214,201,033

-

Columbia

India

Consumer

ETF

57,905

-

57,905

1,888,413

Fund

Purchases

($)

Proceeds

from

sales

($)

Columbia

EM

Core

ex-China

ETF

7,359,541

4,078,951

Columbia

Emerging

Markets

Consumer

ETF

68,769,191

82,596,527

Columbia

India

Consumer

ETF

12,720,585

27,075,297

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

March

31,

2021

Thematic

Beta

ETFs

|

Annual

Report

2021

39

Note

6.

In-kind

transactions

The

Funds

may

accept

in-kind

contributions

and

redemptions.

In-kind

contributions

are

accounted

for

at

the

fair

market

value

of

the

in-kind

securities

contributed

on

the

date

of

contribution.

For

the

year

ended

March

31,

2021,

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,

2021,

the

in-kind

redemptions

were

as

follows:

Note

7.

Line

of

credit

Each

Fund

has

access

to

a

revolving

credit

facility

with

a

syndicate

of

banks

led

by

Citibank,

N.A.,

Wells

Fargo

Bank,

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.

Pursuant

to

a

December

1,

2020

amendment,

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

$950

million.

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,

1.25%.

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.

Prior

to

the

December

1,

2020

amendment,

the

Fund

had

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.

which

permitted

collective

borrowings

up

to

$1

billion.

Interest

was

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i)

the

federal

funds

effective

rate,

(ii)

the

one-month

LIBOR

rate

and

(iii)

the

overnight

bank

funding

rate,

plus

in

each

case,

1.00%.

During

the

year

ended

March

31,

2021,

Columbia

EM

Core

ex-China

ETF,

Columbia

Emerging

Markets

Consumer

ETF

and

Columbia

India

Consumer

ETF

had

no

borrowings.

Note

8.

Significant

risks

Communication

Services

concentration

risk

Columbia

Emerging

Markets

Consumer

ETF

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.

Fund

Contributions

($)

Columbia

EM

Core

ex-China

ETF

2,164,541

Columbia

Emerging

Markets

Consumer

ETF

1,930,192

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

33,308,272

36,680,941

3,372,669

Columbia

India

Consumer

ETF

-

-

-

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

March

31,

2021

40

Thematic

Beta

ETFs

|

Annual

Report

2021

Concentration

risk

Each

Fund

concentrates

its

investments

in

a

particular

sector

or

a

group

of

sectors

to

approximately

the

same

extent

as

its

respective

tracking

index,

and

as

such,

may

be

adversely

affected

by

increased

price

volatility

of

securities

in

those

sectors,

and

may

be

more

susceptible

to

adverse

economic,

market,

political

or

regulatory

occurrences

affecting

those

sectors.

Consumer

concentration

risk

Because

Columbia

Emerging

Markets

Consumer

ETF

and

Columbia

India

Consumer

ETF

concentrate

their

investments

in

the

discretionary/staples

sectors

(specifically

the

discretionary/staples

sectors

of

India

for

the

Columbia

India

Consumer

ETF),

these

Funds

may

be

adversely

affected

by

increased

price

volatility

of

securities

in

those

sectors,

and

may

be

more

susceptible

to

adverse

economic,

market,

political

or

regulatory

occurrences

affecting

those

sectors.

The

success

of

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.

Correlation/tracking

error

risk

Each

Funds’

value

will

generally

decline

when

the

performance

of

its

tracking

index

declines.

A

number

of

factors

may

affect

the

Funds’

ability

to

achieve

a

high

degree

of

correlation

with

its

tracking

index,

and

there

is

no

guarantee

that

the

Funds

will

achieve

a

high

degree

of

correlation.

Failure

to

achieve

a

high

degree

of

correlation

may

prevent

the

Funds

from

achieving

their

investment

objective.

By

using

a

representative

sampling

approach,

the

Funds

may

not

track

the

tracking

index

as

closely

as

they

would

by

using

a

full

replication

approach.

The

Funds

also

bear

management

and

other

expenses

and

transaction

costs

in

trading

securities

or

other

instruments,

which

the

tracking

index

does

not

bear.

Accordingly,

the

Funds’

performance

will

likely

fail

to

match

the

performance

of

the

tracking

index,

after

taking

expenses

into

account.

It

is

not

possible

to

invest

directly

in

an

index.

Emerging

markets

risk

The

Funds

are

subject

to

emerging

markets

risk.

Investments

in

emerging

market

securities

are

likely

to

have

greater

exposure

to

risks

of

investing

in

foreign

investments

including

risks

associated

with

political,

regulatory,

economic,

social,

diplomatic,

and

other

conditions

or

events

(including,

for

example,

military

confrontations,

war,

terrorism,

natural

disasters

and

disease

pandemics),

occurring

in

the

country

or

region.

In

addition,

emerging

market

countries

are

typically

less

developed

with

more

limited

trading

activity

than

more

developed

countries,

which

may

result

in

increased

liquidity

risk

and

other

risks.

Many

emerging

market

countries

are

heavily

dependent

on

international

trade

and

have

fewer

trading

partners,

which

may

make

them

more

sensitive

to

world

commodity

prices

and

economic

downturns

in

other

countries,

and

some

have

a

higher

risk

of

currency

devaluation.

The

financial

information

and

disclosure

made

available

by

issuers

of

emerging

market

securities

may

be

considerably

less

reliable

than

publicly

available

information

about

other

foreign

securities.

The

Public

Company

Accounting

Oversight

Board,

which

regulates

auditors

of

U.S.

public

companies,

is

unable

to

inspect

audit

work

papers

in

certain

foreign

countries.

Investors

in

foreign

countries

often

have

limited

rights

and

few

practical

remedies

to

pursue

shareholder

claims,

including

class

actions

or

fraud

claims,

and

the

ability

of

the

U.S.

Securities

and

Exchange

Commission,

the

U.S.

Department

of

Justice

and

other

authorities

to

bring

and

enforce

actions

against

foreign

issuers

or

foreign

persons

is

limited.

Financial

concentration

risk

Columbia

EM

Core

ex-China

ETF

has

concentrated

investments

in

the

financials

sector.

Because

companies

in

the

financials

sector

are

subject

to

extensive

governmental

regulation,

which

may

adversely

affect

the

scope

of

their

activities,

the

prices

they

can

charge

and

the

amount

of

capital

they

must

maintain,

these

factors

may

adversely

affect

Fund

performance.

Geographic

focus

risk

The

Funds

may

be

particularly

susceptible

to

economic,

political,

regulatory

or

other

events

or

conditions

affecting

issuers

and

countries

within

the

specific

geographic

regions

in

which

the

Funds

invest.

Each

Fund’s

NAV

may

be

more

volatile

than

the

NAV

of

a

more

geographically

diversified

fund.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

March

31,

2021

Thematic

Beta

ETFs

|

Annual

Report

2021

41

Asia

Pacific

Region.

Columbia

EM

Core

ex-China

ETF

and

Columbia

Emerging

Markets

Consumer

ETF

are

particularly

susceptible

to

economic,

political,

regulatory

or

other

events

or

conditions

affecting

issuers

and

countries

in

the

Asia

Pacific

region.

Many

of

the

countries

in

the

region

are

considered

underdeveloped

or

developing,

including

from

a

political,

economic

and/or

social

perspective,

and

may

have

relatively

unstable

governments

and

economies

based

on

limited

business,

industries

and/or

natural

resources

or

commodities.

Events

in

any

one

country

within

the

region

may

impact

other

countries

in

the

region

or

the

region

as

a

whole.

As

a

result,

events

in

the

region

will

generally

have

a

greater

effect

on

the

Funds

than

if

the

Funds

were

more

geographically

diversified.

This

could

result

in

increased

volatility

in

the

value

of

the

Funds’

investments

and

losses

for

the

Funds.

Also,

securities

of

some

companies

in

the

region

can

be

less

liquid

than

U.S.

or

other

foreign

securities,

potentially

making

it

difficult

for

the

Funds

to

sell

such

securities

at

a

desirable

time

and

price.

Greater

China.

Columbia

Emerging

Markets

Consumer

ETF

is

particularly

susceptible

to

economic,

political,

regulatory

or

other

events

or

conditions

affecting

issuers

in

the

Greater

China

region.

The

region

consists

of

Hong

Kong,

The

People's

Republic

of

China

and

Taiwan,

among

other

countries,

and

the

Funds'

investments

in

the

region

are

particularly

susceptible

to

risks

in

that

region.

The

Hong

Kong,

Taiwanese,

and

Chinese

economies

are

dependent

on

the

economies

of

other

countries

and

can

be

significantly

affected

by

currency

fluctuations

and

increasing

competition

from

other

emerging

economies

in

Asia

with

lower

costs.

Adverse

events

in

any

one

country

within

the

region

may

impact

the

other

countries

in

the

region

or

Asia

as

a

whole.

As

a

result,

adverse

events

in

the

region

will

generally

have

a

greater

effect

on

the

Funds

than

if

the

Funds

were

more

geographically

diversified,

which

could

result

in

greater

volatility

in

the

Funds'

NAV

and

losses.

Markets

in

the

Greater

China

region

can

experience

significant

volatility

due

to

social,

economic,

regulatory

and

political

uncertainties.

The

public

health

crises

caused

by

the

COVID-19

outbreak

have

exacerbated

political

and

diplomatic

tensions

between

the

United

States

and

China,

which

could

adversely

affect

international

trade

and

the

value

of

the

Funds'

portfolio

securities.

Changes

in

Chinese

government

policy

and

economic

growth

rates

could

significantly

affect

local

markets

and

the

entire

Greater

China

region.

China

has

yet

to

develop

comprehensive

securities,

corporate,

or

commercial

laws,

its

market

is

relatively

new

and

less

developed,

and

its

economy

is

experiencing

a

relative

slowdown.

Export

growth

continues

to

be

a

major

driver

of

China’s

economic

growth.

As

a

result,

a

reduction

in

spending

on

Chinese

products

and

services,

the

institution

of

additional

tariffs

or

other

trade

barriers,

including

as

a

result

of

heightened

trade

tensions

between

China

and

the

United

States,

or

a

downturn

in

any

of

the

economies

of

China’s

key

trading

partners

may

have

an

adverse

impact

on

the

Chinese

economy.

India

.

Columbia

India

Consumer

ETF

is

particularly

susceptible

to

economic,

political,

regulatory

or

other

events

or

conditions

affecting

issuers

in

India.

Because

the

Fund

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

variety

of

countries.

Special

risks

include,

among

others,

political

and

legal

uncertainty,

persistent

religious,

ethnic

and

border

disputes,

greater

government

control

over

the

economy,

currency

fluctuations

or

blockage

and

the

risk

of

nationalization

or

expropriation

of

assets.

Uncertainty

regarding

inflation

and

currency

exchange

rates,

fiscal

policy,

credit

ratings

and

the

possibility

that

future

harmful

political

actions

will

be

taken

by

the

Indian

government,

could

negatively

impact

the

Indian

economy

and

securities

markets,

and

thus

adversely

affect

the

Fund’s

performance.

India-Mauritius

tax

treaty

risk

Columbia

India

Consumer

ETF

and

its

Subsidiary

have

historically

relied

on

a

tax

treaty

between

India

and

Mauritius

for

relief

from

certain

Indian

taxes.

India

and

Mauritius

agreed

to

an

amended

protocol

with

respect

to

gains

resulting

from

the

alienation

of

shares

in

Indian

companies

if

the

shares

were

acquired

by

the

Subsidiary

on

or

after

April

1,

2017.

Gains

realized

in

the

Subsidiary

resulting

from

the

alienation

of

Indian

shares

acquired

prior

to

April

1,

2017

continue

to

be

exempt

from

Indian

tax

under

the

India-Mauritius

tax

treaty.

Additionally,

India

has

enacted

General

anti-avoidance

rules

(GAAR),

which

seek

to

curb

tax

evasion

via

investments

through

foreign

tax

havens

and

other

avenues.

Any

assertion

that

the

Subsidiary

is

in

violation

of

GAAR

or

any

change

in

the

requirements

established

by

Mauritius

to

qualify

as

a

Mauritius

resident

could

result

in

the

imposition

by

India

of

various

taxes

on

Indian

securities

invested

in

by

the

Subsidiary

(and

indirectly

the

Fund).

The

imposition

of

taxes

on

the

Subsidiary

by

India

for

any

of

the

reasons

described

herein

would

result

in

higher

taxes

and

lower

returns

for

the

Fund

and

its

shareholders.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

March

31,

2021

42

Thematic

Beta

ETFs

|

Annual

Report

2021

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.

Some

companies

in

the

information

technology

sector

are

facing

increased

government

and

regulatory

scrutiny

and

may

be

subject

to

adverse

government

or

regulatory

action,

which

could

negatively

impact

the

value

of

their

securities.

Market

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

and

could

result

in

increased

premiums

or

discounts

to

the

Funds’

net

asset

value.

The

Funds

performance

may

also

be

significantly

negatively

impacted

by

the

economic

impact

of

the

coronavirus

disease

2019

(COVID-19)

pandemic.

The

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

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

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

March

31,

2021

Thematic

Beta

ETFs

|

Annual

Report

2021

43

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.

Columbia

Emerging

Markets

Consumer

ETF

may

operate

as

a

non-diversified

fund

when

the

Index

is

non-diversified.

A

non-diversified

fund

is

permitted

to

invest

a

greater

percentage

of

its

total

assets

in

the

securities

of

fewer

issuers

than

a

diversified

fund.

This

increases

the

risk

that

a

change

in

the

value

of

any

one

investment

held

by

the

Fund

could

affect

the

overall

value

of

the

Fund

more

than

it

would

affect

that

of

a

diversified

fund

holding

a

greater

number

of

investments.

Accordingly,

the

Fund’s

value

will

likely

be

more

volatile

than

the

value

of

a

more

diversified

fund.

Passive

investment

risk

The

Funds

are

not

"actively"

managed

and

may

be

affected

by

a

general

decline

in

market

segments

related

to

their

tracking

index.

The

Funds

invest

in

securities

or

instruments

included

in,

or

believed

by

the

Investment

Manager

to

be

representative

of,

its

tracking

index,

regardless

of

their

investment

merits.

The

Funds

do

not

seek

temporary

defensive

positions

when

markets

decline

or

appear

overvalued.

The

decision

of

whether

to

remove

a

security

from

the

tracking

index

is

made

by

an

independent

index

provider

who

is

not

affiliated

with

the

Fund

or

the

Investment

Manager.

Note

9.

Subsequent

events

Management

has

evaluated

the

events

and

transactions

that

have

occurred

through

the

date

the

financial

statements

were

issued

and

noted

no

items

requiring

adjustment

of

the

financial

statements

or

additional

disclosure.

Note

10.

Information

regarding

pending

and

settled

legal

proceedings

Ameriprise

Financial

and

certain

of

its

affiliates

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

or

one

or

more

of

its

affiliates

that

provides

services

to

the

Funds.

44

Thematic

Beta

ETFs

|

Annual

Report

2021

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,

2021,

the

related

statements

of

operations

for

the

year

ended

March

31,

2021,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

March

31,

2021,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

March

31,

2021

(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,

2021,

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,

2021

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

March

31,

2021

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

March

31,

2021

by

correspondence

with

the

custodian.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Minneapolis,

Minnesota

May 20,

2021

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

2021

45

The

Funds

hereby

designate

the

following

tax

attributes

for

the

fiscal

year

ended

March

31,

2021

.

Shareholders

will

be

notified

in

early

2022

of

the

amounts

for

use

in

preparing

2021

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

41.36%

$98,560

$0.10

$707,566

$0.74

Columbia

Emerging

Markets

Consumer

ETF

84.05%

$503,188

$0.08

$3,537,331

$0.54

Columbia

India

Consumer

ETF

100.00%

$228,343

$0.13

$997,440

$0.55

TRUSTEES

AND

OFFICERS

46

Thematic

Beta

ETFs

|

Annual

Report

2021

The

Board

oversees

the

Funds’

operations

and

appoints

officers

who

are

responsible

for

day-to-day

business

decisions

based

on

policies

set

by

the

Board.

The

following

table

provides

basic

biographical

information

about

the

Funds’

Trustees

as

of

the

printing

of

this

report,

including

their

principal

occupations

during

the

past

five

years,

although

specific

titles

for

individuals

may

have

varied

over

the

period.

The

year

set

forth

beneath

Length

of

Service

in

the

table

below

is

the

year

in

which

the

Trustee

was

first

appointed

or

elected

as

Trustee

to

any

Fund

currently

in

the

Columbia

Funds

Complex

or

a

predecessor

thereof.

Under

current

Board

policy,

each

Trustee

generally

serves

until

December

31

of

the

year

such

Trustee

turns

seventy-five

(75).

Independent

trustees

Name,

Address,

Year

of

Birth

Position

Held

with

the

Columbia

Funds

and

Length

of

Service

Principal

Occupation(s)

During

the

Past

Five

Years

and

Other

Relevant

Professional

Experience

Number

of

Funds

in

the

Columbia

Funds

Complex*

Overseen

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

George

S.

Batejan

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street,

Mail

Drop

BX32

05228,

Boston,

MA

02110

1953

Trustee

2017

Executive

Vice

President,

Global

Head

of

Technology

and

Operations,

Janus

Capital

Group,

Inc.,

2010-2016

170

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

2006

Attorney,

specializing

in

arbitration

and

mediation;

Chief

Justice,

Minnesota

Supreme

Court,

1998-2006;

Associate

Justice,

Minnesota

Supreme

Court,

1996-1998;

Fourth

Judicial

District

Court

Judge,

Hennepin

County,

1994-1996;

Attorney

in

private

practice

and

public

service,

1984-1993;

State

Representative,

Minnesota

House

of

Representatives,

1979-1993,

which

included

service

on

the

Tax

and

Financial

Institutions

and

Insurance

Committees;

Member

and

Interim

Chair,

Minnesota

Sports

Facilities

Authority,

January

-July 2017;

Interim

President

and

Chief

Executive

Officer,

Blue

Cross

and

Blue

Shield

of

Minnesota

(health

care

insurance),

February-July

2018

170

Trustee,

BlueCross

BlueShield

of

Minnesota

since

2009

(Chair

of

the

Business

Development

Committee,

2014-2017;

Chair

of

the

Governance

Committee,

2017-2019);

former

Member

and

Chair

of

the

Board,

Minnesota

Sports

Facilities

Authority,

January

2017-July

2017;

Director,

Robina

Foundation,

2009-2020

(Chair,

2014-2020)

TRUSTEES

AND

OFFICERS

(continued)

Thematic

Beta

ETFs

|

Annual

Report

2021

47

Independent

trustees

(continued)

Name,

Address,

Year

of

Birth

Position

Held

with

the

Columbia

Funds

and

Length

of

Service

Principal

Occupation(s)

During

the

Past

Five

Years

and

Other

Relevant

Professional

Experience

Number

of

Funds

in

the

Columbia

Funds

Complex*

Overseen

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Pamela

G.

Carlton

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street,

Mail

Drop

BX32

05228,

Boston,

MA

02110

1954

Trustee

2007

President,

Springboard-

Partners

in

Cross

Cultural

Leadership

(consulting

company)

since

2003;

Managing

Director

of

US

Equity

Research,

JP

Morgan

Chase,

1999-2003;

Director

of

US

Equity

Research,

Chase

Asset

Management,

1996-

1999;

Co-Director

Latin

America

Research,

1993-1996,

COO

Global

Research,

1992-1996,

Co-Director

of

US

Research,

1991-1992,

Investment

Banker,

1982-1991,

Morgan

Stanley;

Attorney

at

Cleary

Gottlieb

Steen

&

Hamilton

LLP,

1980-1982

170

Trustee,

New

York

Presbyterian

Hospital

Board

(Executive

Committee

and

Chair

of

People

Committee)

since

1996;

Director,

DR

Bank

(Audit

Committee)

since

2017;

Director,

Evercore

Inc.

(Audit

Committee,

Nominating

and

Governance

Committee)

since

2019

Janet

Langford

Carrig

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street,

Mail

Drop

BX32

05228,

Boston,

MA

02110

1957

Trustee

1996

Senior

Vice

President,

General

Counsel

and

Corporate

Secretary,

ConocoPhillips

(independent

energy

company),

September

2007-October

2018

168

Director,

EQT

Corporation  (natural

gas

producer)

since

2019;

Director,

Whiting

Petroleum

Corporation

(independent

oil

and

gas

company)

since

2020

J.

Kevin

Connaughton

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street,

Mail

Drop

BX32

05228,

Boston,

MA

02110

1964

Trustee

2020

(a)

Member,

FINRA

National

Adjudicatory

Council

since

January

2020;

Adjunct

Professor

of

Finance,

Bentley

University

since

January

2018;

Managing

Director

and

General

Manager

of

Mutual

Fund

Products,

Columbia

Management

Investment

Advisers,

LLC,

May

2010-February

2015;

President,

Columbia

Funds,

2008-2015;

and

senior

officer

of

Columbia

Funds

and

affiliated

funds,

2003-2015

168

Director,

The

Autism

Project

since

March

2015;

former

Member

of

the

Investment

Committee,

St.

Michael’s

College,

November

2015-February

2020;

former

Trustee,

St.

Michael’s

College,

June

2017-September

2019;

former

Trustee,

New

Century

Portfolios,

January

2015-December

2017

Olive

M.

Darragh

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street,

Mail

Drop

BX32

05228,

Boston,

MA

02110

1962

Trustee

2020

(a)

Managing

Director

of

Darragh

Inc.

(strategy

and

talent

management

consulting

firm)

since

2010;

Founder

and

CEO,

Zolio,

Inc.

(investment

management

talent

identification

platform)

since

2004;

Partner,

Tudor

Investments,  2004-2010;

Senior

Partner,

McKinsey

&

Company

(consulting),

2001-2004

168

Former

Director,

University

of

Edinburgh

Business

School

(Member

of

US

Board);

former

Director,

Boston

Public

Library

Foundation

Patricia

M.

Flynn

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street,

Mail

Drop

BX32

05228,

Boston,

MA

02110

1950

Trustee

2004

Trustee

Professor

of

Economics

and

Management,

Bentley

University

since

1976

(also

teaches

and

conducts

research

on

corporate

governance);

Dean,

McCallum

Graduate

School

of

Business,

Bentley

University,

1992-2002

170

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

TRUSTEES

AND

OFFICERS

(continued)

48

Thematic

Beta

ETFs

|

Annual

Report

2021

Independent

trustees

(continued)

Name,

Address,

Year

of

Birth

Position

Held

with

the

Columbia

Funds

and

Length

of

Service

Principal

Occupation(s)

During

the

Past

Five

Years

and

Other

Relevant

Professional

Experience

Number

of

Funds

in

the

Columbia

Funds

Complex*

Overseen

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Brian

J.

Gallagher

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street,

Mail

Drop

BX32

05228,

Boston,

MA

02110

1954

Trustee

2017

Retired;

Partner

with

Deloitte

&

Touche

LLP

and

its

predecessors,

1977-2016

170

Trustee,

Catholic

Schools

Foundation

since

2004

Douglas

A.

Hacker

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street,

Mail

Drop

BX32

05228,

Boston,

MA

02110

1955

Co-Chair

since

2021;

Chair

of

CFST

I

and

CFVIT

since

2014;

Trustee

of

CFST

I

and

CFVIT

since

1996

and

CFST,

CFST

II,

CFVST

II,

Columbia

ETF

Trust

I

and

Columbia

ETF

Trust

II

since

2021

Independent

business

executive

since

May

2006;

Executive

Vice

President

–

Strategy

of

United

Airlines,

December

2002-May

2006;

President

of

UAL

Loyalty

Services

(airline

marketing

company),

September

2001-December

2002;

Executive

Vice

President

and

Chief

Financial

Officer

of

United

Airlines,

July

1999-September

2001

168

Director,

Spartan

Nash

Company

(food

distributor);

Director,

Aircastle

Limited

(Chair

of

Audit

Committee)

(aircraft

leasing);

former

Director,

Nash

Finch

Company

(food

distributor),

2005-

2013;

former

Director,

SeaCube

Container

Leasing

Ltd.

(container

leasing),

2010-2013;

and

former

Director,

Travelport

Worldwide

Limited

(travel

information

technology),

2014-2019

Nancy

T.

Lukitsh

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street,

Mail

Drop

BX32

05228,

Boston,

MA

02110

1956

Trustee

2011

Senior

Vice

President,

Partner

and

Director

of

Marketing,

Wellington

Management

Company,

LLP

(investment

adviser),

1997-

2010;

Chair,

Wellington

Management

Portfolios

(commingled

non-U.S.

investment

pools),

2007

-2010;

Director,

Wellington

Trust

Company,

NA

and

other

Wellington

affiliates,

1997-2010

168

None

David

M.

Moffett

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street,

Mail

Drop

BX32

05228,

Boston,

MA

02110

1952

Trustee

2011

Retired;

Consultant

to

Bridgewater

and

Associates

168

Director,

CSX

Corporation

(transportation

suppliers);

Director,

Genworth

Financial,

Inc.

(financial

and

insurance

products

and

services);

Director,

PayPal

Holdings

Inc.

(payment

and

data

processing

services);

Trustee,

University

of

Oklahoma

Foundation;

former

Director,

eBay

Inc.

(online

trading

community),

2007-2015;

and

former

Director,

CIT

Bank,

CIT

Group

Inc.

(commercial

and

consumer

finance),

2010-2016

TRUSTEES

AND

OFFICERS

(continued)

Thematic

Beta

ETFs

|

Annual

Report

2021

49

Independent

trustees

(continued)

Name,

Address,

Year

of

Birth

Position

Held

with

the

Columbia

Funds

and

Length

of

Service

Principal

Occupation(s)

During

the

Past

Five

Years

and

Other

Relevant

Professional

Experience

Number

of

Funds

in

the

Columbia

Funds

Complex*

Overseen

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Catherine

James

Paglia

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street,

Mail

Drop

BX32

05228,

Boston,

MA

02110

1952

Co-Chair

since

2021;

Chair

of

CFST,

CFST

II,

CFVST

II,

Columbia

ETF

Trust

I

and

Columbia

ETF

Trust

II

since

2020;

Trustee

of

CFST,

CFST

II

and

CFVST

II

since

2004

and

CFST

I

and

CFVIT

since

2021

Director,

Enterprise

Asset

Management,

Inc.

(private

real

estate

and

asset

management

company)

since

September

1998;

Managing

Director

and

Partner,

Interlaken

Capital,

Inc.,

1989-1997;

Vice

President,

1982-1985,

Principal,

1985-1987,

Managing

Director,

1987-1989,

Morgan

Stanley;

Vice

President,

Investment

Banking,

1980-1982,

Associate,

Investment

Banking,

1976-1980,

Dean

Witter

Reynolds,

Inc.

170

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)

Anthony

M.

Santomero

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street,

Mail

Drop

BX32

05228,

Boston,

MA

02110

1946

Trustee

2008

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

170

Trustee,

Penn

Mutual

Life

Insurance

Company

since

March

2008;

Director,

RenaissanceRe

Holdings

Ltd.

since

May

2008;

former

Director,

Citigroup

Inc.

and

Citibank,

N.A.,

2009-2019;

former

Trustee,

BofA

Funds

Series

Trust

(11

funds),

2008-2011

Minor

M.

Shaw

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street,

Mail

Drop

BX32

05228,

Boston,

MA

02110

1947

Trustee

2003

President,

Micco

LLC

(private

investments)

since

2011;

President,

Micco

Corp.

(family

investment

business),

1998-2011

170

Director,

BlueCross

BlueShield

of

South

Carolina

(Chair

of

Compensation

Committee)

since

April

2008;

Trustee,

Hollingsworth

Funds

(on

the

Investment

Committee)

since

2016

(previously

Board

Chair

from

2016-2019);

Former

Advisory

Board

member,

Duke

Energy

Corp.,

2016-

2020;

Chair

of

the

Duke

Endowment;

Chair

of

Greenville

–

Spartanburg

Airport

Commission;

former

Trustee,

BofA

Funds

Series

Trust

(11

funds),

2003-2011;

former

Director,

Piedmont

Natural

Gas,

2004-2016;

former

Director,

National

Association

of

Corporate

Directors,

Carolinas

Chapter,

2013-2018;

Chair

of

Daniel-Mickel

Foundation

TRUSTEES

AND

OFFICERS

(continued)

50

Thematic

Beta

ETFs

|

Annual

Report

2021

*

The

term

“Columbia

Funds

Complex”

as

used

herein

includes

Columbia

Seligman

Premium

Technology

Growth

Fund,

Tri-Continental

Corporation

and

each

series

of

CFST,

CFST

I,

CFST

II,

Columbia

ETF

Trust

I,

Columbia

ETF

Trust

II,

Columbia

Funds

Variable

Insurance

Trust

(CFVIT)

and

Columbia

Funds

Variable

Series

Trust

II

(CFVST

II).

Messrs.

Batejan,

Gallagher,

Petersen

and

Santomero

and

Mses.

Blatz,

Carlton,

Flynn,

Paglia,

Shaw

and

Yeager

serve

as

a

director

of

Columbia

Seligman

Premium

Technology

Growth

Fund

and

Tri-Continental

Corporation.

(a)

J.

Kevin

Connaughton

was

appointed

a

consultant

to

the

Independent

Trustees

of

CFST

I

and

CFVIT

effective

March

1,

2016.

Natalie

A.

Trunow

was

appointed

a

consultant

to

the

Independent

Trustees

of

CFST

I

and

CFVIT

effective

September

1,

2016.

Olive

M.

Darragh

was

appointed

a

consultant

to

the

Independent

Trustees

of

CFST

I

and

CFVIT

effective

June

10,

2019.

Shareholders

of

the

Funds

elected

Mr.

Connaughton

and

Mses.

Darragh

and

Trunow

as

Trustees

of

CFST,

CFST

I,

CFST

II,

Columbia

ETF

Trust

I,

Columbia

ETF

Trust

II,

and

CFVST

II,

effective

January

1,

2021,

and

of

CFVIT,

effective

July

1,

2020.

Independent

trustees

(continued)

Name,

Address,

Year

of

Birth

Position

Held

with

the

Columbia

Funds

and

Length

of

Service

Principal

Occupation(s)

During

the

Past

Five

Years

and

Other

Relevant

Professional

Experience

Number

of

Funds

in

the

Columbia

Funds

Complex*

Overseen

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Natalie

A.

Trunow

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street,

Mail

Drop

BX32

05228,

Boston,

MA

02110

1967

Trustee

2020

(a)

Chief

Executive

Officer,

Millennial

Portfolio

Solutions

LLC

(asset

management

and

consulting

services)

since

January

2016;

Non-executive

Member

of

the

Investment

Committee,

Sarona

Asset

Management

Inc.

(private

equity

firm)

since

September

2019;

Advisor,

Horizon

Investments

(asset

management

and

consulting

services)

since

August

2018;

Advisor,

Paradigm

Asset

Management

since

November

2016;

Director

of

Investments,

Casey

Family

Programs,

April

2016-September

2016;

Senior

Vice

President

and

Chief

Investment

Officer,

Calvert

Investments,

August

2008

-

January

2016;

Section

Head

and

Portfolio

Manager,

General

Motors

Asset

Management,

June

1997-August

2008

168

Director,

Health

Services

for

Children

with

Special

Needs,

Inc.;

Director,

Consumer

Credit

Counseling

Services

(formerly

Guidewell

Financial

Solutions);

Independent

Director,

Investment

Committee,

Sarona

Asset

Management

Sandra

Yeager

c/o

Columbia

Management

Investment

Advisers,

LLC,

225

Franklin

Street

Mail

Drop

BX32

05228,

Boston,

MA

02110

1964

Trustee

2017

Retired;

President

and

founder,

Hanoverian

Capital,

LLC

(SEC

registered

investment

advisor

firm),

2008-2016;

Managing

Director,

DuPont

Capital,

2006-2008;

Managing

Director,

Morgan

Stanley

Investment

Management,

2004-2006;

Senior

Vice

President,

Alliance

Bernstein,

1990-2004

170

Director,

NAPE

Education

Foundation,

October

2016-October

2020

TRUSTEES

AND

OFFICERS

(continued)

Thematic

Beta

ETFs

|

Annual

Report

2021

51

*

Interested

person

(as

defined

under

the

1940 Act)

by

reason

of

being

an

officer,

director,

security

holder

and/or

employee

of

the

Investment

Manager

or

Ameriprise

Financial.

(a)

Mr.

Petersen

serves

as

the

President

and

Principal

Executive

Officer

of

the

Columbia

Funds

(since

2015).

The

Statement

of

Additional

Information

has

additional

information

about

the

Fund’s

Board

members

and

is

available,

without

charge,

upon

request

by

calling

800.345.6611,

visiting

columbiathreadneedleus.com/etfs

or

contacting

your

financial

intermediary.

The

Board

has

appointed

officers

who

are

responsible

for

day-to-day

business

decisions

based

on

policies

it

has

established.

The

officers

serve

at

the

pleasure

of

the

Board.

The

following

table

provides

basic

information

about

the

Officers

of

the

Trusts

as

of

the

date

of

this

SAI,

including

principal

occupations

during

the

past

five

years,

although

their

specific

titles

may

have

varied

over

the

period.

In

addition

to

Mr.

Petersen,

who

is

the

President

and

Principal

Executive

Officer,

the

Funds'

other

officers

are:

Interested

trustee

affiliated

with

Investment

Manager*

Name,

Address,

Year

of

Birth

Position

Held

with

the

Columbia

Funds

and

Length

of

Service

Principal

Occupation(s)

During

the

Past

Five

Years

and

Other

Relevant

Professional

Experience

Number

of

Funds

in

the

Columbia

Funds

Complex*

Overseen

Other

Directorships

Held

by

Trustee

During

the

Past

Five

Years

Christopher

O.

Petersen

c/o

Columbia

Management

Investment

Advisers,

LLC

5228

Ameriprise

Financial

Center

Minneapolis,

MN

55474

1970

Trustee

2020

(a)

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.

170

None

Fund

officers

Name,

Address,

and

Year

of

Birth

Position

and

Year

First

Appointed

to

Position

for

any

Fund

in

the

Columbia

Funds

Complex

or

a

Predecessor

Thereof

Principal

Occupation(s)

During

the

Past

Five

Years

Michael

G.

Clarke

225

Franklin

Street

Boston,

MA

02110

1969

Chief

Financial

Officer

and

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

Joseph

Beranek

5890

Ameriprise

Financial

Center

Minneapolis,

MN

55474

1965

Treasurer

and

Chief

Accounting

Officer

(Principal

Accounting

Officer)

(2019)

and

Principal

Financial

Officer

(2020),

CFST,

CFST

I,

CFST

II,

CFVIT

and

CFVST

II;

Assistant

Treasurer,

Columbia

ETF

Trust

I

and

Columbia

ETF

Trust

II

Vice

President

–

Mutual

Fund

Accounting

and

Financial

Reporting,

Columbia

Management

Investment

Advisers,

LLC,

since

December

2018

and

March

2017,

respectively

(previously

Vice

President

–

Pricing

and

Corporate

Actions,

May

2010

–

March

2017).

Marybeth

Pilat

225

Franklin

Street

Boston,

MA

02110

1968

Treasurer

and

Chief

Accounting

Officer

(Principal

Accounting

Officer)

and

Principal

Financial

Officer

(2020)

for

Columbia

ETF

Trust

I

and

Columbia

ETF

Trust

II;

Assistant

Treasurer,

CFST,

CFST

I

and

CFST

II

Vice

President

–

Product

Pricing

and

Administration,

Columbia

Management

Investment

Advisers,

LLC,

since

May

2017;

Director

-

Fund

Administration,

Calvert

Investments,

August

2015

–

March

2017;

Vice

President

-

Fund

Administration,

Legg

Mason,

May

2015

-

July

2015;

Vice

President

-

Fund

Administration,

Columbia

Management

Investment

Advisers,

LLC,

May

2010

-

April

2015.

TRUSTEES

AND

OFFICERS

(continued)

52

Thematic

Beta

ETFs

|

Annual

Report

2021

Fund

officers

(continued)

Name,

Address,

and

Year

of

Birth

Position

and

Year

First

Appointed

to

Position

for

any

Fund

in

the

Columbia

Funds

Complex

or

a

Predecessor

Thereof

Principal

Occupation(s)

During

the

Past

Five

Years

William

F.

Truscott

225

Franklin

Street

Boston,

MA

02110

1960

Senior

Vice

President

(2001)

Formerly,

Trustee

of

Columbia

Funds

Complex

until

January

1,

2021;

Chief

Executive

Officer,

Global

Asset

Management,

Ameriprise

Financial,

Inc.

since

September

2012;

Chairman

of

the

Board

and

President,

Columbia

Management

Investment

Advisers,

LLC

since

July

2004

and

February

2012,

respectively;

Chairman

of

the

Board

and

Chief

Executive

Officer,

Columbia

Management

Investment

Distributors,

Inc.

since

November

2008

and

February

2012,

respectively;

Chairman

of

the

Board

and

Director,

Threadneedle

Asset

Management

Holdings,

Sàrl

since

March

2013

and

December

2008,

respectively;

senior

executive

of

various

entities

affiliated

with

Columbia

Threadneedle.

Paul

B.

Goucher

485

Lexington

Avenue

New

York,

NY

10017

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

1972

Senior

Vice

President

and

Chief

Compliance

Officer

(2012)

Vice

President

–

Asset

Management

Compliance,

Ameriprise

Financial,

Inc.,

since

May

2010;

Chief

Compliance

Officer,

Columbia

Acorn/Wanger

Funds

since

December

2015;

Chief

Compliance

Officer,

Ameriprise

Certificate

Company,

September

2010

–

September

2020.

Colin

Moore

225

Franklin

Street

Boston,

MA

02110

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

1970

Senior

Vice

President

(2017),

Chief

Legal

Officer

(2017)

and

Secretary

(2015)

Vice

President

and

Chief

Counsel,

Ameriprise

Financial,

Inc.

since

August

2018

(previously

Vice

President

and

Group

Counsel,

August

2011

–

August

2018);

Chief

Legal

Officer,

Columbia

Acorn/Wanger

Funds,

since

September

2020;

officer

of

Columbia

Funds

and

affiliated

funds

since

2005.

Daniel

J.

Beckman

225

Franklin

St.

Boston,

MA

02110

1962

Senior

Vice

President

(2020)

Vice

President

–

Head

of

North

America

Product,

Columbia

Management

Investment

Advisers,

LLC

(since

April

2015).

Michael

E.

DeFao

225

Franklin

Street

Boston,

MA

02110

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

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

2021

53

Pursuant

to

Rule

22e-4

under

the

1940

Act,

each

Fund

has

adopted

a

liquidity

risk

management

program

(the

Program).

The

Program’s

principal

objectives

include

assessing,

managing

and

periodically

reviewing

the

Fund’s

liquidity

risk.

Liquidity

risk

is

defined

as

the

risk

that

the

Fund

could

not

meet

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

Fund.

The

Board

has

appointed

the

Investment

Manager

as

the

program

administrator

for

each

Fund’s

Program.

The

Investment

Manager

has

delegated

oversight

of

the

Program

to

its

Liquidity

Risk

Management

Committee

(the

Committee).

At

a

board

meeting

during

the

fiscal

period,

the

Committee

provided

the

Board

with

a

report

addressing

the

operations

of

the

program

and

assessing

its

adequacy

and

effectiveness

of

implementation

for

the

period

January

1,

2020,

through

December

31,

2020,

including:

the

Fund

had

sufficient

liquidity

to

both

meet

redemptions

and

operate

effectively

on

behalf

of

shareholders;

there

were

no

material

changes

to

the

Program

during

the

period;

the

implementation

of

the

Program

was

effective

to

manage

the

Fund’s

liquidity

risk;

and

the

Program

operated

adequately

during

the

period.

There

can

be

no

assurance

that

the

Program

will

achieve

its

objectives

in

the

future.

Please

refer

to

the

Fund’s

prospectus

for

more

information

regarding

the

Fund’s

exposure

to

liquidity

risk

and

other

principal

risks

to

which

an

investment

in

the

Fund

may

be

subject.

RESULTS

OF

MEETING

OF

SHAREHOLDERS

March

31,

2021

54

Thematic

Beta

ETFs

|

Annual

Report

2021

At

a

Joint

Special

Meeting

of

Shareholders

held

on

December

22,

2020,

shareholders

of

Columbia

ETF

Trust

II

elected

each

of

the

seventeen

nominees

for

the

trustees

to

the

Board

of

Trustees

of

Columbia

ETF

Trust

II,

each

to

hold

office

until

he

or

she

dies,

retires,

resigns

or

is

removed

or,

if

sooner,

until

the

election

and

qualification

of

his

or

her

successor,

as

follows:

Trustee

Votes

for

Votes

withheld

Abstentions

George

S.

Batejan

7,348,800

56,762

0

Kathleen

Blatz

7,351,202

54,360

0

Pamela

G.

Carlton

7,351,202

54,360

0

Janet

Langford

Carrig

7,351,058

54,504

0

J.

Kevin

Connaughton

7,349,188

56,374

0

Olive

M.

Darragh

7,350,646

54,916

0

Patricia

M.

Flynn

7,350,853

54,709

0

Brian

J.

Gallagher

7,348,793

56,769

0

Douglas

A.

Hacker

7,349,500

56,062

0

Nancy

T.

Lukitsh

7,350,890

54,672

0

David

M.

Moffett

7,348,867

56,695

0

Catherine

James

Paglia

7,350,890

54,672

0

Anthony

M.

Santomero

7,349,118

56,444

0

Minor

M.

Shaw

7,348,827

56,735

0

Natalie

A.

Trunow

7,350,890

54,672

0

Sandra

Yeager

7,351,202

54,360

0

Christopher

O.

Petersen

7,349,356

56,206

0

ADDITIONAL

INFORMATION

Thematic

Beta

ETFs

|

Annual

Report

2021

55

Proxy

voting

policies

and

procedures

A

description

of

the

Trust’s

proxy

voting

policies

and

procedures

that

the

Trust

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities,

and

each

Fund’s

proxy

voting

record

for

the

most

recent

twelve-month

period

ended

June 30

is

available,

without

charge,

by

visiting

columbiathreadneedleus.com/etfs

or

searching

the

website

of

the

Securities

and

Exchange

Commission

(the

SEC)

at

sec.gov.

Quarterly

schedule

of

investments

Each

Fund

files

a

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

on

Form

N-PORT.

The

Funds’

Form

N-PORTs

are

available

on

the

SEC’s

website

at

sec.gov.

Each

Fund’s

complete

schedule

of

portfolio

holdings,

as

filed

on

Form

N-PORT,

can

also

be

obtained

without

charge,

upon

request,

by

calling

888.800.4347.

Additional

Fund

information

For

more

information

about

the

Funds,

please

visit

columbiathreadneedleus.com/etfs

or

call

888.800.4347.

Premium/discount

information

for

the

Funds

covering

the

most

recently

completed

calendar

year

and

the

most

recently

completed

calendar

quarters

since

that

year

(or

since

the

Fund

began

trading,

if

shorter)

is

publicly

accessible,

free

of

charge,

at

columbiathreadneedleus.com/etfs.

Fund

investment

manager

Columbia

Management

Investment

Advisers,

LLC

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_L01_(05/21)

CET001299

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.

©

2021

Columbia

Management

Investment

Advisers,

LLC.

columbiathreadneedleus.com/etfs

Item 2. Code of Ethics.

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

(b)During the period covered by this report, there were not any amendments to a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item.

(c)During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the code of ethics to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party that relates to one or more of the items set forth in paragraph (b) of this Item.

Item 3. Audit Committee Financial Expert.

The registrant's Board of Trustees has determined that David M. Moffett, Brian J. Gallagher, J. Kevin Connaughton and Sandra L. Yeager, each of whom are members of the registrant's Board of Trustees and Audit Committee, each qualify as an audit committee financial expert. Mr. Moffett, Mr. Gallagher, Mr. Connaughton, and Ms. Yeager are each independent trustees, as defined in paragraph (a)(2) of this item's instructions.

Item 4. Principal Accountant Fees and Services.

Fee information below is disclosed for the three series of the registrant whose reports to stockholders are included in this annual filing.

(a)Audit Fees. Aggregate Audit Fees billed by the principal accountant for professional services rendered during the fiscal years ended March 31, 2021 and March 31, 2020 are approximately as follows:

20212020

$46,500              $45,000

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, 2021 and March 31, 2020 are approximately as follows:

2021	2020
$0	$0

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

During the fiscal years ended March 31, 2021 and March 31, 2020, 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, 2021 and March 31, 2020 are approximately as follows:

2021	2020
$0	$0

Tax Fees, if any, include amounts for the review of annual tax returns, the review of required shareholder distribution calculations and typically include amounts for professional services by the principal accountant for tax compliance, tax advice and tax planning.

During the fiscal years ended March 31, 2021 and March 31, 2020, 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, 2021 and March 31, 2020 are approximately as follows:

2021	2020
$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, 2021 and March 31, 2020, there were no Aggregate All Other Fees billed by the registrant's principal accountant to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for an engagement that related directly to the operations and financial reporting of the registrant.

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

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

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

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

On an annual basis, at a regularly scheduled Audit Committee meeting, the Fund's Treasurer or other Fund officer shall submit to the Audit Committee a schedule of the types of Fund Services and Fund-related Adviser Services that are subject to specific pre- approval. This schedule will provide a description of each type of service that is subject to specific pre-approval, along with total projected fees for each service. The pre- approval will generally cover a one-year period. The Audit Committee will review and

approve the types of services and the projected fees for the next one-year period and may add to, or subtract from, the list of pre-approved services from time to time, based on subsequent determinations. This specific approval acknowledges that the Audit Committee is in agreement with the specific types of services that the independent auditor will be permitted to perform and the projected fees for each service.

The Fund's Treasurer or other Fund officer shall report to the Audit Committee at each of its regular meetings regarding all Fund Services or Fund-related Adviser Services provided since the last such report was rendered, including a description of the services, by category, with forecasted fees for the annual reporting period, proposed changes requiring specific pre-approval and a description of services provided by the independent auditor, by category, with actual fees during the current reporting period.

*****

(e)(2) None, or 0%, of the Audit-Related Fees, Tax Fees and All Other Fees paid by the Fund or affiliated entities relating directly to the operations and financial reporting of the Registrant disclosed above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (which permits audit committee approval after the start of the engagement with respect to services other than audit, review or attest services, if certain conditions are satisfied).

(f)Not applicable.

(g)The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for the fiscal years ended March 31, 2021 and March 31, 2020 are approximately as follows:

2021	2020
$0	$0

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

Item 5. Audit Committee of Listed Registrants.

(a)The Registrant is an issuer as defined in Section 10A-3 of the Securities Exchange Act of 1934 and has a separately-designated standing Audit Committee in accordance with Section 3(a)(58)(A) of such Act. The Board's independent

Trustees, David M. Moffett, Brian J. Gallagher, J. Kevin Connaughton, and Sandra L. Yeager are all members of the Audit Committee.

(b)Not Applicable.

Item 6. Investments

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

(b)Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

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

(b)There was no change in the registrant's internal controls over financial reporting that occurred during the period covered by this report that has materially affected,

or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

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

Not applicable.

Item 13. Exhibits.

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

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

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

SIGNATURES

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

authorized.
(registrant)	Columbia ETF Trust II
By (Signature and Title)	/s/ Christopher O. Petersen
	Christopher O. Petersen, President and Principal Executive Officer
Date	May 20, 2021

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 20, 2021
By (Signature and Title)	/s/ Michael G. Clarke
	Michael G. Clarke, Chief Financial Officer, Principal Financial Officer
	and Senior Vice President
Date	May 20, 2021
By (Signature and Title)	/s/ Marybeth Pilat
	Marybeth Pilat, Treasurer, Chief Accounting Officer and Principal
	Financial Officer
Date	May 20, 2021